RENAULT GROUP
2012 FINANCIAL RESULTS
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
AGENDA
01 2012 FINANCIAL RESULTSDOMINIQUE THORMANN, CFO
02 2012 REVIEW & OUTLOOK 2013CARLOS GHOSN, CHAIRMAN AND CEO
03 QUESTIONS & ANSWERS
2012 FINANCIAL RESULTS
DOMINIQUE THORMANN
CFO
01
171346 397
259208361 451
260
1,550
2,723
1,271
2,550
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
2 200
2 400
2 600
2 800
2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012
GLOBAL
-6.3%
EUROPE
-18.0%
AMERICAS
+13.6%
ASIA-PACIFIC
+0.4%
EUROMED-AFRICA
+4.4%
EURASIA
+21.6%
INTERNATIONAL +9.1%
k units(PC+LCV)
RENAULT GROUP UNIT SALES 2012 vs. 2011
INTERNATIONAL SALES MIX AT 50% (+ 7 PTS VS. 2011)
2011 2012 CHANGE
Revenues 42,628 41,270 -3.2%
Operating margin 1,091 729 -362
in % of revenues 2.6% 1.8% -0.8 pt
Other operating income & expenses 153 -607 -760
EBIT 1,244 122 -1,122
Net financial income & expenses -121 -266 -145
Capital gain on disposal of A shares
in AB Volvo- 924 924
Associated companies 1,524 1,504 -20
Current & deferred taxes -508 -549 -41
Net income 2,139 1,735 -404
(million euros)
2012 FINANCIAL RESULTS
2011 2012 CHANGE
Global unit sales (units) 2,722,883 2,550,286 -6.3%
Group Revenues 42,628 41,270 -3.2%
of which Automotive 40,679 39,156 -3.7%
Sales financing 1,949 2,114 +8.5%
2012 GROUP REVENUES DOWN 3.2%
(million euros)
AUTOMOTIVE REVENUES VARIANCE ANALYSIS
39,156
40,679
+52-113+329
+760-317
-2,052
-182Currency
Volume
Geographical
mix
Mixmodel
Sales to partners
Others
- 3.7%
- 0.4 pts - 5.0 pts - 0.8 pts + 1.9 pts -0.3 pts + 0.1 pts
Price
+ 0.8 pts
CHANGE 2011/ 2012 : - €1,523m
FY 2011 FY 2012
(million euros)
OPERATING MARGIN BY ACTIVITY
2011 2012 CHANGE
AUTOMOTIVE 330 -25 -355
% Automotive revenues 0.8% -0.1% -0.9 pt
SALES FINANCING 761 754 -7
GROUP OPERATING MARGIN 1,091 729 -362
% Group revenues 2.6% 1.8% -0.8 pt
(million euros)
729617
74 72
1,091
-4-31
-63-45
-55
-242
-501
-184
GROUP OPERATING MARGIN VARIANCE ANALYSIS
Currency
Volume
Mix / Price
Enrichment Raw
Materials
R&D
G&A
RCIOthers
Manufacturing &
Logistics
Warranty
Purchasing
€583m
FY 2011 FY 2012
(million euros)
CHANGE 2011 / 2012 : € -362m
RCI BANQUE
in % of average loans outstanding2011 2012
New financing (€bn) 11.1 10.8
Average loans outstanding (€bn) 22.8 24.2
Net banking income 5.21% 5.12%
Cost of risk (customer & dealer) -0.23% -0.38%
Operating expenses -1.58% -1.57%
Pretax income 3.44% 3.19%
(in percentage of average loans outstanding)
OTHER OPERATING INCOME & EXPENSES
2011 2012
Impairment of assets / reversal -61 -279
Iranian rial depreciation - -304
Net restructuring costs 71 -110
Profit / loss on asset sales & others 143 86
Total other operating income & expenses 153 -607
(million euros)
2012 FINANCIAL RESULTS
2011 2012 CHANGE
Revenues 42,628 41,270 -3.2%
Operating margin 1,091 729 -362
in % of revenues 2.6% 1.8% -0.8 pt
Other operating income & expenses 153 -607 -760
EBIT 1,244 122 -1,122
Net financial income & expenses -121 -266 -145
Capital gain on disposal of A shares
in AB Volvo- 924 924
Associated companies 1,524 1,504 -20
Current & deferred taxes -508 -549 -41
Net income 2,139 1,735 -404
(million euros)
ASSOCIATED COMPANIES
2011 2012 CHANGE
Nissan 1,332 1,234 -98
AB Volvo* 136 80 -56
AVTOVAZ** 49 186 +137
Others 7 4 -3
Total associated companies 1,524 1,504 -20
* Volvo stake at 6.8% until December 12, 2012
**AVTOVAZ is consolidated with a three month time lag
(million euros)
2012 FINANCIAL RESULTS
2011 2012 CHANGE
Revenues 42,628 41,270 -3.2%
Operating margin 1,091 729 -362
in % of revenues 2.6% 1.8% -0.8 pt
Other operating income & expenses 153 -607 -760
EBIT 1,244 122 -1,122
Net financial income & expenses -121 -266 -145
Capital gain on disposal of A shares
in AB Volvo- 924 924
Associated companies 1,524 1,504 -20
Current & deferred taxes -508 -549 -41
Net income 2,139 1,735 -404
(million euros)
AUTOMOTIVE NET FINANCIAL DEBT REDUCTION
Operationalfree
cash flow
+597
+2,577
Cash flow
+922
Dividends
paid
Net tangible
& intangible
investments
-2,902
+1,791
Decreasein net debt
Dividendsreceivedfrom listedcompanies
+507Leased
vehicles
- 764
Capitalized
R&D
AB Volvo disposal,
financial
investments
& others
-1,910
Net Capex
-228
(million euros)
DEC 31 2011: € 299 m
DEC 31 2012: -€ 1,492 m
- 228
-402
+1,089
Change
in WCR
CHANGE IN WORKING CAPITAL REQUIREMENT
DEC 31ST 2012 vs DEC 31ST 2011
Accounts
payables
+390
Inventory
+574
Accounts
receivables
+17
Others
-59
Total
+922
(million euros)
510480
365
323 315 313 324356
376360 366
401
455 446
405
482
445
310
268
176 162 165191 184
219240 233
200 212
147 153 148165 176 182
215 213
421
459
131
228
180
262
179143 169
198
153
314
193
279
220186
181208
168
252
JUN'08 SEP'08DEC'08MAR'09JUN'09 SEP'09DEC'09MAR'10JUN '10 SEP'10DEC'10MAR'11JUN'11 SEP'11DEC'11MAR'12JUN'12 SEP'12DEC'12
NEW VEHICLE PHYSICAL DISTRIBUTION STOCK IN K UNITS
Number of days of sales
(previous period)
69 80 67 60 45 52 47 50 51 4956 53 59
GROUP
INDEPENDENTDEALERS
TOTAL
65 52 69 61 65 65
DISTRIBUTION STOCK
LIQUIDITY RESERVES
Cash = € 7.6 bn
Credit lines = € 3.8 bn
(of which drawn zero)
TOTAL = € 11.4 bn
LIQUIDITY RESERVES
Cash = € 10.1 bn
Credit lines = € 3.5 bn
(of which drawn zero)
TOTAL = € 13.6 Bn
AUTOMOTIVE DIVISION LIQUIDITY
END 2011 END 2012
FUNDING IN 2012
� BONDS:
� € 850m Sept. 2017 @ 4.625% (2 issues)
� € 250m TAP May 2016 @ 4.625%
� JPY 32.3bn June 2014 @ 3.2%
� JPY 30.1bn Dec. 2014 @ 2.77%
� CNY 1.25 bn Oct. 2014 @ 5.625% (2 issues)
� EIB loan € 180m Jan. 2016
RENAULT SA LONG TERM DEBT MATURITY IN €bn
1.5
0.90.8
1.91.8
2013 2014 2015 2016 > 2017
LIQUIDITY RESERVES
Cash = € 0.1 bn
ECB eligible = € 1.7 bn
Credit lines = € 4.5 bn
(of which drawn zero)
TOTAL = € 6.3 bn
LIQUIDITY RESERVES
Cash = € 0.6 bn
ECB eligible = € 1.9 bn
Credit lines = € 4.4 bn
(of which drawn zero)
TOTAL = € 6.9 bn
RCI BANQUE LIQUIDITY
END 2011 END 2012
FUNDING IN 2012
� 4 EUR PUBLIC BONDS
� € 700m 2015 @ 5.625%
� € 300m 2013 @ 2%
� € 650m 2017 @ 4.25%
� € 750m 2014 @ 2.125%
� 1 CHF BOND: 200m 2015 @ 2.5%
� 5 KRW BONDS: 430 bn ≃≃≃≃ € 0.3 bn
� 3 PUBLIC BONDS IN NEW CURRENCIES:
� NOK 500m 2015 @ 5.5%
� AUD 185m 2016 @ 6%
� SEK 500m 2015 @ 3.125%
� SECURITIZATION :
� 2 PUBLIC DEALS BACKED BY FRENCH AUTO LOANS: € 750m FIXED RATE & € 700m FLOATING RATE
RETAIL DEPOSITS ACTIVITY LAUNCHED IN 2012
START IN FRANCE IN FEBRUARY 2012 OVER THE TARGET:
� OUTSTANDING AT END: € 893m
� 22,500 ZESTO SAVINGS ACCOUNTS.
NEXT STEPS:
� SAVINGS ACCOUNTS IN GERMANY FROM FEBRUARY 2013
� LAUNCH OF TERM DEPOSITS IN FRANCE IN H1 2013
2012 REVIEW & OUTLOOK 2013
CARLOS GHOSN
CHAIRMAN & CEO
02
TIV + 5.9%
* TIV PC + LCV INCLUDING USA & CANADA
EURASIA
TIV + 10.5%
RUSSIA + 11%
EUROMED-AFRICA
TIV + 3.7%
ALGERIA + 47%
TURKEY - 10%
ASIA-PACIFIC
TIV + 9.6%
EUROPE
TIV - 8.6%
FRANCE - 13%
GERMANY - 3%
ITALY - 21%
SPAIN - 15%
UK + 4%
AMERICAS
TIV + 5.0%
2012: A CONTRASTED YEAR
USA + 13%
GLOBAL*
BRAZIL + 6%
MEXICO + 9%
JAPAN + 27%
INDIA + 9%
CHINA + 7%
2012 COMMERCIAL OVERVIEW
+ INTERNATIONAL GROWTH
�RENAULT INTERNATIONAL SALES RECORD
�UNITS SALES OUTSIDE EUROPE> 50% FOR THE FIRST TIME
�BRAZIL, RUSSIA AND ARGENTINAIN RENAULT’S TOP 5 MARKETS
-PERFORMANCE IN EUROPE
�UNFAVOURABLE COUNTRY MIX
�AGEING LINE UP
�UK COMMERCIAL RESTRUCTURING
2012: FCF TARGET ACHIEVED
� UNITS SALES 2012 > 2011 ����
� POSITIVE AUTOMOTIVE OPERATIONAL ����
FREE CASH FLOWwith CAPEX & R&D < 9 % group revenues
2012: WE STAYED THE COURSE
COOPERATION
� Mercedes Citan
� B0 line in Togliatti
PRODUCT RENEWAL
� Clio IV
� New Sandero
INTERNATIONAL EXPANSION
�Tangiers plant
�Capacity increase in Russia
TANGIERS PLANT INAUGURATION MERCEDES CITAN IN MAUBEUGE
2013 TIV OUTLOOK
* PC+LCV INCLUDING USA & CANADA
EURASIA
EUROMED-AFRICA
ASIA-PACIFIC
AMERICAS
EUROPE
GLOBAL*
TIV + 3%
TIV - 3% at best
TIV + 6%
TIV + 7%
TIV + 3%
TIV + 3%
2013 OPPORTUNITIES
EUROPEAN PROFITABILITY IMPROVEMENT
�Market share gain through product offensive
�Sustainable commercial policy
�Cost control
INTERNATIONAL DEVELOPMENT
�Expansion in key markets: Russia & Brazil
�Turnaround in India
�Revival plan in Korea
�China: Renault’s new frontier
NEW LOGAN RENAULT CAPTUR
2013: A STEP FURTHER IN COMPETITIVENESS
EUROPEAN INDUSTRIAL FOOTPRINT EFFICIENCY� COMPETITIVENESS ENHANCEMENT IN SPAIN
� ON GOING NEGOTIATION ON COMPETITIVENESS IN FRANCE
MONOZUKURI PROGRAM� 2012: € 583M ACHIEVED VS € 500M TARGETED
� 2013: > € 600M EXPECTED
RAW MATERIAL IMPACT� 2012: HEADWIND OF € 55M
� 2013: NEUTRAL EFFECT EXPECTED
CAPEX AND R&D CAPPED AT 9%
� BEST IN CLASS POWERTRAINS
� EV LEADERSHIP
� CMF1: RENAULT & NISSAN COMMON PLATFORM FOR C/D PRODUCT RANGE (NEXT MEGANE, LAGUNA & ESPACE…)
� CONTINUING STRONG PRODUCT PLAN
2008 2009 2010 2011 2012 2013e
NET CAPEX 5.6% 4.4% 2.5% 3.1% 4.3%
NET R&D 5.5% 4.5% 4.0% 3.8% 3.8%
TOTAL 11.1% 8.9% 6.5% 7.0% 8.1% <9%
% OF GROUP REVENUES
2013: R&D AND CAPEX POLICY
OUTLOOK 2013
THE GROUP IS TARGETING*
� UNITS SALES 2013 > 2012
� POSITIVE AUTOMOTIVE OPERATIONAL MARGIN
� POSITIVE AUTOMOTIVE OPERATIONAL FREE CASH FLOW
�RENAULT IN TRAJECTORY TO ACHIEVE €2BN CUMULATIVE FCF FOR 2011-2013
* provided European and French markets are not sign ificantly worse than expected
Q&A
03