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This is a free translation into English of the statutory auditors’ report on the financial
statements issued in French and it is provided solely for the convenience of English-
speaking users.
The statutory auditors' report includes information specifically required by French
law in such reports, whether modified or not. This information is presented below the
audit opinion on the financial statements and includes an explanatory paragraph
discussing the auditors’ assessments of certain significant accounting and auditing
matters. These assessments were considered for the purpose of issuing an audit
opinion on the financial statements taken as a whole and not to provide separate
assurance on individual account balances, transactions or disclosures.
This report also includes information relating to the specific verification of
information given in the management report and in the documents addressed to the
shareholders.
This report should be read in conjunction with and construed in accordance with
French law and professional auditing standards applicable in France.
G.I.E. PSA Trésorerie Year ended December 31, 2015
Statutory auditors' report on the financial statements
ERNST & YOUNG et Autres
G.I.E. PSA Trésorerie Financial year ending December 31, 2015
Statutory auditors’ report
on the financial statements
To the Members,
In compliance with the assignment entrusted to us by your annual general meeting, we hereby report to you, for the
year ended December 31, 2015, on:
• the audit of the accompanying financial statements of G.I.E. PSA Trésorerie;
• the justification of our assessments;
• the specific verifications and information required by law.
These financial statements have been approved by the director. Our role is to express an opinion on these financial
statements based on our audit.
I. Opinion on the financial statements
We conducted our audit in accordance with professional standards applicable in France; those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit involves performing procedures, using sampling techniques or other methods of
selection, to obtain audit evidence about the amounts and disclosures in the financial statements. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made, as
well as the overall presentation of the financial statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial
position of the company as at December 31, 2015 and of the results of its operations for the year then ended in
accordance with French accounting principles.
II. Justification of our assessments
In accordance with the requirements of article L. 823-9 of the French Commercial Code (Code de commerce) relating
to the justification of our assessments, we inform you that our assessments were made in relation to the application of
the appropriate accounting principles, to the reasonable nature of the significant estimates used and to the overall
presentation of the financial statements.
These assessments were made as part of our audit of the financial statements taken as a whole, and therefore
contributed to the opinion we formed which is expressed in the first part of this report.
III. Verifications and specific information
We have also performed, in accordance with professional standards applicable in France, the specific verifications
required by French law.
We have no matters to report as to the fair presentation and the consistency with the financial statements of the
information given in the management report of the director and in the documents addressed to the members with
respect to the financial position and the financial statements.
Paris-La Défense, January 29, 2016
ERNST & YOUNG et Autres
French original signed by
Marc Stoessel
GIE PSA TRESORERIE
��������
SEPARATE FINANCIAL STATEMENTS
��������
2015 FINANCIAL YEAR
GIE
PS
A T
RE
SO
RE
RIE
STA
TE
ME
NT
OF
AC
CO
UN
TS
AT
31
DE
CE
MB
ER
201
5
(in
thou
sand
s of
eur
os)
20
15 F
INA
NC
IAL
YE
AR
2014
FIN
AN
CIA
L Y
EA
R
A
SS
ET
S
L
IAB
ILIT
IES
2015
FIN
AN
CIA
L Y
EA
R201
4 F
INA
NC
IAL
YE
AR
G
ross
Am
ortiz
atio
nN
etN
ET
AM
OU
NT
S
A
mou
nts
and
Pro
visi
ons
Am
ount
s
UN
CA
LLE
D S
UB
SC
RIB
ED
CA
PIT
AL
1
CA
PIT
AL:
E
Cap
ital..
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
1
15
15
INT
AN
GIB
LE A
SS
ET
S:
Q
Issu
e, m
erg
er,
con
trib
utio
n p
rem
ium
s...
....
....
....
....
....
....
....
....
....
....
..
2
NIn
stitu
tion
al c
har
ges
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
...
...
2
UR
eval
uat
ion
res
erve
s...
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
3
OR
esea
rch
& D
evel
op
men
t E
xpen
ses.
....
....
....
....
...
....
....
....
....
....
....
....
....
....
....
....
.
3I
NC
on
cess
ion
s, p
aten
ts &
sim
ilar
rig
hts
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
...
....
....
..
4T
RE
SE
RV
ES
:
-G
oo
dw
ill..
....
....
....
....
....
....
....
....
....
....
...
....
....
....
....
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....
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...
5
YL
egal
res
erve
....
....
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....
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4
CO
ther
on
go
ing
inta
ng
ible
ass
ets.
....
....
....
....
...
....
....
....
....
....
....
....
....
....
....
....
....
.
6S
tatu
tory
or
con
trac
tual
res
erve
s...
....
....
....
...
....
....
....
....
....
....
....
...
5
UA
dva
nce
s an
d d
epo
sits
on
inta
ng
ible
ass
ets.
....
....
....
....
....
....
....
....
....
....
....
7
Reg
ula
ted
res
erve
s...
....
....
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....
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....
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....
....
....
....
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..
6
R S
ubto
tal L
ines
2-7
8
Oth
er r
eser
ves.
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
.. 7
R
Ret
ain
ed e
arn
ing
s...
....
....
....
....
....
....
....
...
....
....
....
....
....
....
....
....
....
8
EP
RO
PE
RT
Y, P
LAN
T A
ND
EQ
UIP
ME
NT
:
Ear
nin
gs
for
the
year
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
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....
9
(4,0
97)
(716
)
NL
and
....
....
....
....
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....
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...
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....
....
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9
Inve
stm
ent
gra
nts
....
....
....
....
....
....
....
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....
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....
....
....
....
....
....
....
....
...
10
TC
on
stru
ctio
n..
....
....
....
....
....
....
....
....
....
...
....
....
....
....
....
....
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...
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..
10R
egu
late
d p
rovi
sio
ns.
....
....
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....
....
....
....
....
....
....
....
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....
11
Pla
nt,
mac
hin
ery
& in
du
stri
al e
qu
ipm
ent.
....
....
...
....
....
....
....
....
....
....
....
....
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....
11
AO
ther
pro
per
ty,
pla
nt
and
eq
uip
men
t...
....
....
....
...
....
....
....
....
....
....
....
....
....
....
....
..
12
SC
urr
ent
pro
per
ty,
pla
nt
and
eq
uip
men
t...
....
....
...
....
....
....
....
....
....
....
....
....
....
....
....
...
....
....
....
..
13 T
otal
Lin
es 1
-11
12
(4,0
82)
(701
)
SA
dva
nce
s an
d d
epo
sits
on
pro
per
ty,
pla
nt
and
eq
uip
men
t...
....
....
....
....
....
....
....
....
....
....
....
...
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....
14
E S
ubto
tal l
ines
9-1
4
15In
com
e fr
om
issu
e o
f p
artic
ipat
ing
sec
uri
ties.
....
...
....
....
....
....
....
....
....
....
....
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...
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....
13
T
Co
nd
itio
nal
ad
van
ces.
....
....
....
....
....
....
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....
....
....
....
....
....
....
....
....
....
....
14
SN
ON
-CU
RR
EN
T F
INA
NC
IAL
AS
SE
TS
:
Su
bo
rdin
ated
sec
uri
ties.
....
....
....
....
....
....
...
....
....
....
....
....
....
....
....
....
....
....
....
.
15
Inve
stm
ents
....
....
....
....
....
....
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....
....
....
....
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....
....
....
....
....
....
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...
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....
16
Ad
van
ces
to s
ub
sid
iari
es a
nd
affi
liate
s...
....
....
...
....
....
....
....
....
....
....
....
....
....
....
....
...
....
....
....
.
17 T
otal
Lin
es 1
3-15
16
Oth
er lo
ng
-ter
m in
vest
men
ts..
....
....
....
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18
Lo
ans.
....
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...
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...
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....
....
19
Pro
visi
on
s fo
r ri
sk..
....
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....
....
....
....
....
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....
..
17
Oth
er n
on
-cu
rren
t fin
anci
al a
sset
s...
....
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....
....
....
....
....
....
....
....
....
....
....
....
....
....
.
20P
rovi
sio
ns
for
exp
ense
s...
....
....
....
....
....
....
...
....
....
....
....
....
....
....
....
....
....
....
..
18
Sub
tota
l Lin
es 1
6-20
21
T
otal
Lin
es 1
7 &
18
19
Tot
al n
on-c
urre
nt a
sset
s....
......
......
......
......
......
......
......
......
......
......
......
......
....
22
Lo
ng-
and
shor
t-te
rm d
ebt:
INV
EN
TO
RIE
S:
C
on
vert
ible
bo
nd
s...
....
....
....
....
....
....
....
...
....
....
....
....
...
20
CR
aw m
ater
ials
, an
d o
ther
su
pp
lies.
....
....
....
....
...
....
....
....
....
....
....
....
....
23
LO
ther
bo
nd
s (N
ote
s 6
A a
nd
7).
....
....
....
....
....
....
....
....
....
....
....
....
....
.
2161
0 23
0 61
0 25
8
UW
ork
in p
rog
ress
....
....
....
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....
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....
...
....
....
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....
....
....
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...
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....
.
24I
Bo
rro
win
gs
and
deb
ts w
ith c
red
it in
stitu
tion
s (N
ote
s 6
B a
nd
7).
....
....
....
....
22
0 4
123
RIn
term
edia
te &
fin
ish
ed p
rod
uct
s...
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
25
AB
orr
ow
ing
s an
d o
ther
fin
anci
al li
abili
ties
(No
tes
6C
an
d 7
)...
....
....
....
....
....
....
....
....
....
....
...
23
11 6
05 0
62
12 7
24 7
94
RG
oo
ds.
....
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...
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..
26B
Sub
tota
l Lin
es 2
0-23
2412
215
292
13
339
175
E S
ubto
tal L
ines
23-
26
27I
NL
OP
ER
AT
ING
LIA
BIL
ITIE
S:
TR
EC
EIV
AB
LES
:I
Ad
van
ces
and
dep
osi
ts r
ecei
ved
on
ord
ers.
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
...
....
.
25
Ad
van
ces
and
dep
osi
ts p
aid
on
ord
ers.
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
28
TT
rad
e p
ayab
les
(No
te 7
)...
....
....
....
....
....
....
...
....
....
....
...
26
2 3
AT
rad
e re
ceiv
able
s ..
....
....
....
....
....
....
....
...
....
....
....
....
....
....
....
....
....
....
...
29
IT
axes
an
d p
ayro
ll co
sts
(No
te 7
)...
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
27
589
SO
ther
rec
eiva
ble
s (N
ote
s 7
an
d 8
)...
....
....
....
...
....
....
....
....
....
....
....
....
....
....
....
....
...
....
....
....
....
.
301
205
1 20
5 43
E
Sub
tota
l Lin
es 2
5-27
282
592
SS
ub
scri
bed
cap
ital -
cal
led
, u
np
aid
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
...
....
....
....
31
S
ES
ho
rt-t
erm
inve
stm
ents
(N
ote
s 5
an
d 7
)...
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
...
....
....
....
....
....
3211
411
857
11
411
857
13
571
871
O
TH
ER
LIA
BIL
ITIE
S:
TC
ash
....
....
....
....
....
....
....
....
....
....
....
...
....
....
....
.
331
041
359
1 04
1 35
9 15
947
S
D
ue
to s
up
plie
rs o
f fix
ed a
sset
s...
....
.29
²O
ther
deb
ts (
No
tes
7 a
nd
8).
....
....
....
....
....
...
....
....
....
....
....
....
....
....
....
....
....
....
...
....
....
..
301
583
1 03
7
Sub
tota
l Lin
es 2
8-33
3412
454
421
12
454
421
13
587
861
S
ubto
tal L
ines
29
& 3
031
1 58
3 1
037
Tot
al c
urre
nt a
sset
s....
......
......
......
......
....
......
......
......
......
......
......
..
3512
454
421
12
454
421
13
587
861
T
otal
liab
ilitie
s....
......
......
......
......
....
......
......
......
......
......
......
.....
......
......
......
.....
32
12 2
16 8
77
13 3
40 8
04
Pre
pai
d e
xpen
ses
(No
tes
5,6
an
d 7
)...
....
....
....
....
....
....
....
....
....
....
....
....
....
....
..
3612
496
12
496
21
261
D
efer
red
inco
me
(No
te 7
)...
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
.
3325
4 73
3 26
9 66
3
Tot
al L
ines
35
& 3
637
12 4
66 9
18
12 4
66 9
18
13 6
09 1
22
Tot
al L
ines
32
& 3
3
3412
471
610
13
610
467
Exp
ense
s to
be
amo
rtis
ed o
ver
seve
ral y
ears
....
....
....
....
....
....
....
....
....
....
....
....
..
38
Bo
nd
red
emp
tion
pre
miu
ms
(No
te 6
)...
....
....
....
...
....
....
....
....
...
3961
0 61
0 64
4
Tra
nsl
atio
n a
dju
stm
ents
– A
sset
s...
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
...
....
..
40C
on
vers
ion
ad
just
men
ts -
Lia
bili
ties.
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
...
....
....
....
.
35
TO
TA
L A
SS
ET
S:
41
12 4
67 5
28
12 4
67 5
28
13 6
09 7
66
TO
TA
L L
IAB
ILIT
IES
:
3612
471
611
13
609
766
1
GIE PSA TRESORERIE 2INCOME STATEMENT - 2015 FINANCIAL YEAR -
(in thousands of euros)
2015 FINANCIAL YEAR 2014 FINANCIAL YEAR
Sales of goods...................................................................................... 1Production sold - assets............................................................................. 2Production sold - services.............................................................................. 3TURNOVER: Lines 1-3............................................................ 4 - -
Inventory.............................................................................................. 5Capitalised production...................................................................................... 6Operating subsidies received........................................................................ 7Writebacks on amort. & provisions, expense transfers.............................................................. 8
O Other income.................................................................................................. 9
P REVENUE FROM OPERATIONS (lines 4-9) 10 - - R
E Purchases of goods..................................................................................... 11E Change in inventories of goods....................................................................... 12
R Purchases of raw materials & other supplies................................................ 13S Change in inventories of raw materials & other supplies.................................................... 14
A Other purchases & external charges (Note 9)..................................................... 15 65 632 40 788 U Taxes and other levies............................................................... 16 5 - 588
T Wages & salaries..................................................................................... 17L Social charges.............................................................................................. 18
I Operating provisions: T - For amortisation of fixed assets................................................... 19
N - For amortisation of deferred expenses.................................................... 20S - For provisions for fixed assets.................................................................. 21
G - For provisions for current assets..................................................................... 22 - - - For provisions for risks and expenses........................................................... 23Other expenses....................................................................................................... 24
OPERATING EXPENSES (lines 11-24) 25 65 627 41 376
OPERATING INCOME (lines 10-25) 26 (65 627) (41 376)
SHARE OF INCOME FROM JOINT OPERATIONS.............................................. 27
N Financial income from equity investments................................................................ 28E I Financial income from other securities & receivables from fixed assets........................................ 29 - -
T N Other interest and related income (Note 10)...................................................................... 30 313 957 373 586 C Writebacks on provisions & expense transfers (Note 10)................................................. 31 - -
F O Foreign exchange gains............................................................................ 32I M Net income on disposals of investment securities........................................ 33
N E A FINANCIAL INCOME (lines 28-33) 34 313 957 373 586
N (E C X Financial allocation to amortisation and provisions (Note 10)................................................ 35 35 25
I P Interest & similar expenses (Note 10)............................................................................... 36 252 392 332 901 A E Foreign exchange losses....................................................................... 37
L N Net expenses on sale of investment securities................................................ 38 S E) FINANCIAL EXPENSES (lines 35-38) 39 252 427 332 926
FINANCIAL INCOME (lines 34-39) 40 61 530 40 660
EARNINGS BEFORE TAXES: 41 (4 097) (716) E I X N Extraordinary income on management operations............................................. 42T C Extraordinary income on capital operations............................................. 43R O Writebacks on provisions & expense transfers................................................ 44 A MO E EXCEPTIONAL INCOME (lines 42-44) 45 - - R (E D X Extraordinary expenses on management operations............................................ 46I P Extraordinary expenses on capital operations......................................... 47N E Extraordinary allocations to amortisation & provisions.................................... 48
A NRY SE) EXTRAORDINARY EXPENSES (lines 46-48) 49 - -
EMPLOYEE SHARE OWNERSHIP.................................................................. 50
INCOME TAXES........................................................................ 51
NET INCOME FOR THE YEAR: 52 (4 097) (716)
3
GIE PSA TRESORERIE
CASH FLOW STATEMENT - 2015 FINANCIAL YEAR -
(in thousands of euros)
2015 FINANCIAL YEAR2014 FINANCIAL YEAR
NET INCOME FOR THE FINANCIAL YEAR.................. .............................………………………………………………………………………………………………………………………………………………………………………………………………………….…………………………………………………………………………………(4 097) (716)
Amortisation of fixed assets...........................................................................……………………….. Amortisation of bond repayment premiums.................................................................................... 34 34 Net change in provisions (+/-)...........................................................................................................……………………………………… (9) Gain (loss) on disposal of fixed assets ( +/-)...................................................................................
CASH FLOW..............................….………………………………………………………………………………………………………… (4 063) (691)
(Increase-) / (decrease+) Inventories and work in progress ........................................................................................... (Increase-) / (decrease+) Trade receivables.................................................................. (Increase-) / (decrease+) Other receivables .................................................................................. 18 988 12 863(Increase+) / (decrease-) Trade payables......................................................... (1) (15)(Increase+) / (decrease-) Other payables .................................................................................... (58 723) (12 541)
CHANGE IN WORKING CAPITAL REQUIREMENTS............. ..................................................... (39 736) 307
OPERATING FINANCIAL FLOWS..............……………………………… ….………………………………… (43 799) (384)
Proceeds from disposal of property, plant and equipment........................................................................................ Proceeds from disposal of investment securities...............................................................………………………….. Investment in property, plant and equipment..............................................................………………………… Acquisition of investment securities.................................................................................... Other (+/-)............................................................……………………………………………………………..
FINANCIAL FLOWS LINKED TO INVESTMENTS.............. .....................................
Dividends paid (Transparent result for members).................................................................................................…………….. 716 803Increase in capital.................................................................................…………………….. Acquisition of treasury shares...........................................................................……………….... New loans...........................................................................……………………………….. 78 000Loan repayments............................................................................................................................................ (690 336) (1 041 823)Redemption of bonds issued by company.................................................................……………………… (Increase+)/(decrease-) of other long-term debts.................................................................. 4 123(Increase-)/(decrease+) of long-term loans and receivables.............................. (78 000)Other (+/-)..................................................................................................………………………………
FLOW OF FINANCIAL OPERATIONS ..............…………………… ………………………………………….... (767 620) (958 897)
TOTAL FLOW......................................... .................................................... (811 418) (959 281)
CHANGE IN CASH..................................... ........................................ (811 418) (959 281)
Cash at the beginning of year (1)........……………………………………………………………………………………. 4 989 837 5 949 121
CASH AT 31 DECEMBER (1)............................ ............................................................ 4 178 420 4 989 837
(1) Cash at 31 December is as follows: - Current accounts debit balance 3 601 226 6 927 023– Current accounts credit balance (7 688 656) (7 624 164)- Investments (excluding debtor current accounts balance) 7 794 207 6 616 978– Bank debit balance 1 041 297 15 947- Bank credit balance (569 573) (945 947)
4 178 501 4 989 837
CONTENTS
PAGE NUMBER
STATEMENT OF ACCOUNTS 1
STATEMENT OF INCOME 2
SUPPLY AND USE TABLE 3
NOTES
________
4
NOTE NUMBER
1. Nature of operations 5
2. Composition of capital 5
3. Allocation of income 6
4. Accounting rules and methods 6
5. Short-term investments 9
6. Long- and short-term debt 10
7. Table of maturities of loans and receivables 11
8. Other loans and receivables 12
9. Other purchases and external charges 13
10. Financial income and expenses 13
11. Financial commitments 14
12. Guarantees given 15
13. Financial futures 15
14. Workforce and compensation 16
OTHER DOCUMENTS
FIVE-YEAR FINANCIAL SUMMARY
17
4
GIE PSA TRESORERIE
NOTES
The information herein constitutes the Annex to the Statement of Accounts before
distribution for the financial year ended 31 December 2015, for which the total is
€12,467,528 thousand and to the Statement of Income for the financial year, presented
as a list, showing a loss of €4,097 thousand.
The financial year is 12 months long, covering the period 1 January to 31 December 2015.
The notes and Tables 1 to 12 below, form part of the financial statements.
These financial statements were approved on 30 January 2016 by the sole Director.
The financial statements are consolidated at PSA Peugeot Citroën Group level.
5
NOTE 1: NATURE OF OPERATIONS The main purpose of the GIE PSA TRESORERIE is to execute and centralise cash operations for the industrial and commercial companies in the PSA Peugeot Citroën Group. In this capacity, the GIE PSA TRESORERIE is responsible in particular for the: - collection of all euro liquidity for companies with a cash surplus; - provision of, as part of assigned objectives, the necessary resources to
companies in need of cash; - and correspondingly, the investment or acquisition on the markets of the
surplus or net requirements of the Group resulting therefrom.
The Group also has an intermediary role in the management of interest rate risk of industrial and commercial companies in the PSA Peugeot Citroën Group.
NOTE 2: COMPOSITION OF CAPITAL
The capital of the Group consists of 300 shares with a nominal value of €50 each, fully paid up on subscription. It is distributed among the members as follows: • Peugeot SA: 297 • Automobiles Peugeot: 1 • Automobiles Citroën: 1 • Peugeot Citroën Automobiles SA: 1
------ 300
6
NOTE 3: ALLOCATION OF INCOME Surpluses and deficits at GIE are allocated to each of the members in proportion to the share they hold in the Group's capital. The Director may also decide on monthly payment instalments corresponding to the surplus recorded by the Group, cumulative from the beginning of the year.
NOTE 4: ACCOUNTING RULES AND METHODS
General accounting conventions have been applied, in accordance with the precautionary principle, and the basic assumptions that are designed to give an accurate image of the company: - the going concern principle; - consistency of accounting methods from one year to another; - segregation of accounting periods; and in accordance with the general rules for the preparation and presentation of financial statements (ANC2014.03). The basic method used for valuing items in the financial statements is the historical cost method. The main methods used are the followings: a) Loans and receivables
Loans and receivables are valued at their nominal value. A provision for depreciation is used when the asset value is less than the carrying value.
b) Short-term investments They include current account loans to subsidiaries and external investments primarily consisting of units in money market funds and other money market securities. UCITS units are valued at the net asset value on the closing date when this value is less than or equal to the carrying value, or at the guaranteed value for UCITS units with a guaranteed return.
7
The money market securities are floating-rate securities or swapped at a floating-rate; accrued interest at the closing date is recognised in profit or loss. Money market securities are valued at their likely trading value. In the case of an unrealised loss, this is recognised in the financial statements.
c) Long- and short-term debt This item includes current account receivables from subsidiaries, bonds and borrowings from PSA. Long- and short-term debt is valued at nominal value and accrued interest at the closing date is recognised in profit or loss.
d) Foreign currency transactions Income and expenses in foreign currencies are recognised at their countervalue on the date of the transaction. Liabilities, receivables and cash and cash equivalents in foreign currencies are recognised in the balance sheet at their countervalue using year-end rates. Monetary items with forward foreign exchange hedging contracts are recognised using the spot rate on the transaction date. Exchange differences observed on this occasion, between the spot rate on the date of hedging and the hedge rate, are reported in profit or loss pro rata over the term of the hedge.
e) Interest rate risk management transactions Swaps entered into via intermediaries on behalf of Group companies are systematically returned to the market in order to neutralise the interest rate risk to the Group. In terms of liquidity management, the Group conducts hedging transactions through the use of financial instruments to mitigate risks related to fluctuations in interest rates. The income generated through intermediation and liquidity hedging transactions is recognised symmetrically with the income recorded on the hedged items. A residual interest rate risk may occasionally be retained in order to take advantage of market opportunities. This risk, which is the subject of a daily
8
assessment in terms of value at risk (VAR) has no significant impact in terms of income. Non-hedged transactions are assessed on each balance sheet date at their market value; in the case of unrealised losses, a provision is recognised. The nature of the main instruments used and their amount in capital at the end of the year are shown as financial commitments (see note 11).
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11NOTE 7:
STATEMENT OF RECEIVABLES NET LESS FROM ONE TO MORE(in thousands of euros) AMOUNTS THAN ONE YEAR FIVE YEARS THAN FIVE YEARS
- CURRENT ASSETS -
Other receivables.....................................................................................................................................…………...1 205 1 205
Short-term investments.......................................................................................................................................11 411 857 11 411 857
Cash .......................................................................................................................................1 041 359 1 041 359
SUBTOTAL.......................................................................................................12 454 421 12 454 421
Prepaid expenses: Discounts on commercial paper................................. Other prepaid expenses........................................................................................................................................12 496 12 496
SUBTOTAL.......................................................................................................12 496 12 496
TOTAL 12 466 918 12 466 918
STATEMENT OF DEBTS NET LESS FROM ONE TO MORE(in thousands of euros) AMOUNTS THAN ONE YEAR FIVE YEARS THAN FIVE YEARS
- Long- and short-term debt -
Other bonds.............................................................................. 610 230 10 230 600 000
Borrowings and debts with banks........................................................ 0 0
Borrowings and other financial liabilities.......................................................................... Commercial paper..........................................................................................……………………………. Other short-term investments.............................................................................................11 605 062 9 816 597 1 788 465
SUBTOTAL.......................................................................................... 12 215 292 9 826 827 1 788 465 600 000
- OPERATING LIABILITIES -
Trade payables......................................................................................... 2 2Taxes and payroll costs .........................................................................................
SUBTOTAL........................................................................................ 3 2
- OTHER LIABILITIES -
Other liabilities.............................................................................................................…1 583 1 583
SUBTOTAL.................................................................................................... 1 583 1 583
Deferred income (1)................................................................................................ 254 733 254 733
SUBTOTAL.................................................................................................... 254 733 254 733
TOTAL 12 471 610 10 083 144 1 788 465 600 000
GIE PSA TRESORERIETABLE OF MATURITY OF RECEIVABLES AND DEBTS - 2015 -
(in thousands of euros)
(1): Primarily concerns unamortised amounts:- a premium on borrowings of €574 thousand;- a cash adjustment of €299,406 thousand lodged in November 2012 following the termination of the swap covering the bond in the amount of €600,000 thousand, which amounted to €278,520 thousand at 30/04/14, after amortisation.
12
NOTE 8: OTHER LOANS AND RECEIVABLES (in thousands of euros)
31.12.2015
31.12.2014
Other receivables: - Interest receivable
. On rate swaps........................................ 0 0
. On currency swaps............................. 0 0 - Other receivables 1,205 43 ---------- ---------- 1,205 43 ===== ======
31.12.2015 31.12.2014
Other liabilities: - Interest payable . On rate swaps................................... 0
0
. On currency swaps............................. 0 0 - Expenses payable 0 0
- Other payables 1,583 1,037 ---------- ---------- 1,583 1,037 ===== =====
NOTE 9: OTHER PURCHASES AND EXTERNAL CHARGES (in thousands of euros) 31.12.2015 31.12.2014
Other purchases and external charges 65,632 40,788 ............Of which termination fees
55,365
29,093
The change in Other purchases and external charges is mainly due to termination fees paid by Peugeot S.A. as part of the repayment of bonds issued, and then recharged to GIE PSA Trésorerie during 2015.
13
NOTE 10: GIE PSA TRESORERIE
DETAILED FINANCIAL INCOME AND EXPENSES - 2015 FINANCIAL YEAR -
FINANCIAL INCOME TOTAL MEMBERS ASSOCIATES EXCL. (in thousands of euros) ASSOCIATED GROUP
Other interests & related income 313 957 137 203 149 731 27 023
Income on ordinary current accounts................................................................................281 340 137 000 144 340
Income from other intercompany investments....................... 5 391 5 391
Income from short-term investments ...................................................................................................................................27 023 27 023
Other income................................................................................ 203 203
Writebacks on provisions & expense transfers
Writebacks on provisions................................................................................
GENERAL TOTAL 313 957 137 203 149 731 27 023
FINANCIAL EXPENSES TOTAL MEMBERS ASSOCIATES EXCL. (in thousands of euros) ASSOCIATED GROUP
Financial allocations to amortisation and provisions (35) (35)
Allocations to amort. Bond redemption premiums.............................. (35) (35)
Provisions................................................................................
Interest & similar charges (252 392) (208 100) (8 318) (35 974)
Interest on ordinary current accounts...................................... (2 403) (2 403)
Interest on other intra-group cash loans...........................
Interest on other external funding.............................................................................................................................
Interest on borrowings...................................................................................................................................(244 117) (208 100) (43) (35 974)
Other expenses................................................................ (5 872) (5 872)
GENERAL TOTAL (252 427) (208 100) (8 318) (36 009)
(in thousands of euros)
14
NOTE 11: FINANCIAL COMMITMENTS (in thousands of euros)
31.12.2015 31.12.2014
Commitments received
. Deposits received on bonds......... 600,000 600,000 Of which related companies ======= =======
. Commitments received on financing......... 3,000,000 2,400,000 Of which related companies ======= ======= -------------- -------------- 3,600,000 3,000,000
From April 2014, Peugeot S.A. and the GIE PSA Trésorerie have access to a confirmed credit line totalling €3 billion. It is constituted of tranche A totalling €2 billion with a maturity of five years and tranche B totalling €1 billion with a maturity of three years with two optional one-year extensions. This new line substitutes for the confirmed credit line of €2.4 billion, which matures in July 2015.
The drawing of this credit line is conditional according to compliance with the following:
• a net debt ratio for the Group's industrial and commercial companies to Group equity of less than 1. The definition of net debt is indicated in Note 12.3 of the consolidated financial statements;
• a net level of indebtedness of the industrial and commercial companies not exceeding €6 billion.
This facility was undrawn at 31 December 2015. 31.12.2015 31.12.2014
Commitments given
Commitments given on financing......... 4,356 2,202 Of which related companies 4,356 2,202 -------------- -------------- 4,356 2,202
Changes with respect to commitments given are explained by the expiry of the TPCA credit line at 31 December 2014.
15
NOTE 12: GUARANTEES GIVEN As part of the renewal of the Peugeot S.A. bond issue program in 2013, the GIE PSA Trésorerie granted a joint and several guarantee to subscribers to the following bond issues:
- €500,000,000 with interest at 5.00% as of 28 October 2010 and maturing in October 2016;
- €150,000,000 with interest at 5.00% as of 26 January 2011 and maturing in October 2016;
- €500,000,000 with interest at 6.875% as of 30 September 2011 and maturing in March 2016;
- €600,000,000 with interest at 5.625% as of 11 April 2012 and maturing in July 2017;
- €1,000,000,000 with interest at 7.375% as of 6 March 2013 and maturing in March 2018;
- €600,000,000 with interest at 6.5% as of 18 September 2013 and maturing in January 2019.
On 28 November 2013, the GIE PSA Trésorerie signed a guarantee agreement in favour of the European Investment Bank for an amortisable loan granted on 8 October 2013 to Peugeot Citroën Automobiles for an amount of €300 million and five-year term. This loan was drawn on 16 December 2013. NOTE 13: FINANCIAL FUTURES (nominal value in thousands of euros) 31.12.2015 31.12.2014 - Hedging of currency risk: . Currency swaps........................................ . Exchange swaps.....................................
0
24,154 --------------
24,154
0
31,035 -------------- 31,035
- Interest rate risk management transactions: . Interest rate swaps backed by cash transactions ...........................................
0
0
. Interest rate swaps............................. 0 0 --------------
--------------
0 0
16
NOTE 14: WORKFORCE AND COMPENSATION GIE PSA TRESORERIE has no employees. Its sole Director is not paid.
20
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ide
nd
pa
id p
er
sha
re
(13,
658)
(2,3
88)
(2,6
75)
(1,2
32)
(7,0
15)
= C
ompr
ehen
sive
inco
me
(1
3,65
8)(2
,388
)(2
,675
)(1
,232
)(7
,015
)
IV -
WO
RK
FO
RC
E
a -
Ave
rag
e n
um
be
r o
f e
mp
loye
es
b
- A
mo
un
t of
pa
yro
ll
c -
Am
ou
nts
pa
id f
or
em
plo
yee
be
ne
fits
(so
cia
l se
curi
ty, o
the
r so
cia
l be
ne
fits,
etc
.)
(*)
Tax
con
solid
atio
n gr
oup
17
(in e
uros
)
GR
OU
P E
AR
NIN
GS
OV
ER
TH
E L
AS
T F
IVE
YE
AR
S
GIE
PS
A T
RE
SO
RE
RIE
