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Capital employed can be analyzed as follows:
(in millions of euros) 2002 2001 2000
Manufacturing and sales companies
Goodwill
- Net book value 2,120 2,225 1,054
- Cancellation of exceptional amortization 32 19 127
Intangible assets 194 183 136
Property, plant and equipment 11,545 11,461 10,359
Shares in non-consolidated companies 85 238 254
Other non-current assets 257 204 179
Inventories 6,167 6,218 5,171
Accounts and notes receivable 3,381 3,451 2,962
Receivables from independent dealers transferred to the finance
companies, for which the financing cost is paid by the Automobile division 2,774 2,425 2,315
Other receivables 2,619 2,585 2,207
Reserves for operating liabilities (1,125) (924) (878)
Investment grants (51) (45) (47)
Accounts and notes payable (9,912) (9,173) (8,503)
Other payables, excluding amounts due under the early-termination plan (5,142) (5,347) (4,373)
Equity in the capital employed of companies accounted
for by the equity method 1,275 1,026 995
Restructuring reserves (127) (63) (13)
Finance companies
Equity in stockholders’ equity of Banque PSA Finance 1,315 1,171 1,043
Total 15,407 15,654 12,988
b) Income generated by capital employed
Return on capital employed is measured on the basis of operating margin plus or minus the other income and expense items corresponding to the
definition used for capital employed, i.e. finance charges for receivables from independent dealers transferred to Banque PSA Finance group companies
that are paid by the Automobile division, exchange gains or losses, restructuring costs, amortization of goodwill (excluding exceptional amortization),
pre-tax earnings of companies at equity (excluding early-termination plan costs) and income from shares in non-consolidated companies.
Income generated by capital employed can be analyzed as follows:
(in millions of euros) 2002 2001 2000
Operating margin– manufacturing and sales companies 2,594 2,404 1,857
Operating margin – finance companies 319 248 264
Consolidated operating margin 2,913 2,652 2,121
Finance cost of receivables from independent dealers
transferred to Banque PSA Finance 157 190 142
Exchange gains (losses) 22 (24) (6)
Restructuring costs (125) (120) (43)
Amortization of goodwill
- Amortization for the year (163) (140) (199)
- Cancellation of exceptional amortization (note 14-a) 32 19 127
Pre-tax earnings of companies at equity (note 18-c) 16 2 22
Income from shares in non-consolidated companies 20 5 5
Total 2,872 2,584 2,169
a) Return on capital employed
The immediate return on capital employed (before tax), corresponding
to income generated by capital employed expressed as a percentage of
total capital employed at December 31, is as follows:
(in %) 2002 2001 2000
18.6 16.5 16.7
➔ Note 45 - Early-termination plan
a) Internal agreements
Internal agreements have been signed between the Group and employee
representatives in France, concerning the implementation of earlytermination
plans. The plans in question fulfill the criteria laid down in
Decree no. 2000-105 dated February 9, 2000 related to the earlytermination
of certain employees over 55 years of age and qualify for
Government financing covering part of the cost.
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PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT