RENAULT : RENAULT: 2012 FINANCIAL RESULTS - Press release

                                                             February 14, 2013

                            2012 FINANCIAL RESULTS

 Despite a challenging European environment, the Renault group reinforced its
balance sheet, pursued its global growth strategy and achieved a positive net
                          income of €1,735 million.

  oGroup revenues of €41,270 million, down 3.2% on 2011.
  oGroup operating margin of €729 million, or 1.8% of revenues, compared with
    €1,091 million and 2.6% in 2011.
  oGroup operating income of €122 million, compared with €1,244 million in
  oContribution of associated companies of €1,504 million, compared with
    €1,524 million in 2011.
  oNet income of €1,735 million (including a capital gain of €924 million
    from the disposal of remaining AB Volvo shares).
  oPositive Automotive operational free cash flow^[1] of €597million, mainly
    resulting from efficient management of the working capital requirement.
  oThe Group moved from a net debt position of €299million at December 31,
    2011 to a net cash position of €1,492million mainly due to the disposal
    of AB Volvo A shares for €1,476 million.

Commenting, Carlos Ghosn,  Chairman and  Chief Executive  Officer of  Renault, 
said: "In a contrasted  global automotive market,  Renault benefited from  the 
growth of markets outside Europe, which account for over half of its sales. In
the difficult environment in Europe, and especially in France, the Group led a
rigorous sales policy and began  the renewal of its  range with the launch  of 
Clio IV. Thanks to the commitments of all its employees, the Renault group  is 
pursuing its  strategy  of global  growth  while strengthening  its  financial 
situation and delivering a positive Automotive free cash flow".

Group revenues came to €41,270 million, down 3.2%. With the strong increase in
sales outside Europe (+9.1%) failing to offset the decrease in sales in Europe
(-18.0%), The Automotive division contributed  €39,156 to revenues, down  3.7% 
on 2011.

Group operating  margin fell  €362million in  2012 to  €729million (1.8%  of 
revenues) compared with €1,091million in 2011 (2.6% of revenues).

The Automotive division  posted a  slightly negative  operating margin  (-€25 
million or -0.1%  of its revenues)  compared with a  positive €330 million  in 
2011 (0.8% of its revenues). The positive impact from cost reductions for €528
million and  the good  control of  G&A  expenses did  not offset  the  sharply 
negative volume impact (-€501million) or the increased competition in Europe
(mix/price/enrichment effect of -€242 million).

The contribution  of  Sales  Financing  to  Group  operating  margin  came  to 
€754million, compared with  €761 million in  2011. The cost  of risk  totaled 
0.38% of the outstandings  (up 0.15 points), after  reaching a low point  last 
year. However, it remains below its historic average, reflecting the continued
good quality of the portfolio,  despite the worsening economic environment  in 

Operating income was €122 million, after recognizing other negative  operating 
income and expense items, which totaled €607 million, mainly du to  impairment 
charges of several vehicles  lines, the devaluation  of the Iranian  currency, 
and restructuring costs.

The contribution of associated  companies came to  €1,504 million in  2012^[2] 
(of which €1,234 million for Nissan), down from €1,524 million in 2011.

Net income came to €1,735 million,  compared with €2,139 million in 2011.  The 
total includes a capital gain of €924 million from the disposal of A shares in
AB Volvo in December. Net income,  group share, was €1,772 million (€6.51  per 

For the fourth  consecutive year,  Automotive operational free  cash flow  was 
positive. Despite  the  negative  impact  from  sales  and  operating  income, 
full-year free  cash flow  came to  €597 million,  mainly resulting  from  the 
rigorous management of the working capital requirement. The Group was able  to 
increase its annual investments reaching 8.1% of revenues.

This performance, along  with the disposal  of AB Volvo  A shares in  December 
2012 for €1,476 million, enabled the Group to eliminate its net debt. For  the 
first time since the beginning of the Alliance with Nissan in 1999, Renault is
reporting a  positive  Automotive  net  cash position  of  €1,492  million  at 
December 31, 2012,  compared with  net debt  of €299  million at  end-December 
2011. At the same  time, the Automotive division  reported a strong  liquidity 
position of €13.6 billion, compared to €11.4 billion at end-2011.

In line with the dividends policy announced  in the "Renault 2016 - Drive  the 
Change" plan,  a  dividend  of  €1.72 per  share,  strictly  representing  the 
dividends received by the  Group in 2012 for  its shares in listed  companies, 
will be submitted for approval at the next Shareholders' General Meeting.


In 2013, the European market remains uncertain and is expected to contract  by 
at least 3% with a  French market down 3 to  5%. The global automotive  market 
(PC+LCV) is expected to grow  3% year on year. This  growth will be fueled  by 
positive momentum expected in China, North America, India (+11%) Russia (+5%),
and Brazil (+1.5%).

In  this  context,   Renault  will  pursue   its  strategy  of   international 
development. In Europe, the  Group is targeting market  share growth with  new 
product launches (Captur, ZOE, Clio Estate, New Logan) and the full impact  of 
the products launched  at the end  of 2012 (Clio  IV and New  Sandero) with  a 
sustainable pricing policy.

Renault Group is targeting for 2013 (provided European and French markets  are 
not significantly worse than expected):

  ounits sales growth,
  opositive Automotive operating margin,
  opositive Automotive operational free cash flow.


€ million                                        2012   2011
Revenues                                        41,270 42,628
Operating margin                                 729   1,091
                                                 1.8%   2.6%
% of revenues
o/w Automotive                                   -25    330
                                                -0.1%   0.8%
% of revenues in sector
o/w Sales Financing (RCI Banque)                 754    761
Operating income                                 122   1,244
Net financial income                             -266   -121
Capital gain from disposal of AB Volvo A shares  924     -
Contribution from associated companies          1,504  1,524
o/w Nissan                                      1,234  1,332
o/w Volvo                                         80    136
o/w AVTOVAZ                                      186     49
Current and deferred taxes                       -549   -508
Net income                                      1,735  2,139
Net income group share                          1,772  2,092

The consolidated financial statements of the Renault group at December 31,
2012 were approved by the Board of
Directors on February 13, 2013. The Group's statutory auditors have conducted
a limited review of these financial
statements and their report will be issued shortly. The financial report, with
a complete analysis of the financial
results in 2012, is available for download in the Finance section of

Press contact: Renault Press: Raluca Barb +33 (0)1 76 84 18

Websites: -


[1]Operational free cash flow: cash flow (excluding dividends received from
listed companies) minus tangible and intangible investments +/- changes in
working capital requirements.

[2]After taking into account AB Volvo's contribution for three quarters.

2012 Financial results Pres release


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