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T he Automobile Division 1998. Sustained sales momentum was also led by the 206 CC, whose 89,000 units sold made it the European leader in the coupe and convertible segment. • Citroën Xsara Picasso Strengthened by growing sales in international markets—particularly China and Brazil, where it has been locally manufactured since 2001—the Citroën Xsara Picasso continued to enjoy firm demand during the year, with sales rising 9% to 251,000 units. Three years after launch, more than 625,000 units have already been sold worldwide. • Citroën C5 The C5 contributed significantly to the growth in Citroën sales, with 160,900 units sold. • Peugeot 307 Voted European Car of the Year 2002, the Peugeot 307 has won many awards since its market launch in May 2001. Some 543,200 units were sold in 2002, exceeding the target of 500,000. The lineup was expanded in March with the highly popular SW version, which accounted for more than 15% of the year’s sales. The SW offers a new approach to automobile interiors, with a fully modular passenger compartment and a panoramic, heat-absorbing glass roof that provides exceptional luminosity. • Citroën C3 For Citroën, the highlight of 2002 was the successful introduction of the C3, which enabled the marque to extend its lineup to a younger clientele. Launched in April, the C3 sold 181,800 units during the year, exceeding its target of 150,000. The strong momentum received a further boost a few months after launch, when the model was offered with the new 92bhp 1.4-liter HDI 16V powerplant and the robotized SensoDrive manual transmission. The C3 has also won numerous awards, including the prize for Japan’s best import model. Citroën expects to sell 330,000 C3s over the full year. • Citroën Berlingo/Peugeot Partner Still well positioned, the Citroën Berlingo and Peugeot Partner sold 283,500 units in 2002. Buyers responded favorably to the end-of-the-year restyling, which offered a completely redesigned front end, new interior arrangements, and enhanced comfort and safety features. • Peugeot 807/Citroën C8 Carbuyers also saluted the market launch of the new Peugeot 807 and Citroën C8 executive multi-purpose vehicles, purchasing 21,300 units as they were gradually introduced in European markets in the second half. The models offer a whole new dimension in safety, driving pleasure, interior comfort and elegant styling. CITROËN ELYSEE LAUNCHED IN CHINA Citroën’s new flagship model, the Elysée, is a notchback designed in China based on the experience of the ZX Fukang and the marque’s latest developments. Unveiled at the 2002 Beijing Auto Show, the model enjoyed strong sales right from its June 2002 launch and quickly gained 4% of the market. It has expanded the Citroën lineup, which had already been enhanced in 2001 with the local production of the Xsara Picasso, a highly innovative car in the Chinese market. 38 PSA PEUGEOT CITROËN - MANAGING BOARD REPORT
Growth Strategy Corporate Governance Business Review Corporate Policies Management’s Discussion and Analysis Statistics THE GROUP’S PRODUCT STRATEGY PSA Peugeot Citroën’s strategy is product-driven. As such, it is supported by frequent new model introductions that enable the Peugeot and Citroën marques to rapidly renew their core lineups and to continually have a large number of models positioned early on the growth curve. In addition, the marques are constantly developing new, architecturally and technologically innovative automobile concepts, boldly styled and capable of attracting new customers. Compelling examples of this vision include the Peugeot 206CC, the Citroën C3 Pluriel and the Peugeot 307 SW. To drive the harmonious development of Peugeot, Citroën and their model lineups in each of the Group’s market segments, the two marques stagger their launches in a given segment. This ongoing, balanced product development process enables the marques to attract an ever expanding customer base, continually refresh their offer and attenuate the impact of model life cycles on consolidated results. STRONG PEUGEOT 307 SW SALES PROMPT FOURTH SHIFT AT SOCHAUX PLANT In response to stronger-thanexpected sales of the new SW version of the Peugeot 307, the Sochaux plant introduced a fourth weekend shift in October 2002. Every week, the new team builds an additional 1,400 Peugeot 307s, raising total weekly output to 12,500 units. The increase will enable the marque to meet demand and achieve its target of selling 600,000 units in 2003. • Diesel engines and the particle filter European demand for diesel-powered cars and light commercial vehicles continued its strong upward trend in 2002. In response, the Group’s high-pressure, direct injection (HDI) diesel powerplants were extended across almost the entire Peugeot and Citroën lineup. More than 1.3 million HDI-powered vehicles were sold during the year, a 30% increase over 2001. In all, diesels accounted for 49% of consolidated sales, while registrations of diesel-powered Peugeots and Citroëns rose 9.5% in Europe, for a combined regional market share of nearly 19%. PSA Peugeot Citroën remains the only carmaker to equip its diesel engines with a particle filter, an innovation that makes them much more environmentally friendly. The particle filter is now available on the Citroën C5 and C8 and the Peugeot 307, 406, 607 and 807. By year-end 2002, nearly 400,000 Group vehicles had been fitted with the new technology. THE PLATFORM STRATEGY The Group pursued its platform strategy in 2002, with the objective of having common parts account for 60% of the cost of vehicles made on the same platform. The strategy is helping to lower production costs, reduce unit research and development expenses, keep capital expenditure under control and shorten time-to-market cycles. It entered a new phase in 2002, when all three new platforms were successfully deployed, but nearly half of the resulting economic impact has yet to be felt. As new models based on the common platforms are introduced, the Group expects to generate some €800 million in additional savings between 2002 and 2006. A MANUFACTURING BASE SIZED FOR GROWTH PSA Peugeot Citroën has world-class manufacturing facilities, whose capacity was extensively used in 2002. According to the Harbour index, which measures a plant’s utilization based on hourly capacity, an average 16-hour workday, and 235 workdays a year, assembly capacity utilization in Western Europe has risen steadily, from 76% in 1998 to 117% in 2002. The latest rate reflects the growth in unit output as plant operating hours have been extended with new production schedules. All of the European plants are now working partially or entirely in three or four shifts, while the non-stop production system, without any summer shutdown, remained in effect at the Mulhouse, Ryton and Vigo plants. Assertively engaged in a long-term growth dynamic, the Group intends to produce more than four million vehicles in 2006, after increasing sales by 55% from 1998 to 2002. To secure an optimum balance between high capacity utilization and the resulting technical, financial and laborrelated constraints, the Group has decided to build a new assembly plant in Trnava, PSA PEUGEOT CITROËN - MANAGING BOARD REPORT 39
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 and 18: Growth Strategy Corporate Governanc
Page 21 and 22: Corporate Governance 18 21 22 • T
Page 33 and 34: Business Review 30 34 44 48 52 56 O
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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 12 - Operating expenses -
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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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