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) Analysis
1. Total finance receivables
After taking into account the effects of the securitization, finance
receivables break down as follows:
(in millions of euros) 2002 2001 2000
Retail and lease
finance receivables 12,301 13,000 11,880
Wholesale receivables 4,653 4,196 3,580
16,954 17,196 15,460
Deferred revenue (1,033) (1,197) (1,040)
Less: allowances (189) (259) (265)
Total 15,732 15,740 14,155
Retail and lease finance receivables represent loans made by finance
companies to Peugeot and Citroën customers for the purchase of cars.
Wholesale receivables represent amounts due to Peugeot and Citroën
by their dealer networks which have been transferred to the Group
finance companies and working capital loans made by the finance
companies to the dealer networks.
2. Financing costs born by the Automobile division
The Automobile division bears the financing costs on the following
amounts due by its dealer networks, which have been transferred to the
Group finance companies:
(in millions of euros) 2002 2001 2000
2,774 2,425 2,315
The corresponding financing costs are recorded under the
manufacturing and sales companies’ “Cost of goods and services sold”
as follows:
(in millions of euros) 2002 2001 2000
3. Maturities of finance receivables
2002
(in millions of euros)
157 190 142
Subsequent
2003 2004 2005 years Total
Retail and lease
finance receivables 4,584 3,742 2,464 1,511 12,301
Wholesale
receivables 4,582 29 15 27 4,653
Total 9,166 3,771 2,479 1,538 16,954
2001
(in millions of euros)
Subsequent
2002 2003 2004 years Total
Retail and lease
finance receivables 4,286 3,641 3,005 2,068 13,000
Wholesale
receivables 4,174 9 5 8 4,196
Total 8,460 3,650 3,010 2,076 17,196
2000
(in millions of euros)
Subsequent
2001 2002 2003 years Total
Retail and lease
finance receivables 4,109 3,345 2,708 1,718 11,880
Wholesale
receivables 3,555 11 5 9 3,580
Total 7,664 3,356 2,713 1,727 15,460
4. Movements in allowances for credit losses
2002
Retail and
(in millions of euros) lease finance Wholesale
receivables receivables Total
Opening balance 223 36 259
Movements for the year (76) 6 (70)
Closing balance 147 42 189
2001
Retail and
(in millions of euros) lease finance Wholesale
receivables receivables Total
Opening balance 223 42 265
Movements for the year 0 (6) (6)
Closing balance 223 36 259
2000
Retail and
(in millions of euros) lease finance Wholesale
receivables receivables Total
Opening balance 192 44 236
Movements for the year 31 (2) 29
Closing balance 223 42 265
In 2002, the reversal of allowances for credit losses on retail and lease
finance receivables concerns the write off by Crédipar of loans more
than 150 days past due that had been written down in full in the
accounts.
➔ Note 24 - Other finance company
customer receivables
Other customer receivables at December 31 can be analyzed as follows:
(in millions of euros) 2002 2001 2000
Within 1 year 131 94 97
1 to 5 years 151 133 89
Over 5 years 13 15 19
Total 295 242 205
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PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT