Carlos GHOSN. President and CEO

Transcription

1 Carlos GHOSN President and CEO

2 EXECUTIVE COMMITTEE Carlos GHOSN President & CEO Patrick PELATA COO Odile DESFORGES EVP, Engineering and Quality Philippe KLEIN EVP, Plan, Product planning Programs Michel GORNET EVP, Manufacturing and Logistics Jérôme STOLL EVP, Sales & Marketing Europe Region Leader Katsumi NAKAMURA Asia-Africa Region Leader Thierry MOULONGUET EVP, CFO

3 ORDRE DU JOUR Christian HUSSON Secrétaire de l Assemblée

4 DOCUMENTS ON THE FLOOR OF THE MEETING! Legal gazette, Bulletin des Annonces Légales Obligatoires, of 20 February 2009, in which notice of this General Meeting was published! Legal gazettes, Bulletin des Annonces Légales Obligatoires of 23 March 2009 and Le Journal des Petites Affiches of 23 March 2009, in which the notice of call to the meeting was published! Legal gazettes, Bulletin des Annonces Légales Obligatoires of 15 April 2009 and Le Journal des Petites Affiches of 15 April 2009, in which the amended notice of call to the meeting was published! Report on the company s activity! Annual financial statements for the company Renault SA

5 DOCUMENTS ON THE FLOOR OF THE MEETING! Report by the Statutory Auditors on the company s financial statements! Report on regulated agreements concerning Renault s.a.s.! Report by the Statutory Auditors on internal control procedures, and the report by the Chairman of the Board of Directors pertaining thereto! Articles of Association in force! List of registered shareholders in the form of a CD ROM! Attendance sheet, currently being checked, which will be placed on the floor of the meeting very shortly, as well as the proxy powers of represented shareholders

6 DOCUMENTS ON THE FLOOR OF THE MEETING Documents contained in the brochure :! Presentation of the resolutions and their wording! CVs of the directors whose renewal and appointment are being proposed to the General Meeting! Reports by the Statutory Auditors (on the consolidated financial statements, the company s financial statements, regulated agreements, equity loans, financial operations concerning the registered capital (12th, 13th, 14th, 15th, 16th and 20th resolutions)! Special reports to the General Meeting on stock options and bonus share awards! Report by the Board of Directors to the General Meeting deciding as Extraordinary General Meeting! Description of the share buy-back programme to be authorised by the General Meeting! Table setting out the company s results over the last five financial years

7 AGENDA OF SHAREHOLDERS GENERAL MEETING As ordinary:! Approval of the consolidated financial statements for the 2008 financial year (1 st resolution)! Approval of the Company s financial statements for the 2008 financial year (2 nd resolution)! Appropriation of the results for 2008 (3 rd résolution)! Agreements referred to in the article L of the Commercial code (4 th resolution)! Renewal of a director s term office (5 th resolution)! Appointment of a director (6 th resolution)! Appointment of a director (7 th resolution)! Appointment of a director elected by the employee shareholders (8 th resolution)! Appointment of a director elected by the employee shareholders (9 th resolution)! Report by the statutory auditors on elements used to determine the remuneration of redeemable shares (10 th resolution)! Authorisation for the Company to trade in its own shares on the stock market (11 th resolution)

8 AGENDA OF SHAREHOLDERS GENERAL MEETING As extraordinary:! Authorisation to cancel holdings of the Company s own shares (12 th resolution)! Delegation of powers to the Board of directors in order to issue ordinary shares and securities granting access to the registered capital, with maintenance of the shareholders preferential subscription right (13 th resolution)! Delegation of powers to the Board of Directors in order to issue ordinary shares and securities granting acess to the registered capital, with exclusion of the shareholders preferential right (14 th resolution)! Delegation of powers of the Board of Directors in order to issue ordinary shares and securities granting access to the share capital of another company, as remuneration for contributions in kind made to the Company in the form of shares or securities granting access to share capital of another company (15 th resolution)! Global limitation of authorisations (16 th resolution)

9 AGENDA OF SHAREHOLDERS GENERAL MEETING As extraordinary:! Delegation of powers to the Board of Directors to increase the Company s capital by incorporating reserves or profits, share issue premiums or contribution issue premiums (17 th resolution)! Capital increase by the issue of shares reserved to employees (20 th resolution) As ordinary:! Powers for formalities (21 st resolution)

10 COMMERCIAL RESULTS Jérôme STOLL EVP, Sales & Marketing

11 2008 COMMERCIAL RESULTS FOR RENAULT GROUP Global -4.1% 2,485 2,382 Europe -7.2% Outside Europe + 1.7% 1,624 1,507 Americas + 4.1% EuroMed -4.6% Asia Africa % Thousands of units PC+LCV

12 SUCCESS OF THE ENTRY RANGE Thousands of units Over 500,000 sales Sandero Logan van Logan pick up Logan MCV Logan berline

13 2009 OUTLOOK 72 World TIV (million of units) % forecast

14 UNCERTAIN CAR MARKETS IN EUROPE Europe France Germany Italy GB Spain 20% 10% 0% -10% -20% -30% -40% -50% H Q Q Q1 2009

15 UNCERTAIN CAR MARKETS OUTSIDE EUROPE Romania Russia Turkey South Korea India Brazil Argentina 40% 20% 0% -20% -40% -60% -80% H Q Q Q1 2009

16 2009: ONGOING PRODUCT OFFENSIVE 1 st HALF Mégane Coupe Kangoo be bop Clio 3 phase 2 Scénic & Grand Scénic Mégane Estate 2 nd HALF New Master SM3 SM5 Mégane Renault Sport Trafic ph3

17 MÉGANE COUPE

18 KANGOO BE-BOP

19 NEW CLIO RANGE

20 NEW GRAND SCENIC

21 NEW MEGANE ESTATE

22 NEW MEGANE: SUCCESSFUL LAUNCH

23 2009 COMMERCIAL PERSPECTIVE! Uncertain markets! Full year for: New Mégane, Sandero et Symbol! Product offensive ongoing in 2009: Clio 3 ph2, Mégane Estate, Scénic, Master " Improvement of market share

24 Q COMMERCIAL RESULTS Global % Europe -22% incl. France % Outside Europe % Americas % EuroMed % Eurasia % Asia Africa % Thousands of units (PC + LCV)

25 ORDERBANK: VEHICLES NOT YET REGISTERED Europe Orderbank PC+LCV Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

26 FINANCIAL RESULTS Thierry MOULONGUET Executive Vice President Chief Financial Officer

27 FY 2008 FINANCIAL RESULTS: HIGHLIGHTS Group revenues Group operating margin Net income Automobile net financial debt 37.8 bn 212 m 599 m 7.9 bn

28 Q4 2008: A RAPID & BRUTAL DOWNTURN + 4.0% + 6.5% + 4.2% Q Q Q % + 0.4% Q % -7.0% -2.2% -3.5% % Production Auto Revenues Registrations Change vs % %

29 A YEAR OF TWO HALVES (million euros) Change 2008/2007 Revenues 40,682 37, % (1) Operating margin 1, ,142 In % of revenues 3.3% 0.6% -2.7pt Other operating income & expenses Financial result Associated companies 1, ,238 Net income 2, ,135 (1) On a consistent basis, FY2007 = 40,620 m

30 2008 AUTOMOBILE NET FINANCIAL DEBT AT 7.944bn Dividends received from associates (million euros) ,856 Increase in net debt + 3,061 Cash Flow -2,704 Change In WCR -3,385 Net tangible & intangible investments incl. R&D Investment in AvtoVAZ -1,076 Dividends paid Fair value -1,636 Yen impact + Others - 3,028 Free cash flow

31 2009 FUNDING - SYNTHESIS AUTOMOBILE 2009 Funding already obtained = 3.4 bn French State EIB= 0.4bn = 3bn Liquidity reserves (at Dec 31st 2008) Total = 4.8 bn Remboursements 2009 reimbursments bn Cap. Market funding renewals = 3 bn Credit lines rebuilt = 0.5bn RCI BANQUE 2009 mid term funding = 3 bn Of which SFEF funding = 1 bn Additional securitization = 1bn Capital market / bank funding? Liquidity reserves (at Dec 31st 2008) Total = 6.5 bn Mid term funding needs 3 bn

32 EVOLUTION OF AUTOMOBILE DIVIDION REVENUES IN Q1 08 Contribution to global evolution Volume Mix/Price Parity Others 9,727 bn % 6,634 bn

33 EVOLUTION OF RENAULT SHARE PRICE SINCE 2008 ANNUAL GENERAL MEETING (Base 100) 120 Renault CAC 40 PSA Fiat BMW Daimler % % % % % % 29/04/08 14/05/08 29/05/08 13/06/08 28/06/08 13/07/08 28/07/08 12/08/08 27/08/08 11/09/08 26/09/08 11/10/08 26/10/08 10/11/08 25/11/08 10/12/08 25/12/08 09/01/09 24/01/09 08/02/09 23/02/09 10/03/09 25/03/09 09/04/ /05/09

34 EVOLUTION OF RENAULT SHARE SINCE BEGINING OF 2009 (Base 100) Renault CAC 40 PSA Fiat BMW Daimler % % % % + 4.4% + 0.2% /12/08 08/01/09 16/01/09 24/01/09 01/02/09 09/02/09 17/02/09 25/02/09 05/03/09 13/03/09 21/03/09 29/03/09 06/04/09 14/04/09 22/04/09 05/05/09

35 AN ACTIVE COMMUNICATION POLICY TOWARDS INDIVIDUAL SHAREHOLDERS! Consultative committee! Shareholders Club! Individual shareholders meeting! Dedicated web page on the Group site! Online web function to manage Renault registered shares

36 2008 OPERATIONAL RESULTS & 2009 ACTION PLAN Patrick PÉLATA COO

37 QUICKLY ADAPT RENAULT TO THE CRISIS Crisis chronology Renault s answers Q US & Spain markets fall JULY st measures SEPTEMBER 2008 Lehman Brothers bailout Financial Crisis 2008 NOV - DEC 2008 Strong market downturn DECEMBER 2008 Specific Crisis Plan definition JAN - FEB 2009 Ongoing market degradation 2009 FEBRUARY 2009 Specific Crisis Plan roll-out Social Contract for Times of Crisis

38 ACTION PLAN FOR 2009 AIMING FOR A POSITIVE FREE CASH FLOW 1. Maximize revenue 2. Reduce costs 3. Reduce investments 4. Lower working capital requirement

39 ACTION PLAN FOR 2009 AIMING FOR A POSITIVE FREE CASH FLOW 1. Maximize revenue 2. Reduce costs 3. Reduce investments 4. Lower working capital requirement

40 DEVELOP SALES ON MOST PROFITABLE CANALS 12 % Renault + Dacia market share (Passenger Cars) Europe G5 (F, D, I, Sp, GB) 12 month sliding average 11 % Total market share + 1 pt market share 10 % 9 % Private market share 8 %

41 ACTION PLAN FOR 2009 AIMING FOR A POSITIVE FREE CASH FLOW 1. Maximize revenue 2. Reduce costs 3. Reduce investments 4. Lower working capital requirement

42 REDUCE COSTS Variation Markets Fixed costs R&D Labor costs - 20% - 15% - 20%

43 ACTION PLAN FOR 2009 AIMING FOR A POSITIVE FREE CASH FLOW 1. Maximize revenue 2. Reduce costs 3. Reduce investments 4. Lower working capital requirement

44 REDUCE INVESTMENTS Variation Markets Fixed costs Investments R&D Labor costs - 20% - 15% - 20% - 24%

45 ACTION PLAN FOR 2009 AIMING FOR A POSITIVE FREE CASH FLOW. Maximize revenue 2. Reduce costs 3. Reduce investments 4. Lower working capital requirement

46 KEEP ON REDUCING INVENTORIES Million 6,565 6,000 5,933 5,900 5, m à - 1bn 4,000 2,000 0 Dec. 07 June Target Dec Target

47 ACTION PLAN FOR 2009 AIMING FOR A POSITIVE FREE CASH FLOW 1. Maximize revenue 2. Reduce costs 3. Reduce investments 4. Lower working capital requirement

48 CAR-SCRAP BONUSES

49 STRATEGIC PERSPECTIVES Carlos GHOSN President & CEO

50 RENAULT S STRATEGY Commitments: QUALITY Laguna TOP 3 in its segment PROFITABILITY 6% operating profit margin in 2009 GROWTH + 800,000 sales between 2005 & 2009 Goal: Be the most profitable and competitive European volume carmaker

51 QUALITY REVOLUTION

52 PRODUCT LINE-UP ENRICHMENT 18 launches 2006 Logan MCV 2007 Logan Van Twingo Laguna Sandero Koléos 2008 Grand Modus Clio Estate Kangoo Kangoo Express Laguna Estate Logan Pick-Up Symbol/Thalia Laguna Coupé Mégane 2009 Mégane Coupe Kangoo be bop Grand Scénic

53 TECHNOLOGICAL RANGE DEVELOPMENT SAFETY ENVIRONMENT Renault, leader in Europe In % of sales < 140 g CO 2 / km

54 SOURCES OF PROFITABILITY AND GROWTH Renault Group vehicles sold outside Europe 37% 35% 30% 27% 23% 17% 17% 17% 19% 11% Logan Family Mégane LCV

55 STAKES SHORT TERM GOING THROUGH THE CRISIS MID - LONG TERM ADAPTING TO THE NEW AUTOMOTIVE ERA

56 ADAPTING TO THE NEW AUTOMOTIVE ERA! Long lasting high oil prices! Increasing environmental expectations

57 ADAPTING TO THE NEW AUTOMOTIVE ERA! Emerging markets catch-up

58 ENTRY RANGE 5 derivatives based on the Logan Platform LOGAN SEDAN LOGAN MCV LOGAN VAN LOGAN PICK UP SANDERO

59 REINFORCE ALLIANCE SYNERGIES 1,5 billion Euros of additional free cash flow for Renault and Nissan in 2009

60 ORDRE DU JOUR Christian HUSSON Secrétaire de l Assemblée

61 STATUTORY AUDITORS REPORTS Summary of the diligences and conclusions described within the following reports*:! The consolidated financial statements! The annual financial statements! The regulated agreements and commitments with related third parties! The elements used to determine the remuneration of the redeemable shares! The resolutions in relation with:! The capital reduction through the cancellation of purchased shares (12 th resolution)! The proposed grants of power to the board of directors for various issues of shares and securities, with the retention and /or cancellation of the shareholders preferential subscription right (13 th, 14 th,15 th and 16 th resolutions )! The proposed grant of powers to the Board of directors to decide on a capital increase reserved to employees (20 th resolution) * Booklet Joint General Meeting inserted into the briefcase given at the reception desk 61