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➔ Note 14 - Goodwill a) Manufacturing and sales companies 1. Breakdown by company 2002 (in millions of euros) Cost Amortization Net Faurecia - Bertrand Faure acquisition 839 (213) 626 - Sommer Allibert acquisition 166 (12) 154 Sommer Allibert group (*) 1,211 (110) 1,101 Faurecia Exhaust Systems 206 (31) 175 Other Faurecia subsidiaries 39 (16) 23 Peugeot Citroën do Brasil Automoveis 34 (34) - Gefco KN GmbH & Co 36 (7) 29 Automotiv Pazarlama AS (Popas) 12 - 12 Total 2,543 (423) 2,120 * In 2002, additional fair adjustments of €99 million were made to identifiable assets and liabilities. These adjustments increase the gross amount of goodwill arising on the acquisition by the Group of the shares in Sommer Allibert and its subsidiaries to €1,211 million. 2001 (in millions of euros) Cost Amortization Net Faurecia - Bertrand Faure acquisition 839 (172) 667 - Sommer Allibert acquisition 166 (4) 162 Sommer Allibert group 1,112 (48) 1,064 Faurecia Exhaust Systems 245 (24) 221 Other Faurecia subsidiaries 38 (15) 23 Peugeot Citroën Argentina 303 (303) - Peugeot Citroën do Brasil Automoveis 57 - 57 Gefco KN GmbH & Co 36 (5) 31 Total 2,796 (571) 2,225 2000 (in millions of euros) Cost Amortization Net Faurecia (Bertrand Faure acquisition) 839 (129) 710 Faurecia Exhaust Systems 232 (12) 220 Other Faurecia subsidiaries 30 (13) 17 Peugeot Citroën Argentina 287 (214) 73 Gefco KN GmbH & Co 36 (2) 34 Total 1,424 (370) 1,054 2. Movements (in millions of euros) 2002 2001 2000 Opening balance, net 2,225 1,054 1,215 Sommer Allibert acquisition 100 1,112 N/A Transfer of SIT (Sommer Allibert) shares to Faurecia - 166 N/A Goodwill on acquisitions for the year and translation adjustment (45) 86 97 Amortization for the year (128) (118) (70) Exceptional amortization (32) (75) (188) Closing balance, net 2,120 2,225 1,054 Faurecia In 2002, the book value of the assets of each of Faurecia’s businesses, including goodwill, was compared to the sum of the discounted future cash flows expected to be generated by the assets, based on the latest projections. The calculation was performed by extrapolating to perpetuity projected cash flows for the last year of the current business plan (2006) based on a growth rate of 2%. A discount rate of 7.5% was applied. Based on the comparison between the book values of the assets and the sum of the corresponding discounted future cash flows, no impairment loss was recorded in respect of goodwill. Goodwill recognized on acquisition of the Sommer Allibert group in 2001 amounted to €1,278 million. Details of this amount are provided in note 3-c 1. This goodwill is being amortized over 20 years, from the date of acquisition of the various blocks of shares. The amortization charge for 2001 was €52 million. Peugeot Citroën Argentina Exceptional amortization of goodwill recorded in 2001 and 2000 concerned Peugeot Citroën Argentina and included: In 2001: - Amortization of €56 million offset by the reversal of an equivalent amount from contingency reserves, following the favorable outcome of a risk that was recorded in the balance sheet of Peugeot Citroën Argentina when the company was first consolidated. - Additional amortization of €19 million to write off the balance of the goodwill in accordance with the principle described in note 1-l. In 2000: - Amortization of €61 million offset by the reversal of an equivalent amount from contingency reserves, following the favorable outcome of a risk that was recorded in the balance sheet of Peugeot Citroën Argentina when the company was first consolidated; - Additional amortization of €127 million recorded in accordance with the policy described in note 1-l. Peugeot Citroën do Brasil Automoveis In 2002, the balance of goodwill arising on acquisition of Peugeot Citroën do Brasil Automoveis was written off in accordance with the policy described in note 1-l. b) Finance companies Goodwill concerns Crédipar. The gross amount is €100 million, amortized over 20 years. Accumulated amortization at December 31, 2002 amounted to €20 million and the net book value of goodwill at that date was €80 million. The carrying value of goodwill, under assets, is covered by future cash flows and it is not necessary to record any impairment. 152 PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT
➔ Note 15 - Intangible assets Intangible assets, including software development costs as described in note 1- j, break down as follows: a) Manufacturing and sales companies (in millions of euros) 2002 2001 2000 Cost Amortization Net Cost Amortization Net Cost Amortization Net Software 325 (170) 155 265 (107) 158 160 (50) 110 Other intangible assets 153 (114) 39 60 (35) 25 55 (29) 26 Total 478 (284) 194 325 (142) 183 215 (79) 136 b) Finance companies (in millions of euros) 2002 2001 2000 Cost Amortization Net Cost Amortization Net Cost Amortization Net Software 36 (7) 29 26 (7) 19 24 (7) 17 Other intangible assets 6 (5) 1 6 (4) 2 7 (4) 3 Total 42 (12) 30 32 (11) 21 31 (11) 20 ➔ Note 16 - Property, plant and equipment a) Manufacturing and sales companies 1. Analysis by category 2002 2001 2000 (in millions of euros) Cost Depreciation Net Cost Depreciation Net Cost Depreciation Net Land 382 (10) 372 364 (9) 355 353 (10) 343 Buildings 4,376 (2,244) 2,132 4,292 (2,146) 2,146 3,783 (1,989) 1,794 Plant and equipment 14,020 (8,862) 5,158 13,779 (8,596) 5,183 12,377 (7,774) 4,603 Vehicles and handling equipment 514 (382) 132 613 (400) 213 722 (474) 248 Fixtures, fittings and other 844 (548) 296 816 (502) 314 691 (417) 274 Assets under construction 1,564 - 1,564 1,321 - 1,321 1,936 - 1,936 21,700 (12,046) 9,654 21,185 (11,653) 9,532 19,862 (10,664) 9,198 Leased vehicles 306 (72) 234 253 (65) 188 280 (76) 204 Special tools 7,400 (5,743) 1,657 7,253 (5,512) 1,741 6,442 (5,485) 957 7,706 (5,815) 1,891 7,506 (5,577) 1,929 6,722 (5,561) 1,161 Total 29,406 (17,861) 11,545 28,691 (17,230) 11,461 26,584 (16,225) 10,359 2. Capitalized interest (in millions of euros) 2002 2001 2000 44 50 76 PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT 153
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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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Management’s discussion and analy
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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 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
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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
Page 197 and 198: Recruitments (1) 2 4 Disabled emplo
Page 199 and 200: 7 Paid leave other than vacations E
Page 201 and 202: Consumption Peugeot 607 Fuel Displa
Page 203 and 204: E nvironmental Indicators Productio
Page 205 and 206: 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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