Peugeot Citroen writes off €4.7b

Paris: Embattled French auto group PSA Peugeot Citroen announced a write-off of €4.7 billion ($6.29 billion, Dh23.16) for 2012 due to an extremely difficult European market but said debt and cash targets for the year had been met.

The large majority of the charge pertained to the group’s auto business, the company said in a statement, but “neither solvability nor liquidity” were affected.