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2. Key data by company Total capital employed (in millions of euros) % 2002 2001 2000 Renault cooperation agreement Française de Mécanique 50 278 284 240 Société de Transmissions Automatiques 20 14 16 15 Fiat cooperation agreement Société Européenne de Véhicules Légers du Nord (Sevelnord) 50 193 213 162 Gisevel 50 54 56 63 Sevelind 50 165 207 289 Sevel S.p.A. 50 218 222 214 Toyota cooperation agreement Toyota Peugeot Citroën Automobile 50 26 N/A N/A Dongfeng Citroën Automotive Corp. 27 259 N/A N/A Other Siemens Automotiv Hydraulics 48 2 3 (2) Faurecia group companies 66 25 14 Total 1,275 1,026 995 Financial position (in millions of euros) % 2002 2001 2000 Renault cooperation agreement Française de Mécanique 50 (162) (178) (135) Société de Transmissions Automatiques 20 (7) (8) (8) Fiat cooperation agreement Société Européenne de Véhicules Légers du Nord (Sevelnord) 50 (161) (178) (125) Gisevel 50 (36) (39) (47) Sevelind 50 (108) (137) (198) Sevel S.p.A. 50 (74) (52) 6 Toyota cooperation agreement Toyota Peugeot Citroën Automobile 50 7 N/A N/A Dongfeng Citroën Automotive Corp. 27 (168) N/A N/A Other Siemens Automotiv Hydraulics 48 - (2) 4 Faurecia group companies (23) 7 - Total (732) (587) (503) e) Amounts receivable from and payable to companies at equity (in millions of euros) 2002 2001 2000 Long-term loans 45 53 61 Current maturities of long-term loans 118 10 19 Short-term advances - 83 56 Accounts and notes receivable 192 134 153 Accounts and notes payable (945) (776) (809) Short-term loans (30) (24) (67) ➔ Note 19 - Shares in non-consolidated companies a) Book value (in millions of euros) 2002 2001 2000 At cost 131 640 603 Allowances (46) (402) (349) Net 85 238 254 The decrease in this item in 2002 primarily reflects the fact that Dongfeng Citroën Automotive Corp. is now accounted for by the equity method (see note 3-b) 1.), as well as the adjustment of consolidation criteria (see note 3-b) 6.) b) Portfolio breakdown (net of allowances) (in millions of euros) % interest 2002 2001 2000 Dongfeng Citroën Automotive Corp. (*) 27 - 109 109 Financière Pergolèse (*) 100 - 17 28 Circulos de inversiones - CISA (*) 100 - 7 18 Peugeot Motors of America (*) 100 - 7 7 Jeppener 100 5 12 18 Société industrielle de Poissy N/A Merged 6 6 Peugeot Automobile Nigéria 40 8 8 8 Koyo Steering Dijon Saint-Etienne 15 5 11 11 Non-consolidated dealers 18 14 14 Faurecia group portfolio 17 14 14 Other 32 33 21 Total 85 238 254 * companies included in the scope of consolidation in 2002. c) Movements for the year (in millions of euros) 2002 2001 2000 Opening balance, net 238 254 128 Stock acquired for cash 25 33 164 Stock acquired in stock-for-stock transactions 9 2 22 Companies included in the scope of consolidation for the first time (179) (9) (33) Divested stock (6) (10) (23) Net increase in allowances (3) (30) (10) Translation adjustment and other 1 (2) 6 Closing balance, net 85 238 254 ➔ Note 20 - Other non-current assets Other non-current assets can be analyzed as follows: (in millions of euros) 2002 2001 2000 Excess of payments to external funds over pension obligations (note 46-a) 3.) 167 107 93 Other 90 97 83 Total 257 204 176 156 PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT
➔ Note 21 - Inventories Inventories can be analyzed as follows: (in millions of euros) 2002 2001 2000 At cost Raw materials and supplies 865 864 702 Semi-finished products and work-in-progress 1,298 1,282 1,009 Goods for resale and used vehicles 1,144 1,153 824 Finished products and replacement parts 3,429 3,446 2,988 6,736 6,745 5,523 Less: allowances (569) (527) (352) Total 6,167 6,218 5,171 Movements in inventories are analyzed in note 39-a) 2. ➔ Note 22 - Accounts and notes receivable a) Securitization In November 2000, Faurecia and certain of its French subsidiaries signed a rolling one-year agreement for the sale of up to €400 million worth of receivables to a banking special purpose entity. The agreement expires in November 2005. In December 2002, a second rolling one-year agreement was signed by other French, German and Spanish subsidiaries of Faurecia with another banking special purpose entity, for the sale of up to €460 million worth of receivables. This agreement expires in December 2007. In both cases, the receivables are sold without recourse and Faurecia’s risk is limited to the amount of the security deposit paid to the special purpose entity. At December 31, 2002, total financing raised under these programs, net of the security deposit, amounted to €651 million, including €281 million in receivables sold but not yet collected. The corresponding amounts at December 31, 2001 were €260 million and €156 million respectively. The security deposit, in the amount of €106 million at December 31, 2002 and €17 million at December 31, 2001, is included in “Other receivables”. After taking into account the amount recognized under “Short-term debt” – €167 million at December 31, 2002 and €125 million at December 31, 2001 – to offset the inclusion of the sold receivables under assets, the remaining effect on PSA Peugeot Citroën Group debt at these dates is not material. b ) Reclassification Effective from 2002, “Accounts and notes receivable” include credit notes deducted from sales corresponding to confirmed or estimated sales incentives on new vehicles held in inventory in the independent dealer network, as well as credit notes and accrued credit notes for sales incentives on vehicles sold to customers that have not yet been settled by the Group. These credit notes were previously included in “Other receivables” for an amount of €404 million at December 31, 2001 and €324 million at December 31, 2000. They have been reclassified under “Accounts and notes receivable” to permit meaningful year-on-year comparisons. c ) Breakdown (in millions of euros) 2002 2001 2000 Accounts and notes receivable 3,520 3,642 3,154 Credit losses (139) (191) (192) Total 3,381 3,451 2,962 This item does not include receivables from dealers transferred to the finance companies which are shown in the consolidated balance sheet under “Finance receivables”. Movements in this item are analyzed in note 39-a) 2. ➔ Note 23 Finance receivables a) Securitization The Banque PSA Finance Group has carried out two securitization transactions through “Auto ABS”, a special purpose entity created in June 2001: - On June 28, 2001, Din and Sofi, two subsidiaries of Crédipar - a French subsidiary of the Banque PSA Finance Group - sold €1 billion worth of automobile loans to the 2001-1 fund of the Auto ABS special purpose entity. The Auto ABS 2001-1 fund issued €950 million worth of AAA/Aaa rated preferred asset-backed securities and €50 million worth of A/A2 rated subordinated asset-backed securities. Crédipar's retained interest amounts to €10,000. The preferred and subordinated asset-backed securities are secured by a €20 million deposit paid by Crédipar. The fund purchases additional loans from Din and Sofi every month, to maintain the total asset pool at €1 billion. The asset pool will be topped up at monthly intervals through July 2003 and will then be wound down over an estimated period of three years. - On July 11, 2002, Din and Sofi sold €550 million worth of automobile loans and the spanish branch of Banque PSA Finance sold €950 million worth of automobile loans to the Auto ABS 2002-1 fund. The Auto ABS 2002-1 fund issued €1,440 million worth of AAA/Aaa rated preferred asset-backed securities and €60 million worth of A/A2 rated subordinated asset-backed securities. Banque PSA Finance's retained interest amounts to €30,000. The preferred and subordinated asset-backed securities are secured by a €30 million deposit paid by Banque PSA Finance. The fund purchases additional loans from Din, Sofi and the spanish branch of Banque PSA Finance every month, to maintain the total asset pool at €1.5 billion. The asset pool will be topped up at monthly intervals through July 2004 and will then be wound down over an estimated period of three years. In both cases, the securitized loans are no longer carried in the balance sheet. The impact of the operations on earnings for the period was not material. Banque PSA Finance's retained interest is included in shortterm investments. In accordance with Group accounting policy, allowances for credit losses were recorded when the loans were made. These allowances have been maintained in the balance sheet to cover the risk of losses on the deposits. The deposits are carried in the balance sheet under “Other customer loans”. PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT 157
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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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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
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Page 201 and 202: Consumption Peugeot 607 Fuel Displa
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Page 207 and 208: M anagement and Administration Main
Page 209 and 210: 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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