RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
RENAULT GROUP
FINANCIAL RESULTS FIRST HALF 2013
2RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
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.
DISCLAIMER
3RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
01 FINANCIAL RESULTS H1 2013 DOMINIQUE THORMANNCFO
02 OPERATIONS UPDATE & OUTLOOKCARLOS TAVARESCOO
03 QUESTIONS & ANSWERS
AGENDA
4RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
FINANCIAL RESULTS H1 2013
DOMINIQUE THORMANN
CFO
01
5RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
RENAULT GROUP UNIT SALES H1 2013 vs H1 2012
1,328
708
104184 215
117
1,303
657
114197 210
125
H1'12 H1'13 H1'12 H1'13 H1'12 H1'13 H1'12 H1'13 H1'12 H1'13 H1'12 H1'13
GLOBAL
-1.9%
EUROPE
-7.3%
AMERICAS
-2.4%
ASIA-PACIFIC
+7.8%
EUROMED-AFRICA
+6.7%
EURASIA
+9.9%
INTERNATIONAL +4.3%
K units
(PC+LCV)
6RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
H1 2012* H1 2013 CHANGE
Revenues 20,622 20,441 -181
Operating margin +508 +583 +75
in % of revenues +2.5% +2.9% +0.4pts
Other operating income & expenses +37 -832 -869
EBIT +545 -249 -794
Net financial income & expenses -154 -139 +15
Associated companies +619 +749 +130
Current & deferred taxes -236 -264 -28
Net income +774 +97 -677
(million euros)
H1 2013 FINANCIAL RESULTS
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
7RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
H1 2012* H1 2013 CHANGE
Global unit sales (units) 1,328,437 1,302,854 -1.9%
Group revenues 20,622 20,441 -0.9%
of which: Automotive 19,553 19,383 -0.9%
Sales financing 1,069 1,058 -1.0%
Q1 Q2
-11.8 % +8.2%
H1 2013 GROUP REVENUES DOWN 0.9%
(million euros)
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
8RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
AUTOMOTIVE REVENUES VARIANCE ANALYSIS
Currency
VolumeGeographical
mix
Mix
Sales to
partners
Others
-0.9%
-3.1pts -0.8pts -0.0pts +0.7pts +1.0pts -0.7pts
Price
+2.0pts
CHANGE H1 2013 / H1 2012 : - €170m
H1 2012 * H1 2013
(million euros)
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
9RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
GROUP OPERATING MARGIN VARIANCE ANALYSIS
Currency
Volume
Mix / priceenrichment
R&D
G&A
RCI
Others
Manufacturing & Logistics
+€206
H1 2012* H1 2013(million euros)
CHANGE H1 2013 / H1 2012 : +€75m
Purchasing
Warranty
Raw materials
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
10RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
OPERATING MARGIN BY ACTIVITY
H1 2012* H1 2013 CHANGE
AUTOMOTIVE +116 +211 +95
% Automotive revenues +0.6% +1.1% +0.5pts
SALES FINANCING +392 +372 -20
% Sales Financing revenues +36.7% +35.2% -1.5pts
GROUP OPERATING MARGIN +508 +583 +75
% Group revenues 2.5% 2.9% +0.4pts
(million euros)
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
11RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
RCI BANQUE
in % of average loans outstandingH1 2012* H1 2013
New financing (€bn) 5.6 5.5
Average loans outstanding (€bn) 24.1 24.0
Net banking income 5.32 % 5.07%
Cost of risk (customer & dealer) -0.44 % -0.40%
Operating expenses -1.54 % -1.57%
Pretax income 3.36 % 3.19%
(in percentage of average loans outstanding)
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
12RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
OTHER OPERATING INCOME & EXPENSES
H1 2012 H1 2013
Provision on Iran exposure - -512
Impairment of assets / reversal -38 -227
Net restructuring costs
(incl. competitiveness agreement in France)-45 -173
Profit / loss on asset sales +29 +71
Others +91 +9
Total other operating income & expenses +37 -832
(million euros)
13RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
H1 2013 FINANCIAL RESULTS
H1 2012* H1 2013 CHANGE
Revenues 20,622 20,441 -181
Operating margin +508 +583 +75
in % of revenues +2.5% +2.9% +0.4pts
Other operating income & expenses +37 -832 -869
EBIT +545 -249 -794
Net financial income & expenses -154 -139 +15
Associated companies +619 +749 +130
Current & deferred taxes -236 -264 -28
Net income +774 +97 -677
(million euros)
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
14RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
ASSOCIATED COMPANIES
H1 2012* H1 2013 CHANGE
Nissan +553 +766 +213
AB Volvo +68 - -68
AVTOVAZ (1) +4 -10 -14
Others -6 -7 -1
Total associated companies +619 +749 +130
(1) AVTOVAZ is consolidated with a 3 months time lag Q1 Q2
+433 +333
(million euros)
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
15RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
H1 2013 FINANCIAL RESULTS
H1 2012* H1 2013 CHANGE
Revenues 20,622 20,441 -181
Operating margin +508 +583 +75
in % of revenues +2.5% +2.9% +0.4pts
Other operating income & expenses +37 -832 -869
EBIT +545 -249 -794
Net financial income & expenses -154 -139 +15
Associated companies +619 +749 +130
Current & deferred taxes -236 -264 -28
Net income +774 +97 -677
(million euros)
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
16RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
AUTOMOTIVE NET CASH POSITION
Operational
free cash flow
Cash flow
+1,655 Change
in WCR
Dividends
paid
Net tangible
& intangible
investments
- 1,548
Net cash
decrease
Dividends
received
from
listed co.Leased
Vehicles
-374
Capitalized
R&D
Financial
investments
& others
-985
Net capex
-524
-462
DEC. 31, 2012 *: € 1,532m
JUNE 30, 2013: € 732m
-31
-800
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
+217
(million euros)
17RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
CHANGE IN WORKING CAPITAL REQUIREMENT
(million euros)
Others
Inventory
Account
receivables
Total
JUNE 30, 2013 vs DEC. 31, 2012
Account
payables
18RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
DISTRIBUTION STOCK
NEW VEHICLE DISTRIBUTION STOCK (IN K UNITS)
405
482459
421445
481507
153
262
180
228
131
241
140
252220
279
193
314
240
367
DEC'11 MAR'12 JUN'12 SEP'12 DEC'12 MAR'13 JUN'13
GROUP
INDEPENDENTDEALERS
TOTAL
Number of days of sales
(previous period)
52 69 61 65 7265 67
19RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
LIQUIDITY RESERVES
Cash = € 10.1 bn
Available credit lines = € 3.5 bn
TOTAL = € 13.6 bn
LIQUIDITY RESERVES
Cash = € 9.2 bn
Available credit lines = € 3.4 bn
TOTAL = € 12.6 bn
AUTOMOTIVE DIVISION LIQUIDITY
DECEMBER 2012 JUNE 2013
ISSUED IN H1 2013:
� BONDS
� ¥ 38bn June 2015 @ 1.92%
� CNY 750m April 2016 @ 4.65%
� EIB loan €400m
20RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
RCI LIQUIDITY
LIQUIDITY RESERVES
Cash = €0.6 bn
ECB eligible = €1.9 bn
Available credit lines = €4.4 bn
TOTAL = €6.9 bn
LIQUIDITY RESERVES
Cash = €0.4 bn
ECB eligible = €2.2 bn
Available credit lines = €4.0 bn
TOTAL = €6.6 bn
DECEMBER 2012 JUNE 2013
ISSUED IN H1 2013:
� 3 EURO BONDS
� €100 m 2017 @ 4.250 %
� €600 m 2018 @ 2.875 %
� €500 m 2016 @ 1.75 %
� 1 USD BOND
� 600 m 2018 @ 3.50 %
� 1 GBP BOND
� 300 m 2018 @ 3.25 %
� 1 CHF BOND
� 100 m 2016 @ 1.50 %
� 1 SGD BOND (Singapore dollar)
� 48 m 2018 @ 3.00 %Central funding perimeter
21RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
End 2012 End June 2013
COLLECTED AMOUNT (in € m) 893 2,586
o/w GERMANY - 1,394
o/w FRANCE 893 1,192
RCI BANQUE RETAIL DEPOSIT ACTIVITYA GROWING SUCCESS
• 2016 TARGET: 20 TO 25% OF RCI BANQUE OUTSTANDING
22RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
OPERATIONS UPDATE & OUTLOOK
CARLOS TAVARES
COO
02
23RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
* TIV PC+LCV including USA+Canada
TIV & GROUP UNIT SALES H1 2013 vs H1 2012
EURASIA
EUROMED-AFRICA
ASIA-PACIFIC
AMERICAS
EUROPE GLOBAL*
TIV -6.7%GROUP -7.3%
TIV +2.3% GROUP -1.9%
TIV -3.3% GROUP +9.9%
TIV +8.3%GROUP +6.7%
TIV +3.6%GROUP +7.8%
TIV +5.4%GROUP -2.4%
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* TIV PC + LCV INCLUDING USA & CANADA
24RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
RENAULT GROUP UNIT SALES H1 2013 vs H1 2012
1,328
708
104184 215
117
1,303
657
114197 210
125
H1'12 H1'13 H1'12 H1'13 H1'12 H1'13 H1'12 H1'13 H1'12 H1'13 H1'12 H1'13
GLOBAL
-1.9%
EUROPE
-7.3%
AMERICAS
-2.4%
ASIA-PACIFIC
+7.8%
EUROMED-AFRICA
+6.7%
EURASIA
+9.9%
INTERNATIONAL +4.3%
K units
(PC+LCV)WORLD MARKET SHARE: 3.2% (-0.1pt)
25RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
A FURTHER STEP UP FOR INTERNATIONAL BUSINESS
% OF SALES OUTSIDE EUROPE
� 5 OF RENAULT‘S TOP 10 MARKETS ARE NON-EUROPEANS
� INTERNATIONAL MIX: UP 3 POINTS vs H1 2012
33%40%
47%50%
H1' 09 H1' 10 H1' 11 H1' 12 H1' 13
33%
Group M/SH1 2013
Gap vsH1 2012
(pt)
1 France 24.9 +0.2
2 Russia 7.8 +1.1
3 Brazil 6.0 -0.8
4 Germany 5.1 =
5 Argentina 14.1 -0.2
6 Algeria 26.5 -1.7
7 Turkey 17.2 +0.7
8 Italy 7.0 +0.4
9 Spain 10.8 +0.8
10 Belgium+Lux 13.1 +0.5
26RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
France 24.9%
+0.2 pts
Europe 9.2%
-0.1 pts
GROUPMARKET SHARE PC+LCV
Best improvement among
European brandsRenault LCV:
16th year leadership
EUROPE REGION
MARKETS FALL AND UNFAVORABLE MIX
27RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
GROUP MARKET SHARE BY CHANNEL IN F, D, NL, BE+LUX (H1 2013 vs H1 2012)
H1 2013
H1 2012
% TIV H1 2013 42% 28% 10% 20%
EUROPE REGION
VIRTUOUS SALES CHANNEL POLICY
% GROUP SALES 46% 34% 8% 12%
28RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
EURASIA REGION
VOLUME & MARKET SHARE GAINS IN A SLOWING MARKET
GROUPMARKET SHARE PC+LCV
Eurasia 7.3%
+0.9 pts
Russia 7.8%
+1.1 pts
Duster: 40,700 units sold
Volumes x2 vs closest
competitor in Russia
Renault: 2nd brand in Russia
Russia: 2nd market for Renault
UNIT SALES (in k units)
29RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
EUROMED-AFRICA REGION
NEW PRODUCT LAUNCHES AND NEW FRONTIERS
GROUPMARKET SHARE PC+LCV
Euromed-Africa 15.4%
-0.2 pts
Turkey 17.2%Clio IV:
1st car in its segment
in Algeria and Turkey+0.7 pts
Offensive in Africa:
3 new importers signed in H1
Libya, Nigeria, Ghana.
UNIT SALES (in k units)
30RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
AMERICAS REGION
RECOVERING FROM CURITIBA PLANT CLOSURE
GROUPMARKET SHARE PC+LCV
Americas 6.2%
-0.5 pts
Brazil 6.0%
-0.8 pts
Master:
successfully launched in Brazil
1st place in its segment in June
Duster: 2nd place in the
SUV market
in Argentina and Brazil
UNIT SALES (in k units)
31RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
ASIA-PACIFIC REGION
GROWTH SUPPORTED BY PERFORMANCE IN INDIA
GROUPMARKET SHARE PC+LCV
Asia-Pacific 0.7%
Stable
India 2.5%
+2.3 ptsRenault: 1st European
brand in India
Contract signed for a fleet
of 1,400 Latitude as taxis in
Singapore
UNIT SALES (in k units)
32RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
RISKS & OPPORTUNITIES FOR THE SECOND HALF
� EUROPEAN TIV STILL LOW
� SLOWING EMERGING MARKETS
� FOREX RISK
� ATTRACTIVE PRODUCT RENEWAL
� DISCIPLINED PRICING POLICY
� STRICT FIXED COST CONTROL
33RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
434
246
116
211
H1 2010 H1 2011 H1 2012 H1 2013
AUTOMOTIVE OPERATING MARGIN*
+95M€
1.1%
802652
508 583
344483
274
2010 2011 2012 2013
H1 H2
GROUP OPERATING MARGIN*
4 LEVERS TO ENHANCE OPERATING PERFORMANCE
� PRICING IMPROVEMENT
� FIXED COSTS REDUCTION
� MONOZUKURI
� PROFITABLE GROWTH
34RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
Source = Renault Pricing Report
2013May
+6.6
2013May
+0.3
2013May
+6.2
2013May
+5.5
2011 perimeter = France + Europe G4, Brazil, Russia , Turkey, Romania, Korea (for RSM)2013 perimeter = 2011 + Belgium, NL, Argentina, Ind ia, Morocco, China
2013May
+1.1
PRICING IMPROVEMENT VS 2011 BASKET: +6.2% (END MAY 2013)
RELATIVE PRICE POSITIONING IMPROVEMENT
35RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
FIXED COSTS REDUCTION
� STRICT CONTROL OF FIXED COSTS
� IMPLEMENTATION OF FRENCH
COMPETITIVENESS AGREEMENT
� STABLE R&D AND CAPEX
H1 2011 H1 2012 H1 2013
-€ 20m
H1 2012 FY 2012 H1 2013
NET CAPEX 4.4% 4.3 % 4.3%
NET R&D 3.8% 3.8 % 4.0%
TOTAL 8.2% 8.1 % 8.3%
GROUP FIXED COSTS*
NET CAPEX AND R&D
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
36RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
MONOZUKURI
� H1 2013 MONOZUKURI: €206m
� MANUFACTURING IMPACTED BY
SOME DISRUPTIONS (BRAZIL &
FRANCE)
� R&D: FLAT EXPENSES BUT LOWER
CAPITALIZATION RATE(million euros)
37RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
2013 TIV OUTLOOK
* PC+LCV including USA & Canada
EURASIA
EUROMED-AFRICA
ASIA-PACIFIC
AMERICAS
EUROPE
GLOBAL*
TIV +2%
TIV -5%
TIV -4%
TIV +5%
TIV +4%
TIV +3%
38RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
OUTLOOK 2013
THE GROUP IS STILL TARGETING*
� UNIT SALES 2013 > 2012
� POSITIVE AUTOMOTIVE OPERATING MARGIN
� POSITIVE AUTOMOTIVE OPERATIONAL FREE CASH FLOW
* provided that there is no further deterioration of the market conditions
39RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
Q&A
RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
APPENDIX
41RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
H1 2012
PUBLISHED
H1 2012
RESTATED*
Revenues 20,935 20,622
Operating margin +482 +508
in % of revenues +2.3% 2.5%
Other operating income & expenses +37 +37
EBIT +519 +545
Net financial income & expenses -127 -154
Associated companies +630 +619
Current & deferred taxes -236 -236
Net income +786 +774
(million euros)
H1 2013 FINANCIAL RESULTS RESTATED
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
42RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
H1 2012
PUBLISHED
H1 2012
RESTATED*
Group revenues 20,935 20,622
of which: Automotive 19,863 19,553
Sales financing 1,072 1,069
(million euros)
REVENUES BY ACTIVITY RESTATED
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
43RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
OPERATING MARGIN BY ACTIVITY RESTATED
H1 2012
PUBLISHED
H1 2012
RESTATED*
AUTOMOTIVE +87 +116
% Automotive revenues +0.4% +0.6%
SALES FINANCING +395 +392
% Sales Financing revenues +36.8% +36.7%
GROUP OPERATING MARGIN +482 +508
% Group revenues +2.3% 2.5%
(million euros)
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”
44RENAULT PROPERTYRENAULT GROUP H1 2013 JULY 26, 2013
ASSOCIATED COMPANIES RESTATED
H1 2012
PUBLISHED
H1 2012
RESTATED*
Nissan +564 +553
AB Volvo +68 +68
AVTOVAZ (1) +4 +4
Others -6 - -6
Total associated companies +630 +619
(1) AVTOVAZ is consolidated with a 3 months time lag
(million euros)
* Restated from retrospective application of IFRS 11 “Joint Arrangements” and IAS 19 (revised) “Employee benefits”