RENAULT 2019 Financial Results
Press Conference
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | ||
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 Registration Document filed with the French Autorité des Marchés Financiers). Actual results may differ materially from those projected or implied in these forward looking statements.
These forward looking statements are made as of the date of this presentation. 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, exhaustiveness, adequacy, effectiveness and genuineness of any statements and information contained in this report.
This information does not constitute an invitation to invest in shares or constitute or form a part of any offer for the sale or subscription of, or any offer to buy or subscribe for, any securities or other financial instruments.
Further information on Renault can be found on Renault's web site (www.group.renault.com), in the section Finance/Regulated Information."
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 2 |
AGENDA
01
02
2019 Takeaways
Clotilde Delbos
Acting CEO
Chief Financial Officer
2019 Financial Results
Thierry Piéton
Deputy Chief Financial Officer SVP Group Controller
03 2020 Perspective & Outlook
Clotilde Delbos
Acting CEO
Chief Financial Officer
04 Questions & Answers
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 3 |
01
2019 Takeaways
Clotilde Delbos
Acting CEO
Chief Financial Officer
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 4 |
2019 Takeaways
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SOLID ASSETS: STRONG POSITIONS IN EV, LCV & GLOBAL ACCESS
EV | LCV | Global Access |
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SOLID ASSETS: INTERNATIONAL PRESENCE
Europe | Russia | India | Brazil |
All-newCLIO | ARKANA | TRIBER | KWID |
SANDERO |
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Sales +25%
EV
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Record sales
LCV
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Record sales
Dacia
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SOLID ASSETS: RCI ROBUSTNESS
Penetration rate
Service contracts
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SOLID ASSETS: ALLIANCE - CMF-B
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SOLID ASSETS: ALLIANCE - CROSS MANUFACTURING
Maubeuge
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2019 ACHIEVEMENTS
Improved Strict cost control
pricing policy - €121 million G&A
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 14 |
02
2019 Financial Results
Thierry Piéton
Deputy Chief Financial Officer
SVP Group Controller
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 15 |
GROUPE RENAULT'S SALES 2019 VS 2018
3,884 3,754 | World Market Share: 4.25% (+0.1 pts) | ||||||||||||
1,921 1,946 | |||||||||||||
International | -7.9% | ||||||||||||
-2.9% w/o Iran | |||||||||||||
748 | 751 | 562 | 453 | 437 | 425 | ||||||||
217 | 180 | ||||||||||||
Thousand units | |||||||||||||
(PC+LCV) | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | |
Global | Europe | Eurasia | Africa-ME-India-Pacific | Americas | China | ||||||||
TIV* | -4.8% | +1.2% | -4.4% | -8.5% | -5.6% | -8.2% | |||||||
-3.8% w/o Iran | -3.8% w/o Iran | ||||||||||||
GROUP | -3.4% | +1.3% | +0.4% | -19.3% | -2.9% | -17.2% |
-0.8% w/o Iran | -1.6% w/o Iran | |||||
* PC+LCV including USA & Canada
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2019 GROUP REVENUES
In million euros | 2018 | 2019 | Change | ||
Global unit sales (units) (1) | 3,884,273 | 3,753,723 | -3.4% | ||
Group revenues | 57,419 | 55,537 | -3.3% | ||
o/w Automotive excl. AVTOVAZ | 51,171 | 49,002 | -4.2% | ||
o/w AVTOVAZ(2) | 3,040 | 3,130 | +3.0% | ||
o/w Sales Financing | 3,208 | 3,405 | +6.1% | ||
H1 | H2 | ||||
-7.7% | -0.4% |
- Including Jinbei & Huasong
- AVTOVAZ net of eliminations
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REVENUES VARIANCE ANALYSIS
Change Automotive excluding Avtovaz revenues 2019 vs 2018: -€2,169m
Volume | Geographic | Product | Price |
-738 | +853 | ||
mix | mix | ||
-91 | +10 |
51,171
Automotive
-2,169 | RCI | ||
57,419 | Avtovaz | ||
+90 | +197 | 55,537 | |
Sales to | 2018 | Groupe Renault | 2019 |
partners | |||
-1,747 | |||
Currency | Others | ||
-368 | |||
-88 | |||
49,002 |
-1.4 pts | -0.2 pts | 0 pt | +1.7 pts | -3.4 pts | -0.7 pts | -0.2 pts |
-4.2% |
2018Automotive Excluding Avtovaz2019
(million euros)
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2019 OPERATING PROFIT BY ACTIVITY
In million euros | 2018 | 2019 | Change | |||
Group operating profit | 3,612 | 2,662 | -950 | |||
% of Group revenues | 6.3% | 4.8% | -1.5 pts | |||
o/w Automotive excl. AVTOVAZ | 2,204 | 1,284 | -920 | |||
% of segment revenues | 4.3% | 2.6% | -1.7 pts | |||
o/w AVTOVAZ(1) | 204 | 155 | -49 | |||
o/w Sales Financing | 1,204 | 1,223 | +19 | |||
H1 | H2 | |||||
4.0% | 1.3% |
- AVTOVAZ net of eliminations
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GROUP OPERATING PROFIT VARIANCE ANALYSIS
Change 2019 vs 2018: -€950m
G&A | Raw | ||||||
Monozukuri | materials | ||||||
-324 | Mix / Net | ||||||
+121 | Enrichment | -329 | |||||
+547 | |||||||
-587 | Volume & | ||||||
partners | |||||||
-582 | RCI Banque | ||||||
& others | Currency | AVTOVAZ(1) | |||||
3,612 | -74 | -2 | -49 | ||||
2,662
(million euros)
2018 | 2019 |
- AVTOVAZ net of eliminations
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OTHER OPERATING INCOME & EXPENSES
In million euros
2018 2019
Net restructuring costs | -306 | -236 |
Impairment of assets | -276 | -229 |
Capital gain/loss on disposal of fixed assets | +68 | -15 |
Others | -111 | -77 |
Total other operating income & expenses | -625 | -557 |
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2019 FINANCIAL RESULTS
In million euros | 2018 | 2019 | Change | |
Group Revenues | 57,419 | 55,537 | -3.3% | |
Operating profit | 3,612 | 2,662 | -950 | |
% of Group revenues | 6.3% | 4.8% | -1.5 pts | |
Other operating income & expenses | -625 | -557 | +68 | |
EBIT | 2,987 | 2,105 | -882 | |
Net financial income & expenses | -353 | -442 | -89 | |
Associated companies | 1,540 | -190 | -1,730 | |
Current & deferred taxes | -723 | -1,454 | -731 | |
Net income | 3,451 | 19 | -3,432 | |
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ASSOCIATED COMPANIES
In million euros | 2018 | 2019 | Change | |
NISSAN | 1,509 | 242 | -1,267 | |
Others | 31 | -432 | -463 | |
Total associated companies | 1,540 | -190 | -1,730 |
H1 H2
-21 +263
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 23 |
2019 FINANCIAL RESULTS
In million euros | 2018 | 2019 | Change | |
Group Revenues | 57,419 | 55,537 | -3.3% | |
Operating profit | 3,612 | 2,662 | -950 | |
% of Group revenues | 6.3% | 4.8% | -1.5 pts | |
Other operating income & expenses | -625 | -557 | +68 | |
EBIT | 2,987 | 2,105 | -882 | |
Net financial income & expenses | -353 | -442 | -89 | |
Associated companies | 1,540 | -190 | -1,730 | |
Current & deferred taxes | -723 | -1,454 | -731 | |
Net income | 3,451 | 19 | -3,432 | |
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 24 |
AUTOMOTIVE NET FINANCIAL POSITION
Excl. AVTOVAZ | December 31, 2018 : €3,702m |
Change | Net tangible | January 1st, 2019 | : €3,069m* | ||||||||
& intangible | December 31, 2019 : €1,734m | ||||||||||
in WCR | investments | ||||||||||
+1,829 | -5,848 | ||||||||||
Leased | +802 | ||||||||||
Vehicles | |||||||||||
Cash flow | +1,027 | Net capex | |||||||||
-2,921 | |||||||||||
Capitalized | |||||||||||
4,144 | R&D | Operational Dividends | |||||||||
-1,925 | |||||||||||
free | received | Dividends | |||||||||
cash flow | from | Net Change | |||||||||
Leased | AVTOVAZ | listed co. | paid | Financial | |||||||
-1,002 | +153 | Incl. | |||||||||
investments | |||||||||||
Vehicles | FCF | +625 | -1,120 | AVTOVAZ | |||||||
(million euros) | & others | ||||||||||
-484 | +28 | -700 | -293 | -1,335 | |||||||
Currency | |
& IFRS 16 impact | |
* IFRS 16 impact at transition date -€633m | -912 |
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 25 |
LIQUIDITY
Auto Division liquidity reserves (Dec. 2019): €15.8 billion
Cash & cash equivalents: €12.3 billion
Available back-up lines: €3.5 billion
Redemption schedule - Renault SA
Bonds, Banks & assimilated, excluding CP & redeemable shares (in million euros)
1,750 | |||||||
896 | 950 | 947 | 750 | ||||
678 | |||||||
500 | |||||||
243 | |||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 26 |
03
2020 Perspective & Outlook
Clotilde Delbos
Acting CEO
Chief Financial Officer
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 27 |
Challenges
2020
- CAFE
- Enrichment and regulation costs
- Capex + R&D spendings
- China
Levers
2020
- Electrification
- Pricing policy
- Cost management
- Alliance's new paradigm
- Renewed leadership
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2020 PERFORMANCE LEVER: ELECTRIFICATION OF OUR RANGE
All-newZOE
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 29 |
2020 PERFORMANCE LEVER: ELECTRIFICATION OF OUR RANGE
2019 | 2020 | 2021-2022 | ||
100% electric
BEV
All-NewZOE | TWINGO Z.E. | Dacia Urban City car |
1st CMF-EV
TECH- | PHEV | ||
All-NewCAPTUR | MEGANE | ||
E | E-TECHplug-in | E-TECHplug-in | |
Renault | |||
HEV | |||
All-NewCLIO | |||
E-TECH | |||
New vehicle | New version |
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 30 |
2020 PERFORMANCE LEVER: ELECTRIFICATION OF OUR RANGE
E-TECH
All-newCLIO | All-newCAPTUR | MEGANE |
E-TECH | E-TECHplug-in | E-TECHplug-in |
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 31 |
2020 PERFORMANCE LEVER: ELECTRIFICATION OF OUR RANGE
CO2 level*
EV | 0 g | BEV + PHEV | 10% BEV + PHEV |
PHEV | HEV + DIESEL | ~30% HEV + DIESEL | |
HEV | LPG | ~10% LPG | |
DIESEL
Other ICE
LPG
PETROL 120 g
20192020
Passenger Cars Europe Mix
* Average CO2 emission per km per vehicle (NEDC-BT)
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 32 |
2020 PERFORMANCE LEVER: PRICING POLICY IMPROVEMENT
All-newCLIO | All-newCAPTUR | All-newZOE |
All-newCLIO | All-newCAPTUR |
E-TECH | E-TECHplug-in |
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2020 PERFORMANCE LEVER: ALLIANCE NEW PARADIGM
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 34 |
2020 PERFORMANCE LEVER: COST MANAGEMENT
Optimization of | Review of | Review of | Implementation of |
industrial footprint | Make-or-Buy | non-core assets | Leader-Follower |
and sub-contractors | strategy | strategy |
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 35 |
2020 OUTLOOK*
Europe Russia Brazil
-3% at least | ~-3% | ~+5% |
Global Automotive Market**
Within this context,
Groupe Renault is aiming to*:
- Achieve Group revenues in line
with 2019
(at constant exchange rates and perimeter)
- Achieve Group operating margin between 3% and 4%
- Generate a positive Automotive operational free cash flow, before restructuring expenses
** PC+LCV including USA & Canada | * without possible impact of Coronavirus health crisis |
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 36 |
04
Questions & Answers
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | 37 |
2019 Financial Results
Press Conference
PRESS RELATIONS: FISCAL YEAR 2019 PRESENTATION | FEBRUARY 14, 2020 | PROPERTY OF GROUPE RENAULT | ||
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Renault SA published this content on 14 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2020 16:10:03 UTC
