PSA - 2019 Universal Registration Document

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

RECONCILIATION BETWEEN THEORETICAL INCOME TAX IN FRANCE AND INCOME 14.2. TAX IN THE CONSOLIDATED STATEMENT OF INCOME Thisreconciliationcoversthe fullresults of consolidated companiesregardless of their classification in the statementof income.

2019

2018

2017

(in million euros)

Income (loss) before tax of fully-consolidated companies

4,324 34.4%

3,954 34.4%

2,836 34.4%

French statutory income tax rate for the period

Theoretical tax expense for the period based on the French statutory income tax rate

(1,489)

(1,361)

(976)

Tax effect of the following items:

-

-

-

Permanent differences >

97

(202)

116 80 27 133

Income taxable at reduced rates >

4

77

16

21

Tax credits >

Effect of differences in foreign tax rates and other >

251

202

Income tax before impairment losses on the French tax group

(1,121) 25.9%

(1,263)

(620) 21.9%

Effective tax rate applicable to the Group French tax group of Peugeot S.A. >

31.9%

-

-

-

Utilisation during the fiscal year of previously unrecognised - losses Capitalisation of deferred taxes on previously unrecognised tax - loss carryforwards Deferred taxes on tax loss carryforwards outside of the Peugeot > S.A. French tax group

90

171

52

254

390

82

61

87

(213)

INCOME TAX EXPENSE

(716)

(615)

(699)

Effective tax rate applicable to the Group after recognition of deferred taxes losses

16.6%

15.6%

24.6%

Tax credits include researchtax credits that do not meetthe definitionof government grants.

CHANGE IN TAX ITEMS ON THE STATEMENT OF FINANCIAL POSITION 14.3. Analysis by nature A.

31 December 2019 31 December 2018 31 December 2017

(in million euros)

Current taxes Assets

221

376

353

Liabilities

(469) (248)

(525) (149)

(234)

Net current taxes Deferred taxes Tax credits

119

12

12

13

Gross value - excluding Faurecia

3,896

4,136

4,274

Impairment of assets or assets originally unrecognized - excluding Faurecia

(3,062)

(3,256)

(3,719)

Gross amount - Faurecia

734

703

733

Impairment of assets or assets originally unrecognized - Faurecia Total deferred tax assets on tax losses carry forward

(569)

(564) 1,019

(671)

999

617

Research and development costs

(1,204)

(1,092)

(979)

Amortization (excluding regulated depreciation) Regulated provisions and special amortization

(7)

81

(11)

(759)

(739)

(677)

Provisions for pensions

130

159

21

Inventories

95

91

72

Provisions for risks and charges

692 142

794

782

Other

(256) (962)

(80)

Other deferred tax assets and liabilities (excluding Faurecia)

(911)

(872)

242

PSA - GROUPE PSA - 2019 UNIVERSAL REGISTRATION DOCUMENT