INTEGRATED REPORT CREATION OF VALUE FOR STAKEHOLDERS
AUTOMOTIVE DIVISION
CONTENTS 1 Groupe PSA: an impact player 01 1.1 Message of the Chairman of the Managing Board 01 1.2 Presentation of Groupe PSA 02
• A Global footprint managed as close to markets as possible 05
2 Ecosystem: an innovation-driven industry 04 2.1 Risks and opportunities 04
• Relating to future performance and long-term prospects • Groupe PSA's CSR issues mapping
2.2 Groupe PSA’s answers to risks 07 • Mitigating risks and taking advantage of all opportunities
3 Ambition & strategy: driving future growth 08 3.1 Groupe PSA's vision 09 • Towards an efficient, exciting and sustainable mobility 3.2 Groupe PSA’s strategy 10 • Push to Pass, a strategic roadmap for 2016-2021 • PACE!, a plan to make Opel Vauxhall go profitable, electric and global 3.3 Groupe PSA’s enablers 12 • Enabler 1: an efficient governance and a competitive team
• Enabler 2: the Digital transformation as an efficiency booster • Enabler 3: our CSR Policy, responsibility fully integrated into strategy
3.4 Strategic indicators 16 • Measuring progress 3.5 CSR commitments 17 • Our ambitions for 2035
4 Value Creation: a shared and lasting value for stakeholders 21 4.1 Value chain: a holistic approach 21
4.2 Creation of value for stakeholders 22
4.3 Investors & shareholders: sustaining growth 23
4.4 Customers: anticipating and responding to expectations 24
4.5 Employees: being a responsible employer 25
4.6 Suppliers and partners: making an extended commitment 26
4.7 Host communities and civil society: being a responsible citizen 27
4.8 The environment: preserving our planet 28 Appendices – about this report 29
1.1 MESSAGE OF THE CHAIRMAN OF THE MANAGING BOARDThe automotive industry is facing a number of challenges that we have identified through major trends. Groupe PSA integrates them already in everyday life: the fragmentation of the markets that requires being both global and local, the global awareness of climate change and the economy of sharing that write a right for all to sustainable and affordable mobility, the connectivity and the autonomy of objects that open up an immense field of possibilities without compromising on security, the digitalization that revolutionizes our ways of thinking, the behaviour of consumers that drives the development of our offers.
Faced with these challenges, we must be more Darwinian than ever, agile and strong of our 3 identity markers:
Performance Only the performance can protect us... In a record time (2014-2016), Groupe PSA went from a situation of near bankruptcy to one of the most efficient economic players in its sector, both financially and socially. With a Group recurring operating margin of 6.1%, it also became the industry leader in the Dow Jones Sustaina-bility Index in September 2017 and remains included in the world's leading Socially Responsible Investment indexes. To consolidate this double economic and societal performance, best protection against the vagaries of the markets, it was essential that we maintain our European foundation, as the basis of our global development. The acquisition of Opel Vauxhall in 2017
is a value creation opportunity that will allow the Group to accelerate its international development. Groupe PSA will put all its experience at the service of the recovery of Opel Vauxhall whose action plan PACE! has set clear objectives, both economically and socially: Opel will generate an operating margin of 2% by 2020 and will offer electrified versions for 100% of its models in 2024.We are confident in the momentum that our leadership can create, for the benefit of our customers and employees, and more broadly for our stakeholders.
ResponsibilityResponsibility is to take each day engaging decisions which we will be accountable for in the future.Our Group has been committed for a long time to a socially responsible approach. It has always renewed its commit-ment to the ILO principles and to the Global Compact. It has a long-standing awareness of its responsibilities to society and the environment. They are deeply incorporated into its culture and values. Groupe PSA supports the 17 Global Sus-tainable Development Goals published in September 2015 by the UN Member States, a roadmap for common good.Innovation is in our DNA; it imposes the rigor of a scientific approach in the search for the most efficient solutions to serve the greatest number. They are the only means to secure a significant societal and environmental impact.
TransparencyResponsibility comes with transparency.Our role as a company is to create sustainable value for our
stakeholders: our customers, our employees, our investors, our suppliers, the civil society, the environment expect us to make a positive contribution to the economy, society and the environment.To push forward environmental and societal innovation, we do not hesitate to shake the codes by engaging partnerships with demanding players who question our practices and our missions and help us advance:
• with the two NGOs, Transport & Environment and France Nature Environnement: after measuring and publi-shing on our brand websites the fuel consumption in real driving conditions, we continue our unique commitment in the automotive industry to publish in 2018 the emissions of nitrogen oxides from our vehicles in actual use;• through our Foundation, we build philanthropic projects serving the most vulnerable publics jointly with the most operational associations and NGOs;• with the federation of IndustriAll trade unions, we deploy our global framework agreement on social responsibility renewed in March 2016 and share the actions and results achieved
This 2017 Integrated Report shows how we put our values and skills at the service of a responsible business model that creates shared and sustainable value.
CARLOS TAVARES Chairman of the Managing Board
GROUPE PSA: AN IMPACT PLAYERGROUPE PSA: AN IMPACT PLAYER1
HISTORICAL BACKGROUND OF GROUPE PSA
2016Creation of the Free2Move brand
2014Strengthening of the Group’s industrial and commercial partnership with DONGFENG MOTOR GROUP (DFG)
2014Back in the Race strategic plan
2014Creation of the DS Automobiles brand
2016Push to Pass strategic plan
1987Merging of Aciers et outillages Peugeot with Cycles Peugeot, under the name of Ecia (renamed FAURECIA in 1998)
1896 Foundation ofPeugeot S.A.
1992Foundation of the joint-venture Dongfeng Peugeot-Citroën Automobiles
1974Acquisition of all of the outstanding shares of Citroën S.A.
2017Acquisition of Opel Vauxhall, PACE! strategic plan
GROUPE PSA 01
GROUPE PSA: AN IMPACT PLAYER11.2 PRESENTATION OF GROUPE PSAGroupe PSA designs unique automotive experiences and delivers mobility solutions to meet all client expectations.The Group has five car brands, Peugeot, Citroën, DS, Opel and Vauxhall, as well as a wide array of mobility and smart services under its Free2Move brand, aiming to become a great car maker and the preferred mobility provider.
This report focuses on the activities of the Automotive Division.
FAURECIA BANQUE PSA FINANCE
AUTOMOBILES CITROËN
AUTOMOBILES PEUGEOT
OPELVAUXHALL
DSPSAAUTOMOBILES
OPELAUTOMOBILES
AUTOMOTIVE DIVISIONAUTOMOTIVEEQUIPMENT
DIVISION
FINANCEDIVISION
2,119,800 403,900*1,055,700 52,900
PEUGEOT S.A.
*from 1 August to 31 December 2017
largest car manufacturer in Europe
13.3% market share (Passenger Cars + Light Commercial Vehicles)
2nd
employees worldwide
208,227
billion revenue
65.2Group recurring
operating margin
6.1%
billion operational free cash flow
1.56regional launches
in 2016-2017out of the 124 launches planned
for 2016-2021
40
million vehicles sold worldwide
3.63number of countries with sales operations
160
All Group vehicles are 95% recoverable
95% opel vauxhall
peugeot 3008 Citroën e-mehari DS7 CroSSbaCk opel CroSSlanD x vauxhall granDlanD x free2move
2.2M clients (Europe & USA)
VEHICLES SOLD IN 2017
FREE 2 MOVE
free2move
EC Economic and financial value
SO
Social value
EN
Environmental value
2017 KEY FIGURES
GROUPE PSA 02
1
HordainMulhouse
PoissyRennes
Sochaux
CaenCharleville-Mézières
Douvrin (FM)Hérimoncourt
MetzMulhouse
Saint-OuenSept-Fons
TrémeryValenciennes
Vesoul
VélizyLa Ferté-Vidame
SochauxBelchamp
La Garenne-ColombesCarrières-sous-Poissy
A GLOBAL FOOTPRINT MANAGEDAS CLOSE TO MARKETS AS POSSIBLE
manufacturing locations other locations
sales locations
Automotive production plant
( in partnership)
( in the planning stage)
R&D centre
Countries where the Group operates with a subsidiary that commercializes vehicles and / or mobility services
Countries where only mobility services of the Group are commercialized
Components factory, casting
( in partnership)
( in the planning stage)
Assembly plant
( in partnership)
( in the planning stage)
industrial partners (1) STAFIM (2) Iran Khodro (3) SAIPA(4) Condor Electronics, Palpa Pro and l’Entreprise Nationale
de Production de Machines-Outils(5) CK Birla(6) URYSIA(7) EASA and Nordex(8) SC Uzavtosanoat(9) THACO(10) Naza Automotive Manufacturing SDN BHD
(11) PAN Nigeria Ltd(12) Allur Distribution and Saryarka AvtoProm LLP(13) PC Auto et Unison(14) MIE (Mesfin Industrial Engineering's)(15) Fiat(16) Mitsubishi Motors Corp(17) Toyota(18) TOFAS and FIAT(19) Dongfeng Motor Corp(20) Changan PSA Automobiles
Note: this map does not include office facilities, head offices, IT sites, non-automotive businesses,or countries where Group vehicles are sold by an importer. Labels on this map have been localized for best clarity, we trust you will not consider geographical precision
For more information: CSR Report, section 1.1. A CSR programme fully integrated into the Group strategy.
mexico
united states of america
brazil
chile
argentina
uruguayMontevideo (7)
tunisiaTunis 2018 (1)
nigeria
ethiopiaWukro (14)
turkey
belarus
russia
kazakhstan
vietnam
japanuzbekistan
iranTeheran (2)
indiaTamil Nadu 2020 (5)
chinaXiangyang (19)
malaysiaGurun (10)
Vigo
Kolin (17)
Kaiserslautern
AspernSzentgotthárd
Eisenach
Rüsselsheim
Trnava
Tychy
Gliwice
Mangualde
Madrid
Zaragoza
Ellesmere Port
Luton
Val di Sangro (15)
kenyaThika (6)
moroccoKenitra 2019
algeriaOran 2019 (4)
Jeppener
Buenos Aires
São Paulo
Porto Real
Kaduna (11)
Bursa (18)
Chengdu (19)
Shenzhen (20)
Okasaki (16)
Mizushima (16)
Shanghai/ Wuhan/ ShenzhenWuhan (19)
Chu Lai (9)
Kaluga (16)
Kostanai (12)
Kashan 2018 (3)
Jizzakh 2019 (8)
sites in france
spain
italy
austria
slovakia
france
poland
germany
switzerland
united kingdom
the netherlands
luxembourg
ukraine
czech republic
GROUPE PSA: AN IMPACT PLAYER
Minsk (13)
belgium
portugal
GROUPE PSA 03
Given the economic, sociological, regulatory, environmental and societal challenges facing the automotive industry, each company must be prepared to rethink and re-create value model. Groupe PSA has identified seven megatrends shaping the future of the automotive industry.
7 MEGATRENDS
MARKET DIVERGENCE
n Today, there is a large fragmentation of regulations and customer needs; n The Group must adopt a double vision:
• A global approach that defines the core model, technologies and mobility strategies to optimize volumes and costs and ensure a return on investment;
• Localisation to ensure the best management of shipping and CO2 emissions and to understand each market’s specific customer expectations and trends, taking into account the phenomenon of urbanization.
SHARING
n The right for all people to have access to affordable mobility;n An increasing consumer view that transportation doesn’t necessarily require owning a vehicle. Car sharing and ride hailing
services are projected to multiply ten-fold by 2030, according to market consensus.
CO2/NOX
n There is a push – primarily driven by regulations – to rapidly change the automotive industry’s CO2 and Greenhouse Gas footprint. This topic can be linked to the circular economy, presenting both a challenge and an opportunity for Groupe PSA.
CONNECTIVITY
n The car is evolving to become the “next” connected device after the television, smartphone, PC and tablet. 1.2 billion connected cars are expected by 2030;
n The vehicle is becoming the “Fifth screen.” Consumer expectations in this area are causing demand to accelerate at an unprecedented pace, with estimated revenues projected to more than double to $160 bn by 2022.
AUTONOMOUS
n Passive and active safety are expected for all levels, price ranges and categories;n Software capability is increasing rapidly, clarifying the vision for autonomous vehicles and creating new technological
and regulatory challenges. According to market consensus, by 2030, 80% of all cars are expected to be equipped with level 2 and above and 10% will have levels 4 & 5;
n Autonomy will – when fully realized – return quality time to the driver and improve safety.
DIGITALISATION
n The speed at which artificial intelligence is developing will have a significant impact on Groupe PSA’s cars and services, on data management, factories and workspaces.
n This will also impact the customer experience and mindset.
CUSTOMER BEHAVIOUR
n Huge changes in consumer behaviour will continue to impact Groupe PSA’s business model (expectations on product, vehicle ownership and user experience, for instance): • Linked to market divergence, this is challenging the industry with a much more complex business environment, requiring
new focus, agility and flexibility; • The automotive industry has historically been slow and capital intensive, with long lead times.
In the future, data, speed and agility will be key competitive levers.
2.1 RISKS AND OPPORTUNITIES RELATING TO FUTURE PERFORMANCE AND LONG-TERM PROSPECTS
UNCOMPROMISING QUAL IT Y.
ECOSYSTEM: AN INNOVATION-DRIVEN INDUSTRY2GROUPE PSA 04
ECOSYSTEM: AN INNOVATION-DRIVEN INDUSTRY2
For more information: CSR Report, section 1.2 CSR in the value creation model.
Megatrends Risks and opportunities for Groupe PSA Description Related CSR issues
CO2/NOX
CONNECTIVITY
AUTONOMOUS
Climate change
• In the face of global warming and increasingly stringent regulatory requirements, answering consumer expectations requires not only the building of vehicles that emit less CO2, but also the development of new mobility services.
• Vehicles emitting less than 100 g/km of CO2 already represent more than 30% of Groupe PSA’s sales volume in 2017 and plug-in hybrid powertrains could generate an additional 4% to 5% by 2020.
n Vehicle CO2 emissions*n Environmental performance in the supply chain: purchasing and logisticsn Energy / industrial carbon footprint
SHARING CUSTOMER BEHAVIOUR
Natural resource scarcity
• At a time marked by the scarcity of natural resources, reducing dependence on water resources and raw materials is a matter of both sustainable business and cost reduction.
• In 2017, steel requirements were reduced by several thousand tonnes, saving €30 million, and the use of recycled polypropylenes and polyamides saved €7.2 million (EU vehicle sales).
n Wise use of material in the vehicle life cycle (including product recycling)n Sustainable water managementn Optimisation of material cycles in industrial processes (including waste)
AUTONOMOUS
CO2/NOX
Health and safety: growing demand of civil society
• In response to increasing societal concern regarding industrial processes and consumers’ growing vigilance regarding the health impact and safety of products, car manufacturers must increase the adaptability of their vehicles and the positive differentiation of their products in order to anticipate regulations and retain customers.
• Groupe PSA devotes 40% of its R&D budget to clean techs (improved internal combustion engines, plug-in hybrid petrol-electric models, battery electric vehicles).
n Vehicle safety*n Vehicle impact on air quality*n Biodiversityn Control of industrial discharges and nuisances
MARKET DIVERGENCE
Unbalanced economic development of territories
• Growing inequalities in the economic development of regions and the public's lack of confidence in wealth redistribution policies encourage the development of local supply and the implementation of more sustainable value-added distribution practices. Attention therefore needs to focus on the redistribution of the value created by the Group between capital expenditures and remuneration of managers and stakeholders.
• The Group’s CAPEX and R&D investments (8-9% of revenues) illustrate this balanced development.
n Local sourcing development in host territoriesn Balanced governance and distribution of added valuen Philanthropy and socially responsible mobility
MARKET DIVERGENCE
CONNECTIVITY
CUSTOMER BEHAVIOUR
Human rights and business ethics violation
• The automotive industry must anticipate increasingly restrictive national and international regulations - relating to "minerals from conflict zones," the balance and integrity of business relationships and the requirement for vigilance by large companies. This is a prerequisite for accessing additional markets and financing.
• No non-compliance was detected in the application of Groupe PSA's global framework agreement on social responsibility, a reference framework in the field of fundamental human rights, signed in 2010.
n Human rights in the supply chainn Ethics in business practicesn Responsible information and marketing
DIGITALISATION
CUSTOMER BEHAVIOUR
Human capital
• In the context of changes in the organisation of the automotive industry (automation of production chain work, in particular) and digital transformation, the strengthening of competitiveness will be achieved by improving employee well-being and satisfaction and the reduction of accidents and work stoppages.
• The Group invested €80 million in training in 2017. Investments in safety have contributed to divide by 9 the number of lost-time incidents since 2010.
n Management of company transformations and social dialogue*n Health, safety and well-being in the workplacen Diversity and equal opportunityn Attracting and developing all talents
MARKET DIVERGENCE
SHARING
AUTONOMOUS
DIGITALISATION
CUSTOMER BEHAVIOUR
Customers’ expectations and market risks
• In response to reinforced eco-mobility policies, the increasing complexity of value chains, requiring increased quality control, and reductions in household income, the development of new and customer-adapted mobility solutions is becoming a source of differentiation.
• Groupe PSA is targeting revenues of €300 million in 2021 from mobility services for individuals and professionals.
n Vehicle and service quality - Customer satisfaction*n Development of new mobility solutions*n Responsible Management of customer’s data and relationship
*Strategic CSR issues (see materiality matrix page 6)
The Group has identified risks and opportunities that it must address. They are broken down into a number of CSR issues.
GROUPE PSA 05
ECOSYSTEM: AN INNOVATION-DRIVEN INDUSTRY2
For more information: CSR Report, section 1.2 CSR in the value creation model.
Groupe PSA built this mapping on a structured approach which allowed the identification of all factors contributing to the materiality of each issue. An independant third party ensured each issue was scored strictly and fairly using a standardised methodology.
In the initial phase, the list of important CSR issues is drawn up, supplemented by financial elements and then cross referenced with expectations expressed by stakeholders, provided by the Group’s network of CSR contributors, representing all of its business activities.
In the second phase, all issues are scored so that they can be positioned on the materiality matrix. A specific working group is formed, bringing together the CSR correspondent for the area concerned. Each issue is evaluated from two perspectives: its impact on the Group’s business performance and its importance to stakeholders. In the third phase, upon completion of this scoring process, the issues are positioned on the materiality matrix. The working group coordinators meet to define three thresholds, thus distinguishing strategic issues – key issues for business models evolution – from those significant – key issues for creation of value – and those substantial – issues linked to challenges and opportunities to monitor and to maintain at the right level. The last step in the methodology consists of the validation of the materiality matrix of CSR issues by the Executive Committee.
IMP
OR
TAN
CE
OF
THE
EX
PE
CTA
TIO
NS
OF
THE
STA
KE
HO
LDE
RS
IMPORTANCE FOR BUSINESS PERFORMANCE
Substantial CSR Issues Significant CSR Issues Strategic CSR Issues
0 1 2 3 4
1
2
3
4Vehicle CO2 emissions*
Energy / industrial carbon footprint
Environmental performance in the supply chain: purchasing & logistics
Management of company transformations & social dialogue*
Attracting and developing all talents*
Health, safety & well-being in the workplace
Diversity and equal opportunity
Ethics in business practicesHuman rights in supply chain
Responsible information and marketing
Vehicle safety*Development of new mobility solutions*
Responsible management of customer’s data and relationship*
Vehicle and service quality - Customer satisfaction*
Vehicle impact on air quality*
Biodiversity
Control of industrial discharges and nuisances
Philanthropy and socially responsible mobility
Sustainable water management
Optimisation of material cycles in industrial processes (including waste)
Wise use of material in the vehicle life cycle (including product recycling)
Balanced governance and distribution of added value
Local sourcing development in host territories*
Climate change
Natural resource scarcity
Health and safety: growing demand of civil society
Unbalanced economic development of territories
Human rights and business ethics violation
Human capital Customers’ expectations and market risks
*Issue linked to the Push to Pass strategy
GROUPE PSA'S CSR ISSUES MAPPING
GROUPE PSA 06
ECOSYSTEM: AN INNOVATION-DRIVEN INDUSTRY2
For more information: CSR Report, section 1.2 CSR in the creation of value model.
2.2 GROUPE PSA’S ANSWERS TO RISKS MITIGATING RISKS AND TAKING ADVANTAGE OF ALL OPPORTUNITIES
Groupe PSA is improving…
…its design processes environmental and social responsibility
throughout the entire life cycle requires special vigilance on hazardous materials, polluting
emissions and rare earths. Groupe PSA has long deployed an eco-design approach. It is actively
involved in the circular economy, including managing the end-of-life of its products.
Digital tools used in the design process enable virtual validations and tests which drastically
reduce the consumption of material resources.
…its production processes increasing use of standardised modules and
platforms. The Group is decreasing its carbon footprint by taking steps to reduce the energy
intensity of its processes and switching increasingly to renewable energy. It is also looking at changes to its production processes through the application of disruptive technologies (e.g.,
3D printing) and the internalisation of design and manufacturing of electric engines within the new
generations of electrified powertrains (Groupe PSA /Nidec joint venture).
…its marketing processes digital tools are radically transforming the
relationship between brands and customers. The Group’s customer base being new car sales, used car sales, parts, services, mobility services,
it embraces a customer base of 18 million customers – for a company which has sold
3.6 million new cars in 2017.
…its work arrangements and talent management
considers the expression and development of talent to be the cornerstone of its strategy;
guarantees equal opportunities based on the recognition of individual merit; Groupe PSA
has been awarded France’s Equal Opportunity and Diversity Labels, in recognition of the best
practices implemented across the organisation to encourage diversity, prevent discrimination and
support gender equality in the workplace.
…its products development of electrified powertrains (either plug-in hybrid or full electric); improving the
performance of electric vehicle batteries; downsizing; active monitoring of the development
of new energies (fuel cell, new biofuels, etc.); protection of vehicles, passengers and other
stakeholders not only from road safety risks, but increasingly from cybercrime.
…its sites to support the development of its sales in
emerging markets such as Africa, the Middle East and Southeast Asia, the Group has announced
new sites (Morocco, Algeria, Malaysia). At the same time, it is boosting its production
competitiveness in countries where markets are stagnating or declining.
…its stakeholder communication transparent, reliable information is key to the Group’s stakeholder dialogue. Financial and
nonfinancial reports are published in conformity with leading global standards after being audited by third parties. Groupe PSA took the initiative in publishing its real-world vehicle fuel consumption and pollutant emissions, in association with the environmental NGO Transport & Environment.
…its risk management technological advances and international expansion
mean that data protection systems must be constantly updated, with reputational and legal monitoring to
ensure an immediate response to threats. The financial consequences of risk management are increasingly measured by investors. Groupe PSA is continuously improving its internal control to provide an efficient and structured response to the risks to which it is
exposed, whether regulatory, consumer, financial or cybercrime-related.
Climate change Natural resource scarcity Health and safety: growing demand of civil society
Unbalanced economic development of territories
Human rights and business ethics violation
Human capital Customers’ expectations and market risks
GROUPE PSA 07
GROUPE PSA
GROUPE PSA 2021FROM TURNAROUND TO PROFITABLE SUSTAINABLE GROWTH:
A CUSTOMER-DRIVEN TRANSFORMATION
OUR BUSINESS TARGETS
FROM PRODUCTTO CUSTOMER
FROM OWNERSHIPTO EXPERIENCE
FROM CARTO MOBILITY
FROM ONE BUSINESSTO A PORTFOLIO OF
BUSINESSES
FROM LOCALTO GLOBAL
OUR VISIONA GREAT CAR MAKER
With cutting edge efficiencyA MOBILITY PROVIDER
For a lifetime customer relationship
OUR STRATEGY
OUR OBJECTIVE ENLARGE OUR CUSTOMER BASE
OUR ENABLERS
1. EFFICIENT GOVERNANCE AND COMPETITIVE TEAM
2. DIGITAL BOOSTER
3. CSR POLICY
Product offensive: launch of one new vehicle perregion, per brand and per year
International expansionand profitable growth in all its host regions
Scale-up of businessactivities: after-sales services, used vehicles, multi-brand offerings
Expansion to mobility services: car-sharing, connected services, leasing, fleet management and sharing
MARKET DIVERGENCE
SHARING CO2/NOX CONNECTIVITY AUTONOMOUS DIGITALISATION CUSTOMER BEHAVIOUR
7 MEGATRENDS
AMBITION & STRATEGY: DRIVING FUTURE GROWTH3GROUPE PSA 08
AMBITION & STRATEGY: DRIVING FUTURE GROWTH33.1 GROUPE PSA’S VISION
TOWARDS AN EFFICIENT, EXCITING AND SUSTAINABLE MOBILITY
It is not enough to have a comprehensive view of trends; also required are insights into when, how and how far those trends will impact offers and then business models. Its understanding of the industry’s new landscape, is helping Groupe PSA to re-define and create the future of mobility.
With outstanding levels of modularity as standard across the range, all-new PEUGEOT 5008 SUV is ready for whatever you can throw at it.
With seven individual seats on board, everyone can get comfortable. Second row occupants can enjoy longitudinal adjustment to maximise
legroom and even recline the seat back rest angle for optimum comfort on each of the three independent seats.
Third row occupants can enjoy generous levels of leg and headroom as well as an airy feel offered by the generous expanses of glass.
If not required the third row seats can be removed and stored separately.
22 23
ENJOY THE WORLD O UTS I DE .
Bathe the cabin in natural light with the opening panoramic glass roof*. Complete with tilt and slide functions,
this large glass roof can open up to sixteen inches. Complete with mood lighting that illuminates the full length
of the glass panel at night and an electric sunblind for when the UK sun proves to be a bit too much.
* As an option on Active and Allure versions
OU TSTANDING M OD ULARIT Y.
Virtually every aspect of Groupe PSA’s business has changed over the past decade – and is likely to change entirely again in another 10 years. The growing complexity of the business environment presents new challenges for industry and additional constraints for individual mobility. In this challenging context, PSA strategic intention is to provide sustainable and affordable individual vehicles and mobility services for all.
In an increasingly consumer-led society, consumer focus is the new paradigm. Groupe PSA believes that the right to individual mobility remains a basic expectation of each human being.
Recognizing these changes, Groupe PSA has re-established itself as a sound company in a relatively short period of time and set a new course to become a leader in an industry that today incorporates much more than just the manufacture of cars. Groupe PSA’s mission is to serve customers’ mobility needs across all dimensions. Beyond being the world’s most efficient car maker, the Group aspires to change how customers use, power and own cars.
To achieve this, the Group puts customers and mobility at the heart of its strategic plan. The focus today is responding to customer expectations through an innovative approach encompassing both mobility and retail. This process starts with understanding each and every customer on their “mobility journey.”
Agility and efficiency have been key elements to recover profitability. The near-death experience in years 2012/2013 has been an opportunity for Groupe PSA to clarify its vision, to build a roadmap supported by consistent KPI*, and to change the employees’ mindset, result-oriented and focused on disciplined execution.
Having re-defined itself, Groupe PSA is well-positioned to leverage its agile leadership and mindset as the industry continues to evolve.
* Key Performance Indicator
GROUPE PSA 09
AMBITION & STRATEGY: DRIVING FUTURE GROWTH33.2 GROUPE PSA’S STRATEGY PUSH TO PASS, A STRATEGIC ROADMAP FOR 2016-2021
The Push to Pass plan, unveiled in 2016, builds on the results of the previous plan, Back in the Race, which enabled the Group to return to profit sooner than expected. This transformation plan is the Group’s roadmap for 2016-2021. It addresses the mobility needs of customers by anticipating changes in vehicle usage. Driven by customers’ shifting expectations, it will unlock the company’s potential by capitalising on the efficiency, operational excellence and agility generated by the Back in the Race plan.
Through carefully managed R&D investment and rigorous control of fixed and production costs, the plan raises the bar for Groupe PSA’s structural performance in targeting:
n average current operating margin of over 4.5% for the Automotive Division for 2016-2018, with a target of over 6% by 2021;
n 10% growth in the Group’s revenue between 2015 and 2018, targeting an additional 15% by 2021.
To achieve these targets, the company is rethinking its business model. It will create more value by leveraging its existing customer base, while expanding through digitisation and its multibrand offering of after-sales, leasing, used vehicle, mobility and fleet management services. Carefully targeted venture capital investments will broaden the portfolio of mobility solutions.
Brand development will be based on:
n a technological strategy that addresses environmental issues, including through the launch of seven plug-in hybrid vehicles and five electric vehicles, and the implementation of the autonomous and connected vehicles programme;
n best-in-class product and service quality, underpinning the pricing power of the brands;
n a product offensive (26 passenger cars and 8 commercial vehicles, including a 1-tonne pick-up in which each brand launches one new vehicle per year in each region);
n a mobility services plan to respond to customer expectations (with the brand Free2Move).
This plan will ensure sustainable and profitable organic growth across all of the Group’s regions. Push to Pass is the first step towards achieving Groupe PSA’s ambition to be an efficiency- pioneering global car manufacturer and the leading mobility services provider.
Push to Pass is designed to answer the expectations of the Group’s key stakeholders, including its customers, employees, investors, suppliers and host communities.
For more information: Registration Document, section 1.3 Activities and strategy.
CSR Report, section 1.1 A CSR programme fully integrated into the Group strategy. 2017 FY results.
In 2017, Groupe PSA experienced historic results in terms of revenue, volume of sales, recurring operating income and net result group share, thanks to the successful execution of the Push to Pass plan.
GROUPE PSA 10
GROUPE PSA 013AMBITION & STRATEGY: DRIVING FUTURE GROWTH
To consolidate the double economic and societal performance, best protection against the vagaries of the markets, it was essential that Groupe PSA maintain its European foundation, as the basis of its global development. Groupe PSA will put all its experience at the service of the recovery of Opel Vauxhall whose action plan PACE! has set clear objectives, both economically and socially.
For more information: Registration Document, section 1.3 Activities and strategy.
The acquisition of Opel Vauxhall, effective at 1 August 2017, constitutes an opportunity for accelerating Groupe PSA growth plan, under the benefit of:
n the leveraging of operational excellence over a widened Group;
n a higher R&D capacity;
n volume and synergy gains per annum/per year;
n new automotive brands, with considerable synergy by their image and geographical footprint.
The PACE! plan presented on 9 November 2017 is designed to sustain Opel Vauxhall’s competitiveness, setting as operational targets:
n a recurring operating margin of 2% for Opel Vauxhall by 2020 and a target of 6% by 2026;
n positive free operating cash flow by 2020.
It is based on four fundamental pillars:
n the path set by the European Union for reducing CO2 emissions, which will be achieved among others by electrification of the range;
n improved competitiveness through optimised process efficiency, reduction of costs and Group synergy gains of €1.1 billion p.a. by 2020, reaching €1.7 billion p.a. by 2026;
n a high positioning of the Opel Vauxhall brands, to improve pricing power while emphasising quality and services in keeping with customer expectations;
n lastly, a vigorous drive by Opel Vauxhall to boost its sales growth by accelerating the rollout of new models, with a total of 9 launches by 2020, and international development at a pace of 20 new markets by 2022.
3PACE!, A PLAN TO MAKE OPEL VAUXHALL GO PROFITABLE, ELECTRIC AND GLOBAL
GROUPE PSA 11
AMBITION & STRATEGY: DRIVING FUTURE GROWTH
3.3 GROUPE PSA’S ENABLERS ENABLER 1: AN EFFICIENT GOVERNANCE TO SUPPORT PERFORMANCE...
3diversity and complementarity of the supervisory board
EXPERTISE
Since 1972, Peugeot S.A. has had a two-tier management structure comprised of a Managing Board, responsible for strategic and operational management, and a Supervisory Board, responsible for oversight and control. This separation responds to the concern for a balance of power between the executive and oversight functions, as reflected in the principles of efficient corporate governance.
SUPERVISORY BOARD
roleThe Supervisory Board ensures that the strategy proposed and applied by the Managing Board fits with the Group’s long-term vision defined by the Supervisory Board. It reviews the medium-term strategic plan and the capital expenditure plan as well as the budget.
compositionChaired by Louis Gallois, the Supervisory Board consisted of the following 14 members:
n six members appointed upon the proposal from each of the three main shareholders: the French Government, the Peugeot family and Dongfeng;
n six independent members, including the Chairman of the Supervisory Board and a Senior Independent Member;
n one employee representative and one employee shareholder representative.
profileMembers of the Supervisory Board are selected with a view to ensuring sufficient diversity and complementarity of skills to deliver the company’s strategy.
This balanced membership contributes to the quality of the debate and the decisions taken by the Supervisory Board.
BOARD COMMITTEESThe Supervisory Board has created four specialised committees, whose objective is to prepare the work of the Supervisory Board. Each Committee issues proposals, recommendations and opinions within the scope of its responsibilities:
n Strategy Committee
n Appointments, Compensation and Governance Committee
n Finance and Audit Committee
n Asia Business Development Committee
Responsibility is exercised within all of the company's management and executive functions, hence, there is no dedicated CSR body. Ensuring that CSR is central to decisions and actions can significantly boost performance and enables the Group to improve its economic and financial efficiency, safeguard the value of its assets, manage risks more effectively and protect its value and sustainability in the medium to long term.
ownership structure as of december 31, 2017
1.25%Treasury shares
45.03%Other foreign
institutions
8.39%Other French
institutions
12.23%Peugeot family (EPF/FFP)
2.03%Employees
6.63%Other individual shareholders
12.23%Dongfeng Motor (Hong Kong) International Co. Limited (DMHK)
12.23%BPIfrance via Lion Participation SAS
54%Men
57%French
43%Non-French
50%Non-Independentmembers
50%Independent
members
46%Women
25%Governance
5%CSR
9%Humanresources
16%Manufacturing
14%International experience
16%Finance & risk management
14%New economic
models
GROUPE PSA 12
GROUPE PSA 015AMBITION & STRATEGY: DRIVING FUTURE GROWTH
For more information: Registration Document, section 3. Corporate Governance.
CSR Report, section 1.4 Governance geared towards sustainable growth.
MANAGING BOARDThe Managing Board is responsible for executive leadership and financial management. It helps to define and implement the Group’s strategic vision developed in accordance with the long term objectives set and approved by the Supervisory Board.
Managing Board members are appointed by the Supervisory Board for a period of four years. The Managing Board currently consists of 4 members, including the Chairman, Carlos Tavares.
EXECUTIVE COMMITTEEThe Managing Board is supported by the Executive Committee, organised in a matrix structure by brands, regions and business lines. This structure aims to secure worldwide profitable growth for the Group. Each region is supervised by a Chief Operating Officer (COO), who is responsible for economic profit and the management of Group resources in the region, including manufacturing and sales companies. This responsibility is exercised in partnership with the Group brands and business lines.
COMPENSATION POLICYThe compensation policy takes into account principles of completeness, balance, comparability, consistency, and readability of measurement rules.
The compensation structure encourages the attainment of short- and long-term targets with a view to streamlining and aligning the interests of Managing Board members with those of the company and its shareholders. It consists of three elements: an annual fixed part, an annual variable part and a long-term compensation plan (performance shares).
Collective variable compensation is a component of the comprehensive compensation offered by Groupe PSA to its employees. The variable compensation schemes target all categories of employees and aim to compensate collective performance and engage employees in value creation for the company. The Group is determined to reward merit.
3
" IT’S ALL ABOUT PEOPLE AND EXECUTION "
business sensecompetitive
mindset meritocracy
n Ecosystem & Partnership
n Business Lab
n Social & Environmental Responsibility
n Customer centric
n Results oriented
n Concentration Focus
n Talent Management
n Cross Functional Teams
n Leadership Drive The Change
…AND A COMPETITIVE TEAM TO CHALLENGE BENCHMARKSThe Group relies on competitive teams around the world to challenge its best competitors.
GROUPE PSA 13
AMBITION & STRATEGY: DRIVING FUTURE GROWTH
ENABLER 2: THE DIGITAL TRANSFORMATION AS AN EFFICIENCY BOOSTERTaking into account the new environment, Groupe PSA’s ambition is to be a customer connected company with efficient digital processes for a seamless customer journey.
3
A central part of the Group's transformation and the Push to Pass strategic plan is digital technology, particularly to anticipate new vehicle uses and enhance service provision.
To meet these strategic ambitions, R&D must become more efficient and expenditure must be thoroughly optimised throughout the R&D value chain, from the innovation phases right through to manufacture and the vehicle lifetime. Management of the DRIVE (Development Research Innovation & Value Enhancement) performance plan has led to a saving of €1.5 billion over the five years of the Medium-Term Plan (2014-2018), i.e., on average €300 million per year.
The key factors identified to achieve this objective are:
n PLM (Product Lifecycle Management), used to collate, manage and share all data for each product throughout its life cycle. It drives all the operating processes and working methods set out in the business transformation project. PLM uses the 3DEXPERIENCE platform developed by Dassault Systèmes. This is helping Groupe PSA to better master the complexity of its products’ development and life cycles. This platform guarantees the efficiency of the development processes, and the modularity, reliability, quality and traceability of all products by drawing on user-shared data that is accessible any time all over the world;
n Digital Validation Booster, a project which aims to boost digital validation and thereby reduce the number of material resources (prototypes) and, in turn, reduce R&D costs and time to market. The approach was used for the new 1.5 BlueHDi diesel engines and new 6-speed gearboxes launched in 2017 which were developed without prototypes;
The Group also has virtual reality systems at several of its French sites.
Groupe PSA wants to get closer to the final customer. For this purpose, we have made several partnerships, in CRM (customer relationship management), but also in terms of IOT (Internet of Things) plaform, we now have great partners (Salesforce and Huawei), supporting the changes in our own processes to get closer to the final customer.
Our customer base being new car sales, used car sales, parts, services, mobility services, it embraces a customer base of 18 million customers. That means that the number of sales for new cars is not representative of the size of our business. It also means that we are now able to be in contact with our final customer through over-the-air updates of all the software of the car, be it car software, or of course, service software. This is now starting from 2017 and we will be deployed between now and 2021.
The Digital Employees project aims to lead the entire into the digital transformation by offering innovative means of support and profound transformations in working methods.
This project has four components:
1. digital acculturation: guide employees by offering them a common base of knowledge on uses and trends. This has been put into practice through the "Digital Passport" programme. 19,375 employees worldwide have enrolled in this programme;
2. digital employee journey: use digital technology to make employees' lives easier and offer symmetry of uses between personal life and working life;
3. development of collaborative tools for more cross-functionality in operating procedures. In 2017, the Group set up a corporate social media that now has more than 20,000 users. This network is helping to transform working practices;
4. impact of digital technology on business line skills: implementation of development and training initiatives by job family to support skills gains, such as the "start-up spirit" training.
GROUPE PSA 14
GROUPE PSA 017AMBITION & STRATEGY: DRIVING FUTURE GROWTH
ENABLER 3: OUR CSR POLICY, RESPONSIBILITY FULLY INTEGRATED INTO STRATEGYFocused major industry challenges and a key enabler of Push to Pass, Groupe PSA ’s CSR commitments are organised around 3 pillars: sustainable mobility, economic development of host regions and implementation of innovative, thoughtful social practices focused on the individual. The Group’s commitments are defined jointly by the Departments involved and the Sustainability Department. Members of the Executive Committee are responsible for the level of progress of each commitment, which is publicly disclosed in the CSR Report. Executive Senior Vice-Presidents, depending on their area of responsibility, define action plans to meet the Group CSR targets.
1. sustainable mobilityAs a technology pioneer, Groupe PSA demonstrates social responsibility in developing a portfolio of mobility services responsive to changing stakeholder expectations. Its strategy is to be present in all segments of the mobility market.
From the design and manufacturing stages, Groupe PSA is committed to optimising the use of resources by incorporating green or recycled materials into its vehicles to make them recyclable. Through its energy, water and waste practices, it works to reduce the environmental footprint of its production sites and dealership networks.
2. host region economic development
The Group’s activities have a considerable economic and social impact on its host communities. Groupe PSA recognises the responsibility this entails. As such:
n It selects suppliers that are as close to its production sites as possible and that meet its strict social and environmental standards. By acting responsibly to increase the percentage of local purchases, the Group operations contribute to the sustainable economic development of its host regions and countries;
n It supports the least privileged members of society through its corporate foundation, which funds mobility-based inclusion and access to education. It is a testament to the Group’s commitment to serving its host communities.
3. harnessing talent and paving the way for success
Groupe PSA’s economic and social performance are intrinsically linked. Reaching its objectives is a matter of effectively channelling energy and resources. The Group prioritises its relationship with employee representatives to define innovative solutions and foster trust and commitment. To support its internationalisation and effectively implement its commitment to employees, it has relied since 2010 on the Global Framework Agreement on Social Responsibility.
For more information: This Report, section 2.
CSR Report, section 1.2 CSR in the creation of value model.
STAKEHOLDERDIALOGUE
In 2017 the Group worked on updating its materiality matrix, with the new version approved by members of the Executive Committee in September 2017. The CSR issues and macro-risks were identified on the basis of business line expertise from the Group's network of CSR contributors, and were submitted for assessment by the Group's stakeholders through meetings selected according to a representative sample: consumer groups, employee and labour union representatives, employee representatives, residents living near sites, local associations, local administration, lawmakers & public authorities, research and teaching partners, NGOs, banks, financial and SRI analysts, professional associations, the start-up world.
3 GROUPE PSA 15
AMBITION & STRATEGY: DRIVING FUTURE GROWTH33.4 STRATEGIC INDICATORS
MEASURING PROGRESS
OUR BUSINESS TARGETS LONG-TERM AMBITION RESULTS 2016 RESULTS 2017
Group Revenue growth
EC
+10% by 2018 vs 2015 +15% by 2021 (1)
€54 billion (+5.8%) €65.2 billion (+20.7%)
Automotive Recurring Operating Margin
EC
For Peugeot Citroën DS (Push to Pass):n over 4.5% on average in 2016-2018(2)
n over 6% by 2021(2)
6% for Peugeot Citroën DS 7.3% for Peugeot Citroën DS
Vehicles CO2 emissions(3)
EN
45 (base 100 in 2012), -55 points by 2035 (4) 86 (-14 points vs 2012) 82 (-18 points vs 2012)
Vehicles safety
SO
80% of vehicles will offer automatic control functions from 2030 (4)
n Launch of 6 first functions of level 1 (“Assisted” stage of automated driving)
n 2 million connected vehicles (emergency call)
n 9 models equipped with level 1 driver assistance functions
n 2.9 million connected vehicles (emergency call)
Vehicle impact on air quality
ENDeploy by 2035 state of the art aftertreatment systems for internal combustion vehicles in all the countries where the Group operates (4)
n 11.4 million diesel vehicles fitted with particulate filters sold
n 12.7 million diesel vehicles fitted with particulate filters sold
n Introduction of direct-injection petrol-powered vehicles with particulate filters
Over 50% of Group sales by 2035 to be electric, fuel cell and hybrid vehicles with an emission-free mode (4)
n 25,000 electric vehicles already sold worldwide (+75% vs 2015)
n 5 electric models available
n 31,200 electric vehicles already sold worldwide
n 7 electric models available
Management of company transformations and social dialogue
SO
100% of employees to be covered by 2035 by a collective bargaining agreement or company agreement (4)
95% 98%
Vehicle and service quality customer satisfaction
EC
SO
3-month failure rate by 2035: 0 (4) 57 (World perimeter - base 100 2011) 54 (World perimeter - base 100 2011)
Recommendation rate by 2035: 109 in sales and 118 in after-sales (perimeter World - base 100 2014) (4)
112 in sales and 117 in after-sales (perimeter World except China - base 100 2011)
115 in sales and 122 in after-sales (perimeter World except China - base 100 2011)
Development of new mobility solutions
SO
ENBecome Groupe PSA’s customers’ preferred mobility services provider by 2035 (4)
Launch of the Free2Move brand 2.2M Free2Move clients (Europe & USA)
Local sourcing in host territories
EC
SO
Local sourcing rate: (4)
n 70% in Russian 80% in Latin America
n 40.3% in Russian 58.2% in Latin America
n 31.4% in Russian 59.3% in Latin America
Attracting and developping all talents SO
Guarantee by 2035 a 100% access rate to training (4) 76% 70%
(1) At constant (2015) exchange rates and perimeter (2) Recurring Operating Income related to Revenue (3) Average CO2 emissions of vehicles sold worldwide (4) Theses ambitions include Opel Vauxhall trajectories
EC Economic and financial value SO
Social value EN
Environmental value
GROUPE PSA 16
For each strategic indicator, Groupe PSA undertakes a commitment and sets a long-term target so as to lay out a specific path towards its goal, while monitoring annually its progress.
GROUPE PSA 019AMBITION & STRATEGY: DRIVING FUTURE GROWTH
3.5 CSR COMMITMENTS: OUR AMBITIONS FOR 2035
For each CSR issue, the Group undertakes a commitment, identifies a specific path towards its targeted goal, and tracks its progress: the level of achievement against each target is published in the Group’s annual CSR Report. These CSR commitments refers to the issues linked to the Push to Pass strategy. In 2017, Groupe PSA worked on a new CSR roadmap detailing 2035 ambitions, validated by the Executive Committee. The update of its materiality matrix led the Group to define new long-term ambitions in order to strengthen its capability to address CSR challenges on the long run, in alignment with the United Nation’s Sustainable Development Goals.
TARGETS 2018n For PCD, publish the results of the work carried out
with T&E, FNE and Bureau Veritas to measure NOx emissions and particles in real driving conditions;
n By the end of 2018, all new direct-injection petrol-powered vehicles sold by Groupe PSA in Europe will be fitted with particulate filters.
VEHICLE IMPACT ON AIR QUALITY
RESULTS 2017Target met:n Vehicles Euro 6 2nd step identified;n In line with our commitment, the NOx emissions
measured on these vehicles are lower than 120 mg/km;n Launch of the first direct injection petrol-powered
vehicles equipped with particulate filters by October 2017.
AMBITION 2035 (4)
Based on its technological offer and especially its lines of vehicles 100% electrified by 2025:n Achieve more than 50% of the Group's sales with
electric, fuel cells and hybrids vehicles with a no-emission mode;
n Deploy state of the art aftertreatment systems for internal combustion vehicles in all the countries where the Group operates.
TARGETS 2018
n Integration of OV with faster roll-out of technologies in line with the PACE! plan: launch of joint projects stepped up on the Group's EMP2 and CMP platforms with earlier market launch of CO2 efficient OV models and the electrified versions (electric or hybrid plug-in petrol);
n Continued launch of new EMP2 models (ranges of high-performance commercial vehicles and top-of-the range passenger vehicles) and 1st vehicle launch on the CMP platform (small, fuel-efficient lightweight vehicles).
VEHICULE CO2EMISSIONS
RESULTS 2017
Target met:n Adherence to the global average CO2 emissions
reduction trend for private or light commercial vehicles, despite a small counter performance for private cars in Europe because of the decrease of diesel and the increase higher range vehicles;
n New generation of engines (Euro 6.2) and 2 new gearboxes launched in 2017;
n DS7 Crossback launch from the efficient EMP2 platform;
n Continued development of the new light commercial vehicles PEUGEOT Expert and CITROËN Jumpy, which contribute to reduce average emissions by 8% compared to 2016 on European light commercial vehicles perimeter.;
n Reduction of the CO2 emissions by 7.6% in Brazil and 2.6% in China.
AMBITION 2035 (4)
Reduce average CO2 emissions of vehicles sold worldwide by 55% compared with 2012 levels, with the support of:n A plug-in hybrid petrol-electric powertrain;n A new range of electric vehicles;n A range of high-performance engines and lighter
vehicle platforms.
3
(4) Theses ambitions include Opel Vauxhall trajectories
GROUPE PSA 17
AMBITION & STRATEGY: DRIVING FUTURE GROWTH3
TARGETS 2018
Satisfaction n 30% of models in the Q1 of their competitive segment for satisfaction vs. 25% in
2017 (PSA satisfaction index all regions).
Three-month warranty claim rates: n Target 61 vs. 76 in 2017 (scope World - base 100 2014);n Change in the per-vehicle warranty expense: target of -18% vs. 2015
(Scope PCD world).
Recommendation rate: n Sales target of 105 (vs. 103 in 2017), after-sales target of 109 (vs. 106 in 2017)
(scope PCD world - base 100 2014);n Sales target of 101.4, after-sales target of 101.3 (scope OV - base 100 2017).
VEHICLE AND SERVICE QUALITY CUSTOMER SATISFACTION
AMBITION 2035 (4)
To be the customers’ preferred manufacturer and mobility provider:n Satisfy each customer by offering mobility solutions that meet their expectations
around the world and for all usage (overall product global satisfaction rate, compared to the TOP 3);
n Contribute, with the best level of reliability of the mobility objects, to maximize their resale value, and minimize the repair costs (3-month failure rate (target 0) and warranty cost reduction (target / 4 vs ref P2P));
n Provide the same level of excellent service to all customers anywhere, anytime (recommendation rate: 109 in sales and 118 in after-sales, perimeter World - base 100 2014).
RESULTS 2017
Target partially met:Three-month warranty claim rates:n 3-month warranty failure rate: 54 vs 50 expected (World perimeter - base 100 2011).
Recommendation rate:n Results 115 for sales and 122 for after sales
(perimeter World except China - base 100 2011);n in China: Citroën is 6th in JD Power SSI of 42 brands (vs in 5 best expected).
TARGETS 2018
n Creation of a single indicator to monitor changes in injury accidents involving a Groupe PSA vehicle;
n Groupe PSA scope: of the vehicles in production since 2011 rated by Thatcham, 90% are rated "Exceed";
n Fitting of a system to monitor alerts fed back by vehicles in the Cloud platform managed by PSA.
VEHICLE SAFETY
AMBITION 2035 (4)
Offer the customer vehicles always in the best state of the art in terms of protection:n Of the customer and all road users, with 80% of the
vehicles which will implement automated driving features from 2030;
n Of the client's property by controlling the inviolability of the vehicles (90% of vehicles with the highest Thatcham rating);
n Of the vehicle / customer data and the vehicle itself against cyberattacks (all hardware protected against cyberattacks / all alerts processed).
RESULTS 2017
Target met: Driving assistance functions are already fitted on the new Peugeot 3008, 4008 and 5008 and Traveller, the Citroën C4 Picasso, C3, C6 and SpaceTourer, and the DS 7 CROSSBACK.
(4) Theses ambitions include Opel Vauxhall trajectories
GROUPE PSA 18
AMBITION & STRATEGY: DRIVING FUTURE GROWTH3
For more information: CSR Report, sections 2. A trendsetter in sustainable mobility / 3. Human resources: enabler of performance / 4. Responsible supply chain management
/ 5. Reducing the environmental impact of manufacturing and logistics operations.
TARGET 2018
n Onboarding of 2,000 new employees (permanent contracts) into Groupe PSA.
AMBITION 2035 (4)
Exercise an agile co-construction of the company’s future with employee representatives and unions to:n Enable its rapid technological and economic
changes;n Promote the professional development of
employees and their employability;n Allow all employees to be covered by a
collective bargaining agreements or company agreement;
n Conduct this dialogue within the Global Framework Agreement which notably ensures respect for Human Rights.
MANAGEMENTOF COMPANY
TRANSFORMATIONS ANDSOCIAL DIALOGUE
RESULTS 2017Target met:n Global framework agreement on Groupe PSA’s
social responsibility signed on March 7th 2017;n Incorporation of 2,525 jobs for young people;n 1,484 job changes carried out as part of the “Top
Compétences” programme.
TARGETS 2018
n Rental through the network: 7 operational countries in Europe for PEUGEOT, and 6 for CITROËN and DS AUTOMOBILES;
n Groupe PSA offers car-sharing services, via a membership scheme, in 2 new continents: America and Asia;
n The Free2Move app has over 1 million customers;
n B2B services: • By year-end 2018, 180,000 PCD cars fitted
with Connect Fleet Management and 1,000 with Connect Fleet Sharing;
• Create a B2B offer for OV.n Set out the strategy and schedule for the
OV connected services offer in Groupe PSA’s service plan;
n Satisfaction with PCD rental, car-sharing and B2B services is 8.4 compared to 8 in 2017.
DEVELOPMENT OF NEWMOBILITY SOLUTIONS
AMBITION 2035 (4)
n Free2Move, Groupe PSA’s new mobility brand, will become customers’ preferred mobility services provider.
RESULTS 2017Target met:n Rental through the network: 5 operating
countries in Europe for PEUGEOT, and 4 for CITROËN and DS brand;
n Groupe PSA offers, through various level of participation, car sharing services in 11 cities;
n Connect Fleet Management: 95 000 vehicles equipped end of 2017.
(4) Theses ambitions include Opel Vauxhall trajectories
GROUPE PSA 19
AMBITION & STRATEGY: DRIVING FUTURE GROWTH3
TARGETS 2018 Scope PSA Europe:n Run an internal audit to ensure that the action
plan currently being implemented guarantees the level of compliance expected by the supervisory authorities;
n Prepare the teams in contact with customers and prospective customers for the requirements post-application of the GDPR (25/05/2018);
n Introduce measurement indicators for the Data Protection Officer.
For more information: CSR Report, sections 2. A trendsetter in sustainable mobility / 3. Human resources: enabler of performance / 4. Responsible supply chain management
/ 5. Reducing the environmental impact of manufacturing and logistics operations.
AMBITION 2035(4)
Respect customers privacy (including data protection, limit solicitations to those bringing a tangible benefit to the customer) and be recognized by consumers as a leading company in this mattern No conviction of the Group;n Increased quantity of audits carried out internally
and in subcontractors’ sites;n Improved position in customer surveys and
benchmarks.
RESPONSIBLE CUSTOMER DATA AND RELATIONSHIP
MANAGEMENT
RESULTS 2017Target met: n The framework study was carried out at the
beginning of 2017 and led the Executive committee to allow necessary means in June 2017. The implementation planning is defined for the whole the Group in Europe. The corresponding action plans are launched since the summer 2017.
TARGET 2018
n Increase the annual access rate to training to 80%.
AMBITION 2035 (4)
n Make the Group attractive through its talent development policy that produces quality management, empowerment and expertise. Access to training annual rate (target 100%).
ATTRACTING AND DEVELOPPING
ALL TALENTS
RESULTS 2017Target not met:n Access to training annual rate of 70%
vs 78% expected.
TARGET 2018 Reach a local sourcing rate of:n 40% in Russia ;n 58.3% in Latin America.
AMBITION 2035 (4)
n In each host territory, implement the conditions of a local sourcing via an ecosystem (suppliers, research laboratories, training centers ...) allowing a deep integration: creation of direct and indirect jobs, skill improvement, infrastructure development and value creation for the territory. (70% for Russia; 80 % for Latin America)
LOCAL SOURCING IN HOST TERRITORIES
RESULTS 2017Target not met:n 31.4 % for Russia vs 50% expected;n 59.3 % for Latin America vs 60,5%
expected.
(4) Theses ambitions include Opel Vauxhall trajectories
GROUPE PSA 20
VALUE CREATION: A SHARED AND LASTING VALUE FOR STAKEHOLDERS4
4.1 VALUE CHAIN A HOLISTIC APPROACH
Push to Pass advances Groupe PSA’s customer-centric vision: “A global car manufacturer at the forefront of efficient solutions, a leading mobility services provider”. This roadmap underlines the Group’s holistic, material and transparent approach to growth and its contribution to the mobility and future connected services value chain.
For more information: Registration Document, section 1.3 Activities and strategy.
CSR Report, section 1.2 CSR in the creation of value model. “Creator of lasting value II” Groupe PSA video.
INPUTS CAPITAL OPERATING PROCESSES OUTPUTS PRODUCTS AND SERVICES
OUTCOMES CREATION OF VALUE FOR STAKEHOLDERS
financialHaving the financial capacity to undertakeprojects and finance economic development,either in-house or from financial markets.
industrialManufacturing resources available for production,research and development, logistics.
intellectualIntangible assets such as intellectual property andorganisational capital such as tacit knowledge.
relationalStakeholder relations; ability to share informationto improve individual and collective well-being;Intangible assets associated with the brand andreputation.
humanMotivation of employees to be innovativeand adherence to governance principles, riskmanagement methods and ethical values of thecompany.
environmentalRenewable and non-renewable environmentalprocesses and resources.
RAW MATERIALS
RECYCLINGMATERIALS
DEVELOPPRODUCTSAND SERVICES
MANAGE PRODUCT END OF LIFE
DISTRIBUTION
ECO-DESIGN
USE
SELL AND DELIVER
PRODUCTION
A GREAT CAR MAKER
WITH CUTTING EDGE EFFICIENCY
multi-brandafter sales
financialleasing
multi-channelused car
new mobilityservices
A MOBILITY PROVIDER FOR A LIFETIME CUSTOMER RELATIONSHIP
For more information: Please refer to the following pages
Investors & Shareholders
Customers
Employees
Suppliers & Partners
Host Communities & Civil Society
Environment
GROUPE PSA 21
GROUPE PSA 024VALUE CREATION: A SHARED AND LASTING VALUE FOR STAKEHOLDERS
The INVESTORS & SHAREHOLDERS indicators (except the "wages to revenue" ratio) refer to the PEUGEOT, CITROËN, DS, OPEL and VAUXHALL brands. The other indicators only refer to the PEUGEOT, CITROËN and DS brands.
EC • Revenue: €65.2 billion
(1) Total R&D costs: €2.9B (Automotive division and Faurecia)
(2) Purchase of parts manufactured in the region for local production
(3) Automotive Division excluding own dealer network
INVESTORS & SHAREHOLDERSEC • Dividend: €0.53 per share
(submitted for approval at the next Shareholders’ Meeting)
EC • Current operating margin of the Automotive Division: 6.1%EC SO • Wages to revenue ratio: 10.3 (3)
EC • Free cash flow: €500M
ENVIRONMENTEC • Investments: 40% of R&D costs (1) for clean techs (positive impact
on host communities/civil society also)EN • Electrification plan: 50% of electrified vehicles by 2020
and 100% by 2025EN • Use of “green” materials in the Group’s vehicles: 30%EN • Vehicles are 95% recoverable, of which 85% reusable or recyclable
CUSTOMERSEC • Investment fund to develop mobility activities: €100M until 2021
SO EN • Mobility and connected services of Free2Move: 2.2M clients
(Europe & USA)
SO • Safety: 2.9M connected vehicles (emergency call) SO • Recommendation rate of customers in quality of service surveys between
2011 and 2017: +15 points for new vehicle purchases
+22 points for after-sales service
HOST COMMUNITIES AND CIVIL SOCIETYEC SO • Corporate Foundation donations: €2.3M donated to community organisations
EC SO • French trade balance: a trade surplus of €5.54B
(the 1st car manufacturer contributor)
EC SO • Local sourcing rate (2): 90.1% in Europe and 59.3% in Latin America
SO • Safety rating: 13 models with 5 stars in the EURO NCAP rating system
& 15 models with 5 stars in the CHINA NCAP rating system (positive impact
on customers also)
EMPLOYEES
EC SO • Personnel costs: €4.6B, including €163M variable collective
compensationSO • Training course: 70% of employees completed at least one
during the year, including 1,484 employees in an internal
professional mobility process
SO • Employees covered by collective agreements: 98%SO • Total lost-time occupational accident frequency rate: 1
SUPPLIERS AND PARTNERSEC SO • Purchase: €28.2 B
EC SO EN • CSR performance: assessment by the third-party EcoVadis on 90% of the amount
of purchases of direct material ➝ increase in average score from 47 in 2016 to
48.2/100 for Groupe PSA’s suppliersSO EN • Patents: 1,021 filed in 2017, more than 400 suppliers involved in co-innovation
SO EN • Scientific development: 6 academic chairs run in association with the PSA University
and 17 Open Labs
EC Economic and financial value SO
Social value EN
Environmental value
4.2 CREATION OF VALUE FOR STAKEHOLDERS The Group relies on continuous dialogue with its various stakeholders to build long-term responses to a number of economic, environmental, social and societal issues. To increase the positive impacts and reduce the negative impacts of its activities throughout the value chain, the Group takes specific action on each of the issues that affect it.
4 GROUPE PSA 22
VALUE CREATION: A SHARED AND LASTING VALUE FOR STAKEHOLDERS
4.3 INVESTORS & SHAREHOLDERS SUSTAINING GROWTH
After achieving the objectives of its Back in the Race recovery plan in 2015, three years earlier than expected, Groupe PSA’s priority is to secure its long-term financial performance with its current strategic plan Push to Pass.
A SECURED LONG-TERM FINANCIAL PERFORMANCE
A performance based on the rigorous execution of the strategic plans and the achievement of its operating targets, set for profitable organic growth
A growth in current operating margin of the Peugeot Citroën DS Automotive Division, which stood at 7.3% in 2017 versus 6% in 2016, compared to the objective of over 4.5% for 2016-2018, with a target of over 6% by 2021.
A 15.4% growth in volumes at 3.63 million vehicles in 2017.
A net financial position of €6,194 million, compared to €6,813 million in 2016 (manufacturing and sales companies).
A long-term performance recognised by rating agencies In July 2017, the rating agency Moody’s Investors Service awarded Groupe PSA a rating of Ba1/outlook stable.
Based on 2017 results, Fitch revised Groupe PSA's outlook to positive, at rating BB+.
In February 2018, Institutional Shareholder Services Inc. (ISS) published Groupe PSA's Environmental & Social QualityScore; Environment: 1, Social/Societal: 1 (scale: 1 = low risk, 10 = high risk).
A SUSTAINABLE PERFORMANCE SHARED EQUALLY AMONG ALL STAKEHOLDERS
A performance taking into account the interests of stakeholders in strategic or operational decisions
Responsibility is exercised within all management or executive functions of the company which allows the Group to improve its economic and financial efficiency, safeguard the value of its assets, manage risks more effectively and protect its value and sustainability in the medium to long term.
Groupe PSA won the CSR Policy Trophy at the 2017 Grand Prix de l'Assemblée Générale.
A protection of shareholders’ rights, including the views of minority shareholders
Shareholders who meet the legal and regulatory requirements may apply to have specific items or draft resolutions added to the agenda by submitting them to the company.
A sustainable dividend policy A payout ratio of 25% from the 2017 financial year.
In 2017, a dividend of €0.53 per share was put to the vote at the Shareholders’ Meeting.
For more information: CSR Report, section 1.3.3.1 Value created for its long-term investors.
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The Group has demonstrated its sustainability by being included in various specialised socially responsible investment indices.
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VALUE CREATION: A SHARED AND LASTING VALUE FOR STAKEHOLDERS
4.4 CUSTOMERS ANTICIPATING AND RESPONDING TO EXPECTATIONSGroupe PSA’s CSR policy makes customers central to the company’s processes.
A RELATIONSHIP OF TRUST BUILT ON TRANSPARENCY
To provide customers with better information, in November 2015 Groupe PSA announced a unique initiative: it now gives them access to an independent and certified measure of their real-world fuel consumption
The Group has joined forces with two NGOs – Transport & Environment and France Nature Environnement. Together they have developed a measurement protocol certified by Bureau Veritas. The Group’s customers can find these measurements on the PEUGEOT, CITROËN and DS brand websites.
In October 2017 the initiative was awarded the ECOBEST prize by an AUTOBEST panel of 28 representatives from the European media. The vote was unanimous. Groupe PSA project impressed all members of the panel, who judged it to be enterprising, in particular its scientific approach to real world consumption and emissions.
VEHICLES THAT MEET THE HIGHEST QUALITY AND SAFETY STANDARDS IN ALL MARKETS
Quality of products and services is our top priority to guarantee our customers a unique enjoyable expe-rience,specific to each brand (monitored through tuned brand programs: MyPeugeot, Citroën Advisor, DS ONLY YOU programme, MyOpel, MyVauxhall)
Recommendation rate of customers in quality of service surveys between 2011 and 2017:+15 points for new vehicle purchases+22 points for after-sales service
Safety is a vital component of mobility 13 models with five stars in the EURO NCAP rating system.15 models with five stars in the CHINA NCAP rating system.
Around €170*saved per monthin vehicle usage costs by businesscustomers in France, compared tothe previous model of this samevehicle, thanks to the environmentalperformance improvements of thePureTech engine.
* Comparison between a Euro 5 standardCITROËN C4 120 hp petrol engine passengervehicle and a Euro 6 standard 130 hp passengervehicle based on annual mileage of 30,000 kmand a fuel price of €1.40/l.
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For more information: CSR Report, section 1.3.3.2. Value created for customers.
A RESPONSIBLE SUPPLIER FOR ITS BUSINESS CUSTOMERS
Working with Groupe PSA is the assurance for business customers to demonstrate their own commitment to responsible purchasing
EcoVadis, an independent rating agency specialising in responsible purchasing, has awarded Groupe PSA the “Gold Medal” as a responsible supplier for the 3rd consecutive year.
With a score of 77/100, Groupe PSA belongs to the select group of 2% of companies whose commitment to CSR is rated Advanced.
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VALUE CREATION: A SHARED AND LASTING VALUE FOR STAKEHOLDERS4
4.5 EMPLOYEES BEING A RESPONSIBLE EMPLOYER
Groupe PSA has adopted a business strategy based on an organic, profitable and sustainable growth plan, Push to Pass. In order to capitalise on all development opportunities, the Group’s employees play a major role in its strategic plan. Together with employee representatives and the unions, the Group is fostering a culture in which everyone works together to build the future, and where teams can compete to express and develop their talent.
For more information: CSR Report, section 1.3.3.3. Value created for employees.
A CULTURE WHERE SOLUTIONS ARE DESIGNED COLLABORATIVELY
Make the quality of the dialogue and mutual trust with unions a competitive advantage for the company
98% of employees are covered by collective agreements.
AN ENVIRONMENT THAT PROMOTES HEALTH AND WELL-BEING
An industry leader in workplace health and safety The number of lost-time incidents is nine times lower than it was seven years ago.
On 26 April 2017, Groupe PSA was awarded the Healthy Workplaces Good Practices Award for actions taken in the workplace that help promote individual and collective health.
Rethinking the workplace relationship due to the possibilities afforded by new technology
3,788 employees already work from home worldwide and employees are allowed to work from home for 25 days a year.
SKILLS DEVELOPED TO TAKE OWNERSHIP OF THE CAREER
Personal development plans allow each employee to progress or diversify their skills with a wide range of teaching material or professional mobility
70% of employees completed at least one training course during the year.
More than 1,484 employees have benefited from the opportunity to learn a new occupation within the Group since 2012, as part of the “Top Compétences” scheme.
84% of employees have an annual professional review where personal development is discussed.
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VALUE CREATION: A SHARED AND LASTING VALUE FOR STAKEHOLDERS
For more information: CSR Report, section 1.3.3.4. Value created for its suppliers and partners.
4.6 SUPPLIERS AND PARTNERS MAKING AN EXTENDED COMMITMENT
Groupe PSA’s suppliers play an important role in enabling it to meet its CSR commitments. Suppliers must meet the company’s strict social and environmental standards, extending the benefits to all stakeholders and contributing to Groupe PSA’s commercial opportunities with customers. In addition to qualifying to do business with Groupe PSA in meeting its CSR criteria, suppliers also benefit by improving their product quality, optimising their processes and gaining visibility in new markets.
A DISRUPTIVE INNOVATION PROCESS
Groupe PSA is involving its key partner suppliers to meet commitments on reducing CO2 and pollutants emissions, the autonomous vehicle, etc. at a cost acceptable to customers, through science-led innovation development
1,021 patents filed in 2017.
More than 400 suppliers involved in co-innovation on technologies of the future.
The Group’s network for scientific development includes six academic chairs run in association with the PSA University and 17 OpenLabs.
A RESPONSIBLE PURCHASING APPROACH
Being a key partner supplier of Groupe PSA demonstrates a high level of economic and CSR performance and is developed through innovation partnerships with the Group, resulting in a CSR performance above average compared with other companies assessed
The Group’s listed suppliers are obtaining an average score of 48.2/100 compared to 43.1 for all suppliers assessed by the third-party CSR Assessment (assessment on 81% of purchase).
17 key partner suppliers obtaining a minimum overall score of 50/100 in the third-party CSR Assessment.
Fight against climate change: 73% of suppliers commited to reduce their CO2 emissions.
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VALUE CREATION: A SHARED AND LASTING VALUE FOR STAKEHOLDERS4
4.7 HOST COMMUNITIES AND CIVIL SOCIETY BEING A RESPONSIBLE CITIZEN
The Group employs 208,227 people worldwide. Very often, the Group is one of the leading private employers in the regions where it has manufacturing operations. As a core economic player, it assumes its social responsibility commitments in its various host communities.
For more information: CSR Report, section 1.3.3.5. Value created for host communities and civil society.
CONCRETE ACTIONS IN THE SOCIAL AND SOLIDARITY ECONOMY
Groupe PSA is committed to facilitate access to mobility for vulnerable or disadvantaged members of society through its Foundation
561 schemes sponsored since 2011.
15 solidarity garages supported in France with over 9,000 beneficiaries in 2017.
€2.3 million donated to community organisations in 2017.
PUBLIC PLEDGES TO SUPPORT THE ECONOMIC DEVELOPMENT OF HOST COUNTRIES
The Group has made a public pledge to achieve high local sourcing rates in certain regions, directly and indirectly creating jobs and bringing added value to the host communities
Local sourcing rates in 2017:Europe: 90.1%Latin America: 59.3%
With strong industrial roots in France, Groupe PSA makes a positive contribution to the French trade balance
In 2017, Groupe PSA was again the 1st car manufacturer in terms of contributions, with a trade surplus of €5.54 billion, representing a rise of 15% on 2016, and an import/export surplus of 397,000 vehicles, a 21% rise on 2016.
ACTIVE CONTRIBUTION NOW AND IN THE FUTURE, TO ROAD SAFETY FOR EVERYONE
The first mainstream car manufacturer to have deployed a wide-scale, location-aware emergency call system
Groupe PSA has 2.9 million connected vehicles, helping to improve road safety.
The first car manufacturer to receive the required authorisations to test its autonomous prototypes on the open road
150,000 km travelled in autonomous mode by Groupe PSA vehicles on Europe’s roads as of the end of 2017.
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VALUE CREATION: A SHARED AND LASTING VALUE FOR STAKEHOLDERS44.8 THE ENVIRONMENT
PRESERVING OUR PLANET
Groupe PSA is an economic actor committed to fulfilling its environmental responsibilities.
For more information: CSR Report, section 1.3.3.6. Value created for the environment.
A CONCRETE IMPACT ON CLIMATE CHANGE AND AIR QUALITY
Using technological choices, Groupe PSA focuses on having a real impact on the environment with clean tech at the core of its R&D programmes
The Group spends 40% of its R&D budget on clean technologies (in order to meet the targets for reducing vehicle fuel consumption and pollutant emissions).
Average CO2 emissions of 104.7 g/km, compared with the average of 118.5 g/km on the European passengers cars market.
Seven plug-in petrol hybrid vehicles will be launched between 2019 and 2021.
50% electrified core models by 2020 and 100% by 2025.
With the two NGOs Transport & Environment and France Nature Environnement, Groupe PSA has developed a measurement protocol certified by Bureau Veritas to give customers access to an independent and certified measure of their real-world fuel consumption.
PROACTIVE INITIATIVES FOR CARBON OFFSETTING AND BIODIVERSITY
The PEUGEOT-ONF carbon sink project sponsored in the Amazon, involving reforesting vast areas of degraded land and restoring biodiversity in the Brazilian state of Mato Grosso
An area of 1,800 hectares of virgin forest with high biodiversity value has been devoted to scientific research since 2009.
702,874 tonnes of CO2 equivalent sequestered by the biomass and soil in 17 years.
632,676 carbon credits sold (with the revenues collected systematically reinvested in the project).
TANGIBLE RESULTS FOR THE CIRCULAR ECONOMY AND SUSTAINABLE MANAGEMENT OF MATERIALS
A commitment to continued improvement based on a rigorous organization and a methodology structured around the Environmental Management System
100% of the Group's plants are certified ISO 14001.
A commitment to the circular economy to facilitate end-of-life recycling, with preference given to green materials
All Group vehicles are 95% recoverable, of which 85% reusable or recyclable.
Green materials make up 30% of the Group’s vehicles.
The Group is improving its processes increase recycling and to reduce the amount of waste
100% of metal waste is recycled.
In 20 years, waste production per manufactured vehicle has been halved.
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METHODOLOGY OF THE REPORTAn internal working group, jointly coordinated by the Sustainability Department, the Financial Communication Department and the Strategy Department, lent its expertise over the entire course of the report’s preparation.
Unless otherwise indicated, data in this report is as of December 31, 2017.
When not explicitly mentioned, the information does not concern Opel Vauxhall.
THE RATIONALE BEHIND THIS REPORTThis first Integrated Report is informed by the reference framework published by the International Integrated Reporting Council (IIRC). This Report follows an integrated approach, aligning and simplifying content, putting it into the perspective of our vision and strategy, linking material information and providing an outlook to the future.
THE REPORT’S MAIN EVOLUTIONS:n This is Groupe PSA’s first Integrated Report;n This Report aims to present the Group’s unique
vision and the specifics of its business model, reflecting its market analysis;
n This Report presents a connected and holistic approach for the presentation of economic, financial and trade information.
RELATED PUBLICATIONS
CONTACTIGROUPE PSA I RAPPORT SUR LA RESPONSABILITÉ SOCIÉTALE DE L’ENTREPRISE 2017
2017CORPORATE SOCIAL
RESPONSIBILITYREPORT
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17
REGISTRATION DOCUMENT
Including the annual financial report
-1GROUPE PSA - 2017 REGISTRATION DOCUMENT
APPENDICES – ABOUT THIS REPORT
Karine Hillaireau Head of Sustainability for the Group
Andrea Bandinelli Head of Financial Communication
Christophe Pineau Head of Strategy
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PEUGEOT S.A.Incorporated in France with issued capital of €904,828,213Governed by a Managing Board and a Supervisory Board
Registered Office: 7, rue Henri Sainte-Claire Deville - CS 60125 F-92563 Rueil-MalmaisonR.C.S. Nanterre - APE 70102 - France - siret 552 100 554 00047
groupe-psa.com
Photo credits: Groupe PSA - Opel - Vauxhall - Editions Peugeot - Julien CRESP - William CROZES - Mohamed ECH CHARQUI - Christophe GUIBBAUD - Michael MOORE - Christophe PREVOST - Nicolas ZWICKEL Advisory, Design and Rewriting: - Layout and production: AM