PSA - 2019 Universal Registration Document

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MESSAGE OF THE CHAIRMAN OF THE MANAGING BOARD4
KEY FIGURES5
1. GROUPE PSA7
1.1. HISTORY AND HIGHLIGHTS OF THE COMPANY’S BUSINESS8
1.2. ORGANISATIONAL STRUCTURE9
1.2.1. Group organisational structure – functions9
1.2.2. Group organisation9
1.2.3. Parent-subsidiary relationships10
1.2.4. Simplified organisational structure at 31 December 201910
1.3. ACTIVITIES AND STRATEGY11
1.3.1. Business model11
1.3.2. Main activities of the Group11
1.3.3. The Group’s strategic trends22
1.4. RISK MANAGEMENT AND INTERNAL CONTROL PROCEDURES23
1.4.1. Internal control objectives for the Group23
1.4.2. Reference framework23
1.4.3. Internal control principles23
1.4.4. Participants and processes24
1.4.5. Preparation and processing of accounting and financial information26
1.4.6. Tasks underlying the preparation of the Report on internal control27
1.5. RISK FACTORS27
1.5.1. Strategy-related risks29
1.5.2. Operational and industrial risks32
1.5.3. Financial and market risks39
1.5.4. Regulatory, legal and consumer risks41
1.5.5 Risks Related to the PSA-FCA Merger44
1.6. VIGILANCE PLAN47
1.6.1. Mapping of the risks covered by the vigilance plan47
1.6.2. Assessment of the situation in connection with risks covered by the vigilance plan48
1.6.3. Actions to mitigate risks49
1.6.4. Mechanism for alerting50
1.6.5. Monitoring of the measures implemented50
2. DECLARATION ON EXTRA-FINANCIAL PERFORMANCE53
2.1. SOCIAL RESPONSIBILITY: AN INTEGRAL PART OF THE GROUP’S STRATEGY54
2.1.1. The Group’s main CSR risks54
2.1.2. The Group’s CSR policy54
2.1.3. Dialogue with the Group’s stakeholders55
2.2. EMBRACING ENVIRONMENTAL ISSUES57
2.2.1. Incorporating environmental issues into product and service design57
2.2.2. Environmental aspects of Groupe PSA industrial activities64
2.3. SOCIETAL COMMITMENT TO SUSTAINABLE DEVELOPMENT73
2.3.1. Responsible supply chain management73
2.3.2. Consumer safety and protection76
2.3.3. Ethical practices – anti-corruption77
2.3.4. Partnerships and sponsors to promote local community development79
2.4. HUMAN RESOURCES: DRIVING GROUPE PSA TRANSFORMATION79
2.4.1. Social dialogue79
2.4.2. A responsible employment policy81
2.4.3. Developing human capital83
2.4.4. Well-being, health and safety at work85
2.4.5. Diversity and equal opportunity88
2.5. GROUPE PSA CSR PERFORMANCE89
2.6. REPORT BY THE INDEPENDENT THIRD PARTY, ON THE CONSOLIDATED NON-FINANCIAL STATEMENT INCLUDED IN THE GROUP MANAGEMENT REPORT90
2.7. REPORTING SCOPE, METHODOLOGY AND CROSS-REFERENCE TABLES93
2.7.1. Reporting scope93
2.7.2. Reporting methodology94
2.7.3. Cross-reference table with regulatory requirements94
3. CORPORATE GOVERNANCE97
3.1. MANAGEMENT AND SUPERVISORY BODIES98
3.1.1. The Executive Management of Groupe PSA and the Managing Board98
3.1.2. The Supervisory Board102
3.1.3. Preparation and organisation of the Supervisory Board’s work120
3.1.4. Disclosures on the situation of members of the Supervisory Board and Managing Board128
3.1.5. Trading in the Company’s securities by corporate directors and officers and their close relatives128
3.1.6. Application of the AFEP-MEDEF Corporate Governance Code129
3.1.7. Attendance of shareholders at Peugeot S.A. Shareholders’ General Meetings and publication of information which may have an impact in the event of a Public Tender Offer for the Company’s shares129
3.2. COMPENSATION OF COMPANY OFFICERS130
3.2.1. Compensation policy applicable to members of the Managing Board and its Chairman130
3.2.2. Principles and criteria for determining the compensation for the members of the Supervisory Board and its President136
3.2.3. Components of compensation and benefits allocated to executive company officers for the 2019 financial year137
3.2.4. Details of the compensation for Members of the Managing Board (Table no. 1 AFEP-MEDEF Code)138
3.2.5. Components of compensation and benefits due and allocated to the Chairman of the Supervisory Board in respect of the 2019 financial year and the members of the Supervisory Board147
3.2.6. Components of compensation and benefits paid in respect of the 2019 financial year by the members of the Supervisory Board147
3.2.7. Remuneration ratios149
4. ANALYSIS OF THE BUSINESS AND GROUP OPERATING RESULTS IN 2019 AND OUTLOOK153
4.1. ANALYSIS OF CONSOLIDATED INTERIM OPERATING RESULTS154
4.1.1. Group profit (loss) for the period154
4.1.2. Group revenue154
4.1.3. Group Adjusted Operating Income* (loss)155
4.1.4. Other items contributing to Group profit (loss) for the period155
4.1.5. Banque PSA Finance156
4.1.6. Faurecia156
4.2. FINANCIAL POSITION AND CASH157
4.2.1. Net financial position and financial security of manufacturing and sales companies157
4.2.2. Free cash flow from manufacturing and sales operations157
4.2.3. Liquidity and funding of finance companies158
4.2.4. Provisions for warranties158
4.2.5. Pensions and other post-employment benefits158
4.2.6. Information concerning any restrictions on the use of shareholders’ equity having a significant influence on or likely to significantly influence Company transactions158
4.2.7. Information regarding the anticipated sources of funds needed to fulfil certain commitments158
4.3. PARENT-COMPANY RESULTS159
4.4. MAJOR CONTRACTS161
4.5. INVESTMENT IN RESEARCH & DEVELOPMENT164
4.5.1. The R&D strategy in the “Push to Pass” plan164
4.5.2. Groupe PSA technological response165
4.5.3. Groupe PSA Innovation167
4.5.4. R&D effectiveness168
4.6. RECENT EVENTS AND OUTLOOK170
4.6.1. Recent events170
4.6.2. Trend information170
4.6.3. Profit forecasts or estimates170
5. CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2019171
5.1. CONSOLIDATED STATEMENTS OF INCOME172
5.2. CONSOLIDATED COMPREHENSIVE INCOME173
5.3. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION174
5.4. CONSOLIDATED STATEMENTS OF CASH FLOWS176
5.5. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY177
5.6. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2019178
5.7. SUPERVISORY BOARD’S REPORT: COMMENTS BY THE SUPERVISORY BOARD ON THE MANAGING BOARD’S REPORT AND ON THE FINANCIAL STATEMENTS OF THE PERIOD260
5.8. STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS262
6. PEUGEOT S.A. FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019267
6.1. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019268
6.2. BALANCE SHEET AT 31 DECEMBER 2019269
6.3. CASH FLOW STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019271
6.4. NOTES TO PEUGEOT S.A. FINANCIAL STATEMENTS272
6.5 COMPANY FINANCIAL RESULTS FOR THE PAST FIVE YEARS288
6.6. STATUTORY AUDIT REPORT ON THE FINANCIAL STATEMENTS289
6.7. STATUTORY AUDITORS’ REPORT ON RELATED PARTY AGREEMENTS293
7. INFORMATION ABOUT THE COMPANY AND ITS SHARE CAPITAL297
7.1. INFORMATION ON PEUGEOT S.A.298
7.1.1. Name of the Company298
7.1.2. Registered office – Governing law – Legal form298
7.1.3. Date of incorporation and length of life298
7.1.4. Place of registration and Company registration number298
7.1.5. By-Laws298
7.2. INFORMATION ON THE SHARE CAPITAL300
7.2.1. Share capital and voting rights300
7.2.2. History of the share capital300
7.2.3. Shares not representing capital300
7.2.4. Change in share capital300
7.2.5. Stock options and performance share grants300
7.2.6. Potential share capital301
7.2.7. Authorisations in effect301
7.3. OWNERSHIP STRUCTURE303
7.3.1. Capital and voting Rights Structure at 31 December 2019303
7.3.2. Different voting rights304
7.3.3. Shareholders’ agreement304
7.3.4. Measures taken by the Company to ensure that control is not abused304
7.4. CORPORATE FINANCIAL INSTRUMENT MARKETS305
8. ADDITIONAL INFORMATION307
8.1. PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT308
Person responsible for the 2019 Universal Registration Document308
Statement by the person responsible for the 2019 Universal Registration Document308
Person responsible for financial information308
8.2. HISTORICAL FINANCIAL INFORMATION309
For financial year 2018309
For financial year 2017309
Date of latest financial information309
8.3. DOCUMENTS AVAILABLE TO THE PUBLIC309
8.4. PERSONS RESPONSIBLE FOR AUDITING THE ACCOUNTS310
8.4.1. Statutory Auditors310
8.4.2. Alternate Statutory Auditors310
8.4.3 Fees paid to the Auditors310
8.5. CROSS-REFERENCE TABLES311
8.5.1. Cross-reference table on the Report of the Managing Board311
8.5.2. Cross-reference table on the Annual Financial Report312
8.5.3. Cross-reference table of the Universal Registration Document - Annexes 1 and 2 of the delegated European Union Regulation (EU) 2019/980 of 4 March 2019 supplementing Regulation (EU) 2017/1129 of 14 June 2017313

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