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C onsolidated statements of cash flow (in millions of euros) 2002 2001 2000 MANUFACTURING AND SALES COMPANIES Net income of fully-consolidated companies 1,643 1,653 1,354 Adjustments to reconcile net income to net cash provided by operations - Depreciation and amortization 2,165 1,974 1,877 - Net increase (decrease) in allowances and reserves 352 8 (158) - Change in long-term deferred income taxes (80) (107) (32) - (Gains) losses on disposals of assets and other (17) (88) 186 Dividends received from companies at equity (4) - (6) Working capital provided by operations 4,059 3,440 3,221 Change in operating assets and liabilities (note 39) 330 (422) (238) Net cash provided by operations - manufacturing and sales companies 4,389 3,018 2,983 Proceeds from disposals of investments in non-consolidated companies 5 23 23 Proceeds from disposals of subsidiaries - - 30 Proceeds from disposals of property, plant and equipment 172 443 100 Capital expenditure (2,790) (2,938) (2,898) Acquisitions of shares in subsidiaries (56) (1,575) (18) Investments in non-consolidated companies (25) (33) (164) Effect of changes in scope of consolidation and other (note 40) (268) 54 (134) Net cash used by investing activities – manufacturing and sales companies (2,962) (4,026) (3,061) FINANCE COMPANIES Net income of fully-consolidated companies 205 159 149 Adjustments to reconcile net income to net cash provided by operations 34 1 73 Working capital provided by operations 239 160 222 Change in operating assets and liabilities (note 39) 557 1,660 (887) Net cash provided (used) by operations - finance companies 796 1,820 (665) Net cash provided by investing activities – finance companies 80 68 104 GROUP Dividends paid: - to Peugeot S.A. stockholders (294) (217) (118) - to minority stockholders of consolidated companies (43) (13) (12) Issuance of shares - 109 132 Purchases of treasury stock (517) (458) (257) Buybacks of convertible debentures - - (555) Change in other financial assets and liabilities (note 41) (1,666) 3,872 1,468 Others 46 123 38 Net cash provided (used) by financing activities (2,474) 3,416 696 Effect of exchange rate changes (27) (24) (12) Increase (decrease) in cash and cash equivalents (198) 4,272 45 Cash and cash equivalents at beginning of period 7,666 3,394 3,349 Cash and cash equivalents at period-end 7,468 7,666 3,394 The notes on pages 139 to 179 are an integral part of the consolidated financial statements. 136 PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT
C onsolidated statements of stockholders’ equity Stockholders’ Common Capital in Retained Treasury Cumulative (in millions of euros) equity stock excess of par earnings stock translation value of stock adjustment Balance as of December 31, 1999 8,332 273 149 8,383 (250) (223) 2000 net income 1,312 - - 1,312 - - Dividend (€2.7 per €6 par value share) (118) - - (118) - - Issuance of shares 132 5 127 - - - Purchases of treasury stock (257) - - - (257) - Translation adjustment 22 - - - - 22 Unrealized gains canceled on sale of marketable securities (62) - - (62) - - Balance as of December 31, 2000 9,361 278 276 9,515 (507) (201) 2001 net income 1,691 - - 1,691 - - Dividend (€5 per €6 par value share) (217) - - (217) - - Issuance of shares 109 4 105 - - - Purchases of treasury stock (458) - - - (458) - Cancellations of treasury stock - (23) (381) (510) 914 - Translation adjustment (204) - - - - (204) Balance as of December 31, 2001 10,282 259 - 10,479 (51) (405) 2002 net income 1,690 - - 1,690 - - Dividend (€1.15 per €1 par value share) (294) (294) Purchases of treasury stock (517) (517) Translation adjustment (177) (177) Balance as of December 31, 2002 10,984 259 - 11,875 (568) (582) The notes on pages 139 to 179 are an integral part of the consolidated financial statements. PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT 137
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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 89 and 90: Growth Strategy Corporate Governanc
Page 101 and 102: Management’s discussion and analy
Page 125 and 126: Statistics PSA PEUGEOT CITROËN - M
Page 135 and 136: Appendices to the Managing Board Re
Page 137 and 138: C onsolidated statements of income
Page 139: C onsolidated balance sheets - Liab
Page 143 and 144: ➔ Note 1 - Accounting policies Th
Page 145 and 146: No reserve is booked for taxes paya
Page 147 and 148: 2. Effect on stockholders’ equity
Page 149 and 150: Allibert’s non- automotive busine
Page 151 and 152: 2000 (in millions of euros) Automot
Page 153 and 154: ➔ Note 5 - Key financial data for
Page 155 and 156: ➔ Note 12 - Operating expenses -
Page 157 and 158: ➔ Note 15 - Intangible assets Int
Page 159 and 160: Unrealized gains on restricted stoc
Page 161 and 162: ➔ Note 21 - Inventories Inventori
Page 163 and 164: ➔ Note 25 - Short-term income tax
Page 165 and 166: g) Capital in excess of par value o
Page 167 and 168: ➔ Note 34 - Other long-term borro
Page 169 and 170: 2. Short-term portion (in millions
Page 171 and 172: ➔ Note 42 - Net financial positio
Page 173 and 174: 1. Automobile division An early-ter
Page 175 and 176: - Changes during the year (in milli
Page 177 and 178: The entire debt is converted to flo
Page 179 and 180: 2. Maturities of hedging instrument
Page 181 and 182: ➔ Note 50 - Commitments and conti
Page 183 and 184: 2. Effect of debenture conversions
Page 185 and 186: F ive-year consolited statement of
Page 187 and 188: F ive-year consolidated balance she
Page 189 and 190: 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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