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PSA with record profitability in 2019
The PSA Group reported a top financial year in 2019. Earnings and profitability were increased.
PSA with record profitability in 2019
Carlos Tavares, Chairman of the Managing Board of Groupe PSA, said: "Our competent and dedicated teams have once again made the difference. Driven by our agile, customer-oriented and socially responsible approach, we achieved record results in 2019. We are ready for the energy transition and all teams are focused on offering our customers clean, safe and affordable mobility. Based on our business model and our fighting spirit, which has proven to be efficient, we look forward to entering a new era with the planned merger with FCA to initiate.”
TheGroup sales amounted to 201974.731 billion euros, aIncrease of 1.0%compared to 2018. TheSales in Automotive businessreached58.943 billion euros– an increase of 0.7% compared to 2018. The growth was driven primarily by improvements in the product mix (+4.3%) and prices (+1.2%). This made it possible to compensate for the negative effects of declining sales to partners (-1.7%), exchange rate changes (-0.5%) and in the volume and country mix (-2.4%) as well as in the Other area (-0.2%).
Theadjusted operational Group results amounted to 6.324 billion euros, an increase of 11.2%. The roseadjusted operating profit in the automotive businessby 12.8% to 5.037 billion euros. This strong profitability of 8.5% of sales was achieved thanks to an improved product mix and further cost reductions, despite foreign exchange headwinds and higher raw material prices.
Theadjusted operational Group marginreached 8.5% – an increase of 0.8 percentage points compared to 2018.
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The consolidated net result reached3.584 billion euros, an increase of 289 million euros compared to 2018. Net profit (group share) reached 3.201 billion euros, an increase of 374 million euros compared to 2018.
Market Outlook:For 2020, the group expects a 3% decline in the European automotive market, a 2% decline in the Russian market and a stable automotive market in Latin America.
Operational outlook: Groupe PSA has set itself the target of an adjusted operating margin in the automotive business of more than 4.5% on average for the period 2019 to 2021.