2005 Annual Report - Banque PSA Finance

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KEY FIGURES KEY FIGURES Number of vehicles financed, retail loans (in thousands of vehicles) 182 38.8 Used vehicles New vehicles Total 619 801 Germany Austria Belux Spain France Hungary Italy 180 623 803 189 657 846 192 2001 2002 2003 2004 2005 21.0 23.4 22.3 30.1 10.6 26.4 11.0 25.7 28.2 28.6 12.9 2 Banque PSA Finance - 2005 annual report 640 832 30.3 30.5 188 7.0 660 23.7 848 Penetration rate by country at Dec. 31, 2005 (as a %) (new vehicles financed / new PSA Peugeot Citroën vehicles registered) 152 Consolidated stockholders’ equity Consolidated net income 194 287 44.1 Netherlands Poland Portugal United Kingdom Slovakia Switzerland Czech Republic Argentina Brazil Mexico Stockholders’ Equity and net income at Dec. 31 (in millions of euros) 1,490 1,675 1,786 2,106 331 405 2,429 2001 2002 2003 2004 2005 IFRS standards since 2004 27.1 BPF Group Outstanding retail and wholesale loans at Dec. 31 (in millions of euros) Wholesale loans 4,352 12,863 17,215 4,809 Retail loans and other 13,878 18,687 4,531 15,136 Total Securitized loans 19,667 5,421 15,760 21,181 5,564 16,853 2001 2002 2003 2004 2005 IFRS standards since 2004 Outstandings by country at Dec. 31, 2005 (in millions of euros) 638 Germany 2,461 87 180 306 635 703 Austria Belux 2,340 1,514 6,613 Spain France 51 34 Net banking revenue (in millions of euros) 797 913 1,350 799 Hungary Italy 276 Wholesale loans Retail loans Securitized loans 1,897 Netherlands Poland Portugal United Kingdom Slovakia Switzerland Czech Republic Argentina Brazil Mexico 1,037 60 150 435 753 12 46269 33 255 9 92 876 933 2001 2002 2003 2004 2005 IFRS standards since 2004 22,417 0 55 17 80 226 41 0
CHAIRMAN’S LETTER CHAIRMAN’S LETTER 2005 was another year of business growth, with outstanding loans and new lending to Peugeot and Citroën customers both increasing by some 6%. The sustained expansion reflects our success in holding onto the strong positions that we have acquired in various host countries. However, it is also attributable to sharply improved performance in the European countries where our position eroded somewhat in 2004, as well as in Central Europe and Latin America. Increased business volumes were accompanied by the high margins that were also a feature of 2004, thanks to the low refinancing rates enjoyed in the first three quarters. They testify to the effectiveness of our marketing policy and the ongoing success of our combined financing and service solutions. Sales of service contracts expanded by a very satisfactory 16.3%, led by a strong showing in auto insurance, a market in which we are aiming to gradually become a significant player. Net income attributable to equity holders rose 23% to €402 million, representing 1.8% of outstanding loans. Robust business growth and sustained margins contributed to the increase, as did advances in the area of costs. The use of high quality risk selection and management tools provided scope for a significant reduction in the cost of risk, while sound cost discipline ensured that operating expenses rose at a slower rate than revenue. The higher income paved the way for a significant rise in the dividend combined with a 15% increase in equity. As well as achieving strong business and earnings growth, during 2005 our Bank also continued to broaden its geographic reach. Operations in Mexico were extended to include the provision of wholesale financing to Peugeot dealers, while in China our partnership with the Bank of China to finance Peugeot and Citroën car sales was finalized. We will begin offering wholesale financing to Peugeot and Citroën dealers in China and retail financing to their customers in 2006, and will also set up a business base in Turkey. Internally, considerable time and effort was devoted to preparing for the implementation of the new international regulations known as “Basel II”. The new procedures and disclosures will provide clearer evidence than in the past of the quality of our loan book and of our system of internal control, which was considerably strengthened in 2005. For these reasons, we intend to complete the migration to Basel II as quickly as possible. All of these favorable developments should lead to another year of business growth in 2006, not only in our traditional market of Western Europe, but also in our newer markets of Latin America, Central Europe and now China. Concerning our earnings outlook, despite a significantly less favorable interest rate environment than in 2005, all of our teams are committed to ensuring that our Bank’s high level of profitability is maintained. Yann Delabrière Chairman Banque PSA Finance - 2005 annual report 3
Page 1 and 2: www.banquepsafinance.com 2005 Annua
Page 3: Banque PSA Finance, a wholly-owned
Page 7 and 8: Mexico ♦ ❍ BUSINESSES OF THE MA
Page 9 and 10: from 29.8% in 2004. This confirmed
Page 11 and 12: A dynamic marketing strategy In 200
Page 13 and 14: SERVICES (number of contracts) 2005
Page 15 and 16: RESULTS AND OUTLOOK � RESULTS FOR
Page 17 and 18: � MATURITIES At December 31, 2005
Page 19 and 20: CREDIT RISK MANAGEMENT Cost of risk
Page 21 and 22: INTERNAL CONTROL � AN EFFICIENT S
Page 23 and 24: BANQUE PSA FINANCE IN 2005 In 2005,
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Page 27 and 28: BANQUE PSA FINANCE Consolidated fin
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Page 31 and 32: CONSOLIDATED FINANCIAL STATEMENTS C
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Page 37 and 38: No provision has been made for defe
Page 39 and 40: C.2. Financial assets at fair value
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Page 43 and 44: NOTE 6 - AVAILABLE-FOR-SALE ASSETS
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Page 49 and 50: ANALYSIS OF DEMAND AND TIME ACCOUNT
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This table analyzes financial asset
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CONSOLIDATED FINANCIAL STATEMENTS N
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ANALYSIS OF RETAIL FINANCING REVENU
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NOTE 27 - OTHER REVENUE AND EXPENSE
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CONSOLIDATED FINANCIAL STATEMENTS N
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NOTE 31 - COST OF RISK � 31.1. CH
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BANQUE PSA FINANCE TAX PROOF (in mi
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NOTES Banque PSA Finance - 2005 ann
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1,400 copies of this report were pr
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2005 Annual Report - Banque PSA Finance

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