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Financial results for the 1st half of 2019

The Group confirms its full year objectives of a Group operating margin at around 6% and a positive Automotive operational free cash flow. Given the degradation in demand, the Group now expects 2019 revenues to be close to last year’s (at constant exchange rates and perimeter).

Automotive excluding AVTOVAZ revenues amounted to €24,791 million, down -7.7% compared to the first-half of 2018. This decrease was mainly explained by a negative volume effect of -4.6 points, due to the sales decline in Turkey, France and Argentina and to destocking in the dealer network. Sales to partners dropped by -3.1 points due to lower Nissan Rogue production, the closure of the Iranian market since August 2018 and the decline in demand for diesel engines in Europe. The currency effect was negative -1.2 points mainly linked to the devaluation of the Argentinian peso and the Turkish lira. The price effect, positive by +1.0 point, came from the offsetting of these two currencies and price increases in Europe.


More information in attached document.

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