2007 Interactive Registration Document - Renault

More documents

Recommendations

Info

07 CONSOLIDATED FINANCIAL STATEMENTS FINANCIAL STATEMENTS 26 – DERIVATIVES AND MANAGEMENT OF FINANCIAL RISKS A – Fair value of derivatives The fair value of derivatives corresponds to their balance sheet value. DECEMBER 31, 2007 (€ million) FINANCIAL ASSETS OTHER ASSETS FINANCIAL LIABILITIES AND SALES FINANCING DEBTS OTHER LIABILITIES NON-CURRENT CURRENT CURRENT NON-CURRENT CURRENT CURRENT Cash flow hedges - - - - - - Fair value hedges - - - - 1 - Hedge of the net investment in Nissan Derivatives not classified as hedges and derivatives 143 115 - - 10 - held for trading - 129 12 - 115 - TOTAL FOREIGN EXCHANGE RISK 143 244 12 - 126 - Cash flow hedges 23 - 116 2 90 - Fair value hedges Derivatives not classified as hedges and derivatives 22 - 2 5 8 - held for trading 308 122 45 286 160 - TOTAL INTEREST RATE RISK 353 122 163 293 258 - Cash flow hedges - - - - - - Fair value hedges Derivatives not classified as hedges and derivatives - - - - - - held for trading - - 149 - - 165 TOTAL COMMODITY RISK - - 149 - - 165 TOTAL 496 366 324 293 384 165 DECEMBER 31, 2006 (€ million) < TABLE OF CONTENTS > FINANCIAL ASSETS OTHER ASSETS FINANCIAL LIABILITIES AND SALES FINANCING DEBTS OTHER LIABILITIES NON-CURRENT CURRENT CURRENT NON-CURRENT CURRENT CURRENT Cash flow hedges - - - - - - Fair value hedges - - - - - - Hedge of the net investment in Nissan Derivatives not classified as hedges and derivatives 193 139 - - - - held for trading - 98 6 - 90 - TOTAL FOREIGN EXCHANGE RISKS 193 237 6 - 90 - Cash flow hedges 25 - 123 5 57 - Fair value hedges Derivatives not classified as hedges and derivatives 29 - 8 - 6 - held for trading 201 105 49 174 156 - TOTAL INTEREST RATE RISKS 255 105 180 179 219 - Cash flow hedges - - - - - - Fair value hedges Derivatives not classified as hedges and derivatives - - - - - - held for trading - - 82 - - 30 TOTAL COMMODITY RISKS - - 82 - - 30 TOTAL 448 342 268 179 309 30 226 Registration Document Renault 2007 Find out more at www.renault.com 01 02 03 04 05 06 07 08
DECEMBER 31, 2005 (€ million) ✦ Global Reporting Initiative (GRI) Directives FINANCIAL ASSETS OTHER ASSETS FINANCIAL STATEMENTS 07 CONSOLIDATED FINANCIAL STATEMENTS FINANCIAL LIABILITIES AND SALES FINANCING DEBTS OTHER LIABILITIES NON-CURRENT CURRENT CURRENT NON-CURRENT CURRENT CURRENT Cash flow hedges - - - - - - Fair value hedges - - - - - 6 Hedge of the net investment in Nissan Derivatives not classified as hedges and derivatives held 103 53 - - - - for trading - 79 6 - 87 - TOTAL FOREIGN EXCHANGE RISKS 103 132 6 - 87 6 Cash flow hedges 25 - 23 12 109 - Fair value hedges Derivatives not classified as hedges and derivatives held 53 - 61 - 2 - for trading 208 129 87 159 188 - TOTAL INTEREST RATE RISKS 286 129 171 171 299 - Cash flow hedges - - - - - - Fair value hedges Derivatives not classified as hedges and derivatives held - - - - - - for trading - - 82 - - 7 TOTAL COMMODITY RISKS - - 82 - - 7 TOTAL 389 261 259 171 386 13 The specialist subsidiary Renault Finance handles the Automobile division’s short-term interbank investments. It is also Nissan’s counterparty in derivatives trading to hedge exchange, interest rate and commodity risks. The fair values of derivatives reported in the Group’s consolidated balance sheet assets and liabilities mainly relate to Renault Finance’s business conducted on its own behalf and its transactions with Nissan. B – Management of financial risks Given their nature, the fi nancial instruments held by the Group are exposed to the following fi nancial risks: n n n n market risks (foreign exchange, interest rate, equity and commodity risks); counterparty risks; liquidity risks; credit risks (see notes 16 and 17). The sensitivity analyses refl ect the accounting sensitivity generated by fi nancial instruments. This information does not therefore represent the Group’s economic sensitivity. B1 – Foreign exchange risks Management of foreign exchange risks The Automobile division is exposed to foreign exchange risks in the course of its industrial and commercial business. These risks are monitored and centralised by Renault’s Cash and Financing department. It is Renault’s general policy not to hedge future operating cash fl ows in foreign currencies. The s ubsidiaries’ fi nancing cash fl ows in foreign currencies are hedged in the same currencies when they are managed by Renault SA. < TABLE OF CONTENTS > Equity investments are not hedged, except for the portion of Nissan’s shareholders’ equity expressed in yen, totalling ¥824 billion at December 31, 2007 (note 13-G). Renault Finance m ay undertake operations unrelated to operating cash fl ows on its own behalf. This has no signifi cant impact on Renault’s consolidated results. The Sales fi nancing division has low exposure to foreign exchange risks since its policy is to provide refi nancing for subsidiaries in their own currencies. The Group made no major changes to its foreign exchange risk management policy in 2007. Analysis of the sensitivity of financial instruments to foreign exchange risks This analysis concerns the sensitivity to foreign exchange risks of monetary assets and liabilities (including inter-company balances) and derivatives in a currency other than the currency of the entity that holds them. However, it does not take into account items covered by fair value hedges (hedged assets or liabilities and derivatives), for which changes in fair value of the hedged item and the hedging instrument almost totally offset each other in the income statement. The Group’s exposure essentially concerns fi nancial instruments in Japanese yen. Impacts are estimated solely on the basis of instant conversion of the fi nancial assets and liabilities concerned at year-end after application of the 1% variation in the Euro exchange rate. The impact on equity concerns the 1% variation in the Euro against other currencies applied to available-for-sale fi nancial assets and cash fl ow hedges and the partial hedge of the investment in Nissan. All other impacts affect net income. 01 02 03 04 05 06 07 08 Registration Document Renault 2007 227
Page 1:
2007 REGISTRATION DOCUMENT
Page 5 and 6:
TABLE OF CONTENTS 01 RENAULT AND TH
Page 7 and 8:
01 Renault and the Group < TABLE OF
Page 9 and 10:
1.1.2 BACKGROUND AND HIGHLIGHTS 189
Page 11 and 12:
1.1.3 MAIN ACTIVITIES Since the fi
Page 13 and 14:
I n the luxury E segment, Renault l
Page 15 and 16:
PRODUCTION OF THE MAIN MANUFACTURIN
Page 17 and 18:
HIGHLIGHTS IN GROUP NETWORK STRATEG
Page 19 and 20:
In April 2007, in addition to an or
Page 21 and 22:
n n in Morocco, Renault signed a me
Page 23 and 24:
RENAULT RETAIL GROUP SA 117-199, av
Page 25 and 26:
* REAL ESTATE AND IT FINANCING FOR
Page 27 and 28:
1.3 THE RENAULT-NISSAN ALLIANCE On
Page 29 and 30:
RENAULT SHARE PRICE FROM MARCH 29,
Page 31 and 32:
These two entities are free to acce
Page 33 and 34:
Interchangeable components Compleme
Page 35 and 36:
MANUFACTURING Renault and Nissan ha
Page 37 and 38:
1.3.4.1 NISSAN’S STRATEGY AND GRO
Page 39 and 40:
1.3.4.2 NISSAN’S 2007 CONTRIBUTIO
Page 41 and 42:
SALES IN WESTERN EUROPE RENAULT AND
Page 43 and 44:
GLOBAL SALES AND PRODUCTION SITES
Page 45 and 46:
02 Management report < TABLE OF CON
Page 47 and 48:
FRANCE & EUROPE REGIONS - GROUP SAL
Page 49 and 50:
for 67.1% of the Group’s sales in
Page 51 and 52:
INTERNATIONAL ROLLOUT OF THE LOGAN
Page 53 and 54:
In 2007, RCI Banque also launched f
Page 55 and 56:
RENAULT GROUP - REGISTRATIONS IN EU
Page 57 and 58:
Renault g roup’s new geographical
Page 59 and 60:
Renault g roup - R&D expenses* Glob
Page 61 and 62:
2.1.3 FINANCIAL INFORMATION ON THE
Page 63 and 64:
2.1.4 PROGRESS REPORT ON RENAULT CO
Page 65 and 66:
The Renault [T] (“square T”) te
Page 67 and 68:
2.2.3 2007 R&D HIGHLIGHTS 2.2.3.1 A
Page 69 and 70:
Industrial risk The decision to set
Page 71 and 72:
MANAGEMENT PROCEDURES Between 1990
Page 73 and 74:
MANAGEMENT PROCEDURES Import subsid
Page 75 and 76:
Renault Finance also trades for its
Page 77 and 78:
In early 2005 RCI Banque also secur
Page 79 and 80:
2.3.5 OTHER RISKS 2.3.5.1 OFF-BALAN
Page 81 and 82:
03 Sustainable development < TABLE
Page 83 and 84:
of employee commitment remains one
Page 85 and 86:
Over the past three years, incentiv
Page 87 and 88:
For 2007, Group turnover totaled 7%
Page 89 and 90:
3.1.2.5 TRAINING Vocational trainin
Page 91 and 92:
Efforts continued in 2007 to extend
Page 93 and 94:
The agreement on teleworking was si
Page 95 and 96:
TEST LABORATORY Renault’s test la
Page 97 and 98:
COMPARATIVE INVENTORY AND PROGRESS
Page 99 and 100:
Renault is implementing a three-pro
Page 101 and 102:
Liquefied Petroleum Gas (LPG) and C
Page 103 and 104:
USE Use-phase waste is generated by
Page 105 and 106:
3.2.3 CROSS-FUNCTIONAL MANAGEMENT O
Page 107 and 108:
VEHICLE DESIGN AND DEVELOPMENT PROC
Page 109 and 110:
ENVIRONMENTAL MANAGEMENT IN THE VEH
Page 111 and 112:
SHARING RENAULT’S KNOW-HOW WITH O
Page 113 and 114:
3.3.2 RENAULT AND ITS STAKEHOLDERS
Page 115 and 116:
In 2007, Renault participated as an
Page 117 and 118:
BREAKDOWN OF ACCIDENTS RESULTING IN
Page 119 and 120:
The Safety for All program in Moroc
Page 121 and 122:
“VALUED CITIZENS” PROGRAM IN SO
Page 123 and 124:
MAIN HR OBJECTIVES ✦ Global Repor
Page 125 and 126:
3.4.3 SOCIAL OBJECTIVES KEY OBJECTI
Page 127 and 128:
OEKOM Oekom, one of Germany’s lea
Page 129 and 130:
TABLE OF CONTENTS > SUSTAINABLE DEV
Page 131 and 132:
TABLE OF CONTENTS > 04 Corporate go
Page 133 and 134:
DIRECTORS OFFICES/FUNCTIONS Carlos
Page 135 and 136:
DIRECTORS OFFICES/FUNCTIONS Jean-Cl
Page 137 and 138:
THE ALLIANCE: n took cognizance of
Page 139 and 140:
In compliance with French legal and
Page 141 and 142:
4.2 MANAGEMENT BODIES AT FEBRUARY 1
Page 143 and 144:
ORGANIZATION CHART AT FEBRUARY 1, 2
Page 145 and 146:
4.3.3 FEES PAID TO STATUTORY AUDITO
Page 147 and 148:
The Chairman of the Board of Direct
Page 149 and 150:
Summary of plans The options grante
Page 151 and 152:
CORPORATE GOVERNANCE 04 REPORT OF T
Page 153 and 154:
PROCEDURES AND OPERATING METHODS Th
Page 155 and 156:
4.5.2.7 ORGANIZATION OF PROCEDURES
Page 157 and 158:
CORPORATE GOVERNANCE 04 STATUTORY A
Page 159 and 160:
05 Renault and its shareholders < T
Page 161 and 162:
5.1.2.2 GENERAL MEETINGS OF SHAREHO
Page 163 and 164:
5.2.4 UNISSUED AUTHORIZED CAPITAL 5
Page 165 and 166:
5.3 MARKET FOR RENAULT SHARES 5.3.1
Page 167 and 168:
5.3.2 RENAULT AND DIAC REDEEMABLE S
Page 169 and 170:
5.4 INVESTOR RELATIONS POLICY ✦ S
Page 171 and 172:
TABLE OF CONTENTS > RENAULT AND ITS
Page 173 and 174:
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 and 226: C1 - Financial liabilities of the A
Page 227: B - Impact of financial instruments
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
Page 280:
(www.renault.com) Photos cre dits:
show all

2007 Interactive Registration Document - Renault

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?