PSA COUV page . page RA GB - PEUGEOT Presse

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2. Detail of changes in assets and liabilities 2002 Cash flows Effect of changes (in millions of euros) from operating in scope of Translation At At January 1 activities consolidation adjustment December 31 - Inventories (6,218) (129) (61) 241 (6,167) - Accounts and notes receivable (3,451) (56) 19 107 (3,381) - Accounts and notes payable 9,173 954 35 (250) 9,912 - Income taxes (127) (204) (5) 2 (334) - Other 2,824 (300) 57 28 2,609 Receivables from Group finance companies, net (220) 65 - - (155) Total 1,981 330 45 128 2,484 2001 Cash flows Effect of changes (in millions of euros) from operating in scope of Translation At At January 1 activities consolidation adjustment December 31 - Inventories (5,171) (802) (300) 55 (6,218) - Accounts and notes receivable (2,962) (23) (488) 22 (3,451) - Accounts and notes payable 8,503 177 510 (17) 9,173 - Income taxes 140 (173) (98) 4 (127) - Other 2,184 425 147 68 2,824 Receivables from Group finance companies, net (194) (26) - - (220) Total 2,500 (422) (229) 132 1,981 b) Finance companies Cash flows from operating activities can be analyzed as follows: (in millions of euros) 2002 2001 2000 - Increase in finance receivables (260) (1,483) (1,469) - Increase in financing liabilities 1,172 4,249 1,103 - Change in income taxes (54) (6) (5) - Other changes (217) 82 59 - Decrease in amounts due to Group manufacturing and sales companies, net (84) (1,182) (575) Total 557 1,660 (887) ➔ Note 40 - Effect of changes in scope of consolidation and other The “Effect of changes in scope of consolidation and other” caption in the statement of cash flows for manufacturing and sales companies breaks down as follows: (in millions of euros) 2002 2001 2000 Change in cash and cash equivalents due to changes in scope of consolidation (95) 134 - Additions to intangible assets (85) (89) (80) Banque PSA Finance share issue underwritten by Peugeot S.A. (100) - - Other 12 9 (54) Total (268) 54 (134) ➔ Note 41 - Change in other financial assets and liabilities (in millions of euros) 2002 2001 2000 New long and medium-term debt 337 1,868 495 Repayments of debt and conversions of debentures (346) (745) (922) (Increase) decrease in long-term loans and receivables (430) 100 257 (Increase) decrease in short-term investments 12 510 (164) Increase (decrease) in short-term financing (1,258) 931 1,096 Decrease in net financing of the finance business provided by the manufacturing and sales companies 19 1,208 706 Total (1,666) 3,872 1,468 166 PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT
➔ Note 42 - Net financial position - manufacturing and sales companies (in millions of euros) 2002 2001 2000 External loans and borrowings Cash and cash equivalents 4,532 5,520 3,143 Short-term investments 1,089 1,013 1,246 Short-term financing and bank overdrafts (2,451) (3,920) (2,924) Current portion of long-term debt (311) (299) (521) Short-term loans 397 260 207 Long-term debt (3,499) (3,635) (1,977) Receivables loans and investment securities 929 624 1,110 686 (437) 284 Loans to and borrowings from Group finance companies Current financial assets 97 123 1,077 Long-term loans - - 339 Short-term debt (189) (197) (293) (92) (74) 1,123 Total 594 (511) 1,407 ➔ Note 43 - Lines of credit The PSA Peugeot Citroën Group has access to revolving lines of credit expiring at various dates through 2007. The amounts available under these lines of credit are as follows: (in millions of euros) 2002 2001 2000 Peugeot S.A. and GIE PSA Trésorerie 2,400 2,400 1,718 Faurecia 1,545 1,420 1,046 Banque PSA Finance group 4,850 5,585 5,585 Confirmed lines of credit 8,795 9,405 8,349 Drawdowns on these lines of credit at December 31 were as follows: (in millions of euros) 2002 2001 2000 Peugeot S.A. and GIE PSA Trésorerie - - - Faurecia 605 562 622 Banque PSA Finance group - 94 48 Drawdowns 605 656 670 ➔ Note 44 - Return on capital employed a) Capital employed Capital employed includes the value of all the assets employed in the Group’s operations. Finance companies use a different definition of capital employed from that used by the manufacturing and sales companies. Manufacturing and sales companies Capital employed comprises all non-current assets and reserves employed in the business and working capital. Non-current assets employed in the business comprise: - goodwill, net, before exceptional amortization; - intangible assets and property, plant and equipment, net; - shares in non-consolidated companies; - other non-current assets. Working capital includes: - inventories; - accounts and notes receivable; - receivables from independent dealers transferred to Banque PSA Finance group companies, for which the financing cost is paid by the Automobile division; - other receivables; - accounts and notes payable; - other payables, excluding amounts due under the early-termination plan. Capital employed also includes operating reserves, defined as reserves where additions or deductions impact operating margin, as well as restructuring reserves. For companies accounted for by the equity method, which are an integral part of the Group’s operations, capital employed corresponds to the Group’s equity in the capital employed of those companies. Finance companies For the finance companies, capital employed corresponds to stockholders’ equity of Banque PSA Finance, which includes the net assets of all of the finance companies. However as dealer receivables transferred to Banque PSA Finance group are included in working capital of the manufacturing and sales companies, the amount of Banque PSA Finance’s stockholders’ equity representing transferred receivables is deducted for the calculation of finance companies’ capital employed. PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT 167
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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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Corporate Policies 62 Human Resourc
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Management’s discussion and analy
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Page 119 and 120: Growth Strategy Corporate Governanc
Page 125 and 126: Statistics PSA PEUGEOT CITROËN - M
Page 135 and 136: Appendices to the Managing Board Re
Page 137 and 138: C onsolidated statements of income
Page 139 and 140: C onsolidated balance sheets - Liab
Page 141 and 142: C onsolidated statements of stockho
Page 143 and 144: ➔ Note 1 - Accounting policies Th
Page 145 and 146: No reserve is booked for taxes paya
Page 147 and 148: 2. Effect on stockholders’ equity
Page 149 and 150: Allibert’s non- automotive busine
Page 151 and 152: 2000 (in millions of euros) Automot
Page 153 and 154: ➔ Note 5 - Key financial data for
Page 155 and 156: ➔ Note 12 - Operating expenses -
Page 157 and 158: ➔ Note 15 - Intangible assets Int
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
Page 167 and 168: ➔ Note 34 - Other long-term borro
Page 169: 2. Short-term portion (in millions
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
Page 207 and 208: M anagement and Administration Main
Page 209 and 210: I nformation about the company’s
Page 211 and 212: S tatutory Auditors’ Report on th
Page 213 and 214: ➔ Stockholders’ Meetings (Artic
Page 215 and 216: PEUGEOT S.A. 100% AUTOMOBILES CITRO
Page 217 and 218: S tockholder Information (Euronext
Page 219 and 220: 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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