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REGISTRATION DOCUMENT INCLUDING THE ANNUAL FINANCIAL REPORT 2013 DRIVE THE CHANGE SUMMARY 1 THE RENAULT GROUP 3 4 FINANCIAL STATEMENTS AFR 227 1.1 Overview of Renault and the Group 4 4.1 Statutory auditors’ report on ✦ 1.2 The Renault-Nissan Alliance 26 the consolidated financial statements 228 1.3 Earnings report-2013 AFR 41 4.2 Consolidated financial statements 230 1.4 Research and development AFR 58 4.3 Statutory auditors’ report 298 1.5 Risk factors ✦ AFR 70 4.4 Renault SA parent-company financial statements 302 1.6 Drive the change ✦ 89 1.7 Post balance sheet events 91 RENAULT AND ITS SHAREHOLDERS 319 CSR: SUSTAINABLE MOBILITY 93 5 2 5.1 General information 320 2.1 Renault, a responsible company 5.2 General information about Renault’s committed to sustainable development ✦ 94 share capital 322 2.2 Stakeholder dialogue and information ✦ 99 5.3 Market for Renault shares ✦ 327 The elements of the 2.3 Labor relations AFR 107 ✦ annual fi nancial report are 5.4 Investor relations policy 330 2.4 Environmental dimension AFR 122 identifi ed by AFR sign. 2.5 social performance ✦ AFR 146 ✦ Global Reporting Initiative (GRI) directives 2.6 Sustainability ratings and indexes 161 2.7 Grenelle II cross reference table 163 MIXED GENERAL MEETING 2.8 Appendices 167 6 OF APRIL 30, 2014 333 Presentation of the resolutions 334 3 CORPORATE GOVERNANCE 183 3.1 Report of the Chairman of the ADDITIONAL INFORMATION 343 Board ✦ AFR 184 7 3.2 Statutory auditors’ report, prepared 7.1 Person responsible for the AFR in accordance with article L. 225-235 registration document 344 of the French Company Law (Code de 7.2 Information concerning commerce), on the report prepared by FY 2011 and 2012 ✦ 345 the Chairman of the Board of Directors 7.3 Statutory auditors AFR 346 of Renault AFR 209 7.4 Cross reference tables 347 3.3 Remuneration of Senior Executives AFR 210 3.4 Internal rules of the Board of Directors 219 GLOSSARY 352 This label recognizes the most transparent Registration Documents according to the labeltransparence.com criteria of the Annual Transparency Ranking. REGISTRATION DOCUMENT INCLUDING THE ANNUAL FINANCIAL REPORT APPROVED BY THE BOARD OF DIRECTORS ON FEBRUARY 12, 2014 2013 This Registration Document is on line on the website www.renault.com The French version has been fi led with the AMF (French Financial Markets Authority) on March 13, 2014. ✦ Global Reporting Initiative (GRI) directives RENAULT REGISTRATION DOCUMENT 2013 1 TOTAL STAFF GROUP ’S REVENUES COUNTRIES MILLION EUROS REPRESENTED IN MORE THAN 121,807 40,932 120 2 REGISTRATION DOCUMENT RENAULT 2013 Find out more at www.renault.com THE RENAULT GROUP 1 1.1 OVERVIEW OF RENAULT AND THE GROUP 4 1.4 RESEARCH AND DEVELOPMENT AFR 58 1.1.1 Key figures ✦ 41.4.1 R&D highlights in 2013 58 1.1.2 Background and highlights 5 1.4.2 R&D: performance and innovation 59 1.1.3 Strategic objectives ✦ 81.4.3 Technology plan 63 1.1.4 Main Group activities ✦ 81.4.4 Long-term targets 65 1.1.5 Management bodies at March 1, 2014 ✦ 20 1.4.5 Skills, professions, expertise and partnerships 65 1.1.6 Main Group subsidiaries and detailed organization chart ✦ 22 1.5 RISK FACTORS ✦ AFR 70 1.2 THE RENAULT-NISSAN ALLIANCE 26 1.5.1 Financial risk 70 1.5.2 Operational risk 81 ✦ 1.2.1 Alliance objectives 26 1.5.3 Other risks 87 1.2.2 Operational structure of the Alliance ✦ 30 1.2.3 The status of synergies 34 1.6 DRIVE THE CHANGE ✦ 89 1.2.4 Nissan’s strategy and results in 2013 36 1.2.5 Alliance combined sales performance and financial indicators ✦ 37 1.7 POST BALANCE SHEET EVENTS 91 1.3 EARNINGS REPORT-2013 AFR 41 1.3.1 Sales performance ✦ 42 1.3.2 Financial results ✦ 52 The elements of the annual fi nancial report are identifi ed by AFR sign. ✦ Global Reporting Initiative (GRI) Directives REGISTRATION DOCUMENT RENAULT 2013 3 THE RENAULT GROUP 1 OVERVIEW OF RENAULT AND THE GROUP 1.1 OVERVIEW OF RENAULT AND THE GROUP 1.1.1 KEY FIGURES ✦ Three-year consolidated figures – published data(1) (€ million) 2013 2012 RESTATED* 2012 PUBLISHED 2011 PUBLISHED Revenues 40,932 40,720 41,270 42,628 Operating margin 1,242 782 729 1,091 Share in Nissan Motor net income 1,498 1,213 1,234 1,332 Renault net income 586 1,749 1,772 2,092 Earnings per share (€) 2.15 6. 43 6. 51 7. 68 Capital 1,127 1,127 1,127 1,127 Shareholders’ equity 23,214 24,564 24,547 24,567 Total assets 74,992 75,414 75,414 72,934 Dividends (€) 1. 72(2) 1. 72 1. 72 1. 16 Automotive cash flow(3) 2,914 2,573 2,577 2,910 Automotive net cash position 1,761 1,532 1,492 (299) TOTAL STAFF AT DECEMBER 31 121,807 127,086 127,086 128,322 (1) This information is for reference only and is not always directly comparable year-on-year, since it may include changes in scope and/or accounting practices. See chapter 4, note 3 in the notes to the consolidated financial statements. (2) Proposal to be submitted to the AGM on April 30, 2014. (3) Excludes dividends received from associated companies. * Restated to reflect the retroactive application of the IFRS 11 “partnerships” and revised IAS 19 “employee benefits” standards. RENAULT SHAREHOLDERS AT DECEMBER 31, 2013 Brea kdown of capital as a % of shares Brea kdown of capital as a % of voting rights 2.61% 3.70% Employees Daimler AG 3.12% 3.10% Employees Daimler AG 17.93% 15.00% French state Nissan 63.00% 75.25% Public Public 15.01% French state 1.28% Treasury shares 4 REGISTRATION DOCUMENT RENAULT 2013 Find out more at www.renault.com THE RENAULT GROUP OVERVIEW OF RENAULT AND THE GROUP 1 1.1.2 BACKGROUND AND HIGHLIGHTS 1898 2000 Société Renault Frères was formed to manufacture motor vehicles, taking Renault raised its stake in Dacia to 80.1% and acquired a new brand – 1 advantage of patents such as the first direct-drive transmission. Based in Samsung Motors – in South Korea. the Paris suburb of Billancourt, the Company achieved international renown through its success in motor sports, and initially specialized in the construction 2001 of passenger cars and taxis. During the First World War, it produced substantial volumes of trucks, light tanks and aircraft engines. Renault and Volvo joined forces to form the world’s second-biggest truck manufacturer. Renault became the main shareholder in the Volvo group, with 1922 a 20% stake, after selling the Renault V.I./Mack group to Volvo. Having expanded strongly in the passenger car and commercial vehicle 2002 markets, Renault became a limited company. Establishing production centers in France and abroad, Renault gradually emerged as the French market leader. Renault and Nissan implemented the second stage of their Alliance, aimed at strengthening their equity ties and creating a joint strategic structure. 1945 Renault raised its stake in Nissan from 36.8% to 44.4%. At the same time, Nissan took a 15% ownership interest in Renault. The French government’s The Company was nationalized in January, renamed “Régie Nationale des ownership interest was reduced to 25.9% and then to 15.7% in 2003 by Usines Renault”, and concentrated on producing the 4CV. selling shares both to Company employees and on the market. 1972 2003 Renault 5 arrived on the market. It remains one of the Group’s best-selling This was the year of Mégane II. With five body styles (Scénic II, Grand Scénic, models ever. Mégane coupé-cabriolet, Mégane 4-door sedan and Mégane Sport Tourer) as well as the two models launched in 2002, a total of seven models were THE 1980S launched in 17 months. Mégane II became Europe’s best-selling model. Through to the mid-1980s, Renault followed a strategy of diversification in the 2004 industrial, financial and service sectors, while at the same time growing its industrial and commercial activities internationally. But in 1984, the Company The year was marked by two major product launches: Modus and Logan. ran into financial difficulties. As a result, it concentrated on restructuring and Modus is Renault’s entry-level MPV. It was the first Renault-badged vehicle refocusing on its core activities and returned to profit in 1987. built on the B platform shared with Nissan, and the first vehicle in its class to score five stars in Euro NCAP crash tests. Logan, developed by Renault THE 1990S and manufactured and marketed by Dacia, offers excellent value for money. It has enjoyed great success since its launch, both on its domestic market of In 1990, Renault became a limited company once again. In the same year, it Romania, and on export markets. The car will be the spearhead of Renault’s signed an agreement for close cooperation with the Volvo group. In 1991, the international expansion in the years ahead. two groups linked their automotive and commercial vehicle businesses via cross-shareholdings. This arrangement was unwound after plans to merge 2005 the two groups were shelved in late 1993. At the Annual General Meeting on April 29, Carlos Ghosn was named Chief On November 17, 1994 the French government opened Renault to outside Executive Officer of Renault. Louis Schweitzer kept his position as Chairman capital, a first step towards privatization, which took place in July 1996. of the Board of Directors.
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