Renault 2015 Financial Results presentation

Transcription

RENAULT GROUP
2015 FINANCIAL RESULTS CONFERENCE
DISCLAIMER
Information contained within this document may contain forward looking statements.
Although the Company considers that such information and statements are based on
reasonable assumptions taken on the date of this report, due to their nature, they can be
risky and uncertain (as described in the Renault documentation registered within the French
financial markets regulation authorities) and can lead to a difference between the exact
figures and those given or deduced from said information and statements.
Renault does not undertake to provide updates or revisions, should any new statements and
information be available, should any new specific events occur or for any other reason.
Renault makes no representation, declaration or warranty as regards the accuracy,
sufficiency, adequacy, effectiveness and genuineness of any statements and information
contained in this report.
Further information on Renault can be found on Renault’s web site (www.group.renault.com),
in the section Finance / Regulated Information.
INVESTOR RELATIONS
RENAULT FY 2015 PRESENTATION
FEBRUARY 12TH 2016
PROPERTY OF GROUPE RENAULT
2
AGENDA
01
FY 2015 FINANCIAL RESULTS
02
2015 REVIEW AND 2016 OUTLOOK
03
INVESTOR RELATIONS
DOMINIQUE THORMANN
EVP, Chief Financial Officer
CARLOS GHOSN
Chairman & Chief Executive Officer
QUESTIONS & ANSWERS
FEBRUARY 12TH 2016
3
01
DOMINIQUE THORMANN
EVP, Chief Financial Officer
INVESTOR RELATIONS
FEBRUARY 12TH 2016
4
RENAULT GROUP UNIT REGISTRATIONS 2015 VS 2014
K units
(PC+LCV)
2 712
2 802
1 465
1613
INTERNATIONAL -4.8%
390
356
308
360
417
355
133
GLOBAL
+3.3%
GROUP
TIV
+1.6%
117
EUROPE
+10.2%
EURASIA
-8.6%
AFRICA-ME-INDIA
+16.9%
AMERICAS
-14.8%
ASIA-PACIFIC
-12.3%
+9.4%
-21.1%
-1.6%
-12.8%
+2.3%
INVESTOR RELATIONS
FEBRUARY 12TH 2016
5
FY 2015 GROUP REVENUES
Global unit sales (units)
Group revenues
of which: Automotive
Sales financing
2015
2014
2,801,592
2,712,432
+3.3%
45,327
41,055
+10.4%
43,108
38,874
+10.9%
2,219
2,181
+1.7%
CHANGE
(million euros)
INVESTOR RELATIONS
FEBRUARY 12TH 2016
6
AUTOMOTIVE REVENUES VARIANCE ANALYSIS
CHANGE 2015 vs 2014: +€4,234m
Sales to
partners
+1,874
Volume
+1,260
38,874
+3.2 pts
Geographic
mix
Product
mix
Currency
Others
-51
-115
Price
+809
43,108
+491
-34
-0.1 pts
+1.3 pts
+2.1 pts
+4.8 pts
-0.1 pts
-0.3 pts
+10.9%
FY 2015
FY 2014
(million euros)
INVESTOR RELATIONS
FEBRUARY 12TH 2016
7
OPERATING PROFIT BY ACTIVITY
2015
AUTOMOTIVE
2014
CHANGE
1,496
858
+638
3.5%
2.2%
+1.3pts
824
751
+73
GROUP OPERATING PROFIT
2,320
1,609
+711
% Group revenues
5.1%
3.9%
+1.2pts
% Automotive revenues
SALES FINANCING
(million euros)
H1
3.1%
INVESTOR RELATIONS
H2
3.8%
FEBRUARY 12TH 2016
8
GROUP OPERATING PROFIT VARIANCE ANALYSIS
CHANGE 2015 vs 2014: +€711m
Raw
materials
Monozukuri
G&A
-69
+596
+61
Mix / Net
Enrichment
-379
Volume &
partners
+441
Currency
+39
+22
RCI Banque
&
other
activities
2,320
1,609
COST
REDUCTION
€527m
GROWTH
€480m
FY 2014
FY 2015
(million euros)
INVESTOR RELATIONS
FEBRUARY 12TH 2016
9
COST REDUCTION ANALYSIS
CHANGE 2015 vs 2014: +€527m
Monozukuri
+197
-155
Warranty
R&D
+62
-69
Manufacturing &
Logistics
G&A
+492
Purchasing
(million euros)
INVESTOR RELATIONS
FEBRUARY 12TH 2016
10
GROUP OPERATING PROFIT VARIANCE ANALYSIS
CHANGE 2015 vs 2014: +€711m
Raw
materials
Monozukuri
G&A
-69
+596
+61
Mix / Net
Enrichment
-379
Currency
Volume &
partners
+39
+441
RCI Banque
& other
activities
+22
2,320
1,609
COST
REDUCTION
€527m
GROWTH
€480m
FY 2014
FY 2015
(million euros)
INVESTOR RELATIONS
FEBRUARY 12TH 2016
11
OTHER OPERATING INCOME & EXPENSES
Net restructuring costs
(incl. competitiveness agreement in France)
Impairment of assets / reversal
RCI Banque (mainly change in regulation)
Profit / loss on asset sales
Others
Total other operating income & expenses
2015
2014
-157
-305
-53
-153
0
-50
+10
+7
+1
-3
-199
-504
(million euros)
INVESTOR RELATIONS
FEBRUARY 12TH 2016
12
2015
Revenues
Operating profit
in % of revenues
Other operating income & expenses
EBIT
Net financial income & expenses
Associated companies
Current & deferred taxes
Net income
2014
CHANGE
45,327
41,055
+10.4%
2,320
1,609
+711
5.1%
3.9%
+1.2pts
-199
-504
+305
2,121
1,105
+1,016
-221
-333
+112
1,371
1,362
+9
-311
-136
-175
2,960
1,998
+962
(million euros)
INVESTOR RELATIONS
FEBRUARY 12TH 2016
13
ASSOCIATED COMPANIES
NISSAN
AVTOVAZ
(1)
Others
Total associated companies
2015
2014
CHANGE
1,976
1,559
+417
-620
-182
-438
15
-15
+30
1,371
1,362
+9
(million euros)
(1)
In 2015 the 3-month time lag has been removed, therefore AVTOVAZ contribution is based on net income between January 1, 2015 and December 31, 2015
In 2014, AVTOVAZ contribution was based on net income between October 1, 2013 and September 30, 2014
INVESTOR RELATIONS
FEBRUARY 12TH 2016
14
2015
Revenues
Operating profit
in % of revenues
Other operating income & expenses
EBIT
Net financial income & expenses
Associated companies
Current & deferred taxes
Net income
2014
CHANGE
45,327
41,055
+10.4%
2,320
1,609
+711
5.1%
3.9%
+1.2pts
-199
-504
+305
2,121
1,105
+1,016
-221
-333
+112
1,371
1,362
+9
-311
-136
-175
2,960
1,998
+962
(million euros)
INVESTOR RELATIONS
FEBRUARY 12TH 2016
15
AUTOMOTIVE NET CASH POSITION
Change
in WCR
Cash
flow
Net tangible
& intangible
investments
DEC 31, 2014 : €2,104m
DEC 31, 2015 : €2,661m
-3,081
+663
Net capex
-1,853
Capitalized
R&D
3,451
-876
Leased
Vehicles
-352
Operational
free
cash flow
Dividends
received
from
listed co.
Dividends
paid
+581
-599
Financial
investments
& others
-458
1,033
Net change
In cash
557
(million euros)
INVESTOR RELATIONS
FEBRUARY 12TH 2016
16
NEW VEHICLE DISTRIBUTION STOCK
(IN K UNITS)
488
527
388
495
493
337
515
353
264
253
240
63
76
324
INDEPENDENT
DEALERS
260
243
251
JUN'14
SEP'14
DEC'14
62
74
57
INVESTOR RELATIONS
333
TOTAL
141
GROUP
106
100
MAR'14
465
177
158
DEC'13
503
459
272
255
510
MAR'15
74
FEBRUARY 12TH 2016
JUN'15
64
SEP'15
DEC'15
75
53
Number of days of sales
(previous period)
17
AUTOMOTIVE DIVISION LIQUIDITY
DECEMBER 2014
DECEMBER 2015
LIQUIDITY RESERVES
LIQUIDITY RESERVES
Cash
Available credit lines
€11.6bn
€3.2bn
Cash
Available credit lines
€11.6bn
€3.3bn
TOTAL
€14.8bn
TOTAL
€14.9bn
INVESTOR RELATIONS
FEBRUARY 12TH 2016
18
RCI BANQUE
2015
2014
New financings (€bn)
15.6
12.6
Average loans outstanding (€bn)
28.2
25.4
Net banking income*
4.82%
4.95%**
Cost of risk (customer & dealer)
-0.33%
-0.43%
Operating expenses*
-1.51%
-1.58%
Pretax income*
2.99%
2.93%**
824
751
Operating profit (€m)
(in percentage of average loans outstanding)
INVESTOR RELATIONS
* Excluding non recurring items
** Restated
FEBRUARY 12TH 2016
19
RCI BANQUE RETAIL DEPOSIT ACTIVITY
DEPOSITS
o/w GERMANY
o/w FRANCE
o/w UNITED KINGDOM
o/w AUSTRIA
End 2015
End 2014
10.2
6.5
7.0
1.3
1.3
0.6
4.4
1.8
0.4
(billion euros)
INVESTOR RELATIONS
FEBRUARY 12TH 2016
20
02
2015 REVIEW & 2016 OUTLOOK
CARLOS GHOSN
Chairman - Chief Executive Officer
INVESTOR RELATIONS
FEBRUARY 12TH 2016
21
2015: GUIDANCE FULLY REACHED
REVENUES 2015 > 2014*
GROUP & AUTOMOTIVE OP. MARGIN 2015 > 2014
AUTOMOTIVE OPERATIONAL FREE CASH FLOW > 0
* at constant exchange rates
INVESTOR RELATIONS
FEBRUARY 12TH 2016
22
SUCCESSFUL LAUNCHES
IN EUROPE
OUTSIDE EUROPE
MARCH 2015
SEPTEMBER 2015
NEW ESPACE
Registrations: 21 Ku
x3 vs Espace IV
MAY 2015
KWID
Orders: 100 Ku
at end January
NOVEMBER 2015
DUSTER OROCH
Registrations: 3,5 Ku
KADJAR
Registrations: 54 Ku
DECEMBER 2015
TALISMAN
Orders: 5 Ku
at end January
INVESTOR RELATIONS
FEBRUARY 12TH 2016
23
A SIGNIFICANT STEP TOWARDS “DRIVE THE CHANGE” TARGETS
GROUP OPERATING MARGIN
GROUP REVENUES
AHEAD OF TARGET
ON TRACK
45.3
5.1%
3.9%
3.0%
>
in 2017*
1.9%
2012 restated
5%
2013
2014
2015
41.3
2012
40.9
2013
€
41.1
in 2017*
2014
* DRIVE THE CHANGE TARGET
INVESTOR RELATIONS
FEBRUARY 12TH 2016
50 Bn
24
2015
RENEWAL OF OUR RANGE
10 LAUNCHES IN 2016
EUROPE
H1 2016
H1 2016
C Segment - Hatch
D Segment - Estate
NEW MEGANE
TALISMAN
H2 2016
H2 2016
C Segment - MPV
C Segment - MPV
H2 2016
C Segment
SCENIC SHORT
SCENIC LONG
ESTATE
H2 2016
H2 2016
H2 2016
INTERNATIONAL
H1 2016
H2 2016
D Segment
KADJAR China
CROSSOVER
INVESTOR RELATIONS
B Segment
PICK-UP 1T
FEBRUARY 12TH 2016
CROSSOVER
C Segment
SEDAN
25
ALLIANCE SYNERGIES
ALLIANCE SYNERGIES
4 KEY-FUNCTIONS CONVERGENCE
> €4.3bn
€3.8bn
2009
2010
2011
2012
2013
Renault
2014
€4.1bn*
2015 2016e
PURCHASING
UPSTREAM
ENGINEERING
MANUFACTURING
& LOGISTICS
HUMAN
RESOURCES
Nissan
* estimated
INVESTOR RELATIONS
FEBRUARY 12TH 2016
26
2016 TIV OUTLOOK
2
FRANCE +2%
EUROPE + %
UNCERTAINTIES
IN EMERGING MARKETS
RUSSIA
-
12%
GLOBAL TIV *
CHINA
4
5
+ % to + %
+
INDIA
1% to + 2%
8
+ %
BRAZIL
6
- %
* PC+LCV INCLUDING USA & CANADA
INVESTOR RELATIONS
FEBRUARY 12TH 2016
27
GLOBAL FOOTPRINT
13 STARTS OF PRODUCTION IN THE WORLD IN 2016!
5 SOP
2 SOP
4 SOP
2 SOP
SOP : Start Of Production
INVESTOR RELATIONS
FEBRUARY 12TH 2016
28
GROWTH OPPORTUNITY
Electric vehicle
INVESTOR RELATIONS
Autonomous driving
FEBRUARY 12TH 2016
Connected vehicle
29
OUTLOOK 2016
THE GROUP* IS AIMING TO:
 Increase group revenues (at constant exchange rates)
 Improve group operating margin
 Generate a positive Automotive operational free cash flow
* at constant scope of consolidation
INVESTOR RELATIONS
FEBRUARY 12TH 2016
30
03
QUESTIONS & ANSWERS
INVESTOR RELATIONS
FEBRUARY 12TH 2016
31

Renault 2015 Financial Results presentation

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