Κέρδη για τη Renault-Nissan το πρώτο εξάμηνο του 2013

YOKOHAMA, Japan (July 25, 2013) – Nissan Motor Co., Ltd. today announced financial results forthe first quarter (April-June) of fiscal year 2013, which ends on March 31, 2014.

During the first quarter, Nissan’s improved market share in Japan and North America could not completely offset the repercussions in China of the islands dispute and sluggish economicconditions in Europe. Positive signs of improving sales volume in China, as well as expectedcontributions from the full ramp-up of US operations, should enhance Nissan’s performance inthe coming quarters of fiscal year 2013 – in line with the company’s previously announced guidance.

Today, Nissan announced the following management pro forma results based on foreign exchange rates of JPY 98.8/USD and JPY 129.0/EUR, the average rates for fiscal year 2013 to date:

• Net revenues of JPY 2.51 trillion (USD 25.43 billion, EUR 19.47 billion)
• Operating profit of JPY 117.8 billion (USD 1.19 billion, EUR 913 million)
• Ordinary profit of JPY 101.6 billion (USD 1.03 billion, EUR 788 million)
• Net income of JPY 82.0 billion (USD 830 million, EUR 636 million)

Globally, Nissan sold 1.17 million units in the first quarter, a year-on-year decline of 3.3%. “Market conditions were challenging in the first quarter, but our results were in line with our prior expectations. We anticipate robust contributions from our new product launches in the second quarter and beyond. Nissan is on track to deliver its full-year guidance,” said Nissan president and CEO Carlos Ghosn.

Nissan is maintaining its accelerated pace of new product launches, with plans for the introduction of the Nissan Rogue crossover and Infiniti Q50 in the US from the second quarter onward. The company remains on track with its new model offensive under the Nissan Power 88 mid-term business plan, with one new vehicle to be launched every six weeks, on average, for all six years of the plan through fiscal 2016.

In accordance with changes to financial reporting standards, from fiscal 2013 onwards Nissan hasadopted the equity method to account for the joint venture between Nissan and Dongfeng in China. Therefore, Nissan’s statutory reported income statements no longer reflect the joint venture’s results in revenue and operating profit.

Under the equity accounting method, Nissan today filed the following results with the Tokyo Stock Exchange, based on foreign exchange rates of JPY 98.8/USD and 129.0/EUR, the average rates for fiscal year 2013 to date:

• Net revenues of JPY 2.23 trillion (USD 22.60 billion, EUR 17.31 billion)
• Operating profit of JPY 108.1 billion (USD 1.09 billion, EUR 838 million)
• Ordinary profit of JPY 114.8 billion (USD 1.16 billion, EUR 890 million)
• Net income of JPY 82.0 billion (USD 830 million, EUR 636 million)

RENAULT ANNOUNCES FIRST HALF 2013 FINANCIAL RESULTS

With the launch of successful models and controlled costs, Renault posted an operating margin of €583 million in the first half of 2013 despite the uncertain economic environment.

• Group revenues of €20,441 million, down 0.9% on first-half 2012.
• Group operating margin of €583 million (2.9% of revenues), compared with €508 million^[1] (2.5% of revenues) in the first half of 2012.
• Group operating income at a negative €249 million in the first half of 2013 (compared with a positive €545 million in the first half of 2012), after recognising other operating income and expense items, amounting to a negative €832 million. In particular, the Group recorded a provision of €512 million which covers its entire exposure in Iran.
• Net income of €97 million, compared with €774 million in the first half of 2012.
• Automotive operational free cash flow slightly negative at €31 million.
• Automotive net cash position of €732 million at end-June 2013.
• Group registrations of 1.3 million units (down 1.9% on first-half 2012). International^[2] growth was not sufficient to offset the continued weakness of sales in Europe, and France in particular.

Commenting on the results, Carlos Ghosn, Chairman and Chief Executive Officer of Renault, said: “In a difficult environment, the success of new models, cost controls and the commitment of all the teams enabled the Renault group to post a positive operating margin for Automotive in the first half year. We are on track to achieve the objectives we announced for 2013.”

Group revenues came to €20,441 million in the first half of 2013, down 0.9%. Continued international growth was not sufficient to offset the weakness of the European market.

The Automotive division contributed €19,383 million to revenues, down 0.9% on first-half 2012, mainly due to a negative currency effect and a decrease in registrations. The drop in registrations was lessened by the increase in independent dealer inventories.

The Group saw a positive product-mix effect, stemming notably from the launch of new vehicles, and a positive price effect. The Group is pursuing with it strict pricing policy in order to improve the value of the Renault brand and offset the weakness of certain currencies.

Group operating margin came to €583 million in the first half of 2013, compared with €508 million1 in the first half of 2012, and accounted for 2.9% of revenues, compared with 2.5% in the first half of 2012.

The Automotive division posted a positive operating margin of €211 million (1.1% of revenues), up €95 million compared to the first half of 2012. Despite negative volume and currency effects, the Group benefited from its pricing policy and cost controls.

Sales Financing contributed €372 million to Group operating margin, compared with €392 million1 in the first half of 2012. The €20 million decrease was due to an unfavourable currency effect in Brazil and a slight rise in distribution costs while the cost of risk improved to 0.40% of average performing loans (versus 0.44% in the first half of 2012).

Other operating income and expense items came to -€832 million, mainly due to a provision of €512 million which covers the Group’s entire exposure to Iran; to €227 million in impairment charges for certain vehicle programs, and €173 million in restructuring costs related to the competitiveness agreement signed in France. Operating income came to -€249 million, compared with €545 million in the first half of 2012.

The contribution of associated companies, mainly Nissan, came to €749 million in the first half of 2013.

Net income came to €97 million while net income, Group share, came to €39 million (€0.14 per share compared with €2.70³ in the first half of 2012).

Automotive operational free cash flow was slightly negative at €31 million, including €138 million increase in the working capital requirement since December 31, 2012. Total inventory represented 67 days of sales compared with 65 at end-December 2012.

The Automotive division’s net cash position came to €732 million on June 30, 2013, down €800 million since December 31, 2012.

RCI Banque continued to diversify its refinancing through its retail savings account business, with net collected savings totaling €2.6 billion in France and Germany at the end of June 2013.

2013 OUTLOOK

The environment is more challenging than expected, especially in France. However, thanks to the success of its new models and cost controls, the Group remains on track to achieve its full year guidance (provided that there is no further deterioration of the market conditions):

• higher Group registrations worldwide,
• positive Automotive operating margin,
• positive Automotive operational free cash flow.

Renault consolidated first-half results

ADDITIONAL INFORMATION

The consolidated financial statements of the Renault group at June 30, 2013 were approved by the Board of Directors on July 25, 2013. The Group’s statutory auditors have conducted a limited review of these financial statements and their report will be issued shortly. The financial report, with a complete analysis of the financial results in the first half of 2013, is available at www.renault.com in the Finance section.