Thierry Moulonguet EVP & CFO Jérôme Stoll EVP & Leader of ... · APRIL 29th, 2009 Q1 2009...
Transcript of Thierry Moulonguet EVP & CFO Jérôme Stoll EVP & Leader of ... · APRIL 29th, 2009 Q1 2009...
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL
Q1 2009 Revenues
Thierry MoulonguetEVP & CFO
Jérôme StollEVP & Leader of Europe region
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL 2
Agenda
! First quarter 2009 global sales volume
! First quarter 2009 group revenues
! Update on 2009 action plan
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL 3
TIV SEEMS TO APPROACH A THRESHOLD IN EUROPE(THANKS TO SCRAPPING INCENTIVES…)
TIV PC+LCV, evolution vs. y-1
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
Europe France Germany Italy UK Spain
H1 08 Q3 08 Q4 08 Q1 09
Incentives in place with a positive impact on Q1 registrationsIncentives in place with a positive impact to come on Q2 registrations
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL 4
CRISIS & INCENTIVES IN EUROPE IMPACT ON TIV SEGMENT MIX
Europe TIV - 2009 vs 2008
-815,000-19%
-183,000-35%
-243,000-24%
-318,000-25%
-152,000-13%
+79,000+23%
A B C D+ LCV PC+LCV
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL 5
VARIOUS SITUATIONS ON INTERNATIONAL MARKETS
Incentives in place with a positive impact on Q1 registrationsIncentives in place with a positive impact to come on Q2 registrations
TIV PC+LCV, evolution vs. y-1
-80%
-60%
-40%
-20%
0%
20%
40%
Romania Russia TurkeySouthKorea India Brazil Argentina
H1 08 Q3 08 Q4 08 Q1 09
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL 6
REGION ORGANIZATION
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL 7
418326
2008 2009
496
639
2008 2009
Q1 SALES AT -22.4% VS. 2008 - ALL REGIONS IMPACTED
Thousand units (PC+LCV)
GlobalGlobal--22.4%22.4%
EuropeEurope--22.0%22.0%
(incl. France(incl. France--11.3%)11.3%)
International-23.1%
59 47
2008 2009
2817
2008 2009
5567
2008 2009
6651
2008 2009
EuroMedEuroMed--23.8%23.8%
AsiaAsia//AfricaAfrica--20.2%20.2%
EurasiaEurasia--40.3%40.3%
AmericasAmericas--17.8%17.8%
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL 8
REDUCTION OF INVENTORIES42k UNIT REDUCTION IN Q1 2009
" Impact of massive production cut in Q4/08 in terms of inventory quantity and quality (strong reduction of ageing inventories)
" Total distribution stock of new cars down 34% vs. Q1 2008
* Operational indicator = distribution stock
*
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL 9
EUROPEAN REGISTRATIONS BY SEGMENTQ1 2009 vs. Q1 2008
29%+8,00026%
+7,000
-26%-99,000-35%
-28,000-37%-14,000
-22%-21,000-30%
-35,000
12%+4,000
A B C D+ LCV PC+LCV
DACIARENAULT+N/A%
+1,000
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL 10
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2007 2008 2009
EUROPE ORDER BANK STRONGLY INCREASED IN Q1THANKS TO GOOD LEVEL OF ORDERS
Europe Orderbank PC+LCV(At the start of each month)
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL 11
UPDATE ON DACIA & TWINGO
! Twingo and Dacia benefited from incentives.
! Orders exceed industrial output.
! Industrial decisions made to meet customer needs:! Novo Mesto (Twingo) :+0.5 shift &
Clio2 production transferred partially to Flins.
! Pitesti (Dacia) : increase of production/hour & work on Saturdays
TWINGO PC in Europe2009 vs 2008
67%+26,00012%
+4,000
Regs Orders
DACIA PC in Europe2009 vs 2008 211%
+51,000
26%+7,000
Regs Orders
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL 12
Mégane Family in Europe2009 vs 2008
62%+15,000
-64%-2,000
-59%-9,000
-49%-25,000
-22%-21,000
Hatch/Coupé Coupé-Cab Estate Scénic Mégane Family
GOOD START FOR NEW MEGANE
! Good start from Mégane hatch/coupé (from 12th to 4th place in Europe).
! Other Mégane bodies to be launched soon.
APRIL 29th, 2009 Q1 2009 REVENUES CONFERENCE CALL 13
MARKET SHARE BY CHANNEL IN EUROPE (G5)12M rolling average since 2005
+1.0pt
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 14
Agenda
! First quarter 2009 global sales volume
! First quarter 2009 group revenues
! Update on 2009 action plan
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 15
Renault groupRevenues by division Q1 YTD
* 2008 data has been restated on a consistent basis
In million euros YTD 2009 Change(%)
YTD 2008Pro forma*
Automobile
Sales Financing
TOTAL
9,727
506
10,233
6,634
446
7,080
- 31.8%
- 11.9%
- 30.8%
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 16
Q1 change in consolidation
In million euros
Automobile
Sales Financing
TOTAL
Change in Perimeter /
Consolidation(1)
31/03/2008Pro forma
31/03/2008Published
9,697
506
10,203
30
-
30
9,727
506
10,233
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 17
- 6.1Europe
+0.6
Contribution to the change in revenues
Others
- 6.1
- 2.4- 0.9
-7.5
- 1.7
AUTOMOBILE DIVISION REVENUES DOWN 31.8% IN Q1’09
Euromed + Eurasia+ Americas+ Asia-Africa
- 17.1 -8.6
-13.8
ExchangerateVolume
Mix/price
ExchangerateVolume
Mix/price
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 18
Agenda
! First quarter 2009 global sales volume
! First quarter 2009 group revenues
! Update on 2009 action plan
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 19
NET AUTOMOBILE FINANCIAL DEBT & FUNDING YTD (Renault + RCI) !Net automobile financial indebtedness :
• The automobile division is focused on its priority : optimizing FCF• At end Q1’09, net automotive financial debt increased by less than 10% vs. end
Dec 2008 (€7.9 bn), including the change in law for supplier payables in France• For information : Yen liabilities decreased from Y503 bn at end Dec’08 to Y282
bn at end Mar’09
!Update on funding plan :• Auto refinancing :
• €0.4 bn from the EIB for CO2 investment support.• €3 bn loan from the French Government
• RCI medium and long term funding : • €0.8 bn SFEF : 2/3 of the available envelop.• In line for its’ 2009 securitization plan
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 20
2009 ACTION PLANADAPT OUR PRODUCTION LEVEL
260
80
100
120
140
160
180
200
220
240
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Thousand units 2008
60
Production forecast – Feb’09Renault global industrial output
Actual production level20092009
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 21
UPDATE ON RENAULT VOLUNTARY DEPARTURE PLAN & CRISIS-PERIOD LABOR DEAL
! Crisis-period labor deal :! System based on solidarity and fairness! In a context of strong decrease in the automobile markets :
! Necessity to reduce costs! Adjust our organization to a lower level of activity
! Voluntary departure plan :
1 100 1 350
9001 000
4 0004 100
Initial expectations Departures committed
Renault SAS
France others
Europe
6 000> 6 400
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 22
Megane Renault Sport
Trafic ph3
2009 ACTION PLANPRODUCT LAUNCHES
2009
1st HALF
New Master SM3
2nd HALF
SM5
Vehicles outside Renault Commitment 2009 product planning
Scenic& Grand Scenic
Megane station wagon
Clio 3 phase 2
Kangoo Be Bop
MeganeCoupé
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 23
Focus Grand Scénic
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 24
Focus Mégane Estate
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 25
Focus Clio 3 ph 2
APRIL 29th, 2009 Q1 2009 REVENUES - CONFERENCE CALL 26
Forthcoming events
! 06/05 AGM! 12/05 Impact of Nissan’s Q4 FY08 results! End May Alliance synergies! 30/07 H1 2009 Financial results
APRIL 29th 2009 Q1 2009 REVENUES CONFERENCE CALL
Q1 2009 Revenues
Thierry MoulonguetEVP & CFO
Jérôme StollEVP & Leader of Europe region