My thoughts on all things motoring, press releases, reviews & techie stuff, from around the world.
Please note that the pictures of vehicles within this blog are used as examples of the specific press releases, on occasions, due to the lack of available official pictures, examples are re-produced.
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I will try my best to provide detailed info on various cars and what is like to live with them, I have already produced a few for Jaguar-car-forums, I will do my best to be unbiased, but it will be hard for some cars. I will re-produce press releases and copy from other motoring news.
Thursday, 9 March 2017
The PSA Group's Push To Pass Plan is really working with improved profits, sales and cash flow.
For the third year in a row, the Group achieved growth on three fronts:
Growth of the Automotive division operating margin to 6% versus 5% in 2015
Growth of sales : 3.15 million vehicles sold, up 5.8%
Growth of the net financial position thanks to a positive €2.7 billion Free Cash Flow in 2016
The Group is improving its medium-term operational outlook.
For the first time since 2011, a dividend of €0.48 per share will be submitted for approval at the next Shareholders’ Meeting.
Carlos Tavares, Chairman of PSA Group Managing Board, comments: “These results demonstrate our ability to consistently deliver an excellent performance in an adverse environment.
They are the outcome of the Group’s operating efficiency improvement and our competitive teams’ focus on the execution of the Push to Pass plan.
Day after day, the Group is building the conditions for profitable and sustainable growth, reinforced by the success of the first launches in its product offensive.”
In 2016, Group revenues were €54,030 million compared to €54,676 million in 2015 and Automotive revenues were €37,066 million, compared to €37,514 million in 2015 which represent respectively a growth of 2.1% and 2.7%, at constant exchange rates, driven notably by the success of recently launched models and the Group’s pricing power strategy. Net of adverse change in exchange rates, both Group and Automotive revenues were down 1.2%.
The Grouprecurring operating income was €3,235 million, up 18% compared to 2015. The Automotive recurring operating income was €2,225 million, up 19% compared to 2015. In an environment characterised by adverse exchange rates, this growth was driven by higher volumes, positive price and mix effects, and lower fixed and production costs.
The Group non-recurring operating income and expense was a charge of €624 million, compared to a charge of €757 million in 2015.
Net financial income and expense was a charge of €268 million versus a charge of €642 million in 2015.
Net income reached €2,149 million, an increase of €947 million compared to 2015. Net income, Group share, reached €1,730 million compared to €899 million in 2015.
Banque PSA Finance reported recurring operating income of €571 million, up 11% versus 2015.
Faurecia recurring operating income was €970 million, up 17%.
The free cash flow of manufacturing and sales companies was €2,698 million.
Total inventory, including independent dealers, stood at 406,000 vehicles at 31 December 2016, an increase of 56,000 units year on year.
The net financial position of manufacturing and sales companies was €6,813 million at 31 December 2016, compared to €4,560 million at 31 December 2015.
A dividend of €0.48 per share will be submitted for approval at the next Shareholders’ Meeting with an ex-dividend date considered to be on 15 May 2017, and the payment date on 17 May 2017.
In 2017, the Group anticipates a stable automotive market in Europe, Latin America and Russia, and growth of 5% in China.
Operational outlook improved
The new objectives of the Push to Pass plan are to:
- deliver over 4.5% Automotive recurring operating margin on average in 2016-2018, and target 6% by 2021;
- deliver 10% Group revenue growth by 2018 vs 2015, and target additional 15% by 20217.
Dividend in respect of 2010, paid on 7 June 2011.
100% of the result of Banque PSA Finance. In the financial statements of the PSA Group, joint ventures are consolidated using the equity method and other activities covered by the agreement with Santander are reclassified as“Operations held for sale or to be continued in partnership.”
Recurring operating income as a proportion of revenue