PSA - 2019 Universal Registration Document

PEUGEOT S.A. FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 Notes to Peugeot S.A. Financial statements

FINANCIAL COMMITMENTS NOTE 21

31/12/2019

31/12/2018

(in million euros)

Commitments received Syndicated line of credit (1) >

3,000.0 2,451.7 386.9 5,838.6

3,000.0

Bank guarantee (2) >

1,857.7 408.3

Income tax reallocations (3) >

TOTAL

5,266.0

Commitments given Guarantees for loans obtained by: Peugeot S.A. subsidiaries (4) >

880.7

893.5

-

-

Other companies >

Other commitments given on behalf of: Peugeot S.A. subsidiaries (5) >

622.9

392.6 128.2

GM US subsidiaries (6) > Other companies (7) > Financial instruments (8) >

91.2

707.4 312.0

50.5

-

TOTAL

2,614.2

1,464.8

Commitments received include: Peugeot S.A. and GIE PSA Trésorerie have, from April 2014 forward, a confirmed line of credit in the amount of €3 billion with a maturity (1) extended for five years (May 2023) by a amendment on 24 May 2018. It comprises a single tranche with two one-year extensions. It was undrawn at 31 December 2019. Of which 2,450.0 million corresponding to the collateral extended by GIE PSA Trésorerie to cover the bond issues contracted by Peugeot (2) S.A. Allocations to certain subsidiaries of income tax previously paid by Peugeot S.A., which these subsidiaries have undertaken to repay to (3) Peugeot S.A. when they return to profit. Following the acquisition of Opel Vauxhall by Peugeot S.A. on 31 July 2017, the Company benefits from guarantees granted by General Motors. These guarantees cover losses and damages relating to various risks prior to the acquisition date, including tax adjustments, the costs of certain recall campaigns and penalties resulting from possible non-compliance with environmental regulations. Commitments given include: €600 million in guarantees made by Peugeot S.A. in 2011 as part of a €600 million bond issue by GIE PSA Trésorerie maturing (4) September 2033. - €280.7 million the other guarantees mostly concern loans obtained by subsidiaries from the European Investment Bank and the EBRD. €15.5 million, the equivalent of outstanding loans by Banque PSA Finance to Group subsidiaries at 31 December 2019, that Peugeot S.A. is (5) committed to repaying in the event of default by the subsidiaries concerned. - €69.4 million, representing the letters of intent signed by Peugeot S.A. to guarantee the rental payments due under the leases signed by France and UK Retail. - €30.9 million, representing tax guarantees to the Italian authorities. - €135.0 million, representing bank guarantees of the lnvestments realised by PCA Maroc. - €216.2 million, correspond to first-demand guarantees. - €80.0 million, correspond to guarantees relating to a factoring contract with several Group companies. - €41.2 million, representing Corporate guarantees to Peugeot and Citroën Italia and Peugeot Motor Company. €91.2 million correspond to the bank guarantees given by Peugeot S.A., for the benefit of the Opel’s subsidiaries. (6) €40.0 million correspond to the guarantees given by Peugeot S.A. for the Rueil rental. (7) - €667.4 million corresponds to the commitment, subject to certain conditions, of Peugeot S.A.’s share buyback programme from Dongfeng Motor Group. €312.0 million represent the nominal amounts of the loans hedged by interest rate swaps. (8)

PENSION OBLIGATIONS NOTE 22

At 31 December 2019, the projected benefit obligationamounted to€49.0 million. Benefit compensation for servicesrenderedis funded inthe amountof €24.6 million paidinto external funds.

UNRECOGNISED DEFERRED TAXES NOTE 23

Deferred taxes arising from differences between the recognitionof income and expenses for financial reporting and tax purposes representeda net deferred tax asset of €258.4 millionat 31 December2019, comprising€179.8 millionfor losses carried forward and €78.6 millionas a temporarydifference. There are no deferred tax liabilities.

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GROUPE PSA - 2019 UNIVERSAL REGISTRATION DOCUMENT