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© 1998 - 2005 Copyright
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Peugeot Citroen : Finance 2005 The Banque PSA Finance loan book grew 5.8% to €22,417 million from €21,181 million at December 31, 2004. Banque PSA Finance’s operating margin rose 17.2% to €607 million from €518 million in 2004, thanks to an increase in the loan book and a decline in net charges to provisions for credit losses. The operating margin rate continued to improve significantly, rising to 2.9% of average outstandings from 2.6% in 2004. 2003 As of December 31, 2003, outstanding loans totaled €19,580 million, including securitized loans which have been removed from Banque PSA Finance's balance sheet. In June 2001, Crédipar – the Bank's French subsidiary – sold €1,000 million worth of automobile loans to a special purpose vehicle which in turn issued asset-backed securities to international institutional investors. After deducting the loans that have matured since June 2001, the asset pool as of December 31, 2003 stood at €721 million. In July 2002, Crédipar and the Bank's Spanish branch sold €1,500 million worth of automobile loans to the special purpose vehicle. The asset pool has been kept at this level ever since, through the sale of new automobile loans to replace the original loans when they reach maturity. As of December 31, 2003, automobile loans totaling €2,144 million were securitized under the two operations described above. Outstanding loans – including securitized loans – as of December 31, 2003 were 4.8% higher than at end-2002. Growth in retail and lease financing compensated for a decline in wholesale financing to just above the end-2001 level. 2001 Banque PSA Finance offers Peugeot and Citroën customers a broad array of financing and related services and finances the stocks of dealer networks. Outstandings under management increased 17.3% in 2001, to €17.2 billion at year-end. FINANCIAL RESULTS 2001 Operating margin for the finance companies declined to €248 million, from €264 million in 2000, due to the lower margins on new contracts signed in 2000 and early 2001. Margins were reduced because heightened competition in the consumer lending market, notably in France, Spain and Italy, prevented higher refinancing interest rates from being fully passed along to customers and the introduction of euro coins and notes generated a number of non-recurring IT costs. These developments, however, were partially offset by the strong increase in business, by effective management of core operating expenses and risk, and by a significant upturn in margins beginning in the second half. 2000 Revenues from the finance companies in 2000, which mainly consist of interest on the financing of sales, increased 16.2% to 1,387 million of euros. Financing was provided for 703,300 new and previously owned vehicles in 2000, a rise of 5.5%. Banque PSA Finance had total outstandings of 14.7 billion of euros at December 31, 2000, up 15.8% from the year before. Sales from the other businesses increased 6.1% to 983 million of euros. Excluding the first-half 1999 sales of SAMM and La Publicité Française, which were sold in 1999, comparable sales were up 11.2%. 1999
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