RENAULT GROUP

FY 2014 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 Renaults website (www.group.renault.com),
in the section Finance / Regulated Information.

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

AGENDA

01

FY 2014 FINANCIAL RESULTS

02

2014 REVIEW AND 2015 OUTLOOK

03

QUESTIONS & ANSWERS

FY 2014 RENAULT GROUP

DOMINIQUE THORMANN
EVP, Chief Financial Officer

CARLOS GHOSN
Chairman & Chief Executive Officer

February 12, 2015

RENAULT PROPERTY

01

FY 2014 FINANCIAL RESULTS

DOMINIQUE THORMANN

EVP, Chief Financial Officer

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

RENAULT GROUP UNIT REGISTRATIONS 2014 vs 2013

WORLD MARKET SHARE: 3.2% (=)

K units
(PC+LCV)

2,628 2,712

1,465
1,302

INTERNATIONAL -5.9%
412

2013

2014

GLOBAL
GROUP +3.2%
TIV

+3.5%

FY 2014 RENAULT GROUP

2013

2014

2013

390

2014

339

2013

467
308

2014

2013

417

2014

108

133

2013

2014

EUROPE
+12.5%

EURASIA
-5.4%

AFRICA-ME-INDIA
-9.2%

AMERICAS
-10.7%

ASIA-PACIFIC
+23.0%

+5.9%

-11.5%

+7.8%

-7.5%

+4.6%

February 12, 2015

RENAULT PROPERTY

FY 2014 GROUP REVENUES

Global unit sales (units)

Group revenues
of which: Automotive
Sales financing

2013

2014

2,628,208

2,712,432

+3.2%

40,932

41,055

+0.3%

38,775

38,874

+0.3%

2,157

2,181

+1.1%

(million euros)

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

CHANGE

AUTOMOTIVE REVENUES VARIANCE ANALYSIS

CHANGE 2014 vs 2013: +99m
Sales to
partners

-14
+1,248

-1,150
Currency

-327

Geographic
mix

Price

+64

+311

Others

-33

Volume

38,874

Mix

38,775

-3.0pts

-0.8pts

+0.2pts

-0.1pts

+0.8pts

+3.2pts

0.0pts

+0.3%
FY 2013

FY 2014

(million euros)

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

OPERATING PROFIT BY ACTIVITY

FY 2013
AUTOMOTIVE
% Automotive revenues

SALES FINANCING
GROUP OPERATING PROFIT
% Group revenues

FY 2014

495

858

+363

1.3%

2.2%

+0.9pts

747

751

+4

1,242

1,609

+367

3.0%

3.9%

+0.9pts

(million euros)

FY 2014 RENAULT GROUP

February 12, 2015

CHANGE

RENAULT PROPERTY

GROUP OPERATING PROFIT VARIANCE ANALYSIS

CHANGE 2014 vs 2013: +367m
Raw
materials
G&A
Monozukuri

Volume &
partners

+134

+66

-226

+121
-35

Mix / Net
Enrichment

RCI Banque
&
other activities

+778

-471
Currency

COST REDUCTION
844m

GROWTH
86m

1,609

1,242

FY 2013

FY 2014

(million euros)

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

OTHER OPERATING INCOME & EXPENSES

FY 2013
Net restructuring costs

FY 2014

-423

-305

-488

-153

-50

Profit / loss on asset sales

+153

+7

Others

-518

-3

-1,276

-504

(incl. competitiveness agreement in France)

Impairment of assets / reversal

RCI Banque (mainly change in regulation)

Total other operating income & expenses

(million euros)
FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

10

FY 2014 FINANCIAL RESULTS

FY 2013
Revenues
Operating profit
in % of revenues
Other operating income & expenses
EBIT
Net financial income & expenses
Associated companies
Current & deferred taxes
Net income

FY 2014

40,932

41,055

+0.3%

1,242

1,609

+367

3.0%

3.9%

+0.9pts

-1,276

-504

+772

-34

1,105

+1,139

-282

-333

-51

1,444

1,362

-82

-433

-136

+297

695

1,998

+1,303

(million euros)

FY 2014 RENAULT GROUP

February 12, 2015

CHANGE

RENAULT PROPERTY

11

ASSOCIATED COMPANIES

Nissan
AVTOVAZ

(1)

Others
Total associated companies

FY 2013

FY 2014

1,498

1,559

+61

-34

-182

-148

-20

-15

+5

1,444

1,362

-82

(million euros)

(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.

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

12

CHANGE

FY 2014 FINANCIAL RESULTS

FY 2013
Revenues
Operating profit
in % of revenues
Other operating income & expenses
EBIT
Net financial income & expenses
Associated companies
Current & deferred taxes
Net income

FY 2014

40,932

41,055

+0.3%

1,242

1,609

+367

3.0%

3.9%

+0.9pts

-1,276

-504

+772

-34

1,105

+1,139

-282

-333

-51

1,444

1,362

-82

-433

-136

+297

695

1,998

+1,303

(million euros)

FY 2014 RENAULT GROUP

February 12, 2015

CHANGE

RENAULT PROPERTY

13

AUTOMOTIVE NET CASH POSITION

Change
in WCR

Cash flow

DEC 31, 2013 : 1,761m

DEC 31, 2014 : 2,104m

Net tangible
& intangible
investments
-2,651

+596
Net capex

-1,571

Capitalized
R&D

3,138

-845
Leased
Vehicles

-235

Operational
free
cash flow

Dividends
received
from
listed co.

+463

Dividends
paid
Financial
investments
& others

-542

-661

1,083

Net change
In cash

343
(million euros)

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

14

DISTRIBUTION STOCK
NEW VEHICLE DISTRIBUTION STOCK (IN K UNITS)

421
228
193

445
314

481

507

240
241

DEC'12

MAR'13

JUN'13

65

65

72

67

527

260

272

243

255

140

SEP'12

488
388

367

131

FY 2014 RENAULT GROUP

503

75

February 12, 2015

DEC'13

63

MAR'14

76

493

459

TOTAL

253

353

240

106

INDEPENDENT
DEALERS
GROUP

337
158

100
SEP'13

495

JUN'14

SEP'14

DEC'14

62

74

57

RENAULT PROPERTY

15

Number of days of sales

(previous period)

AUTOMOTIVE DIVISION LIQUIDITY

DECEMBER 2013

DECEMBER 2014

LIQUIDITY RESERVES

LIQUIDITY RESERVES

Cash
Available credit lines

= 10.7bn
= 3.4bn

Cash
Available credit lines

= 11.6bn
= 3.2bn

TOTAL

= 14.1bn

TOTAL

= 14.8bn

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

16

RCI BANQUE

2013

2014

New financings (bn)

11.4

12.6

Average loans outstanding (bn)

24.2

25.4

5.04%

4.98%

Cost of risk (customer & dealer)

-0.42%

-0.43%

Operating expenses*

-1.56%

-1.58%

3.07%

2.95%

747

751

Net banking income*

Pretax income*
Operating profit (m)
(in percentage of average loans outstanding)

FY 2014 RENAULT GROUP

February 12, 2015

* Excluding non recurring items

RENAULT PROPERTY

17

RCI BANQUE RETAIL DEPOSIT ACTIVITY

End 2013

End 2014

4,33

6,53

o/w GERMANY

3,05

4,38

o/w FRANCE

1,28

1,78

o/w AUSTRIA

0,37

DEPOSITS

(billion euros)

2016 TARGET: 30% OF RCI BANQUE OUTSTANDINGS

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

18

02

2014 REVIEW & 2015 OUTLOOK

CARLOS GHOSN
Chairman & Chief Executive Officer

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

19

2014: GUIDANCE FULLY MET

REGISTRATIONS 2014 > 2013

REVENUES 2014 > 2013*

* at constant exchange rates

GROUP & AUTOMOTIVE OP. PROFIT 2014 > 2013

AUTOMOTIVE OPERATIONAL FREE CASH FLOW > 0

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

20

2014: EUROPEAN RECOVERY STRONGER THAN EXPECTED

FRANCE
GERMANY
UK
ITALY
SPAIN

GLOBAL
TIV

+ 3.5%

EUROPE
TIV

+ 5.9%

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

21

+ 0.5%
+ 3%
+ 10%
+ 5%
+ 20%

2014: ADVERSE ENVIRONMENT IN OUR MAIN EMERGING MARKETS

RUSSIA
TURKEY
ALGERIA
MOROCCO

GLOBAL
TIV

- 11%
- 10%

- 20%
+1%

+ 3.5%

EURASIA
TIV

- 11.5%

AFRICA-ME-INDIA
TIV

INDIA

+ 7.8%

AMERICAS
TIV

- 7.5%

BRAZIL
ARGENTINA
COLOMBIA

ASIA-PACIFIC
TIV

+ 4.6%

FY 2014 RENAULT GROUP

February 12, 2015

- 7%
- 28%
+ 10%

RENAULT PROPERTY

22

- 1%

2014: A ROBUST MILESTONE FOR OUR MID-TERM PLAN

RENAULT GROUP
REGISTRATIONS

+ 3.2%
vs 2013

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

23

2014: A ROBUST MILESTONE FOR OUR MID-TERM PLAN

STRONG SALES PERFORMANCE IN EUROPE
NEW CLIO

2014
MS
FRANCE

CAPTUR

26.6 %

+ 1.3

GERMANY

5.3 %

+ 0.2

ITALY

8.9 %

+ 1.6

SPAIN

13.2 %

+ 1.0

3.9 %

+ 0.9

U.K.

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

vs 2013
(pts)

24

2014: A ROBUST MILESTONE FOR OUR MID-TERM PLAN

RESILIENCE IN EMERGING MARKETS
NEW LOGAN

2014
MS

NEW SANDERO

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

vs 2013
(pts)

BRAZIL

7.1 %

+ 0.5

RUSSIA

7.9 %

+ 0.3

TURKEY

17.4 %

+ 0.4

ALGERIA

26.9 %

+ 0.7

ARGENTINA

12.9 %

- 2.5

25

2014: A ROBUST MILESTONE FOR OUR MID-TERM PLAN

ACCELERATION OF SALES TO PARTNERS

SALES TO PARTNERS
CONTRIBUTION IN 2014

+1.25bn vs 2013

NISSAN ROGUE shipment

from South Korea to USA

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

26

2014: A ROBUST MILESTONE FOR OUR MID-TERM PLAN

CONTINUING COST REDUCTION

COST REDUCTION CONTRIBUTION TO OPERATING PROFIT IMPROVEMENT

+ 66
+ 58

+844m
vs 2013

+ 397
-107
+ 430

Purchasing

FY 2014 RENAULT GROUP

Warranty

Manufacturing
& Logistic

February 12, 2015

R&D

G&A

RENAULT PROPERTY

27

2014: A ROBUST MILESTONE FOR OUR MID-TERM PLAN

4 KEY-FUNCTIONS CONVERGENCE

ALLIANCE SYNERGIES

> 4.3bn
3.8bn*

2009

2010

2011

Renault

2012

2013

2014

PURCHASING

UPSTREAM
ENGINEERING

MANUFACTURING
& LOGISTICS

HUMAN
RESOURCES

2016e

Nissan

(*) estimated

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

28

2014: A ROBUST MILESTONE FOR OUR MID-TERM PLAN

MARGIN IMPROVEMENT
> 5%
in 2017*
3,9%
3,0%
2,2%
1,9%
1,3%

0,1%

2012 restated

2013

2014

GROUP OPERATING MARGIN

AUTOMOTIVE OPERATING MARGIN

* target

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

29

2015 TIV OUTLOOK

UNCERTAINTIES IN EMERGING MARKETS

EUROPE
+ 2%

RUSSIA
-20% to -30%

GLOBAL TIV*

+ 2%
ARGENTINA
& BRAZIL
Single digit
decline

* PC+LCV INCLUDING USA & CANADA

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

30

2015: A NEW STEP TOWARDS OUR MID-TERM PLAN TARGETS

OUR MAIN REVENUES OPPORTUNITIES

2015
A-entry vehicles for emerging countries
A-entry

2014
New Twingo for Europe
New Twingo

2015

2015

New Espace

D-sedan

2014

2015

Captur

Kadjar

C & D complete renewal

Full cross-over line up

for all our markets

C-hatch

D-crossover

2015
LCV international roll out
Pick-up 0,5T

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

Pick-up 1T

31

C-MPV

2015: A NEW STEP TOWARDS OUR MID-TERM PLAN TARGETS

OUR MAIN COST EFFICIENCY LEVERS

COMPETITIVENESS
AGREEMENT BENEFITS

LEVERAGING
CMF PLATFORMS

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

32

PREPARING FOR THE FUTURE

USINE DE WUHAN

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

33

PREPARING FOR THE FUTURE

EOLAB

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

34

OUTLOOK 2015

THE GROUP IS AIMING TO

 Increase further its registrations and revenues*
 Continue to improve the groups operating margin and that of the

Automotive division
 Generate positive Automotive operational free cash flow

 RENAULT IN TRAJECTORY TO ACHIEVE MID-TERM PLAN TARGETS

* At constant exchange rates

FY 2014 RENAULT GROUP

February 12, 2015

RENAULT PROPERTY

35