Q3 2017 Revenue: strong growth
• Groupe PSA revenue up 31.4% at €15.0 billion1
• Peugeot Citroën DS (PCD) Automotive division revenue up 11.6%
o Growth of PCD volumes and market share increase in Europe, Middle East Africa, Latin America, Eurasia and India Pacific
o PCD successful new model launches in all regions
• First time consolidation of Opel Vauxhall (OV) Automotive division whose revenue amounted to €2.8 billion2
Group Q3 2017 revenue amounted to €14,988 million, compared with €11,404 million in Q3 2016. In the first nine months of the year, 2017 Group revenue reached €44,153 million, compared with €39,183 million in 2016, up 12.7%. At constant 2015 exchange rate and perimeter, 2017 Group cumulated revenue was up 9.0%3 .
PCD Automotive division revenue amounted to €8,418 million up by 11.6% compared to Q3 2016. This increase was mainly driven by the product mix (+5.4%) and the volume and country mix (+5.7%) improvement linked to the worldwide success of the Group’s new models (Peugeot 3008, 5008, Expert and Traveller, Citroën C3, C3 Aircross, C5 Aircross, Jumpy and SpaceTourer), as well as sales to partners (+2.7%), that more than compensated the negative impact of exchange rates (-2.3%).
OV Automotive division revenue amounted to €2,789 million for the two months of August and September2.
Q3 consolidated worldwide sales as well as market share were up in all regions (Europe, Middle East Africa, Latin America, Eurasia and India Pacific) except in China. Including volumes of Opel Vauxhall2, sales were up by 23.8% in Q3 2017 versus Q3 2016.
Total PCD inventory, including independent dealers, stood at 369,000 vehicles4 at the end of September 2017, down 31,000 units compared to end of September 2016. OV inventory totalled 273,000 vehicles at the end of September 2017.
Jean-Baptiste de Chatillon, Chief Financial Officer of Groupe PSA and member of the Managing Board, said: « The Groupe PSA and more specifically PCD is now combining strong growth with its price and cost discipline. This is key for achieving the challenges ahead of us in an ever so uncertain economic environment. »
Market outlook: for 2017, the Group expects the automotive market to grow by approximatively 3% in Europe, 5% in China, 7% in Latin America and 8% in Russia.
The Push to Pass plan sets the following targets for Groupe PSA (excluding Opel Vauxhall):
- Deliver over 4.5% Automotive recurring operating margin5 on average in 2016-2018, and target over 6% by 2021;
- Deliver 10% Group revenue growth by 20186 vs 2015, and target additional 15% by 20216.
1Groupe PSA revenue includes Opel Vauxhall (OV) since August 1st 2017
2Opel Vauxhall is consolidated since August, 1st 2017, date of the closing.
3As of 30 September 2017, growth at constant exchange rates (2015) and perimeter (excluding OV) versus cumulated revenue as of 30 September 2015.
4Excluding China and Iran, including independent dealers
5Recurring operating income related to revenue
6At constant (2015) exchange rates and perimeter (excluding OV)
Financial Calendar – 1st March 2018: 2017 Annual Results