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F ive-year consolited statement of cash flows (in millions of euros) 2002 2001 2000 1999 1998 MANUFACTURING AND SALES COMPANIES Net income of fully-consolidated companies 1,643 1,653 1,354 673 368 Adjustments to reconcile net income to net cash provided by operations - Depreciation and amortization 2,165 1,974 1,877 1,771 1,805 - Net increase (decrease) in allowances and reserves 352 8 (158) 264 (102) - Change in long-term deferred income taxes (80) (107) (32) (14) 93 - (Gains) losses on disposals of assets and other (17) (88) 186 (17) (176) Dividends received from companies at equity (4) - (6) 5 (13) Working capital provided by operations 4,059 3,440 3,221 2,682 1,975 Change in operating assets and liabilities 330 (422) (238) 1,354 1,079 Net cash provided by operations - manufacturing and sales companies 4,389 3,018 2,983 4,036 3,054 Proceeds from disposals of non-consolidated companies 5 23 23 5 2 Proceeds from disposals of subsidiaries - - 30 91 - Proceeds from disposals of property, plant and equipment 172 443 100 179 82 Capital expenditure (2,790) (2,938) (2,898) (1,971) (1,638) Acquisitions of shares in subsidiaries (56) (1,575) (18) (259) (1,166) Investments in non-consolidated companies (25) (33) (164) (5) (19) Effect of changes in scope of consolidation and other (268) 54 (134) (31) 530 Net cash used by investing activities - manufacturing and sales companies (2,962) (4,026) (3,061) (1,991) (2,209) FINANCE COMPANIES Net income of fully-consolidated companies 205 159 149 130 129 Adjustments to reconcile net income to net cash 34 1 73 84 21 Working capital provided by operations 239 160 222 214 150 Change in operating assets and liabilities 557 1,660 (887) (344) 909 Net cash provided (used) by operations - finance companies 796 1,820 (665) (130) 1,059 Net cash provided (used) by investing activities - finance companies 80 68 104 (56) (501) GROUP Dividends paid: - to Peugeot S.A. stockholders (294) (217) (118) (73) (23) - to minority stockholders of consolidated companies (43) (13) (12) (37) (12) Issuance of shares - 109 132 3 - Purchases of treasury stock (517) (458) (257) (953) - Buybacks of convertible debentures - - (555) - - Change in other financial assets and liabilities (1,666) 3,872 1,468 1,266 (1,773) Other 46 123 38 186 146 Net cash provided (used) by financing activities (2,474) 3,416 696 392 (1,662) Effect of exchange rate changes (27) (24) (12) 20 48 Increase (decrease) in cash and cash equivalents (198) 4,272 45 2,271 (211) Cash and cash equivalents at beginning of period 7,666 3,394 3,349 1,078 1,289 Cash and cash equivalents at period-end 7,468 7,666 3,394 3,349 1,078 184 PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT
C onsolidated companies as at December 31, 2002 F : fully consolidated Company HOLDING COMPANY AND OTHER E : accounted for by the equity method Percent Percent F/E controlled consolidated Peugeot S.A. - - Paris - France Grande Armée Participations Paris - France F 100.00 100.00 PSA International S.A. Geneva - Switzerland F 99.87 99.87 G.I.E. PSA Trésorerie Paris - France F 100.00 99.97 Financière Pergolèse Paris - France F 100.00 100.00 D.J. 06 Paris - France F 100.00 100.00 Pergolèse Investissement Paris - France F 100.00 100.00 GIMP Paris - France F 100.00 100.00 D.J. 10 Paris - France F 100.00 100.00 Pergolèse Immobilier Paris - France F 100.00 100.00 D.J. 11 Paris - France F 100.00 100.00 Pergolèse International Paris - France F 100.00 100.00 Société Anonyme de Réassurance Luxembourgeoise - Saral Luxemburg - Luxemburg F 100.00 100.00 Process Conception Ingénierie S.A. Paris - France F 100.00 100.00 Process Conception Ingénierie GmbH Wiesbaden - Germany F 100.00 100.00 PCI do Brasil Ltda Rio de Janeiro - Brazil F 100.00 100.00 PCI Argentina S.A. Buenos Aires - Argentina F 100.00 100.00 Société de Construction d’Equipements de Mécanisations et de Machines - SCEMM Saint-Etienne - France F 100.00 100.00 Peugeot Citroën Moteurs Nanterre - France F 99.99 99.99 Société de Constructions Mécaniques Panhard & Levassor Paris - France F 99.99 99.99 Peugeot Motocycles Mandeure - France F 74.99 74.99 Peugeot Motocycles Italia S.p.A. Milan - Italy F 100.00 76.24 Peugeot Motocycles Deutschland Walldorf - Germany F 100.00 74.97 Company Percent Percent F/E controlled consolidated AUTOMOBILE DIVISION Peugeot Citroën Automobiles S.A. Paris - France F 100.00 100.00 Peugeot Citroën Sochaux S.N.C. Paris - France F 100.00 100.00 Peugeot Citroën Mulhouse S.N.C. Paris - France F 100.00 100.00 Peugeot Citroën Aulnay S.N.C. Paris - France F 100.00 100.00 Peugeot Citroën Rennes S.N.C. Paris - France F 100.00 100.00 Peugeot Citroën Poissy S.N.C. Paris - France F 100.00 99.99 Peugeot Citroën Mécanique du Nord Ouest S.N.C. Paris - France F 100.00 100.00 Peugeot Citroën Mécanique de l'Est S.N.C. Paris - France F 100.00 100.00 Société Mécanique Automobile de l'Est Trémery - France F 100.00 100.00 Société Européenne de Véhicules Légers du Nord - Sevelnord Paris - France E 50.00 50.00 Talbot Paris - France F 100.00 99.99 Società Europea Veicoli Leggeri - Sevel S.p.A. Atessa - Italy E 50.00 50.00 G.I.E. PSA Peugeot Citroën Paris - France F 100.00 100.00 Gisevel Paris - France E 50.00 50.00 Sevelind Paris - France E 50.00 50.00 Francaise de Mécanique Douvrin - France E 50.00 50.00 Société de Transmissions Automatiques Barlin - France E 20.00 20.00 Siemens Automotive Hydrolics Asnières - France E 48.00 48.00 Sora S.A. Poissy - France F 99.88 99.88 Peugeot Citroën Logistic Deutschland Saarbrucken - Germany F 100.00 100.00 Peugeot Citroën Automobiles UK Coventry - United Kingdom F 100.00 100.00 Peugeot Citroën Automoviles España S.A. Madrid - Spain F 100.00 100.00 Sogedac España Villaverde - Spain F 99.99 99.99 Toyota Peugeot Citroën Automobile Kolin - Czech Republic E 50.00 50.00 PSA PEUGEOT CITROËN - APPENDICES TO THE MANAGING BOARD REPORT 185
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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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Statistics PSA PEUGEOT CITROËN - M
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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 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: F ive-year consolidated balance she
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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