2007 Interactive Registration Document - Renault

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07 CONSOLIDATED FINANCIAL STATEMENTS FINANCIAL STATEMENTS 17 – AUTOMOBILE RECEIVABLES DECEMBER 31, DECEMBER 31, DECEMBER 31, (€ million) 2007 2006 2005 Gross value 2,180 2,221 2,176 Impairment (97) (119) (121) AUTOMOBILE RECEIVABLES, NET 2,083 2,102 2,055 These receivables do not include accounts receivable from dealers, in France and certain other European countries, when they are assigned to the Group’s sales fi nancing companies together with the risk of non-recovery. Receivables transferred in this way are included in sales fi nancing receivables. If the risk is not transferred, although the receivables have been assigned from a legal point of view, these items remain in Automobile receivables and a corresponding fi nancial liability is recorded (in other interest-bearing borrowings). This rule also applies to receivables assigned outside the Group, for example through discounting or factoring. The amount of assigned Automobile receivables reported in the balance sheet is not signifi cant for the periods presented. There is no signifi cant concentration of risks within the Automobile customer base. 18 – OTHER CURRENT ASSETS DECEMBER 31, DECEMBER 31, DECEMBER 31, (€ million) 2007 2006 2005 Prepaid expenses 259 148 120 Tax receivables 900 910 874 Other receivables Derivatives on operating 892 717 1,160 transactions (1) (note 26-A) 324 268 259 OTHER CURRENT ASSETS 2,375 2,043 2,413 Gross value 2,409 2,062 2,437 Impairment (34) (19) (24) (1) Including €176 million for derivatives on financing operations of the Sales financing division in 2007 (€186 million in 2006 and €177 million in 2005). 19 – SHAREHOLDERS’ E QUITY A – Share capital The total number of ordinary shares issued and fully paid-up at December 31, 2007 was 284,937 thousand, with par value of €3.81 per share (the total number and par value are unchanged from December 31, 2006 and from December 31, 2005). Treasury shares do not bear dividends. They accounted for 2.65% of Renault’s share capital at December 31, 2007 (2.70% at December 31, 2006 and 3.35% at December 31, 2005). The Nissan group holds 15% of Renault through its wholly-owned subsidiary Nissan Finance Co., Ltd. (the voting rights attached to these shares cannot be exercised). < TABLE OF CONTENTS > B – Capital management In managing its capital, the Group’s objective is to guarantee continuity of business in order to provide returns for shareholders and benefi ts for other stakeholders, and to maintain optimum capital structure in order to optimise its cost. The Group actively manages its capital structure, making adjustments in view of developments in economic conditions. To maintain or adjust the capital structure, the Group may adjust dividend payments to shareholders, redeem some of the capital or issue new shares. The management objectives, policies and procedures are unchanged from 2006. The Group’s objectives are monitored in different ways in the different divisions. The Group manages the division’s capital with reference to a ratio equal to the division’s net indebtedness divided by the sum of shareholders’ equity (net indebtedness includes all non-operating interest-bearing fi nancial liabilities and commitments less cash and cash equivalents and other non-operating fi nancial assets such as marketable securities or the division’s loans; shareholders’ equity is as reported in the division’s balance sheet). This ratio stood at 9.5% at December 31, 2007 (11.5% at December 31, 2006 and 11.6% at December 31, 2005). The Sales fi nancing division must comply with regulatory ratios specifi c to banking operations. The minimum solvency ratio (shareholders’ equity including subordinated loans to total risk-weighted assets) is 8%, and the division achieved 9.2% for 2007. Finally, since 1999, the Group has partially hedged the yen/euro exchange risk associated with its investment in Nissan. These hedging operations are described in note 13-G, and have impacts on Group equity, generating exchange differences which are included in the Group’s translation adjustment reserves (note 19-E). These amounts partly offset the exchange differences arising on the share of Nissan’s equity stated in yen. C – Renault treasury shares In accordance with decisions approved at General Shareholders’ Meetings, the Board of Directors decided to allocate all Renault treasury shares to current stock option plans awarded to Group managers and executives. DECEMBER 31, 2007 DECEMBER 31, 2006 DECEMBER 31, 2005 Total value of treasury shares (€ million) 499 373 456 Total number of treasury shares 7,555,139 7,681,580 9,539,964 D – Distributions At the General and Extraordinary Shareholders’ Meeting of May 2, 2007, it was decided to distribute €3.10 per share or €863 million in dividends (compared to €2.40 per share or €664 million in 2006). After elimination of dividends received by Nissan in proportion to Renault’s interest in Nissan, the dividend distribution recorded in shareholders’ equity amounted to €803 million in 2007 (€617 million in 2006 and €459 million in 2005). 212 Registration Document Renault 2007 Find out more at www.renault.com 01 02 03 04 05 06 07 08
A dividend distribution of €3.80 per share, i.e. a total of €1,054 million, will be proposed at the General and Extraordinary Shareholders’ Meeting of April 29, 2008. The Renault Commitment 2009 growth plan has set a target dividend of €4.50 per share for 2009. E – Translation adjustment The change in translation adjustment over the year is as follows: (€ million) Change in translation adjustment on the value of the investment in Nissan 2007 2006 2005 (note 13-C) Impact, net of tax, of partial hedging of the (618) (1,185) 615 investment in Nissan (note 13-G) 153 351 (10) Total change in translation adjustment related to Nissan (465) (834) 605 Other changes in translation adjustment (248) 17 159 TOTAL CHANGE IN TRANSLATION ADJUSTMENT (713) (817) 764 The impact of the translation of Nissan’s fi nancial statements, after adjustment for the partial hedging operations concerning the portion of Nissan’s shareholders’ equity expressed in yen, mainly relates to translation by Renault of Nissan’s North American and Mexican subsidiaries’ shareholders’ equity. F Financial instrument revaluation reserve F1 – Change in the financial instrument revaluation reserve The fi gures below are reported net of tax effects. (€ million) CASH FLOW HEDGES ✦ Global Reporting Initiative (GRI) Directives AVAILABLE- FOR-SALE FINANCIAL ASSETS TOTAL At December 31, 2005 (1 ) Changes in fair value recorded in (1) 55 54 shareholders’ equity Transfer from shareholders’ equity 59 57 116 to the income statement (2 ) 26 (91) (65) At December 31, 2006 (1 ) Changes in fair value recorded in 84 21 105 shareholders’ equity Transfer from shareholders’ equity 24 2 26 to the income statement (2 ) (62) (1) (63) At December 31, 2007 (1 ) 46 22 68 (1) For a breakdown of the amounts related to cash flow hedges transferred to shareholders’ equity, see note F-2 below. (2) For the schedule of transfers of amounts related to cash flow hedges transferred to shareholders’ equity, see note F-3 below. < TABLE OF CONTENTS > FINANCIAL STATEMENTS 07 CONSOLIDATED FINANCIAL STATEMENTS F2 – Breakdown of the amounts related to cash flow hedges transferred from the financial instrument revaluation reserve to the income statement (€ million) 2007 2006 2005 Cash flow hedges Operating margin (81) (1) 57 Other operating income and expenses - - - Net financial income (expense) (7) - - Share in net income of associates (4) 27 (32) Current and deferred taxes 30 - (20) TOTAL TRANSFERRED TO THE INCOME STATEMENT FOR CASH FLOW HEDGES (62) 26 5 F3 – Schedule of amounts related to cash flow hedges transferred from the financial instruments revaluation reserve to the income statement DECEMBER 31, DECEMBER 31, DECEMBER 31, (€ million) 2007 2006 2005 Within one year 44 52 2 After one year 9 20 (1) Revaluation reserve for cash flow hedges excluding associates 53 72 1 Revaluation reserve for cash flow hedges - associates (7) 12 (2) TOTAL REVALUATION RESERVE FOR CASH FLOW HEDGES 46 84 (1) This schedule is based on contractual maturities of hedged cash fl ows. G – Stock option and free share attribution plans Since October 1996, the Board of Directors has periodically granted stock options to Group executives and managers, with prices and exercise periods specifi c to each plan. In 2007, a stock option plan and free share attribution plan were introduced under the Renault Commitment 2009 plan, in addition to the plans set up in 2006. A stock option plan was also introduced in 2007 related to 2008 results. All 2006 and 2007 plans include performance conditions which determine the number of options or shares awarded to benefi ciaries. 01 02 03 04 05 06 07 08 Registration Document Renault 2007 213
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2007 REGISTRATION DOCUMENT
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TABLE OF CONTENTS 01 RENAULT AND TH
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01 Renault and the Group < TABLE OF
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1.1.2 BACKGROUND AND HIGHLIGHTS 189
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1.1.3 MAIN ACTIVITIES Since the fi
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I n the luxury E segment, Renault l
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PRODUCTION OF THE MAIN MANUFACTURIN
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HIGHLIGHTS IN GROUP NETWORK STRATEG
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In April 2007, in addition to an or
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n n in Morocco, Renault signed a me
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RENAULT RETAIL GROUP SA 117-199, av
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* REAL ESTATE AND IT FINANCING FOR
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1.3 THE RENAULT-NISSAN ALLIANCE On
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RENAULT SHARE PRICE FROM MARCH 29,
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These two entities are free to acce
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Interchangeable components Compleme
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MANUFACTURING Renault and Nissan ha
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1.3.4.1 NISSAN’S STRATEGY AND GRO
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1.3.4.2 NISSAN’S 2007 CONTRIBUTIO
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SALES IN WESTERN EUROPE RENAULT AND
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GLOBAL SALES AND PRODUCTION SITES
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02 Management report < TABLE OF CON
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FRANCE & EUROPE REGIONS - GROUP SAL
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for 67.1% of the Group’s sales in
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INTERNATIONAL ROLLOUT OF THE LOGAN
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In 2007, RCI Banque also launched f
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RENAULT GROUP - REGISTRATIONS IN EU
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Renault g roup’s new geographical
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Renault g roup - R&D expenses* Glob
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2.1.3 FINANCIAL INFORMATION ON THE
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2.1.4 PROGRESS REPORT ON RENAULT CO
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The Renault [T] (“square T”) te
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2.2.3 2007 R&D HIGHLIGHTS 2.2.3.1 A
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Industrial risk The decision to set
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MANAGEMENT PROCEDURES Between 1990
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MANAGEMENT PROCEDURES Import subsid
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Renault Finance also trades for its
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In early 2005 RCI Banque also secur
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2.3.5 OTHER RISKS 2.3.5.1 OFF-BALAN
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03 Sustainable development < TABLE
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of employee commitment remains one
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Over the past three years, incentiv
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For 2007, Group turnover totaled 7%
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3.1.2.5 TRAINING Vocational trainin
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Efforts continued in 2007 to extend
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The agreement on teleworking was si
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TEST LABORATORY Renault’s test la
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COMPARATIVE INVENTORY AND PROGRESS
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Renault is implementing a three-pro
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Liquefied Petroleum Gas (LPG) and C
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USE Use-phase waste is generated by
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3.2.3 CROSS-FUNCTIONAL MANAGEMENT O
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VEHICLE DESIGN AND DEVELOPMENT PROC
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ENVIRONMENTAL MANAGEMENT IN THE VEH
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SHARING RENAULT’S KNOW-HOW WITH O
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3.3.2 RENAULT AND ITS STAKEHOLDERS
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In 2007, Renault participated as an
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BREAKDOWN OF ACCIDENTS RESULTING IN
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The Safety for All program in Moroc
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“VALUED CITIZENS” PROGRAM IN SO
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MAIN HR OBJECTIVES ✦ Global Repor
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3.4.3 SOCIAL OBJECTIVES KEY OBJECTI
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OEKOM Oekom, one of Germany’s lea
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TABLE OF CONTENTS > SUSTAINABLE DEV
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TABLE OF CONTENTS > 04 Corporate go
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DIRECTORS OFFICES/FUNCTIONS Carlos
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DIRECTORS OFFICES/FUNCTIONS Jean-Cl
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THE ALLIANCE: n took cognizance of
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In compliance with French legal and
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4.2 MANAGEMENT BODIES AT FEBRUARY 1
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ORGANIZATION CHART AT FEBRUARY 1, 2
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4.3.3 FEES PAID TO STATUTORY AUDITO
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The Chairman of the Board of Direct
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Summary of plans The options grante
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CORPORATE GOVERNANCE 04 REPORT OF T
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PROCEDURES AND OPERATING METHODS Th
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4.5.2.7 ORGANIZATION OF PROCEDURES
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CORPORATE GOVERNANCE 04 STATUTORY A
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05 Renault and its shareholders < T
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5.1.2.2 GENERAL MEETINGS OF SHAREHO
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Page 167 and 168: 5.3.2 RENAULT AND DIAC REDEEMABLE S
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Page 181 and 182: TABLE OF CONTENTS > 07 Financial st
Page 183 and 184: ✦ Global Reporting Initiative (GR
Page 185 and 186: 7.2.3 CONSOLIDATED SHAREHOLDERS’
Page 187 and 188: 7.2.4 CONSOLIDATED STATEMENTS OF CA
Page 189 and 190: A2 - CONSOLIDATED BALANCE SHEETS BY
Page 191 and 192: DECEMBER 31, 2005 (€ million) AUT
Page 193 and 194: (€ million) AUTOMOBILE SALES FINA
Page 195 and 196: B - INFORMATION BY GEOGRAPHIC AREA
Page 197 and 198: 7.2.6.1 ACCOUNTING POLICIES AND SCO
Page 199 and 200: F - Translation of foreign currency
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Page 205 and 206: 7 - OTHER OPERATING INCOME AND EXPE
Page 207 and 208: B - Changes during the year (€ mi
Page 209 and 210: 13 - INVESTMENT IN NISSAN A - Nissa
Page 211 and 212: G - Hedging of the investment in Ni
Page 213: 15 - INVENTORIES DECEMBER 31, DECEM
Page 217 and 218: The plans have been valued as follo
Page 219 and 220: C3 - Summary ✦ Global Reporting I
Page 221 and 222: B - Breakdown by category ✦ Globa
Page 223 and 224: B - Breakdown by category DECEMBER
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Page 227 and 228: B - Impact of financial instruments
Page 229 and 230: DECEMBER 31, 2005 (€ million) ✦
Page 231 and 232: Interest rate derivatives B3 - Equi
Page 233 and 234: 28 - RELATED PARTIES A - Remunerati
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Page 243 and 244: BALANCE SHEET ✦ Global Reporting
Page 245 and 246: E - Marketable securities Marketabl
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Page 257 and 258: 08 Additional information < TABLE O
Page 259 and 260: ADDITIONAL INFORMATION 08 INFORMATI
Page 261 and 262: 8.3.1.3 PRESIDENT AND CHIEF EXECUTI
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8.3.3.2 USE AND/OR COMMUNICATION OF
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Renault made its fi rst inventory o
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SITE WATER CONSUMPTION (m 3 thousan
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Nature and scope of the audit We pe
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ADDITIONAL INFORMATION 08 CROSS-REF
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GRI INDICATORS (1) ADDITIONAL INFOR
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2007 Interactive Registration Document - Renault

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