PSA Peugeot Citron's consolidated sales revenues for the nine months ended September 30, 2005 amounted to â‚41,771 million, up 1.3% year on year, or 1.5% excluding changes in the scope of consolidation. Automobile Division sales and revenue increased 1.4% to â‚33,541 million, while worldwide sales of built up cars and CKD units rose by 1.1% to 2,504,000 units.
Peugeot and Citron saw their European registrations decline by 1.9% for a market share of 14.4%, versus 14.8% at September 30, 2004. As a result, sales in Western Europe, as measured by vehicles invoiced to dealers, declined by 1.7% to 1,762,500 units.
Sales outside Western Europe totalled 741,500 units, up 8.3% year on year.
After reaching an exceptional peak in early 2004, markets in Central and Eastern Europe and Turkey fell sharply during the period, dragging PSA sales down 11.0% to 149,300 units. In the third quarter alone, however, Peugeot and Citroën sales increased by 10.5%.
In Latin America, where demand continued to recover in Argentina and Brazil, the recent launches of the Peugeot 307 and 206 SW helped to lift sales 28.3% to 132,600 units.
In China, where demand rose 32.4% over the first nine months, sales totalled 106,100 units, a 62.3% increase over the prior-year period. Growth was especially strong in the third quarter, when unit sales rose by 80.3%. In all, the Group had a 4.7% share of the Chinese market at September 30, 2005.
Banque PSA Finance reported revenue of â‚1,231 million, versus â‚1,203 million in the year-earlier period. The loan book amounted to â‚21.6 billion at end-September 2005, up 6.5% on September 30, 2004. New loans written remained stable, at 639,200 new loans extended in the first nine months of 2005, compared to 639,000 in the prior-year period.
The logistics unit Gefco's sales and revenue were up 3.9%, at â‚2,212 million versus â‚2,129 million in the first nine months of 2004. Revenue from non-Group customers increased by 7.6%.
PSA's components supplier subsidiary Faurecia reported sales and revenue of â‚8,109 million, versus â‚7,988 million a year earlier. On a constant exchange rate and scope of consolidation basis, and excluding the price impact of the catalytic converters used in exhaust systems, Faruecia's sales were up 1.6% despite the further downturn in European car assembly.
The end of the year will be shaped by the contribution from new models (the Peugeot 1007, 107 and Coupé 407, and the Citroën C1 and C6) and by resilient sales of the Peugeot 206 and 307 and the Citroën Picasso. The Group expects to meet its target of â‚600 million in annual production cost savings. As indicated in July, however, raw materials will have a negative impact of around â‚300 million.
In an "aggressive competitive environment", PSA Peugeot Citroën expects fourth quarter growth in unit sales will be very limited and production is being significantly adjusted to bring inventory back to target levels. This adjustment will affect second-half operating margin, which will also be impacted by an exceptional â‚49.5 million provision set aside in response to the fine announced by the European Commission on October 5.
Previously, the Group had announced a 2005 operating margin target of between 4 and 4.5% of sales and revenue. In light of the above, PSA Peugeot Citroën now expects consolidated operating margin to end the year at around 4% of sales and revenue, compared with 4.1% in the first half.
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