Redburn US presentation Sept 2015

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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 Renaults website (www.group.renault.com), in the section Finance / Regulated Information. DISCLAIMER SEPTEMBER 2015 3 INVESTOR RELATIONS RENAULT PRESENTATION HIGHLIGHTS OPERATING MARGIN IMPROVEMENT REVENUE ACCELERATION FY GUIDANCE CONFIRMED SEPTEMBER 2015 4 INVESTOR RELATIONS RENAULT PRESENTATION 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION RISKS & OPPORTUNITIES FOR THE SECOND HALF REGULATORY COST PRESSURE EMERGING MARKETS SUPPLY CHAIN NEW PRODUCTS EUROPEAN MARKET MOMENTUM SEPTEMBER 2015 8 INVESTOR RELATIONS RENAULT PRESENTATION YTD 2015 COMMERCIAL UPDATE 01 SEPTEMBER 2015 9 INVESTOR RELATIONS RENAULT PRESENTATION 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 PRESENTATION 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 PRESENTATION 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 RENAULT PRESENTATION EUROPE KEEPS PUSHING SALES MOMENTUM TOP 15 COUNTRIES COUNTRIES Volumes % MS RankingFRANCE 325 360 26,9% 0BRAZIL 89 527 7,0% 0GERMANY 86 254 5,0% 1ITALY 85 867 9,2% 1SPAIN 81 907 13,0% 1TURKEY 67 849 15,7% 3UK 62 892 4,0% 0RUSSIA 57 116 7,3% -5BELGIUM+LUX 47 968 13,6% 1ALGERIA 47 918 31,7% 1SOUTH KOREA 37 260 4,4% 1ARGENTINA 32 312 10,6% -4MOROCCO 23 864 38,4% 1NETHERLANDS 23 611 10,1% 1INDIA 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 RENAULT PRESENTATION 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 H114 TIV & MARKET MIX H115 PERFORMANCE SEPTEMBER 2015 14 INVESTOR RELATIONS RENAULT PRESENTATION 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 BREAKDOWN OF GROUP REGISTRATIONS PC+LCV 206 164 H114 H115 PERFORMANCE TIV & MARKET MIX ARGENTINA -21 -22 +1 SEPTEMBER 2015 15 INVESTOR RELATIONS RENAULT PRESENTATION EURASIA REGION Eurasia 11.2% +1.3 pts Russia 7.3% -0.5 pts DUSTER FACELIFT LAUNCHED IN H2 GROUP MARKET SHARE PC+LCV BREAKDOWN OF GROUP REGISTRATIONS PC+LCV 177 -8 -10 159 H1 2015 H1 2014 849 H1 2015 177 -8 -10 159 H114 TIV & MARKET MIX H115 PERFORMANCE SEPTEMBER 2015 16 INVESTOR RELATIONS RENAULT PRESENTATION AFRICA - MIDDLE EAST - INDIA REGION AMI 3.6% -0.1 pts Algeria 31.7% +7.1 pts GROUP MARKET SHARE PC+LCV BREAKDOWN OF GROUP REGISTRATIONS 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 H114 TIV & MARKET MIX H115 PERFORMANCE SEPTEMBER 2015 17 INVESTOR RELATIONS RENAULT PRESENTATION 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 BREAKDOWN OF GROUP REGISTRATIONS 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 H114 TIV & MARKET MIX H115 PERFORMANCE SEPTEMBER 2015 18 INVESTOR RELATIONS RENAULT PRESENTATION H1 2015 FINANCIAL RESULTS 02 SEPTEMBER 2015 19 INVESTOR RELATIONS RENAULT PRESENTATION 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) SEPTEMBER 2015 20 INVESTOR RELATIONS RENAULT PRESENTATION AUTOMOTIVE REVENUES VARIANCE ANALYSIS 18,73921,065+615 -46+145+308+1,112+225-33Currency 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 RENAULT PRESENTATION DISTRIBUTION STOCK NEW VEHICLE DISTRIBUTION STOCK (IN K UNITS) 445 481507 503 488 527 495 493 459 515510131241140243100255158253106251177314240367260388272337240353264333DEC'12 MAR'13 JUN'13 SEP'13 DEC'13 MAR'14 JUN'14 SEP'14 DEC'14 MAR'15 JUN'15GROUP 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 RENAULT PRESENTATION 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 SEPTEMBER 2015 23 INVESTOR RELATIONS RENAULT PRESENTATION 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION -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 RENAULT PRESENTATION 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 RENAULT PRESENTATION RCI LIQUIDITY* LIQUIDITY RESERVES Cash = 0.1bn HQLA = 0.9bn ECB eligible = 1.9bn Available credit lines = 4.0bn TOTAL = 6.9bn LIQUIDITY RESERVES Cash = 0.1bn HQLA = 0.8bn ECB eligible = 1.8bn Available credit lines = 4.1bn TOTAL = 6.8bn DECEMBER 2014 JUNE 2015 *Central funding perimeter SEPTEMBER 2015 31 INVESTOR RELATIONS RENAULT PRESENTATION 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 RENAULT PRESENTATION FY 2014 FINANCIAL RESULTS 03 SEPTEMBER 2015 33 INVESTOR RELATIONS RENAULT PRESENTATION AUTOMOTIVE REVENUES VARIANCE ANALYSIS 38,775 38,874-1,150-327 +64-33+311+1,248-14Currency 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION ASSOCIATED COMPANIES FY 2013 FY 2014 CHANGE 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 RENAULT PRESENTATION FY 2014 FINANCIAL RESULTS FY 2013 FY 2014 CHANGE 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 RENAULT PRESENTATION 3,1381,083343+596+463 -542-661AUTOMOTIVE 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 RENAULT PRESENTATION LIQUIDITY RESERVES Cash = 10.7bn Available credit lines = 3.4bn TOTAL = 14.1bn LIQUIDITY RESERVES Cash = 11.6bn Available credit lines = 3.2bn TOTAL = 14.8bn AUTOMOTIVE DIVISION LIQUIDITY DECEMBER 2013 DECEMBER 2014 SEPTEMBER 2015 42 INVESTOR RELATIONS RENAULT PRESENTATION 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION DRIVE THE CHANGE How to get to our targets 03 SEPTEMBER 2015 46 INVESTOR RELATIONS RENAULT PRESENTATION 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 RENAULT PRESENTATION A NEW STEP TOWARDS OUR MID-TERM PLAN TARGETS RENAULT ESPACE SEPTEMBER 2015 48 INVESTOR RELATIONS RENAULT PRESENTATION A NEW STEP TOWARDS OUR MID-TERM PLAN TARGETS RENAULT KADJAR KADJAR SEPTEMBER 2015 49 INVESTOR RELATIONS RENAULT PRESENTATION A NEW STEP TOWARDS OUR MID-TERM PLAN TARGETS RENAULT KWID KADJAR SEPTEMBER 2015 50 INVESTOR RELATIONS RENAULT PRESENTATION A NEW STEP TOWARDS OUR MID-TERM PLAN TARGETS RENAULT OROCH SEPTEMBER 2015 51 INVESTOR RELATIONS RENAULT PRESENTATION A NEW STEP TOWARDS OUR MID-TERM PLAN TARGETS RENAULT TALISMAN KADJAR SEPTEMBER 2015 52 INVESTOR RELATIONS RENAULT PRESENTATION A NEW STEP TOWARDS OUR MID-TERM PLAN TARGETS RENAULT TALISMAN ESTATE SEPTEMBER 2015 53 INVESTOR RELATIONS RENAULT PRESENTATION A NEW STEP TOWARDS OUR MID-TERM PLAN TARGETS RENAULT ALASKAN REVEAL SEPTEMBER 2015 54 INVESTOR RELATIONS RENAULT PRESENTATION A NEW STEP TOWARDS OUR MID-TERM PLAN TARGETS RENAULT NEW MEGANE REVEAL SEPTEMBER 2015 55 INVESTOR RELATIONS RENAULT PRESENTATION 65% 33% Millions units per platforms > 2016 CMF C-D CMF BSource : 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 CMF C-D CMF BDEVELOPING OUR SCALE AND COMPETITIVENESS SEPTEMBER 2015 56 INVESTOR RELATIONS RENAULT PRESENTATION 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 RENAULT PRESENTATION 2009 2010 2011 2012 2013 2014 2016eRenault 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION PREPARING FOR THE FUTURE EOLAB SEPTEMBER 2015 61 INVESTOR RELATIONS RENAULT PRESENTATION OPERATING MARGIN IMPROVEMENT 3.0 % > 5 % Volume Cost reduction Enrichment Net Raw material Provision FOREX FY2013 > FY2016 SEPTEMBER 2015 62 INVESTOR RELATIONS RENAULT PRESENTATION 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 RENAULT PRESENTATION SEPTEMBER 2015 63 DIVIDEND POLICY 0,000,301,161,72 1,721,902009 2010 2011 2012 2013 2014DIVIDENDS 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 RENAULT PRESENTATION 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 RENAULT PRESENTATION PREPARING FOR THE FUTURE WUHAN PLANT SEPTEMBER 2015 66 INVESTOR RELATIONS RENAULT PRESENTATION 04 RENAULT IN BRIEF INVESTOR RELATIONS RENAULT PRESENTATION SEPTEMBER 2015 67 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 Moodys RCI Banque, its financing arm, rated Baa1 (stable outlook) by Moodys / 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 RENAULT PRESENTATION SEPTEMBER 2015 68 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 RENAULT PRESENTATION SEPTEMBER 2015 69 A MAJOR ALLIANCE IN THE AUTOMOTIVE LANDSCAPE 52 525456 56 5657616365686563717579828551199619971998199920002001200220032004200520062007200820092010201120122013201410,1 9,9 9,9 8,5 7,7 6,3 5,3 4,6 4,4 2,9 2,7 0,01,02,03,04,05,06,07,08,09,010,011,0TOYOTAVW-PorscheGM-WulinngALLIANCEHYUNDAIFORDNISSANFIAT-CHYSLERHONDAPSARENAULTRenault 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 RENAULT PRESENTATION SEPTEMBER 2015 70 62%12%11%11%4%Sales by RegionEuropeAmericasAfrica - ME-IndiaEurasiaAsia-PacificRENAULT SALES IN H1 2015 76%21%3%Sales by brandRenaultDaciaRSM4%27%40%14%3%12%Sales by segmentA BMO CD/E LCVMAIN CARS SALES IN H1 2015 (PC+LCV) IN KUNITS 237 171 168 147 145 128 76 54 47 0100200300400500CLIO - B segSANDERO - MODUSTER - MOMEGANE/SCENIC - CSEGLOGAN - MOCAPTUR - B SEGKANGOO - LCVTWINGO - A SEGMASTER - LCVINVESTOR RELATIONS RENAULT PRESENTATION SEPTEMBER 2015 71 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 RENAULT PRESENTATION SEPTEMBER 2015 72 ENTRY PROGRAM SALES EVOLUTION OVER 1M UNITS IN 2014 23145248367510 5356878149541 0841 1422004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014IN K UNITS INVESTOR RELATIONS RENAULT PRESENTATION SEPTEMBER 2015 73 M0 PLATFORM : THE RIGHT TOOL FOR INTERNATIONAL EXPANSION % OF INTERNATIONAL SALES UPON M0 PLATFORM 63%37%MO OthersINVESTOR RELATIONS RENAULT PRESENTATION SEPTEMBER 2015 74 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 PRESENTATION SEPTEMBER 2015 75 RENAULT RANGE INVESTOR RELATIONS RENAULT PRESENTATION SEPTEMBER 2015 76 RENAULT RANGE INVESTOR RELATIONS RENAULT PRESENTATION SEPTEMBER 2015 77 DACIA & RSM RANGE INVESTOR RELATIONS RENAULT PRESENTATION SEPTEMBER 2015 78 P&L STATEMENT SINCE 2000 * with Renault VIPUBLISHED 2000* 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014in K unitsRegistration 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 712production 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 574in mRevenues 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 055o/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 874o/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 181Cost 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 310o/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 721o/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 415Operating 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 609o/w Automotive 1 574 216 1 189 1 035 1 974 858 571 882 -275 -902 396 330 -25 495 858o/w sales financing 253 252 294 367 444 465 492 472 487 506 703 761 754 747 751Other operating income and expenses -319 231 -266 -168 -270 191 -186 -116 -329 -559 -464 153 -607 -1 276 -504Operating income 1 703 704 1 217 1 234 2 148 1 514 877 1 238 -117 -955 635 1 244 122 -34 1 105Financial expense -69 -64 -91 -71 -348 -327 61 76 441 -404 -376 -121 -266 -282 -333Capital gain on sale of shares in Volvo AB 2 000 924Share in net income of companies accounted for by the equity method89 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 559o/w Volvo -26 71 175 240 308 384 352 226 -301 214 136 80o/w AvtoVAZ -370 -21 49 186 -34 -182Current and deferred taxes -649 -67 -447 -510 -634 -331 -255 -255 -162 -148 -58 -508 -549 -433 -136Group 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 998Renault 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 890EPS 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 6,9Number 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 049workforce 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 395BEFORE IFRS IFRSINVESTOR RELATIONS RENAULT PRESENTATION SEPTEMBER 2015 79 CASH FLOW STATEMENT PUBLISHED IFRSin m 2000* 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014AUTO EBIT 1 467 458 928 858 1 710 1 058 303 767 -608 -1 457 -78 478 -615 -770 389Depreciation & 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 702AUTOMOTIVE 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 091Cash 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 138Change in WC -1 657 1 751 322 239 401 -533 -346 -26 -2 704 2 923 395 627 922 790 596Capex 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 416CAPEX -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 571CAPITALIZED R&D -36 -49 -684 -606 -788 -833 -1 091 -1 287 -1 125 -589 -666 -887 -764 -732 -845Others 135 -248 -155 -241 -228 -334 -235OPERATIONAL FCF -919 495 273 512 1 376 177 -508 25 -3 716 2 007 1 670 1 084 597 827 1 083Dividends received from Nissan 99 183 267 345 383 431 456 418 0 88 274 427 406 432Dividends received from Volvo 0 77 77 208 120 158 477 258 81 0 38 47Dividends received from Daimler 22 27 27 32Dividends received from others excl; RCI 7 6 13 13 3 12 0 0 1 6FCF -912 600 533 856 1 929 693 94 961 -3 028 2 088 1 758 1 419 1 077 1 260 1 547DIVIDEND PAID 183 219 258 316 383 493 684 883 1 054 0 0 88 -402 -537 -542BEFORE IFRSINVESTOR RELATIONS RENAULT PRESENTATION SEPTEMBER 2015 80 -9194952735121377177-50825-37162007167010845978271083738-1256-49273845 710-16251-1012 -9161275457-32537487-4000-2000020002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Operational Free Cash Flow Operational Free Cash Flow excluding WCR evolution (million euros) A STRONGER FCF MANAGEMENT INVESTOR RELATIONS RENAULT PRESENTATION SEPTEMBER 2015 81 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 2014Shareholders' equityAutomotive Net cashAUTOMOTIVE DIVISION FULLY DELEVRAGED (billion euros) Former GAAPs IFRS GAAPs INVESTOR RELATIONS RENAULT PRESENTATION SEPTEMBER 2015 82 RENAULT INVESTORS RELATION CONTACT Thierry Huon Investor Relations Director +33 1 76 84 53 09 thierry.c.huon@renault.com Nicolas Chaillan Investor Relations +33 1 76 83 05 13 nicolas.chaillan@renault.com Clmentine de Quatrebarbes Investor Relations +33 1 76 84 60 89 clementine.de-quatrebarbes@renault.com Investor relations internet site: http://group.renault.com/finance mailto:alain.meyer@renault.commailto:nicolas.chaillan@renault.commailto:clementine.de-quatrebarbes@renault.commailto:clementine.de-quatrebarbes@renault.commailto:clementine.de-quatrebarbes@renault.com