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2019 Annual Report the Financial Reports Rci Banque Organization Chart 2019 2019 ANNUAL REPORT THE FINANCIAL REPORTS RCI BANQUE ORGANIZATION CHART 2019 RENAULT S.A.S. 100% RCI BANQUE S.A. ALGERIA GERMANY ARGENTINA AUSTRIA BELGIUM BRAZIL COLOMBIA 100% 100% 99.92% 100% RCI Banque RCI Banque RCI Banque RCI Services S.A. S.A. Administradora Sucursal RCI Financial RCI Servicios Algérie S.A.R.L. Niederlassung Niederlassung de Consõrcio Argentina Services S.A. Colombia S.A.S Deutschland Österreich RCI Brasil Ltda 100% 60% 100% 60.11% 51% RCI Rombo RCI Colombia Versicherungs Compañía Autofin Banco RCI S.A. - Service Financiera S.A. Brasil S.A. Compañía De GmbH Financiamiento 95% 50.10% 100% 100% RCI Brasil Renault Crédit Corretora Courtage S.A. Car (partnership) de Seguros Serviços e (Equity method) RCI Brasil S.A. Participações Ltda CZECH UNITED MALTA MOROCCO NETHERLANDS POLAND PORTUGAL REPUBLIC ROMANIA KINGDOM 100% 100% 100% 50% 100% RCI Banque RCI Banque SPOLKA RCI Leasing RCI Services RCI Finance RCI Financial Sucursal RCI Financial AKCYJNA Romania IFN RCI Banque(*) Ltd Maroc S.A. Services B.V. Portugal Services S.r.o. W POLSCE S.A. 100% 100% 50% 100% 100% 100% 100% 100% RN SF B.V.(**) RCI Finance RCI Insurance RCI Leasing RCI Finantare RCI Bank RDFM S.A.R.L. (Equity method) RCICOM S.A. C.Z. Ltd Polska Sp. z.o.o. Romania S.R.L. UK Ltd S.r.o. 100% 60% 100% 100% 100% RCI Gest Seguros (**) RCI Broker RCI Life BARN B.V Mediadores RCI Financial de asigurare Ltd (Equity method) de Seguros Services Ltd S.R.L. L.d.a Subsidiary Branch Non-consolidated subsidiary (*) Closed on 6 march 2020. (**) Organization of the activity in Russia. SOUTH KOREA CROATIA SPAIN FRANCE HUNGARY INDIA IRELAND ITALY 100% 100% 100% 100% 30% RCI Banque Nissan Renault RCI Banque RCI Banque RCI Financial RCI Usluge S.A. Financial Services Diac S.A. RCI Zrt Branch Succursale Services Korea d.o.o Sucursal India Private Co. Ltd en España Limited (Equity Ireland Italiana method) 100% 100% 100% 100% 100% RCI Insurance , Diac Location RCI Services ES Mobility Service Korea Overlease S.A. S.A. KFT S.R.L. Co. Ltd RUSSIA SERBIA SLOVAKIA SLOVENIA SWEDEN SWITZERLAND TURKEY UKRAINE 100% 100% 100% 100% 50% 100% RCI Banque S.A. Renault Finance ORFIN RCI Financial OOO RN RCI Services RCI Finance SK Bancna Nordic Bankfilial RCI Finance Finansman A.Ş. Services Ukraine Finance RUS d.o.o. S.r.o. podruznica till RCI Banque S.A. (Equity method) Ljubljana S.A Frankrike LLC 100% 50% ORF Kiralama RN BANK Pazarlama ve (Equity method) RCI Lizing d.o.o. Pazarlama Danışmanlığı A.Ş. 100% The financial reports are part of the 2019 Annual Report, of which the magazine section can be viewed on the following link: www.annualreport2019.rcibs.com. CONTENTS MESSAGE FROM CLOTILDE DELBOS 2 INTERVIEW WITH JOÃO LEANDRO 4 PERFORMANCE 6 1 FINANCIAL POLICY 10 2 RISKS PILLAR III 14 Statement on information published in respect of Pillar III 16 Introduction 17 2.1 Summary of risks 17 2.2 Governance and organization principles of risk management 19 2.3 Capital management and capital adequacy 26 2.4 Credit risk 45 2.5 Credit valuation adjustment risk 76 2.6 Securitization 77 2.7 Market risk 78 2.8 Interest-rate risk for portfolio positions 79 2.9 Liquidity risk 82 2.10 Operational and non-compliance risks 87 2.11 Other risks 91 2.12 Cross-reference table 93 2.13 Tables 95 3 REPORT ON CORPORATE GOVERNANCE 98 3.1 Organization of the RCI Banque group 100 3.2 Bodies and people involved 101 3.3 Special terms and conditions for shareholder participation at general 106 meetings 3.4 Related-party agreements 106 3.5 Summary table of current delegations within the meaning of 107 Article L.225-37-4 3° of the French Commercial Code 4 CONSOLIDATED FINANCIAL STATEMENT 108 4.1 Statutory auditors’ report on the consolidated financial statements 110 4.2 Consolidated financial statements 114 4.3 Notes to the consolidated financial statements 119 4.4 Appendix 1: Information about locations and operations 168 4.5 Appendix 2: Financial Risks 170 5 GENERAL INFORMATION 174 5.1 General information about the company 176 5.2 Background 180 5.3 Statement by the person responsible for the annual financial report 182 2019 ANNUAL REPORT THE FINANCIAL REPORTS RCI BANK AND SERVICES ● 2019 ANNUAL REPORT ● THE FINANCIAL REPORTS 1 MESSAGE FROM CLOTILDE DELBOS RCI BANK AND SERVICES’ ADDED VALUE IS MUCH MORE THAN ONLY FINANCIAL FOR GROUPE RENAULT AND MORE GENERALLY FOR THE ALLIANCE. 2 RCI BANK AND SERVICES ● 2019 ANNUAL REPORT ● THE FINANCIAL REPORTS www.rcibs.com MESSAGE FROM CLOTILDE DELBOS MESSAGE FROM CLOTILDE DELBOS ACTING CHIEF EXECUTIVE OFFICER OF RENAULT SA, CHIEF FINANCIAL OFFICER OF GROUPE RENAULT AND CHAIRMAN OF THE BOARD OF DIRECTORS OF RCI BANK AND SERVICES With the global car market down -4.8%, RCI Bank The implementation of CAFE standards in and Services has demonstrated its robustness Europe will also push carmakers to add electric and its ability to adapt by achieving new records vehicles to their ranges in order to respect CO2 in terms of sales and financial performance. emissions targets. RCI Bank and Services needs With a pre-tax income of €1,327 million, RCI Bank to support them in their sales mix evolution and Services has confirmed its important by offering financing packages ensuring that contribution to the Groupe Renault’s results. the lowest-emission engines are attractive RCI Bank and Services’ added value is much more to customers. than only financial for Groupe Renault and more I have every confidence in all the teams at generally for the Alliance. Its financing packages RCI Bank and Services to: adapt to the markets and personalized services allow carmakers to and increasingly stringent regulations; transform attract new customers and foster even greater by adopting increasingly agile new organizational loyalty. structures and new processes; innovate and RCI Bank and Services also ensures a high level extend our range of products and services while of customer satisfaction. Statistics show that also remaining exemplary in every sense. Groupe Renault customers who recommend their dealership are mainly those who took out financing offers of RCI Bank and Services. Lastly, the company is a key partner for the Groupe Renault network, financing its activities and also supporting it by offering digital services such as online signature. This is a virtuous circle and we need to continue in this direction over the months and years ahead. Particularly as 2020 represents major challenges. The European car market, which is RCI Bank and Services’ main market, will be particularly challenging. RCI BANK AND SERVICES ● 2019 ANNUAL REPORT ● THE FINANCIAL REPORTS 3 INTERVIEW WITH JOÃO LEANDRO INTERVIEW WITH JOÃO LEANDRO CEO OF RCI BANK AND SERVICES You joined RCI Bank and Services at the THE LOYALTY AND beginning of September 2019. What are ENGAGEMENT OF OUR your first impressions about the company? First of all, let me say that I am very proud to be 3,700 EMPLOYEES ARE the CEO of RCI Bank and Services. Our company really is a strong asset for the Alliance brands but GREAT ASSETS FOR is also a benchmark on the market. During the last few months I had the chance to OUR COMPANY. meet very motivated and dynamic teams with a THIS IS REFLECTING IN lot of experience and expertise. But what struck me most during the last few OUR STRONG RESULTS, months was the great sense of belonging to the company that everybody shared. This includes 2019 BEING A NEW people that have been working in RCI Bank and Services for 20 to 30 years that are able to RECORD YEAR. transmit to the new arrivals this sense of loyalty and engagement that is really a great asset to our company. And I suppose this is really reflected in the strong results that we have in 2019. 4 RCI BANK AND SERVICES ● 2019 ANNUAL REPORT ● THE FINANCIAL REPORTS www.rcibs.com INTERVIEW WITH JOÃO LEANDRO TO MEET OUR CUSTOMERS NEW USAGES, WE CONTINUED THE DIGITALIZATION OF OUR FINANCING OFFERS IN 2019. Speaking of annual results, what is your We also supported the launch of Dacia Online take on the 2019 RCI Bank and Services Shop in Germany where customers can now performance? purchase and finance a Dacia in a few clicks. Developing such a seamless journey is really key Well, despite the downturn in the automotive to improve customer satisfaction and loyalty and sector RCI Bank and Services managed to we also achieved a lot on this matter. stabilize the volume of financing contracts in 2019 with around 1.8 million new contracts for a total of As a measure of customer satisfaction our Net more than 21 billion euros of new financings. Promoter Score has reached a high level today and it has improved by more than 12 points since We also set a new penetration rate record 2016. of 44.2% and improved our commercial performance in all our Regions for the Alliance And if we’re looking at the global levels of brands. customer satisfaction we have improved as well: more than 8 customers out of 10 say that they are We had over 5 million services sold and this really very or extremely satisfied with the level of service confirmed the relevance of our diversification we provide in all subsidiaries. strategy. So, thanks to these remarkable commercial What are the main priorities for RCI Bank results we realized one of the best financial and Services in 2020? performances ever with a net income of 937 million euros.
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