But the road to get there is not detailed

"We have restored a promising dynamics and action plans are launched." PSA Peugeot Citroën has certainly tripled its net losses in 2009 to EUR 1.16 billion. But its President, Philippe Varin, a already eyes over the coming years, despite the lack of visibility of automotive markets beyond the first months of 2010.

For SAP as with most of his colleagues, last year was clearly cut in two. While its turnover fell from 21.8 in the first half, resulting in an operational loss of EUR 826 million, the second half of the year saw consolidated sales rise ( 2.6) and operating income current back into the Green ( 137 million euros). The utilization rate of plants also reflects this dichotomy: 70 on average in the first half, 92 in the second.

Aided by the bailout agreed to the height of the crisis by the State, that management has failed to mention yesterday (EUR 3 billion of loans for the Builder over 1 billion for the industry of credit PSA Finance, not to mention of substantial tax credits), the second European manufacturer was able to improve its balance sheet. On the other hand, fixed costs have lightened after 6.800 deletions of posts in its automotive division into Western Europe.

Compensate for the decline in Europe

For forecasts, this time, Philippe Varin displays caution. He simply include a "positive operating current in the first half of 2010", in the wake of the second half of 2009. All on a background of European automobile market by about 9 on the year. The France or the Germany escape the movement.

More comforting for cash, the Group has more important due to repayment of debt in the next four years. For the rest, the analysts are reduced to speculation. In November, the President of PSA announced a plan to improve operating income of 3.3 billion during the next three years, a series of levers (earnings expenditures of development and production, strengthening in developing countries, offering...). Improving distributed roughly into thirds ( 1.1 billion per year). But the road to get there is not detailed. The progression of 3.3 billion "implies a level of operating margin of 5 to 6 of net sales in 2012, if volumes can return to their levels of 2007", extrapolate HSBC analysts, who prefer to rather rely on a level of only 3.3 per cent in three years.

One of the unknown is whether if SAP can compensate on new markets, such as the Brazil or China, the decline in the short term expected in Europe. In China, including the Group table on sales of more than 350,000 cars this year, against 180.000 in 2008, and is still not exclude to find a second partner, as well as Dongfeng. On the other hand in India, the group is always absent. Priority for the group, Asia is one of the areas where PSA would like to grow in pairs with Japanese Mitsubishi Motors. But the discussions between the two groups officially unveiled the beginning of December, encountered several weeks at least to the capitalist party, on delicate issues of upgrading. Beyond the cooperation already existing (4 x 4, electric cars and future factory in Russia), "we are exploring other possibilities of working with Mitsubishi", confirms Philippe Varin, referring to a small vehicle "low cost" world. But the entry in its capital remains more speculative: "We want to find low risk "investment grade" notes from rating agencies." "This gives the framework of the ongoing negotiations with Mitsubishi," said the boss.

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