In the third quarter of 2015, consolidated revenue totalled €12,390 million, up 3.2% compared with third-quarter 2014.
Automotive Division revenue, excluding the contribution of the Chinese joint ventures, amounted to €8,052 million for the period, up 1.0% year-on-year.
New car revenue increased by 2.6%, driven in particular by a 1.2% increase in net price and a 0.8% positive impacts from both volumes and family mix.
Pro forma Automotive Division revenue[1],which includes the Group's interest in the Chinese joint ventures, represented €9,134 million, a slight improvement on third-quarter 2014.
Sales volume fell by 4.3% overall in the third quarter of 2015, but rose by 0.8% excluding China.
In Europe, sales growth accelerated (representing 6.1% in the third quarter versus 2.9% in the first half), driven by increased market demand and our successful range of products. In parallel, the Group pursued its strategy to improve price positioning for the Peugeot, Citroën and DS brands and its efforts to increase productivity.
In Asia, following the slowdown in the Chinese market, the Group adjusted its inventory in the third quarter. Sales fell by 17%, while deliveries decreased by a slight 3%.
In Latin America and Eurasia, the Group is pursuing measures to rightsize fixed costs in order to reach breakeven by 2017[2]. Sales declined by 23% and 45% over the period, in markets that were also significantly down, by 13% and 27% respectively.
In Middle East and Africa and India-Pacific regions, sales decrease by 7% and 24%, but the Group's year-to-date sales in these regions were still up by 14% and 15% respectively.
Total inventory (excluding China but including independent dealers) at end-September 2015, stood at 382,000 vehicles, 11,000 fewer than at end-September 2014.
Faurecia reported revenue of €4,749 million in the third quarter, a year-on-year increase of 8.3%.
Banque PSA Finance's revenue, accounted for on a 100% basis, totalled €394 million[3] in the third quarter, down €44 million versus the third quarter 2014.
Commenting on the publication of the third-quarter revenue figures, Jean Baptiste de Chatillon, PSA Peugeot Citroën's Chief Financial Officer, said: "The whole Group is committed to the full execution of the "Back in the Race" plan, and the result of that commitment, despite a more difficult economic environment in the third quarter, is a real achievement that gives us confidence about reaching our targets."
Market outlook
In 2015, the Group expects automotive demand to expand by 8% in Europe and approximately 3% in China but to contract by around 15% in Latin America and 35% in Russia.
The Group does not change its medium-term operational outlook during the year
The Group aims to generate operating free cash flow of €2 billion over the period 2015-2017. It is also targeting an operating margin[4] of 2% for the Automotive Division in 2018, with the objective of reaching 5% over the period of the next medium-term plan, covering 2019-2023.
[1] Pro forma revenue including the contribution (50%) of Chinese joint ventures.
[2] Recurring operating income.
[3] On an IFRS basis, Banque PSA Finance's revenue totalled €64 million in third-quarter 2015, reflecting the application of IFRS 5 and the deconsolidation of the UK and France joint ventures.
[4] Ratio of recurring operating income to revenue.
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