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Peugeot unveils 4.13 bln euro asset writedown
February 7, 2013 / 8:06 PM / 5 years ago

Peugeot unveils 4.13 bln euro asset writedown

PARIS, Feb 7 (Reuters) - PSA Peugeot Citroen slashed the book value of its plants and other automotive assets by 28 percent, in a writedown that adds 4.13 billion euros ($5.53 billion) to its 2012 net loss to reflect Europe’s worsening market outlook.

The struggling French automaker, which is due to report full-year earnings on Feb. 13, said on Thursday the impairment charge was prompted by new accounting guidelines as well as diminishing hopes for a European auto recovery.

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