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PSA/Peugeot-Citroen took a step toward its recovery goals, raising its key cash-flow objective after strong China sales and a recovering Europe helped the automaker post its first annual operating profit in three years.

PSA's vehicle manufacturing division swung to a 63 million euro operating profit from a 1.04 billion loss in 2013. Group operating income was 905 million euros after a loss of 364 million euros a year earlier. The automaker's overall net loss narrowed to 555 million euros from 2.23 billion.

"Our 2014 results show evidence that the process of rebuilding the group's financial fundamentals is underway," CEO Carlos Tavares said in a statement today. "We are ahead of our reconstruction plan," he said, announcing the automaker's 2014 financial results.

PSA today pledged to deliver 4.2 billion euros in cumulative operating cash flow by 2017, more than double its earlier 2018 target.

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