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➔ Note 51 - Maturities of commitments The Group commitments analysed by maturity in the tables below are reported in the following notes: - Other borrowings of manufacturing and sales companies – notes 34 -a, 34-d - Financial company borrowings – note 36-a - Lines of credit – note 41 - Off-balance sheet commitments – note 50. a) Contractual commitments 1. Manufacturing and sales companies (in millions of euros) Payments due by period Total Within 1 year 1 to 5 years More than 5 years Borrowings 3,810 311 1,741 1,758 Obligations under finance leases 251 32 122 97 Commitments under operating leases 416 72 167 177 Irrevocable purchase commitments 2,340 2,340 - - Total 6,817 2,755 2,030 2,032 2. Finance companies (in millions of euros) Payments due by period Total Within 1 year 1 to 5 years More than 5 years Borrowings 17,085 10,067 6,386 632 Total 17,085 10,067 6,386 632 b) Other commercial commitments 1. Manufacturing and sales companies (in millions of euros) Commitments by period Total Within 1 year 1 to 5 years More than 5 years Confirmed lines of credit not utilized (commitments received) (8,190) (545) (7,645) - Guarantees - commitments given 660 114 278 268 2. Finance companies Financing commitments given to customers by the finance companies in the amount of €1,012 million have no fixed maturity. ➔ Note 52 - Earnings per share a) Basic earnings per share are calculated on the basis of the average number of common shares outstanding during the year. The average number of shares is calculated by taking into account the number of shares issued and canceled during the period and the number of shares held in treasury stock (excluding shares acquired for allocation on exercise of stock options, which are carried in the balance sheet under “Short-term investments” (note 29-i)). The average number of shares outstanding in 2000 has been adjusted to take into account the July 1, 2001 six-for-one stock-split. b) Diluted earnings per share are calculated on the basis of the number of common shares that would be outstanding assuming the exercise of all stock options as described in note 29-e)1. 1. Effect on the average number of shares of debenture conversions and the exercise of stock options 2000 2002 2001 proforma Average number of €1 par value shares outstanding 254,201,332 263,357,148 261,283,962 Average number of 1994 convertible debentures outstanding N/A 1,122,305 11,780,178 Dilutive effect of stock options determined by the treasury stock method N/A N/A 22,212 Fully diluted average number of shares 254,201,332 264,479,453 273,086,352 178 PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT
2. Effect of debenture conversions and the exercise of stock options on net income (in millions of euros) 2002 2001 2000 Net income for the year 1,690 1,691 1,312 Impact of conversion, net of tax - 1 9 Total 1,690 1,692 1,321 ➔ Note 53 - Directors’ compensation (in millions of euros) 2002 2001 2000 Compensation paid to: - members of the management bodies 7.8 6.7 6.3 - members of the Supervisory Board 0.5 0.5 0.3 Total 8.3 7.2 6.6 Members of management bodies include members of the Managing Board, the Executive Committee and Senior Management. As of December 31, 2002, members of the Group’s management bodies held 977,600 options to purchase shares of Peugeot S.A. granted under the plans set up since 1999 for certain managers and officers. As of December 31, 2001, members of the Group’s management bodies held 711,600 options to purchase shares of Peugeot S.A. granted under the plans set up in 1999, 2000 and 2001. As of December 31, 2000, members of the Group’s management bodies held options to purchase the equivalent of 405,600 new shares of Peugeot S.A. granted under the plans set up in 1999 and 2000. ➔ Note 54 - Auditors’ fees Fees paid to the Group’s statutory auditors and other audit firms break down as follows for 2002: (in millions of euros) Audit Pricewaterhouse Coopers Constantin Ernst & Young Other Total Statutory audit and contractual audits 7.3 0.9 0.8 0.1 9.1 Other engagements 2.2 - 0.3 - 2.5 Sub-total 9.5 0.9 1.1 0.1 11.6 Other services Tax and legal 1.4 - 0.3 - 1.7 Internal audit 0.1 - 0.1 - 0.2 Other advisory services 0.1 - 0.1 - 0.2 Sub-total 1.6 - 0.5 - 2.1 Total 11.1 0.9 1.6 0.1 13.7 o/w Automotive Equipment division 5.0 - 1.6 - 6.6 Other divisions 6.1 0.9 - 0.1 7.1 ➔ Note 55 - Subsequent events a) Dongfeng Peugeot Citroën Automobile – DPCA Further to the agreements signed on October 25, 2002 between PSA Peugeot Citroën and Dongfeng Motors, Dongfeng Citroën Automotive Corp. - DCAC was renamed Dongfeng Peugeot Citroën Automobile – DPCA on January 23, 2003. The company’s capital was increased and each of its majority stockholders raised their stake to 32%. During 2003, the Group’s interest should increase to 50%, following the buyout of interests currently held by partner banks. b) Closure of the La Française de Mécanique foundry La Française de Mécanique, a jointly-owned subsidiary of the PSA Peugeot Citroën and Renault groups, considers the likelihood of discontinuing its foundry business at the beginning of 2006. This decision is in line with the scale-up of mechanical engineering operations, in preparation for the production of a future gasoline engine developed jointly by PSA Peugeot Citroën and BMW. PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT 179
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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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Statistics PSA PEUGEOT CITROËN - M
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Page 131 and 132: Growth Strategy Corporate Governanc
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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 and 170: 2. Short-term portion (in millions
Page 171 and 172: ➔ Note 42 - Net financial positio
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: ➔ Note 50 - Commitments and conti
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
Page 221 and 222: 216 PSA PEUGEOT CITROËN - INFORMAT
Page 223 and 224: R esolutions Eighth resolution Auth
Page 225 and 226: T he Vice Presidents Committee Thie
Page 227 and 228: 12,000 copies of this report were p
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