2007 Interactive Registration Document - Renault

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02 EARNINGS MANAGEMENT REPORT REPORT Sales and marketing In 2007 a total of 366,800 Logans were sold worldwide under the Renault and Dacia brands, 48.1% more than in 2006. Logan is a key factor in the Group’s international expansion, with more than 78% of sales volumes generated outside Europe. 782,300 units have been sold s ince the model was fi rst released in Romania in September 2004 . The success of the MCV version has helped to sustain this growth, which was further bolstered by the launch of the 85 hp diesel version in the middle of the year. Logan is now sold on 57 markets: 46 under the Dacia brand and 11 under the Renault brand. In 2007, sales growth was especially strong in the Americas Region, where 41,100 Logans were sold, a 189.0% increase compared with 2006. This was attributable to the popularity of the model in Colombia (up 30.9%) and in Venezuela (up 153.4%) and to Logan’s June launch in Argentina (1,800 units). With Logan arriving in July and the brand-new Sandero in December, Brazil sold 14,900 units under this program. Sales also increased in the France and Europe Regions, by 67.8%, to 79,500 units. In Asia-Africa, Logan sales totaled 31,500 units after the model’s launch in India and Iran. The top-ten countries for Logan sales are Romania, Russia, France, India, Germany, Brazil, Venezuela, Morocco, Iran and Colombia. 2.1.1.2 SALES FINANCING PROPORTION OF NEW VEHICLE REGISTRATIONS FINANCED In 2007, RCI Banque fi nanced 33.1% of new Renault, Nissan and Dacia registrations in the France and Europe Regions (down from 33.9% in 2006). RCI Banque fi nanced a stable proportion of Renault registrations (35.4% versus 35.3% in 2006) but a smaller proportion of Nissan registrations (24.1%, down from 28.9% in 2006). RCI Banque’s share of registrations decreased in the Americas Region (26.2% versus 30.4% in 2006). Good results in Argentina were not enough to offset a downturn in Brazil. RCI Banque’s share rose sharply to 26.6% in South Korea, RCI’s only outlet in the Asia-Africa Region, after 12.7% in 2006. RCI Banque’s performance in the Euromed Region (where Romania is the only consolidated country) improved to 31.4% (versus 30.7% in 2006). < TABLE OF CONTENTS > Expanding the range The Logan range was extended with the release of Logan MCV (Multi Convivial Vehicle) in October 2006 in Romania and Bulgaria. Logan MCV is a station wagon that seats up to seven adults. This model is now available in 33 different countries and 81,200 units have been sold. Logan MCV accounted for 22.2% of Logan sales. The model has been such a success that some countries are reporting delivery times of over one year. The situation is returning to normal, however, thanks to the increase in production capacity. Logan Van, an LCV version derived from Logan MCV, was launched on the Romanian and Bulgarian markets in February 2007. A total 7,300 units of this model – 2.0% of the Logan family sales mix – were sold in 2007. Sandero, which was launched in December 2007 in Brazil and in January 2008 in Argentina, represents the latest stage in the Group’s international expansion. In 2008, a Dacia version will be produced in Pitesti (Romania) for European and North African markets. In 2009, Renault Sandero will be built and sold in South Africa, and other markets are currently being considered. In all, the Logan program will offer six vehicles under the Renault Commitment 2009 plan. NEW FINANCING CONTRACTS AND AVERAGE LOANS OUTSTANDING RCI Banque generated €9.4 billion in new fi nancing contracts excluding “card” business and personal loans in 2007 (versus €9.7 billion in 2006, a decline of 3.1%), with 898,334 new contracts in 2007 (compared with 946,036 in 2006, a decline of 5.0%). In 2007, RCI Banque’s average loans outstanding dipped 1.2% to €22.9 billion (on a consistent basis). INTERNATIONAL GROWTH RCI Banque changed its structure in the U.K. by setting up RCI Financial Services, a wholly-owned subsidiary of RCI in the U.K., which now manages Renault and Nissan business (until June 30, 2007 the Renault fi nancing business was managed jointly with HBOS). RCI established a presence in the Nordic countries, where a branch opened for business on January 1, 2008; in Morocco, where a fi nance company was set up after receiving approval from the Moroccan central bank, with consumer fi nancing starting up in November and network fi nancing in December, both of which are fully fi nanced by RCI Maroc; and in Ukraine, where a commercial company was set up and is scheduled to open for business in fi rst-quarter 2008. RCI also stepped up its presence in Poland, by starting up the network fi nancing and Nissan customer business on January 1, 2007. 50 Registration Document Renault 2007 Find out more at www.renault.com 01 02 03 04 05 06 07 08
In 2007, RCI Banque also launched fi nance businesses in: n Slovenia: operational startup of the branch and the network fi nancing business; transfer of Renault’s customer sales agreements on January 1, 2007; 2.1.1.3 SALES AND PRODUCTION STATISTICS ✦ TOTAL INDUSTRY VOLUME – REGISTRATIONS Main Renault group markets Global Reporting Initiative (GRI) Directives n n < TABLE OF CONTENTS > MANAGEMENT REPORT 02 EARNINGS REPORT the Baltic States: operational startup of the sales agreement with Hansa Leasing; Slovakia: startup of the network fi nancing business on May 1, 2007. CARS + LCVs (in units) 2007* 2006* % CHANGE FRANCE REGION 2,526,005 2,440,580 3.5 EUROPE REGION 15,513,732 15,333,358 1.2 o/w: Germany 3,376,044 3,670,406 -8.0 Italy 2,725,861 2,553,329 6.8 U.K. 2,752,175 2,678,943 2.7 Spain+Canary Islands 1,890,694 1,909,241 -1.0 Belgium+Luxembourg 648,104 641,083 1.1 Poland 347,378 280,020 24.1 FRANCE + EUROPE REGIONS 18,039,737 17,773,938 1.5 EUROMED REGION 4,610,779 3,658,517 26.0 o/w: Romania 351,445 289,066 21.6 Russia 2,569,522 1,886,824 36.2 Turkey 594,762 617,838 -3.7 Algeria 196,853 142,955 37.7 Morocco 102,202 84,277 21.3 AMERICAS REGION 5,373,872 4,558,090 17.9 o/w: Mexico 1,093,988 1,132,417 -3.4 Colombia 225,504 176,273 27.9 Brazil 2,339,920 1,834,581 27.5 Argentina 534,199 420,304 27.1 ASIA-AFRICA REGION 21,889,036 21,139,614 3.5 o/w: South Africa 587,131 619,968 -5.3 South Korea 1,256,598 1,182,680 6.3 EUROMED + AMERICAS**+ ASIA-AFRICA REGIONS 31,873,687 29,356,221 8.6 * Preliminary figures. ** Excl. North America. 01 02 03 04 05 06 07 08 Registration Document Renault 2007 51
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: INTERNATIONAL ROLLOUT OF THE LOGAN
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
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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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