PSA - 2019 Universal Registration Document

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

Analysis by maturity A.

31/12/2019

31/12/2018

31/12/2017

(in million euros)

Less than one year > Two to five years > Beyond five years >

40

95

150 257

226

230

-

-

-

TOTAL

266

325

407

Analysis by repaymentcurrency B. All bonds are mainly repayable ineuros. Other financial liabilities canbe analysed as followsby repaymentcurrency:

31/12/2019

31/12/2018

31/12/2017

(in million euros)

EUR USD ARS

-

-

2

223

218

209

-

66

142

Other currencies

43

41

54

TOTAL

266

325

407

Credit lines C.

31/12/2019

31/12/2018

31/12/2017

UNDRAWN CONFIRMED LINES OF CREDIT

150

235

301

Financingstrategyimplementedin 2019 At 31 December2019, the only financingof BanquePSA Financeis derived from the bondissues. The bankalsohas liquidity reserves of €454 million. Renewalof bank facilities Details ofbank facilitiesare provided in Note 13.3.C. Covenants The revolving bilateral lines of credit (for a total outstanding amount of €150 million)signed by Banque PSA Finance have the customary acceleration clausesfor such arrangements. In additionto thesecovenantsrepresentingmarketpractices,these credit facilitiescontinueto requireretentionof bankingstatus,and the compliancewith a “CommonEquityTier One”capitalratioof at least11%. Interest rate risk (2) Banque PSA Finance’s policy aims to measure, ring fence in the context of stress scenariosand if necessaryreduce the impact of changesin interestrates using appropriatefinancialinstrumentsto match interest rates on the loansandthe relatedrefinancing. The implementation of this policy is monitored by the ALM Committeeand the Risk ManagementCommitteeof Banque PSA Finance.

At 31 December 2019, the credit lines totalling €150 million are detailed asfollows: €150 million in undrawnrevolvingbilaterallines. n MANAGEMENT OFFINANCIAL RISKS 13.4. Financial risk management policy A. Most of the financingactivitiesfor the networksand customersof Groupe PSA brands are now managedby the joint ventureswith Santanderand with BNP Paribas,which providethe financingand apply their riskmanagement policies to them. The risk managementdiscussedbelow relates to the activitiesof BanquePSAFinance itself. Liquidity risk (1) The financingstrategyof BanquePSAFinanceis definedunderthe direction ofthe governing bodies of Banque PSAFinance. Banque PSA Finance’s capital structure and equity ratio comply with the latestregulatoryrequirements, reflectingthe qualityof the bank’s assets. Its financingis ensuredby the broadestpossiblerange of liquidity sources, matching of maturities of assets and liabilities. The implementationof this policy is monitoredby the ALM Committee and the Risk ManagementCommitteeof BanquePSA Financewith in particularmonitoringand forecastingof regulatoryliquidityratios andmonitoringof financing plans drawn up by coherent region. Since the establishment of local partnerships with Santander, Banque PSA Finance is no longer responsiblefor financingthese entities.

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PSA - GROUPE PSA - 2019 UNIVERSAL REGISTRATION DOCUMENT