LETTER FROM THE BOARD

Laurent AUBINEAU

Chief Executive Officer

IN A YEAR DISRUPTED BY THE HEALTH CRISIS AS WELL AS THE SHORTAGE OF SEMICONDUCTORS, THE PSA BANQUE GROUP FRANCE WAS ABLE TO GENERATE OPERATING INCOME OF OVER €416 MILLION IMPROVING BY NEARLY 19% COMPARED TO 2020.

Headwinds have limited the market growth

Disturbed by these headwinds, the French car registration market grew by only 1.9% in 2021. The Peugeot, Citroën and DS brands of STELLANTIS saw lesser performance, with a market share of 29.4% compared to 30.1% in 2020. After a historic year in 2020, the Peugeot brand represents 17.3% of domestic registrations vs. 18.2% in 2020. By maintaining their market share at 10.9% and 1.1% respectively, the brands Citroën and DS strengthen STELLANTIS’ presence in the market.

innovative and flexible formulas

The PSA Banque France Group, for its part, committed to its main mission, namely to support the Peugeot, Citroën and DS brands of STELLANTIS in winning over and retaining customers by focusing on products that are increasingly adapted to changes in their expectations. Of course, as at the start of the health crisis, the PSA Banque France Group continued to favour teleworking and maintain strict compliance with the health protocol. The good management of credit risk and the announcement by the Government to postpone the repayment of the French State-Guaranteed Loans (prêts garantis par l’État, PGE) granted to companies for one year lead to a cost of risk that is much lower than anticipated in the budget. It should also be noted that payment deferral measures decided by the PSA Banque France Group helped to massively support its customers (in particular the Peugeot, Citroën and DS distribution networks as well as corporate customers). These deferred payments have not generated any drift to date. With a diversified refinancing policy, the PSA Banque France Group was able to continue its support for brands in the energy transition by offering its customers innovative and flexible formulas to meet their changing expectations in terms of “automotive” consumption.

Progress in terms of commercial performance for both individuals and corporate customers

This strategy has made it possible to progress in terms of commercial performance for both types of customers: for individuals, 58.5% of deliveries were financed by the PSA Banque France Group; for corporate customers, an increase of nearly three points resulting in a penetration rate of 34.5%.
It should also be noted that despite the context of 2021, the PSA Banque France Group continued its transformation by improving its processes and deploying an ambitious robotisation and automation program.
Finally, all this was only possible thanks to the commitment and professionalism of the employees.