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As a carmaker, the Group wants to contribute to the sustainable development of urban mobility without compromising either the quality of air or the quality of life in modern cities. COSTS, PLATFORMS AND COOPERATIVE VENTURES To help control costs, PSA Peugeot Citroën has deployed an ambitious platform strategy. Three new platforms introduced at the end of 2001 serve as the floorplans for all new vehicles, and common parts account for 60% of the production cost of vehicles made on the same platform. Gradually, each assembly plant in Europe is being organized around a single platform, with the exception of the facility in Vigo, Spain, which is dedicated to high vehicles. As it helps diversify the model portfolio, this strategy is also substantially reducing development costs, shortening time-to-market cycles and cutting process engineering outlays, production costs, and purchasing prices for parts and systems. In particular, it is now allowing the Group to control R&D budgets and stabilize capital expenditure, while shortening new model development cycles. In 2006, 90% of all models will be produced on the three new platforms. To speed growth and reduce costs beyond what is being done internally with the platforms, the Group implements strategic cooperation agreements involving specific, ongoing programs to share, with other independent carmakers, the development and production of components for which scale economies make sense. In this area, PSA Peugeot Citroën has for decades demonstrated an ability to forge technological and manufacturing agreements that respect each partner’s personality and independence. It has worked with Renault on V6 engines and automatic transmissions for roughly 30 years, with Fiat on MPVs and light commercial vehicles for some 20 years and with the Ford Motor Company on diesel engines since 1998. The Ford alliance will enable PSA Peugeot Citroën to become the world’s leading manufacturer of diesel engines by 2004 and to benefit from related economies of scale. After the 2001 agreement with Toyota to develop and manufacture entry-level vehicles in a jointly-owned plant in the Czech Republic, a new cooperative venture was formed with BMW in 2002 to jointly develop and produce a new family of small diesel engines, which will equip cars made by both partners. These agreements let the partners share development costs and pool skills and 14 PSA PEUGEOT CITROËN - MANAGING BOARD REPORT
Growth Strategy Corporate Governance Business Review Corporate Policies Management’s Discussion and Analysis Statistics resources, thereby generating the scale economies a carmaker needs to be competitive. For PSA Peugeot Citroën, this type of alliance, in which each partner remains independent, is the best way to respond to the challenges and opportunities offered by market globalization and changing customer expectations. A FOCUS ON PROFITABILITY Return on capital employed has been selected as the relevant indicator for measuring the efficiency of manufacturing and marketing operations. Regardless of business conditions, the Group is committed to achieving an after-tax return on capital employed of at least 8.5%. This covers the cost of capital employed and corresponds to a 3% operating margin in the Automobile Division. remain flat or to contract by a slight 2%. Based on this projection, the Group is aiming to sustain its expansion in 2003, selling 3,350,000 cars worldwide, thanks to the growing sales of existing lines and the launch of several new models. The Automobile Division operating margin is targeted at between 5% and 5.2% of sales, and the consolidated operating margin at between €3.0 billion and €3.1 billion. However, the Group’s goal is to report an after-tax return of at least 13.5%, corresponding to a 6% operating margin in the Automobile Division. OUTLOOK FOR 2003 Early 2003 has been shaped by serious geopolitical and economic uncertainty. Assuming that this uncertainty does not lead to a serious recession, the Group expects the European automobile market to PSA PEUGEOT CITROËN - MANAGING BOARD REPORT 15
Page 1 and 2: 2002 ANNUAL REPORT
Page 3 and 4: K ey figures Worldwide sales Automo
Page 5 and 6: Contents 2 A Tribute to Pierre Peug
Page 7 and 8: A Tribute to Pierre Peugeot Our Gro
Page 9 and 10: M essage from the Chairmen is alrea
Page 11 and 12: plan defined by the Managing Board.
Page 13 and 14: 10 Growth Strategy 16 Corporate Gov
Page 15 and 16: Growth Strategy 12 • One Group, t
Page 17: Growth Strategy Corporate Governanc
Page 21 and 22: Corporate Governance 18 21 22 • T
Page 23 and 24: Growth Strategy Corporate Governanc
Page 33 and 34: Business Review 30 34 44 48 52 56 O
Page 65 and 66: Corporate Policies 62 Human Resourc
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Growth Strategy Corporate Governanc
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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
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C onsolidated statements of income
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C onsolidated balance sheets - Liab
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C onsolidated statements of stockho
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➔ Note 1 - Accounting policies Th
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No reserve is booked for taxes paya
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2. Effect on stockholders’ equity
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Allibert’s non- automotive busine
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2000 (in millions of euros) Automot
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➔ Note 5 - Key financial data for
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➔ Note 12 - Operating expenses -
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➔ Note 15 - Intangible assets Int
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Unrealized gains on restricted stoc
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➔ Note 21 - Inventories Inventori
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➔ Note 25 - Short-term income tax
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g) Capital in excess of par value o
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➔ Note 34 - Other long-term borro
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2. Short-term portion (in millions
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➔ Note 42 - Net financial positio
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1. Automobile division An early-ter
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- Changes during the year (in milli
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The entire debt is converted to flo
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2. Maturities of hedging instrument
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➔ Note 50 - Commitments and conti
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2. Effect of debenture conversions
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F ive-year consolited statement of
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F ive-year consolidated balance she
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C onsolidated companies as at Decem
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Company Percent Percent F/E control
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Recruitments (1) 2 4 Disabled emplo
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7 Paid leave other than vacations E
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Consumption Peugeot 607 Fuel Displa
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E nvironmental Indicators Productio
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Waste production PEUGEOT CITROËN A
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M anagement and Administration Main
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I nformation about the company’s
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S tatutory Auditors’ Report on th
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➔ Stockholders’ Meetings (Artic
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PEUGEOT S.A. 100% AUTOMOBILES CITRO
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S tockholder Information (Euronext
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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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