Annual Report 2006
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Annual report 2006 Annual report 2006 6 0 0 2 T R O P E R L A U N N A Executive Board - y committee of directors r a Philippe Gamba r b i L Seated, from left to right: Standing, from left to right: Chairman of the board o t Patrice Cabrier Gery Saas Patrick Blain o h P Senior V.P., Europe Senior V.P., Human Resources Patrice Cabrier n a s Alain Dassas s i Jean-Pierre Framezelle Thierry Hébert N Jean-Baptiste Duzan / t Senior V.P., Sales Operations, Senior V.P., Enterprise Division l Jean-Pierre Framezelle u a Diac Group n e Michel Lucas Thierry Moulonguet R - Philippe Gamba Senior V.P., International operations Gilbert Guez n i n Chairman & Chief Executive Officer Honorary Chairman n a Françoise Le Goff J s i Antoine Rousselin Senior V.P., Communication/Executive o ç n Chief Financial Officer a Assistant r Auditors F : Deloitte & Associés Ernst and Young Audit s t Philippe Lanson i d e r Senior V.P., Organization and Information c o t Systems o h P Frédéric Renaud Senior V.P., Credit Risk Eric Spielrein RCI Banque - S.A. with share capital of EUR 100,000,000 Senior V.P., Corporate Secretary Registered office: 14, avenue du Pavé-Neuf, 93168 Noisy-le-Grand Cedex - France Siren 306 523 358 RCS Bobigny Telephone: +33 1 49 32 69 99 - Fax: +33 1 49 32 86 15 - www.rcibanque.com Annual report 2006 Annual report 2006 6 0 0 2 T R O P E R L A U N N A Executive Board - y committee of directors r a Philippe Gamba r b i L Seated, from left to right: Standing, from left to right: Chairman of the board o t Patrice Cabrier Gery Saas Patrick Blain o h P Senior V.P., Europe Senior V.P., Human Resources Patrice Cabrier n a s Alain Dassas s i Jean-Pierre Framezelle Thierry Hébert N Jean-Baptiste Duzan / t Senior V.P., Sales Operations, Senior V.P., Enterprise Division l Jean-Pierre Framezelle u a Diac Group n e Michel Lucas Thierry Moulonguet R - Philippe Gamba Senior V.P., International operations Gilbert Guez n i n Chairman & Chief Executive Officer Honorary Chairman n a Françoise Le Goff J s i Antoine Rousselin Senior V.P., Communication/Executive o ç n Chief Financial Officer a Assistant r Auditors F : Deloitte & Associés Ernst and Young Audit s t Philippe Lanson i d e r Senior V.P., Organization and Information c o t Systems o h P Frédéric Renaud Senior V.P., Credit Risk Eric Spielrein RCI Banque - S.A. with share capital of EUR 100,000,000 Senior V.P., Corporate Secretary Registered office: 14, avenue du Pavé-Neuf, 93168 Noisy-le-Grand Cedex - France Siren 306 523 358 RCS Bobigny Telephone: +33 1 49 32 69 99 - Fax: +33 1 49 32 86 15 - www.rcibanque.com CI Banque provides sales As a captive finance company, the RCI financing for Renault Group Banque group offers a comprehensive Rbrands (Renault, Samsung and range of financing and related services Dacia) worldwide and for Nissan in most to three target customer segments: countries. RCI Banque has operations in: • The Retail and Entreprise markets. • France; The RCI Banque group offers new and • fifteen other countries in Europe: used-car loans, rentals with options to Germany, Austria, buy, leases and long-term rentals. It Business report Belgium/Luxembourg, Croatia, Spain, also provides services to motorists such 2006 Hungary, Italy, Netherlands, Poland, as maintenance and extended Portugal, Czech Republic, United warranties, insurance and roadside Kingdom, Slovakia, Slovenia and assistance, and fleet management. Switzerland; • Renault and Nissan dealers. • the “Euromed” zone: The RCI Banque group finances Romania, Algeria, Morocco and Russia ; inventories of new cars, used cars and • the Americas: spare parts as well as short-term cash Argentina, Brazil, Colombia and Mexico ; requirements. • the Africa-Asia zone: South Korea. Management report 2006 1 Contents Key Figures 2-3 KEY FIGURES AND SIGNIFICANT EVENTS Total number of contracts in thousands 1,150 4-5 LETTER FROM THE CHAIRMAN 1,115 1,109 1,130 1,100 1,050 6 RESULTS 2006 1,018 1,000 1,012 950 7 OUTLOOK 2002 11,000 8-9 A CUSTOMER-ORIENTED 10,685 10,490 ORGANIZATION 10,500 10,373 10,000 9,873 10-11 RETAIL MARKET 9,500 9,000 9,229 12-13 ENTERPRISE MARKET 8,500 1,150 1,115 1,109 1,130 125,,10000 14-15 DEALER FINANCING 1,150 23,411 1,115 1,130 22,983 123,,050000 1,109 1,100 20,978 22,142 1,018 1,00021,000 1,012 16-17 RCI BANQUE 1,050 GROUP OPERATIONS 950 19,New000 lending19,123 1,018 1,000(including credit1,012 cards and personal loans) 17,in millions000 of euros 950 2002 18-21 FINANCIAL POLICY 11,15,000000 10,685 2002 10,500 10,490 11,000 10,373 23 MANAGEMENT 10,000 10,685 10,490 & HUMAN RESOURCES 10,500 9,873 10,373 9,500 10,000 9,873 9,000 9,229 25 VALUE UP 9,500 8,500 9,000 9,229 8,500 Net25,000 loans outstanding at year-end in millions of euros 23,411 22,983 23,000 25,000 20,978 22,142 21,000 23,411 22,983 23,000 19,000 129,1230,978 22,142 21,000 17,000 19,000 19,123 15,000 17,000 2 15,000 RCI BANQUE ANNUAL REPORT 2006 Significant events As the financial partner to the Group’s brands, RCI Banque is a key component in the value chain, serving as an engine of growth and a builder of customer loyalty. RCI Banque increasingly follows a marketing integration strategy with Renault and Nissan in both Retail and Enterprise markets. The Dealer financing strategy is fully consistent with the car makers’ distribution policy. nternationally, RCI Banque continues • In Poland, RCI Banque took 100% • In the Netherlands, the long-term leasing to expand alongside the Alliance. ownership of the Retail lending business, business was outsourced to ALD, while RCI I giving it full coverage of the country Banque entered this business in Croatia and • In Algeria, RCI Banque, under a through in-house credit solutions. In Poland in partnership with ALD and in commercial agreement with Cetelem, addition, RCI Banque and Nissan signed Hungary in partnership with Arval. started up Retail sales financing an agreement for customer and dealer operations for Renault and Dacia sales financing beginning 1 January 2007. CI Banque received an A– rating vehicles in December 2006. from FitchRatings (up from BBB+ • In Romania, an agreement was signed Rpreviously) and was therefore able • In Colombia, under a commercial with Société Générale for RCI Banque to to get refinancing on more competitive agreement, the commercial company take 100% ownership of the leasing terms. Note that RCI Banque now has three RCI Servicios Colombia S.A. began subsidiary. ratings (from Moody’s, Standard & Poor’s doing business in March 2006. and FitchRatings) that are each one step • In Russia, Renault and Nissan Retail higher than the parent company’s ratings. • In South Korea, RCI Banque’s wholly sales financing operations began under a owned finance subsidiary began commercial agreement with IMB CI Banque launched a private operations in March 2006. (UNICREDIT group). securitization by conduit and re-issued a public securitization • In Croatia, Retail lending under a • In Slovenia, the RCI Banque branch Rfollowing paydown of the Cars Alliance commercial agreement with ZABA Bank office established in October 2006 began Funding 2002-1 issue backed by Diac’s Retail began in January 2006. doing business in early 2007. customer receivables. I 3 Letter from the chairman CI Banque, as the finance arm is an important contributor to difficult market conditions in Europe, this company for Renault Group operating income. effort positions us to increase our loan Rbrands worldwide and for Nissan outstandings thanks to fast-growing markets. in Europe and South America, now plays a Under the Renault Commitment 2009, central role in the Alliance’s sales and RCI Banque’s role is an essential one in Our second growth objective is in the marketing set-up. terms of growth, profitability and quality. product development area. We are to The value added by the brand’s finance emphasize development of loyalty- arm lies in making available to customers, In terms of growth, RCI Banque has been inducing products (balloon loans, leasing, at a single point of sale and in quick and given two objectives for expanding the car long-term rental) rather than conventional simple fashion, a full range of financing makers’ sales. The first is to accelerate our products. products and integrated services tailored to international development. From 21 their requests. countries in 2005, we widened our presence In addition, we continue to offer customers to 25 countries in 2006, and we can expect all-in-one solutions that combine financing, With its expertise, the finance arm brings to be doing business in some 30 countries insurance and service contracts. about improved customer loyalty, a faster by 2009. pace of trade-ins, more sales to new This is a winning strategy on two counts: it customers and more movement up the In 2006, we started up operations in Algeria, fuels profitable growth, and it builds model range. At the same time, the finance Colombia, Russia and Slovenia. At a time of customer loyalty. 4 RCI BANQUE ANNUAL REPORT 2006 In terms of earnings, RCI Banque was a this objective, RCI Banque counts inter heartily thank them for their involvement key contributor to Renault’s operating alia on the recognized quality of the and their effectiveness.