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Groupe PSA: Q3 2018 Revenue +7.8% growth
24.10.2018: • Groupe PSA Q3 revenue at €15.4 billion[1] and YTD revenue up 29.1% at €54 billion;
• Peugeot Citroën DS (PCD) Automotive division revenue
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• Groupe PSA Q3 revenue at €15.4 billion[1] and YTD revenue up 29.1% at €54 billion;
• Peugeot Citroën DS (PCD) Automotive division revenue up 0.8%:
o Strong market share increase in Europe: +0.7 pt[2];
o Negative impact of exchange rates especially in Argentina, Brazil and Turkey;
• Opel Vauxhall (OV) Automotive division revenue amounted to €3.9 billion;
• Consolidated worldwide sales down 16.7% mainly because of the suspension of the group’s activities in Iran. In Europe, sales up 8.1%.
Group Q3 2018 revenue amounted to €15,428 million, compared with €14,309 million in Q3 2017. At constant 2015 exchange rate and perimeter, 2018 Group revenue was up 21.6%[3].
PCD Automotive division revenue amounted to €8,485 million up by 0.8% compared to Q3 2017. The positive impact of product mix (+2.2%), sales to partners (+1.4%), price (+1.5%) and others (+0.9%) more than compensated the negative impact of exchange rates (-2.3%) and volumes (-2.9%).
OV Automotive division revenue amounted to €3,877 million in Q3 2018, compared with €2,789 million in Q3 20171.
With a total of 843,000 cars sold, Q3 2018 consolidated worldwide sales were up in Europe but down outside of Europe mainly because of the suspension of the group’s activities in Iran from May.
Total PCD inventory, including independent dealers, stood at 402,000 vehicles[4] at the end of September 2018, up 33,000 units compared to end of September 2017. OV inventory, including independent dealers, totalled 173,000 vehicles at the end of September 2018 down 64,000 units compared to end of September 2017.
Philippe de Rovira, Chief Financial Officer of Groupe PSA and member of the Executive Committee, said: " The execution of Push to Pass strategic plan and PACE! Opel Vauxhall turnaround plan is again proving to be a strong lever to deliver a sustainable performance despite an adverse environment. "
Market outlook: in 2018, the Group anticipates a growth of 2% of the automotive market in Europe, 3% in Latin America, 10% in Russia and 1% in China.
Operational targets
The Push to Pass plan sets the following targets for Groupe PSA (excluding Opel Vauxhall):
• Deliver over 4.5% Automotive recurring operating margin[5] on average in 2016-2018, and target over 6% by 2021;
• Deliver 10% Group revenue growth by 2018[6] vs 2015, and target additional 15% by 20216.
Financial Calendar
26 February 2019: 2018 Annual Results
[1] Groupe PSA revenue includes Opel Vauxhall (OV) since August 1st 2017; It does not include the impact of hyperinflation in Argentina following IAS29. The estimation of this impact is in progress.
[2] PCD market share, Q3 2018 vs Q3 2017
[3] As of 30 September 2018, growth at constant exchange rates (2015) and perimeter (excluding OV) versus revenue as of 30 September 2015.
[4] Excluding JV in China and Iran, including independent dealers
[5] Recurring operating income related to revenue
[6] At constant (2015) exchange rates and perimeter (excluding OV)
PSA also photo
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