PSA COUV page . page RA GB - PEUGEOT Presse

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N otes to the consolidated financial statements for the years ended December 31, 2002, 2001 and 2000 General information Note 1 Accounting policies 139 Note 2 Effect of applying US GAAP 141 Note 3 Scope of consolidation 144 Note 4 Segment information 145 Note 5 Key financial data for the Group 149 Statements of income Note 6 Quarterly sales and revenues 150 Note 7 Payroll costs 150 Note 8 Depreciation of property, plant and equipment manufacturing and sales companies 150 Note 9 Restructuring costs – manufacturing and sales companies 150 Note 10 Interest income (expense) net manufacturing and sales companies 150 Note 11 Other income and (expense), net – manufacturing and sales companies 150 Note 12 Operating expenses – finance companies 151 Note 13 Income taxes 151 Balance sheet – Assets Note 14 Goodwill 152 Note 15 Intangible assets 153 Note 16 Property, plant and equipment 153 Note 17 Receivables and investment securities 154 Note 18 Investments in companies at equity 155 Note 19 Shares in non-consolidated companies 156 Note 20 Other non-current assets 156 Note 21 Inventories 157 Note 22 Accounts and notes receivable 157 Note 23 Finance receivables 157 Note 24 Other customer receivables – finance companies 158 Note 25 Short-term income tax assets 159 Note 26 Other receivables 159 Note 27 Short-term investments – manufacturing and sales companies 159 Note 28 Cash and cash equivalents 159 Balance sheet – Liabilities and stockholders’ equity Note 29 Common stock, capital in excess of par value of stock 159 Note 30 Minority interests 161 Note 31 Reserves for contingencies and liabilities 162 Note 32 Other long-term liabilities – manufacturing and sales companies 162 Note 33 Convertible debentures 162 Note 34 Other long-term debt – manufacturing and sales companies 163 Note 35 Short-term financing and bank overdrafts – manufacturing and sales companies 163 Note 36 Financing liabilities – finance companies 164 Note 37 Short-term income tax liabilities 165 Note 38 Other payables 165 Statement of cash flows Note 39 Change in operating assets and liabilities 165 Note 40 Effect of changes in scope of consolidation and other 166 Note 41 Change in other financial assets and liabilities – finance companies 166 Other information Note 42 Net financial position – manufacturing and sales companies 167 Note 43 Lines of credit 167 Note 44 Return on capital employed 167 Note 45 Early-termination plan 168 Note 46 Pension and other post-retirement benefits 169 Note 47 Foreign exchange and interest rate risk management 172 Note 48 Equity risk 175 Note 49 Fair value of financial instruments 175 Note 50 Commitments and contingencies 177 Note 51 Maturities and commitments 178 Note 52 Earnings per share 178 Note 53 Directors’ compensation 179 Note 54 Statutory auditors’ fees 179 Note 55 Subsequent events 179 138 PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT
➔ Note 1 - Accounting policies The consolidated financial statements are presented in accordance with French generally accepted accounting principles. The impact on the consolidated financial statements of adopting standard CRC 2000-06 concerning liabilities, effective from 2002, was not material. Group accounting policies, described in notes 1(a) to 1(s) below, are consistent, in all material respects, with accounting principles generally accepted in the United States of America (US GAAP) except as explained in note 2. a) Consolidation The financial statements of significant subsidiaries in which Peugeot S.A. holds directly or indirectly a majority interest are fully consolidated. Companies in which Peugeot S.A. holds directly or indirectly an interest of 20% to 50% and exercises significant influence over operating and financial policies are included in the consolidated financial statements on an equity basis. Certain companies meeting the above criteria have not been consolidated as they are considered not material in relation to the Group as a whole. Investments in these companies are recorded under “Shares in non-consolidated companies” (note 19). All significant intercompany transactions are eliminated. Newly-acquired subsidiaries are consolidated as from the date of acquisition. b) Translation of foreign currencies Foreign currency amounts are translated as follows: - transactions in foreign currency are translated at the hedging rate, except for the limited number of transactions that are not hedged; - at the balance sheet date, monetary assets and liabilities denominated in foreign currency which are not hedged are translated at the yearend exchange rate; - gains and losses resulting from the translation of foreign currency transactions are included in earnings, with the exception of those related to transactions representing an investment of a permanent nature in a subsidiary, which are included in stockholders’ equity under “Retained earnings”; - balance sheets of foreign subsidiaries are translated at the year-end exchange rate; - income statements of foreign subsidiaries are translated on a monthly basis at the average rates of each month; - gains and losses resulting from the translation of financial statements of foreign subsidiaries are recorded in stockholders’ equity under “Cumulative translation adjustment”. c) Use of estimates The preparation of financial statements and related disclosures in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect amounts reported therein. d) Sales and revenues 1. Manufacturing and sales companies Sales of the manufacturing and sales companies include revenues from the sale of vehicles and other goods and services. Vehicle sales New vehicle sales are recognized on the date of transfer of the risks and rewards of ownership. This corresponds generally to the date when the vehicles are made available to non-group dealers or the delivery date, in the case of direct sales. The amount recognized is stated net of the cost of certain sales incentive programs. New vehicle sales with a buyback commitment expiring within a maximum of three years are not recognized at the time of delivery but accounted for as operating leases. The difference between the sale price and the buyback price is recognized over the leasing period. The profit corresponding to the difference between the resale value of the vehicle on the used car market and the cost of the new vehicle is recognized in the period when the vehicle is sold. If the difference is a loss, an allowance is booked when the buyback contract is signed. 2. Finance companies Finance company revenues correspond to interest income, mainly from sales financing, and financing-related service revenues. Sales financing revenue The activity of finance companies is to provide wholesale financing to Group dealer networks and to finance sales of vehicles to customers. Financing may take the form of conventional loans, finance leases, buyback contracts or long-term leasing and is treated in the same way as loans. Outstanding principal is recorded in the balance sheet, together with interest due up to the loan repayment date (note 23-b). Income from the financing of sales is recognized on an actuarial basis at a constant rate of interest over the life of the loan. Revenues from retained interests in asset-backed securities issued by funds set up in connection with the securitization of automobile loans are included in sales financing revenue. Commissions and other fees paid to referral agents are included in cost of sales over the loan period. Other business acquisition and loan administration costs are expensed when incurred. e) Sales incentive programs The cost of sales incentive programs is charged against earnings for the period in which the corresponding sales are recognized. It is accrued on the basis of historical costs for the previous three months, determined country by country. Effective from 2001, in cases where the cost of the program varies based on sales volume, it is deducted from sales (note 4-a)2). Incentive programs established by the Group include the granting of retail financing at rates significantly below market rates. The corresponding cost is recognized at the time of the sale. f) Product warranty costs A reserve is recorded to cover the estimated cost of vehicle warranties at the time of sale to dealer networks or to the end customer. Revenues from the sale of extended warranties and maintenance contracts are recognized over the period during which the service is to be provided. g) Research and development costs All research and development costs, including research into production methods, are expensed as incurred. Automotive Equipment development PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT 139
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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 91 and 92: Growth Strategy Corporate Governanc
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Page 137 and 138: C onsolidated statements of income
Page 139 and 140: C onsolidated balance sheets - Liab
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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
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Page 153 and 154: ➔ Note 5 - Key financial data for
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Page 157 and 158: ➔ Note 15 - Intangible assets Int
Page 159 and 160: Unrealized gains on restricted stoc
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Page 165 and 166: g) Capital in excess of par value o
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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
Page 191 and 192: Company Percent Percent F/E control
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Company Percent Percent F/E control
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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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