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Another meeting will clarify his vocationIt is now that the world community must actCurrently I agonize the Union I saw riseIts website public Happyneuron claims some 4000 subscribersSee youThere is a slight better since May It is also in relation to computer managers This could be the beginning of a trade warFor the lowest price is not necessarily the bestEvoke Meaux makes it one of his favorite exercisesThe next ten years the operator could be as hectic as the first tenTough baptism of fire for Philippe Varin. The new President of the Executive Board of PSA Peugeot Citroën, who succeeded Christian Streiff on June 1, posted yesterday, his first half-year within the group, a net loss of 962 million euros, the second largest in the history of PSA in the wake of the second half of 2008.
A year ago, for his last semester "before crisis", the company had won a net profit of 733 million. Unlike Jean-Martin Folz when he succeeded Jacques Calvet, the new PSA driver even had no need to load the boat. The devastating effects of the economic crisis and the decline in automotive markets led to a mechanical drop of 21.8 of net sales from January to June, at EUR 23.5 billion. Production of cars in factories, it declined 32 over a year, Group gave priority to the resorption of existing stocks. Despite a loan of 3 billion euros, another loan of the EIB (400 million) and various beatings of an inch in its credit subsidiary, operating income current, which peaked at 1.1 billion a year ago, plunged it to-826 million.
"We cannot be satisfied with these results," said Philippe Varin, which sees the best on the European market that represents two-thirds of its activity, euphemistically "a beginning of recovery towards the end of 2010". In the absence of visibility on several important chapters (the situation of competition in the market, and potential new financial aid to its suppliers), the PSA staff maintains a very wide range for the year 2009, providing "a negative current operational result included between 1 and 2 billion euros".
To strengthen Europe
Only meagre reasons for satisfaction: positive cash flow in the first half ( 467 million euros), related to the reduction of stocks of vehicles, but that is not British in the second half. And a European automobile market expected to drop by 12 over the year, better than the 20 predicted in January. In this overall terrible climate, the new boss is the order in the House and three goals gave his troops enough aligned with the priorities of his predecessor: "Be a global player, be at the forefront of the products and services, and be a reference for operational efficiency."While stressing its intention to strengthen its commercial presence outside Europe (China, South America), Philippe Varin reaffirmed its desire to find new allies: "We hesitate not to investigate the opportunities for external growth partnerships", he said without quoting anyone.
But the time is primarily for the internal management of resources, the tighter. In social matters, the Group workforce melted by 5 in the first half, or 11,000 people (or 5 of the total), about half being attributable to the Faurecia subsidiary. No need to announce new measures at this stage: the recent voluntary departure plan bearing on almost 4.500 employees will produce its effects during the second half, until March 2010. As support for the various equipment manufacturers in financial difficulty, a subject that PSA is arm - the - body, it will represent to the title of 2009 spending cash of over EUR 2 billion.
