Groupe Revenues Of €11.5 Billion In The Third Quarter Of 2018
October 23, 2018 by Renault
Group registrations increased by 2.9%, including Jinbei and Huasong brands since January 1, 2018. On an equivalent scope to 2017, Groupe Renault sales decreased by 1.7% in a global market that fell by 2.4%• Group revenues amounted to €11,484 million in the quarter¹,² (-6.0%). At constant exchange rates and perimeter³, the decrease would have been 1.4%• The Group confirms its guidance for the year
SALES RESULTS: THIRD QUARTER HIGHLIGHTS Groupe Renault's worldwide registrations (passenger cars + light commercial vehicles, including Jinbei and Huasong since January 1, 2018) rose by 2.9% in the third quarter, in a market down 2.4%, resulting in a market share of 4.0% (+0.2 points compared to 2017). In Europe, Group registrations increased by 8.6% in a market up 0.8%, mainly due to the success of the B segment models (Clio, Captur) and C segment models (Mégane and New Duster). In the electric vehicle segment, ZOE recorded registrations up 7% and Kangoo Z.E. doubled its sales. Outside Europe, in a market down 3%, Group registrations decreased by 2%, including Jinbei and Huasong (-10.4% excluding Jinbei and Huasong). In the Americas, Group registrations were up 0.2% despite the fall in the Argentinian market (-24.9%). In Asia-Pacific, the increase was 72%, including Jinbei and Huasong (-14.8% on an equivalent basis in 2017). The Group faced a slowdown of its registrations in Africa, Middle East, India (-24.4%) and Eurasia (-5.6%) regions. The Africa Middle East India region was mainly impacted by a decline in India (-34.7%) and in Iran, where our activity was stopped. In Eurasia, registrations continued to increase in Russia (+5.0%), but Turkey sales are down 52.5% in a market down 51.3%. THIRD QUARTER REVENUES BY OPERATING SECTOR In the third quarter of 2018, Group revenues reached €11,484 million (-6.0%). At constant exchange rates and perimeter4, Group revenues decreased by 1.4%. As of January 1, 2018, the Group changed the allocation of interest rate subsidies between operating segments, with no impact on consolidated revenues. On a comparable basis, Automotive excluding AVTOVAZ revenues would have been €142 million (1.3 points) higher, offset by an equal decrease in Sales Financing revenues. Automotive excluding AVTOVAZ revenues amounted to €10,057 million, down 8.4%. Beyond the negative 1.3 points effect mentioned above, revenues were negatively impacted by the sharp devaluation of the Group's main currencies (Argentinian peso, Brazilian real, Turkish lira, Russian ruble), which led to a negative currency effect of 4.0 points. The pricing policy notably implemented in these countries led to a positive price effect of 1.6 points. The volume effect weighed in at -2.6 points, mainly due to the fall in the Turkish and Argentinian markets and a destocking of the dealer network in the third quarter. Finally, the decline in our sales to partners impacted revenues by -3.3 points due to the cessation of our deliveries in Iran, lower demand for diesel engines and lower production for Nissan. Sales Financing (RCI Banque) posted revenues of €800 million in the third quarter, up 31.1% compared to 2017. Excluding the impact of the accounting change mentioned above, the increase would have been 7.9%. The number of new financing contracts fell 2.5%, mainly due to lower activity in Turkey and Argentina. Average performing assets increased by 12.9% to €45.3 billion. AVTOVAZ contribution to Group revenues amounted to €627 million in the quarter, down 1.1%, after taking into account a negative exchange rate effect of -€79 million. At constant exchange rates, revenues would have been up 11.4%. OUTLOOK 2018 The global market is expected to grow 2% compared to 2017 (previously +3%). The European market is expected to expand more than 1.5% (versus +1.5%) with an increase of more than 4% for France (versus +2%). Outside Europe, Brazil is expected to grow by 10% and Russia by more than 10%. China is expected to grow by 2% (versus +5%), and India by 8%. Within this context, Groupe Renault confirms its guidance:
- • Increase Group revenues (at constant exchange rates and perimeter¹)*
• Maintain Group operating margin above 6.0%*
• Generate a positive Automotive operational free cash flow
| (€ million) | 2018 | 2017 | Change 2018/2017 |
| Q1 | |||
| Automotive excluding AVTOVAZ | 11,646 | 11,939 | -2.5% |
| Sales Financing | 793 | 621 | +27.7% |
| AVTOVAZ | 716 | 569 | +25.8% |
| Total | 13,155 | 13,129 | +0.2% |
| Q2 | |||
| Automotive excluding AVTOVAZ | 15,221 | 15,056 | +1.1% |
| Sales Financing | 820 | 630 | +30.2% |
| AVTOVAZ | 761 | 722 | +5.4% |
| Total | 16,802 | 16,408 | +2.4% |
| Q3 | |||
| Automotive excluding AVTOVAZ | 10,057 | 10,974 | -8.4% |
| Sales Financing | 800 | 610 | +31.1% |
| AVTOVAZ | 627 | 634 | -1.1% |
| Total | 11,484 | 12,218 | -6.0% |
| 9 months YTD | |||
| Automotive excluding AVTOVAZ | 36,924 | 37,969 | -2.8% |
| Sales Financing | 2,413 | 1,861 | +29.7% |
| AVTOVAZ | 2,104 | 1,925 | +9.3% |
| Total | 41,441 | 41,755 | -0.8% |
| Q3 | Ytd end of September | |||||
| 2018 | 2017 | % var. | 2018 | 2017 | % var. | |
| France | 142,320 | 130,896 | 8.7% | 531,536 | 498,898 | 6.5% |
| Europe (Excl France) | 289,332 | 266,490 | 8.6% | 971,200 | 924,046 | 5.1% |
| France + Europe Total | 431,652 | 397,386 | 8.6% | 1,502,736 | 1,422,944 | 5.6% |
| Africa Middle East India | 97,101 | 128,503 | -24.4% | 348,544 | 380,234 | -8.3% |
| Eurasia | 174,710 | 185,153 | -5.6% | 546,469 | 508,204 | 7.5% |
| Americas | 110,709 | 110,523 | 0.2% | 325,074 | 292,115 | 11.3% |
| Asia Pacific | 77,367 | 44,981 | 72.0% | 247,695 | 145,446 | 70.3% |
| Total Excl France + Europe | 459,887 | 469,160 | -2.0% | 1,467,782 | 1,325,999 | 10.7% |
| World | 891,539 | 866,546 | 2.9% | 2,970,518 | 2,748,943 | 8.1% |
| Q3 | YtD end of September | |||||
| 2018 | 2017 | % var | 2018 | 2017 | % var | |
| RENAULT | ||||||
| PC | 491,705 | 516,394 | -4.8% | 1,667,030 | 1,660,735 | 0.4% |
| LCV | 86,823 | 89,598 | -3.1% | 301,305 | 291,145 | 3.5% |
| PC+LCV | 578,528 | 605,992 | -4.5% | 1,968,335 | 1,951,880 | 0.8% |
| RENAULT SAMSUNG MOTORS | ||||||
| PC | 20,218 | 22,137 | -8.7% | 58,798 | 74,913 | -21.5% |
| DACIA | ||||||
| PC | 141,694 | 140,918 | 0.6% | 496,857 | 451,569 | 10.0% |
| LCV | 10,387 | 10,018 | 3.7% | 33,439 | 32,730 | 2.2% |
| PC+LCV | 152,081 | 150,936 | 0.8% | 530,296 | 484,299 | 9.5% |
| LADA | ||||||
| PC | 97,103 | 85,331 | 13.8% | 276,842 | 230,163 | 20.3% |
| LCV | 3,185 | 2,150 | 48.1% | 9,919 | 7,688 | 29.0% |
| PC+LCV | 100,288 | 87,481 | 14.6% | 286,761 | 237,851 | 20.6% |
| ALPINE | ||||||
| PC | 751 | 1,388 | ||||
| JINBEI&HUASONG | ||||||
| PC | 1,892 | 10,549 | ||||
| LCV | 37,781 | 114,391 | ||||
| PC+LCV | 39,673 | 124,940 | ||||
| GROUPE RENAULT | , | , | , | , | , | |
| PC | 753,363 | 764,780 | -1.5% | 2,511,464 | 2,417,380 | 3.9% |
| LCV | 138,176 | 101,766 | 35.8% | 459,054 | 331,563 | 38.5% |
| PC+LCV | 891,539 | 866,546 | 2.9% | 2,970,518 | 2,748,943 | 8.1% |
| Year-to-date 09-2018 | Volumes* | PC+LCV M/S | |
| (units) | (in %) | ||
| 1 | FRANCE | 531,536 | 26.59 |
| 2 | RUSSIA | 362,423 | 27.93 |
| 3 | GERMANY | 188,397 | 6.54 |
| 4 | CHINA | 167,908 | 0.86 |
| 5 | ITALY | 161,267 | 9.98 |
| 6 | BRAZIL | 152,235 | 8.56 |
| 7 | SPAIN+CANARY ISLANDS | 147,406 | 12.24 |
| 8 | ARGENTINA | 96,938 | 14.66 |
| 9 | IRAN | 96,000 | 10.00 |
| 10 | TURKEY | 88,677 | 19.13 |
| 11 | UNITED KINGDOM | 80,719 | 3.68 |
| 12 | BELGIUM+LUXEMBOURG | 72,378 | 12.81 |
| 13 | SOUTH KOREA | 62,343 | 4.77 |
| 14 | INDIA | 61,905 | 2.04 |
| 15 | MOROCCO | 54,958 | 43.00 |
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