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
RENAULT H1 2015 PRESENTATION
01
H1 2015 FINANCIAL RESULTS & OUTLOOK 02
03 QUESTIONS & ANSWERS
AGENDA
COMMERCIAL UPDATE
JULY 30th, 2015 4
INVESTOR RELATIONS
RENAULT H1 2015 PRESENTATION
HIGHLIGHTS
OPERATING MARGIN IMPROVEMENT
GROWTH ACCELERATION
FY GUIDANCE CONFIRMED
JULY 30th, 2015 5
INVESTOR RELATIONS
RENAULT H1 2015 PRESENTATION
COMMERCIAL UPDATE
01
JULY 30th, 2015 6
INVESTOR RELATIONS
RENAULT H1 2015 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
JULY 30th, 2015 7
INVESTOR RELATIONS
RENAULT H1 2015 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
H1’14
TIV
& MARKET MIX H1’15 PERFORMANCE
JULY 30th, 2015 8
INVESTOR RELATIONS
RENAULT H1 2015 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
H1’14
H1’15
PERFORMANCE
TIV
& MARKET MIX ARGENTINA
-21
-22
+1
JULY 30th, 2015 9
INVESTOR RELATIONS
RENAULT H1 2015 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
H1’14
TIV
& MARKET MIX H1’15 PERFORMANCE
JULY 30th, 2015 10
INVESTOR RELATIONS
RENAULT H1 2015 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
H1’14
TIV
& MARKET MIX
H1’15
PERFORMANCE
JULY 30th, 2015 11
INVESTOR RELATIONS
RENAULT H1 2015 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
H1’14
TIV
& MARKET MIX
H1’15 PERFORMANCE
JULY 30th, 2015 12
INVESTOR RELATIONS
RENAULT H1 2015 PRESENTATION
H1 2015 FINANCIAL RESULTS & OUTLOOK
02
JULY 30th, 2015 13
INVESTOR RELATIONS
RENAULT H1 2015 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
JULY 30th, 2015 14
INVESTOR RELATIONS
RENAULT H1 2015 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)
JULY 30th, 2015 15
INVESTOR RELATIONS
RENAULT H1 2015 PRESENTATION
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
RENAULT H1 2015 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
JULY 30th, 2015 17
INVESTOR RELATIONS
RENAULT H1 2015 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)
JULY 30th, 2015 18
INVESTOR RELATIONS
RENAULT H1 2015 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)
JULY 30th, 2015 19
INVESTOR RELATIONS
RENAULT H1 2015 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)
JULY 30th, 2015 20
INVESTOR RELATIONS
RENAULT H1 2015 PRESENTATION
H1 2015 FINANCIAL RESULTS
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)
JULY 30th, 2015 21
INVESTOR RELATIONS
RENAULT H1 2015 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)
JULY 30th, 2015 22
INVESTOR RELATIONS
RENAULT H1 2015 PRESENTATION
H1 2015 FINANCIAL RESULTS
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)
JULY 30th, 2015 23
INVESTOR RELATIONS
RENAULT H1 2015 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)
JULY 30th, 2015 24
INVESTOR RELATIONS
RENAULT H1 2015 PRESENTATION
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
RENAULT H1 2015 PRESENTATION
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
RENAULT H1 2015 PRESENTATION
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.
JULY 30th, 2015 27
INVESTOR RELATIONS
RENAULT H1 2015 PRESENTATION
Q&A
JULY 30th, 2015 28
INVESTOR RELATIONS
RENAULT H1 2015 PRESENTATION
APPENDIX
JULY 30th, 2015 29
INVESTOR RELATIONS
RENAULT H1 2015 PRESENTATION
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
RENAULT H1 2015 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
JULY 30th, 2015 31
INVESTOR RELATIONS
RENAULT H1 2015 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
JULY 30th, 2015 32
INVESTOR RELATIONS
RENAULT H1 2015 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)
JULY 30th, 2015 33
INVESTOR RELATIONS
RENAULT H1 2015 PRESENTATION
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