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g) Capital in excess of par value of stock
Capital in excess of par value of stock recorded in the balance sheet at
December 31, 2000 does not appear in the balance sheet at December
31, 2002 following the capital reduction of November 23, 2001.
h) Retained earnings
Retained earnings, including net income for the year, are as follows:
(in millions of euros) 2002 2001 2000
Peugeot S.A. legal reserve 28 28 27
Other Peugeot S.A.
statutory reserves and results 4,721 3,825 3,180
Other retained earnings and
net income 7,126 6,626 6,308
Total 11,875 10,479 9,515
Other Peugeot S.A. statutory reserves break down as follows:
(in millions of euros) 2002 2001 2000
Reserves available for
distribution
- Without taxation 2,062 1,513 700
- Subject to payment of
additional tax 961 961 885
- Subject to payment of the
“précompte” equalization tax 1,698 1,351 1,595
4,721 3,825 3,180
Tax payable in the case of
distribution (other than the
“précompte” equalization tax) 210 210 205
i) Treasury stock
Treasury stock corresponds to the cost of all the Peugeot S.A. shares
purchased on the open market, net of canceled shares and shares held
for allocation on exercise of management and employee stock options
which are reported under “Short-term investments” (note 27).
j) Cumulative translation adjustment
The cumulative translation adjustment, as defined in note 1-b, can be
analyzed as follows as of December 31, 2002, 2001 and 2000:
(in millions of euros) 2002 2001 2000
Euroland subsidiaries (249) (249) (249)
Other foreign subsidiaries (333) (156) 48
Total (582) (405) (201)
Translation adjustments related to other foreign subsidiaries include
adjustments due to the devaluation of the Argentine peso in an amount
of €373 million in 2002 and €205 million in 2001, and net positive
adjustments of €40 million in 2002 and €49 million in 2001
concerning subsidiaries in other countries.
➔ Note 30 - Minority interests
Minority interests in retained earnings can be analyzed as follows:
a) Manufacturing and sales companies
(in millions of euros) 2002 2001 2000
As of January 1 689 579 585
Minority interest in
net income of subsidiaries (4) (26) (4)
Dividends paid to minority
stockholders of subsidiaries (12) (13) (12)
Minority interest in
share issues by subsidiaries 2 4 2
Changes in scope of consolidation
and other movements (8) 146 4
Translation adjustment (27) (1) 4
As of December 31 640 689 579
b) Finance companies
(in millions of euros) 2002 2001 2000
As of January 1 103 79 64
Minority interest in net income
of subsidiaries 21 16 15
Dividends paid to minority
stockholders of subsidiaries (31) - -
Minority interest in share
issues by subsidiaries - 9 -
Changes in scope of
consolidation and other
movements - - 1
Translation adjustment (2) (1) (1)
As of December 31 91 103 79
PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT 161