Download - Redburn US presentation Sept 2015

RENAULT GROUP

Redburn – Roadshow

SEPTEMBER 2015 2

INVESTOR RELATIONS

RENAULT PRESENTATION

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.

DISCLAIMER

SEPTEMBER 2015 3

INVESTOR RELATIONS


HIGHLIGHTS

OPERATING MARGIN IMPROVEMENT

REVENUE ACCELERATION

FY GUIDANCE CONFIRMED

SEPTEMBER 2015 4

INVESTOR RELATIONS


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.

SEPTEMBER 2015 5

INVESTOR RELATIONS


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

SEPTEMBER 2015 6

INVESTOR RELATIONS


KEY TAKE-AWAYS FROM H1 RESULTS

RECOVERY IN EUROPE STRONGER THAN ANTICIPATED

STRONG CONTRIBUTION OF SALES TO PARTNERS

CONTINUING DECLINE IN SOME EMERGING MARKETS

SEPTEMBER 2015 7

INVESTOR RELATIONS


RISKS & OPPORTUNITIES FOR THE SECOND HALF

REGULATORY COST PRESSURE

EMERGING MARKETS

SUPPLY CHAIN

NEW PRODUCTS

EUROPEAN MARKET MOMENTUM

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INVESTOR RELATIONS


YTD 2015 COMMERCIAL UPDATE

01

SEPTEMBER 2015 9

INVESTOR RELATIONS


WORLD

TIV + 0.7% (including USA/Canada)

EURASIA

TIV - 18%

AMI

TIV + 0.9%

AMERICAS

TIV - 10.7%

ASIA-PACIFIC

TIV - 0.3%

EUROPE

TIV + 8.8%

SPAIN +24%

ITALY +14%

UK + 8%

GERMANY + 5%

FRANCE + 5%

TURKEY +47%

ROMANIA +14%

KAZAKHSTAN -35%

RUSSIA -33%

UKRAINE -60%

EGYPT +5%

INDIA +5%

IRAN +3%

MOROCCO +1%

ALGERIA -24%

MEXICO +19%

COLOMBIA -6%

BRAZIL -20%

ARGENTINA -13%

CHINA +2%

S. KOREA +8%

AUSTRALIA +3%

JAPAN -10%

TIV EVOLUTION YTD (August)

SEPTEMBER 2015 10

INVESTOR RELATIONS


RENAULT GROUP UNIT REGISTRATIONS YTD (August)

WORLD MARKET SHARE: 3.1% (=)

1750

969

233 199 273

76

1765

1051

218 196 229

71

K units

(PC+LCV)

08'14 08'15

GLOBAL

+0.9%

EUROPE

+8.5%

AMERICAS

-16.1%

ASIA-PACIFIC

-6.3%

AMI

-1.9%

EURASIA

-6.3%

+0.7% TIV +8.8% -18% +0.9% -10.7% -0.3%

GROUP

08'14 08'15 08'14 08'15 08'14 08'15 08'14 08'15 08'14 08'15

SEPTEMBER 2015 11

INVESTOR RELATIONS


RENAULT GROUP UNIT REGISTRATIONS H1 2015 vs H1 2014

WORLD MARKET SHARE: 3.2% (=)

1,366

776

177 150 206

57

1,376

849

159 151 164 54

K units

(PC+LCV)

H1'14 H1'15

GLOBAL

+0.8%

EUROPE

+9.3%

AMERICAS

-20.3%

ASIA-PACIFIC

-5.5%

AMI

+0.9%

EURASIA

-10.2%

+1.2% TIV +8.5% -20.3% +3.0% -10.6% +0.4%

GROUP

H1'14 H1'15 H1'14 H1'15 H1'14 H1'15 H1'14 H1'15 H1'14 H1'15

SEPTEMBER 2015 12

INVESTOR RELATIONS


EUROPE KEEPS PUSHING SALES MOMENTUM

TOP 15 COUNTRIES

COUNTRIES 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 4,0% 0

RUSSIA 57 116 7,3% -5

BELGIUM+LUX 47 968 13,6% 1

ALGERIA 47 918 31,7% 1

SOUTH KOREA 37 260 4,4% 1

ARGENTINA 32 312 10,6% -4

MOROCCO 23 864 38,4% 1

NETHERLANDS 23 611 10,1% 1

INDIA 23 346 1,5% -2

% OF SALES OUTSIDE EUROPE

33% 40%

47% 50%

H1' 10 H1' 11 H1' 12 H1' 13 H1' 14

43%

H1' 15

38%

SEPTEMBER 2015 13

INVESTOR RELATIONS


EUROPE REGION

France 26.9%

-0.4 pts

Europe 10.2%

+0.1 pts

GROUP MARKET SHARE PC+LCV

BREAKDOWN OF GROUP REGISTRATIONS PC+LCV

GROUP ORDER BOOK PC+LCV

776

849

H1 2015 H1 2014 776

+8

+64 849

H1’14

TIV

& MARKET MIX H1’15 PERFORMANCE

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INVESTOR RELATIONS


AMERICAS REGION

Americas 5.9%

-0.7 pts

Brazil 7.0%

+0.1 pts

OROCH TO BE LAUNCHED IN H2 GROUP MARKET SHARE PC+LCV

206


206

164

H1’14

H1’15

PERFORMANCE

TIV

& MARKET MIX ARGENTINA

-21

-22

+1

SEPTEMBER 2015 15

INVESTOR RELATIONS


EURASIA REGION

Eurasia 11.2%

+1.3 pts

Russia 7.3%

-0.5 pts

DUSTER FACELIFT LAUNCHED IN H2 GROUP MARKET SHARE PC+LCV


177

-8

-10

159

H1 2015 H1 2014

849

H1 2015

177 -8

-10

159

H1’14

TIV

& MARKET MIX H1’15 PERFORMANCE

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INVESTOR RELATIONS


AFRICA - MIDDLE EAST - INDIA REGION

AMI 3.6%

-0.1 pts

Algeria 31.7%

+7.1 pts

GROUP MARKET SHARE PC+LCV


KWID TO BE LAUNCHED IN H2

150 +5

-4

151

H1 2015 H1 2014

177

-8

-10

159

H1 2015 H1 2014

849

H1 2015

150

+5 -4 151

H1’14

TIV

& MARKET MIX

H1’15

PERFORMANCE

SEPTEMBER 2015 17

INVESTOR RELATIONS


ASIA-PACIFIC REGION

Asia-Pacific 0.3%

Korea 4.4%

-0.2 pts

0.0 pt

WUHAN PLANT ON TRACK GROUP MARKET SHARE PC+LCV


150 +5

-4

151

H1 2015 H1 2014

177

-8

-10

159

H1 2015 H1 2014

849

H1 2015

57

-6 +3

54

H1’14

TIV

& MARKET MIX

H1’15 PERFORMANCE

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INVESTOR RELATIONS


H1 2015 FINANCIAL RESULTS

02

SEPTEMBER 2015 19

INVESTOR RELATIONS


H1 2014 H1 2015 CHANGE

Global registrations (units) 1,365,988 1,376,356 +0.8%

Group revenues 19,820 22,197 +12.0%

of which: Automotive 18,739 21,065 +12.4%

Sales financing 1,081 1,132 +4.7%

Q1 Q2

+13.7% +10.8%

H1 2015 GROUP REVENUES

(million euros)

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INVESTOR RELATIONS


AUTOMOTIVE REVENUES VARIANCE ANALYSIS

18,739

21,065

+615 -46

+145+308

+1,112

+225

-33

Currency

Volume

Geographic

mix

Product mix

Sales to

partners

Others

+12.4%

+3.3pts -0.2pts +0.8pts +1.6pts +1.2pts -0.2pts

Price

+5.9pts

CHANGE H1 2015 / H1 2014: +€2,326m

H1 2014 H1 2015

(million euros)

SEPTEMBER 2015 21

INVESTOR RELATIONS


DISTRIBUTION STOCK

NEW VEHICLE DISTRIBUTION STOCK (IN K UNITS)

445 481 507 503 488 527 495 493 459 515 510

131

241140

243

100

255

158

253

106

251177

314240

367

260

388

272337

240

353264

333

DEC'12 MAR'13 JUN'13 SEP'13 DEC'13 MAR'14 JUN'14 SEP'14 DEC'14 MAR'15 JUN'15

GROUP

INDEPENDENT DEALERS

TOTAL

Number of days of sales

(previous period)

65 67 72 75 76 63 62 74 57 74 64

SEPTEMBER 2015 22

INVESTOR RELATIONS


H1 2014 H1 2015 CHANGE

Revenues 19,820 22,197 +12.0%

Operating margin +729 +1,069 +340

in % of revenues +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

(million euros)

H1 2015 FINANCIAL RESULTS

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INVESTOR RELATIONS


OPERATING MARGIN BY ACTIVITY

H1 2014 H1 2015 CHANGE

AUTOMOTIVE +348 +656 +308

% Automotive revenues +1.9% +3.1% +1.3 pts

SALES FINANCING +381 +413 +32

GROUP OPERATING MARGIN +729 +1,069 +340

% Group revenues +3.7% +4.8% +1.1 pts

(million euros)

SEPTEMBER 2015 24

INVESTOR RELATIONS


729

1,069

+236 -17

+28

-283 +263

+1

+112

GROUP OPERATING MARGIN VARIANCE ANALYSIS

Currency

Volume &

partners

Mix / Net Enrichment

G&A

RCI &

Other

activities

COST REDUCTION

+€219m

H1 2014 H1 2015 (million euros)

CHANGE H1 2015 / H1 2014: +€340m

Monozukuri

Raw materials

GROWTH

+€264m

SEPTEMBER 2015 25

INVESTOR RELATIONS


RCI BANQUE

in % of average loans outstanding

H1 2014 H1 2015

New financings (€bn) 6.0 7.7

Average performing loans outstanding (€bn) 24.8 27.6

Net banking income* 5.14% 4.93%

Cost of risk* (customer & dealer) -0.47% -0.31%

Operating expenses* -1.58% -1.54%

Pretax income* 2.92% 3.08%

(* in percentage of average performing loans outstanding)

SEPTEMBER 2015 26

INVESTOR RELATIONS


OTHER OPERATING INCOME & EXPENSES

H1 2014 H1 2015

Net restructuring costs

(incl. competitiveness agreement in France) -152 -106

Impairment of assets / reversal -135 -11

Profit / loss on asset sales +30 +6

Others -8 -5

TOTAL OTHER OPERATING INCOME & EXPENSES -265 -116

(million euros)

SEPTEMBER 2015 27

INVESTOR RELATIONS


ASSOCIATED COMPANIES

H1 2014 H1 2015 CHANGE

Nissan +789 +979 +190

AVTOVAZ (1) -55 -70 -15

Others -9 +3 +12

TOTAL ASSOCIATED COMPANIES +725 +912 +187

(1) AVTOVAZ is consolidated with a 3-month time lag

Q1 Q2

494 485

(million euros)

SEPTEMBER 2015 28

INVESTOR RELATIONS


-369

+267

-591

-118

AUTOMOTIVE NET CASH POSITION

Operational

free cash flow

Cash flow

+1,727

Change

in WCR

Dividends

paid

Net tangible

& intangible

investments

- 1,453 Net cash

decrease

Dividends

received

from

listed co.

-123

Leased

Vehicles

-431

Capitalized

R&D

Financial

investments

& others

-899

Net capex

DEC. 31, 2014: €2,104m

JUNE 30, 2015: €1,567m

-95

-537

(million euros)

SEPTEMBER 2015 29

INVESTOR RELATIONS


LIQUIDITY RESERVES

Cash = €11.6bn

Available credit lines = €3.2bn

TOTAL = €14.8bn

LIQUIDITY RESERVES

Cash = €10.2bn

Available credit lines = € 3.3bn

TOTAL = €13.5bn

AUTOMOTIVE DIVISION LIQUIDITY

DECEMBER 2014 JUNE 2015

SEPTEMBER 2015 30

INVESTOR RELATIONS


RCI LIQUIDITY*

LIQUIDITY RESERVES

Cash = €0.1bn

HQLA = €0.9bn

ECB eligible = €1.9bn


TOTAL = €6.9bn

LIQUIDITY RESERVES

Cash = €0.1bn

HQLA = €0.8bn

ECB eligible = €1.8bn


TOTAL = €6.8bn

DECEMBER 2014 JUNE 2015

*Central funding perimeter

SEPTEMBER 2015 31

INVESTOR RELATIONS


RCI BANQUE RETAIL DEPOSIT ACTIVITY

Dec. 2014 June 2015

DEPOSITS 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

• 2016 TARGET: 30% OF RCI BANQUE OUTSTANDINGS

(billion euros)

SEPTEMBER 2015 32

INVESTOR RELATIONS


FY 2014 FINANCIAL RESULTS

03

SEPTEMBER 2015 33

INVESTOR RELATIONS


AUTOMOTIVE REVENUES VARIANCE ANALYSIS

38,775 38,874

-1,150

-327 +64

-33

+311

+1,248

-14

Currency

Volume

Geographic

mix

Mix

Sales to

partners

Others

+0.3%

-3.0pts -0.8pts +0.2pts -0.1pts +3.2pts 0.0pts

Price

+0.8pts

CHANGE 2014 vs 2013: +€99m

FY 2013 FY 2014

(million euros)

SEPTEMBER 2015 34

INVESTOR RELATIONS


OPERATING PROFIT BY ACTIVITY

FY 2013 FY 2014 CHANGE

AUTOMOTIVE 495 858 +363

% Automotive revenues 1.3% 2.2% +0.9pts

SALES FINANCING 747 751 +4

GROUP OPERATING PROFIT 1,242 1,609 +367

% Group revenues 3.0% 3.9% +0.9pts

(million euros)

SEPTEMBER 2015 35

INVESTOR RELATIONS


1,242

1,609

+778

+66

+134

-226 +121

-35

-471

GROUP OPERATING PROFIT VARIANCE ANALYSIS

Currency

Volume &

partners

Mix / Net Enrichment

G&A

RCI Banque

&

other activities

COST REDUCTION

€844m

FY 2013 FY 2014

CHANGE 2014 vs 2013: +€367m

Monozukuri

Raw materials

GROWTH

€86m

(million euros)

SEPTEMBER 2015 36

INVESTOR RELATIONS


CONTINUING COST REDUCTION

COST REDUCTION CONTRIBUTION TO OPERATING PROFIT IMPROVEMENT

+ 430

-107

+ 397

+ 58

+ 66

Purchasing Warranty Manufacturing & Logistic

R&D G&A

+€844m

vs 2013

SEPTEMBER 2015 37

INVESTOR RELATIONS


OTHER OPERATING INCOME & EXPENSES

FY 2013 FY 2014

Net restructuring costs

(incl. competitiveness agreement in France) -423 -305

Impairment of assets / reversal -488 -153

RCI Banque (mainly change in regulation) - -50

Profit / loss on asset sales +153 +7

Others -518 -3

Total other operating income & expenses -1,276 -504

(million euros)

SEPTEMBER 2015 38

INVESTOR RELATIONS


ASSOCIATED COMPANIES


Nissan 1,498 1,559 +61

AVTOVAZ (1) -34 -182 -148

Others -20 -15 +5

Total associated companies 1,444 1,362 -82

(1) 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.

(million euros)

SEPTEMBER 2015 39

INVESTOR RELATIONS


FY 2014 FINANCIAL RESULTS


Revenues 40,932 41,055 +0.3%

Operating profit 1,242 1,609 +367

in % of revenues 3.0% 3.9% +0.9pts

Other operating income & expenses -1,276 -504 +772

EBIT -34 1,105 +1,139

Net financial income & expenses -282 -333 -51

Associated companies 1,444 1,362 -82

Current & deferred taxes -433 -136 +297

Net income 695 1,998 +1,303

(million euros)

SEPTEMBER 2015 40

INVESTOR RELATIONS


3,138

1,083

343

+596

+463 -542

-661

AUTOMOTIVE NET CASH POSITION

Operational free

cash flow

Cash flow

Change in WCR

Dividends paid

Net tangible & intangible

investments

-2,651

Net change In cash

Dividends received

from listed co.

Capitalized

R&D

-845 Financial investments

& others

Net capex

-1,571

DEC 31, 2013 : €1,761m

DEC 31, 2014 : €2,104m

(million euros)

Leased Vehicles -235

SEPTEMBER 2015 41

INVESTOR RELATIONS


LIQUIDITY RESERVES

Cash = €10.7bn


TOTAL = €14.1bn

LIQUIDITY RESERVES

Cash = €11.6bn


TOTAL = €14.8bn

AUTOMOTIVE DIVISION LIQUIDITY

DECEMBER 2013 DECEMBER 2014

SEPTEMBER 2015 42

INVESTOR RELATIONS


FUNDING & LIQUIDITY PROFILE

RSA total funding : 7.6 billions €

In million euros at December 31, 2014

Bonds, Banks & assimilated (in millions euros *)

Liquidity reserve: - Available back-up lines : 3.2 billions €

- Cash & cash equivalents: 11.6 billions €

Automobile Division

* fx rates as of 12/31/14

SEPTEMBER 2015 43

INVESTOR RELATIONS


RCI BANQUE

(in percentage of average loans outstanding)

2013 2014

New financings (€bn) 11.4 12.6

Average loans outstanding (€bn) 24.2 25.4

Net banking income* 5.04% 4.98%

Cost of risk (customer & dealer) -0.42% -0.43%

Operating expenses* -1.56% -1.58%

Pretax income* 3.07% 2.95%

Operating profit (€m) 747 751

* Excluding non recurring items

SEPTEMBER 2015 44

INVESTOR RELATIONS


End 2013 End 2014

DEPOSITS 4,33 6,53

o/w GERMANY 3,05 4,38

o/w FRANCE 1,28 1,78

o/w AUSTRIA - 0,37

RCI BANQUE RETAIL DEPOSIT ACTIVITY

• 2016 TARGET: 30% OF RCI BANQUE OUTSTANDINGS

(billion euros)

SEPTEMBER 2015 45

INVESTOR RELATIONS


DRIVE THE CHANGE

How to get to our targets

03

SEPTEMBER 2015 46

INVESTOR RELATIONS


Kadjar

2015

RENEWING OUR RANGE

OUR MAIN REVENUES OPPORTUNITIES

New Espace C-hatch D-sedan C-MPV

Pick-up 1T Pick-up 0,5T

D-crossover Captur

2015

2015

2015

2015

New Twingo

A-entry

2014

2014

LCV international roll out

Full cross-over line up

for all our markets

A-entry vehicles for emerging countries

New Twingo for Europe

C & D complete renewal

SEPTEMBER 2015 47

INVESTOR RELATIONS


A NEW STEP TOWARDS OUR MID-TERM PLAN TARGETS

RENAULT ESPACE

SEPTEMBER 2015 48

INVESTOR RELATIONS



RENAULT KADJAR

KADJAR

SEPTEMBER 2015 49

INVESTOR RELATIONS



RENAULT KWID

KADJAR

SEPTEMBER 2015 50

INVESTOR RELATIONS



RENAULT OROCH

SEPTEMBER 2015 51

INVESTOR RELATIONS



RENAULT TALISMAN

KADJAR

SEPTEMBER 2015 52

INVESTOR RELATIONS



RENAULT TALISMAN ESTATE

SEPTEMBER 2015 53

INVESTOR RELATIONS



RENAULT ALASKAN REVEAL

SEPTEMBER 2015 54

INVESTOR RELATIONS



RENAULT NEW MEGANE REVEAL

SEPTEMBER 2015 55

INVESTOR RELATIONS


65% 33%

Millions units per platforms > 2016

CM

F C

-D

CM

F B

Source : VAG,Hyundai,Toyota : IHS / R&N : Alliance plan

2013 > 2016

SHARED PLATFORMS MODULAR APPROACH

80% of future launches 2/3 of value of upcoming vehicles

from standardized modules

0

1

2

3

4

5

CM

F C

-D

CM

F B

DEVELOPING OUR SCALE AND COMPETITIVENESS

SEPTEMBER 2015 56

INVESTOR RELATIONS


SOURCING OPTIMIZATION INDUSTRIAL CAPACITIES

Local integration rate*

> 80 % in 4 major countries Utilization rate in Europe > 100%

2011 > 2016

Renault for Renault

Renault for Partners

Renault capacity (2 shifts/day)

Alliance for Renault

>2016

2013

2010

China

Russia

India

Brazil

(*) including powertrain group

Production

5%

17%

REDUCING COST OF VEHICULES

SEPTEMBER 2015 57

INVESTOR RELATIONS


2009 2010 2011 2012 2013 2014 2016e

Renault Nissan

> €4.3bn

ALLIANCE SYNERGIES

€3.8bn*

(*) estimated

ACCELERATING ALLIANCE SYNERGIES

4 KEY-FUNCTIONS CONVERGENCE

PURCHASING UPSTREAM

ENGINEERING

HUMAN RESOURCES

MANUFACTURING & LOGISTICS

SEPTEMBER 2015 58

INVESTOR RELATIONS


CAPEX AND R&D CAPPED at 9%

2008 2009 2010 2011 2012 2013 2014 2015

H1

2015-

2016e

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% 8.1% 7.5% 7.4% 8.0% < 9%

% OF GROUP REVENUES

ALLIANCE BENEFITS TO RENAULT: R&D AND CAPEX

INVESTOR RELATIONS

RENAULT PRESENTATION SEPTEMBER 2015 59

A LEADER IN CO2 EMISSION REDUCTION

SEPTEMBER 2015 60

INVESTOR RELATIONS


PREPARING FOR THE FUTURE

EOLAB

SEPTEMBER 2015 61

INVESTOR RELATIONS


OPERATING MARGIN IMPROVEMENT

3.0 %

> 5 %

Volume Cost

reduction

Enrichment

Net

Raw

material

Provision

FOREX

FY2013 > FY2016

SEPTEMBER 2015 62

INVESTOR RELATIONS


2015 H1: A ROBUST MILESTONE FOR OUR MID-TERM PLAN

MARGIN IMPROVEMENT

1,9%

3,0%

3,9%

4,8%

0,1%

1,3%

2,2%

3,1%

2012 restated 2013 2014 2015 H1

GROUP OPERATING MARGIN

AUTOMOTIVE OPERATING MARGIN

> 5%

in 2017*

* target

INVESTOR RELATIONS


DIVIDEND POLICY

0,00

0,30

1,16

1,72 1,721,90

2009 2010 2011 2012 2013 2014

DIVIDENDS PAID IN € PER SHARES

First phase of the plan, dividend paid based on dividends received from shareholdings in listed companies, with a one-year time lag.

The purpose of that policy was to raise the profile of the dividend while achieving the debt reduction target.

For the second phase of the plan, pay-out policy independent of the dividends received on holdings in listed companies.

Aim of this policy : offer returns at least equivalent to the average of European automakers.

The dividend will be paid on May 15 (or the following working day).

SEPTEMBER 2015 64

INVESTOR RELATIONS


NEW FRONTIERS: CHINA

2013 2014 2015 2016 2017 2018 2019

Industrial project Signature New plant 150,000 veh./year

C crossover

D crossover

Vehicle in study

WITH OUR PARTNERS

2nd step

SEPTEMBER 2015 65

INVESTOR RELATIONS


PREPARING FOR THE FUTURE

WUHAN PLANT

SEPTEMBER 2015 66

INVESTOR RELATIONS


04 RENAULT IN BRIEF

INVESTOR RELATIONS


RENAULT – IN BRIEF

Renault was founded in 1898 and is listed on the

Paris NYSE Euronext since 1995

Renault created an Alliance with Nissan in 1999

Renault has strategic cooperation with Daimler

Market capitalization of €17.9bn as of Dec 2014

(€21.9bn as of Aug 2015)

Renault employs 117,395 employees worldwide

2,712,432 vehicles sold worldwide in 2014

The Renault brand is ranked # 3 in Europe

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

RCI Banque, its financing arm, rated Baa1 (stable

outlook) by Moody’s / BBB (negative outlook) by

S&P

OWNERSHIP OF CAPITAL AT END 2014

Treasury stock2

0.86%

Employees

2,97%

Nissan1

15.00%

French State

15.01%

Public

63.05%

1 Nissan does not exercise the voting rights attached to these shares 2 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;

Total share capital €1,127mm

Total number of shares 295,722,284

Daimler3

3.10%

Source: Renault SA

INVESTOR RELATIONS


GROUP STRUCTURE

RCI BANQUE

RENAULT SAMSUNG MOTORS

AvtoVAZ

OTHER COMPANIES industrial, commercial,

refinancing and cash management concerns

RENAULT S.A.S.

DACIA

NISSAN MOTOR

RENAULT SA

100 %

43.4 %

99.4 %

1.55 %

100 % 80.1 % 37,25%

DAIMLER AG

Renault Group

Alliance and Cooperation

INVESTOR RELATIONS


A MAJOR ALLIANCE IN THE AUTOMOTIVE LANDSCAPE

52 5254

56 56 5657

6163

6568

6563

71

75

7982

85

51

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

10,1 9,9 9,9 8,5

7,7

6,3 5,3

4,6 4,4

2,9 2,7

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

8,0

9,0

10,0

11,0

TO

YO

TA

VW

-Po

rsch

e

GM

-Wu

linn

g

AL

LIA

NC

E

HY

UN

DA

I

FO

RD

NIS

SA

N

FIA

T-C

HY

SL

ER

HO

ND

A

PS

A

RE

NA

UL

TRenault Nissan

Avotvaz

8,470 million units sold in 2014

TIV (PC+LCV) IN MILLION UNITS

MAIN CARS SALES IN 2014 (PC+LCV) IN MILLION UNITS

448

5%

5 310

63%

2 712

32%

INVESTOR RELATIONS


62%12%

11%

11%4%

Sales by Region

Europe

Americas

Africa - ME-India

Eurasia

Asia-Pacific

RENAULT SALES IN H1 2015

76%

21%

3%

Sales by brand

Renault

Dacia

RSM

4%

27%

40%

14%

3%

12%

Sales by segment

A B

MO C

D/E LCV

MAIN CARS SALES IN H1 2015 (PC+LCV) IN KUNITS

237

171 168 147 145 128 76 54 47

0

100

200

300

400

500

CL

IO - B

seg

SA

ND

ER

O - M

O

DU

ST

ER

- MO

ME

GA

NE

/SC

EN

IC - C

SE

G

LO

GA

N - M

O

CA

PT

UR

- B S

EG

KA

NG

OO

- LC

V

TW

ING

O - A

SE

G

MA

ST

ER

- LC

V

INVESTOR RELATIONS


INTERNATIONAL SALES EXPANSION

11%

17% 17% 17%19%

23%

27%30%

35%37%

34%37%

43%

50% 50%

46%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% OF UNIT SALES OUTSIDE EUROPE

INVESTOR RELATIONS


ENTRY PROGRAM SALES EVOLUTION –OVER 1M UNITS IN 2014

23145

248367

510 535

687

814

954

1 0841 142

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

IN K UNITS

INVESTOR RELATIONS


M0 PLATFORM : THE RIGHT TOOL FOR INTERNATIONAL EXPANSION

% OF INTERNATIONAL SALES UPON M0 PLATFORM

63%

37%

MO Others

INVESTOR RELATIONS


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)

The “right” level of vehicle content

Adjusted for the different markets

High carry-over to minimize investment

Seven bodies on the same platform

Localization

NEW LOGAN

DUSTER

INVESTOR RELATIONS


RENAULT RANGE

INVESTOR RELATIONS


DACIA & RSM RANGE

INVESTOR RELATIONS


P&L STATEMENT SINCE 2000

* with Renault VI

PUBLISHED

2000* 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

in K units

Registration 2 289 2 409 2 404 2 389 2 489 2 533 2 433 2 484 2 382 2 309 2 626 2 722 2 550 2 628 2 712

production 2 348 2 375 2 344 2 385 2 472 2 516 2 385 2 659 2 421 2 199 2 599 2 637 2 725 2 520 2 574

in€ m

Revenues 40 175 36 351 36 336 37 525 40 715 41 338 41 528 40 682 37 791 33 712 38 971 42 628 41 270 40 932 41 055

o/w Automotive 31 486 33 841 34 456 35 535 38 645 39 458 39 605 38 679 35 757 31 951 37 172 40 679 39 156 38 775 38 874

o/w sales financing 1 656 1 828 1 880 1 990 2 070 1 880 1 923 2 003 2 034 1 761 1 799 1 949 2 114 2 157 2 181

Cost of goods and services sold -30 214 -28 240 -28 178 -29 273 -31 162 -32 137 -32 499 -31 408 -29 659 -26 978 -30 620 -33 848 -33 017 -33 611 -33 310

o/w Research and development expenses -2 048 -1 935 -1 143 -1 243 -1 383 -2 034 -1 963 -1 850 -1 858 -1 795 -1 834 -2 017 -1 915 -1 812 -1 721

o/w SG&A -4 838 -4 538 -4 363 -4 452 -4 581 -4 918 -5 018 -4 949 -4 770 -4 382 -4 605 -4 751 -4 534 -4 267 -4 415

Operating margin 2 022 473 1 483 1 402 2 418 1 323 1 063 1 354 212 -396 1 099 1 091 729 1 242 1 609

o/w Automotive 1 574 216 1 189 1 035 1 974 858 571 882 -275 -902 396 330 -25 495 858

o/w sales financing 253 252 294 367 444 465 492 472 487 506 703 761 754 747 751

Other operating income and expenses -319 231 -266 -168 -270 191 -186 -116 -329 -559 -464 153 -607 -1 276 -504

Operating income 1 703 704 1 217 1 234 2 148 1 514 877 1 238 -117 -955 635 1 244 122 -34 1 105

Financial expense -69 -64 -91 -71 -348 -327 61 76 441 -404 -376 -121 -266 -282 -333

Capital gain on sale of shares in Volvo AB 2 000 924

Share in net income of companies

accounted for by the equity method

89 380 1 331 1 860 2 020 2 597 2 260 1 675 437 -1 561 1 289 1 524 1 504 1 444 1 362

o/w Nissan 56 497 1 335 1 705 1 767 2 275 1 871 1 288 345 -902 1 084 1 332 1 234 1 498 1 559

o/w Volvo -26 71 175 240 308 384 352 226 -301 214 136 80

o/w AvtoVAZ -370 -21 49 186 -34 -182

Current and deferred taxes -649 -67 -447 -510 -634 -331 -255 -255 -162 -148 -58 -508 -549 -433 -136

Group net income 1 074 953 2 010 2 513 3 186 3 453 2 943 2 734 599 -3 068 3 490 2 139 1 735 695 1 998

Renault net income 1 080 1 051 1 956 2 480 3 119 3 367 2 869 2 669 571 -3 125 3 420 2 092 1 772 586 1 890

EPS 4,5 4,4 7,5 9,3 11,7 13,2 11,2 10,3 2,2 -12,1 12,7 7,7 6,5 2,2 6,9

Number of shares 239 798 239 998 259 560 265 960 265 960 255 177 256 994 258 621 256 532 257 514 269 292 272 381 272 256 272 290 273 049

workforce 166 114 140 417 132 351 130 740 130 573 126 584 128 893 130 179 129 069 121 422 122 615 128 322 127 086 121 807 117 395

BEFORE IFRS IFRS

INVESTOR RELATIONS


CASH FLOW STATEMENT

PUBLISHED

IFRS

in € m 2000* 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

AUTO EBIT 1 467 458 928 858 1 710 1 058 303 767 -608 -1 457 -78 478 -615 -770 389

Depreciation & amortization 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

AUTOMOTIVE EBITDA 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

Cash flow 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

Change in WC -1 657 1 751 322 239 401 -533 -346 -26 -2 704 2 923 395 627 922 790 596

Capex and R&D cost -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

Others 135 -248 -155 -241 -228 -334 -235

OPERATIONAL FCF -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 99 183 267 345 383 431 456 418 0 88 274 427 406 432

Dividends received from Volvo 0 77 77 208 120 158 477 258 81 0 38 47

Dividends received from Daimler 22 27 27 32

Dividends received from others excl; RCI 7 6 13 13 3 12 0 0 1 6

FCF -912 600 533 856 1 929 693 94 961 -3 028 2 088 1 758 1 419 1 077 1 260 1 547

DIVIDEND PAID 183 219 258 316 383 493 684 883 1 054 0 0 88 -402 -537 -542

BEFORE IFRS

INVESTOR RELATIONS


-919

495273

512

1377

177

-508

25

-3716

20071670

1084

597827

1083738

-1256

-49

273

845 710

-162

51

-1012 -916

1275

457

-325

37

487

-4000

-2000

0

2000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Operational Free Cash Flow Operational Free Cash Flow excluding WCR evolution

(million euros)

A STRONGER FCF MANAGEMENT

INVESTOR RELATIONS


8,2 9,7 10,1

11,8 13,6

15,9

19,7 21,2 22,1

19,4

16,5

22,8 24,6 24,6

23,2 24,9

-2,7

-4,8 -3,9

-2,5 -1,7

-1,6

-2,3 -2,4 -2,1

-7,9 -5,9

-1,4 -0,3

1,5 1,8 2,1

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Shareholders' equity

Automotive Net cash

AUTOMOTIVE DIVISION FULLY DELEVRAGED

(billion euros)

Former

GAAPs IFRS

GAAPs

INVESTOR RELATIONS


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

mailto:[email protected]





Download - Redburn US presentation Sept 2015

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