Redburn US presentation Sept 2015

Transcription

RENAULT GROUP
Redburn – Roadshow
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 website (www.group.renault.com),
in the section Finance / Regulated Information.
INVESTOR RELATIONS
RENAULT PRESENTATION
SEPTEMBER 2015
2
HIGHLIGHTS
 OPERATING MARGIN IMPROVEMENT
 REVENUE ACCELERATION
 FY GUIDANCE CONFIRMED
INVESTOR RELATIONS
SEPTEMBER 2015
3
2015 OUTLOOK
 Global car demand should continue to grow about 1% in 2015 despite a
significant slowdown in emerging markets. On the other hand, the European
market should grow by at least 5%.
 Within this context, Renault confirms its guidance:
-increase registrations and Group revenues (at constant exchange rates),
-improve Group operating profit and that of the Automotive division,
-achieve positive Automotive operational free cash flow.
INVESTOR RELATIONS
SEPTEMBER 2015
4
H1 2015 - RENAULT KEY FIGURES
 UNIT SALES:
1,376m
 REVENUES:
€ 22,197 m
 OPERATING PROFIT:
€ 1,069 m
 OPERATING MARGIN:
4.8%
 ASSOCIATES :
€ 912 m
 NET PROFIT:
€ 1,469 m
 NET AUTO LIQUIDITY :
€ 1,567 m
EPS: € 5,12
DPS (2014): € 1,90
INVESTOR RELATIONS
SEPTEMBER 2015
5
KEY TAKE-AWAYS FROM H1 RESULTS
 RECOVERY IN EUROPE STRONGER THAN ANTICIPATED
 STRONG CONTRIBUTION OF SALES TO PARTNERS
 CONTINUING DECLINE IN SOME EMERGING MARKETS
INVESTOR RELATIONS
SEPTEMBER 2015
6
RISKS & OPPORTUNITIES FOR THE SECOND HALF
 REGULATORY COST PRESSURE
 NEW PRODUCTS
 EMERGING MARKETS
 EUROPEAN MARKET MOMENTUM
 SUPPLY CHAIN
INVESTOR RELATIONS
SEPTEMBER 2015
7
01
YTD 2015 COMMERCIAL UPDATE
INVESTOR RELATIONS
SEPTEMBER 2015
8
TIV EVOLUTION YTD (August)
WORLD
TIV
+ 0.7%
SPAIN
ITALY
UK
GERMANY
FRANCE
+24%
+14%
+ 8%
+ 5%
+ 5%
TURKEY
ROMANIA
KAZAKHSTAN
RUSSIA
UKRAINE
+47%
+14%
-35%
-33%
-60%
(including USA/Canada)
EUROPE
TIV
+ 8.8%
EURASIA
TIV
- 18%
EGYPT
INDIA
IRAN
MOROCCO
ALGERIA
AMI
TIV
+ 0.9%
AMERICAS
TIV
- 10.7%
ASIA-PACIFIC
TIV
+5%
+5%
+3%
+1%
-24%
- 0.3%
INVESTOR RELATIONS
MEXICO
COLOMBIA
BRAZIL
ARGENTINA
SEPTEMBER 2015
+19%
-6%
-20%
-13%
9
CHINA
S. KOREA
AUSTRALIA
JAPAN
+2%
+8%
+3%
-10%
RENAULT GROUP UNIT REGISTRATIONS YTD (August)
WORLD MARKET SHARE: 3.1% (=)
K units
(PC+LCV)
1750 1765
969
1051
233 218
199 196
273 229
76
GROUP
TIV
08'14 08'15
08'14 08'15
GLOBAL
+0.9%
EUROPE
+8.5%
EURASIA
-6.3%
AMI
-1.9%
AMERICAS
-16.1%
ASIA-PACIFIC
-6.3%
+0.7%
+8.8%
-18%
+0.9%
-10.7%
-0.3%
INVESTOR RELATIONS
08'14 08'15
SEPTEMBER 2015
08'14 08'15
08'14 08'15
71
10
08'14 08'15
RENAULT GROUP UNIT REGISTRATIONS H1 2015 vs H1 2014
WORLD MARKET SHARE: 3.2% (=)
K units
(PC+LCV)
1,376
1,366
776
849
177 159
150 151
206 164
57
GROUP
TIV
H1'14 H1'15
H1'14 H1'15
GLOBAL
+0.8%
EUROPE
+9.3%
EURASIA
-10.2%
AMI
+0.9%
AMERICAS
-20.3%
ASIA-PACIFIC
-5.5%
+1.2%
+8.5%
-20.3%
+3.0%
-10.6%
+0.4%
INVESTOR RELATIONS
H1'14 H1'15
SEPTEMBER 2015
H1'14 H1'15
H1'14 H1'15
54
11
H1'14 H1'15
EUROPE KEEPS PUSHING SALES MOMENTUM
TOP 15 COUNTRIES
COUNTRIES
% OF SALES OUTSIDE EUROPE
33%
H1' 10
40%
H1' 11
47%
50%
43%
38%
H1' 12
INVESTOR RELATIONS
H1' 13
H1' 14
H1' 15
SEPTEMBER 2015
Volumes
% MS
Δ Ranking
FRANCE
325 360
26,9%
0
BRAZIL
89 527
7,0%
0
GERMANY
86 254
5,0%
1
ITALY
85 867
9,2%
1
SPAIN
81 907
13,0%
1
TURKEY
67 849
15,7%
3
UK
62 892
0
RUSSIA
57 116
4,0%
7,3%
-5
BELGIUM+LUX
47 968
13,6%
1
ALGERIA
47 918
31,7%
1
SOUTH KOREA
37 260
1
ARGENTINA
32 312
4,4%
10,6%
-4
MOROCCO
23 864
38,4%
1
NETHERLANDS
23 611
1
INDIA
23 346
10,1%
1,5%
12
-2
EUROPE REGION
BREAKDOWN OF GROUP REGISTRATIONS PC+LCV
TIV
& MARKET MIX
+64
+8
PERFORMANCE
H1’14
776
H1 2015
H1 2014
776
GROUP MARKET SHARE PC+LCV
Europe
GROUP ORDER BOOK PC+LCV
10.2%
+0.1 pts
France
26.9%
-0.4 pts
INVESTOR RELATIONS
SEPTEMBER 2015
H1’15
849
849
13
AMERICAS REGION
206H1’14
206
Americas
-22
TIV
& MARKET MIX
-21
OROCH TO BE LAUNCHED IN H2
5.9%
7.0%
+0.1 pts
INVESTOR RELATIONS
+1
ARGENTINA
-0.7 pts
Brazil
PERFORMANCE
SEPTEMBER 2015
14
H1’15
164
EURASIA REGION
H1’14
177
177
-10
TIV
& MARKET MIX
849
-10
PERFORMANCE
DUSTER FACELIFT LAUNCHED IN H2
11.2%
+1.3 pts
Russia
7.3%
-0.5 pts
INVESTOR RELATIONS
H1’15
-8
159
159
H1
2015
H1 2015
H1 2014
Eurasia
-8
SEPTEMBER 2015
15
AFRICA - MIDDLE EAST - INDIA REGION
849
151
H1’15
151
PERFORMANCE
150H1’14
150
H1 2014
+5
+5
177
-4TIV
& MARKET MIX
-8
159
H1
2015
H1
H1 2015
2015
H1 2014
KWID TO BE LAUNCHED IN H2
AMI
-10
-4
3.6%
-0.1 pts
Algeria
31.7%
+7.1 pts
INVESTOR RELATIONS
SEPTEMBER 2015
16
ASIA-PACIFIC REGION
TIV
& MARKET MIX
+3
150H1’14
57
H1 2014
PERFORMANCE
+5
H1 2014
0.3%
0.0 pt
Korea
4.4%
-0.2 pts
INVESTOR RELATIONS
SEPTEMBER 2015
H1’15
54
-8
159
H1
2015
H1
H1 2015
2015
WUHAN PLANT ON TRACK
Asia-Pacific
177
-4
-10 -6
849
151
17
02
H1 2015 FINANCIAL RESULTS
INVESTOR RELATIONS
SEPTEMBER 2015
18
H1 2015 GROUP REVENUES
H1 2014
H1 2015
1,365,988
1,376,356
+0.8%
19,820
22,197
+12.0%
18,739
21,065
+12.4%
1,081
1,132
+4.7%
Global registrations (units)
Group revenues
of which: Automotive
Sales financing
CHANGE
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
Q1
Q2
+13.7%
+10.8%
19
AUTOMOTIVE REVENUES VARIANCE ANALYSIS
CHANGE H1 2015 / H1 2014: +€2,326m
Sales to
partners
Product mix
18,739
+3.3pts
+225
-33
Others
+1,112
+308
+145
Volume
+615
Price
Currency
-46
Geographic
mix
-0.2pts
21,065
+0.8pts
+1.6pts
+5.9pts
+1.2pts
-0.2pts
+12.4%
H1 2014
H1 2015
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
20
DISTRIBUTION STOCK
NEW VEHICLE DISTRIBUTION STOCK (IN K UNITS)
445
314
481
65
503
488
527
495
388
367
240
260
272
241
243
255
131
DEC'12
507
140
337
158
100
493
253
459
353
515
264
251
240
106
MAR'13
JUN'13
SEP'13
DEC'13
MAR'14
JUN'14
SEP'14
DEC'14
MAR'15
72
67
75
63
76
62
74
57
74
INVESTOR RELATIONS
SEPTEMBER 2015
510
TOTAL
333
INDEPENDENT
DEALERS
177
GROUP
JUN'15
64
21
Number of days of sales
(previous period)
H1 2015 FINANCIAL RESULTS
H1 2014
H1 2015
CHANGE
19,820
22,197
+12.0%
+729
+1,069
+340
+3.7%
+4.8%
+1.1 pts
Other operating income & expenses
-265
-116
+149
EBIT
+464
+953
+489
Net financial income & expenses
-124
-161
-37
Associated companies
+725
+912
+187
Current & deferred taxes
-264
-235
+29
Net income
+801
+1,469
+668
Revenues
Operating margin
in % of revenues
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
22
OPERATING MARGIN BY ACTIVITY
H1 2014
H1 2015
CHANGE
+348
+656
+308
+1.9%
+3.1%
+1.3 pts
SALES FINANCING
+381
+413
+32
GROUP OPERATING MARGIN
+729
+1,069
+340
+3.7%
+4.8%
+1.1 pts
AUTOMOTIVE
% Automotive revenues
% Group revenues
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
23
GROUP OPERATING MARGIN VARIANCE ANALYSIS
CHANGE H1 2015 / H1 2014: +€340m
Raw
materials
Volume &
partners
+28
Monozukuri
-17
Currency
+112
+1
G&A
+236
RCI &
Other
activities
-283
+263
Mix / Net
Enrichment
1,069
COST REDUCTION
+€219m
729
GROWTH
+€264m
H1 2014
H1 2015
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
24
RCI BANQUE
in % of average loans outstanding
H1 2014
H1 2015
6.0
7.7
24.8
27.6
5.14%
4.93%
Cost of risk* (customer & dealer)
-0.47%
-0.31%
Operating expenses*
-1.58%
-1.54%
2.92%
3.08%
New financings (€bn)
Average performing loans outstanding (€bn)
Net banking income*
Pretax income*
(* in percentage of average performing loans outstanding)
INVESTOR RELATIONS
SEPTEMBER 2015
25
OTHER OPERATING INCOME & EXPENSES
H1 2014
Net restructuring costs
H1 2015
-152
-106
Impairment of assets / reversal
-135
-11
Profit / loss on asset sales
+30
+6
-8
-5
-265
-116
(incl. competitiveness agreement in France)
Others
TOTAL OTHER OPERATING INCOME & EXPENSES
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
26
ASSOCIATED COMPANIES
H1 2014
Nissan
AVTOVAZ
(1)
Others
TOTAL ASSOCIATED COMPANIES
H1 2015
CHANGE
+789
+979
+190
-55
-70
-15
-9
+3
+12
+725
+912
+187
(million euros)
(1)
AVTOVAZ is consolidated with a 3-month time lag
INVESTOR RELATIONS
SEPTEMBER 2015
Q1
Q2
494
485
27
AUTOMOTIVE NET CASH POSITION
DEC. 31, 2014: €2,104m
JUNE 30, 2015: €1,567m
Cash flow
-369
+1,727
Change
in WCR
-123
Leased
Vehicles
-899
Net capex
-431
Capitalized
R&D
Net tangible
& intangible
investments
- 1,453
-95
Operational
free
cash flow
Dividends
received
from
listed co.
+267
-591
Dividends
paid
-537
-118
Financial
investments
& others
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
28
Net cash
decrease
AUTOMOTIVE DIVISION LIQUIDITY
DECEMBER 2014
JUNE 2015
LIQUIDITY RESERVES
LIQUIDITY RESERVES
Cash
Available credit lines
= €11.6bn
= €3.2bn
Cash
= €10.2bn
= € 3.3bn
TOTAL
= €14.8bn
TOTAL
= €13.5bn
INVESTOR RELATIONS
SEPTEMBER 2015
29
RCI LIQUIDITY*
DECEMBER 2014
JUNE 2015
LIQUIDITY RESERVES
LIQUIDITY RESERVES
Cash
HQLA
ECB eligible
= €0.1bn
= €0.9bn
= €1.9bn
= €4.0bn
Cash
HQLA
ECB eligible
= €0.1bn
= €0.8bn
= €1.8bn
= €4.1bn
TOTAL
= €6.9bn
TOTAL
= €6.8bn
*Central funding perimeter
INVESTOR RELATIONS
SEPTEMBER 2015
30
RCI BANQUE RETAIL DEPOSIT ACTIVITY
Dec. 2014
June 2015
6.5
7.0
o/w GERMANY
4.4
5.1
o/w FRANCE
1.8
1.4
o/w AUSTRIA
0.4
0.5
o/w UNITED KINGDOM
N/A
0.04
DEPOSITS
(billion euros)
• 2016 TARGET: 30% OF RCI BANQUE OUTSTANDINGS
INVESTOR RELATIONS
SEPTEMBER 2015
31
03
FY 2014 FINANCIAL RESULTS
INVESTOR RELATIONS
SEPTEMBER 2015
32
AUTOMOTIVE REVENUES VARIANCE ANALYSIS
CHANGE 2014 vs 2013: +€99m
Sales to
partners
-14
+1,248
-1,150
Currency
Others
-327
Geographic
mix
Price
+64
+311
Volume
-33
Mix
38,775
-3.0pts
-0.8pts
+0.2pts
-0.1pts
38,874
+0.8pts
+3.2pts
0.0pts
+0.3%
FY 2013
FY 2014
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
33
OPERATING PROFIT BY ACTIVITY
FY 2013
AUTOMOTIVE
% Automotive revenues
SALES FINANCING
GROUP OPERATING PROFIT
% Group revenues
FY 2014
495
858
+363
1.3%
2.2%
+0.9pts
747
751
+4
1,242
1,609
+367
3.0%
3.9%
+0.9pts
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
CHANGE
34
GROUP OPERATING PROFIT VARIANCE ANALYSIS
CHANGE 2014 vs 2013: +€367m
Raw
materials
G&A
Monozukuri
+66
Volume &
partners
+134
-226
Mix / Net
Enrichment
+778
+121
-35
RCI Banque
&
other activities
-471
Currency
COST REDUCTION
€844m
GROWTH
€86m
1,609
1,242
FY 2013
FY 2014
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
35
CONTINUING COST REDUCTION
COST REDUCTION CONTRIBUTION TO OPERATING PROFIT IMPROVEMENT
+ 66
+ 58
+€844m
vs 2013
+ 397
-107
+ 430
Purchasing
Warranty
INVESTOR RELATIONS
Manufacturing
& Logistic
R&D
SEPTEMBER 2015
G&A
36
OTHER OPERATING INCOME & EXPENSES
FY 2013
Net restructuring costs
FY 2014
-423
-305
-488
-153
-
-50
Profit / loss on asset sales
+153
+7
Others
-518
-3
-1,276
-504
(incl. competitiveness agreement in France)
Impairment of assets / reversal
RCI Banque (mainly change in regulation)
Total other operating income & expenses
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
37
ASSOCIATED COMPANIES
FY 2013
FY 2014
1,498
1,559
+61
-34
-182
-148
-20
-15
+5
1,444
1,362
-82
Nissan
AVTOVAZ
(1)
Others
Total associated companies
(million euros)
AVTOVAZ is consolidated with a 3-month time lag . Adjustments have been made to take into account significant
transactions and accounting entries that occurred between September 30, 2014 and December 31, 2014.
(1)
INVESTOR RELATIONS
SEPTEMBER 2015
38
CHANGE
FY 2014 FINANCIAL RESULTS
FY 2013
Revenues
Operating profit
in % of revenues
Other operating income & expenses
EBIT
Net financial income & expenses
Associated companies
Current & deferred taxes
Net income
FY 2014
40,932
41,055
+0.3%
1,242
1,609
+367
3.0%
3.9%
+0.9pts
-1,276
-504
+772
-34
1,105
+1,139
-282
-333
-51
1,444
1,362
-82
-433
-136
+297
695
1,998
+1,303
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
CHANGE
39
AUTOMOTIVE NET CASH POSITION
Change
in WCR
Cash flow
DEC 31, 2013 : €1,761m
DEC 31, 2014 : €2,104m
Net tangible
& intangible
investments
-2,651
+596
Net capex
-1,571
Capitalized
R&D
3,138
-845
Leased
Vehicles
-235
Operational
free
cash flow
Dividends
received
from
listed co.
Dividends
paid
+463
-542
Financial
investments
& others
-661
1,083
Net change
In cash
343
(million euros)
INVESTOR RELATIONS
SEPTEMBER 2015
40
AUTOMOTIVE DIVISION LIQUIDITY
DECEMBER 2013
DECEMBER 2014
LIQUIDITY RESERVES
LIQUIDITY RESERVES
Cash
= €10.7bn
= €3.4bn
Cash
= €11.6bn
= €3.2bn
TOTAL
= €14.1bn
TOTAL
= €14.8bn
INVESTOR RELATIONS
SEPTEMBER 2015
41
FUNDING & LIQUIDITY PROFILE
Automobile Division
 RSA total funding : 7.6 billions €
Bonds, Banks & assimilated
(in millions euros *)
In million euros at December 31, 2014

Liquidity reserve:
- Available back-up lines : 3.2 billions €
- Cash & cash equivalents: 11.6 billions €
INVESTOR RELATIONS
SEPTEMBER 2015
* fx rates as of 12/31/14
42
RCI BANQUE
2013
2014
New financings (€bn)
11.4
12.6
Average loans outstanding (€bn)
24.2
25.4
5.04%
4.98%
Cost of risk (customer & dealer)
-0.42%
-0.43%
Operating expenses*
-1.56%
-1.58%
3.07%
2.95%
747
751
Net banking income*
Pretax income*
Operating profit (€m)
(in percentage of average loans outstanding)
INVESTOR RELATIONS
* Excluding non recurring items
SEPTEMBER 2015
43
RCI BANQUE RETAIL DEPOSIT ACTIVITY
End 2013
End 2014
4,33
6,53
o/w GERMANY
3,05
4,38
o/w FRANCE
1,28
1,78
o/w AUSTRIA
-
0,37
DEPOSITS
(billion euros)
• 2016 TARGET: 30% OF RCI BANQUE OUTSTANDINGS
INVESTOR RELATIONS
SEPTEMBER 2015
44
03
DRIVE THE CHANGE
How to get to our targets
INVESTOR RELATIONS
SEPTEMBER 2015
45
RENEWING OUR RANGE
OUR MAIN REVENUES OPPORTUNITIES
2015
A-entry vehicles for emerging countries
A-entry
2014
New Twingo for Europe
New Twingo
2015
2015
New Espace
D-sedan
2014
2015
Captur
Kadjar
C & D complete renewal
Full cross-over line up
for all our markets
C-hatch
C-MPV
D-crossover
2015
LCV international roll out
Pick-up 0,5T
INVESTOR RELATIONS
SEPTEMBER 2015
Pick-up 1T
46
A NEW STEP TOWARDS OUR MID-TERM PLAN TARGETS
RENAULT ESPACE
INVESTOR RELATIONS
SEPTEMBER 2015
47
RENAULT KADJAR
KADJAR
INVESTOR RELATIONS
SEPTEMBER 2015
48
RENAULT KWID
KADJAR
INVESTOR RELATIONS
SEPTEMBER 2015
49
RENAULT OROCH
INVESTOR RELATIONS
SEPTEMBER 2015
50
RENAULT TALISMAN
KADJAR
INVESTOR RELATIONS
SEPTEMBER 2015
51
RENAULT TALISMAN ESTATE
INVESTOR RELATIONS
SEPTEMBER 2015
52
RENAULT ALASKAN REVEAL
INVESTOR RELATIONS
SEPTEMBER 2015
53
RENAULT NEW MEGANE REVEAL
INVESTOR RELATIONS
SEPTEMBER 2015
54
DEVELOPING OUR SCALE AND COMPETITIVENESS
SHARED PLATFORMS
MODULAR APPROACH
80% of future launches
2/3 of value of upcoming vehicles
from standardized modules
5
4
2
1
CMF BB
CMF
CMF
C-D
CMFC-D
3
33%
65%
2013
> 2016
0
Millions units per platforms
> 2016
Source : VAG,Hyundai,Toyota : IHS / R&N : Alliance plan
INVESTOR RELATIONS
SEPTEMBER 2015
55
REDUCING COST OF VEHICULES
SOURCING OPTIMIZATION
INDUSTRIAL CAPACITIES
Local integration rate*
> 80 % in 4 major countries
Utilization rate in Europe > 100%
Renault for Renault
>2016
Renault for Partners
2013
Alliance for Renault
Renault capacity (2 shifts/day)
2010
Russia
17%
5%
China
Brazil
2011
India
> 2016
Production
(*) including powertrain group
INVESTOR RELATIONS
SEPTEMBER 2015
56
ACCELERATING ALLIANCE SYNERGIES
4 KEY-FUNCTIONS CONVERGENCE
ALLIANCE SYNERGIES
> €4.3bn
€3.8bn*
2009
2010
2011
Renault
2012
2013
2014
PURCHASING
UPSTREAM
ENGINEERING
MANUFACTURING
& LOGISTICS
HUMAN
RESOURCES
2016e
Nissan
(*) estimated
INVESTOR RELATIONS
SEPTEMBER 2015
57
ALLIANCE BENEFITS TO RENAULT: R&D AND CAPEX
CAPEX AND R&D CAPPED at 9%
2008
2009
2013
2014
2015
H1
NET CAPEX
5.6 %
4.4 % 2.5 % 3.1% 4.3 % 3.8 %
3.4%
3.6%
NET R&D
5.5 %
4.5 % 4.0 % 3.8% 3.8 % 3.7 %
4.0%
4.4%
TOTAL
11.1 % 8.9 % 6.5 % 7.0%
7.4%
8.0%
2010
2011
2012
8.1%
7.5%
20152016e
< 9%
% OF GROUP REVENUES
INVESTOR RELATIONS
SEPTEMBER 2015
58
A LEADER IN CO2 EMISSION REDUCTION
INVESTOR RELATIONS
SEPTEMBER 2015
59
PREPARING FOR THE FUTURE
EOLAB
INVESTOR RELATIONS
SEPTEMBER 2015
60
OPERATING MARGIN IMPROVEMENT
Cost
reduction
Volume
Provision
FOREX
Raw
material
>5%
Enrichment
Net
3.0 %
> FY2016
FY2013
INVESTOR RELATIONS
SEPTEMBER 2015
61
2015 H1: A ROBUST MILESTONE FOR OUR MID-TERM PLAN
MARGIN IMPROVEMENT
> 5%
in 2017*
4,8%
3,9%
3,1%
3,0%
2,2%
1,9%
1,3%
0,1%
2012 restated
2013
2014
2015 H1
GROUP OPERATING MARGIN
AUTOMOTIVE OPERATING MARGIN
* target
INVESTOR RELATIONS
SEPTEMBER 2015
62
DIVIDEND POLICY
 First phase of the plan, dividend paid
based on dividends received from
shareholdings in listed companies, with
a one-year time lag.
DIVIDENDS PAID IN € PER SHARES
 The purpose of that policy was to raise
the profile of the dividend while
achieving the debt reduction target.
1,90
 For the second phase of the plan, pay-
2013
0,00
2009
2010
2011
 The dividend will be paid on May 15 (or
the following working day).
SEPTEMBER 2015
2012
0,30
 Aim of this policy : offer returns at
INVESTOR RELATIONS
1,72
1,16
out policy independent of the dividends
received on holdings in listed
companies.
least equivalent to the average of
European automakers.
1,72
63
2014
NEW FRONTIERS: CHINA
2013
2014
Signature
2015
2016
2017
2018
New plant  150,000 veh./year
Industrial project
C crossover
WITH OUR PARTNERS
D crossover
Vehicle in study
2nd step
INVESTOR RELATIONS
SEPTEMBER 2015
64
2019
PREPARING FOR THE FUTURE
WUHAN PLANT
INVESTOR RELATIONS
SEPTEMBER 2015
65
04
RENAULT IN BRIEF
INVESTOR RELATIONS
SEPTEMBER 2015
66
RENAULT – IN BRIEF
OWNERSHIP OF CAPITAL AT END 2014
 Renault was founded in 1898 and is listed on the
Paris NYSE Euronext since 1995
Daimler3
3.10%
Employees
2,97%
 Renault created an Alliance with Nissan in 1999
 Renault has strategic cooperation with Daimler
Treasury stock2
0.86%
Nissan1
15.00%
Public
63.05%
 Market capitalization of €17.9bn as of Dec 2014
(€21.9bn as of Aug 2015)
French State
15.01%
 Renault employs 117,395 employees worldwide
 2,712,432 vehicles sold worldwide in 2014
 The Renault brand is ranked # 3 in Europe
€1,127mm
Total share capital
 The company is a bond issuer via two entities:
Renault, rated BBB- by S&P (stable outlook)/BBB(stable outlook) by Fitch / Ba1 (positive outlook)
by Moody’s
Total number of shares
295,722,284
1
Nissan does not exercise the voting rights attached to these shares
Shares acquired for the purposes of stock option programs. These shares have
no voting rights attached
3 A strategic cooperation between the Renault-Nissan Alliance and Daimler AG was
announced in April 2010;
2
RCI Banque, its financing arm, rated Baa1 (stable
outlook) by Moody’s / BBB (negative outlook) by
S&P
Source: Renault SA
INVESTOR RELATIONS
SEPTEMBER 2015
67
GROUP STRUCTURE
Renault Group
Alliance and Cooperation
RENAULT SA
43.4 %
1.55 %
NISSAN MOTOR
DAIMLER AG
100 %
RENAULT S.A.S.
37,25%
AvtoVAZ
100 %
RCI
BANQUE
INVESTOR RELATIONS
OTHER COMPANIES
industrial, commercial,
refinancing
and cash management concerns
SEPTEMBER 2015
99.4 %
80.1 %
RENAULT
SAMSUNG
MOTORS
68
DACIA
A MAJOR ALLIANCE IN THE AUTOMOTIVE LANDSCAPE
TIV (PC+LCV) IN MILLION UNITS
79
82
85
75
61
51
52
52
54
56
56
56
63
65
71
68
65
63
57
8,470 million units sold in 2014
448
5%
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
2 712
32%
MAIN CARS SALES IN 2014 (PC+LCV) IN MILLION UNITS
5 310
63%
7,7
INVESTOR RELATIONS
5,3
4,6
4,4
SEPTEMBER 2015
2,9
2,7
RENAULT
FORD
HYUNDAI
ALLIANCE
GM-Wulinng
VW-Porsche
6,3
PSA
8,5
HONDA
9,9
FIAT-CHYSLER
9,9
NISSAN
10,1
TOYOTA
11,0
10,0
9,0
8,0
7,0
6,0
5,0
4,0
3,0
2,0
1,0
0,0
Renault
Nissan
Avotvaz
69
RENAULT SALES IN H1 2015
Sales by brand
Renault
Dacia
RSM
Sales by Region
Europe
3%
21%
11%
Americas
Africa - ME
-India
4%
11%
62%
12%
Eurasia
76%
Asia-Pacific
MAIN CARS SALES IN H1 2015 (PC+LCV) IN KUNITS
Sales by segment
500
A
400
300
B
237
171
200
168
147
12% 4%
145
128
100
76
3%
54
47
MO
14%
0
MASTER - LCV
TWINGO - A SEG
KANGOO - LCV
CAPTUR - B SEG
LOGAN - MO
MEGANE/SCENIC - C
SEG
DUSTER - MO
SANDERO - MO
CLIO - B seg
INVESTOR RELATIONS
SEPTEMBER 2015
27%
C
D/E
LCV
40%
70
INTERNATIONAL SALES EXPANSION
% OF UNIT SALES OUTSIDE EUROPE
50%
50%
46%
43%
35%
37%
37%
34%
30%
27%
23%
17% 17% 17%
19%
11%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
INVESTOR RELATIONS
SEPTEMBER 2015
71
ENTRY PROGRAM SALES EVOLUTION –OVER 1M UNITS IN 2014
IN K UNITS
1 084
1 142
954
814
687
510
535
2008
2009
367
248
145
23
2004
2005
INVESTOR RELATIONS
2006
2007
SEPTEMBER 2015
2010
2011
2012
2013
72
2014
M0 PLATFORM : THE RIGHT TOOL FOR INTERNATIONAL EXPANSION
% OF INTERNATIONAL SALES UPON M0 PLATFORM
37%
63%
MO
INVESTOR RELATIONS
Others
SEPTEMBER 2015
73
ENTRY PROGRAM RECIPE FOR SUCCESS
 Two different business models:
 Dacia Brand in Europe and Euromed
(45% of the sales)
 Renault Brand for International
development (55% of the sales)
NEW LOGAN
 The “right” level of vehicle content
 Adjusted for the different markets
 High carry-over to minimize
investment
 Seven bodies on the same platform
 Localization
DUSTER
INVESTOR RELATIONS
SEPTEMBER 2015
74
RENAULT RANGE
INVESTOR RELATIONS
SEPTEMBER 2015
75
RENAULT RANGE
INVESTOR RELATIONS
SEPTEMBER 2015
76
DACIA & RSM RANGE
INVESTOR RELATIONS
SEPTEMBER 2015
77
P&L STATEMENT SINCE 2000
PUBLISHED
2000*
2001
BEFORE IFRS
2002
2003
2004
2005
2006
2007
2008
IFRS
2009
2010
2011
2012
2013
2014
in K units
Registration
production
2 289
2 348
2 409
2 375
2 404
2 344
2 389
2 385
2 489
2 472
2 533
2 516
2 433
2 385
2 484
2 659
2 382
2 421
2 309
2 199
2 626
2 599
2 722
2 637
2 550
2 725
2 628
2 520
2 712
2 574
40 175 36 351 36 336 37 525 40 715
o/w Automotive
31 486 33 841 34 456 35 535 38 645
o/w sales financing
1 656
1 828
1 880
1 990
2 070
Cost of goods and services sold
-30 214 -28 240 -28 178 -29 273 -31 162
o/w Research and development expenses
-2 048
-1 935
-1 143
-1 243
-1 383
o/w SG&A
-4 838
-4 538
-4 363
-4 452
-4 581
Operating margin
2 022
473
1 483
1 402
2 418
o/w Automotive
1 574
216
1 189
1 035
1 974
o/w sales financing
253
252
294
367
444
Other operating income and expenses
-319
231
-266
-168
-270
Operating income
1 703
704
1 217
1 234
2 148
Financial expense
-69
-64
-91
-71
-348
Capital gain on sale of shares in Volvo AB
Share in net income of companies
89
380
1 331
1 860
2 020
accounted for by the equity method
o/w Nissan
56
497
1 335
1 705
1 767
o/w Volvo
-26
71
175
240
o/w AvtoVAZ
Current and deferred taxes
-649
-67
-447
-510
-634
Group net income
1 074
953
2 010
2 513
3 186
Renault net income
1 080
1 051
1 956
2 480
3 119
EPS
4,5
4,4
7,5
9,3
11,7
Number of shares
239 798 239 998 259 560 265 960 265 960
41 338
39 458
1 880
-32 137
-2 034
-4 918
1 323
858
465
191
1 514
-327
41 528
39 605
1 923
-32 499
-1 963
-5 018
1 063
571
492
-186
877
61
40 682
38 679
2 003
-31 408
-1 850
-4 949
1 354
882
472
-116
1 238
76
37 791
35 757
2 034
-29 659
-1 858
-4 770
212
-275
487
-329
-117
441
33 712
31 951
1 761
-26 978
-1 795
-4 382
-396
-902
506
-559
-955
-404
42 628
40 679
1 949
-33 848
-2 017
-4 751
1 091
330
761
153
1 244
-121
41 055
38 874
2 181
-33 310
-1 721
-4 415
1 609
858
751
-504
1 105
-333
2 260
1 675
437
-1 561
41 270
39 156
2 114
-33 017
-1 915
-4 534
729
-25
754
-607
122
-266
924
1 504
40 932
38 775
2 157
-33 611
-1 812
-4 267
1 242
495
747
-1 276
-34
-282
2 597
38 971
37 172
1 799
-30 620
-1 834
-4 605
1 099
396
703
-464
635
-376
2 000
1 289
1 444
1 362
2 275
308
1 871
384
1 288
352
345
226
-331
-255
-255
-162
3 453
2 943
2 734
599
3 367
2 869
2 669
571
13,2
11,2
10,3
2,2
255 177 256 994 258 621 256 532
workforce
126 584 128 893 130 179 129 069 121 422 122 615 128 322 127 086 121 807 117 395
in€ m
Revenues
166 114 140 417 132 351 130 740 130 573
-902
1 084
1 332
1 234
1 498
1 559
-301
214
136
80
-370
-21
49
186
-34
-182
-148
-58
-508
-549
-433
-136
-3 068
3 490
2 139
1 735
695
1 998
-3 125
3 420
2 092
1 772
586
1 890
-12,1
12,7
7,7
6,5
2,2
6,9
257 514 269 292 272 381 272 256 272 290 273 049
* with Renault VI
INVESTOR RELATIONS
SEPTEMBER 2015
1 524
78
CASH FLOW STATEMENT
PUBLISHED
BEFORE IFRS
IFRS
2000* 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
1 467
458
928
858 1 710 1 058
303
767
-608 -1 457
-78
478
-615
-770
389
1 817 1 683 1 938 2 117 2 133 2 658 2 817 2 815 2 892 3 124 3 045 2 820 3 299 3 164 2 702
3 284 2 141 2 866 2 975 3 843 3 716 3 120 3 582 2 284 1 667 2 967 3 298 2 684 2 394 3 091
in € m
AUTO EBIT
Depreciation & amortization
AUTOMOTIVE EBITDA
Cash flow
Change in WC
Capex and R&D cost
Others
OPERATIONAL FCF
3 027 1 290 2 919 2 806 3 798 3 589 3 288 3 616 2 373 1 386 3 074 2 910 2 577 2 914 3 138
239
-533
-26 -2 704 2 923
395
627
790
-1 657 1 751
322
401
-346
922
596
-2 289 -2 546 -2 968 -2 533 -2 823 -2 879 -3 585 -3 565 -3 385 -2 054 -1 644 -2 212 -2 674 -2 543 -2 416
CAPEX -2 253 -2 497 -2 284 -1 927 -2 035 -2 046 -2 494 -2 278 -2 260 -1 465
-978 -1 325 -1 910 -1 811 -1 571
CAPITALIZED R&D
-36
-49
-684
-606
-788
-833 -1 091 -1 287 -1 125
-589
-666
-887
-764
-732
-845
135
-248
-155
-241
-228
-334
-235
-919
495
273
512 1 376
177
-508
25 -3 716 2 007 1 670 1 084
597
827 1 083
Dividends received from Nissan
Dividends received from Volvo
Dividends received from Daimler
Dividends received from others excl; RCI
FCF
DIVIDEND PAID
INVESTOR RELATIONS
99
0
183
77
267
77
345
208
383
120
431
158
13
94
684
7
-912
6
600
533
856
1 929
13
693
183
219
258
316
383
493
SEPTEMBER 2015
456
477
418
258
0
81
88
0
3
12
961 -3 028
0
2 088
0
883
1 054
79
0
1 758
274
38
22
1
1 419
427
47
27
6
1 077
0
88
-402
406
432
27
32
1 260
1 547
-537
-542
A STRONGER FCF MANAGEMENT
(million euros)
2007
2000
1670
1275
1084
1377
738
845
495
512
273
273
710
457 597
177
25 51
1083
827
487
37
0
-49
-162
-508
-325
-919
-1012
-1256
-916
-2000
-4000
-3716
2000
2001
2002
2003
2004
2005
Operational Free Cash Flow
INVESTOR RELATIONS
2006
2007
2008
2009
2010
2011
2012
2013
2014
Operational Free Cash Flow excluding WCR evolution
SEPTEMBER 2015
80
AUTOMOTIVE DIVISION FULLY DELEVRAGED
(billion euros)
Former
GAAPs
IFRS
GAAPs
Shareholders' equity
19,7
21,2 22,1
Automotive Net cash
22,8
8,2
11,8
23,2
16,5
13,6
1,5
-1,6
-2,7
-4,8
-2,5
-3,9
24,9
19,4
15,9
9,7 10,1
24,6 24,6
-1,7
-2,3 -2,4 -2,1
-1,4
-7,9
1,8
2,1
-0,3
-5,9
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
INVESTOR RELATIONS
SEPTEMBER 2015
81
RENAULT INVESTORS RELATION CONTACT
Thierry Huon
Investor Relations Director
+33 1 76 84 53 09
[email protected]
Nicolas Chaillan
Investor Relations
+33 1 76 83 05 13
[email protected]
Clémentine de Quatrebarbes
Investor Relations
+33 1 76 84 60 89
[email protected]
Investor relations internet site: http://group.renault.com/finance
INVESTOR RELATIONS
SEPTEMBER 2015
82

Redburn US presentation Sept 2015

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