2007 Interactive Registration Document - Renault

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07 CONSOLIDATED FINANCIAL STATEMENTS FINANCIAL STATEMENTS D – Breakdown by currency DECEMBER 31, 2007 DECEMBER 31, 2006 DECEMBER 31, 2005 BEFORE AFTER BEFORE AFTER BEFORE AFTER (€ million) DERIVATIVES DERIVATIVES DERIVATIVES DERIVATIVES DERIVATIVES DERIVATIVES Euro 23,581 22,595 25,733 24,258 26,559 24,565 Yen 1,268 1,928 1,078 2,507 1,527 3,321 Other 2,600 2,926 3,058 3,104 2,232 2,432 TOTAL FINANCIAL LIABILITIES AND SALES FINANCING DEBTS (EXCLUDING DERIVATIVES) 27,449 27,449 29,869 29,869 30,318 30,318 25 – FAIR VALUE OF FINANCIAL INSTRUMENTS AND IMPACT ON NET INCOME A – Fair value of financial instruments The carrying amounts on the balance sheet and the estimated fair values of the Group’s fi nancial instruments are as follows: (€ million) Estimated fair values are based on information available on the markets and calculated using valuation methods appropriate to the types of instrument in question. However, the methods and assumptions used are by nature theoretical, and judgment plays a major role in interpreting market data. Adopting different assumptions and/or pricing methods could therefore have a signifi cant impact on the values estimated. Fair values have been determined on the basis of information available at the end of the year and do not therefore take account of subsequent movements. In general, when the fi nancial instrument is listed on an active and liquid market, the last listed price is used to calculate the market value. For unlisted instruments, market value is determined based on recognised valuation models that refer to observable market parameters. If Renault has no valuation tools, particularly for complex products, valuation is carried out by quality fi nancial institutions. The main assumptions and valuation methods are as follows: n securities : the fair value of securities is determined mainly by reference to market prices; DECEMBER 31, 2007 DECEMBER 31, 2006 DECEMBER 31, 2005 BALANCE SHEET VALUE FAIR VALUE loans: for loans with an original maturity of less than three months and for fl oating-rate loans, the value recorded on the balance sheet is considered to be the fair value. Other fi xed-rate loans have been measured by discounting future cash fl ows using the rates offered to Renault at December 31, 2007, and December 31, 2006 for loans with similar conditions and maturities; sales fi nancing receivables: fi xed-rate sales fi nancing receivables have been estimated by discounting future cash fl ows at rates that would be applicable to similar loans (conditions, maturity and debtor quality) as at December 31, 2007, and December 31, 2006; financial liabilities and sales financing debts: the fair value has been determined by discounting future cash fl ows at the rates offered to Renault at December 31, 2007 and December 31, 2006 for borrowings with similar conditions and maturities. For sales fi nancing debts evidenced by securities issued with a life of less than 90 days, the value recorded on the balance sheet is considered as the fair value. 224 Registration Document Renault 2007 Find out more at www.renault.com n n n < TABLE OF CONTENTS > BALANCE SHEET VALUE FAIR VALUE BALANCE SHEET VALUE FAIR VALUE ASSETS Non-current financial assets 606 599 563 559 577 573 Sales financing receivables 20,430 20,317 20,360 20,329 20,700 20,820 Automobile receivables 2,083 2,083 2,102 2,102 2,055 2,055 Current financial assets 1,239 1,239 2,229 2,229 1,871 1,871 LIABILITIES Non-current financial liabilities 5,413 5,427 5,430 5,525 5,901 6,098 Current financial liabilities 1,517 1,521 3,715 3,692 2,547 2,518 Sales financing debts 21,196 21,157 21,212 21,296 22,427 22,504 Trade payables 8,224 8,224 7,384 7,384 7,788 7,788 01 02 03 04 05 06 07 08
B – Impact of financial instruments on net income DECEMBER 31, 2007 (€ million) ✦ Global Reporting Initiative (GRI) Directives INSTRUMENTS HELD FOR TRADING FINANCIAL ASSETS OTHER THAN DERIVATIVES AVAILABLE- FOR-SALE INSTRUMENTS LOANS AND RECEIVABLES FINANCIAL STATEMENTS 07 CONSOLIDATED FINANCIAL STATEMENTS FINANCIAL LIABILITIES OTHER THAN DERIVATIVES DERIVATIVES INSTRUMENTS DESIGNATED AS AT FAIR VALUE THROUGH PROFIT AND LOSS INSTRUMENTS STATED AT AMORTISED COST TOTAL IMPACT ON NET INCOME AUTOMOBILE Interest income 41 238 279 Interest expenses (17) (362) (1) (380) Change in fair value 19 53 21 16 109 Impairment (1) (11) (12) Dividends 3 3 Gains (losses) on sale 13 13 Net foreign exchange gains and losses 14 (8) (66) (60) TOTAL IMPACT ON NET INCOME - AUTOMOBILE DIVISION Including: 74 15 219 36 (407) 15 (48) operating margin 14 2 (17) (63) (66) (130) other operating income and expenses 6 6 net financial income (expense) 60 7 236 36 (344) 81 76 SALES FINANCING Interest income 9 1,520 131 1,660 Interest expenses (1,037) (67) (1,104) Change in fair value 9 (9) - Impairment Dividends (1) (155) (156) Gains (losses) on sale 1 (31) (30) Net foreign exchange gains and losses 2 2 TOTAL IMPACT ON NET INCOME - SALES FINANCING DIVISION Including: 9 1,336 (1,028) 55 372 operating margin 8 1,336 (1,028) 55 371 other operating income and expenses net financial income (expense) 1 1 TOTAL GAINS AND LOSSES WITH IMPACT ON NET INCOME 74 24 1,555 36 (1,435) 70 324 For the Automobile division, the impact of fi nancial instruments on net income mainly corresponds to foreign exchange gains and losses on operating C – Fair value hedges transactions, and the effects of derivatives related to commodity hedging (note 26-B4). (€ million) DECEMBER 31, 2007 DECEMBER 31, 2006 DECEMBER 31, 2005 Change in fair value of the hedging instrument (29) (53) (30) Change in fair value of the hedged item 30 52 30 Net impact on net income of fair value hedges 1 (1) - This net impact of fair value hedges on the net income corresponds to the ineffective portion of hedges. Hedge accounting methods are described in note 2-V. < TABLE OF CONTENTS > 01 02 03 04 05 06 07 08 Registration Document Renault 2007 225
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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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5.2.4 UNISSUED AUTHORIZED CAPITAL 5
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5.3 MARKET FOR RENAULT SHARES 5.3.1
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5.3.2 RENAULT AND DIAC REDEEMABLE S
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5.4 INVESTOR RELATIONS POLICY ✦ S
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TABLE OF CONTENTS > RENAULT AND ITS
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TABLE OF CONTENTS > 06 Mixed Genera
Page 175 and 176: APPOINTMENT OF A DIRECTOR The seven
Page 177 and 178: CAPITAL INCREASE AUTHORISATION GIVE
Page 179 and 180: TABLE OF CONTENTS > MIXED GENERAL M
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
Page 201 and 202: Useful lives are regularly reviewed
Page 203 and 204: Renegotiations of the terms of borr
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 and 214: 15 - INVENTORIES DECEMBER 31, DECEM
Page 215 and 216: A dividend distribution of €3.80
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
Page 225: C1 - Financial liabilities of the A
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
Page 235 and 236: 31 - CONSOLIDATED COMPANIES A - Ful
Page 241 and 242: 1. WITH COGERA Credit facility agre
Page 243 and 244: BALANCE SHEET ✦ Global Reporting
Page 245 and 246: E - Marketable securities Marketabl
Page 247 and 248: 7.4.2.7 INVESTMENTS Changes during
Page 249 and 250: 7.4.2.13 PROVISIONS FOR RISKS AND L
Page 251 and 252: Breakdown by maturity ✦ Global Re
Page 253 and 254: Renault SA uses derivatives to impl
Page 255 and 256: 7.4.2.23 SUBSEQUENT EVENTS No signi
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
Page 263 and 264: COMPOSITION, TASKS AND OPERATING PR
Page 265 and 266: 8.3.3.2 USE AND/OR COMMUNICATION OF
Page 267 and 268: Renault made its fi rst inventory o
Page 269 and 270: SITE WATER CONSUMPTION (m 3 thousan
Page 271 and 272: Nature and scope of the audit We pe
Page 273 and 274: ADDITIONAL INFORMATION 08 CROSS-REF
Page 275 and 276: GRI INDICATORS (1) ADDITIONAL INFOR
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