RENAULT GROUP 2012 FINANCIAL RESULTS

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Transcription:

RENAULT GROUP 2012 FINANCIAL RESULTS

DISCLAIMER Information contained within this document may contain forward looking statements. Although the Company considers that such information and statements are based on reasonable assumptions taken on the date of this report, due to their nature, they can be risky and uncertain (as described in the Renault documentation registered within the French financial markets regulation authorities) and can lead to a difference between the exact figures and those given or deduced from said information and statements. Renault does not undertake to provide updates or revisions, should any new statements and information be available, should any new specific events occur or for any other reason. Renault makes no representation, declaration or warranty as regards the accuracy, sufficiency, adequacy, effectiveness and genuineness of any statements and information contained in this report. Further information on Renault can be found on Renault s web site (www.renault.com), in the section Finance / Regulated Information.

AGENDA 01 2012 FINANCIAL RESULTS DOMINIQUE THORMANN, CFO 02 2012 REVIEW & OUTLOOK 2013 CARLOS GHOSN, CHAIRMAN AND CEO 03 QUESTIONS & ANSWERS

01 2012 FINANCIAL RESULTS DOMINIQUE THORMANN CFO

RENAULT GROUP UNIT SALES 2012 vs. 2011 INTERNATIONAL SALES MIX AT 50% (+ 7 PTS VS. 2011) k units (PC+LCV) 2 800 2 600 2 400 2 200 2 000 2,723 2,550 1 800 1 600 1 400 1 200 1,550 1,271 1 000 800 600 400 200 171 208 361 346 397 451 259 260 0 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 GLOBAL EUROPE EURASIA EUROMED-AFRICA AMERICAS ASIA-PACIFIC -6.3% -18.0% +21.6% +4.4% +13.6% +0.4% INTERNATIONAL +9.1%

2012 FINANCIAL RESULTS 2011 2012 CHANGE Revenues 42,628 41,270-3.2% Operating margin 1,091 729-362 in % of revenues 2.6% 1.8% -0.8 pt Other operating income & expenses 153-607 -760 EBIT 1,244 122-1,122 Net financial income & expenses -121-266 -145 Capital gain on disposal of A shares in AB Volvo - 924 924 Associated companies 1,524 1,504-20 Current & deferred taxes -508-549 -41 Net income 2,139 1,735-404 (million euros)

2012 GROUP REVENUES DOWN 3.2% 2011 2012 CHANGE Global unit sales (units) 2,722,883 2,550,286-6.3% Group Revenues 42,628 41,270-3.2% of which Automotive 40,679 39,156-3.7% Sales financing 1,949 2,114 +8.5% (million euros)

AUTOMOTIVE REVENUES VARIANCE ANALYSIS CHANGE 2011/ 2012 : - 1,523m -182 40,679 Currency -2,052 Volume -317 Geographical mix Mix model +760 Price +329-113 Sales to partners Others +52 39,156-0.4 pts - 5.0 pts - 0.8 pts + 1.9 pts + 0.8 pts -0.3 pts + 0.1 pts - 3.7% FY 2011 FY 2012 (million euros)

OPERATING MARGIN BY ACTIVITY 2011 2012 CHANGE AUTOMOTIVE 330-25 -355 % Automotive revenues 0.8% -0.1% -0.9 pt SALES FINANCING 761 754-7 GROUP OPERATING MARGIN 1,091 729-362 % Group revenues 2.6% 1.8% -0.8 pt (million euros)

GROUP OPERATING MARGIN VARIANCE ANALYSIS CHANGE 2011 / 2012 : -362m 583m -184 1,091 Currency -501 Purchasing -45 Warranty Manufacturing & Logistics 74-63 72 R&D G&A -4 RCI -31 Others Volume -242 617 729-55 Mix / Price Enrichment Raw Materials FY 2011 FY 2012 (million euros)

RCI BANQUE in % of average loans outstanding 2011 2012 New financing ( bn) 11.1 10.8 Average loans outstanding ( bn) 22.8 24.2 Net banking income 5.21% 5.12% Cost of risk (customer & dealer) -0.23% -0.38% Operating expenses -1.58% -1.57% Pretax income 3.44% 3.19% (in percentage of average loans outstanding)

OTHER OPERATING INCOME & EXPENSES 2011 2012 Impairment of assets / reversal -61-279 Iranian rial depreciation - -304 Net restructuring costs 71-110 Profit / loss on asset sales & others 143 86 Total other operating income & expenses 153-607 (million euros)

2012 FINANCIAL RESULTS 2011 2012 CHANGE Revenues 42,628 41,270-3.2% Operating margin 1,091 729-362 in % of revenues 2.6% 1.8% -0.8 pt Other operating income & expenses 153-607 -760 EBIT 1,244 122-1,122 Net financial income & expenses -121-266 -145 Capital gain on disposal of A shares in AB Volvo - 924 924 Associated companies 1,524 1,504-20 Current & deferred taxes -508-549 -41 Net income 2,139 1,735-404 (million euros)

ASSOCIATED COMPANIES 2011 2012 CHANGE Nissan 1,332 1,234-98 AB Volvo* 136 80-56 AVTOVAZ** 49 186 +137 Others 7 4-3 Total associated companies 1,524 1,504-20 (million euros) * Volvo stake at 6.8% until December 12, 2012 **AVTOVAZ is consolidated with a three month time lag

2012 FINANCIAL RESULTS 2011 2012 CHANGE Revenues 42,628 41,270-3.2% Operating margin 1,091 729-362 in % of revenues 2.6% 1.8% -0.8 pt Other operating income & expenses 153-607 -760 EBIT 1,244 122-1,122 Net financial income & expenses -121-266 -145 Capital gain on disposal of A shares in AB Volvo - 924 924 Associated companies 1,524 1,504-20 Current & deferred taxes -508-549 -41 Net income 2,139 1,735-404 (million euros)

AUTOMOTIVE NET FINANCIAL DEBT REDUCTION Change in WCR Net tangible & intangible investments -2,902 DEC 31 2011: 299 m DEC 31 2012: - 1,492 m +922 +2,577 Cash flow -1,910 Net Capex AB Volvo disposal, financial investments & others Leased vehicles - 764 Capitalized R&D - 228 Operational free cash flow +597 Dividends received from listed companies +507-402 Dividends paid +1,089 +1,791 Decrease in net debt -228 (million euros)

CHANGE IN WORKING CAPITAL REQUIREMENT DEC 31 ST 2012 vs DEC 31 ST 2011 Accounts payables +390 Inventory +574 Total +922 Accounts receivables +17 (million euros) Others -59

DISTRIBUTION STOCK NEW VEHICLE PHYSICAL DISTRIBUTION STOCK IN K UNITS 510 480 482 455 446 365 356 376 401 405 360 366 310 323 315 313 324 268 219 240 262 233 186 208 198 176 181 191 184 252 162 165 200 212 220 215 213 179 143 169 147 153 165 176 168 182 148 153 459 445 421 314 279 228 180 193 131 TOTAL INDEPENDENT DEALERS GROUP 69 80 67 60 45 52 47 50 51 56 49 53 59 65 52 69 61 65 65 JUN'08 SEP'08DEC'08MAR'09JUN'09 SEP'09DEC'09MAR'10JUN'10 SEP'10DEC'10MAR'11JUN'11 SEP'11DEC'11MAR'12JUN'12 SEP'12DEC'12 Number of days of sales (previous period)

AUTOMOTIVE DIVISION LIQUIDITY END 2011 END 2012 LIQUIDITY RESERVES LIQUIDITY RESERVES Cash = 7.6 bn Cash = 10.1 bn Credit lines = 3.8 bn Credit lines = 3.5 bn (of which drawn zero) (of which drawn zero) TOTAL = 11.4 bn TOTAL = 13.6 Bn FUNDING IN 2012 BONDS: 850m Sept. 2017 @ 4.625% (2 issues) 250m TAP May 2016 @ 4.625% JPY 32.3bn June 2014 @ 3.2% RENAULT SA LONG TERM DEBT MATURITY IN bn 1.8 1.9 1.5 0.8 0.9 JPY 30.1bn Dec. 2014 @ 2.77% CNY 1.25 bn Oct. 2014 @ 5.625% (2 issues) EIB loan 180m Jan. 2016 2013 2014 2015 2016 > 2017

RCI BANQUE LIQUIDITY END 2011 END 2012 LIQUIDITY RESERVES LIQUIDITY RESERVES Cash = 0.1 bn Cash = 0.6 bn ECB eligible = 1.7 bn ECB eligible = 1.9 bn Credit lines = 4.5 bn Credit lines = 4.4 bn (of which drawn zero) (of which drawn zero) TOTAL = 6.3 bn TOTAL = 6.9 bn FUNDING IN 2012 4 EUR PUBLIC BONDS 700m 2015 @ 5.625% 300m 2013 @ 2% 650m 2017 @ 4.25% 750m 2014 @ 2.125% 1 CHF BOND: 200m 2015 @ 2.5% 5 KRW BONDS: 430 bn 0.3 bn 3 PUBLIC BONDS IN NEW CURRENCIES: NOK 500m 2015 @ 5.5% AUD 185m 2016 @ 6% SEK 500m 2015 @ 3.125% SECURITIZATION : 2 PUBLIC DEALS BACKED BY FRENCH AUTO LOANS: 750m FIXED RATE & 700m FLOATING RATE

RETAIL DEPOSITS ACTIVITY LAUNCHED IN 2012 START IN FRANCE IN FEBRUARY 2012 OVER THE TARGET: OUTSTANDING AT END: 893m 22,500 ZESTO SAVINGS ACCOUNTS. NEXT STEPS: SAVINGS ACCOUNTS IN GERMANY FROM FEBRUARY 2013 LAUNCH OF TERM DEPOSITS IN FRANCE IN H1 2013

02 2012 REVIEW & OUTLOOK 2013 CARLOS GHOSN CHAIRMAN & CEO

2012: A CONTRASTED YEAR GLOBAL* TIV + 5.9% EUROPE TIV - 8.6% EURASIA TIV + 10.5% EUROMED-AFRICA TIV + 3.7% AMERICAS TIV + 5.0% USA + 13% FRANCE - 13% GERMANY - 3% ITALY - 21% SPAIN - 15% UK + 4% ALGERIA + 47% TURKEY - 10% BRAZIL + 6% MEXICO + 9% RUSSIA + 11% JAPAN + 27% INDIA + 9% CHINA + 7% ASIA-PACIFIC TIV + 9.6% * TIV PC + LCV INCLUDING USA & CANADA

2012 COMMERCIAL OVERVIEW + INTERNATIONAL GROWTH - PERFORMANCE IN EUROPE RENAULT INTERNATIONAL SALES RECORD UNITS SALES OUTSIDE EUROPE > 50% FOR THE FIRST TIME UNFAVOURABLE COUNTRY MIX AGEING LINE UP UK COMMERCIAL RESTRUCTURING BRAZIL, RUSSIA AND ARGENTINA IN RENAULT S TOP 5 MARKETS

2012: FCF TARGET ACHIEVED UNITS SALES 2012 > 2011 POSITIVE AUTOMOTIVE OPERATIONAL FREE CASH FLOW with CAPEX & R&D < 9 % group revenues

2012: WE STAYED THE COURSE PRODUCT RENEWAL Clio IV New Sandero INTERNATIONAL EXPANSION Tangiers plant Capacity increase in Russia COOPERATION Mercedes Citan B0 line in Togliatti TANGIERS PLANT INAUGURATION MERCEDES CITAN IN MAUBEUGE

2013 TIV OUTLOOK GLOBAL* TIV + 3% EUROPE TIV - 3% at best EURASIA TIV + 6% EUROMED-AFRICA TIV + 7% AMERICAS TIV + 3% ASIA-PACIFIC TIV + 3% * PC+LCV INCLUDING USA & CANADA

2013 OPPORTUNITIES INTERNATIONAL DEVELOPMENT Expansion in key markets: Russia & Brazil Turnaround in India Revival plan in Korea EUROPEAN PROFITABILITY IMPROVEMENT Market share gain through product offensive Sustainable commercial policy Cost control China: Renault s new frontier NEW LOGAN RENAULT CAPTUR

2013: A STEP FURTHER IN COMPETITIVENESS EUROPEAN INDUSTRIAL FOOTPRINT EFFICIENCY COMPETITIVENESS ENHANCEMENT IN SPAIN ON GOING NEGOTIATION ON COMPETITIVENESS IN FRANCE MONOZUKURI PROGRAM 2012: 583M ACHIEVED VS 500M TARGETED 2013: > 600M EXPECTED RAW MATERIAL IMPACT 2012: HEADWIND OF 55M 2013: NEUTRAL EFFECT EXPECTED

2013: R&D AND CAPEX POLICY CAPEX AND R&D CAPPED AT 9% BEST IN CLASS POWERTRAINS EV LEADERSHIP CMF1: RENAULT & NISSAN COMMON PLATFORM FOR C/D PRODUCT RANGE (NEXT MEGANE, LAGUNA & ESPACE ) CONTINUING STRONG PRODUCT PLAN 2008 2009 2010 2011 2012 2013 e NET CAPEX 5.6% 4.4% 2.5% 3.1% 4.3% NET R&D 5.5% 4.5% 4.0% 3.8% 3.8% TOTAL 11.1% 8.9% 6.5% 7.0% 8.1% <9% % OF GROUP REVENUES

OUTLOOK 2013 THE GROUP IS TARGETING* UNITS SALES 2013 > 2012 POSITIVE AUTOMOTIVE OPERATIONAL MARGIN POSITIVE AUTOMOTIVE OPERATIONAL FREE CASH FLOW RENAULT IN TRAJECTORY TO ACHIEVE 2BN CUMULATIVE FCF FOR 2011-2013 * provided European and French markets are not significantly worse than expected

03 Q&A