PSA - 2019 Universal Registration Document

CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2019 Notes to the Consolidated Financial Statements at 31 December 2019

Analysis ofthe change in the statement of financialposition’s items B. Analysis bytype (1)

2019 (in million euros)

At 1 January

At 31 December

Inventories

(6,710) (1,929)

(6,269) (2,526) 14,505

Trade receivables Trade payables

13,551

Income taxes

159

251

Other receivables Other payables

(2,390)

(2,827)

8,265

8,840

Derivative financial instruments on operating TOTAL MANUFACTURING AND SALES COMPANIES

(51)

29

10,895

12,003

Finance companies and eliminations

(37)

(46)

TOTAL WORKING CAPITAL

10,858

11,957

Movementsof the year of themanufacturing and sales companies’s working capital (2)

2019

2018

2017

(in million euros)

At 1 January

10,895

9,110 2,022 (269) (120)

7,283

Cash flows from operating activities Cash flows from investing activities

1,110

74

(108) (124)

(144) 1,898

Changes in scope of consolidation and other

Translation adjustment

193

164 (12)

28

Revaluations taken to equity

37

(29)

AT 31 DECEMBER

12,003

10,895

9,110

The changein workingcapitalin the consolidatedstatementof cash flowsat 31 December2019 (€1,173 millionpositiveeffect)corresponds to cash flows from operatingactivities(€1,110 millionpositiveeffect), exchangedifferences(€40 millionnegativeeffect), change in the ineffectiveportion of currency options(€35 million positive effect) andothermovements(€68 millionpositiveeffect).

2019

2018

2017

(in million euros)

Cash flows from operating activities of manufacturing and sales companies

1,110 (40)

2,022 (37) (97) (281)

74

Exchange differences

15

Change in the ineffective portion of currency options

35 68

28

Other changes

6

Change in working capital - Manufacturing and sales companies

1,173

1,607

123

Finance companies and Eliminations

(41)

54

(77)

Change in working capital in the statement of cash flows

1,132

1,661

46

In 2018, the Other changes (€281 millioneuros) mainly resulted from IFRIC 23 for € 264 millioneuros (reclassificationof provision to corporate taxdebt for€ 88 millioneurosandadditionalcorporate tax debt for uncertain tax position for € 176 million euros).

197

PSA - GROUPE PSA - 2019 UNIVERSAL REGISTRATION DOCUMENT