REGISTRATION DOCUMENT INCLUDING THE ANNUAL FINANCIAL REPORT 2015 summary THE RENAULT GROUP 3 FINANCIAL STATEMENTS AFR 275 1.1 Overview of Renault and the Group 4 4.1 Statutory auditors’ report on the consolidated 1.2 The Renault-Nissan Alliance 46 financial statements 276 1 1.3 Earnings report AFR 57 4 4.2 C onsolidated financial statements 278 1.4 Research and Development AFR 73 4.3 Statutory auditors’ report on the financial statements 346 1.5 Risk factors AFR 82 4.4 Renault SA – Annual financial statements 351 1.6 Post Balance Sheet events 100 RENAULT RENAULT: AND ITS SHAREHOLDERS 369 A RESPONSIBLE COMPANY 103 5.1 General information 370 2.1 Renault, a responsible company committed to sustainable development 104 5 5.2 General information about Renault’s 2 share capital 372 2.2 Offering innovative mobility solutions, accessible to all 115 5.3 Market for Renault shares 378 2.3 Ensuring fair practice throughout 5.4 Investor relations policy 381 the value chain AFR 121 2.4 Human capital: committed to sustainable growth AFR 127 2.5 Handing on knowledge for the future 151 GENERAL MEETING 2.6 Environment AFR 155 APRIL 29, 2016 385 2.7 Health protection 189 Draft resolutions 386 2.8 Supporting local communities wherever we operate AFR 196 6 2.9 Appendices 200 ADDITIONAL INFORMATION 399 7.1 Certification by the person responsible AFR CORPORATE GOVERNANCE 221 for the document 400 7 7.2 Historical financial information 3.1 Report of the Chairman of the Board AFR 222 for 2013 and 2014 AFR 401 3.2 Statutory Auditors’ report, prepared 7.3 Statutory auditors 402 3 in accordance with Article L.225-235 7.4 Cross-reference tables 403 of the French Commercial Code (“Code de commerce”), on the report prepared by the Chairman of the Board of Directors of Renault AFR 261 3.3 Compensation of senior executives AFR 262 GLOSSARY 412 3.4 Information on securities transactions 272 INITIALS AND ACRONYMS 414 The elements of the annual fi nancial report are identifi ed This label recognizes the most transparent Registration Documents by the AFR symbol. according to the criteria of the Annual Transparency Ranking. 2015 REGISTRATION DOCUMENT I NCLUDING THE ANNUAL FINANCIAL REPORT APPROVED BY THE BOARD OF DIRECTORS ON FEBRUARY 11, 2016 This Registration Document is online on the website [ www.groupe.renault.com The French version has been fi led with the AMF (French Financial Markets Authority) on March 24, 2016 . GROUPE RENAULT REGISTRATION DOCUMENT 2015 1 AL AS KA N TOTAL STAFF GROUP REVENUES COUNTRIES AS OF YEAR-END 2015 WORLDWIDE (€ MILLIONS ) REPRESENTED IN MORE THAN 120,136 45,327 120 2 GROUPE RENAULT // REGISTRATION DOCUMENT 2015 Find out more at www.groupe.renault.com THE RENAULT GROUP 1.1 OVERVIEW OF RENAULT AND THE GROUP 4 1.1.1 Strategic objectives 5 1.1.2 Management bodies at April 1, 2016 6 1.1.3 Key figures 10 1.1.4 Highlights 12 1.1.5 The Group’s five main activities and performances per Region 17 1.1.6 Sales Financing 37 1.1.7 Main Group subsidiaries and detailed organization Chart 40 1.1.8 History for the Group 44 1.2 THE RENAULT-NISSAN ALLIANCE 46 1.2.1 Overview 46 1.2.2 Alliance principles & objectives 46 1.2.3 Structure of the Alliance 47 1.2.4 Operational management of the Alliance 48 1.2.5 Synergies – a way to measure the benefits of the cooperation 50 1.2.6 Strategic cooperations 53 1.2.7 Alliance sales performance & financial indicators 54 1.2.8 Nissan’s 2015 results 56 1.3 EARNINGS REPORT AFR 57 1.3.1 Sales Performance 58 1.3.2 Financial Results 67 1.4 RESEARCH AND DEVELOPMENT AFR 73 1.4.1 The car of the future 73 1.4.2 2015 Research Projects 76 1.4.3 2015 New products & associated innovations and technologies 77 1.4.4 Performance levers 79 1.4.5 R&D: an international organization 80 1.5 RISK FACTORS AFR 82 1.5.1 Automotive risk factors 82 1.5.2 Risk factors linked to Sales Financing (RCI Banque) 94 1.6 POST BALANCE SHEET EVENTS 100 The elements of the annual fi nancial report are identifi ed by the AFR symbol. 1GROUPE RENAULT REGISTRATION DOCUMENT 2015 3 THE RENAULT GROUP 1 OVERVIEW OF RENAULT AND THE GROUP 1.1 OVERVIEW OF RENAULT AND THE GROUP MESSAGE FROM THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER Ladies and Gentlemen, 2015 was a good year for Renault. We made decisive progress toward the realization of the goals of our Renault Drive The Change plan. The Group achieved one of the major objectives of the Renault Drive The Change strategic The Group achieved a new sales plan, an operating margin of 5%, two years ahead of schedule. Our challenge now is to record, with 2.8 million vehicles accelerate Group growth and achieve our second goal – €50 billion euros in revenues – in 2015, an increase of 3.3% while maintaining an operating margin of over 5%. In Europe, we benefited from the market’s recovery and consolidated our market share at from 2014. 10.1%. Outside Europe, we withstood market distress and unfavorable currency fluctuations. Renault’s internationalization strategy played a crucial role in diversifying its geographic Our revenues were exposure. over €45.3 billion, an increase Our new products were very well received, especially the ESPACE, KADJAR and TALISMAN of 10.4%. in Europe, the KWID in India and the OROCH in Latin America. Sales to partners increased by 55%, making a solid contribution to the growth of our income and strengthening the proper use of our production capabilities. In 2016, we will be marketing 10 new vehicles. Our launches in Europe, our industrial presence in China, and the expansion of our range outside Europe should help us to improve our sales performance in all of our regions, despite difficult conditions in some markets. Synergies within the Alliance with Nissan will continue to benefit from the sharing of common architectures, especially for the C&D vehicle segment. Social and Environmental Responsibility is at the heart of the Group’s actions, as demonstrated by our commitment to the COP21 goals. Renault was a solid partner at this event with its range of electric vehicles. The development of our range of electric vehicles remains a key asset; the Group is leader in this market in Europe, thanks in particular to the success of the ZOE. Innovation in self-driving vehicles will also continue, within the context of the Alliance. By 2020, the Alliance will launch more than 10 vehicles equipped with driving assist systems. Starting this year, our customers will enjoy new connected services with their smartphones, which will help them to transform their relationship with their vehicle and the brand. 2016 marks the return of Renault as a Formula 1 team. Our investment in F1, and in motor sports more generally, encourages technological innovation to the benefit of our customers. Renault intends to consolidate its status as a hot brand and its global reach. 2016 will also be year of Alpine’s return, with a new vehicle in the series that will be revealed before the end of the year. Finally, for this year, we anticipate global market growth of between 1% and 2% compared with 2015. Europe and France should increase by 2%. Internationally, Brazil (-6%) and Russia (-12%) are expected to experience further decline, while China (+4% to +5%) and India (+8%) should continue their growth apace. In this context, at constant scope, Groupe Renault aims to: W increase its revenue (at constant exchange rates); W increase its operating margin to over 5%; W generate positive free cash flow for automotive activity. You will find below the details of all our activities in 2015. Carlos Ghosn Renault group Chairman and Chief Executive Officer 4 GROUPE RENAULT // REGISTRATION DOCUMENT 2015 Find out more at www.groupe.renault.com THE RENAULT GROUP RENAULT: A RESPONSIBLE CORPORATE FINANCIAL RENAULT AND ITS GENERAL MEETING ADDITIONAL COMPANY GOVERNANCE STATEMENTS SHAREHOLDERS APRIL 29, 2016 INFORMATION OVERVIEW OF RENAULT AND THE GROUP 1.1.1 STRATEGIC OBJECTIVES 1 1.1.1.1 DRIVE THE CHANGE developed a global product, able to meet the very different needs of European, Brazilian, Indian and Russian customers. Following the global financial crisis in 2008, in 2011 Renault launched a new six-year strategic plan entitled “Renault Drive the Change.” In this plan, The overhaul of the global access range made Groupe Renault an increasingly Groupe Renault sets itself two priorities: revive sales growth, and generate global competitor in 2013: positive and sustainable free cash flow. W five out of the Group’s ten biggest markets are emerging countries, including Brazil in second place and Russia, in third; DRIVE THE CHANGE, FIRST STAGE (2011-2013): W with the exception of Algeria, where Renault already made one in every THREE YEARS OF MAJOR TRANSFORMATION four cars sold, Renault increased its market share in all emerging countries For the first three years of the plan (2011-2013), two quantified objectives where it was present; were set: W in India, major progress has been made; market share is 2.2%, two years after the brand’s relaunch. W achieve sales of 3 million vehicles in 2013; W generate €2 billion of cumulative free cash flow between 2011 and 2013. DRIVE THE CHANGE, SECOND STAGE (2014-2017): Thanks to the efforts of the whole Company, Renault has maintained strict A NEW PHASE OF ACCELERATION financial discipline, and has exceeded its target of generating €2 billion in In 2014, buoyed by these achievements, Groupe Renault moved up a gear for cumulative free cash flow after three years of the plan.