The Standard and Poor’s rating agency said Wednesday it raised a notch note the PSA Peugeot Citroën to “BB” with a positive outlook, hours after the publication by the Company of its first net profit in five years.
“the french carmaker has released much better operating results in 2015, which demonstrates in our view a significant improvement in its activity,” the agency said in a statement, evoking as “a significant strengthening of finances” of the company.
in the same source, the positive outlook “reflects the possibility of a further improvement in the note if [PSA] maintains its strong profitability and strategy prudent financial in the next 12 months, despite an eroding revenue base. “
on Wednesday morning, PSA said on Wednesday it was ironed in the green in 2015 and was completed in advance of its plan reconstruction, saying he was ready to take the next step, the “profitable growth”.
the first french automotive group (2.97 million vehicles) posted a net profit of 1.2 billion euros last year, a positive result for the first time since 2010. Its turnover reached € 56.3 billion (+ 5.7%).
PSA reached operating margin in its automotive division by 5%, the highest since 2002 when the company was 2% by 2018. It also generated net cash flow ( “free cash flow”) 3.8 billion, almost double the 2 billion target set for the period 2015 to 2017.
the group, cornered by the European automobile crisis in 2008-2013 had found early 2014 on the edge of bankruptcy and had been its salvation to the intervention of the French government and the Chinese Dongfeng, both entered the capital up to 14%.
gbh-st / fpo / bp
isinFR0000121501PSA Peugeot Citroen
isinCNE100000312DONGFENG MOTOR GROUP
02/24/2016 4:03:42 p.m. – Paris, February 24, 2016 (AFP) – AFP © 2016
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