DISCLAIMER Information contained within this document may contain - - PowerPoint PPT Presentation
DISCLAIMER Information contained within this document may contain - - PowerPoint PPT Presentation
RENAULT GROUP FIRST-HALF 2015 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
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%
- f 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)
445 481 507 503 488 527 495 493 459 515 510 131 241 140 243 100 255 158 253 106 251 177 314 240 367 260 388 272 337 240 353 264 333
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
- /w GERMANY
4.4 5.1
- /w FRANCE
1.8 1.4
- /w AUSTRIA
0.4 0.5
- /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