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Good start for "Push to Pass" plan with record profitability for first half of 2016
Wed, 07/27/2016 - 07:45

• 6.8% of recurring operating margin1 for the Automotive division and 5.1% for Faurecia
• Net income, Group share, doubled to €1.2 billion
• €1.8 billion in Free Cash Flow2
• Roll out has started for the "Push to Pass" plan; the product blitz and international development have been launched. The PSA Group has greater agility than ever before for continuing its profitable growth


Group revenue amounted to €27,779 million in the first half of 2016, compared to
€28,036 million in the first half of 2015 (after restatement in accordance with IFRS 5, detailed in the appendices), growth of 2.4% at constant exchange rates. Net of the unfavourable changes in exchange rates, it is down by 0.9%.
Automotive division revenue amounted to €19,190 million, also up 2.5% compared to the first half of 2015 at constant exchange rates, attributable to the success of the models and the pricing power strategy. Net of the unfavourable changes in exchange rates, it is down by 1.1%.
Group Recurring Operating Income amounted to €1,830 million, up 32% compared to the first half of 2015. With Recurring Operating Income of €1,303 million, the Automotive division grew by 34% compared to the first half of 2015. This growth is buoyed particularly by increased volumes3, as well as the continued reduction of fixed costs and production costs.
Non-recurring operating income and expenses amounted to -€207 million, compared to -€343 million in the first half of 2015.
Group net financial expenses fell by half to -€150 million, compared to -€334 million in the first half of 2015.

Group consolidated net profit amounted to €1,383 million, up by €663 million. Net income, Group share, is €1,212 million, compared to €571 million in the first half of 2015.

Banque PSA Finance reported Recurring Operating Income of €297 million4, a rise of 1% compared to the first half of 2015.

Faurecia's Recurring Operating Income amounted to €490 million, an increase of €106 million compared to the first half of 2015.

Free Cash Flow of Manufacturing and sales companies amounted to €1,846 million, driven by improved funds from operations.

Total inventory, including independent dealers, stood at 399,000 vehicles at 30 June 2016, up 8,000 units from end June 2015.

The Manufacturing and sales companies' net financial position at 30 June 2016 was a positive €5,972 million, up €1,412 million on 31 December 2015.

Market outlook
For 2016, the Group expects the automotive market to grow by about 4% in Europe and 8% in China, and to shrink by around 12% in Latin America and 15% in Russia.

Operational targets
The Push to Pass plan, unveiled on 5 April 2016, sets the following targets:
- Reach an average 4% automotive recurring operating margin in 2016-2018, and target 6% by 2021;
- Deliver 10% Group revenue growth by 2018 vs 2015, and target additional 15% by 2021.

Carlos Tavares, Chairman of the Managing Board of the PSA Group, said: "Our continued performance reflects the success of the company's structural transformation, its efficiency, and the profound change of spirit within the Group. In a changing environment, all our teams are focused on operational excellence and continue to demonstrate their agility in deploying our Push to Pass strategic plan."