Registration Document
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INTERACTIF PDF SEARCH LINKS To get fast and easy access to information, use the interactive links below: contents Back to the table of contents Previous page Next page Last page viewed Double click to download the table (Microsoft Excel) 1 Search by chapter Internet Link http://www Hyperlinks Registration document Including the Annual Financial Report 2016 Groupe Renault 3 1.1 Overview of Renault and the Group 4 1.2 The Renault-Nissan Alliance 50 1 1.3 Earnings report – 2016 AFR 62 1.4 Research and Development AFR 79 1.5 Risk factors AFR 87 1.6 Post Balance Sheet events 104 Renault: a responsible company 107 2.1 Renault, a responsible company committed to sustainable development 108 contents 2.2 Offering innovative mobility solutions, accessible to all 120 2 2.3 Ensuring fair practice throughout the value chain AFR 126 2.4 Human capital: committed to sustainable growth AFR 132 2.5 Handing on knowledge for the future 156 2.6 Environment 160 2.7 Health protection 195 2.8 Supporting local communities wherever we operate AFR 202 2.9 Appendices AFR 206 Corporate governance 227 3.1 Report of the Chairman of the Board AFR 228 3.2 Statutory Auditors’ report , prepared pursuant to Article L.225-235 of the French Commercial Code (“Code de commerce”), on the Report of the Chairman 3 AFR of the Board of Directors of the Company Renault 272 3.3 Compensation of executive offi cers AFR 273 3.4 Information on transactions in shares 299 Financial statements AFR 301 4.1 Statutory auditors’ report on the consolidated fi nancial statements 302 4.2 Consolidated fi nancial statements 304 4 4.3 Statutory auditors’ report on the fi nancial statements 390 4.4 Renault SA – Annual fi nancial statements At December 31, 2016 395 Renault and its shareholders 413 5.1 General information 414 5.2 General information relating to Renault’s share capital 416 5 5.3 Market for Renault shares 422 5.4 Investor relations policy 425 The elements of the annual fi nancial report Additional information 429 are identifi ed by the AFR symbol. 6.1 Certifi cation by the person responsible for the document AFR 430 6.2 Historical information on fi nancial years 2014 and 2015 431 6 6.3 Statutory auditors AFR 432 6.4 Cross-Reference Tables 434 This logo recognises the most transparent Registration Documents according to Glossary 446 the criteria of the Classement Annuel de la Transparence Initials and acronyms 450 (http://www.grandsprixtransparence.com). contents 1 2 3 4 5 6 2016 2 Registration document Including the annual financial report approved by the board of directors on February 9, 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 April 5, 2017. GROUPE RENAULTGROUPE RENAULT REGISTRATION REGISTRATION DOCUMENT DOCUMENT 2016 1 2016 1 contents 1 2 3 4 5 6 Renault Clio VI 5-door Sedan (B98) - Phase 2 - “ Edition One” limited series EMPLOYEES REVENUES COUNTRIES WORLDWIDE AT END-2016 GROUP WORLDWIDE IN €M PRESENT IN 124,849 51,243 127 2 GROUPE RENAULT REGISTRATION DOCUMENT 2016 Find out more at www.groupe.renault.com Group e Renault 01 contents 1 2 3 4 5 6 1.1 Overview of Renault and the Group 4 1.3 Earnings report – 2016 AFR 62 1.1.1 Strategic Objectives 5 1.3.1 Sales performance 63 1.1.2 Management bodies at January 1, 2017 8 1.3.2 Financial results 73 1.1.3 Key figures 12 1.1.4 2016 highlights for the Group and by Region 14 1.4 Research and Development AFR 79 1.1.5 The Group’s main activities and performances by Region 18 1.4.1 The car of the future 79 1.1.6 Sales financing 41 1.4.2 2016 new products & associated innovations and technologies 81 1.1.7 Main group subsidiaries and detailed organization chart 44 1.4.3 Performance levers 84 1.1.8 “Group history” timeline 48 1.4.4 R&D: an international organization 86 1.2 The Renault-Nissan Alliance 50 1.5 Risk factors AFR 87 1.2.1 Overview 50 1.5.1 Automotive risk factors 87 1.2.2 Alliance principles & objectives 50 1.5.2 Risk factors linked to sales financing (RCI Banque S.A.) 99 1.2.3 Structure of the Alliance 51 1.2.4 Operational management of the Alliance 52 1.6 Post Balance Sheet events 104 1.2.5 Synergies – A way to measure the benefits of the cooperation 54 1.2.6 Strategic cooperations 57 1.2.7 Alliance sales performance & financial indicators 58 1.2.8 Nissan’s 2016 results 61 The elements of the annual fi nancial report are identifi ed by the AFR symbol GROUPE RENAULT REGISTRATION DOCUMENT 2016 3 1 GROUPE RENAULT OVERVIEW OF RENAULT AND THE GROUP contents 1 2 3 4 5 6 1.1 Overview of Renault and the Group ♦ MESSAGE FROM THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER Growth and performance: a fundamental trend Ladies and Gentlemen, 2016 was a year of concrete and measurable successes. Groupe Renault revenues reached €51.2 billion, an increase of 13.1%. Our operating margin was at an historic high of 6.4%, and our net margin, at 6.9%, is among the highest in the automotive industry. As a European manufacturer, Renault has established itself as a global player. With 3.18 million registered vehicles, Groupe Renault is now the leading French manufacturer in the world. Our product range has been renewed and is expanding into other segments, placing renewed emphasis on strong design, which is the main reason our customers buy from us. We have grown in volume and market share in every region of the world while strengthening our position in Europe, where the Renault brand came in second place. The 2016 results are not just a record. They confirm a fundamental trend. They are the culmination of a strategy that we have been working on for the past six years as part of the Drive the Change plan. We surpassed the growth and profitability targets one year early and will continue to gauge their success again this year. We are looking forward to 2017 with confidence. The renewal of our vehicle ranges continues with Carlos Ghosn the release of the ALPINE A110 and the new DUSTER, which will augment the full effect of the 2016 Chairman and Chief Executive launches. Officer of Groupe Renault In the coming years, we should also benefit from the recovery in the emerging markets. We have strengthened our presence there, like in Iran and Russia . We have just participated in the recapitalization of AVTOVAZ, which is expected to return to operational profitability in 2018. Alliance brands now account for one-third of this market, representing strong growth potential for us. In France, the new “ agreement on work activity for sustainable performance” , which commits Groupe Renault and its social partners, builds on the success of the previous one. Unless there is a major downturn in the sector, we are committed to maintaining our 2016 production volume through 2019, modernizing our industrial facilities and hiring 3,600 employees - including 1,800 Groupe Renault this year. revenues reached In 2017, the global market is expected to record growth of 1.5% to 2% . The European and French markets are expected to increase by 2%. At the international level, the Brazilian and Russian €51.2 billion, an markets are expected to be stable, while China (+5%) and India (+8%) are expected to continue their growth momentum. increase of 13.1%. In this context and including AVTOVAZ, Groupe Renault is aiming to : Our operating margin W increase Group’s revenues beyond the impact of AVTOVAZ (at constant exchange rates)*; was at an historic W increase Group’s operating margin in euros*; W and generate a positive Automotive operational free cash flow. high of 6.4%, and our Beyond 2017, we are preparing for deep and rapid changes in the automotive industry. The vehicle of tomorrow will be electric, connected and autonomous. While remaining attractive, competitive and safe, net margin, at 6.9%, it will also need to provide customers with the pleasure of driving. The regulatory environment will have is among the highest to evolve and regulate the new forms of mobility resulting from these technological breakthroughs. The economies of scale we benefit from, within the Alliance now enhanced by the arrival of Mitsubishi in the automotive Motors, will allow us to invest and provide all the necessary answers. We are currently working to strengthen our synergies and develop the technologies of our next generation of products and services. industry . Building on the success of Drive the Change, our next strategic plan will cover the period until 2022 and build the future of Groupe Renault. Our ambition is to achieve €70 billion in revenues, with a minimum margin of 7% at the end of the plan, while maintaining a positive free cash flow every year. The sustainability of our performance, in terms of growth and profit, will be the main objective. You will find afterwards the details of all our activites in 2016. * Compared with 2016 Groupe Renault published results. ♦ GRI [G4-6, G4-8, G4-9] 4 GROUPE RENAULT REGISTRATION DOCUMENT 2016 Find out more at www.groupe.renault.com RENAULT: GROUP E A RESPONSIBLE CORPORATE FINANCIAL RENAULT AND ITS ADDITIONAL RENAULT COMPANY GOVERNANCE STATEMENTS SHAREHOLDERS INFORMATION OVERVIEW OF RENAULT AND THE GROUP contents 1 2 3 4 5 6 1.1.1 Strategic Objectives 1 DRIVE THE CHANGE Third lever: sales to partners.