Groupe PSA Q1 revenue slightly down 1.1% at €18 billion;
Automotive division[1] revenue at €14.2 billion (-1.8%):
Strong product mix and positive price effect;
In Europe, steady market share increase: +0.3 pt[2] and sales up 1.6%;
Negative impact of exchange rates especially in Argentina and Turkey;
Consolidated worldwide sales down 15.7% in particular due to the suspension of the group’s activities in Iran.
Group revenue amounted to €17,976 million in Q1 2019 compared with €18,182 million in Q1 2018.
Automotive division revenue amounted to €14,157 million down by 1.8% compared to Q1 2018. The positive impact of product mix (+2.3%) and price (+1.3%) partially offset the decrease of sales to partners (-2.7%), the negative impact of exchange rates (-0.8%), volumes and country mix (-1.1%) as well as others (-0.8%).
With a total of 886,000 cars sold, Q1 2019 consolidated worldwide sales were up in Europe but down outside of Europe mainly due to the suspension of the group’s activities in Iran and to Chinese JVs.
Total inventory, including independent dealers and importers[3], stood at 716,000 vehicles at 31 March 2019, an increase of 32,000 units from 31 March 2018.
Faurecia revenue was slightly up at €4,325 million.
Philippe de Rovira, Chief Financial Officer of Groupe PSA and member of the Executive Committee, said: « Groupe PSA remains fully focused on the execution of the Push to Pass strategic plan to deliver a high level of performance and to be a leading actor in the energy transition. »
Market outlook: in 2019, the Group anticipates a stable automotive market in Europe, a decrease by 2% of the market in Latin America and by 3% in China and growth of 5% in Russia.
Operational outlook:
Groupe PSA has set the following target for the period 2019-2021 (including Opel Vauxhall):
Deliver over 4.5% Automotive recurring operating margin[4] on average in 2019-2021.
Link to the presentation of Q1 2019.
Financial Calendar
24 July 2019: 2019 interim results
23 October 2019: Third-quarter 2019 revenue
Media contact: Karine Douet +33 6 61 64 03 83 – karine.douet@mpsa.com
[1] Automotive Division (PCDOV)
[2] Q1 2019 vs Q1 2018
[3] Including Peugeot importers outside Europe
[4] Automotive Division (PCDOV) recurring operating income related to revenue