Groupe PSA achieves strong profitability in H1 2019


  • €38.3 billion Group revenue
  • 8.7% Automotive division1 recurring operating margin2
  • 8.7% Group recurring operating margin
  • €1.599 billion Group3 free cash flow4 including the acquisition of Clarion by Faurecia
  • €2.287 billion Automotive division free cash flow


Carlos Tavares, Chairman of Groupe PSA Managing Board said: “Thanks to our focus on our strategic plan execution, we have delivered strong Free Cash Flow and Recurring Operating Margin in H1. We are ready for electrification and to embrace the next technological challenges. Our agility and aligned management team remain key assets to reach the targets of the Push to Pass plan.”

Group revenue amounted to €38,340 million in the first half of 2019, down by 0.7% compared to 2018 H1. Automotive division revenue amounted to €30,378 million down by 1.1% versus 2018 H1, mainly driven by product mix (+2.9%) and price (+1.3%), which partially offset the decrease of sales to partners (-2.2%), the negative impact of exchange rates (-0.8%), volumes and country mix (-1.4%) as well as others (-0.9%).

Group recurring operating income amounted to €3,338 million, up 10.6% with Automotive recurring operating income up 12.6% at €2,657 million. This 8.7% strong profitability level was reached thanks to a positive product mix and further cost reductions, despite exchange rate headwinds.

Group recurring operating margin reached 8.7%, up 0.9 pt versus 2018 H1.

Group non-recurring operating income and expenses amounted to -€847 million, compared to -€750 million in 2018 H1.

Group net financial expenses decreased to -€166 million compared to -€218 million in 2018 H1.

Consolidated net income reached €2,048 million, an increase of €335 million compared to 2018 H1. Net income, Group share, reached €1,832 million, up €351 million compared to 2018 H1.

Banque PSA Finance reported recurring operating income of €513 million5, up 0.6%.

Faurecia recurring operating income was €634 million, down 1.2%.

The free cash flow of manufacturing and sales companies was €1,599 million of which €2,287 million for the Automotive division.

Total inventory, including independent dealers and importers6, stood at 659,000 vehicles at 30 June 2019, at the same level as 30 June 2018.

The net financial position of manufacturing and sales companies was €7,906 million at 30 June 2019 after IFRS 16 effect and Clarion acquisition by Faurecia

Market outlook: in 2019, the Group anticipates a decrease by 1% of the automotive market in Europe, by 4% in Latin America and by 7% in China and growth of 3% in Russia. 

Operational outlook:

Groupe PSA has set the target to deliver over 4.5% Automotive recurring operating margin7 on average for the period 2019-2021.

Link to the presentation of H1 2019.

Financial Calendar

23 October 2019: Third-quarter 2019 revenue

Groupe PSA consolidated financial statements at 30 June 2019 were approved by the Managing Board on 23 July 2019 and reviewed by the Supervisory Board on 23 July 2019. The Group's Statutory Auditors have completed their audit and are currently issuing their report on the consolidated financial statements.

The interim results report and interim financial results presentation for 2019 are available at, in the “Analysts and Investors” section.


[1] Automotive Division (PCDOV)

[2] Recurring operating income related to revenue

[3] Sales and manufacturing companies

[4] Free Cash Flow = Cash flow + restructuring + change in working capital requirement + capex and capitalized R&D

[5] 100% of the result of Banque PSA Finance. In the financial statements of Groupe PSA, joint ventures are consolidated using the equity method.

[6] Including Peugeot importers outside Europe

[7] Automotive Division (PCDOV) recurring operating income related to revenue



Karine Douet
Tel.: +33 6 61 64 03 83