Τα οικονομικά αποτελέσμα της PSA και την Renault για το 2011

Η PSA Peugeot Citroen και η Renault ανακοίνωσε τα  οικονομικά τους αποτελέσματα για το 2011. Η PSA Peugeot Citroen δηλώνει ότι πούλησε 1.5% λιγότερα αυτοκίνητα σε σχέση με το 2010, αφού μέσα στο περασμένο έτος πούλησε 3.549.000 αυτοκίνητα παρουσιάζοντας λειτουργικές ζημιές ύψους 92 εκατ. ευρώ. Εκτός Ευρώπης, οι πωλήσεις αυξήθηκαν κατά 42% ενώ μειώθηκε ο εταιρικός μέσος όρος εκπομπών CO2 κατά 4.1 γρ/χλμ, από τα 132 γρ/χλμ σε 127.9 γρ/χλμ.

Σε ότι αφορά το Renault Group, αναφέρει ότι είχε έσοδα 1.09 δις ευρώ +2.6% σε σχέση με πέρυσι. Τα λειτουργικά έσοδα ανήλθαν σε 1.24 δις ευρώ σε σχέση με τα 636 εκατ. ευρώ του 2010. Τα καθαρά έσοδα ανήλθαν σε 2.139 εκατ, ενώ οι ελεύθερες ταμειακές εισροές ανήλθαν σε 1.084 εκατ. ευρώ. Το καθαρό χρηματοοικονομικό χρέος της ανέρχεται σε 299 εκατ. ευρώ, μειωμένο κατά 1.136 εκατ. ευρώ σε σχέση με το χρέος του 2010. Αναλυτικότερες λεπτομέρειες μπορείς να βρεις στα δελτία τύπου που ακολουθούν.

[Πηγή: PSA, Renault]

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2011 financial results

Renault reports Automotive operational free cash flow[1] of €1,084 million in 2011, in line with the trajectory set in the mid-term plan, Renault 2016 – Drive the Change.

• Group revenues of €42,628 million, up 9.4% on 2010.
• Group operating margin of €1,091 million, or 2.6% of revenues, compared with €1,099 million and 2.8% in 2010.
• Group operating income of €1,244 million, compared with €635 million in 2010.
• Contribution of associated companies of €1,524 million, compared with €1,289 million in 2010.
• Net income of €2,139 million, compared with €3,490 million in 2010, which included a €2 billion capital gain from the sale of B shares in AB Volvo.
• Positive Automotive operational free cash flow of €1,084 million, including €627 million from a favorable change in the working capital requirement.
• Automotive net financial debt of €299 million, down €1,136 million on December 31, 2010.

Commenting on the results, Carlos Ghosn, Chairman and CEO of Renault, said: “Thanks to the hard work of all its employees, Renault coped with the different crises faced throughout the year, exceeding the free cash flow objective for 2011. The 19% increase in Group sales outside Europe, notably in Brazil and Russia, illustrates the Group’s international growth. In 2012 we expect international sales to be well in excess of 43% of the total, while maintaining the Renault brand leadership in France, and No. 2 position in Europe.”

Group revenues came to €42,628 million, up 9.4%. Driven by sales momentum and an improved product mix, Automotive contributed €40,679 million to revenues, an increase of 9.4% on 2010.

Group operating margin was stable at €1,091 million, or 2.6% of revenues, compared with €1,099 million and 2.8% in 2010.

Automotive reported operating margin of €330 million (0.8% of revenues), compared with €396 million, or 1.1% of revenues, in 2010. The favorable impact of sales volumes (€455 million) and the improvement in costs as part of the monozukuri plan (€500 million) did not entirely offset negative factors, mainly external to the company, such as a €509 million rise in raw materials, a €199 million unfavorable currency effect and a €245 million negative mix/price impact.

In all, the supply constraints stemming from the Japanese tsunami had an unfavorable impact on the operating margin of Automotive of an
estimated €200 million in 2011. The impacts were mainly felt in production, commercial offers and logistics.

The contribution of Sales Financing to Group operating margin reached a new high of €761 million, up €58 million, resulting from growth in loans outstanding and a historically low cost of risk.

The contribution of associated companies continued to grow, totaling €1,524 million in 2011, driven by Nissan, compared with €1,289 million in 2010.

Net income came to €2,139 million, compared with €3,490 million in 2010, which included a capital gain of €2,000 million from the sale in October 2010 of B shares in AB Volvo. Net income Group share totaled €2,092 million (€7.68 per share).

Automotive operational free cash flow exceeded the objective reaching €1,084 million, having successfully maintained operating performance despite a series of crises (supply constraints, sovereign debt) and having rigorously managed the working capital requirement and investments in an uncertain economic environment.

This performance led to a reduction in Automotive net financial debt for the third consecutive year, reaching a historically low level of €299 million on December 31, 2011, down €1,136 million. In 2011 the Group continued to reduce gross Automotive debt through early repayment of the remaining €2 billion of the loan from the French government, while maintaining the Automotive liquidity reserve at high level of €11.4 billion, compared with €12.8 billion in 2010. The net debt to shareholders’ equity ratio stood at 1.2% at end-2011, compared with 6.3% at end-2010.

In accordance with the policy announced in the mid-term plan, Renault 2016 – Drive the Change, a dividend of €1.16 per share, representing the dividends received by the Group for its interests in listed companies in 2011, will be proposed for approval of shareholders at the annual general meeting on April 27th, 2012.

2012 OUTLOOK

The global automotive market (PC + LCV) is expected to grow 4% year on year in 2012. Trends will remain contrasted, with markets outside Europe continuing to grow, especially Brazil (5%) and Russia (8%). With the economic environment remaining highly uncertain, the European market is expected to contract by 3% to 4%, including a decrease of 7% to 8% in France. Backed by the momentum of international growth, major launches (including Lodgy, Clio IV and ZOE), a new range of Energy engines and the introduction of the new design identity, Renault will continue to grow sales, in line with the objectives in the Renault 2016 – Drive the Change plan.

The Group targets positive Automotive operational free cash flow in 2012, with a ratio of capital expenditures and R&D below 9% of Group revenues.

CONSOLIDATED GROUP RESULTS

ADDITIONAL INFORMATION

The consolidated financial statements of the Renault group at December 31, 2011 were approved by the Board of Directors on February 15, 2012. The Group’s statutory auditors have conducted a limited review of these financial statements and their report will be issued shortly. The financial report, with a complete analysis of the financial results in 2011, is available for download in the Finance section of www.renault.com.

 3.5 million vehicles sold in 2011

2011 Highlights

• Sales of new vehicles and CKD units down 1.5% to 3,549,000 units¹
• Sharp increase in the proportion of sales outside Europe², to 42% of the total
• Increase in the proportion of premium vehicle sales to 18%, reflecting the success of the Citroën DS line and the Peugeot 3008, 508 and RCZ
• Further decline in corporate average emissions to 127.9g of CO2/km vs. 132g in 2010.

In 2011, the worldwide automotive market expanded by an aggregate 3%. Growth was led by vibrant emerging markets, with Latin America up by 8%, Russia up by 39% and China (passenger cars) up by around 3%.

In Europe, in a crisis­hit environment made more difficult by the austerity measures introduced in the summer, the market contracted by 0.5%. Performances varied widely by country, with Germany up 9.4%, France down 1.3%, the United Kingdom down 2.4%, Spain down 16.9%, Italy down 10.5% and Central and Eastern Europe down 1.9%. From September onwards, prices came under severe pressure.

With its strong presence in Europe – particularly Spain, Italy and the United Kingdom – PSA Peugeot Citroën experienced a 1.5% decline in global unit sales.

Group unit sales contracted by 6.1% in Europe but grew by 10.7% in Latin America, 7.7% in China and 34.8% in Russia. As a result of these contrasting trends, sales outside Europe represented 42% of the consolidated total vs. 39% in 2010.

Frédéric Saint­Geours, Executive Vice­President, Brands noted:

“In 2011, the situation in the European automotive market, particularly the B segment, confirmed that our strategy of becoming more global and moving the Peugeot and Citroën brands further upmarket is the right one. Our new developments and the new Brand Department organisation will allow us to implement our strategy even faster.”

Globalisation: a rising proportion of sales generated outside Europe

• An unfavourable market mix in Europe

In a European car and light commercial vehicle market that declined by 0.6% in 2011 (with car sales down 1.4% but light commercial vehicle sales up 7%), registrations of PSA Peugeot Citroën vehicles contracted by 6.8% to 2,045,000 units. As a result, the Group’s market share fell by 0.9 points compared with 2010 to 13.3%. This was almost entirely due to lower sales in the B segment, as the Peugeot 207 came under stiff competition. The 207’s replacement, the Peugeot 208, will be introduced in 2012. Despite these negative headwinds, the Group showed resilience in the higher priced segments. Its market share remained stable in the C segment, thanks to vibrant demand for the new Citroën C4, and rose in the D and E segments following the successful launch of the Peugeot 508.

• Sharp increase in the proportion of sales outside Europe, to 42% of the total

Sales outside Europe accounted for 42% of the 2011 consolidated total, compared with 39% in 2010 and 32% in 2009. Unit sales of assembled vehicles rose by a strong 10.8%, confirming PSA Peugeot Citroën’s commitment to its priority growth regions of Latin America, China and Russia, and its ambition to become more global.

Latin America: sales top 300,000 units for the first time

Despite a sharp slowdown in Brazilian demand in the second half, BtoB sales helped to drive an 8% increase in the Latin American market as a whole, with gains of 3% in Brazil and 29% in Argentina. In this environment, Group sales in the region topped 300,000 units for the first time, rising by 10.6% to 326,000 vehicles. Market share widened to 5.5% in 2011 from 5.4% the previous year. The launch of two local­manufactured models – the Peugeot 408 and Citroën C3 Picasso – contributed significantly to this performance and reaffirmed the Group’s commitment to expanding its presence in the region.

China: real advances in implementing the growth strategy, with over 400,000 vehicles sold

After several years of very fast growth, the Chinese passenger car market appeared to settle at cruising speed in 2011 with volumes up 3.3%. The Group kept pace with market growth by launching two new models, the Peugeot 508 and Peugeot 308. Along with the Citroën C5 introduced in 2010, these new models complete the two brands’ product offer in the Chinese market, particularly in the executive segment. Supported by the development of the distribution networks, PSA Peugeot Citroën sold a total of 404,000 vehicles in China in 2011, representing a market share of 3.4%. By the end of the year, Peugeot had 284 dealers and 220 agents, representing 504 outlets in all, while Citroën had 360 dealers and 500 agents, for a total of 860 outlets.

Russia: continuing ramp­up

In 2011, the Russian market continued to expand rapidly. A total of 2.66 million vehicles were sold, 39% more than in 2010. The increase reflected underlying growth that was maintained despite the withdrawal of scrappage incentives in June. The 75,000 vehicles sold by PSA Peugeot Citroën represented an increase of 35%, in line with the market. The Group’s market share stood at 2.7%. Sales were sustained by the launch of the new Citroën C4 and the The Group’s strategy aims to increase the value of the Peugeot and Citroën brands by accentuating the move upmarket. In 2011, this led to an increase in the proportion of premium vehicle sales, to 18% of the total vs. 13% in 2010.

Examples of the strategy include the launch of the Peugeot 508, and of the successful latest addition to the Citroën DS line, the DS4.

Meeting the environmental challenge with a further reduction in CO2 emissions

The Group’s technological advances ensured that it maintained its environmental leadership in 2011. In the less than 110g of CO2/km segment in Europe, it remains the unchallenged leader with a market share of 23.8%. And the 4.1g/km reduction in average carbon emissions of its new vehicles to 127.9g from 132g in 2010 confirms the quality of the Group’s environmental

The HYbrid4 technology was awarded the Environmental prize at the Goldenes Lenkrad awards organized by Germany’s Auto Bild magazine in November 2011.

Outlook for 2012

The downtrend in the European automotive market is expected to continue in 2012. To offset the negative headwinds, the Peugeot and Citroën brands will step up their marketing offensive by unveiling four major new models – the Peugeot 4008 and 208 and the Citroën C4 Aircross and DS5 – along with six restyled models – the Peugeot 107, Partner and Expert and the Citroën C1, Berlingo and Jumpy.

In Latin America, the launch of the Peugeot 308 in February and Citroën’s DS line in the spring will play a key role in driving faster sales growth in the region.

In China, with the laying of the cornerstone for DPCA’s third plant and the launch of the joint venture with Changan, PSA Peugeot Citroën is making real progress in meeting its strategic goals of setting up two complementary joint ventures and obtaining market shares of 5% with DPCA by 2015 and 3% with CAPSA. The Group is now soundly positioned to continue growing in this very promising market.

In Russia, the ramp­up of operations at the Kaluga plant marks a new milestone in the Group’s growth strategy in this fast­growing market. During the coming year, several new models will be introduced in the local market – the Peugeot 408, 508 and 4008 and the Citroën DS4, DS5 and C4 Aircross.

Rising demand in these priority growth regions, coupled with local market share gains, should enable PSA Peugeot Citroën to meet its target of achieving 50% of sales outside Europe in 2015 and two­thirds in 2020.

2012 will be in particular the year of the hybrid, with the launch of four vehicles equipped with hybrid diesel powertrains – the Peugeot 3008 HYbrid4, Citroën DS5 HYbrid4, Peugeot 508 HYbrid4 sedan and Peugeot 508 RXH – that will reaffirm the Group’s environmental leadership.

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