renault group first-half 2015 financial results · 2015-07-30 · july 30th, 2015 20 investor...

RENAULT GROUP

FIRST-HALF 2015 FINANCIAL RESULTS

JULY 30th, 2015 2

INVESTOR RELATIONS

RENAULT H1 2015 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 web site (www.group.renault.com),

in the section Finance / Regulated Information.

DISCLAIMER

JULY 30th, 2015 3

INVESTOR RELATIONS


01

H1 2015 FINANCIAL RESULTS & OUTLOOK 02

03 QUESTIONS & ANSWERS

AGENDA

COMMERCIAL UPDATE

JULY 30th, 2015 4

INVESTOR RELATIONS


HIGHLIGHTS

OPERATING MARGIN IMPROVEMENT

GROWTH ACCELERATION

FY GUIDANCE CONFIRMED

JULY 30th, 2015 5

INVESTOR RELATIONS


COMMERCIAL UPDATE

01

JULY 30th, 2015 6

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

JULY 30th, 2015 7

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

JULY 30th, 2015 8

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

JULY 30th, 2015 9

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

JULY 30th, 2015 10

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

JULY 30th, 2015 11

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

JULY 30th, 2015 12

INVESTOR RELATIONS


H1 2015 FINANCIAL RESULTS & OUTLOOK

02

JULY 30th, 2015 13

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

JULY 30th, 2015 14

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)

JULY 30th, 2015 15

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)

JULY 30th, 2015 16

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

JULY 30th, 2015 17

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)

JULY 30th, 2015 18

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)

JULY 30th, 2015 19

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)

JULY 30th, 2015 20

INVESTOR RELATIONS



H1 2014 H1 2015 CHANGE

Revenues 19,820 22,197 +12.0%




EBIT +464 +953 +489




Net income +801 +1,469 +668

(million euros)

JULY 30th, 2015 21

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)

JULY 30th, 2015 22

INVESTOR RELATIONS



H1 2014 H1 2015 CHANGE

Revenues 19,820 22,197 +12.0%




EBIT +464 +953 +489




Net income +801 +1,469 +668

(million euros)

JULY 30th, 2015 23

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)

JULY 30th, 2015 24

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

JULY 30th, 2015 25

INVESTOR RELATIONS


RISKS & OPPORTUNITIES FOR THE SECOND HALF

REGULATORY COST PRESSURE

LATIN AMERICA

SUPPLY CHAIN

NEW PRODUCTS

EUROPEAN MARKET MOMENTUM

FOREX

JULY 30th, 2015 26

INVESTOR RELATIONS


OUTLOOK 2015

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.

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INVESTOR RELATIONS


Q&A

JULY 30th, 2015 28

INVESTOR RELATIONS


APPENDIX

JULY 30th, 2015 29

INVESTOR RELATIONS


CHANGE IN WORKING CAPITAL REQUIREMENT

JUNE 30, 2015 vs DEC. 31, 2014

+700

-1,291

-237

+459

-369

Others

Inventory

Account

receivables Total

Account

payables

JULY 30th, 2015 30

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

JULY 30th, 2015 31

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

JULY 30th, 2015 32

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)

JULY 30th, 2015 33

INVESTOR RELATIONS


EUROPE REGION: SALES BY CHANNEL

PC GROUP MARKET SHARE BY CHANNEL IN F, D, BE JUNE 2015 vs JUNE 2014 (YTD)

H1 2015

H1 2014

% TIV H1 2014

45%

23%

11%

21%

% TIV H1 2015

42%

24%

11%

23%

13.3%

16.7%

11.8% 11.6%

8.6%

12.9%

16.3%

11.3% 12.2%

8.7%

Total Retail Fleet STR Self Regs

renault group first-half 2015 financial results · 2015-07-30 · july 30th, 2015 20 investor...

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