GROUPE RENAULT H1 2017 FINANCIAL RESULTS CONFERENCE · 2017-07-28 · INVESTOR RELATIONS –H1...
Transcript of GROUPE RENAULT H1 2017 FINANCIAL RESULTS CONFERENCE · 2017-07-28 · INVESTOR RELATIONS –H1...
PROPERTY OF GROUPE RENAULT 1INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
GROUPE RENAULT
H1 2017 FINANCIAL RESULTS CONFERENCE
PROPERTY OF GROUPE RENAULT 2INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
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 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.
PROPERTY OF GROUPE RENAULT 3INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
01 H1 2017 COMMERCIAL UPDATE
02 H1 2017 FINANCIAL RESULTS & OUTLOOK
03 QUESTIONS & ANSWERS
AGENDA
PROPERTY OF GROUPE RENAULT 4INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
HIGHLIGHTS
ROBUST GROWTH IN ALL REGIONS
STRONG CONTRIBUTION FROM SALES TO PARTNERS
COST SAVINGS BACK ON TRACK
NEGATIVE MIX NET PRICE ENRICHMENT
AVTOVAZ IN A RECOVERY MODE
PROPERTY OF GROUPE RENAULT 5INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
H1 2017 COMMERCIAL UPDATE
01
PROPERTY OF GROUPE RENAULT 6INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
1,703
971
209 298158
67
1,879
1,025
249 323182
100
2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017
GROUPE RENAULT’S UNIT REGISTRATIONS H1 2017 VS H1 2016 (incl. Lada)
K units
(PC+LCV)
WORLD MARKET SHARE: 4.1% (+0.3pts)
INTERNATIONAL +16.8%
GLOBAL
+10.4%
+10.2%
EUROPE
+5.6%
+5.5%
AMERICAS
+14.6%
+14.5%
ASIA-PACIFIC
+50.5%
+49.5%
AFRICA-ME-INDIA
+19.3%
+19.1%
EURASIA
+8.6%
+6.8%
+2.6% TIV +4.4% +2.5% -0.3% +8.3% +3.6%
GROUP
GROUP excl. Lada
PROPERTY OF GROUPE RENAULT 7INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
36% 42%48%
55% 52%48%
H1 2011 H1 2012 H1 2013 H1 2014 H1 2015 H1 2016 H1 2017 H1 2017incl. Lada
40% 50% 43% 39%47% 38%
INTERNATIONALEUROPE
60% 50% 57% 61%53% 62%
REGIONAL SALES BREAKDOWN
WEIGHT OF INTERNATIONAL SALES INCREASING
TOP 10 MARKETS BY VOLUME YTD (in K units)
excl. Lada
41% 45%
59% 55%
01
02
03
04
05
06
07
08
09
10
Volume
H1 2017
Market
share
vs.
H1 2016
FRANCE 368 27.0 % -0.5 pts
RUSSIA 201 28.0 % +1.7 pts
ITALY 122 10.0 % +0.3 pts
GERMANY 116 6.0 % +0.7 pts
SPAIN 89 11.6 % -0.6 pts
TURKEY 75 18.7 % +0.7 pts
BRAZIL 73 7.4 % +0.1 pts
IRAN 68 9.8 % +4.0 pts
UK 67 4.2 % -0.2 pts
ARGENTINA 58 13.3 % +1.1 pts
PC+LCV
PROPERTY OF GROUPE RENAULT 8INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
EUROPE REGION (incl. Lada) GROUP PC+LCV : BREAKDOWN OF REGISTRATIONS
+32
+88
GROUP ORDER BOOK PC + LCV (excl. Lada)
H1’15
H1’16
969
849
9711,025
H1 2016 TIV PERF Q1 2016
+4
TIV
& MARKET MIX
PERFORMANCE+36H1’16
H1’17
K units
(PC+LCV) +50
Figures rounded to the nearest thousand
55%
13%
17%
10%5%
H1 2017 SALES BY REGION
Europe AMI Eurasia Americas Asia-Pacificjuin-07 juin-08 juin-09 juin-10 juin-11 juin-12 juin-13 juin-14 juin-15 juin-16 juin-17
PROPERTY OF GROUPE RENAULT 9INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
EURASIA REGION (incl. Lada)
-4 +3
+13
H1’15 H1’16
159 166
TOP 3 MARKETS BY VOLUME
55%
13%
17%
10%5%
H1 2017 SALES BY REGION
Europe AMI Eurasia Americas Asia-Pacific
298
323
H1 2016 TIV PERF PERFLADA
H1 2017
-4 +3PERFORMANCETIV
& MARKET MIX
+6
+10
H1’16
H1’17K units
(PC+LCV) +9Lada
PERFORMANCE
Figures rounded to the nearest thousand
GROUP PC+LCV : BREAKDOWN OF REGISTRATIONS
H1 2017Weight in
the region
RUSSIA 201,065 62%
TURKEY 75,130 23%
ROMANIA 25,188 8%
(units)
TOP 3 MARKETS BY VOLUME
PROPERTY OF GROUPE RENAULT 10INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
AFRICA MIDDLE-EAST INDIA REGION (incl. Lada)
+78
-20
H1’15
H1’16
151
209
H1 2017Weight in
the region
IRAN 68,365 27%
INDIA 57,201 23%
MOROCCO 35,365 14%
(units)
TOP 3 MARKETS BY VOLUME
55%
13%
17%
10%5%
H1 2017 SALES BY REGION
Europe AMI Eurasia Americas Asia-Pacific
209249
H1 2016 TIV PERF H1 2017
+42
H1’16
H1’17
PERFORMANCETIV
& MARKET MIX
K units
(PC+LCV) -2
Figures rounded to the nearest thousand
GROUP PC+LCV : BREAKDOWN OF REGISTRATIONS
PROPERTY OF GROUPE RENAULT 11INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
158182
H1 2016 TIV PERF H1 2017
+5
PERFORMANCETIV
& MARKET MIX
+19
H1’16
H1’17
K units
(PC+LCV)
Figures rounded to the nearest thousand
AMERICAS REGION (incl. Lada) GROUP PC+LCV : BREAKDOWN OF REGISTRATIONS
TOP 3 MARKETS BY VOLUME
55%
13%
17%
10% 5%
H1 2017 SALES BY REGION
Europe AMI Eurasia Americas Asia-Pacific
H1 2017Weight in
the region
BRAZIL 73,416 40%
ARGENTINA 57,711 32%
COLOMBIA 23,498 13%
(units)
PROPERTY OF GROUPE RENAULT 12INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
ASIA-PACIFIC REGION (incl. Lada) GROUP PC+LCV : BREAKDOWN OF REGISTRATIONS
55%
13%
17%
10%
5%
H1 2017 SALES BY REGION
Europe AMI Eurasia Americas Asia-Pacific
TOP 3 MARKETS BY VOLUME
67100
H1 2016 TIV PERF H1 2017
H1’16
H1’17+34
TIV
& MARKET MIXPERFORMANCE
-1
K units
(PC+LCV)
Figures rounded to the nearest thousand
H1 2017Weight in
the region
SOUTH KOREA 52,882 53%
CHINA 35,647 35%
AUSTRALIA 5,593 6%
(units)
PROPERTY OF GROUPE RENAULT 13INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
H1 2017 FINANCIAL RESULTS & OUTLOOK
02
PROPERTY OF GROUPE RENAULT 14INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
H1 2017 FINANCIAL RESULTS
In million euros H1 2016 H1 2017 CHANGE
REVENUES 25,185 29,537 +17.3%
OPERATING PROFIT 1,541 1,820 +279
% OF GROUP REVENUES +6.1% +6.2% +0.1 pts
OTHER OPERATING INCOME & EXPENSES -65 -31 +34
EBIT 1,476 1,789 +313
NET FINANCIAL INCOME & EXPENSES -67 -211 -144
ASSOCIATED COMPANIES 678 1,317 +639
CURRENT & DEFERRED TAXES -520 -479 +41
NET INCOME 1,567 2,416 +849
Nota Bene: AVTOVAZ accounted for by equity method in 2016 and fully consolidated in 2017
PROPERTY OF GROUPE RENAULT 15INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
H1 2017 GROUP REVENUES
In million euros H1 2016 H1 2017 CHANGE
GLOBAL UNIT SALES* (units) 1,702,577 1,879,288 +10.4%
GROUP REVENUES 25,185 29,537 +17.3%
o/w AUTOMOTIVE 24,078 26,995 +12.1%
o/w AVTOVAZ** - 1,291 N/A
o/w SALES FINANCING 1,107 1,251 +13.0%
Q1 Q2
+20.1% +6.5%
* proforma 2016 to include Lada sales
** AVTOVAZ net of eliminations
Nota Bene: AVTOVAZ accounted for by equity method in 2016 and fully consolidated in 2017
PROPERTY OF GROUPE RENAULT 16INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
Currency
Volume
Geographic
mix
Sales to
partners Others
+12.1%
+4.4 pts -0.1 pts +0.6 pts +2.3 pts +0.8 pts +1.6 pts
Price
+2.5 pts
CHANGE H1 2017 vs H1 2016: +€2,917m
H1 2016 H1 2017
(million euros)
Product
mix
26,995
24,078
+1,046
+608+550
+140-16
+395
-1,036
AUTOMOTIVE EXCLUDING AVTOVAZ REVENUES VARIANCE ANALYSIS
+194
PROPERTY OF GROUPE RENAULT 17INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
1,8171,541
1,820
204
-44-132
-180 346
177-95 3
CurrencyVolume &
partnersMix / Net Enrichment
G&A
RCI Banque
& others
COST
REDUCTION
+€160m
H1 2016* H1 2017
incl. AVTOVAZ
Monozukuri Raw materials
GROWTH
+€523m
(million euros)
AVTOVAZ**
H1 2017
excl. AVTOVAZ
GROUP OPERATING PROFIT VARIANCE ANALYSIS
CHANGE H1 2017 vs H1 2016 : +€279m
* 2016 in previous perimeter excluding AVTOVAZ
** AVTOVAZ net of eliminations
PROPERTY OF GROUPE RENAULT 18INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
CHANGE H1 2017 vs H1 2016: +€160m
+382
-11
-83
-84
-44
G&AManufacturing &
Logistics
R&DWarrantyPurchasing
Monozukuri
(million euros)
COST REDUCTION ANALYSIS EXCLUDING AVTOVAZ
PROPERTY OF GROUPE RENAULT 19INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
1,8171,541
1,820
204
-44-132
-180 346
177-95 3
CurrencyVolume &
partnersMix / Net Enrichment
G&A
RCI Banque
& others
COST
REDUCTION
+€160m
H1 2016* H1 2017
incl. AVTOVAZ
Monozukuri Raw materials
GROWTH
+€523m
(million euros)
AVTOVAZ**
H1 2017
excl. AVTOVAZ
GROUP OPERATING PROFIT VARIANCE ANALYSIS
CHANGE H1 2017 vs H1 2016 : +€279m
* 2016 in previous perimeter excluding AVTOVAZ
** AVTOVAZ net of eliminations
PROPERTY OF GROUPE RENAULT 20INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
In million euros H1 2016 H1 2017 CHANGE
GROUP OPERATING PROFIT
% GROUP REVENUES
1,541+6.1%
1,820+6.2%
+279+0.1pts
o/w AUTOMOTIVE
% AUTOMOTIVE REVENUES
1,121+4.7%
1,292+4.8%
+171+0.1pts
o/w AVTOVAZ* - 3 +3
o/w SALES FINANCING 420 525 +105
H1 2017 OPERATING PROFIT BY ACTIVITY
*AVTOVAZ net of eliminations
Nota Bene: AVTOVAZ accounted for by equity method in 2016 and fully consolidated in 2017
PROPERTY OF GROUPE RENAULT 21INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
RCI BANQUE
H1 2016 H1 2017
NEW FINANCINGS (€Bn) 8.9 10.4
AVERAGE PERFORMING ASSETS (€Bn) 31.9 38.6
NET BANKING INCOME 4.39% 4.44%
COST OF RISK (CUSTOMER & DEALER) -0.30% -0.29%
OPERATING EXPENSES -1.41% -1.37%
PRETAX INCOME 2.71% 2.83%
OPERATING PROFIT (€m) 420 525
( in percentage of average performing assets)
PROPERTY OF GROUPE RENAULT 22INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
In million euros H1 2016* H1 2017
NET RESTRUCTURING COSTS -68 -65
IMPAIRMENT OF ASSETS -2 -13
CAPITAL GAIN/LOSS ON DISPOSAL OF FIXED ASSETS -8 +64
OTHERS +13 -17
TOTAL OTHER OPERATING INCOME & EXPENSES -65 -31
OTHER OPERATING INCOME & EXPENSES (INCL. AVTOVAZ)
* 2016 in previous perimeter excluding AVTOVAZ
PROPERTY OF GROUPE RENAULT 23INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
H1 2017 FINANCIAL RESULTS
In million euros H1 2016 H1 2017 CHANGE
REVENUES 25,185 29,537 +17.3%
OPERATING PROFIT 1,541 1,820 +279
% OF GROUP REVENUES +6.1% +6.2% +0.1 pts
OTHER OPERATING INCOME & EXPENSES -65 -31 +34
EBIT 1,476 1,789 +313
NET FINANCIAL INCOME & EXPENSES -67 -211 -144
ASSOCIATED COMPANIES 678 1,317 +639
CURRENT & DEFERRED TAXES -520 -479 +41
NET INCOME 1,567 2,416 +849
Nota Bene: AVTOVAZ accounted for by equity method in 2016 and fully consolidated in 2017
PROPERTY OF GROUPE RENAULT 24INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
In million euros H1 2016 H1 2017 CHANGE
NISSAN 749 1,288 +539
AVTOVAZ -75 - +75
OTHERS 4 29 +25
TOTAL ASSOCIATED COMPANIES 678 1,317 +639
ASSOCIATED COMPANIES
Q1 Q2
811 477
Nota Bene: AVTOVAZ accounted for by equity method in 2016 and fully consolidated in 2017
PROPERTY OF GROUPE RENAULT 25INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
H1 2017 FINANCIAL RESULTS
In million euros H1 2016 H1 2017 CHANGE
REVENUES 25,185 29,537 +17.3%
OPERATING PROFIT 1,541 1,820 +279
% OF GROUP REVENUES +6.1% +6.2% +0.1 pts
OTHER OPERATING INCOME & EXPENSES -65 -31 +34
EBIT 1,476 1,789 +313
NET FINANCIAL INCOME & EXPENSES -67 -211 -144
ASSOCIATED COMPANIES 678 1,317 +639
CURRENT & DEFERRED TAXES -520 -479 +41
NET INCOME 1,567 2,416 +849
Nota Bene: AVTOVAZ accounted for by equity method in 2016 and fully consolidated in 2017
PROPERTY OF GROUPE RENAULT 26INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
2,089
358
-287
100
33
391
-990
-85 39
Net tangible& intangible
investments
-1,864
Capitalized
R&D
-584
Net capex
-953
Operational free
cash flow
Cash flow
Changein WCR
Dividendspaid
Net change
Dividends received
fromlisted co.
Financial investments
& others
DEC 31, 2016 : €2,720m
JUNE 30, 2017 : €2,433m
(million euros)
LeasedVehicles -327
AVTOVAZother
evolutions
AVTOVAZFCF
AUTOMOTIVE INCLUDING AVTOVAZ NET FINANCIAL POSITION
Excl. AVTOVAZ
PROPERTY OF GROUPE RENAULT 27INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
527 520481
593 571 591 564
670618
178260
141
298
200267
165
327
208
349
260340 295
371324
399343
410
JUN'15 SEP'15 DEC'15 MAR'16 JUN'16 SEP'16 DEC'16 MAR'17 JUN'17
GROUP
INDEPENDENTDEALERS
TOTAL
Number of days of sales
(backward)
7877 5566 60
(IN K UNITS)
76
* 2015 restated
59 78 63
NEW VEHICLE DISTRIBUTION STOCK* EXCLUDING AVTOVAZ
PROPERTY OF GROUPE RENAULT 28INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
FX VOLATILITY
RAW MATERIALS
MARKET CHANNEL MIX IN EUROPE
MONOZUKURI
RECOVERY IN RUSSIA AND BRAZIL
NEW PRODUCTS
H2 2017 RISKS & OPPORTUNITIES
PROPERTY OF GROUPE RENAULT 29INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
OUTLOOK 2017
In 2017, the global market should see growth of around 1.5% to 2.5%. The European market
is still expected to grow 2% over the period. The French market is expected to expand by 2%.
Outside Europe, the Russian market could grow by more than 5% (versus up to 5%
previously), and the Brazilian market by 5% (versus stable previously). The growth
momentum is expected to continue in China (+5%) and India (+8%).
INCLUDING AVTOVAZ, THE GROUP CONFIRMS ITS FULL YEAR 2017 GUIDANCE:
Increase Group revenues, beyond the impact of AVTOVAZ (at constant exchange rates)*
Increase Group operating profit in euros*
Generate a positive Automotive operational free cash flow
* compared with 2016 Groupe Renault published results
PROPERTY OF GROUPE RENAULT 30INVESTOR RELATIONS – H1 RESULTS PRESENTATION JULY 28TH 2017
QUESTIONS & ANSWERS
03