Peugeot's huge loss of €5bn
The company said it was implementing its recovery plans and had already cleaned-up its balance sheet.
Peugeot blamed its poor results on a previously announced €4.7bn asset write-down last year that was compounded by the poor performance of the European car market.
The loss compared with a profit of €588m in 2011. Revenue for the year fell 5.2% to €55.4bn.
"The results reflect the deterioration of the automotive industry in Europe," chief executive officer Philippe Varin said in a statement.
The results were worse than forecast by analysts and over-shadowed Peugeot's previous record loss of €1.2bn in 2009. The company has net debts of €3bn.
Earlier this week the European Commission authorised France to provide a €1,2bn guarantee to the company.
Source: AFP via I-Net Bridge
Source: I-Net Bridge
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