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| Peugeot Citroen reports record annual loss | |
| (about 5 hours later) | |
| French carmaker PSA Peugeot Citroen has reported a net loss of 5bn euros ($6.7bn; £4.3bn) for 2012, compared with a 588m euro profit a year earlier. | French carmaker PSA Peugeot Citroen has reported a net loss of 5bn euros ($6.7bn; £4.3bn) for 2012, compared with a 588m euro profit a year earlier. |
| The loss was mainly due to asset write-downs which Peugeot took to reflect the worsening state of Europe's car market. | The loss was mainly due to asset write-downs which Peugeot took to reflect the worsening state of Europe's car market. |
| The carmaker said the write-down on assets totalled 4.7bn euros. | The carmaker said the write-down on assets totalled 4.7bn euros. |
| Last year, Peugeot announced a programme to cut its costs by 1bn euros in response to falling sales, including the closure of one factory. | Last year, Peugeot announced a programme to cut its costs by 1bn euros in response to falling sales, including the closure of one factory. |
| French unions have succeeded in stalling the closure plans in the French courts, but Peugeot said it had succeeded in cutting 1.2bn euros over the past 12 months despite that. | French unions have succeeded in stalling the closure plans in the French courts, but Peugeot said it had succeeded in cutting 1.2bn euros over the past 12 months despite that. |
| "The results of the cost reduction and asset disposal plans have exceeded our targets," said chief executive Philippe Varin, claiming that, "the foundations for our rebound have been laid". | "The results of the cost reduction and asset disposal plans have exceeded our targets," said chief executive Philippe Varin, claiming that, "the foundations for our rebound have been laid". |
| Group revenues were down 5.2% on 2011, at 58.4bn euros, and income from new car sales fell 12.4% to 27.8bn euros. | Group revenues were down 5.2% on 2011, at 58.4bn euros, and income from new car sales fell 12.4% to 27.8bn euros. |
| The company blamed "the deteriorated environment in the automotive sector in Europe" for the poor results. | The company blamed "the deteriorated environment in the automotive sector in Europe" for the poor results. |
| Like other manufacturers, Peugeot's sales have been hit by the continuing economic problems in the eurozone. | Like other manufacturers, Peugeot's sales have been hit by the continuing economic problems in the eurozone. |
| Car sales across Europe fell by 8.2% last year, according to the Brussels-based car industry group ACEA, while sales in France dropped nearly 14%. | Car sales across Europe fell by 8.2% last year, according to the Brussels-based car industry group ACEA, while sales in France dropped nearly 14%. |