2007 Interactive Registration Document - Renault

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01 THE RENAULT AND THE GROUP RENAULT-NISSAN ALLIANCE 1.3.1.2 RENAULT’S MAJOR BENEFITS FROM THE ALLIANCE The conclusion of the Alliance with Nissan accelerated Renault’s development into a worldwide group. Since the agreements were signed, Nissan has experienced a remarkable fi nancial recovery and Renault has strengthened the foundations of its operational performance as well as its geographical footprint. In 2007, the cooperation took further signifi cant steps forward in several areas: IN ENGINEERING n Renault is capitalizing on Nissan’s acknowledged expertise in 4x4 designs. Nissan actively participated in the development of the cross-over vehicle, styled and defi ned by Renault and that is built by Renault Sa msung in Korea. It was shown as the Koleos concept vehicle at the Paris motor show in September 2006 with sales starting in Korea as the QM5 from December 2007 and in Europe as the Koleos from the second quarter of 2008; n n n n This concept of co-development and sharing of tasks among three companies from bac kgrounds and cultures as radically different as those found in France, Japan and Korea, is an exciting challenge for the Alliance as well as a demanding exercise in multicultural management. Co-development is one of the Alliance’s most valuable assets, as it rises to the challenges of globalization; In Chennai, India, the Alliance is creating a new technology and business center. The Renault Nissan Technology and Business Center India Private Limited (RNTBCI) will be structured as a 50-50 joint venture between both Alliance partners. It is designed to support a wide range of engineering and business services for Renault and Nissan facilities around the world. When completed, the new business center will provide services including product and manufacturing engineering, purchasing, design, cost management and information systems development. In 2010, RNTBCI is expected to have a workforce of more than 1,500 employees; In Pune, India, a delegation from Renault and Nissan visited the Bajaj Auto Chakan plant to further review the proposed project for an ultra low-cost car with Bajaj, and studies are ongoing; In Russia, the partnership with AvtoVAZ will benefi t the Alliance in many areas. It will significantly contribute to enhancing the Renault-Nissan Alliance’s competitive position in the Russian market, as well as opening new development opportunities for component sharing activities or utilizing their capacity. IN POWERTRAINS n A new Alliance diesel engine was unveiled at the Renault booth at 2007 Frankfurt motor show as the “V6 dCi Concept”. This new engine, with several power output levels, will be available on Laguna III and Renault’s high end vehicles of the future, as well as Nissan models. It was announced in September that it will be used on Nissan Maxima in the USA in 2010. The new 2,993 cc block is derived from the M1D Alliance diesel engine, with which it shares 25% of its components. The engine has been designed so as to be particularly compact, in order to be installed in the engine compartment of Laguna III whilst also meeting regulatory requirements related to pedestrian protection. This new V6 engine develops a power output of 195 kW (265 hp), a wide range of engine speeds peaking at 5,200 rpm and a punchy maximum torque of 550 Nm at 1,750 rpm, V6 dCi Concept complies with Euro 6 and US standards; Adding to the existing applications to Nissan models in Europe, the fi rst Alliance-developed diesel engine (M1D) will make its debut also in Japan on the Nissan X-TRAIL from the fall of 2008. IN MANUFACTURING n Quality assessment processes have gained from expert input from Nissan and the exchange of best practices that have since been incorporated in the Renault Production Way (SPR). Nissan helped considerably with the upgrading of the Renault plant in Novo Mesto, Slovenia, in readiness for the launch in 2007 of the new Twingo; In Curitiba, Brazil, production of the Nissan Aprio, a subcompact car for the Mexican market based on the Renault Logan began at the passenger car plant; In Johannesburg, South Africa, Renault announced that a new hatchback model named Sandero will be introduced in 2009. Sandero will compete in the AB segment and will provide the South African public with a big-size car of 4.02 metres in length at a small price. It will be produced locally in the Nissan plant in Rosslyn from early 2009; In Tangier, Morroco, the Alliance and the Kingdom of Morocco will develop one of the largest vehicle manufacturing facilities in the Mediterranean with an eventual capacity of 400,000 vehicles a year; initial planned capacity is 200,000 a year from 2010. Planned investments are estimated at €600 million, with an initial phase of €350 million; This will create a strategic global base within the Alliance’s manufacturing system. It will be managed by Renault, and produce vehicles derived from the Logan platform and Nissan’s system for the production of new-generation light commercial vehicles. 90% of these vehicles would be exported; Almost 6,000 direct jobs and 30,000 indirect jobs will be created, making the Renault-Nissan Alliance one of the principal employers in the Tangier region. Further investment has been committed by the Alliance to train and support the skills and educational development of its local employees. AND FOR SHAREHOLDERS n Renault is creating value for its shareholders: both Renault and Nissan have increased their base of international investors attracted by the success of the Alliance and its outlook. Their share prices have risen signifi cantly during the eight years of the Alliance, with a 150% increase for Renault and a 172% increase for Nissan. During the same period, i.e. since March 29, 1999, the CAC 40 and Nikkei 225 indexes gained only 36% and 8% respectively. Over the same period, Renault’s market capitalization has more than tripled, growing from €8.4 billion when the Alliance agreement was signed to €27.6 billion on December 31, 2007. On this measure, Renault now ranks sixth, compared with its eleventh-place ranking at the beginning of 1999. 26 Registration Document Renault 2007 Find out more at www.renault.com n n n n < TABLE OF CONTENTS > 01 02 03 04 05 06 07 08
RENAULT SHARE PRICE FROM MARCH 29, 1999 TO END DECEMBER 2007 Source: Reuters Automakers market capitalisation – March 1999 vs December 2007 RENAULT AND THE GROUP 01 THE RENAULT-NISSAN ALLIANCE (€ million) MARCH 29, 1999 RANKING (€ million) DEC. 31, 2007 RANKING Toyota 96,736 1 Toyota 134,156 1 Daimler 81,541 2 Daimler 68,373 2 Ford 59,848 3 Volkswagen 55,321 3 GM 52,518 4 Honda 42,334 4 Honda 39,961 5 NISSAN 34,212 5 VW 22,159 6 RENAULT 27,642 6 BMW 16,277 7 BMW 27,430 7 Fiat 13,522 8 Volvo AB 24,452 8 Volvo (A+B) 10,439 9 Porsche 24,253 9 NISSAN 9,049 10 Fiat 22,011 10 RENAULT 8,393 11 Hyundai Motor 13,189 11 Peugeot 6,615 12 Peugeot 12,147 12 Suzuki 6,065 13 Suzuki 11,252 13 Mazda 4,459 14 Ford 9,735 14 Porsche 3,990 15 GM 9,656 15 Fuji Heavy 3,521 16 Mitsubishi Motors 6,440 16 Mitsubishi 3,043 17 Mazda 4,870 17 Hyundai Motor Source: Reuters 678 18 Fuji Heavy 2,514 18 Nissan also achieved a remarkable share price performance during the same eight-year period. The Group’s market capitalization increased from €9 billion to more than €34.2 billion, and Nissan is now one of the most profi table volume manufacturers in the world, with one of the highest operating margins in the automotive sector. NISSAN SHARE PRICE FROM MARCH 29, 1999 TO END DECEMBER 2007 Source: Reuters < TABLE OF CONTENTS > Nissan’s fi nancial recovery enabled it to resume dividend payments in 2000. The dividend rose from ¥7 in 2000 to ¥34 in fi scal year 2006, which ends in March 2007. ✦ Global Reporting Initiative (GRI) Directives Registration Document Renault 2007 27 01 02 03 04 05 06 07 08
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: 1.3 THE RENAULT-NISSAN ALLIANCE On
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
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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
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APPOINTMENT OF A DIRECTOR The seven
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CAPITAL INCREASE AUTHORISATION GIVE
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TABLE OF CONTENTS > MIXED GENERAL M
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TABLE OF CONTENTS > 07 Financial st
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✦ Global Reporting Initiative (GR
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7.2.3 CONSOLIDATED SHAREHOLDERS’
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7.2.4 CONSOLIDATED STATEMENTS OF CA
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A2 - CONSOLIDATED BALANCE SHEETS BY
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DECEMBER 31, 2005 (€ million) AUT
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(€ million) AUTOMOBILE SALES FINA
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B - INFORMATION BY GEOGRAPHIC AREA
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7.2.6.1 ACCOUNTING POLICIES AND SCO
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F - Translation of foreign currency
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Useful lives are regularly reviewed
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Renegotiations of the terms of borr
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7 - OTHER OPERATING INCOME AND EXPE
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B - Changes during the year (€ mi
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13 - INVESTMENT IN NISSAN A - Nissa
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G - Hedging of the investment in Ni
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15 - INVENTORIES DECEMBER 31, DECEM
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A dividend distribution of €3.80
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The plans have been valued as follo
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C3 - Summary ✦ Global Reporting I
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B - Breakdown by category ✦ Globa
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B - Breakdown by category DECEMBER
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C1 - Financial liabilities of the A
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B - Impact of financial instruments
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DECEMBER 31, 2005 (€ million) ✦
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Interest rate derivatives B3 - Equi
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28 - RELATED PARTIES A - Remunerati
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31 - CONSOLIDATED COMPANIES A - Ful
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1. WITH COGERA Credit facility agre
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BALANCE SHEET ✦ Global Reporting
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E - Marketable securities Marketabl
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7.4.2.7 INVESTMENTS Changes during
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7.4.2.13 PROVISIONS FOR RISKS AND L
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Breakdown by maturity ✦ Global Re
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Renault SA uses derivatives to impl
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7.4.2.23 SUBSEQUENT EVENTS No signi
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08 Additional information < TABLE O
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ADDITIONAL INFORMATION 08 INFORMATI
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8.3.1.3 PRESIDENT AND CHIEF EXECUTI
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COMPOSITION, TASKS AND OPERATING PR
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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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