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Allibert’s non- automotive businesses, corresponding primarily to the
Tarkett Sommer group. The acquisition of SIT represented an
investment of €470 million, corresponding to a price per Sommer
Allibert share of €57.5.
On January 4, 2001, Faurecia and SIT jointly made a public offer to
purchase all outstanding shares of Sommer Allibert not already held by
the group at a price per share of €57.5. At the close of the offer period,
each of the two companies had acquired a further 30.12% of Sommer
Allibert’s capital at a total cost of €379 million.
On January 10, 2001, Faurecia made a public offer for the shares of
SAI Automotive AG not already held by the group, at a price per share
of €15. SAI Automotive AG, a company quoted on the Frankfurt stock
exchange, combined most of Sommer Allibert’s automotive equipment
businesses. At the close of the offer period, the group had acquired
27.31% of SAI Automotive AG’s capital at a cost of €209 million.
On June 1, 2001, Peugeot S.A. contributed its interest in SIT to
Faurecia, giving Faurecia control over Sommer Allibert’s automotive
equipment business.
On October 16, 2001, Faurecia launched a public buyout offer for
Sommer Allibert shares followed by the compulsory buyout of all
remaining shares, at a price of €57.5 per Sommer Allibert share. The
buyout was completed on October 30, 2001.
Following these transactions, which represented a total investment of
€1,495 million, Peugeot S.A. held 71.6% of the capital of Faurecia
which in turn owned, directly or indirectly, the entire capital of
Sommer Allibert and 96.8% of the capital of SAI Automotive A.G.
Goodwill arising on these acquisitions totaled €1,278 million, including
€166 million related to the Faurecia shares received by Peugeot S.A. in
exchange for SIT shares and €1,112 million related to the shares of
Sommer Allibert and its subsidiaries acquired by the Group.
2. Divestment of Transauto-Stur
In connection with the refocusing on its core businesses, during
2001 Gefco sold the Transauto-Stur vehicle leasing business to the
VIA Location group. The loss on the sale amounted to €14 million
after tax.
3. Reorganization of Group operations in Spain
In 2001, the Group carried out a legal restructuring of its Automobile
division in Spain to align the legal structure with the division’s
management structure.
The automobile division in Spain is now organized around three main
entities:
- a manufacturing entity, Peugeot Citroën Automobiles España,
wholly-owned by Peugeot Citroën Automobiles,
- a sales entity for the Peugeot marque, Peugeot España, wholly-owned
by Automobiles Peugeot,
- a sales entity for the Citroën marque, Automobiles Citroën España,
wholly-owned by Automobiles Citroën.
The reorganization had no impact on the consolidated financial
statements.
4. Buyout of minority interests in Peugeot Citroën do Brasil
In accordance with the terms of an agreement signed on
December 20, 2001, the Group acquired the Rio de Janeiro state
government’s 31.82% interest in Peugeot Citroën do Brasil. Goodwill
on the acquisition of these shares amounted to €57 million.
d) Main changes in the scope of consolidation in 2000
The impact of the changes in the scope of consolidation in 2000 on the
consolidated financial statements was not material. The main changes
in the scope of consolidation were as follows:
1. Divestiture of steering systems business
As part of the strategy to refocus on its core businesses, the Group spun
off its steering systems business (Dijon and Saint-Etienne plants), and
subsequently sold the newly-created company.
2. Acquisition of remaining interest in Peugeot Japan
On February 3, 2000 the Group purchased the remaining 50% interest
held by its partner in the Inchcape Peugeot Japan joint venture, which
has been renamed Peugeot Japon KK. This acquisition has provided
Automobiles Peugeot with a platform for accelerated business
expansion in Japan.
3. Increase in the Group’s interest in Gefco KN
The PSA Peugeot Citroën Group increased its interest in its German
transport subsidiary, Gefco KN GmbH, to 74.86%. Goodwill arising
on the acquisition of the additional interest amounted to €10.7 million.
4. Divestiture of the Formula 1 engines business
Automobiles Peugeot completed its withdrawal from motor racing by
selling the Formula 1 engines business to DJ33. This company was sold
on December 28, 2000 without having been consolidated prior to its sale.
e) Impact of changes in scope of consolidation on consolidated
net sales
2002
The increase in consolidated net sales in 2002 compared with
2001 resulting from changes in the scope of consolidation was not
material.
2001
Consolidation of the Sommer Allibert group added €2,234 million
to 2001 net sales, compared with the previous year.
f) Impact of changes in scope of consolidation on other
consolidated data
The impact of changes in the scope of consolidation on 2002
consolidated data other than sales was not material.
In 2001, the consolidation of the Sommer Allibert group at the level of
the Faurecia group had a material impact on consolidated data.
Pro forma performance indicators for the Automotive Equipment
division are provided in note 4.a.3, determined as if Sommer Allibert
had been consolidated from the beginning of the periods presented.
➔ Note 4 - Segment information
a) Industry segments
1. Manufacturing and sales companies
The PSA Peugeot Citroën Group’s manufacturing and sales operations
are organized around three main industry segments:
PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT 145