Sustainable Development and Annual Report - 2014

Transcription

2014
PSA Peugeot Citroën
2 0 1 4 K E Y F I N A N C I A L D AT A
A NEW DYNAMIC FOR THE GROUP
€53.6
2.9 MILLION
VEHICLES SOLD
WORLDWIDE
IN REVENUE
A ‘ G L O B A L R A N G E ’ R AT I O N A L E
P E U G E OT 2 0 0 8 :
LEADING MODEL
WORLDWIDE
O P E R AT I O N S I N
160
LEADING REGION:
EUROPE
LEADING
MARKET:
110.3 G/KM
THE EUROPEAN LEADER
I N C O2 E M I S S I O N
REDUCTION
E M P LOY E E S
3
C L E A R LY
D I F F E R E N T I AT E D
BRANDS
WORLDWIDE
No 2
EUROPEAN VEHICLE
MANUFAC T URER
11.8%
MARKE T SHARE IN EUROPE
7.5%
OF AUTOMOTIVE D IVI SI ON
R E V E N U E A L L O C AT E D T O
RESEARC H & DEVELOPMENT
01
2014 HIGHLIGHTS
REBUILDING THE FUNDAMENTALS
HOLD ON,
SPEED UP,
TAKE OFF…
2 0 1 4:
A W AT E R S H E D
YEAR
C 4 C A C T U S I L LU S T R AT E S
CITROËN’S NEW POSITIONING
Greater comfort
Better design
More technologies to ensure well-being
02
DS BECOMES A FULL-FLEDGED BRAND
ALONGSIDE PEUGEOT AND CITROËN.
DS EMBODIES AVANT-GARDE DESIGN, ELEGANCE
AND FRENCH KNOW-HOW.
With Back
In The Race,
is setting clear and
ambitious targets…
OVERVIEW
CAR OF THE YEAR
Peugeot 308 and 308 SW
voted Car of the Year 2014
by 58 European motoring journalists.
Message from the Chairman
of the Supervisory Board 04
The Supervisory Board
06
Message from the Chairman
of the Managing Board
08
Managing Board and
Executive Committee
10
S T R AT E G Y
12
R E S U LT S
34
C O R P O R AT E S O C I A L
RESPONSIBILITY
42
DONGFENG MOTOR
GROUP AND THE
F R E N C H S T AT E B E C O M E
SHAREHOLDERS/
A €3.0 BILLION
SHARE ISSUE/
FIRST SHARE OFFERING
RESERVED FOR
EMPLOYEE S.
IN APRIL 2014,
LOUIS GALLOIS IS
APPOINTED CHAIRMAN
OF THE SUPERVISORY
BOARD AND CARLOS
TAVARES BECOMES
CHAIRMAN OF THE
MANAGING BOARD OF
PSA PEUGEOT CITROËN.
CHINA BECOMES
THE GROUP’S
LARGEST MARKET:
BY 2020, C HINA
WILL ACCOUNT FOR
A THIRD OF GLOBAL
VEHICLE SALES.
I N T E R N AT I O N A L
ENGINE OF THE YEAR
AW A R D F O R T H E
1.6-LITRE DIRECTINJECTION TURBO
PETROL.
WE’RE BAC K IN THE RAC E
TRENDBOOK
The Trendbook that
accompanies this report
will give you a view of how
the Group is expressing
three very different brand
identities.
Available at
psa-peugeot-citroen.com
1 - 2014 Sustainable
Development and Annual
Report and the read-aloud
version for the visually
impaired, also available
for tablet and smartphone
2 –The 2014 Corporate Social
Responsibility Report
3 – The 2014 Registration
Document
4 – The Notice of Meeting for
the Annual Shareholders’
Meeting
03
LOUIS GALLOIS
CHAIRMAN OF THE
SUPERVISORY BOARD
04
MESSAGE FROM THE C HAIRMAN
OF THE SUPERVISORY BOARD
WITH THE ARRIVAL OF TWO NEW CORE SHAREHOLDERS IN 2014, THE GROUP
EMBARKED ON AN ECONOMIC RECOVERY AND BECAME NET DEBT FREE.
2014, THE FIRST YEAR OF THE
GROUP’S EC ONOMIC REC OVERY
Globally, the Group sold nearly 3 million
vehicles, thanks to its strong bases in Europe
and China.
In China, sales rose nearly 32% in a market
up 11.5%, taking the Group’s market share
to 4.4%. China is now the largest global
market for the Group, and construction began
last October on the fourth plant operated
by Dongfeng Peugeot Citroën Automobiles
(DPCA), in Chengdu.
In Europe the Group saw a 4.7% rise in
registrations in 2014 compared with a 7.3%
decline in 2013.
By contrast, conditions in the Latin American
and Eurasian markets were especially difficult,
with falling sales and unhelpful currency
movements.
The range has been rejuvenated by recent
launches and will remain resolutely young
in 2015.
The Group’s financial situation also
improved substantially. Free cash flow was
sharply positive, making the Group net debt
free. In addition, both the Group and the
Automotive Division generated a profit at the
operating level.
THREE CORE SHAREHOLDERS
A ND A NEW GOVERNA NC E
STRUCTURE
In 2014, the Group raised its capital, and two
new core shareholders – the French State
and Dongfeng Motors (DFM) – each took a
14.1% stake, the same level of interest held by
the historical shareholder, the Peugeot family.
Alongside DFM’s investment in the Group, a
strategic manufacturing and sales partnership
between the two was set up. And an employee
share issue was launched in early 2015.
A new corporate governance structure was
introduced during the year. I took over
from Thierry Peugeot as Chairman of the
Supervisory Board, and Carlos Tavares
replaced Philippe Varin as Chairman of the
Managing Board.
Carlos Tavares launched and implemented
the Back in the Race recovery plan. The
2014 results show that the Group has passed
a key milestone in its recovery thanks to the
commitment of the entire workforce. One
clear sign of the recovery is that Peugeot S.A.
returned to the CAC 40 index of leading
shares on 23 March 2015.
The resulting momentum is steady because
it is rooted in the Group’s fundamentals.
And I am certain it will continue in 2015.
THE RANGE HAS BEEN
R E J U V E N AT E D B Y R E C E N T
LAUNC HE S A ND WILL REMAIN
R E S O L U T E LY Y O U N G I N 2 0 1 5 .
05
SUPERVISORY BOARD
PEUGEOT S.A. HAS A TWO-TIER MANAGEMENT STRUCTURE COMPRISING
A MANAGING BOARD, RESPONSIBLE FOR STRATEGIC AND OPERATIONAL
MANAGEMENT, AND A SUPERVISORY BOARD, RESPONSIBLE FOR OVERSIGHT
AND CONTROL. THIS SEPARATION IS EFFECTIVE IN ADDRESSING THE
CONCERN FOR A BALANCE OF POWER BETWEEN THE EXECUTIVE AND
OVERSIGHT FUNCTIONS, AS REFLECTED IN THE PRINCIPLES OF GOOD
CORPORATE GOVERNANCE.
The Supervisory Board oversees the
Company, which is managed at the
strategic and operational levels by the
Managing Board.
Details of the duties of the Supervisory
Board can be found in its new internal rules,
introduced on 29 July 2014.
The Supervisory Board has 14 members,
including one representing employees, one
representing employee shareholders and six
appointed on the recommendation of the
three main shareholders. As of July 2014,
the proportion of female members on the
Supervisory Board was 42.8%, beating the 40%
target set in the AFEP-MEDEF Corporate
Governance Code ahead of the 2016 deadline.
The Board has four non-French members, and
all non-employee members have experience in
an international company. This well-balanced
membership ensures high-quality discussion and
decision-making. The Supervisory Board met
10 times in 2014, with a 95% attendance rate.
Supervisory Board members:
Louis Gallois* (Chairman), Bruno Bézard
(Vice-Chairman), Marie-Hélène PeugeotRoncoroni (Vice-Chairman), Xu Ping
(Vice-Chairman), Patricia Barbizet*,
Pamela Knapp*, Jean-François Kondratiuk
(representing employees), Liu Weidong,
Robert Peugeot, Henri Philippe Reichstul*,
Dominique Reiniche*, Geoffroy Roux de
Bézieux* (Senior Independent Member),
Anne Valleron (representing employee
shareholders), Florence Verzelen.
An advisor (Frédéric Banzet, appointed by the
Supervisory Board) and a member of the works
council both attend meetings in an advisory
capacity.
F I N A N C E A N D AU D I T
COMMITTEE
The committee monitors:
• preparation of financial information
• effectiveness of the internal control and risk
management systems
• statutory audit of the Company’s annual
financial statements and the Group’s
consolidated financial statements
• independence of the Statutory Auditors.
It met 9 times in 2014, with a 95%
attendance rate.
APPOINTMENTS,
C O M P E N S AT I O N A N D
GOVERNA NC E C OMMI TTEE
The committee prepares Supervisory Board
discussions concerning the appointment of new
members of the Supervisory and Managing
Boards and the compensation granted and/
or paid to these members. It proposes selection
criteria, organises the selection process,
recommends candidates for appointment or
re-appointment, and monitors succession plans
for members of the Managing Board. It also
provides the Supervisory Board with opinions
and recommendations on governance.
The committee met 10 times in 2014, with a
91% attendance rate.
ASIA BUSINESS DEVELOPMENT
COMMITTEE
The committee considers the Group’s longterm future in Asia, looks at possible future
developments in the Asian market, and submits
proposals to the Supervisory Board for growth
in Asia. It met twice in 2014, with a 100%
attendance rate.
The Supervisory Board is supported by the
preparatory work performed by 4 committees:
T H E S T R AT E G Y C O M M I T T E E
The role of the Strategy Committee is to
examine the Group’s long-term future, reflect
on potential avenues of growth and give its
opinion on the Group’s broad strategic vision.
The committee met twice in 2014, with a 91%
attendance rate.
06
LOUI S GA LLOI S
Chairman of the Supervisory Board
*Independent member, as defined by the AFEP-MEDEF Corporate Governance Code.
BRUNO BÉZARD
Vice-Chairman
P AT R I C I A B A R B I Z E T
PAMELA KNAPP
MARIE-HÉLÈNE
P E U G E OT - R O N C O R O N I
Vice-Chairman
JEAN-FRANÇOIS
KO N D R AT I U K
XU PING
Vice-Chairman
R O B E R T P E U G E OT
Representing employees
HENRI PHILIPPE
REICHSTUL
DOMINIQUE REINICHE
G E O F F R OY
R O UX D E B E Z I E UX
Senior Independent
Member
FLORE NC E VERZELE N
LIU WEIDONG
ANNE VALLERON
Representing employee
shareholders
FRÉDÉRIC BANZE T
Advisor to the
Supervisory Board
07
CARLOS TAVARES
CHAIRMAN OF THE MANAGING BOARD
08
MESSAGE FROM THE C HAIRMAN
OF THE MANAGING BOARD
THE RESULTS WE ACHIEVED IN 2014 THROUGH THE COMMITMENT OF
PSA PEUGEOT CITROËN’S WORKFORCE AND WITH THE BACKING OF OUR
PARTNERS GO TO SHOW THAT THE GROUP IS REBUILDING ITS FINANCIAL
FUNDAMENTALS AND THAT THE ‘BACK IN THE RACE’ PLAN IS EFFECTIVE.
AHEAD OF SCHEDULE
ON THE PLAN
Implemented in April 2014, the plan clearly
reflects our ability to adopt and pursue a
strategic roadmap with clear and ambitious
objectives. The results for the year –
€2.2 billion in operating free cash flow and
no net debt – were achieved amid turbulent
operating conditions, with downward
trends in certain markets and unfavourable
exchange rates.
The Automotive Division is back in
profit, having sold 3 million vehicles in
160 countries, 4.3% more than in 2013. Our
range is one of the youngest on the market,
with an average age of 2.8 years in 2014.
And our customers certainly appreciate our
products. More than 286,000 examples of
the Peugeot 2008 have been manufactured
on 3 continents; the Citroën C4 Picasso is
the top-selling MPV in Europe; the Peugeot
308 was voted 2014 Car of the Year; the C4
Cactus was launched successfully in its initial
markets; and the DS 6 went on sale in China,
which is now the Group’s largest market.
We have maintained our R&D spend so that
we can develop products and technologies
that will secure our future and put us even
farther ahead in the fight against global
warming. We have started developing plug-in
hybrid petrol engines on our EMP2 platform
and electric drivetrains on the EMP1. And
we are constantly improving our petrol and
diesel engines, which set the market standard
and have made PSA Peugeot Citroën the
European leader for CO2 emission reduction,
with an average output of 110.3 grams per
kilometre.
W E H AV E A C T I V AT E D
ALL THE LEVERS OF THE
B A C K I N T H E R A C E P L A N.
GEARED UP TO
BE MORE EFFICIENT
With our new matrix organisation structure,
each of the 3 brands, all 6 regions and every
one of our businesses have been able to
express the Group’s remarkable potential
and make it even more competitive. We have
activated a number of levers, which include
improving our brands’ price positioning,
reducing overall inventories by a third,
cutting fixed costs, boosting the utilisation
rate at our European plants by 7 percentage
points, enhancing the efficiency of our
engineering processes, and increasing
procurement productivity. We have lowered
the breakeven point from 2.6 million
vehicles to 2.1 million. Major efforts have
been brought to bear across all our regions,
especially in Latin America and Russia,
in order to boost profitability.
W E W I L L S T AY C L E A R - S I G H T E D
A N D F O C U S E D S O T H AT W E C A N
AC HIEVE OUR FINANC IA L
RECONSTRUCTION GOALS
We have reached the first milestone of our
Back in the Race plan and will maintain our
demanding standards amid persistently tough
conditions in 2015. PSA Peugeot Citroën will
not make a full recovery until we meet all the
criteria we have set, including a 2% operating
margin for the Automotive Division.
I am fully confident that the entire workforce
of PSA Peugeot Citroën will rise to the
challenge we have set, for the sake of both
the company and its partners.
09
4 - Denis Martin
5 - Patric e Lucas
MANAGING BOARD AND
EXECUTIVE C OMMI TTEE
6 - Carlos Gomes
7 - Philippe Dorge
8 - Maxime Picat
THE FOUR-MEMBER MANAGING BOARD, CHAIRED BY CARLOS TAVARES,
LEADS THE GROUP AND OVERSEES ITS DAY-TO-DAY MANAGEMENT. IT
IS SUPPORTED BY THE EXECUTIVE COMMITTEE, WHICH COMPRISES
16 EXECUTIVE VICE-PRESIDENTS, INCLUDING THE MEMBERS OF THE
MANAGING BOARD, WHO REPORT TO THE BOARD’S CHAIRMAN. THEY
REPRESENT THE GROUP’S BRANDS, REGIONS AND CORPORATE FUNCTIONS.
THE MANAGING BOARD
THE EXECUTIVE COMMITTEE
The members of the Managing Board,
which is chaired by Carlos Tavares, have the
following responsibilities:
• Jean-Baptiste de Chatillon is Executive
Vice-President, Finance. He leads the
Group’s business performance and ensures
its financing. He is responsible for ensuring
that consolidated earnings are optimised
by making final decisions on the necessary
trade-offs between the company’s various
entities.
• Grégoire Olivier and Jean-Christophe
Quémard are responsible, respectively, for
the China & Southeast Asia region and
the Middle East & Africa region. They are
responsible for the financial results and the
management of the Group’s resources in
their regions, including manufacturing
and sales.
The Executive Committee comprises the
members of the Managing Board and the
Executive Vice-Presidents reporting to the
Chairman of the Managing Board.
4
5
Brands
• Maxime Picat, Peugeot
• Linda Jackson, Citroën
• Yves Bonnefont, DS
Regions
• Carlos Gomes, Latin America
• Grégoire Olivier, China & Southeast Asia
• Christophe Bergerand, Eurasia
• Denis Martin, Europe
• Jean-Christophe Quémard,
Middle East & Africa
• Emmanuel Delay, India-Pacific
6
7
8
9 - Jean-Christophe
Quémard*
Corporate functions
• Yannick Bézard, Purchasing
• Jean-Baptiste de Chatillon, Finance
• Yann Vincent, Industry and Supply chain
• Patrice Lucas, Programmes and Strategy
• Gilles Le Borgne, Research
and Development
• Philippe Dorge, Human Resources
• Olivier Bourges, General Counsel
1 0 - Ya n n V i n c e n t
11 - Gilles Le Borgne
1 2 - Yv e s B o n n e fo n t
9
10
11
12
1 3 - Jean-Baptiste de C hatillon*
1 - Emmanuel D elay
14 - Christophe Bergerand
2 - Linda Jackson
1 5 - Ya n n i c k B é z a r d
3 - Olivier Bourges
1
2
16 - Grégoire Olivier*
3
13
14
15
16
* Member of the Managing Board
10
11
S T R AT E GY
T H E R E C OV E RY I S U N D E R WAY
12
13
PSA Peugeot Citroën’s 2014
worldwide sales up 4.3% on
2013 to 2,939,000 units
China now the Group’s largest
market, with unit sales up
31.9% to 734,000
Strong growth in Europe with
1,761,000 vehicles sold, up 8.1%
Global launch of DS as the
Group’s premium brand
Citroën: the new Citroën C4 Picasso
is the European leader in the MPV
segment, the Citroën C4 Cactus has
exceeded is targets since launch, and the
C-Elysée has been successful in China
14
Peugeot: globalisation of models ending
in “8” and successful move upmarket,
with strong demand for the Peugeot
308 and for the Peugeot 2008 and 3008
crossovers
BAC K IN THE RAC E
STEADY PROGRESS ON THE PLAN
The ‘Back in the Race’ plan is visibly effective.
Our 2014 results put the Group midway along
the path to recovery and we are still focused on
our profitability target of a 2% operating margin
for the Automotive Division in 2018.
C a r l o s Ta v a r e s - Chairman of the Managing Board, PSA Peugeot Citroën
OBJECTIVES
MAIN ‘BACK IN THE RACE’
OBJECTIVES AND PERFORMANCE
INDICATORS
• Recurring positive Group operating free cash
flow by 2016 at the latest. This objective was
reached in the plan’s first year, with operating
free cash flow of €2.2 billion in 2014.
• €2 billion in total operating free cash flow
over the 2016-2018 period. In addition to the
€2.2 billion generated in 2014, the Group
has set a new total target of €2 billion for the
period 2015-2017.
• A 2% operating margin for the Automotive
Division by 2018, with a target of 5% over
the period of the next medium-term plan,
covering 2019-2023.
LEVERS
On 14 April 2014, Carlos Tavares, Chairman
of the Managing Board of PSA Peugeot
Citroën, unveiled Back in the Race, his strategic
plan for rebuilding the Group’s economic
fundamentals.
The plan is based on 4 main levers:
1. CONTINUE TO DIFFERENTIATE
THE BRANDS AND IMPROVE
PRICING POWER
• continue to differentiate the brands
• speed up the development of DS as a fullfledged premium brand
• improve the brands’ price positioning relative
to their main rivals.
2. IMPLEMENT A TARGETED
PRODUCT STRATEGY ACROSS THE
WORLD
• aim at the most profitable market segments
• rationalise the use of platforms and
programmes across the world
• make R&D and capital expenditure more
efficient and forge ahead with cooperation
agreements.
3. ACHIEVE PROFITABLE
INTERNATIONAL GROWTH
• strengthen the region-based organisation:
Eurasia, Europe, Middle East & Africa,
Latin America, China & Southeast Asia, and
India-Pacific
• boost profitability in Europe
• overhaul the situation in Russia
• change the business model in Latin America
• step up development in China and ASEAN
• expand into new, fast-growing markets such
as Africa and the Mediterranean Basin.
4. IMPROVE COMPETITIVENESS IN
EUROPE
• continue lowering the breakeven point and
cutting the Group’s fixed costs
• speed up the improvement of the working
capital requirement
• establish a competitive industrial base
in Europe
• strengthen Banque PSA Finance through
a partnership with Santander.
Putting this plan into action will require a
change of mindset across the entire workforce
to develop a real profit-driven culture with
a global vision.
15
BACK IN THE RACE
MATRIX ORGANISATION STRUCTURE
THE PURPOSE OF THE MATRIX ORGANISATION STRUCTURE, IN PLACE SINCE
LAST SEPTEMBER AND COVERING THE BRANDS, REGIONS AND CORPORATE
FUNCTIONS, IS TO UNLOCK SYNERGIES AND ENCOURAGE A FORM OF CROSSFUNCTIONAL COLLABORATION THAT OPTIMISES RESULTS FOR THE GROUP.
BRANDS
The Group markets its vehicles under three
clearly differentiated brands: Peugeot, Citroën
and DS.
The Brands are responsible for consistent
marketing operations and brand image
throughout the world. They are also
responsible for their worldwide operating
results and for improving their price
positioning.
REGIONS
A region-based organisational structure has
been introduced to speed up PSA Peugeot
Citroën’s transformation into a profitable,
world-class automobile manufacturer and
to ensure it achieves profitable worldwide
growth.
The structure comprises 6 regions covering
the strategic markets in which the Group
operates or which have good growth
potential: Latin America, China & Southeast
Asia, Eurasia (including Russia), Europe,
India-Pacific, and Middle East & Africa
(including Iran).
Each Region is an operational powerhouse
managed by a Regional Operational Director
responsible for the financial results and the
management of Group resources in the
region, including manufacturing and sales
activities.
16
G L O B A L C O R P O R AT E
FUNCTIONS
Covering the entire skill-set of the
PSA Peugeot Citroën Group, the post of
Global Operational Director has been created
for each of the ten following Divisions:
Purchasing, Finance and IT, Programmes
and Strategy, Research & Development,
Human Resources, Administrative Services,
Industry and Supply Chain, Communications,
Quality and Styling. The Global Operational
Directors provide support for operational
teams in the field.
Organisation reporting lines have been
modified to enhance operational efficiency
and facilitate managerial leadership.
Consequently, the Strategy Division now
reports to the Programme Division, which
is responsible for Corporate and Product
Planning, and the Information Systems
Division reports to the Finance Division.
G L O B A L C O R P O R AT E
FUNCTIONS
• PURCHASING
• FINANCE AND INFORMATION
SYSTEMS
• PROGRAMMES AND STRATEGY
• RESEARCH & DEVELOPMENT
• HUMAN RESOURCES
• ADMINISTRATIVE SERVICES
• INDUSTRY AND SUPPLY CHAIN
• COMMUNICATIONS
• QUALITY
• STYLING
REGIONS
FOSTERING
SYNERGIE S
E X ACT I N G S TA N DA R D S /
ALLURING PRODUCT /
EMOTIONAL CONNECTION
INSTILLING
RESPONSIVE
LATIN AMERICA
CHINA & SOUTHEAST ASIA
EURASIA (INCLUDING RUSSIA)
EUROPE
DECISION-MAKING
WORKING
OPTIMISTIC / HUMAN / SMART
C O L L A B O R AT I V E LY A N D
C R O S S - F U N C T I O N A L LY
INDIA-PACIFIC
MIDDLE EAST & AFRICA
(INCLUDING IRAN)
AVANT-GARDE DESIGN /
TECHNOLOGICAL REFINEMENT
17
PEUGEOT
A REJUVENATED, MODERN AND CONSISTENT RANGE
RANGE RENEWED IN EUROPE
A N D I N T E R N AT I O N A L LY
Almost the entire Peugeot range has been
rejuvenated with the 2014 launch of the
Peugeot 108, 208 GTi 30th, 308 SW, 508
and 508 SW and the new Boxer. The line-up
is the brand’s youngest-ever, with an average
age of 3.5 years. One clear sign of the rebirth
was when 58 European automotive journalists
from 22 countries crowned the Peugeot 308 as
Car of the Year.
EUROPE AND CHINA ARE THE
TWO KEY DRIVERS
With 965,000 vehicles sold in Europe in
2014, Peugeot boosted sales by 9.8% while
continuing to concentrate on the most
profitable sales channels. In France, Peugeot’s
top market in Europe, sales were up 4% amid
generally flat overall demand. Outside Europe,
2014 was another record-breaking year in
China, which became Peugeot’s No 1 world
market. Sales totalled 386,000 units, a 43%
rise that was 4 times greater than Chinese
market growth overall. This huge leap forward
was due to a highly successful product strategy
based on ‘global’ cars such as the 2008,
3008 and 308, combined with an expanding
nationwide network of 500 sales outlets,
including 100 opened in 2014.
18
MILLION
Peugeot vehicles sold
worldwide in 2014, up 5.4%
EFFICIENT, BEST-IN-CLASS
TEC HNOLOGIES
The renewal of Peugeot’s “8” range is
powered by efficient, best-in-class technologies
that not only deliver competition-beating
driving pleasure but are also highly effective
in curbing CO2 emissions. Twenty vehicles in
the Peugeot range set a global standard for fuel
consumption in their power class regardless
of engine type: BlueHDi for diesels and
PureTech and THP for petrol powerplants.
Peugeot is pursuing its go-ahead product
policy in 2015, both in Europe and
internationally. Since January, the 308
programme has been moving further
upmarket with the addition of the GT and
GT Line versions. The new version of the 208
– the best-seller in the Peugeot range – will be
brought to market in June 2015, along with
the new Partner. In Latin America, the 2008
crossover was launched recently and is now
produced on 3 continents. And in China,
following the successful debut of the Peugeot
2008 and 408 in 2014, the Peugeot 508 and
308S will go on sale in 2015 with a target of
450,000 units for the year.
1 4 D AY S , 1 3 S T A G E S ,
9,112 KM
In 2014, Peugeot announced it was
returning to the Dakar Rally – the
world’s most gruelling motorsports
event for vehicles and competitors
– with the Peugeot 2008 DKR. Two
of the three cars competing in the
event crossed the Buenos Aires finish
line, and the lessons learned will
strengthen Peugeot Sport’s expertise
for the next Dakar Rally.
E X A LT A N D Q U A R T Z C O N C E P T
C A R S A R E S T A R T U R N S AT
T H E P A R I S M OT O R S H O W
One million people visited the
Peugeot stand at the 2014 Paris Motor
Show. The star turns were the entire
new “8” range, as well as two new
concept cars: the Exalt, a sublime
vision of a saloon car, and Quartz,
a perceptive take on an SUV.
CHINA:
A BANNER YEAR
PEUGEOT SALES
OUTPACE THE
MARKET FOUR-FOLD
For Peugeot, 2014 was a year of
business success, with higher global
sales and an outstanding performance
in China. Another success was the
globalisation of our new “8” range,
evidenced in robust demand for the
308 and for the 2008 and 3008
crossovers. As a result, we can look to
2015 with confidence.
M a x i m e P i c a t - Chief Executive Officer, Peugeot
19
CITROËN
STRONG MOMENTUM UNDERWAY
I N T E R N AT I O N A L R E C O G N I T I O N
CHINA: THE BRAND’S No 1 MARKE T
In 2014 Citroën sustained the recovery that
began a year earlier, selling 1.2 million cars
and notching up a 4% rise in global sales.
That performance was driven by Europe and
China, where growth outstripped the broader
market. In Europe the increase was 7.2%,
compared with 6% for the market, which
translated into 689,000 registrations and
market share gains in all 4 major countries:
France, the UK, Spain and Germany. This
momentum was created by a successful
product offensive, marked by the 2013 launch
of the new C4 Picasso – Europe’s top-selling
MPV, with 120,000 sold in 2014 – and 3
launches in 2014 that beat their targets: New
C1, New Jumper (a light commercial vehicle)
and C4 Cactus, which epitomises the brand’s
new positioning.
Citroën grew 14% in China in 2014, faster
than the market growth rate of 10%, and set
a new record with 320,000 billings. China
is now the brand’s No1 market, ahead of
France. That performance is chiefly due to the
success of the latest roll-outs:
• Citroën C-Elysée (launched September
2013), Dongfeng Citroën’s most in-demand
car with 100,000 sold in 2014
• Citroën C4 L (launched January 2013),
which sold 66,000 in 2014, 16% more than
in 2013
• Citroën C3-XR (launched end-2013):
this SUV is yet another key asset in the
Dongfeng Citroën offensive.
Citroën is blazing a trail in the
volume car market by promising
an all-round experience based
on distinction and well-being.
This is what has made the brand
successful and what customers
expect from Citroën. And it’s exactly
what we are promising now with
models such as the C4 Cactus.
C R E AT I V E A N D B O L D
In 2014, Citroën extended its breadth of
expression in the volume car market with
a promise of distinction and well-being. The
strategy is centred on delivering an all-round
customer experience encompassing not only
products – cars that are status-enhancing and
distinctive – but also new services such as
the SimplyDrive and FlexiDrive purchasing
solutions, which simplify the way people
relate to cars. Another aspect of the strategy
is the strong commitment the network makes
to customers through the Citroën&Vous
programme, which allows them to give online
feedback after buying a car or taking it for
a service.
L i n d a J a c k s o n - Chief Executive Officer, Citroën
MILLION
Citroën vehicles sold in 2014,
including 689,000 in Europe
20
C 4 C AC T U S S I G N A L S
CITROËN’S RENEWAL
The Citroën C4 Cactus heralds a new
approach to automotive design. This
pioneering crossover meets customers’
expectations by concentrating on pure
and optimistic design, global comfort
and truly useful technology. The
C4 Cactus is powered by the latest
generation of fuel-efficient engines: the
PureTech petrol and BlueHDi diesel
units. Launched in June 2014, the car
has already sold 50,000 examples and
garnered a host of prizes that recognise
Citroën’s bold creative approach.
NEW C4 PICASSO TOPS
THE EUROPEAN MPV MARKE T
For its first full year on the market,
the car sold more than 180,000
units, including 120,000 in Europe.
DOUBLE WTCC WORLD CHAMPION
Citroën’s dynamic performance is also led by
Citroën Racing. In 2014 – the first time it entered
the WTCC – the brand dominated both the
Manufacturers’ World Championship and the
Drivers’ Championship (won by José María López)
with the C-Elysée in the FIA World Touring Car
Championship.
21
DS
DS ESTABLISHED AS THE
PSA PEUGEOT CITROËN PREMIUM BRAND
We are absolutely determined
to make DS a global premium brand
through a long-term strategy
of range enhancement and
international deployment.
Yv e s B o n n e fo n t - Chief Executive Officer, DS Brand
A FRENCH-STYLE
SUCCESS STORY
DS was born in Paris, France, in June 2014.
Since then it has established itself as the
Group’s premium brand, with the singleminded ambition of bringing back the era of
French high-end cars. Drawing on the very
best of French know-how, DS combines an
outstanding heritage with avant-gardism,
technology, refinement and eye-catching
design. DS 3, DS 3 Cabrio, DS 4, DS 5 for
Europe; and DS 5, DS 5LS, DS 6 for China
– the brand plans to roll out a range of 6
global models by 2020. In Europe, the car
is distributed through DS Salons or special
display areas across the Citroën network.
Dedicated sales outlets such as DS World
in Paris and DS stores elsewhere have also
been opened. DS is attracting new customers
around the world and boasted a 62%
acquisition rate in 2014. More than 500,000
examples of DS vehicles have been sold so far,
including 118,500 in 2014 alone.
22
DS FORGES FURTHER
AHEAD IN CHINA
China is the brand’s growth locomotive. With
a premium offering made up of 3 models,
built in Shenzhen and launched in a single
year, DS has seen a strong surge in sales – a
total of 26,738 were bought in 2014. Today
China accounts for 22% of the brand’s global
registrations, compared with just 2% in 2013.
The DS distribution network comprises 80 DS
stores in the 62 largest Chinese cities as well as
a DS World, opened in Shanghai in 2013.
500,000
DS cars sold
since launch
C U T T I N G - E D G E T E C H N O LO GY
DS cars are remarkably stylish, refined to the
minutest detail, built with the very noblest
materials and equipped with advanced
technologies, such as the Hybrid4 hybrid
diesel drivetrain on the DS 5. To build
resolutely technological cars, the brand equips
DS models with a suite of customer-focused
connected services that are easy to use. These
services include the MyDS mobile app, with
a set of functionalities to make life easier,
and the DS Connect Box, offering cuttingedge connected services to meet customer
expectations for safety, time-saving, pricing
and comfort.
DIVINE DS
DS has taken customisation
to a higher level with the
Divine DS, a concept
car revealed at the Paris
Motor Show.
The Divine DS embodies
the pure essence of the
brand and its future.
Customisation is also
available with other DS
versions, such as DS 3
Regions in France and DS 3
by Benefit in the UK.
N E W D S 5 E M B O D I E S D S B R A N D V A LU E S
The DS 5 is the flagship model that
embodies the brand’s identity by sporting
the new DS Wings grille and a range of
other refinements. It was given its world
premiere at the 2015 Geneva Motor
Show. The new DS 5 has all the qualities
that exemplify present and future DS
cars, with avant-garde design, dynamic
handling, haute couture sophistication
and attention to detail, as well as a
selection of advanced technologies.
23
FIRST IN EUROPE FOR LCVs
8.1%
YEAR-ON-YEAR
RISE IN SALES
IN 2014
P O I S S Y S H I F T S T O S I N G L E - L I N E A S S E M B LY
Manufacturing at the Poissy site was reorganised in
late 2014 with the aim of using a single assembly line
for the Peugeot 208, Citroën C3 and DS 3. The aims
are to hasten convergence on the Excellent Plant and
increase plant utilisation – two factors that are key
to industrial competitiveness – by cutting production
costs and optimising plant size and logistics.
€1.5 BILLION TO BE INVESTED
IN FRANCE
By 2016 PSA Peugeot Citroën will invest
€1.5 billion to modernise its production
facilities in France and ensure their
competitiveness. In 2014 the Group
announced investments totalling €300 million
in Mulhouse, €300 million in Sochaux and
€150 million in Poissy (France).
24
EUROPE
A MAINSTAY OF GROWTH
Our clear ambition for Europe is to deliver the
industrial and commercial performance that is
absolutely vital for the Group’s financial reconstruction
and international expansion.
D e n i s M a r t i n - Executive Vice-President, Europe, PSA Peugeot Citroën
MANUFAC T URING AND SA LE S:
A SHARED AMBITION
PLANT UPGRADES WELL
U N D E R W AY
Since 1 September 2014, the Europe Region
has been the hub of the Group’s industrial
operations and sales activities for the three
brands across Europe. This set-up offers
an excellent opportunity for PSA Peugeot
Citroën to further improve its performance by
addressing changing customer demand ever
more quickly, responsively and effectively.
The European plants reached a watershed
in 2014 as they undertook an ambitious
overhaul aimed at making the Group’s
industrial facilities more competitive. In 2014,
the Group improved performance sharply in
terms of both regularity and flexibility at all its
European plants. Efforts to optimise logistics,
make plants more compact, simplify flows
and upgrade production quality are gradually
being made at every site in order to meet
customer demand more effectively.
SALES RISE IN 2014
PSA Peugeot Citroën grew sales by 8.1%
year on year in Europe in 2014, selling a total
of 1,761,000 vehicles. Peugeot registrations
in the region rose 6.2% to 952,000 units,
while Citroën registrations were up 7.2% to
689,000. For Peugeot the increase reflects a
positive customer response to the Peugeot
308, voted Car of the Year 2014, and the
308 SW, which topped its segment in France
and the Netherlands. The Peugeot 2008 took
second place in its segment, with a market
share of more than 20%. For Citroën, the
new C4 Picasso sold more than 120,000
examples in 2014 and now heads up the
MPV segment in Europe. The brands also
benefited from several successful launches,
especially the Citroën C4 Cactus, which
epitomises the new positioning, the new
Citroën C1 and the Peugeot 108. In 2014, DS
became a full-fledged brand and reasserted
its grand ambition to achieve a real upmarket
comeback for the French automotive industry.
PSA Peugeot Citroën has also established its
leadership in the LCV segment in Europe.
BUILDING THE FUTURE
PSA Peugeot Citroën plans to capitalise on the
success of its recently launched models and
on the new engines due out in 2015. Brand
highlights in 2015 will include the roll-out of
the new Citroën C4 range, new DS 5 versions,
the Peugeot 208 and the new Citroën Berlingo
and Peugeot Partner.
25
31.9%
GROWTH IN THE GROUP’S
SALES IN CHINA
S T R AT E G I C P A R T N E R S H I P I N P L A C E
A Strategic Partnership Office was set up in 2014
to manage synergies between the Group and
Dongfeng at the operational level.
Opened in 2014, the Paris-based facility is staffed
by 5 employees from each group.
L O C AT I N G P R O D U C T I O N C L O S E
TO END MARKE TS
26
To buttress its strong growth,
the Dongfeng Peugeot Citroën
Automobile (DPCA) joint venture
signed an agreement with the
Chengdu municipal authorities for the
construction of DPCA’s fourth plant
in China. The first car is scheduled to
roll off the line in late 2016, and the
new plant will ultimately be able to
produce 360,000 vehicles annually.
CHINA & SOUTHEAST ASIA
THE PRIMARY SOURCE OF GROWTH
The Group’s results in China are superb and
we continue to grow twice as fast as the market.
Grégoire Olivier - Executive Vice-President, China & Southeast Asia, PSA Peugeot Citroën
S T R AT E G I C P A R T N E R S H I P
WITH DONGFENG
The Group announced on 19 February 2014
that it was strengthening and deepening
the existing industrial and commercial
partnership with Dongfeng Motor Group
(DFG), China’s second largest carmaker. The
aim is to take advantage of PSA Peugeot
Citroën’s current string of successes in the
world’s largest automotive market, which is
now the primary source of growth for the
industry.
This partnership has 3 main aims:
• Increasing production at DPCA, the Wuhanbased joint venture set up in China by
Dongfeng and PSA Peugeot Citroën with the
objective of building and selling 1.5 million
vehicles annually by 2020
• Opening a joint R&D centre in China,
specifically to develop products and
technologies for fast-growing markets,
including China
• Forming a new joint venture, operational
since December 2014, to drive the sales of
Peugeot, Citroën and Fengshen (DPCA’s
own-brand vehicles) in Southeast Asia and
possibly other emerging markets.
NEW SALES MILESTONES IN CHINA
FOR ALL THREE BRANDS
The Group’s sales in China rose 31.9% in
2014 on the results of its 2 joint ventures,
Dongfeng Peugeot Citroën Automobile
(DPCA) and Changan PSA Automobile
(CAPSA). As a result, China is now the
Group’s largest global market, where it
sold 734,000 cars in 2014 and increased
its market share to 4.4%, from 3.6% in
2013, in a market that grew by a further
11.5%. In 2014, the DS brand launched
DS 5LS, the saloon version of the DS 5,
and its first premium SUV, the DS 6 Wild &
Refined, which will boost the brand’s sales
performance in China. Peugeot sold 386,565
cars and had another record year: sales leapt
43.1%, the biggest rise among the top 20
brands in the market. The best-selling models
include the Peugeot 3008 and 2008 and the
new Peugeot 408. Citroën also outpaced
the market, with 14.3% growth, and set
a new record with 320,000 billings. That
performance was driven in particular by the
success of the latest launches: New Citroën
C-Elysée, Dongfeng Citroën’s most popular
model with more than 100,000 examples sold
in 2014, and the Citroën C4-L, which sold a
total of 66,000 units over the year. The range
was expanded in late 2014 by the launch
of a new SUV, the C3-XR. Sales of DS in
China have soared as a result of the premium
offering – DS 5, DS 5LS and DS 6, all 3 built
at Shenzhen and launched in the space of
a single year. A total of 26,000 DS-badged
vehicles were sold during 2014.
S A L E S N E T W O R K E X P A N D S S H A R P LY
The Group has a dynamic and successful
network in China. Geographical coverage
is becoming increasingly extensive, with
472 dealerships covering 85% of the largest
cities. The Peugeot brand added a further
100 dealerships to its network in 2014, and
the Dongfeng Citroën network continues to
expand. DS is present through 80 DS stores
covering the 62 largest cities. Today China
accounts for 22% of the brand’s global
registrations, compared with just 2% in 2013.
27
EURASIA
STRONG GROWTH POTENTIAL
PSA Peugeot Citroën intends to lay
the foundations for profitable growth in the region
as soon as market conditions permit, and in line
with the Back in the Race strategic plan.
C h r i s t o p h e B e r g e r a n d - Executive Vice-President, Eurasia, PSA Peugeot Citroën
MOVING AHEA D ON PRI ORI TIE S
The Group’s billings for the zone as a whole
amounted to 43,830 vehicles, down 41.09%
on 2013.
Russia, Ukraine and the Commonwealth
of Independent States (CIS) together
form a potentially buoyant market: car
ownership per 1,000 people is currently 225
compared with 512 on average in Europe.
The Russian market, seen as becoming
the largest in Europe, has experienced a
sharp fall in activity since 2013 owing to
a domestic economic slowdown and the
crisis in Ukraine. The situation has been
compounded by a steep drop in the rouble at
the end of 2014, which is why PSA Peugeot
Citroën has to raise the level of local content
at its Kaluga site. Broadly, the region moved
ahead on its top priorities in 2014 – reducing
fixed costs, improving the manufacturing cost
price and building the brand positioning –
while focusing on vehicle ranges.
These efforts made a major contribution
to improving the balance sheet for Eurasia,
which was nonetheless hit by the unavoidable
decline in volumes in Ukraine. In addition,
local production agreements have been set up
in Belarus and Kazakhstan to tap into given
the region’s high potential.
50%
REDUCTION IN FIXED
COSTS IN 2014
E X P A N D I N G H I G H LY I N T E G R AT E D
LOCA L PRODUC TI ON
28
In 2014, the Citroën C4 Sedan and the
Peugeot 408 – both produced at Kaluga
in Russia – together accounted for 8% of
segment sales in the country, with 6,500 and
9,000 billings respectively. The ultimate aim
is to sell cars manufactured in the region,
with a high level of local content.
L AT I N A M E R I C A
AN UNFAVOURABLE MARKET MIX
RAISE THE LEVEL
OF LOCAL C ONTENT
The Latin American market, comprising
Argentina, Brazil, Chile and Mexico,
contracted by 8% year on year in 2014. Total
registrations amounted to 5,443,170, reflecting
a cyclical turnaround everywhere but Mexico.
The Group’s billings in the region amounted
to 199,869, down 34% on 2013, and its
market share for new-car registrations
came to 4%. The latest launches were
successful, with billings of 49,000 units for
the Peugeot 208 and more than 13,000 for
the Citroën C4 Lounge. The Citroën C3 held
its own, with 35,300 billings.
The Group strengthened its position in
Argentina, which accounted for 15.1%
of total automotive sales, despite a market
contraction. Argentina moved up one place
to rank as the country’s second largest
carmaker in terms of registrations.
But PSA Peugeot Citroën was affected by
import restrictions on two of its successful
models: the Peugeot 208 and Citroën C3.
In Brazil, the car market contracted by 7%,
the second consecutive annual decline.
In addition, highly unfavourable exchange
rate movements had a negative impact on the
Group because its level of local content is still
too low.
Efforts to lift the level of local content are
moving ahead in accordance with the strategy
in the Back in the Race plan.
C a r l o s G o m e s - Executive Vice-President, Latin America, PSA Peugeot Citroën
S T R AT E G I C I N V E S T M E N T S
199,869
PSA PEUGEOT C I TROË N VEHIC LE S
S O L D I N L AT I N A M E R I C A
Under the Back in the Race plan, the Group
aims to raise the level of local content in its
vehicles to 80% by 2018. As a result, the number
of partnerships with local suppliers should
increase. At present the Group has 3 production
sites in Latin America, 1 in Brazil (mechanical
components and vehicles at Porto Real) and 2
in Argentina (mechanical components at
Jeppener, vehicles at Palomar).
29
MIDDLE EAST & AFRICA
A HIGH POTENTIAL GROWTH MARKET
Our aim is to deliver regular and profitable growth
in the years ahead by leveraging the strong reputation
of our brands in a number of key markets.
J e a n - C h r i s t o p h e Q u é m a r d - Executive Vice-President, Middle East & Africa, PSA Peugeot Citroën
INCREASING THE GROUP’S
PRE SE NC E IN HIGH-GROWTH
COUNTRIES
PSA Peugeot Citroën improved profitability
in 2014 amid unfavourable exchange rates.
It is still strongly positioned as No 1 in
Tunisia and the French overseas departments
and No 2 in Morocco. The Peugeot brand
ranks second in Algeria and has made
substantial progress in Egypt, with a 77%
jump in billings.
This steadily growing regional market will
amount to 5.3 million vehicles in 2015 and
could exceed 8 million by 2025. PSA Peugeot
Citroën wants to increase its presence in
the region’s high growth countries, notably
Algeria, Morocco, Tunisia and Turkey.
The Group also wants to establish solid
positions in fast-growing markets such as
Egypt, Nigeria and Iran. Peugeot is the longestablished leader in the Iranian market, and
in 2014 it examined plans for redeploying
manufacturing and sales in this high-potential
market through a joint venture with its
partner Iran Khodro, assuming international
relations return to normal. The aim is to
build an industrial facility for producing and
selling cars locally.
The models most in demand in the region
are still the Peugeot 301 and Citroën
C-Elysée, which sold 30,400 and 14,800
examples respectively. Sales of the highprofile Peugeot 2008 and Peugeot 308 LCV
were higher than in 2013, with 8,400 and
7,400 units respectively.
AGREEME NT WI TH PAN NIGERIA LIMI TED
PSA Peugeot Citroën and PAN Nigeria
Limited signed an agreement in July 2014 for
the assembly and sale of cars in Nigeria, a
mainstay of growth in Africa. Assembly of the
Peugeot 301 began at the Kaduna plant. The
assembly agreement will enable the Group
to take full advantage of the fast-expanding
Nigerian market.
169,391
VEHICLES SOLD IN
THE REGION IN 2014
30
INDIA-PACIFIC
SALES GROWTH
S U C C E S S F U L M O D E L L AU N C H E S
Sales in India-Pacific rose on the successful
launches of the Peugeot 2008 and 308, and
the Citroën C4 Picasso. The Group’s billings
for the region rose by 6.6% on the previous
year to 22,350 vehicles. PSA Peugeot Citroën
enjoys a number of key strengths in IndiaPacific. First, it has a subsidiary in Japan and
cooperates fully with its regional partners,
particularly in South Korea, Australia and
New Zealand. Second, the Group has
established an upmarket positioning for the
Peugeot, Citroën and DS brands, which are
priced above the competition. Third, IndiaPacific is a highly promising region, where
markets are expected to grow by 40% out to
2025. This is especially true for India, where
the Group does not currently have a presence.
In accordance with its strategy, the Group will
get to grips with markets where competition is
stiff and regulatory constraints are stringent.
In the near future, the Group must also
familiarise customers with the Peugeot,
Citroën and DS brands in order to grow its
market share.
Our strategy for the region is to achieve profitable
growth. We are keeping a strategic watch on India,
where the market is expected to reach 8 million cars
by 2015.
E m m a n u e l D e l a y - Executive Vice-President, India-Pacific, PSA Peugeot Citroën
6.6%
MARKET SHARE
GROWTH IN 2014
31
I N N O V AT I O N
MEETING CUSTOMER NEEDS AND EXPECTATIONS
The Group invests in R&D to reduce vehicule weight,
optimise engine performance and electrify the drivetrain
so that its cars are frugal and environmentally respectful.
G i l l e s L e B o r g n e - Executive Vice-President, Research & Development, PSA Peugeot Citroën
WELL-ESTABLISHED
LEADERSHIP IN CO2 EMISSION
REDUCTION
For PSA Peugeot Citroën, the key drivers
of innovation are CO2 and pollutant
emission reduction, safety, and connectivity.
The overarching aim is to consistently
and effectively meet customers’ needs and
expectations. In 2014, the Group reestablished itself as the European leader
in cutting CO2 emissions. It achieved an
average 110.3 grams of CO2 per kilometre
(versus 115.9g/km in 2013) compared with
123.7g for the European market as a whole.
The Group has thus consolidated its efforts
to gradually reduce CO2 emissions by some
30g since 2008. This new record embodies
PSA Peugeot Citroën’s commitment to
finding practical responses to environmental
challenges. More than 50% of the R&D
budget is devoted to designing technologies
that enhance the efficiency and environmental
performance of the Group’s cars. Evidence
of these achievements can be found in the
1,063 patents published in France in 2014,
underscoring PSA Peugeot Citroën’s position
as the leading patent filer in France for the 8th
year in a row.
EURO6 STANDARDS: PETROL
AND DIESEL TEC HNOLOGIES
CONVERGE IN TERMS OF
EMISSION REDUCTION
In this field, much of the Group’s performance
stems from the new generation of the
BlueHDi Euro6 engines installed on Peugeot,
Citroën and DS diesel cars since the end of
2013. The Group has also fitted the e-HDI
engine, the second-generation Stop&Start, on
its core diesel range, cutting urban-cycle CO2
emissions by as much as 15%. In addition,
32
Hybrid4 technology available on the Peugeot
3008 and 508 RXH and the Citroën DS 5
combines the environmental performance of
an internal combustion diesel engine with the
advantages of an electric motor.
For petrol engines, the Group uses the most
innovative technological solutions in terms of
architecture, injection and emission control
systems. One of the main ways to optimise
fuel efficiency is through downsizing the
dimensions and number of cylinders in the
engine, thereby cutting consumption without
loss of performance. The new range of
EB PureTech 3-cylinder engines launched
in 2012 has reduced CO2 by 18% compared
with 4-cylinder plants. Consumption and
emissions have also been reduced by making
cars lighter. This is visible on the latestmodel Peugeot 308 and Citroën C4 Picasso,
developed on the new EMP2 platform, and
on the C4 Cactus. (In 2014, almost 30% of
the cars sold by the Group emitted less than
100 grams of CO2 per kilometre.) The Group
is currently working to develop vehicles with a
plug-in hybrid petrol drivetrain and to electrify
the EMP1 platform by 2020.
CHRYSALIDE:
A CONCEPT CAR
FOR A UNIQUE EXPERIENCE
PSA Peugeot Citroën anticipates customer
expectations by focusing on acoustics, lighting,
materials and air quality. By doing so, it is
keeping step with the social trend toward
in-car well-being. Unveiled this year, the
Chrysalide concept car gives both driver and
passengers a unique experience by focusing
on their senses in order to achieve the highest
levels of peacefulness and comfort, with
energising or relaxing programmes, ambient
lighting, fragrances, sound and thermal
comfort.
No 1
P AT E N T F I L E R ,
WITH 1,063
P AT E N T S
PUBLISHED IN
FRANCE IN 2014.
THE GROUP RANKS
AS No 1 FOR THE
EIGHTH YEAR
RUNNING.
P A R T I C U L AT E F I LT E R
FUEL CONSUMPTION AND CO2
48 best-in-class petrol and diesel
vehicles brought to market by
Peugeot, Citroën and DS.
ENGINE OF THE YEAR
PSA Peugeot Citroën won the International Engine
of the Year award for the eighth year running in the
1.4-litre-to-1.8 litre category. This prominent award
has been given once again to the 1.6-litre four-cylinder,
direct-injection turbo petrol engine developed jointly
by PSA Peugeot Citroën and BMW Group.
T W O N E W E L E C T R I C L C Vs I N 2 0 1 4
PSA Peugeot Citroën’s electric
range was enhanced in 2014 with
the addition of two new light
commercial vehicles: Citroën
Berlingo and Peugeot Partner.
33
Rapport
et de
durable 2014
Rapportd’activité
d’activité
etdéveloppement
de développement
PSA
Peugeot
Citroën Citroën
durable
PSA Peugeot
R E S U LT S
AHEAD OF SCHEDULE ON THE PLAN
34
35
SALES PERFORMANC E
ADVANCING WORLDWIDE
Relying on three differentiated and complementary
brands, we were able to boost sales and improve
our price positioning in 2014.
J e a n - B a p t i s t e d e C h a t i l l o n - Executive Vice-President, Finance, PSA Peugeot Citroën
GLOBA L SA LE S ON THE RI SE
HIGHER EUROPEAN SALES IN A
GR OW I N G Y E T F R AG I L E M A R K E T
PSA Peugeot Citroën grew global sales by
4.3% to 2,939,000 vehicles in 2014. That
performance is attributable to higher sales
in Europe and Asia, especially China, which
has overtaken France as the Group’s largest
market.
CHINA IS THE LARGEST MARKE T
Demand in the Chinese market surged 11.5%
in 2014. The Group sold 734,000 vehicles,
up 31.9%, and took a 4.4% share of the
market compared with 3.6% in 2013. Peugeot
set a new annual record in China, selling
386,565 units and growing sales by 43.1%, the
strongest increase among the market’s top 20
players. Citroën likewise outpaced the market,
setting a new sales record with growth of
14.3% to 320,000 units. DS also made rapid
inroads, benefiting from local production and
an expanding distribution network. China
now accounts for 22% of DS registrations
globally.
PSA Peugeot Citroën vehicles sold in 2014, up 4.3%
36
European markets remained fragile in 2014
despite a slight upturn. Even so they are still
a source of strong growth for the Group,
which increased sales by 8.1% to 1,761,000
vehicles in 2014. Peugeot’s sales were up
9.8% to 965,000, and Citroën’s grew 10.4%
to 709,710, with the C4 Picasso leading
the MPV segment. DS sold 86,000 units,
concentrating on the most profitable channels
to maintain the value of its models over the
long term. In addition, the Group leveraged
its first-place standing in Europe for CO2
emission reduction, setting a benchmark of
110.3 grams per kilometre.
TOUGHER CONDITIONS ELSEWHERE
IN THE WORLD
Elsewhere in the world the Group’s results
were hit by falling automotive sales and
unfavourable exchange rates. Sales declined
overall but the Group maintained its focus
on profitability and continued to apply a
rigorous pricing policy. In Latin America the
Group sold 200,000 vehicles and strengthened
its position in Argentina, taking 15.1% of
the market. In the Middle East & Africa
the Group still has strong positions in many
countries. It ranks No 1 in Tunisia and No 2
in Morocco; and the Peugeot brand made
substantial headway in Egypt, where sales
jumped 77%.
F I N A N C I A L R E S U LT S
BACK TO PROFITABLE GROWTH
Our 2014 results are evidence that the process of
rebuilding the financial fundamentals of PSA Peugeot
Citroën is underway. By generating €2.2 billion in operating
free cash flow during the year and becoming net debt free,
we are ahead of our reconstruction plan.
C a r l o s Ta v a r e s - Chairman of the Managing Board, PSA Peugeot Citroën
R E S U LT S D R I V E N BY T H E
NE T DEBT FREE
AU T O M OT I V E D I V I S I O N
Consolidated net revenue came to €53,607
million in 2014, up 1% over 2013. Automotive
Division revenue dipped 0.9% to €36,085
million, with favourable changes in the
product mix and prices helping to offset a
negative currency effect.
The Automotive Division reported recurring
operating income of €63 million in 2014, up
€1,102 million from a loss of €1,039 million
in 2013. Owing to this performance, which
reflects the success of recent launches and
unvarying policies of maintaining prices
and cutting fixed costs, the Group posted
€905 million in recurring operating income
compared with a €364 million loss in 2013.
The Group’s net loss for 2014 eased to
€555 million, a sharp improvement on the
previous year’s €2,227 million loss.
PSA Peugeot Citroën returned to positive
cash flow in 2014 due to an improvement
in funds from operations and the working
capital requirement (€1,752 million) on
the back of downsized inventories and an
optimised supply chain. Free cash flow from
manufacturing and sales businesses amounted
to €1,792 million. Operating free cash flow
was a positive €2,182 million, excluding
€583 million in restructuring costs and
€193 million of non-recurring income.
The net financial position of manufacturing
and sales companies moved back into
positive territory, reaching €548 million at
31 December 2014 compared with a negative
€4,181 million a year earlier. This reflects the
increase in free cash flow and €2,995 million
of proceeds from the April and May 2014
share issues.
BANQUE PSA FINANCE: ONE OF THE MOST
C O M P E T I T I V E P L AY E R S I N T H E M A R K E T
BAC K IN THE CAC 40
The July 2014 agreement with Santander enables Banque PSA Finance
to offer highly competitive interest rates to Peugeot, Citroën and DS
customers while sharply improving profitability. Two initial joint
ventures, launched in February 2015 in France and the UK, account for
53% of outstandings covered by the framework agreement. Another
advantage of these new ventures is that Banque PSA Finance will
no longer have to rely on the French State’s guarantee when issuing
bonds. Although 2014 recurring operating income of €337 million
is down €32 million due to a change in the refinancing situation,
Banque PSA Finance’s underlying strength has been confirmed, with
a renewed ability to meet its refinancing needs on the capital markets
at competitive rates of interest.
The effort to rebuild PSA Peugeot
Citroën received a fillip on
23 March 2015 when the Group
returned to the CAC 40 index of
leading stocks by valuation and
trading volume. A CAC 40 listing
raises the Company’s profile
among global investors.
37
AUTOMOTIVE DIVISION RECURRING OPERATING INCOME
(€ MILLION)
FIXED &
MARKETING
COSTS
R&D
PRODUCTION &
PROCUREMENT
+138
+63
+94**
PRODUCT MIX
MARKET SHARE
& COUNTRY MIX
+128
(48)
OTHER
+331
PRICE & PRODUCT
ENHANCEMENTS
MARKET DEMAND
INFLATION
CURRENCY EFFECT
& OTHER
(1,039*)
+500
(97)
(52**)
(351)
+458
2013
2014
OPERATING ENVIRONMENT (500)
PERFORMANCE +1,602
*Compared with (€1,042 million) published in 2013, restated following the application of IFRS 10, IFRS 11 and IFRIC 21
**The application of IAS 36 had a positive impact of €122 million on the Automotive Division in 2014, recognised in Production & Procurement, R&D and production costs
REVENUE BY BUSINESS
2014
Change
36,415
36,085
(330)
3,552
4,610
1,058
39,967
40,695
728
28,774
29,238
464
Faurecia
18,029
18,829
800
Other businesses and eliminations***
(1,365)
(1,307)
58
Group revenue
53,079
53,607
528
(€ MILLION)
Automotive Division
DPCA & CAPSA** revenue
Pro forma revenue of the Automotive Division,
incl. DPCA & CAPSA**
o/w new vehicle sales (incl. China)**
2013*
*Figures restated following the application of IFRS 5, IFRS 10 and IFRS 11
**Representing half of the revenue of DPCA & CAPSA
*** Including the remaining activities of Banque PSA Finance
GROUP INCOME STATEMENT
2014
Change
53,079
53,607
528
(364)
905
1,269
As a % of revenue
-0.7 %
1.7 %
Non-recurring operating income (expense)
(1,165)
(682)
483
Operating income (loss)
(€ MILLION)
Revenue
Recurring operating income (loss)
(1,529)
223
1,752
Net financial income (expense)
(664)
(763)
(99)
Corporate income taxes
(306)
(313)
(7)
Share in net earnings of companies at equity
173
282
109
Consolidated profit (loss) from partnerships
99
16
(83)
(2,227)
(555)
1,672
(2,327)
(706)
1,621
Consolidated net income (loss)
38
2013*
Net income, Group share
*Restated following the application of IFRS 5, IFRS 10 and IFRS 11
€2.2
BILLION
I N O P E R AT I N G F R E E C A S H
FLOW IN 2014: THE GROUP
H A S B E AT E N T H E 2 0 1 6 T A R G E T
OF €2 BILLION TWO YEARS
AHEAD OF SCHEDULE.
F AU R E C I A
R E P O R T S S H A R P LY
I M P R O V E D R E S U LT S
Faurecia made substantial progress in 2014, with
€18.8 billion in total sales and €673 million in recurring
operating income, up 25% on 2013. Growth in China
exceeded 20% for the 6th year running, while Europe
was up 7%. Faurecia accelerated its technological
leadership in all business groups, taking its 1st orders for
new technologies in emissions control for commercial
vehicles, energy recovery and composite tailgates.
OPERATING* FREE CASH FLOW** OF €2.2 BILLION***
(€ MILLION)
NET FINANCIAL
POSITION
O P E R AT I N G F R E E C A S H F L O W * * * : + € 2 , 1 8 2 M I L L I O N
CHANGE IN WCR : +1,752
SHARE ISSUE
TRADE
RECEIVABLES
TRADE
PAYABLES
OTHER CHANGES
CAPEX &
IN WCR
CAPITALISED R&D
Faurecia
Auto
INVENTORIES
CASH FLOW
RESTRUCT.
Auto
+405
(27)
NET PROCEEDS
FROM ASSET
SALES
+45
NET DIVIDENDS
RECEIVED
+228
(583)
+1,329
(2,507)
incl. Faurecia
(1,629)
(58)
incl. Faurecia
(1,483)
+2,995
+193
incl.
Faurecia
(858)
Faurecia
(4,181***)
+548
OTHER
+2,709
FREE CASH FLOW : +1,792
31.12.2013
31.12.2014
* Manufacturing: Automotive Division & Faurecia
** Excluding restructuring costs and non-recurring items
*** Compared with (€4,148 million) reported in 2013, restated following the application of IFRS 10, IFRS 11 and IFRIC 21
39
I N V E S T O R R E L AT I O N S
MAINTAINING A CLOSE, HIGH-QUALITY RELATIONSHIP
I N V O LV I N G S H A R E H O L D E R S
I N K E Y N OT E E V E N T S
As the Group speeded up the restructuring
programme in 2014, it continued to pay
careful attention to maintaining a close,
high-quality relationship with individual
shareholders. It informed them, along
with other market participants, with full
transparency about its strategy and results,
not only at the Annual General Meeting
on 25 April 2014 but also through the
Shareholders’ Club and Shareholders’
Consultative Committee.
The Shareholders’ Consultative Committee,
which celebrated its second birthday in
2014, plays a key role as a discussion forum
for strengthening and deepening links with
individual shareholders. Its remit is to voice
the expectations of those shareholders and
help prepare the tools that the Group uses
to communicate with them. The committee
met 4 times in 2014, and its 12 members
were fully involved in the highlights of 2014,
including the share issue carried out in the
first half of the year.
GE TTING OUT TO MEE T
SHAREHOLDERS
The Shareholders’ Club has been a great
success. Founded 4 years ago, it has already
attracted more than 3,300 members. Nine
events were organised in 2014: 4 regional
shareholder meetings (in Nancy, Bordeaux,
Toulouse and Lyon) to enable face-to-face
dialogue between the Group and individual
shareholders; 3 site visits to give shareholders
a better idea of the Group, its business
and 3 brands; and 2 seminars organised in
partnership with Ecole de la Bourse.
RE SOUND ING SUCC E SS F OR ‘ACC ELERATE’,
THE F IR ST WORLDWIDE EMPLOYEE SHA RE I SSUE
In November 2014 PSA Peugeot Citroën launched Accelerate, its first Group-wide
share offering. The goal was to involve employees in the Company’s turnaround
project, ‘Back in the Race’, following on from the share issues launched in the first
half of the year.
Accelerate was rolled out in 14 countries, with a subscription period running from
31 October to 17 November 2014. A total of 3,499,973 new shares were issued and
more than 15,280 employees invested, making the issue heavily oversubscribed. The
resounding success of this first share offering shows that employees are pulling
together to prepare the Company’s future.
15,280
E M P LOY E E S T O O K P A R T
I N T H E A C C E L E R AT E
SHARE OFFERING
40
1.63%
33.25%
12.13%
1.98%
8.62%
14.13%
14.13%
14.13%
29.89%
10.89%
2.91%
8.00%
12.68%
12.68%
12.68% (2)
OWNERSHIP STRUCTURE
EXERCISABLE VOTING RIGHTS, BY SHAREHOLDER
in %, at 31 December 2014(1)
in %, at 31 December 2014(1)
MAIN IDENTIFIED SHAREHOLDERS
EMPLOYEES (3)
OTHER FRENCH INSTITUTIONS
OTHER FOREIGN INSTITUTIONS
TREASURY STOCK
PEUGEOT FAMILY GROUP (EPF/FFP)
DONGFENG MOTOR (HONG KONG) INTERNATIONAL CO. LIMITED (DMHK)
FRENCH STATE (SOGEPA)
OTHER INDIVIDUAL SHAREHOLDERS
(1) Source Euroclear France identifiable bearer share analysis at 31 December 2014, and Nasdaq.
(2) The table takes into account the undertaking by the reporting parties to neutralise the effect of double voting rights until 23 May 2016 by aligning them on the number of shares
held following the May 2014 share issue.
(3) The table does not reflect the January 2015 share offering reserved for employees, further to which 3,499,973 shares were issued, bringing the Company’s share capital to 786,588,648 shares.
PERFORMANCE OF THE PEUGEOT S.A. SHARE
200
(BASE 100)
+48.5 %
150
FTS +3.9 %
100
CAC -0.5 %
50
J
F
M
A
M
J
J
A
S
O
N
D
PEUGEOT S.A. SHARE
CAC 40
FTSEUROFIRST 300 AUTO & PARIS
2 0 1 5 I N V E S T O R C A L E N DA R
PEUGEOT S.A.
CONTACTS
1 8 F E B R U A R Y : 2014 Annual Results
2 9 A P R I L : First-quarter 2015 revenue
2 9 A P R I L : Annual Shareholders’ Meeting
Investor Relations
75, avenue de la Grande-Armée
75116 Paris – France
2 9 J U LY : First-half 2015 Results
2 1 O C T O B E R : Third-quarter 2015 revenue
DIVIDEND PER SHARE
(in euros)
2012
2013
2014
0
0
0*
(*Subject to shareholder approval at the 29 April 2015
Annual Shareholders’ Meeting.)
Since the process of
rebuilding the Group’s
financial fundamentals
is not yet complete,
no dividend will be
proposed for 2014.
communication-financiere@mpsa.com
www.psa-clubactionnaires.com
TOLL-FREE NUMBER
(from a landline in France)
Investor relations
41
C S R
C O R P O R AT E S O C I A L R E S P O N S I B I L I T Y
42
43
SUSTAINABLE MOBILI T Y
PAVING THE WAY FOR THE CAR OF THE FUTURE
WITH A RANGE OF SOLUTIONS
CLEAN CARS FOR EVERYONE
P S A P E U G E OT C I T R O Ë N A I M S
TO DELIVER A 2L/100KM CAR
The Group’s corporate social responsibility
strategy embodies its steadfast commitment
to sustainable development. This consists
in limiting the impact that cars have on
the environment and helping to pioneer a
different approach to the way people travel.
The overriding aim is to make genuine
progress on sustainable mobility, with a
view to substantially reducing both CO2
emissions and fuel consumption by 2020.
The research focus is on clean technologies
that mitigate the environmental footprint
of Peugeot, Citroën and DS vehicles. The
innovations currently available on series
vehicles include the EB PureTech 3-cylinder
petrol engine, micro-hybrid Stop & Start
technology, the HYbrid4 diesel hybrid and
electric propulsion systems. In addition,
innovative hybrid technologies will enable
batteries to deliver different levels of power
and capacity in order to broaden access to
the next generation of carbon-free vehicles.
E M I T T I N G J U S T 5 0 G O F C 02
Relying mainly on hybrid technology,
the Group intends to bring a 2 litre per
100 kilometre car (emitting less than 46g
of CO2/km) to market by 2020. With
their optimised design and improved
aerodynamics, the two technology
demonstrators that the Group displayed at
the 2014 Paris Motor Show were brimming
with new ideas. And both are 11% lighter
than a production model.
The Group also presented the Peugeot
Quartz concept, a full-hybrid plug-in
drivetrain composed of a combustion
engine and two electric motors.
79G OF C O2
3 LITRES PER
100 KILOME TRE S
44
G R E E N M AT E R I A L S A R E
A N I N N OVAT I O N C ATA LY S T
F O R T H E G RO U P
PSA Peugeot Citroën uses green materials from
three families: recycled materials (plastics, steel
and aluminium), natural materials (wood, vegetable
fibres, etc.) and biomaterials (polymers derived from
renewable resources rather than petrochemicals).
Integrating such materials helps to cut down
on the use of fossil plastics and encourages the
development of plastics recycling processes by
increasing demand. Green materials account for 25%
of total polymer weight on the Peugeot 208 and for
23% on the Citroën C4 Cactus. The green component
comprises 30% natural materials and 70% recycled
materials. The Group is aiming to be leader in this
field, using an average of 30% of green materials per
vehicle from 2015 onwards.
Q UA RT Z :
T H E U LT R A AT H L E T I C
C RO S S OV E R
In 2014, Peugeot unveiled a
new, upscale take on sporty
performance.
The Quartz concept car blends
an SUV body with a saloon
cabin, and spectacular design
with innovative materials
such as basalt and digitally
woven textiles. The car’s
performance and roadholding
are both outstanding. The
full-hybrid plug-in drivetrain
develops 500 hp and comprises
a combustion engine and two
electric motors.
30%
OF THE VEHICLES
SOLD BY THE GROUP
EMIT LESS THAN
100 GRAMS OF CO2
PER KILOME TRE
45
LOCAL DEVELOPMENT
ACTION TO PROMOTE SOCIAL
AND ENVIRONMENTAL RESPONSIBILITY
PARTNER TO HOST COMMUNITIES
P R O M OT I N G C U LT U R A L
DEVELOPME NT
The Group fully assumes its responsibilities
around the world.
Linked closely to their operations, the Group
supports its suppliers in their development
sourcing from companies located near its
facilities whenever possible. This policy
reduces the environmental impact of
logistics. Suppliers undertake to comply with
CSR polices that match those of the Group.
PSA Peugeot Citroën recently signed a
partnership agreement with the Ministry
of Urban Affairs in connection with the
“Businesses and Neighbourhoods” charter.
In 2015, as in 2014, the Group is stepping up
efforts to bring underprivileged young people
into the workplace through labour-market
entry and work-study contracts.
In 2014, after a 2-year residency,
musician Nicolas Frize gave 6 concerts
at the PSA Peugeot Citroën plant in the
Paris suburb of Saint-Ouen. As part of this
project, which sought to forge closer links
between employees’ own culture and the
industry at large, a group of artists teamed
up with 15 employees to give a concert of
electroacoustic music for a 3,000-strong
audience. In the autumn, the Peugeot
endowment fund for industrial history and
the Terre Blanche Archive Centre, which
holds the Group’s historical records, put
their extensive collections on display at the
“Factories at War” exhibition at the Terre
Blanche centre at Hérimoncourt in eastern
France as part of the First World War
Centenary commemorations, which also
included a remarkable documentary
on the Paris-based factories of Citroën
during that period.
Photo from the Group’s Terre Blanche Archive Centre at Hérimoncourt (France)
A PIONEER IN
INDUSTRIAL ECOLOGY
46
The Bessoncourt IT site, near Sochaux, was certified
to ISO 50001 standards in 2014, in recognition of
its organised approach to energy management.
To mitigate its environmental impact, the Group
is committed to ensuring that all its plants reduce
their carbon footprint, promote a circular economy
through processes to recycle and re-use water and
waste, cut emissions of volatile organic compounds
in their paint shops, and preserve biodiversity in
their environment.
P L AY I N G A K E Y RO L E
I N S O C I A L LY R E S P O N S I B L E
MOBILITY
Under the “Businesses and
Neighbourhoods” charter, the
PSA Peugeot Citroën Foundation drew
on its well-established expertise in
socially responsible mobility to launch
the “Three Foundations for Mobility” call
for projects, in partnership with two other
foundations: Vinci pour la Cité and Vinci
Autoroutes. The 300 projects submitted
in response to this pioneering initiative
reflected innovative trends in socially
responsible mobility. The PSA Peugeot
Citroën Foundation also develops mobility
platforms through Mouv’Up, a nationwide
partnership with FARE, an educational
federation of road safety organisations.
The partnership aims to provide
mobility services that facilitate social
mainstreaming and job opportunities
for people who are vulnerable or isolated
from the job market.
In all, 20 of these platforms were created
across France in 2013 and 2014, the first of
them in the Corrèze region.
No 1
C O R P O R AT E
BUYER IN
FRANCE’S
S H E LT E R E D
E M P LOY M E N T
SECTOR
244
S O C I A L LY R E S P O N S I B L E
MOBILITY PROJECTS
FUNDED BY THE
PSA PEUGEOT C I TROË N
F O U N D AT I O N I N T H E
PAST THREE YEARS
The Foundation is
experimenting with
shared, communitycentred solutions to
combat the lack of
mobility facilities in rural
and suburban areas.
Patric e-Henr y D uchêne
Managing Director,
PSA Peugeot Citroën Foundation
47
HUMAN RESOURC ES
DRIVING THE TRANSFORMATION
OF PSA PEUGEOT CITROËN
E M P L OY E R - E M P L OY E E D I A L O G U E
R E S P O N S I B LY M A N A G I N G J O B S
TO A DVANC E THE NEW SOC IAL
AND CAPABILITIES
C O N T R AC T
PSA Peugeot Citroën’s human resources
policy makes a socially responsible
contribution to the Company’s economic
reconstruction plan, in accordance with its
strategic vision. Based on a long-standing
tradition of employer-employee dialogue
rooted in the corporate culture, the policy
gives rise to a negotiated approach to
managing jobs and skills. The Group uses
an intergenerational contract to manage
the employment of seniors while preparing
for the future and training young people in
automotive trades. In addition, employees
can share in the Group’s economic recovery
through a redistribution of profits in their
base salaries and bonuses and through the
possibility of investing in the Company’s
stock. In 2014, the Group launched
Accelerate, the first employee share plan
aimed at more than 100,000 people in
14 countries.
1,050
YOUNG PEOPLE HIRED
ON WORK-ST UDY
PROGRAMMES IN 2014 UNDER THE
I N T E R G E N E R AT I O N A L C O N T R A C T.
1,000
TELECOMMUTERS IN 2014,
PUTTING PSA PEUGEOT C I TROËN
IN THIRD PLACE IN FRANCE
FOR THIS METRIC.
48
Amid a structural crisis in the European car
market, the Group continued to rightsize
the workforce, focusing on employees in
occupations with few or less promising
prospects. These adjustments are covered by
the New Social Contract and focus on the
protection of career paths. They demonstrate
PSA Peugeot Citroën’s commitment to
managing jobs responsibly.
In France, Territorial Career Mobility and
Transition Platforms that bring together
initiatives for retraining transitioning
employees have been set up in PSA Peugeot
Citroën’s 5 host regions: Alsace, Brittany,
Franche-Comté, Nord-Pas-de-Calais, and the
Paris metropolitan area.
Protecting career paths is key to the Group’s
intergenerational plan, which involves
retaining senior employees while hiring
young staff: between 2014 and 2016, one
young person will be brought into the
Company for every senior retained.
OUR DIFFERENCES ARE AN ASSET
By signing pioneering agreements with trade unions, the Group
has committed to actively promoting diversity alongside its
stakeholders and employees. Agreements on diversity and social
cohesion underpin the Group’s policy of fostering workforce
diversity and equal opportunity and preventing discrimination.
This is a one of the major thrusts of the employee relations policy
and an added strength for innovation, creativity and change
management. In 2014, PSA Peugeot Citroën’s Equal Opportunity
label was renewed. The Group was the first employer to receive
this distinction, back in 2005.
1.3
IS THE LOST-TIME FREQUENCY
R AT E I N T H E G R O U P ( A G G R E G AT E
OF PERMANENT, FIXED-TERM
AND PART-TIME STAFF) IN 2014,
EQUIVALENT TO ONE LOST-TIME
ACCIDENT PER MILLION HOURS
WORKED.
BY C OMPARISON, THE FREQUENCY
R AT E F O R T H E M E T A LW O R K I N G
INDUSTRY IN FRANCE IS 21.
WO R K P L AC E H E A LT H
AND SAFETY
PSA Peugeot Citroën’s workplace
health and safety policy, signed by
the Executive Committee in May
2014, is determined and promoted
at the highest level of the Company.
Applicable to all subsidiaries and
units, the policy marks a genuine
breakthrough in workplace health
and safety management, requiring
radical changes to manager and
employee behaviours. This will
allow PSA Peugeot Citroën to set
the global health and safety
standard.
The New Social Contract
demonstrates our ability
to address both business
and labour challenges
in a spirit of trust so that
together we can write
a new page in our
Group’s history.
Philippe Dorge
Executive Vice-President, Human Resources,
49
PEUGEOT S.A.
Société Anonyme with a Managing Board and a Supervisory Board
Share capital: €786,588,648
Registered office: 75 Avenue de la Grande-Armée
75116 Paris – France
Registered in Paris under No B 552 100 554 – Siret 552 100 554 00021
Phone: +33 (0)1 40 66 55 11 – Fax: +33 (0)1 40 66 54 14
www.psa-peugeot-citroen.com
Writing and editing: PSA Peugeot Citroën Corporate Communications
Design and production:
Photo credits: PSA Peugeot Citroën Corporate Communications; the
Corporate Communications departments of Peugeot, Citroën, DS,
Faurecia, Poissy, Sochaux, Vélizy, Argentina, Brazil, China, Russia and
Vigo; the office of Louis Gallois, Peugeot Style, Studio Harcourt,
C. Guibbaud, D. Pizzalla, N. Gouhier, T. Laisne, Y. Gerlier,
JL. Grossman, B. Rocha, D. Van Der Puten, N. Boutros
and aaaaimages/Getty Images.
The digital version of this document is conform to Web content accessibility standards, WCAG 2.0,
and is certified ISO 14289-1. Its design enables people with motor disabilities to browse through this
PDF using keyboard commands. Accessible for people with visual impairments, it has been tagged
in full, so that it can be transcribed vocally by screen readers using any computer support.
It has also been tested in full and validated by a visually-impaired expert.
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Sustainable Development and Annual Report - 2014

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