PSA Peugeot Citroën has prejudice billionaire in Brazil

Balance sheet released by the Brazilian subsidiary of the French group PSA Peugeot Citroën shows that the automaker still registering hits in the country. The results of 2013 were published only yesterday in the Official Gazette of Rio de Janeiro and reveal a loss of r $ 2.64 billion, almost seven times more than the losses of R $ 381,7 million the previous year.
This time, the swing was hindered mainly by the writedown, void box, $ 1.87 billion as a result of the reassessment of the recoverable value of assets, the so-called "impairment", which led to $ 2.09 billion, operating loss calculated before debt costs.
Even with the drop in volumes of cars sold in the Brazilian market by both brands, PSA's net revenue showed growth of 16.7% last year, reaching R $ 6.54 billion. But almost all of that amount has been eroded by production costs to the tune of r $ 5.25 billion, 16.1% in 2012, and commercial expenses of r $ 850,2 million, up 15.1% in a year.
Over the past year, sales of the Peugeot brand in Brazil fell 20.2%, totalling 57.5 thousand units, or 1.6 percent of the market. In turn, the Citroën recorded 11.4% drop in plates issued, with 66.1 million licensed cars in the country, which corresponds to a slice of 1.9% of the total number of cars and lightweight utilities consumed by Brazilians during 2013.
As the company does not publish along with the explanatory notes of the results, there is no way of knowing how compensated the fall of volumes sold to close the year with a bigger recipe. Recently, the automaker held voluntary layoffs program to eliminate a glut of labor of 650 workers after the end of one of the three production shifts at the factory of Royal Port, in southern Rio de Janeiro.
In October 2011, PSA announced the plan to invest r $ 3.7 billion to double the installed capacity in the country to 300 thousand cars per year. However, in addition to the lower domestic demand, the operation was strongly hit by the drop in exports to Argentina, leading the company to cut production by 28% earlier this year.
Peugeot Citroën closed 2013 with net debt, minus cash, cash of $ 4.19 billion, 28 percent above the liabilities of a year earlier, according to figures from their balance sheets.