Groupe RCI Banque - Half-Year Financial Report June 2022




RCI BANQUE SA



HALF YEAR
FINANCIAL REPORT


June 2022
SUMMARY




STATEMENT BY THE PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT....3

BUSINESS REPORT…………………………........................................................................................5

STATUTORY AUDITORS’ REPORT...................................................................................................12

CONSOLIDATED FINANCIAL STATEMENT……………….……………….....................................….16




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Groupe RCI Banque - Half-year Financial Report June 2022




STATEMENT BY
THE PERSON RESPONSIBLE
FOR THE HALF-YEAR
FINANCIAL REPORT




30 June 2022




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RCI Banque Group – Half-year Financial Report 30 June 2022
________________________________________________________________________________________________________




Statement by the person responsible for the Half-Year
Financial Report




Translation of the French original

I hereby declare that, to the best of my knowledge, the half-year consolidated accounts are
prepared in accordance with the applicable accounting standards and give a true and fair picture of
the assets and liabilities, the financial position and the results of the Group and all the entities
included in the consolidation perimeter.
I declare that the half-year business report attached presents an accurate picture of the main events
arisen during the first six months of the year, their incidence on the accounts, as well as a
description of the key risks and uncertainties for the remaining six months of the year.




July 28th 2022

French original signed by
Chairman of the board of Directors
Clotilde DELBOS
Groupe RCI Banque - Half-year Financial Report June 2022




BUSINESS REPORT




30 June 2022




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Mobilize Financial Services(1) in brief
In May 2022, RCI Bank and Services reached a new milestone and adopted a new commercial identity,
becoming Mobilize Financial Services, the brand reference for all car-related usage-based mobility
needs. As a partner who cares for all its customers, Mobilize Financial Services creates innovative
financing services to build sustainable mobility for all.

As the automotive industry undergoes major changes, the strengthening ● Total number of vehicle contracts
of links between Mobilize and Mobilize Financial Services allows Renault (in thousands)
Group’s strategy to go beyond the automotive industry thanks to a
“vehicle as a service” model. To support Mobilize’s development,
Mobilize Financial Services leverages on its 100 years of expertise, its
commercial and financial performance, and its regular contacts with
more than 4 million customers, whose satisfaction is constantly
increasing. Mobilize Financial Services offers innovative services and
digital experiences which allow customers to reduce their usage cost
while accessing a greener mobility.

Tailor-made offers for each type of customer
For Retail customers, we offer financing solutions and services adapted
to their usages to facilitate, support and enrich their experience,
throughout their automotive mobility journey. Our solutions and services
apply to both new and used vehicles. ● New Financings
(excluding personal loans and credit cards / in millions of euros)
For Professional customers, we provide a wide range of mobility
solutions to free them from the constraints of managing their vehicle
fleet and allow them to focus on their core business.
We provide active support to the Alliance(2) brand dealer networks by
financing inventories (of new vehicles, used vehicles and spare parts), as
well as short-term cash flow requirements.

The savings bank business,
a pillar of the company’s refinancing
Launched in 2012, the savings business is present in seven markets: France,
Germany, Austria, United Kingdom, Brazil, Spain and the Netherlands. The
collection of deposits is a lever for diversifying the refinancing sources of the
group’s business. The amounts collected totaled €21.5 billion, i.e., around ● Net assets at end(3)
47% of net assets at the end of June 2022(3). (in millions of euros)

Almost 4,000 employees are fully committed to create
sustainable mobility for all
Mobilize Financial Services focuses on three key priorities:
Develop operating lease and car subscription offers
Mobilize Financial Services expects to benefit from the operating leasing
market growth and intends to roll-out subscription offers, leveraging on
the skills of Bipi that we acquired in 2021.
Expand on the used vehicle segment by optimizing its financing through
the entire life cycle
Mobilize Financial Services will accelerate its used vehicle financing ● Results
activity by focusing on the entire life cycle and offering an integrated (in millions of euros)
service, refurbishing, and remarketing journey.
Offer disruptive services focusing on car insurance and payments
To support the shift from ownership to usage, Mobilize Financial
Services will expand its range of services around two main areas:
innovative auto insurance, leveraging vehicle connectivity to launch
usage-based insurance products and a payment ecosystem.
In order to achieve all these objectives, Mobilize Financial Services is
developing new working methods based on increased cross-functional
working, using collective intelligence.
Relying on nearly 100 years of expertise in automotive financing, our
ambition is to develop used vehicle financing as well as subscription and
operational leasing offers. These will enable us to eventually have used
vehicles that will facilitate the development of our financing and
underwriting activity in this niche segment. In this context, exposure to
residual value risk will increase.


(1) RCI Banque S.A. has been operating under RCI Bank and Services trading name since February 2016 and adopted Mobilize Financial Services as a new commercial identity in
May 2022. Its legal name remains unchanged and is still RCI Banque S.A.
(2) Mobilize Financial Services supports Renault Group brands (Renault, Dacia, Alpine, Renault Korea Motors) worldwide, and Nissan, mainly in Europe, Brazil, Argentina, South Korea and in
the form of joint ventures India, and Mitsubishi Motors in the Netherlands.
(3) Net assets at year-end: net total outstandings + operating lease transactions net of depreciation and impairment.
Business activity H1 2022
Despite an automotive market still penalized by electronic components shortage, Mobilize Financial
Services new financings increase by 2.3% compared to the first half of 2021, thanks to the increasing
number of Used Car Financing contracts and the improved average financed amount.

In an automotive market down 13.4%(1), the volumes of the Alliance The number of insurances and services sold over the first half of 2022
brands stood at 1.15 million vehicles in the first half of 2022, down account for 2.2 million down 6.8% compared to the first half of 2021
22.4%. Excluding equity affiliated companies (Russia, Turkey, India), especially due to the fall of registrations and number of new financing
penetration rate amounts to 46.5%(2) up 2.2pt compared to the first half contracts.
of 2021.
Europe region remains the main pillar for Mobilize Financial Services
Mobilize Financial Services financed 638,474 contracts on the first activity, with new financings (excluding credit cards and personal loans)
semester of 2022, down 10.9% compared to H1 2021. Used Car totalizing €7.8 billion, up 2.5% compared to June 2021, and
Financing grew by 1.6% compared to H1 2021 with 181,520 financed representing 87% of Mobilize Financial Services new financings. The
contracts. Electric Car Financing increased by 20% compared to growth is mostly concentrated in the UK and Germany.
H1 2021 with 38,375 financed contracts.
Americas region, strongly impacted by the sanitary crisis, during the first
New financings (excluding credit cards and personal loans) stood at semester of 2021 is back in the black with new financings up 15.9%
€8.9 billion, up 2.3%, thanks to the used car financing activity and the compared to June 2021, reaching €0.6 billion. All countries within the
14.8% increase of the average financed amount. region are improving compared to previous year, Brazil and Colombia
being positively impacted by foreign exchange rate effect.
Average performing assets (APA)(2) related to the Retail Activity
totalized €38 billion on the first semester of 2022. The amount New financings for Africa – Middle-East – India and Pacific region
increased by 1.3%, thanks the progression observed on the new amounted to €0.4 billion, down 1.5% compared to H1 2021. This
financings. decrease is mainly due to backwards registrations level for the Alliance
brands in Korea.
Average performing assets linked to the Wholesale Activity amounted
to €5.7 billion, down 28.3%, due to electronic component shortage and
stock optimization policy in the dealer network implemented by Renault
Group. Overall, average performing assets totalized €43.7 billion, down
3.9% compared to the first semester of 2021.

(1) On the scope of Mobilize Financial Services’ subsidiaries.
(2) Average Performing Assets: APA correspond to the average performing outstandings in addition to the assets arising from operating lease transactions. For Retail customers, it means
the average of performing assets at month-end. For Dealers, it means the average of daily performing assets.



New vehicle contracts New financings Of which Customer net Of which Dealer net assets
Financing penetration rate processed excluding cards and PL Net assets at year-end assets at year-end at year-end
(in %) (in thousands) (in millions of euros) (in millions of euros)(4) (in millions of euros) (in millions of euros)

PC + LUV(3) market H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021 H1 2022 H1 2021

EUROPE 49.5% 45.9% 513 543 7,756 7,564 41,291 42,133 34,871 34,462 6,420 7,671
of which Germany 52.0% 42.1% 74 68 1,241 1,014 7,501 8,121 6,720 6,816 781 1,305
of which Spain 54.1% 50.2% 42 49 578 636 3,654 3,883 3,223 3,362 431 521
of which France 51.7% 50.3% 188 210 2,669 2,914 15,919 15,806 12,531 12,375 3,388 3,431
of which Italy 65.8% 66.7% 73 80 1,124 1,152 5,323 5,526 4,953 4,902 370 624
of which United Kingdom 51.1% 33.7% 62 55 1,208 911 4,607 4,225 4,143 3,695 464 530
of which other countries 33.5% 33.0% 74 80 935 937 4,287 4,572 3,301 3,312 986 1,260
AMERICAS 33.1% 37.1% 59 72 626 540 2,582 2,295 2,097 1,959 485 336
of which Argentina 22.6% 19.3% 9 7 98 42 225 136 115 72 110 64
of which Brazil 31.8% 35.8% 34 46 344 330 1,662 1,574 1,330 1,363 332 211
of which Colombia 48.5% 65.0% 16 18 183 168 695 585 652 524 43 61
AFRICA - MIDDLE-EAST -
INDIA AND PACIFIC 30.6% 32.1% 43 45 415 421 1,810 1,962 1,698 1,862 112 100
EURASIA 10.4% 13.8% 24 57 118 186 22 4 22 4 - -
TOTAL MOBILIZE F.S. 39.5% 36.1% 638 716 8,915 8,711 45,705 46,394 38,688 38,287 7,017 8,107

(3) Figures refer to passenger car (PC) and light commercial vehicle (LCV) markets.
(4) Net assets at end: net total outstandings + operational lease transactions net of depreciation and impairment. Figures related to commercial activity (penetration rate,new contracts
processed, new financings) include companies consolidated using equity method.
Consolidated financial highlights H1 2022
Excluding exceptional items related to the situation in Russia, Mobilize Financial Services financial
performance remains robust driven by a strong increase of the Net Banking Income.

Results
Net banking income (NBI) amounts to 1,014 M€, up 7.8 % compared to ● Consolidated income statement
the first semester of 2021. This increase is mainly driven by the positive (in millions of euros) 06/2022 06/2021 12/2021 12/2020
effect of swaps valuation (not qualified for hedge accounting purposes) Net banking income 1,014 940 1,828 1,955
coming from interest rate increase. It is worth noting the swap valuation
impact is a temporary effect and will trend towards a zero impact at the General operating expenses(1) (345) (309) (576) (600)
maturity of the swaps. The contribution of Services activities in the NBI Cost of risk (105) (36) (62) (353)
represents 34.1 % almost stable compared to the first half of 2021.
Share in net income (loss)
Operating expenses totalize 326 M€, up 21 M€ million compared to of associates and joint ventures (93) 10 19 19
June 2021. They represent 1.51 % of APA, a 15 basis points increase Gains less losses on non-current
compared to the first half-year 2021. This 15 basis point increase is assets(2) (1)
explained by wholesale APA decrease and by the investments on new
Income (loss) on exposure to inflation(3) (14) (6) (14) (15)
activities such as new activities and digitalization.
Goodwill impairment (1) (2)
The cost of risk for the Customer business (financing for private and
PRE-TAX INCOME 457 599 1,194 1,003
business customers) stands at 0.57 % of APA at the end of June 2022
compared to 0.32 % of APA at the end of June 2021. This increase is CONSOLIDATED NET INCOME
mainly linked to risk parameters normalization. The cost of risk for the (parent company shareholder’ share) 333 451 846 787
Dealer business (financing for dealerships) is a realease of - 0,21 % of (1) Including: a provision for business exemptions and amortization and impairment on tangible
APA at end of June 2022 compared to a release of - 0.56 % of APA in and intangible assets.
June 2021. This variation is mainly linked to decreasing wholesale (2) Capital losses on the disposal of subsidiaries.
outstanding on the first half of 2021. The total cost of risk stands at (3) Restatement of the earnings of the Argentinian entities, now in hyperinflation.
0.48 % of APA compared to 0.16 % at the end of June 2021.
Pre-tax income stands at 457 M€ compared to 598 M€ at end of June
2021. This decrease is mainly explained by a 101.4 M€ one-off ● Consolidated balance sheet
provision on the equity investment in the Russian joint-venture (RN (in millions of euros) 06/2022 06/2021 12/2021 12/2020
Bank).
Net total outstandings of which 44,363 44,998 43,639 45,777
The consolidated net income - parent company shareholders' share -
Retail customer loans 23,035 22,799 22,689 22,975
reaches 333 M€ in 2022, compared to 451 M€ on the first half-year
2021. Financial lease rentals 14,311 14,092 14,180 13,908
Dealer loans 7,017 8,107 6,770 8,894
Balance sheet
Operational lease transactions
In the first half of 2022, the average performing assets of the client (1)
net of depreciation and impairment 1,342 1,396 1,344 1,418
business increased thanks to the growth in new financing. The network
activity's average productive assets were negatively impacted by the Other assets 10,388 10,439 11,253 11,691
semiconductor shortage as well as the new optimization policy for Shareholders’ equity of which 6,744 7,605 7,115 7,163
vehicle inventories in the dealer network. At the end of June 2022, they
reached € 45.7 billion, compared to €46.4 billion at the end of June Equity 5,864 6,725 6,222 6,273
2021 (- 1.5%). Subordinated debts 880 880 893 890

Consolidated equity amounted to €5,864 million compared to Bonds 12,285 15,463 13,811 17,560
€6,725 million at the end of June 2021 (- 12.8%). Negotiable debt securities
(CD, CP, BT, BMTN) 1,125 1,145 1,063 1,172
Profitability Securitization 3,710 3,135 3,097 3,259
ROE(2) is down to 11.12% compared to 14.7% in June 2021 and
RoRWA(3) reaches 2.01% in the first half of 2022 versus 2.52% in the Customer saving accounts -
Ordinary saving accounts 16,574 15,272 15,723 14,714
first half of 2021. Lower ROE and RoRWA are due to the declining
consolidated net income, mostly explained by the one-off provision on Customer term deposit accounts 4,934 5,801 5,296 5,794
the equity investment in the Russian joint venture (RN Bank). Banks and other lenders
(including Schuldschein) 7,137 5,011 6,746 5,584
Solvency
Other liabilities 3,584 3,401 3,385 3,640
The total capital ratio(4) came to 17.18% at the end of June 2022
(of which CET1 ratio was 14.71%), compared to 17.68% at the end of TOTAL BALANCE SHEET 56,093 56,833 56,236 58,886
December 2021 (of which CET1 ratio was 14.76%). The decrease in the
total capital ratio is explained by the increase in RWA on the commercial
portfolio (+€665m) and by the integration of structural exchange rate
risk in the market risk component(5) (+€773m in REA(6)). The CET1 ratio
is stable, the netting of EL/PROV(7) resulting in an increase in CET1
capital (+€180m) offsetting the increase in RWA.




(1) Net assets at year-end: net total outstandings + operating lease transactions net of depreciation and impairment.
(2) The ROE (Return on equity) is calculated by dividing net income for the period by the average net equity (excluding income for the period).
(3) Return on Risk-Weighted Assets (RoRWA) highlights the profitability or return (R) of the Risk-Weighted Assets (RWA). It is the ratio between the net income (parent company
shareholder's share) and the average RWA over a given period. This indicator allows banks and financial institutions to improve the monitoring of their performance and to facilitate
decision-making processes in relation to the associated risks.
(4) Ratio including the interim profits net of provisional dividends, following the regulator's approval in accordance with Article 26 § 2 of Regulation (EU) 575/2013.
(5) Guideline (EBA/GL/2020/09) on structural foreign exchange positions applicable from 1 January 2022.
(6) Risk Exposure Amount: RWA (Credit Risk), CVA, Operational Risk and Market Risk.
(7) The calculation of EL/PROV deductions at performing or default portfolio level rather than at the contract level leads to an increase in CET1 capital (+€180m) partially offset by a
decrease in T2 (-€113m) (In line with article 159 of the CRR and confirmed by Q&A 2013_573).
Financial policy
The resurgence of Covid in China and Russia’s invasion of Ukraine impacted global economic activity
and financial markets in the first half of the year. Rising inflation (mainly driven by the increase in
commodity prices), the normalization of quantitative easing policies and rate hikes by major central
banks led markets to revise growth expectations downwards.

The U.S. economy remained strong in the first few months of the year. ● Geographical breakdown of new resources with a maturity
Labor market indicators are dynamic with an unemployment rate of of one year or more (excluding deposits and TLTRO)
3.6% at the end of May (close to the lowest levels in the last ten years) (as at 30/06/2022)
and household income growth remains robust. Annualized GDP did
decline by 1.4% in the first quarter of 2022 (after a 6.9% increase in
thefourth quarter of 2021). However the Fed considers that this decline
does not reflect a recessionary situation, since household consumption
grew by3.1%, but essentially stems from the weakness of exports in a
context of supply constraints
The persistence of a tight labor market and high inflation led the Fed to
begin its monetary tightening cycle in March. The Fed Funds rate target
was raised by 150 bps to 1.50-1.75%.
The ECB raised its key rate by 0.5% in July, the deposit facility rate
moving back into positive territory at 0%, and announced that it would
stop its asset purchase program. Markets anticipate several rate hikes
to come.
The Bank of England (BoE), one of the first central banks to have started
the monetary tightening cycle, has raised its key rate four times to
1.25% from 0.25% at the end of 2021. It also ended its asset purchase ● Structure of total debt
program and announced the sale of its corporate bonds on the market. (as at 30/06/2022)
Fears of stagflation led to high volatility in the financial markets. In
Europe, bond yields rose in the path of US rates. The ten-year German
sovereign bond rate rose above the 1% mark to 1.33%, compared to a
level of -0.19% at the end of 2021. Equities and corporate bonds have
suffered since the beginning of the year, with stock market index falling
(-20% for the Euro Stoxx 50) and credit spreads widening since Russia’s
invasion of Ukraine. The IBOXX Corporate Bond index stood at 135 bps
at the end of June compared with 61 bps at the end of December 2021.
The group took advantage of the favorable market environment in
January and issued a 3.5 years bond for €750 million. This transaction
attracted an order book of more than €4.5 billion from over
180 subscribers. RCI Banque S.A. also returned to the Swiss market with
the placement of a CHF110 million three years bond. In June, the Bank
successfully placed its first green bond issue for €500 million that will be
settled in July. Proceeds will be used to finance Battery Electric Vehicles
(BEVs) and charging infrastructures. This last transaction demonstrates
the group’s willingness to support the transition to electric mobility and
tackle climate change.
In the securitization market, the group sold approximately €700 million
of notes backed by French auto loans and increased its private ● Static liquidity(1)
securitization in the UK for £100 million. (in millions of euros)
Against this backdrop of highly volatile markets, the retail savings
activity proved to be particularly resilient and competitive in terms of
funding cost compared with wholesale funding sources. Retail deposits
increased by €476 million since the beginning of the year to
€21.5 billion.
Financial Policy
These resources, to which should be added, based on the European scope, As of 30 June 2022, a parallel rise in rates(1) would have an impact on the
€4.3 billion in undrawn confirmed bank lines, €2.7 billion in collateral group’s net interest margin (NII) of:
eligible for Central Bank monetary policy operations, and €4.7 billion
inhighly liquid assets (HQLA), enable RCI Banque to maintain the financing / +€0.5 million in EUR; / -€0.4 million in GBP;
granted to its customers for more than 11 months without access to / -€0.3 million in BRL; / +€0.6 million in PLN;
external liquidity. At 30 June 2022, RCI Banque’s liquidity reserve / +€0.1 million in KRW; / +€0.9 million in CHF.
(European scope) stood at €12.0 billion.
The sum of the absolute values of the sensitivities to a parallel interest rate
RCI Banque’s overall sensitivity to interest rate risk remained below the shock(1) in each currency amounts to €5.3 million.
group’s limit of €70 million.
The group consolidated transactional foreign exchange position(2) is
€7.3 million.
(1) Since 2021 and in accordance with the guidelines of the regulator (IRRBB Guidelines of
2018), the magnitude of interest rate shocks depends on the currency. Over 2021, the
currency rate shocks were:+100 bps for EUR, CHF, KRW, GBP, PLN, MAD, HUF, JPY,
USD and SKK; +150 bps for SEK and DKK; +200 bps for CZK and RON; +300 bps for
BRL; +500 bps for ARS and RUB.
(2) Foreign exchange position excluding holdings in the share capital of subsidiaries.

● Liquidity reserve(1)
(in millions of euros)




(1) Scope Europe.
(2) Liquidity reserve is calibrated to achieve internal business continuity target in stress scenario. Lower level in December 2019 reflects lower level of bond redemption for the following year
(bond repayments respectively €1.8 billion in 2020 and €2.8 million in 2019).


RCI Banque group's programs and issuances
The group’s consolidated issues are made by seven issuers: RCI Banque, Diac, Rombo Compania Financiera (Argentina), RCI Financial Services
Korea Co Ltd (South Korea), Banco RCI Brasil (Brazil), RCI Finance Maroc, and RCI Colombia S.A. Compañia de Financiamiento (Colombia).
RCI Banque short term: S&P: A-3/Moody’s: P-2
RCI Banque long term: S&P: BBB- (Stable)/Moody’s: Baa2 (negative)
Issuer(1) Instrument Market Amount S&P Moody’s Other

RCI Banque S.A. Euro MTN Program euro €23,000 million BBB- (stable outlook) Baa2 (negative outlook)
RCI Banque S.A. NEU CP Program(2) French €4,500 million A-3 P2
RCI Banque S.A. NEU MTN Program(3) French €2,000 million BBB- (stable outlook) Baa2 (negative outlook)
Tier 2 Subordinated
RCI Banque S.A. Notes n°19-517 euro €850 million BB Ba2 (negative outlook)
DIAC S.A. NEU CP Program(2) French €1,000 million A-3
DIAC S.A. NEU MTN Program(3) French €1,500 million BBB- (stable outlook)
Fix Scr: AA (arg)
Rombo Compania Financiera S.A. Bond Program Argentinian ARS6,000 million A+ (arg) (stable oulook) (stable outlook)
RCI Financial Services Korea Co Ltd Bonds South Korean KRW1,490 billion(4) KR, KIS, NICE: A+
Banco RCI Brasil S.A. Bonds Brazilian BRL3,718 million(4) AA+.br (stable outlook)
RCI Finance Maroc BSF Program Moroccan MAD3,500 million
RCI Finance Maroc Tier 2 Subordinated Moroccan MAD68 million
RCI Colombia S.A. Compañia
de Financiamiento Bonds Colombian COP451 billion(4) AAA.co
RCI Colombia S.A. Compañia CDT: Certificado de
de Financiamiento depósito a Término Colombian COP676 billion(4) AAA.co
(1) RCI Banque & Subsidiaries fully consolidated.
(2) Negotiable European Commercial Paper (NEU CP), new name for Certificates of Deposit.
(3) Negotiable European Medium-Term Note (NEU MTN), new name for Negotiable Medium-Term Notes.
(4) Outstandings.
AUDITORS’ REPORT



30 JUIN 2022




- 12 -
Tour Exaltis Tour EQHO - 2 Avenue Gambetta - CS 60055
61, rue Henri Regnault 92066 Paris la Défense Cedex
92075 Paris La Défense Cedex France




RCI Banque S.A.

Statutory Auditors’ Review Report on the
Half-yearly Financial Information
For the period from January 1 to June 30, 2022




This is a free translation into English of the statutory auditors’ review report on the half-yearly financial
information issued in French and is provided solely for the convenience of English-speaking users.
This report includes information relating to the specific verification of information given in the Group’s
half-yearly management report. This report should be read in conjunction with, and construed in
accordance with, French law and professional standards applicable in France.




Mazars KPMG S.A.
Société anonyme d'expertise comptable et de commissariat aux comptes à Société anonyme d’expertise comptable et de
directoire et conseil de surveillance commissariat aux comptes
Capital de 8 320 000 euros - RCS Nanterre 784 824 153 Capital de 5 407 100 euros – RCS Nanterre 775 726 417
RCI Banque S.A.
Limited company with a share capital of 100 000 000 €
15 rue d’Uzès 75002 Paris
RCS : Paris 306 523 358



Statutory Auditors’ Review Report on the Half-yearly Financial Information
For the period from January 1 to June 30, 2022




To the Shareholders,



• In compliance with the assignment entrusted to us by your general meeting and in accordance with
the requirements of article L. 451-1-2-III of the French Monetary and Financial Code ("Code monétaire
et financier"), we hereby report to you on:

• the review of the accompanying condensed half-yearly consolidated financial statements of RCI
Banque S.A., for the period from January 1 to June 30, 2022,

• the verification of the information presented in the half-yearly management report.



These condensed half-yearly consolidated financial statements are the responsibility of the Board of
Directors. Our role is to express a conclusion on these financial statements based on our review.




Conclusion on financial statements
We conducted our review in accordance with professional standards applicable in France.

A review of interim financial information consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with professional standards
applicable in France and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying
condensed half-yearly consolidated financial statements are not prepared, in all material respects, in




RCI Banque S.A.
Statutory Auditors’ Review Report on the Half-yearly Financial Information
For the period from January 1 to June 30, 2022
accordance with IAS 34 - standard of the IFRSs as adopted by the European Union applicable to interim
financial information.




Specific verification
We have also verified the information presented in the half-yearly management report on the condensed
half-yearly consolidated financial statements subject to our review. We have no matters to report as to
its fair presentation and consistency with the condensed half-yearly consolidated financial statements.




The Statutory Auditors



Mazars KPMG S.A.

Paris La Défense, July 29, 2022 Paris La Défense, July 29, 2022




Anne Veaute Ulrich Sarfati

Partner Partner




RCI Banque S.A.
Statutory Auditors’ Review Report on the Half-yearly Financial Information
For the period from January 1 to June 30, 2022
Groupe RCI Banque - Half-Year Financial Report June 2022




RCI BANQUE



INTERIM CONSOLIDATED FINANCIAL
STATEMENTS

30 June 2022




The group decided to change its brand name to “Mobilize Financial Services.”




- 16 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




SUMMARY


BALANCE SHEET AND INCOME STATEMENT.......................................................................................18

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ....................................................................21

CONSOLIDATED CASH FLOW STATEMENT ...................................................................................................22

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ....................................................................23

1. APPROVAL OF FINANCIAL STATEMENTS - DISTRIBUTIONS ....................................................23

2. KEY HIGHLIGHTS........................................................................................................................................23

3. ACCOUNTING RULES AND METHODS..................................................................................................30

4. ADAPTING TO THE ECONOMIC AND FINANCIAL ENVIRONMENT .......................................... .32

5. REFINANCING ................................................................................................................................34

6. REGULATORY REQUIREMENTS ..................................................................................................34

7. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .................................................... 35




- 17-
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




CONSOLIDATED BALANCE SHEET

AS S ETS - In millions of euros Notes 06/2022 12/2021


Cash and balances at central banks 2 4 788 6 745
Derivatives 3 261 147
Financial assets at fair value through other comprehensive income 4 982 837
Financial assets at fair value through profit or loss 4 147 137
Amounts receivable at amortised cost from credit institutions 5 1 853 1 294
Loans and advances at amortised cost to customers 6 et 7 44 828 44 074
Current tax assets 8 92 21
Deferred tax assets 8 210 179
Tax receivables other than on current income tax 8 151 112
Adjustment accounts & miscellaneous assets 8 1 135 957
Investments in associates and joint ventures 54 146
Operating lease transactions 6 et 7 1 342 1 344
Tangible and intangible non-current assets 111 94
Goodwill 139 149

TOTAL AS S ETS 56 093 56 236



LIABILITIES AND EQUITY - In millions of euros Notes 06/2022 12/2021

Central Banks 9.1 3 728 3 738
Derivatives 3 182 44
Amounts payable to credit institutions 9.2 2 320 1 997
Amounts payable to customers 9.3 22 597 22 030
Debt securities 9.4 17 120 17 971
Current tax liabilities 10 153 136
Deferred tax liabilities 10 742 670
Taxes payable other than on current income tax 10 22 21
Adjustment accounts & miscellaneous liabilities 10 1 863 1 916
Provisions 11 191 162
Insurance technical provisions 11 431 436
Subordinated debt - Liabilities 13 880 893
Equity 5 864 6 222
- Of which equity - owners of the parent 5 863 6 208
Share capital and attributable reserves 814 814
Consolidated reserves and other 4 994 4 950
Unrealised or deferred gains and losses (278) (402)
Net incom e for the year 333 846
- Of which equity - non-controlling interests 1 14

TOTAL LIABILITIES & EQUITY 56 093 56 236




- 18 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




CONSOLIDATED INCOME STATEMENT

In millions of euros Notes 06/2022 06/2021 12/2021

Interest and similar income 19 973 919 1 766
Interest expenses and similar charges 20 (372) (304) (599)
Fees and commission income 21 342 316 639
Fees and commission expenses 21 (148) (139) (282)
Net gains (losses) on financial instruments at fair value through profit or loss 65 2 8
Income of other activities 22 494 546 1 091
Expense of other activities 22 (340) (400) (795)

NET BANKING INCOME 1 014 940 1 828

General operating expenses 23 (335) (300) (556)
Depreciation and impairment losses on tangible and intangible assets (10) (9) (20)


GROS S OPERATING INCOME 669 631 1 252

Cost of risk 24 (105) (36) (62)

OPERATING INCOME 564 595 1 190

Share in net income (loss) of associates and joint ventures (2) (93) 10 19
Gains less losses on non-current assets
Impact of Profit & Loss for Subisidiaries in Hyperinflation Context (14) (6) (14)
Goodwill impairment (1)

PRE-TAX INCOME 457 599 1 194

Income tax 25 (122) (138) (328)

NET INCOME 335 461 866

Of which, non-controlling interests 2 10 20
Of which owners of the parent 333 451 846

Number of shares 1 000 000 1 000 000 1 000 000

Net Income per share (1) in euros 332,94 451,48 846,42

Diluted earnings per share in euros 332,94 451,48 846,42

(1) Net income - Owners of the parent compared to the number of shares

(2) RN Bank's equity-method value was fully impaired at 30 June 2022, due to the uncertainties regarding the recoverability of this asset,
representing a negative impact on the equity-method entities' net income of €101 million for the period.




- 19 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

In millions of euros 06/2022 06/2021 12/2021

NET INCOME 335 461 866

Actuarial differences on post-employment benefits 12 5 8
Total of items that will not be reclassified subsequently to profit or loss 12 5 8

Unrealised P&L on cash flow hedge instruments 97 22 47
Unrealised P&L on financial assets (5) (1) (3)
Exchange differences 27 52 53
Other unrealised or deferred P&L (0)
Total of items that will be reclassified subsequently to profit or loss 119 73 97

Other comprehensive income 131 78 105

TOTAL COMPREHENS IVE INCOME 466 539 971

Of which Comprehensive income attributable to non-controlling interests 9 15 27
Of which Comprehensive income attributable to owners of the parent 457 524 944




- 20 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unrealized
Share Attribut. Consolid. T ranslation
or deferred Net income Equity Equity
capital reserves reserves adjust. Total
P&L
In millions of euros Consolida
(Shareho ld ers (Shareho ld ers (No n- ted equity
(1) (2 ) (3 ) (4 ) o f the p arent o f the p arent co ntro lling
co mp any) co mp any) interes ts )


Equity at 31 December 2020 100 714 5 159 (454) (46) 787 6 260 13 6 273
Appropriation of net income of previous year 787 (787)

Equity at 1 January 2021 100 714 5 946 (454) (46) 6 260 13 6 273
Change in value of financial instruments recognized in
15 15 6 21
equity
Actuarial differences on defined-benefit pension plans 5 5 5

Exchange differences 53 53 (1) 52

Net income for the year (before appropriation) 451 451 10 461

Total comprehensive income for the period 53 20 451 524 15 539

Effect of acquisitions, disposals and others (3) (3) (3)

Dividend for the period (69) (69) (6) (75)

Repurchase commitment of non-controlling interests (9) (9)

Equity at 30 June 2021 100 714 5 874 (401) (26) 451 6 712 13 6 725
Change in value of financial instruments recognized in
20 20 3 23
equity
Actuarial differences on defined-benefit pension plans 3 3 3

Exchange differences 2 2 (1) 1

Net income for the year (before appropriation) 395 395 10 405

Total comprehensive income for the period 2 23 395 420 12 432

Effect of acquisitions, disposals and others 4 4 4

Dividend for the period (931) (931) (14) (945)

Repurchase commitment of non-controlling interests 3 3 3 6

Equity at 31 December 2021 100 714 4 950 (399) (3) 846 6 208 14 6 222
Appropriation of net income of previous year 846 (846)

Equity at 1 January 2022 100 714 5 796 (399) (3) 6 208 14 6 222
Change in value of financial instruments recognized in
91 91 1 92
equity
Actuarial differences on post-employment benefits 12 12 12

Exchange differences 21 21 6 27

Net income for the year (before appropriation) 333 333 2 335

Total comprehensive income for the period 21 103 333 457 9 466

Dividend for the period (5) (800) (800) (12) (812)

Repurchase commitment of non-controlling interests (2) (2) (10) (12)

Equity at 30 June 2022 100 714 4 994 (378) 100 333 5 863 1 5 864

(1) The share capital of RCI Banque S.A. (100 million euros) consists of 1,000,000 fully paid up shares with par value of 100 euros each, of which
999,999 shares are owned by Renault s.a.s.
(2) Attributable reserves include the share premium account of the parent company.
(3) The change in translation adjustments at 30 June 2022 relates primarily to Argentina, Brazil, Colombia, South Korea, Morocco, the United Kingdom,
Switzerland, Poland, Switzerland and Turkey. At 31 December 2021, it related primarily to Argentina, Brazil, Colombia, South Korea, India,
Morocco, Turkey, the United Kingdom, Switzerland and Czech Republic.
(4) Includes the fair value of derivatives used as cash flow hedges and fair value on debt instrument for €106 and IAS 19 actuarial gains and losses for
-€6m at end June 2022.
(5) Distribution to the shareholder Renault of a dividend on the 2021 result for €800 million.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022


CONSOLIDATED CASH FLOW STATEMENT

In millions of euros 06/2022 06/2021 12/2021

Net income attributable to owners of the parent company 333 451 846

Depreciation and amortization of tangible and intangible non-current assets 10 9 19
Net allowance for impairment and provisions 61 (49) (89)
Share in net (income) loss of associates and joint ventures 93 (10) (19)
Deferred tax (income) / expense 11 35 62
Net loss / gain from investing activities 5 5
Net income attributable to non-controlling interests 2 10 20
Other (gains/losses on derivatives at fair value through profit and loss) (64) 9 13

Cash flow 446 460 857

Other movements (accrued receivables and payables) (156) (503) (222)
Total non-monetary items included in net income and other adjustments (43) (495) (212)

Cash flows on transactions with credit institutions (130) (749) 1 289
- Inflows / outflows in amounts receivable from credit institutions (58) 27 165
- Inflows / outflows in amounts payable to credit institutions (72) (776) 1 124
Cash flows on transactions with customers (25) 1 456 2 774
- Inflows / outflows in amounts receivable from customers (625) 1 089 2 525
- Inflows / outflows in amounts payable to customers 600 367 249
Cash flows on other transactions affecting financial assets and liabilities (1 076) (2 021) (3 998)
- Inflows / outflows related to AFS securities and similar (162) 285 (71)
- Inflows / outflows related to debt securities (769) (2 230) (3 914)
- Inflows / outflows related to collections (145) (76) (13)
Cash flows on other transactions affecting non-financial assets and liabilities (2) (2) (57)
Net change in assets and liabilities resulting from operating activities (1 233) (1 316) 8

Net cash generated by operating activities (A) (943) (1 360) 642

Flows related to financial assets and investments (10) (101)
Flows related to tangible and intangible non-current assets (22) (1) (15)

Net cash from / (used by) investing activities (B) (32) (1) (116)

Net cash from / (to) shareholders (812) (75) (1 020)
- Dividends paid (812) (75) (1 020)

Net cash from / (used by) financing activities (C) (812) (75) (1 020)
Effect of changes in exchange rates and scope of consolidation on cash and equivalents (D) 7 68 88
Change in cash and cash equivalents (A+B+C+D) (1 780) (1 368) (406)
Cash and cash equivalents at beginning of year: 7 705 8 111 8 111
- Cash and balances at central banks 6 729 7 289 7 289
- Balances in sight accounts at credit institutions 976 822 822
Cash and cash equivalents at end of year: 5 925 6 743 7 705
- Cash and balances at central banks 4 749 5 979 6 729
- Credit balances in sight accounts with credit institutions 1 735 1 161 1 236
- Debit balances in sight accounts with credit institutions (559) (397) (260)

Change in net cash (1 780) (1 368) (406)




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

RCI Banque S.A., the group’s parent company, is a limited company (Société Anonyme under French law) with a
Board of Directors and a fully paid up share capital of 100,000,000 euros. It is subject to all legislation and regulations
applicable to credit institutions and is listed on the Bobigny Register of Trade and Companies under number 306 523
358.
RCI Banque S.A’s registered office is located at 15, rue d’Uzès 75002 Paris.
RCI Banque S.A.’s main business is to provide financing for the Renault - Nissan Alliance brands.
The condensed consolidated interim financial statements of the Mobilize Financial Services group for the six months
ended 30 June relate to the Company and its subsidiaries, and to the group’s interests in associates and jointly-
controlled entities.




1. APPROVAL OF FINANCIAL STATEMENTS - DISTRIBUTIONS

The summary consolidated financial statements of the Mobilize Financial Services group for the six months to 30
June 2022 were established by the Board of Directors on 28 July 2022 which authorized their publication.
The Mobilize Financial Services group's consolidated financial statements for the year 2021 were established by the
Board of Directors on 12 February 2022 and approved at the General Meeting on 20 May 2022. It was decided to pay
shareholders a dividend of €800 million on the 2021 result.
The consolidated financial statements are expressed in millions of euros unless otherwise indicated.


2. KEY HIGHLIGHTS


"Mobilize Financial Services" trade name change

In order to reinforce its ties to Mobilize, Groupe Renault's mobility branch, and to benefit from a strong brand
everywhere in the world, the group decided to change the name of its trademark "RCI Bank and Services." As a result,
the name was changed to "Mobilize Financial Services".
This change did not impact the company's name at all, which remains RCI Banque S.A.

War in Ukraine


The conflict in Ukraine and the economic and trade sanctions progressively levied against Russia, as well as the
counter-sanctions levied by Russia impacted the group’s business during the quarter. The areas in question mainly
include employee security, the risk of a shortage of financing in Russia, the risk of cyberattacks, and information
systems failure.
The Mobilize Financial Services group has investments in both Russia and Ukraine.
The Mobilize Financial Services group complies strictly with the regulations in force and has diligently implemented
the necessary measures to comply with international sanctions.
Given the way the bank operates in these two countries, the statement of financial position exposure to Russia and
Ukraine is limited.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022


In Ukraine


RCI Banque S.A. owns 100% of a non-consolidated subsidiary. The Group does not have any loan exposures to this
company.
RCI Banque S.A.’s net investment is limited to the share of this subsidiary's capital (€0.3 million) that was fully
provisioned during the first half of 2022.


In Russia


The main exposure to Russia comes from the investment in RN Bank, a self-financed entity in which the Group holds
a 30% economic interest and which is consolidated using the equity method. Due to the uncertainties regarding the
recoverability of this asset, its holdings in RN Bank were subject to a provision for their full value at 30 June 2022.
The negative impact in the firt half year amounted to €101 million on net income and €48 million in balance sheet.
After the impairment allowance, a translation difference of -€30 million was recognized in foreign exchange reserves.
The group also owns 100% of RNL Leasing, a leasing company consolidated using the equity method. RNL leasing's
contribution to the group’s equity was not significant (€2 million) and the shareholder loans of 1.5 billion rubles
(equivalent to €26 million) were eliminated as part of the treatment of intragroup transactions.
The Mobilize Financial Services group has taken steps to withdraw from its investments in Russia.
In the event of the deconsolidation of RNL Leasing, a loss could be recorded under shareholder loans.


New issues of securitization funds

In the securitization market, the group invested around €700 million in May backed by car loans granted by its French
subsidiary DIAC (of which €650 million in senior notes and around €50 million in subordinated notes).


Covid-19 health crisis:


The “Covid-19” moratoria have been applied within the framework of the EBA definitions and according to the
situation in each country. Given that they were not renewed in 2021, the Mobilize Financial Services group no longer
has any outstandings subject to active moratoria at the end of June 2022.


Note: The Mobilize Financial Services group is not involved in the granting of government-guaranteed loans
(PGE).


As the economic context remains uncertain, the cautious approach adopted at the end of 2021 was retained.
• on the criteria for reclassifying certain receivables to bucket 2 (receivables impaired since origination).
These are non-model adjustments, mainly concerning a) corporate exposures outside the dealer network on which an
individual review is carried out on a regular basis, and b) clients under expired moratoria.
Better understanding of situations through external data and/or hindsight make it possible to now assess the behavior
of outstandings with longer moratoria, leading to impairment of €21 million in Italy (forbearance).
• in the provisioning of the same receivables; these are non-model adjustments (mainly on moratoria expired
when signs of possible impairment are identified).
Concerning adjustments on Corporate exposures subject to individual reviews, a significant reversal was made in
France for €12 million due to a decrease in the estimated risk on these counterparties.
Furthermore, the estimate of the forward-looking provision was completed for customer segments deemed particularly
affected by the crisis. In the absence of any late payments, the segments concerned were retained in their original
bucket. These all relate to Corporate exposures on clients operating in business sectors particularly affected by the
crisis, but for which an individual analysis was not possible. The outstandings concerned amount to €1,391 million.
Once again, the adjustment made was to bring the provisioning rate to the rate recorded for the outstandings of the
same segments recognized in bucket 2.



- 24-
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022


In customer activity, the provisioning rate for bucket 2 deteriorated slightly from 5.2% to 5.4% due to the unfavorable
effect of the LGD parameter, partly offset by an improvement in the PD parameter, while the provisioning rate of
bucket 3 went from 54.5% to 58.5% between the end of 2021 and the end of June 2022, due to the effect of the LGD
parameter, specifically in France and Brazil. The provisioning rate for bucket 1 remained stable at 0.8%.


Cost of risk

IFRS 9 introduces the notion of forward-looking into the credit risk-related expected loss (ECL) calculation. Through
this notion, new requirements in terms of monitoring and measuring credit risk are introduced with the use of forward-
looking data, in particular macroeconomic data. The principles for calculating provisions for credit risk are described
in Section 4.3.3.5 of the 2021 annual report.

The cumulative cost of customer risk at the end of June 2022 amounted to 105 millions euros (0.48% of average
performing assets) with108 millions euros for retail (0,57% of average performing assets) and a release of 6,0 millions
euros for dealer network (-0,21% of average performing assets).
Compared with the first half of 2021 (cost of risk €36 million, 0.16% APA), the total cost of risk at the end of June
2022 increased (cost of risk) by €69 million. This change is mainly due to:
• An increase, over the first six months of 2022, in impairment allowances for customer receivables (note 7) of €59
million compared to a decrease of €23 million over the first six months of 2021. This difference is mainly due to:
- the change in coverage rates on impaired receivables: in June 2021, the total coverage rate was stable
compared to December 2020 (2.22%) while in June 2022, it increased by 9 basis points (2.35% in June 2022
versus 2.26% in December 2021).
- the change in customer outstandings increased by €811 million over the first six months of 2022 compared to
a decrease in outstandings of €814 million over the same period in 2021.
• The increase in the total coverage rate is mainly due to the IFRS 9 calculation parameter update and more
specifically Loss Given Default. In June 2021, LGD reflected “exceptional” debt collection performance
following the end of the Covid-19 crisis in late 2020. In June 2022, LGD took into account average debt
collection performance without exceptional items.
For the dealer network, the cost of risk consists of a reversal of provisions for impairment of €6 million compared to
December 2021.
The forward-looking adjustment included in these figures includes a macroeconomic component and a collective
component.
For customers, the forward-looking adjustment was an reversal of €7 million:
- There was a €4.5 million increase for the update of the macroeconomic component in which the weighting of
the adverse scenario was increased in all countries except Brazil in order to limit the differences between
countries.
- An decrease of €11.5 million for the collective provision for economic players in sectors most affected by the
Covid-19 crisis.
For the dealer network, the forward-looking adjustment was an increase of €1.2 million.
The proportion of customer receivables in default was stable at 2.5% compared to December 2021.


The breakdown of customer loans and provisions associated with each IFRS 9 category is detailed in notes 7.




- 25 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




Significant assumptions for IFRS 9 expected loss calculations:
These are close to those used for the 2021 financial year, to which is added the forecast adverse effect on the amount
of provisions for the application of the new definition of default for the scope treated under the advanced method.

Forward-looking

The forward-looking provision comprises a statistical provision and a sectoral expertise provision.
The statistical provision is based on three scenarios:
- "Stability": which provides for three years of stability of the expected credit loss provision
parameters (ECL: Expected Credit Losses), based on the latest available risk parameters;
- "Baseline": the most optimistic scenario that uses the parameters of the European Central Bank
(ECB) stress tests of February 2021 and thus making it possible to stress the PDs and LGDs, and
therefore the ECLs for the G7 countries in the Mobilize Financial Services group’s provision tool;
- “Adverse”: least optimistic scenario, which also stems from the ECB stress tests for the retail part
and internal historical data for the wholesale activity.

The scenarios are then weighted to take account of macroeconomic projections (GDP, unemployment, etc.)
and thus obtain a forward-looking statistic by comparison with the IFRS 9 accounting provisions.

Since the Covid-19 crisis, the forward-looking statistic includes a sectoral provision and is therefore
composed of a statistical + sectoral provision. The calculation is performed after restatement in the statistical
provision of the sectoral provisions to avoid double provisions for outstandings. The calculation is made after
the restatement of the statistical provision in the sector provision to ensure no double provision is made for
outstandings.


Forward-looking - Sector approach

The method for the sector-based approach was changed this year with new segments added following the
INSEE note and others withdrawn. In addition, the sector-based forward-looking provision now includes
individuals working for an employer in high-risk sectors.

Since end of 2020, additional hedging was assigned to the main business sectors affected by the Covid-19
crisis (hotels, catering, passenger transport, etc.) by applying the hedging ratio for B2 outstandings to B1
exposures. They were occasionally supplemented by a small number of sectors specific to certain countries.
This adjustment represented €35.6 million at the end of June 2022, compared with €47 million at the end of
2021.

Forward-looking – Statistical approach

The conflict in Ukraine has clouded economic recovery projections in many countries due to disruptions in
logistics chains and changes in the prices of certain raw materials. Thus, with respect to the weightings at 31
December 2021, the Mobilize Financial Services group decided to increase the weight of the “adverse”
scenario in most countries and reduce the spread.

- Retail scenarios: the Adverse scenarios for all countries excluding Brazil were increased by 5 points
in order to take into account the deterioration in the OECD economic outlook between
December 2021 and June 2022.
The Adverse scenario for Brazil’s retail business was reduced from 40% to 35% in order to take into
account the OECD's best economic outlook for employment in the country.

- Wholesale scenarios: The adverse scenarios of certain countries were increased by 5 points except
for Italy and Spain, which were already at 40%.
The dealer network business scenario in Brazil was reduced by 5 points in order to not exceed 40%
for the adverse scenario across all countries.


Following these changes in weightings, the statistical forward-looking provision is €93.3 million, compared
with €87.6 million in December 2021.




- 26 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Forward-looking statistical sensitivity:

The application of a weighting of 100% to the stability scenario would be equivalent to calculating the ECL
without applying stress and would lead to a reduction in the statistical impairment of €93.3 million.

The application of a weighting of 100% to the baseline scenario would lead to a reduction of €173.3 million
in the statistical impairment.

The application of a weighting of 100% to the adverse scenario would lead to an increase of €246.7 million
in the statistical impairment.



The statistical and sectoral provision stood at €128.9 million compared to €134.8 million in December
2021.

Customer Dealer financing Total
In millions of euros
06/2022
Bucket 1 Bucket 2 Bucket 3 Bucket 1 Bucket 2 Bucket 3

France 20,2 7,5 6,2 10,4 0,3 0,0 44,6
Brazil 4,6 7,0 2,4 0,9 0,1 15,1
Italy 3,2 1,0 1,7 1,8 0,3 0,2 8,2
Spain 4,5 2,8 2,2 2,9 1,0 0,1 13,4
Morocco 5,4 1,2 1,3 1,4 0,3 0,1 9,6
United Kingdom 4,6 0,9 0,6 0,4 0,0 0,0 6,6
Germany 2,6 2,5 0,7 1,0 0,1 0,0 7,0
Colombia 3,3 1,1 0,7 0,1 0,1 0,0 5,2
Portugal 3,3 0,2 0,0 1,1 0,0 0,0 4,6
Austria 2,3 0,4 0,0 0,5 0,0 0,0 3,3
Poland 2,0 0,6 0,4 0,6 0,0 3,7
Czech Rep 0,8 0,0 0,0 0,2 0,0 0,0 1,1
Other 1,6 1,9 0,6 2,1 0,6 0,0 6,7
Total 58,2 27,0 17,0 23,3 2,8 0,5 128,9




Customer Dealer financing Total
In millions of euros
12/2021
Bucket 1 Bucket 2 Bucket 3 Bucket 1 Bucket 2 Bucket 3

France 27,3 5,8 5,6 9,5 0,4 0,0 48,6
Brazil 3,6 6,0 2,2 1,3 0,2 13,3
Italy 5,8 2,5 2,0 2,0 0,4 0,4 13,0
Spain 4,3 2,9 2,1 2,7 0,8 0,1 12,9
Morocco 5,8 1,3 1,4 1,1 0,3 0,1 9,9
United Kingdom 4,9 1,7 0,7 0,4 0,0 7,7
Germany 3,2 2,1 0,8 1,0 0,1 0,0 7,2
Colombia 3,1 0,8 0,7 0,1 0,1 0,0 4,7
Portugal 3,2 0,2 0,1 1,0 0,0 0,0 4,5
Austria 2,2 0,3 0,1 0,4 0,0 3,0
Poland 1,5 0,3 0,3 0,6 0,1 2,8
Czech Rep 0,9 0,0 0,0 0,1 0,0 0,0 1,1
Other 1,9 1,5 0,5 1,7 0,5 0,0 6,1
Total 67,5 25,5 16,5 21,9 2,8 0,7 134,8




- 27 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022


Provisions for appraisals (additional non-model adjustments)

An expert adjustment of the provisions may be made locally if necessary. The expert can adjust the allocation of an
exposure in buckets 1 and 2 and the calculated ECL if he/she has additional information. These adjustments must be
justified and are classified into six categories: Moratoria / Vulnerable customers, Fraud, Rentacar / Short-Term
Renting, Individual, Risk Parameters, Others.


Vulnerable customers
Depending on the procedures applied in each country when granting Covid-19 moratoriums, an additional provision
was applied to the exposures that benefited from them in 2020-2021, irrespective of whether or not they had been
downgraded to forbearance. Essentially, the method applied involved assessing the risk on these portfolios on the
basis of external data and/or with sufficient hindsight on the behavior of exposures at the end of moratoriums.
At the end of 2022, the adjustment represents a provision of €37.5 million compared with €47 million at the end of
2021.


Fraud
The hedging of the exposures identified as fraud was adjusted in 2022 with a provision reversal of €1.4 million,
resulting from write-offs and the maturing of defaulted contracts, which resulted in a higher statistical coverage rate.

Rentacar / Short Term Renting

These are appraisals related to short-term leasing companies. This appraisal's inventory represented €2.8 million at the
end of June 2022.


Individual

In the event of non-model adjustments following an individual review of corporate counterparties (excluding
wholesale), the healthy exposure is downgraded to B2.

Forbearance should not lead to systematic downgrading from one bucket to another (and in particular from Bucket 1
to Bucket 2). Instead, counterparties should be analyzed (on an individual or collective basis) to differentiate those
suffering real deterioration in their credit risk over the life of the assets from those only encountering “temporary
liquidity problems”.

These appraisals are applied during individual company reviews based on a minimum threshold of outstandings. They
represented €23.4 million at the end of June 2022, a reversal of €10.6 million compared to the end of December 2021.
This reversal was concentrated in France and reflects the improvement of the financial indicators of companies
subject to individual review.


Risk Parameters

These appraisals are performed in order to cover biases or uncertainties regarding the risk parameters. They can also
be applied to anticipate changes in parameters or model changes. They amounted to €35.3 million at the end of
June 2022 compared to €36.7 million at the end of December 2021.


Others

This type of appraisal includes those that have not been classified in one of the other five categories. They totaled
€21.2 million at the end of June 2022.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




Application of the new definition of default

In 2021, the Mobilize Financial Services Group finalized its project to comply with the new definition of default for
countries using the advanced method (France, Italy, Spain, Germany, the United Kingdom, and South Korea) and for
countries using the standardized method (Brazil and non-G7 countries).

The provisioning parameters (probability of default, measurement of the loss incurred in the event of a counterparty
default) are currently set according to the methods apwplicable to the new default (reconstruction of the calculation
history, adapted "days past due" counter, etc.). The loss incurred in the event of counterparty default parameter has
been updated on a monthly basis for all countries since June 2022.



Affectation of Bipi goodwill

The group has finalized the determination of the fair values of the assets acquired and liabilities assumed from Bipi
Mobility SL and its subsidiaries, of which it acquired 100% in July 2021 at a price of €67 million. This company is
developing its offering in flexible vehicle leasing. The main adjustments relate to the brand, recognized for €8 million,
and the technology, recognized for €5 million. The final goodwill is calculated at €59 million.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




3. ACCOUNTING RULES AND METHODS

The interim financial statements for the six months to 30 June 2022 were prepared in accordance with the principles
set out in IAS 34 "Interim Financial Reporting". They do not include all the information required when preparing
annual consolidated financial statements and must therefore be read in conjunction with the financial statements for
the year ended 31 December 2021.

The Mobilize Financial Services group's financial statements for the year ended 30 June 2022 were prepared in
accordance with the IFRS (International Financial Reporting Standards) guidelines published by the IASB
(International Accounting Standards Board) as at 30 June 2022 and as adopted in the European Union by the
statement closing date. With the exception of the changes indicated hereafter, the accounting rules and methods used
are identical to those applied in the consolidated financial statements for the year ended 31 December 2021.


A – Changes in accounting policies

The Mobilize Financial Services group applies the standards and amendments published in the Official Journal of the
European Union, application of which has been mandatory since 1 January 2021.

➢ New regulations that must be applied at January 1, 2022

Amendment IAS 16 Revenue generated before its intended use

Amendment IFRS 3 Update of the reference to the conceptual framework
Costs to be taken into account to determine whether the contract is
Amendment IAS 37
onerous
Annual improvements
Annual standards improvement process
(2018-2020 cycle)


The application of the other standards and amendments from January 1, 2022 has no significant effect on the Group’s
financial statements.


➢ Published standards and amendments that are not yet applicable

Amendment IAS 1 Information regarding significant accounting January 1, 2023
policies

Amendment IAS 8 Definition of accounting estimates January 1, 2023

IFRS 17 et amendements Insurance contracts January 1, 2023


The Group is in the process of analyzing the potential impacts. At this stage, the Group does not anticipate any
significant impact to the consolidated financial statements due to the application of the amendments to IAS 1 and
IAS 8.

IFRS 17 "Insurance contracts", published on 18 May 2017, and amended by the amendments of 25 June 2020, sets out
the principles of recognition, measurement, presentation, and disclosures for insurance contracts. It replaces IFRS 4
"Insurance contracts" and will be applicable for fiscal years starting on or after 1st January 2023.

IFRS 17 mainly applies within the group to insurance contracts issued and reinsurance contracts taken out by
insurance companies in the Sales Financing sector. Contracts will now be evaluated according to the general model
(also known as the “building blocks approach”) consisting of: (1) estimates of future cash flows discounted and
weighted by their probability of occurrence, (2) an adjustment for non-financial risk, and (3) the contractual service
margin. The contractual service margin will be recognized in the income statement according to the coverage units
provided during the period. The group will apply the simplified retrospective approach to address the impact of the
transition on the financial statements at 1st January 2023.

- 30 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022


➢ Other standards and amendments not yet adopted by the European Union

Amendment IAS 1 Classification of liabilities as current or non-current January 1, 2023
liabilities.

Amendment IAS 12 Deferred tax on assets and liabilities arising from January 1, 2023
the same transaction

Amendment IFRS 17 First-time application of IFRS 17 and IFRS 9 - January 1, 2023
Comparative information


The Group is in the process of analyzing the potential impacts, but at this stage, it does not anticipate any significant
impact on the consolidated financial statements due to the application of these amendments.

➢ Interpretation of the IFRS IC related to the recognition of “Targeted Long Term Refinancing
Operations” (IFRS 9 and IAS 20)

The IFRS IC decision aiming to clarify the analysis and recognition of TLTRO III transactions was made final in
March 2022. This decision applies to the TLTRO III drawdowns performed by the Sales Financing sector, to which
the Group has chosen to apply IFRS 9. More details are provided regarding these transactions in Note 9.

➢ Interpretation of the IFRIC on the costs of configuring and customizing a SaaS contract for software
(IAS 38).

With regard to the interpretation of the IFRIC of April 2021, relating to the recognition of the costs of configuration
and customization of a SaaS type contract for software, no significant impact has been identified at this stage.


B. Estimates and judgments

Given the particular reporting context, the changes made to the judgments and assumptions in December 2021 were
maintained at June 30, 2022 :
- Forward-looking data (maintaining sectoral expertise, see paragraph "Cost of risk")
- Provision estimation models:
Estimation models have not been adapted.

The main areas of judgements and estimations in preparing the condensed consolidated financial statements for the
period ending June 30, 2022 are identical to those set out in Note 4.3.3 to the 2021 annual financial statements.

C. Changes in presentation

At June 30, 2022, there are no changes in presentation compared with the previous year.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



4. ADAPTING TO THE ECONOMIC AND FINANCIAL ENVIRONMENT
In a mixed economic environment, the Mobilize Financial Services group continues to implement a prudent financial
policy and reinforces its liquidity management and control system.

Liquidity

The Mobilize Financial Services group pays great attention to diversifying its sources of access to liquidity. Since the
start of the financial crisis in 2008, the company has largely diversified its sources of funding. In addition to its
traditional bond investor base in euros, new investment areas have also been successfully worked.

By extending the maximum maturities of its issues in Euros to eight years, new investors looking for longer-term
assets have been reached. In addition, the group has access to the bond markets in multiple currencies, whether to
finance European assets or to support its development outside Europe.

Recourse to funding through securitization transactions in private and public format also helps to expand the investor
base.

Lastly, the deposit collection activity, launched in February 2012, completes this diversification and strengthens the
long-term structural liquidity ratio (NSFR).

Oversight of the Mobilize Financial Services group's liquidity risk takes into account EBA recommendations on the
Internal Liquidity Adequacy Assessment Process (ILAAP) and is based on the following components:

- Risk appetite: This component is determined by the Board of Directors' Risk Committee.

- Refinancing: The funding plan is constructed with a view to diversifying access to liquidity by product, by
currency and by maturity. Funding requirements are regularly reviewed and clarified so that the funding plan
can be adjusted accordingly.

- Liquidity reserve: The company's aim is to have available at all times a liquidity reserve consistent with its
appetite for liquidity risk. The liquidity reserve consists of confirmed lines of credit, assets eligible as
collateral in European Central Bank monetary policy transactions, High Quality Liquid Assets (HQLA), and
financial assets. It is reviewed every month by the Finance Committee.

- Transfer prices: Refinancing for the group's European entities is mainly delivered by the group Finance and
Treasury Division, which centralizes liquidity management and pools costs. Internal liquidity costs are
reviewed at regular intervals by the Finance Committee and are used by sales subsidiaries to construct their
pricing.

- Stress scenarios: Every month, the Finance Committee is informed of the length of time for which the
company would be able to maintain its business activity using its liquidity reserve in various stress scenarios.
The stress scenarios used include assumptions about runs on deposits, loss of access to new funding, partial
unavailability of certain components of the liquidity reserve, and forecasts of new gross lending. Assumptions
about runs on deposits under stress are very conservative and are regularly back-tested.

- Emergency plan: An established emergency plan identifies the steps to be taken in the event of stress on the
liquidity position.



Retail credit risk

Following 2021, which was marked by the Covid-19 pandemic and the adaptation of acceptance and debt collection
processes to this particular context, and in which an end to loan payment extensions was also envisaged and planned
in all countries to support our customers in continuing the reimbursement of their loan payments and help them get
through this difficult period, the first half of 2022 saw a certain stability in the processes.

The implementation of these actions made it possible to stabilize the lending portfolio's quality in 2022 (2.52% of
customer outstandings in default at June 2022, identical to December 2021) following a decrease of 10.7% in
outstandings in default in 2021.




- 32 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022


In addition, in terms of the loan granting policy, the 2021 methods were renewed in most cases in the first half of
2022. They aimed to keep the acceptance criteria in order to maintain a production lending quality compatible with
the risk appetite requirements. Studies and actions are underway to adapt the granting criteria to the context of high
inflation.

Lastly, non-model adjustments were used. In particular, when an increase in credit risk appeared likely, they covered
exposures that benefited from susceptible moratorium periods in 2020-2021 (in Morocco, Spain, Italy, Brazil, and
Colombia) or customers identified as vulnerable, with the help, if applicable, of external data (in the UK, Spain, Italy).
The approach aimed at systematizing the identification and treatment of vulnerable customers is an in-depth approach.

The Mobilize Financial Services group continues to aim to maintain an overall credit risk at a level compatible with
the expectations of the financial community and its profitability targets.


Profitability

The Mobilize Financial Services group regularly reviews the costs of internal liquidity used to price customer
transactions, thereby maintaining a margin on new lending in line with budget targets. Similarly, the pricing of
financing granted to dealers is indexed on an internal base rate reflecting the cost of borrowed resources and liquidity
cushions needed for business continuity. This method maintains a steady return for this business.



Governance

Liquidity indicators are the subject of particular scrutiny at each monthly financial committee meeting.

The country management committees also monitor risk and instant projected margin indicators more systematically,
thereby supplementing the routine assessments of subsidiary profitability.



Exposure to non-commercial credit risk

Financial counterparty risk arises from the investment of cash surpluses, invested in the form of short-term bank
deposits with leading banks, investments in money market funds, the purchase of bonds (issued by governments,
supranational issuers, government agencies, or corporates) with an average duration of less than one year at 30 June
2022.

All these investments are made with counterparties of superior credit quality previously authorized by the Finance
Committee. The Mobilize Financial Services group pays close attention to diversifying its counterparties.

Furthermore, to meet regulatory requirements resulting from implementation of the 30-day liquidity coverage ratio
(LCR), the Mobilize Financial Services group invests in liquid assets as defined in the European Commission’s
Delegated Act. These liquid assets mainly consist of deposits with the European Central Bank and securities issued by
governments or supranational issuers held directly. The average duration of the securities portfolio was less than one
year.

In addition, RCI Banque S.A. has also invested in a fund whose assets consist of debt securities issued by European
agencies and sovereigns and by supranational issuers. Targeted average exposure to credit risk is six years with a limit
at nine years. The fund is aiming for zero exposure to the interest rate risk with a maximum of two years.

In addition, interest rate or foreign exchange hedging transactions using derivatives may expose the Company to
counterparty risk. In Europe, where the group is subject to EMIR regulations, derivatives are subject to counterparty
risk mitigation techniques through bilateral collateral exchange or registration in a clearing house. Outside Europe, the
group pays close attention to the credit quality of the bank counterparties it uses for derivatives.




- 33 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022


Macroeconomic environment

The resurgence of Covid in China and Russia’s invasion of Ukraine impacted global economic activity and financial
markets in the first half of the year. Rising inflation (mainly driven by the increase in commodity prices), the
normalization of quantitative easing policies and rate hikes by major central banks led markets to revise growth
expectations downwards.
The U.S. economy remained strong in the first few months of the year. Labor market indicators are dynamic with an
unemployment rate of 3.6% at the end of May (close to the lowest levels in the last ten years) and household income
growth remains robust. Annualized GDP did decline by 1.4% in the first quarter of 2022 (after a 6.9% increase in the
fourth quarter of 2021), but the Fed considers that this decline does not reflect a recessionary situation, since
household consumption grew by 3.1%, but essentially stems from the weakness of exports in a context of supply
constraints.
The persistence of a tight labor market and high inflation led the Fed to begin its monetary tightening cycle in March.
The Fed Funds rate target was raised by 150 bp to 1.50-1.75%.
The ECB raised its key rate by 0.5% in July, the deposit facility rate moving back into positive territory at 0%, and
announced that it would stop its asset purchase program. Markets anticipate several rate hikes to come.
The Bank of England (BoE), one of the first central banks to have started the monetary tightening cycle, has raised its
key rate four times to 1.25% from 0.25% at the end of 2021. It also ended its asset purchase program and announced
the sale of its corporate bonds on the market.
Fears of stagflation led to high volatility in the financial markets. In Europe, bond yields rose in the path of US rates.
The ten-year German sovereign bond rate rose above the 1% mark to 1.33%, compared to a level of -0.19% at the end
of 2021. Equities and corporate bonds have suffered since the beginning of the year, with stock market indices falling
(-20% for the Euro Stoxx 50) and credit spreads widening since Russia's invasion of Ukraine. The IBOXX Corporate
Bond index stood at 135 bps at the end of June compared with 61 bps at the end of December 2021.


5. REFINANCING

The group took advantage of the favorable market environment in January and issued a 3.5 years bond for €750
million. This transaction attracted an order book of more than 4.5 billion euros from over 180 subscribers. The group
also made returned to the Swiss market with the placement of a CHF 110 million 3 years bond. In June, the Bank
successfully placed its first green bond issue for €500 million that will be settled in July. Proceeds will be used to
finance Battery Electric Vehicles (BEVs) and charging infrastructures. This last transaction demonstrates the group’s
willingness to support the transition to electric mobility and tackle climate change.

In the securitization market, the group sold approximately €700 million of notes backed by French auto loans and
increased its private securitization in the UK for £100 million.

Against this backdrop of highly volatile markets, the retail savings activity proved to be particularly resilient and
competitive in terms of funding cost compared with wholesale funding sources. Retail deposits increased by €476
million since the beginning of the year to €21.5 billion.

These resources, together with €4.3 billion in undrawn confirmed bank lines, €2.7 billion in collateral eligible for
Central Bank monetary policy operations, and €4.7 billion in highly liquid assets (HQLA), enable the Mobilize
Financial Services groupe to maintain the financing granted to its customers for more than 11 months without access
to external liquidity. At June 30, 2022, the Mobilize Financial Services group’s liquidity reserve (European scope)
stood at €12.0 billion.


6. REGULATORY REQUIREMENTS
In accordance with the prudential banking regulations transposing EU Directive 2013/36/EU on access to the
activity of credit institutions and the prudential supervision of credit institutions and investment firms (CRD
IV) and EU Regulation 575/2013 into French law, the Mobilize Financial Services group is subject to
compliance with the solvency ratio and liquidity ratios, risk division ratio and balance sheet balancing (leverage
ratio).
At 30 June 2022, the ratios calculated do not show any non-compliance with the regulatory requirements.




- 34 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




7. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


Note 1 : Segment information Afficher
M asquer t


Dealer Total
In millions of euros Customer Other
financing 06/2022

Average performing loan outstandings 36 680 5 686 42 366
Net banking income 796 86 132 1 014
Gross operating income 526 62 81 669
Operating income 417 66 81 564
Pre-tax income 309 66 82 457




Dealer Total
In millions of euros Customer Other
financing 12/2021

Average performing loan outstandings 36 254 7 146 43 400
Net banking income 1 516 181 131 1 828
Gross operating income 1 031 135 86 1 252
Operating income 932 172 86 1 190
Pre-tax income 937 171 86 1 194




Dealer Total
In millions of euros Customer Other
financing 06/2021

Average performing loan outstandings 36 184 7 934 44 118
Net banking income 769 102 69 940
Gross operating income 522 78 31 631
Operating income 464 100 31 595
Pre-tax income 467 100 32 599



Contributions by market are analyzed, for the different periods presented, for the main aggregates on the income
statement and for average performing loans outstanding.
At the Net Banking Income level, given that most of the Mobilize Financial Services group’s segment income comes
from interest, the latter are shown net of interest expenses.
The earnings of each business segment are determined on the basis of internal analytical conventions for
intercompany billing and valuation of funds allocated. The equity allocated to each business segment is the capital
effectively made available to the affiliates and branches and then divided among them according to internal analytical
rules.
Average performing loans outstanding is the operating indicator used to monitor outstandings. As this indicator is the
arithmetic mean of outstandings, its value therefore differs from the outstandings featuring in the Mobilize Financial
Services group’s assets, as presented in Notes 6 and 7: Customer finance transactions and similar/Customer finance
transactions by business segment.
Average Performing Assets (APA) is another indicator used to monitor outstandings. It is equal to average performing
outstandings plus assets arising from operating lease operations.
For retail customers, it means the average of performing assets at end-period. For Dealers, it means the average of
daily performing assets.



- 35-
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




Note 2 : Cash and balances at central banks Affiche
Masque


In millions of euros 06/2022 12/2021

Cash and balances at central banks 4 749 6 729
Cash and balances at Central Banks 4 749 6 729

Term deposits at Central Banks 39 16
Accrued interest 39 16

Total cash and balances at central banks 4 788 6 745




Affic
Note 3 : Derivatives Masqu



06/2022 12/2021
In millions of euros
Assets Liabilities Assets Liabilities

Fair value of financial assets and liabilities recognized 71 14 12 17
as derivatives held for trading purposes
Interest-rate derivatives 62 7 1
Currency derivatives 9 14 5 16

Fair value of financial assets and liabilities recognized 190 168 135 27
as derivatives used for hedging
Interest-rate and currency derivatives: Fair value hedges 3 160 84 6
Interest-rate derivatives: Cash flow hedges 186 8 51 21
Currency derivatives: Net Investment Hedge 1

Total derivatives 261 182 147 44



These lines mainly include OTC derivatives contracted by the Mobilize Financial Services group as part of its
currency and interest-rate risk hedging policy.
Derivatives qualifying as cash flow hedging are backed by variable rate debts and, since the application of the third
strand of IFRS 9 since January 2020, by groupings made up of a fixed-rate debt and payer variable swap.
As part of the hedging of certain variable-rate liabilities (Deposits and TLTROs), the Mobilize Financial Services
group has set up interest rate derivatives that do not qualify as hedging derivatives for accounting purposes according
to the provisions of IFRS 9. Net banking income was positively impacted by a valuation effect of €58 million for
these swaps due to the current increase in interest rates. It should be noted that this valuation impact is temporary and
will tend towards a zero impact when these swaps mature.
The Mobilize Financial Services group has been required to hedge the impact of structural exchange rates since 2022.
These hedging instruments are classified as “Hedges of net investments.”




- 36-
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




Nominal values of derivative instruments by maturity and management intent

1 year to 5 Total
In millions of euros < 1 year > 5 years Related parties
years 06/2022

Hedging of currency risk

Forward forex contracts
Sales 1 405 1 405
Purchases 1 374 1 374

Spot forex transactions
Loans 8 8
Borrowings 8 8

Currency swaps
Loans 116 77 193
Borrowings 118 79 197

Hedging of interest-rate risk

Interest rate swaps
Lender 14 603 10 013 250 24 866
Borrower 14 603 10 013 250 24 866




1 year to 5 Total
In millions of euros < 1 year > 5 years Related parties
years 12/2021

Hedging of currency risk

Forward forex contracts
Sales 922 922
Purchases 912 912

Currency swaps
Loans 187 72 259
Borrowings 195 73 268

Hedging of interest-rate risk

Interest rate swaps
Lender 13 410 9 303 750 23 463
Borrower 13 410 9 303 750 23 463




- 37 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Note 4 : Financial assets Afficher
Masquer t


In millions of euros 06/2022 12/2021

Financial assets at fair value through other comprehensive income 982 837
Government debt securities and similar 874 713
Bonds and other fixed income securities 107 123
Interests in companies controlled but not consolidated 1 1

Financial assets at fair value through profit or loss 147 137
Variable income securities 30 30
Bonds and other fixed income securities 70 70
Interests in companies controlled but not consolidated 47 37

Total financial assets (*) 1 129 974
(*) Of which related parties 18 8




Note 5 : Amounts receivable at amortised cost from credit institutions Afficher
Masquer t


In millions of euros 06/2022 12/2021

Credit balances in sight accounts at credit institutions 1 735 1 236
Ordinary accounts in debit 1 632 1 175
Overnight loans 102 61
Accrued interest 1

Term deposits at credit institutions 118 58
Term loans in bucket 1 105 58
Term loans in bucket 2 13

Total amounts receivable from credit institutions (*) 1 853 1 294
(*) Of which related parties 4



Credit balances in sight accounts are included in the "Cash and cash equivalents" line in the cash flow statement.
Current bank accounts held by the FCTs (Fonds Commun de Titrisation) contribute in part to the funds' credit
enhancement. They totaled €1 058 million at end-June 2022 and are included in "Ordinary Accounts in debit".
Overnight loan transactions with Central Banks are included in "Cash and balances at Central Banks".




- 38 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Note 6 : Customer finance transactions and similar Afficher
Masquer t


In millions of euros 06/2022 12/2021

Loans and advances to customers 44 828 44 074
Customer finance transactions 30 517 29 894
Finance lease transactions 14 311 14 180

Operating lease transactions 1 342 1 344

Total customer finance transactions and similar 46 170 45 418



The gross value of restructured outstandings (including non-performing), following all measures and concessions to
borrowing customers who encounter (or are likely in future to encounter) financial difficulties, amounts to €262
million at 30 June 2022, compared to €272 million at 31 December 2021. It was impaired in the amount of €81
million at 30 June 2022, compared with €80 million at December 31, 2021.


6.1 - Customer finance transactions


In millions of euros 06/2022 12/2021


Loans and advances to customers 30 648 29 985
Healthy factoring 367 164
Factoring with a significant increase in credit risk since initial recognition 15 13
Other healthy commercial receivables 4 4
Other healthy customer credit 27 542 27 105
Other customer credit with a significant increase in credit risk since initial recognition 1 704 1 687
Healthy ordinary accounts in debit 354 339
Defaulted receivables 662 673

Interest receivable on customer loans and advances 53 62
Other non-defaulted customer credit 40 41
Non-defaulted ordinary accounts 10 17
Defaulted receivables 3 4

Total of items included in amortized cost - Customer loans and advances 610 594
Staggered handling charges and sundry expenses - Received from customers (62) (67)
Staggered contributions to sales incentives by manufacturer or dealers (278) (307)
Staggered fees paid for referral of business 950 968

Impairment on loans and advances to customers (794) (747)
Impairment on healthy receivables (146) (134)
Impairment on receivables with a significant increase in credit risk since initial recognition (108) (98)
Impairment on defaulted receivables (429) (409)
Impairment on residual value (111) (106)

Total customer finance transactions, net 30 517 29 894



The securitization transactions were not intended to result in derecognition of the receivables assigned. The assigned
receivables as well as the accrued interest and impairment allowances on them continue to appear on the asset side of
the group’s balance sheet.
The factoring receivables result from the acquisition by the group of the Renault-Nissan Alliance’s commercial
receivables. Impairment on residual value concerns credit (risk borne and not borne).



- 39 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



6.2 - Finance lease transactions


In millions of euros 06/2022 12/2021


Finance lease transactions 14 455 14 334
Other healthy customer credit 12 670 12 384
Other customer credit with a significant increase in credit risk since initial recognition 1 432 1 584
Defaulted receivables 353 366

Accrued interest on finance lease transactions 6 7
Other non-defaulted customer credit 6 6
Defaulted receivables 1

Total of items included in amortized cost - Finance leases 133 116
Staggered handling charges 38 49
Staggered contributions to sales incentives by manufacturer or dealers (249) (273)
Staggered fees paid for referral of business 344 340

Impairment on finance leases (283) (277)
Impairment on healthy receivables (53) (51)
Impairment on receivables with a significant increase in credit risk since initial recognition (65) (72)
Impairment on defaulted receivables (164) (153)
Impairment on residual value (1) (1)

Total finance lease transactions, net 14 311 14 180




6.3 - Operating lease transactions Afficher
Masquer t

In millions of euros 06/2022 12/2021

Fixed asset net value on operating lease transactions 1 360 1 360
Gross value of tangible assets 2 044 1 985
Depreciation of tangible assets (684) (625)

Receivables on operating lease transactions 16 12
Non-defaulted receivables 12 9
Defaulted receivables 10 9
Income and charges to be staggered (6) (6)

Impairment on operating leases (34) (28)
Impairment on defaulted receivables (8) (7)
Impairment on residual value (26) (21)

Total operating lease transactions, net (*) 1 342 1 344
(*) Of which related parties (1) (1)




- 40 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




Note 7 : Customer finance transactions by business segment


Dealer Total
In millions of euros Customer Other
financing 06/2022

Gross value 39 727 7 087 467 47 281
Healthy receivables 35 700 6 926 465 43 091
On % of total receivables 89,9% 97,7% 99,6% 91,1%

Receivables with a significant increase in credit risk since initial recognition 3 044 118 3 162
On % of total receivables 7,7% 1,7% 6,7%

Defaulted receivables 983 43 2 1 028
On % of total receivables 2,5% 0,6% 0,4% 2,2%


Impairment allowance (1 039) (70) (2) (1 111)
Impairment on healthy receivables (299) (37) (1) (337)
On % of total impairment 28,8% 52,9% 50,0% 30,3%

Impairment on receivables with a significant increase in credit risk since initial recognition
(165) (8) (173)
On % of total impairment 15,9% 11,4% 15,6%

Impairment on defaulted receivables (575) (25) (1) (601)
On % of total impairment 55,3% 35,7% 50,0% 54,1%


Coverage rate 2,6% 1,0% 0,4% 2,3%

Healthy receivables 0,8% 0,5% 0,2% 0,8%
Receivables with a significant increase in credit risk since initial recognition 5,4% 6,8% 5,5%
Defaulted receivables 58,5% 58,1% 50,0% 58,5%


Net value (*) 38 688 7 017 465 46 170
(*) Of which: related parties (excluding participation in incentives and fees paid 1 583 191 775


Dealer Total
In millions of euros Customer Other
financing 12/2021

Gross value 39 188 6 845 437 46 470
Healthy receivables 35 073 6 619 436 42 128
On % of total receivables 89,5% 96,7% 99,8% 90,7%

Receivables with a significant increase in credit risk since initial recognition 3 124 165 3 289
On % of total receivables 8,0% 2,4% 7,1%

Defaulted receivables 991 61 1 1 053
On % of total receivables 2,5% 0,9% 0,2% 2,3%


Impairment allowance (975) (75) (2) (1 052)
Impairment on healthy receivables (274) (37) (2) (313)
On % of total impairment 28,1% 49,3% 100,0% 29,8%

Impairment on receivables with a significant increase in credit risk since initial recognition
(161) (9) (170)
On % of total impairment 16,5% 12,0% 16,2%

Impairment on defaulted receivables (540) (29) (569)
On % of total impairment 55,4% 38,7% 54,1%


Coverage rate 2,5% 1,1% 0,5% 2,3%

Healthy receivables 0,8% 0,6% 0,5% 0,7%
Receivables with a significant increase in credit risk since initial recognition 5,2% 5,5% 5,2%
Defaulted receivables 54,5% 47,5% 54,0%


Net value (*) 38 213 6 770 435 45 418
(*) Of which: related parties (excluding participation in incentives and fees paid 9 505 264 778

The “Other” category mainly includes buyer and ordinary accounts with dealers and the Groupe Renault.
Regarding customer activity, the update of the LGD risk parameter in May 2022 in France and June 2022 in Brazil
contributed to an increase in provisions of €41 million and €32 million (of which €23.6 million and €19.1 million,
respectively, in B3), which partly explains the increase in the provisioning rate of B3 to 58.5% compared to 54.5% at
the end of December 2021.

- 41 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




Note 7.1 : Change of customer finance transactions


In millions of euros 12/2021 In c re a s e ( 1) R e c la s . ( 2 ) re p a ym e n t Writ e o f f 06/2022


Healthy receivables 42 128 24 382 (737) (22 682) 43 091
Receivables with a significant increase in credit risk since initial
3 289 469 (596) 3 162
recognition
Defaulted receivables 1 053 268 (213) (80) 1 028

Customer finance transactions (GV) 46 470 24 382 (23 491) (80) 47 281
(1) Increase = New production
(2) Reclassification = Transfert beetwen buckets




Note 7.2 : Change of impairments of customer finance transactions


D e c re a s e Va ria t io n s Othe r
In millions of euros 12/2021 In c re a s e ( 1)
(2 )
R e c la s . ( 3 )
(4 ) (5 )
06/2022


Impairment on healthy receivables (*) 313 43 (34) (101) 111 5 337
Impairment on receivables with a significant increase in
170 14 (12) (7) 5 3 173
credit risk since initial recognition
Impairment on defaulted receivables 569 29 (108) 108 (9) 12 601

Impairments of customer finance transactions 1 052 86 (154) 107 20 1 111
(1) Increase = Allowance due to new production
(2) Decrease = Reversal of allowance due to reimbursement, disposals or writte-off
(3) Reclassification = Transfert beetwen buckets
(4) Variations = Variation due to risk criteria adjustments (PD, LGD, ECL...)
(5) Other = Reclassification, currency translation effects, changes in scope of consolidation

Note: increases (1), decreases (2), and variations (3) are accounted for in the income statement under Net banking
income or cost of risk.

Other movements (4) and (5) are balance sheet changes only.

(*) Impairment on performing receivables includes impairments on residual values (vehicles and batteries) for an
amount of €138 million as at 30 June 2022, compared to €129 million at 31 December 2021.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Note 8 : Adjustment accounts & miscellaneous assets Afficher
Masquer t


In millions of euros 06/2022 12/2021

Tax receivables 453 312
Current tax assets 92 21
Deferred tax assets 210 179
Tax receivables other than on current income tax 151 112

Adjustment accounts and other assets 1 135 957
Social Security and employee-related receivables 1 1
Other sundry debtors 639 476
Adjustment accounts - Assets 97 63
Other assets 2 2
Items received on collections 312 310
Reinsurer part in technical provisions 84 105

Total adjustment accounts – Assets and other assets (*) 1 588 1 269
(*) Of which related parties 302 169




Note 9 : Liabilities to credit institutions and customers & debt securities


9.1 - Central Banks Afficher
Masquer t

In millions of euros 06/2022 12/2021


Term borrowings 3 727 3 738
Accrued interest 1

Total Central Banks 3 728 3 738



At 30 June 2021, the book value of the collateral presented to the Bank of France (3G) amounted to €6,627 million,
i.e. €6,108 million in securities issued by securitization vehicles, €519 million in private accounts receivable.
The group has access to the TLTRO III program, and made three drawdowns during 2020:
- €750 million maturing in June 2023
- €500 million maturing in September 2023
- €500 million maturing in December 2023
Two new drawdowns were made in 2021:
- €750 million maturing in September 2024
- €750 million maturing in December 2024
The maximum interest rate applicable to these financings is calculated on the basis of the average European Central
Bank Main Refinancing Operations (MRO) rate, currently 0% less a margin of 0.50%. This rate is subsidized
according to credit growth criteria.
The group has chosen to apply IFRS 9 to the drawdowns made on the TLTRO III program, considering that the ECB
rate is a market rate. It applies in the same way to all banks benefiting from the program and the ECB can unilaterally
change the MRO rate at any time.



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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022


The initial effective interest rate of the drawdowns takes into account the group's achievement of the lending targets
set for the reference period ending in March 2021. The ECB confirmed achievement of these objectives in September
2021.
Based on its predictions to date, the group has not incorporated into its estimates achievement of the lending targets
over the additional special reference period. As a result, the changes in the interest rate conditions decided in the
European Central Bank’s decision 2121/124 of 29 January 2021 had no impact on the estimated future debt flows and
therefore had no effect on the recognition of drawdowns.
On June 10, the group received confirmation that the lending targets for the special additional reference period
(October 2020 - December 2021) had been reached and will consequently receive a bonus over the corresponding
special interest rate period (June 2021 - June 2022). In accordance with the current provisions of IFRS 9, this rate
bonus resulted in an adjustment of the value of the debt lines related to the TLTRO of €14 million.


TFSME program
The group was also able to avail itself of the TFSME program issued by the Bank of England in 2020 and draw down
£409.3 million in 2021 with a maturity in September and October 2025.
The interest rate applicable to this financing is calculated on the basis of the Bank of England base rate (1.25% at 30
June 2022) plus a 0.25% spread.
The group applied IFRS 9 to its financing, considering this rate to be adjustable like a market rate applicable to all
banks benefiting from the TFSME program.




9.2 - Amounts payable to credit institutions Afficher
Masquer t

In millions of euros 06/2022 12/2021

Sight accounts payable to credit institutions 559 260
Ordinary accounts 16 16
Overnight borrowings 14
Other amounts owed 529 244

Term accounts payable to credit institutions 1 761 1 737
Term borrowings 1 677 1 669
Accrued interest 84 68

Total liabilities to credit institutions 2 320 1 997



Sight accounts are included in the “Cash and cash equivalents” line item in the cash flow statement.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



9.3 - Amounts payable to customers Afficher
Masquer t

In millions of euros 06/2022 12/2021

Amounts payable to customers 22 425 21 928
Ordinary accounts in credit 242 202
Term accounts in credit 704 723
Ordinary saving accounts 16 566 15 715
Term deposits (retail) 4 913 5 288

Other amounts payable to customers and accrued interest 172 102
Other amounts payable to customers 75 65
Accrued interest on ordinary accounts in credit 68 21
Accrued interest on ordinary saving accounts 8 8
Accrued interest on customers term accounts 21 8

Total amounts payable to customers (*) 22 597 22 030
(*) Of which related parties 759 740


Term accounts in credit include a €700m cash warrant agreement given to RCI Banque S.A. by the manufacturer
Renault, covering, without any geographical exceptions, against the risks of the Renault Retail Group defaulting.
The Mobilize Financial Services group launched its savings business in France in February 2012, in Germany in
February 2013, in Austria in April 2014, in the United Kingdom in June 2015 and in Brazil in March 2019 and Spain
in November 2020 marketing both savings accounts and term deposits accounts. In July 2021 RCI Banque initiated a
partnership with a Raisin, a German fintech, to offer savings accounts in the Netherlands via the raisin.nl platform.
Deposit collection increased by €489 million (of which €851 million in sight deposits and -€362 million in term
deposits) in the first half of 2022 to reach €21,508 million (of which €16,574 million in sight deposits and
€4,934 million in term deposits) classified as other interest-bearing debt.


9.4 - Debt securities Afficher
Masquer t

In millions of euros 06/2022 12/2021

Negotiable debt securities (1) 1 125 1 063
Certificates of deposit 933 1 050
Commercial paper and similar 170
Accrued interest on negotiable debt securities 22 13

Other debt securities (2) 3 710 3 097
Other debt securities 3 709 3 095
Accrued interest on other debt securities 1 2

Bonds and similar 12 285 13 811
Bonds 12 156 13 695
Accrued interest on bonds 129 116

Total debt securities 17 120 17 971



(1) Certificates of deposit, treasury notes and commercial paper are issued by RCI Banque S.A., Banco RCI Brasil
S.A., RCI Banque S.A. Succursale Italiana, RCI Colombia S.A. Compania de Financiamiento and Diac S.A.
(2) Other debt securities consist primarily of the securities issued by the SPVs created for the German (RCI Banque
S.A. Niederlassung Deutschland), UK (RCI Financial Services Ltd), Brazilian (Banco RCI Brasil S.A. and Corretora
de Seguros RCI Brasil S.A.) securitizations, French (Diac S.A.), and Italian (RCI Banque Succursale Italiana).



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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Note 10 : Adjustment accounts & miscellaneous liabilities Afficher
Masquer t


In millions of euros 06/2022 12/2021

Taxes payable 917 827
Current tax liabilities 153 136
Deferred tax liabilities 742 670
Taxes payable other than on current income tax 22 21

Adjustment accounts and other amounts payable 1 863 1 916
Social security and employee-related liabilities 55 61
Other sundry creditors 913 857
Debt on rented asset 62 58
Adjustment accounts - liabilities 553 569
Accrued interest on other sundry creditors 261 366
Collection accounts 19 5

Total adjustment accounts - Liabilities and other liabilities (*) 2 780 2 743
(*) Of which related parties 136 212


The item other sundry creditors includes debts on leased assets activated under IFRS 16. In addition, other sundry
creditors and accruals on sundry creditors mainly concern accrued invoices, provisions for commissions payable for
referral of business, insurance commissions payable by the Maltese entities and the valuation of put options on
minority interests.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Note 11 : Provisions

Reversals
In millions of euros 12/2021 Charge Other (*) 06/2022
Used Not Used


Provisions on banking operations 476 153 (21) (130) (2) 476
Provisions for signature commitments 8 5 (4) (1) 8
Provisions for litigation risks 6 1 (1) 1 7
Insurance technical provisions 436 142 (20) (126) (1) 431
Other provisions 26 5 (1) 1 (1) 30

Provisions on non-banking operations 122 24 (9) (1) 10 146
Provisions for pensions liabilities and related 51 2 (2) (16) 35
Provisions for restructuring 15 18 (6) 27
Provisions for tax and litigation risks 53 1 (1) 25 78
Other 3 3 (1) 1 6

Total provisions 598 177 (30) (131) 8 622
(*) Other = Reclassification, currency translation effects, changes in scope of consolidation
(**) Provisions for signature commitments = Mainly financing commitments


Each of the known disputes in which RCI Banque or the group's companies are involved was reviewed at the closing
date. On the advice of legal counsel, provisions were established when deemed necessary to cover estimated risks.
Every so often, the group's companies are subject to tax audits in the countries where they are based. Uncontested
deficiency notices are booked by means of tax provisions. Contested deficiency notices are recognized case by case
on the basis of estimates taking into account the merit of the claims against the company concerned and the risk that it
may not prevail in its case.
The provisions on banking operations mainly consist of the insurance technical provision for captive insurance
company commitments towards policy holders and beneficiaries. The insurance technical provision came to June
€431 million at end-June 2022.

The other changes in the provision for tax and litigation risks are mainly due to the statement of financial position
reclassification of the Brazilian Pis & Cofin provision in June 2022, originally classified as “Other sundry creditors.”
Provisions for restructuring are for the work exemption plan, a career development scheme funded by the company
Provisions for litigation risks on banking operations relate to administration/processing fees billed to business
customers.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022


Note 12 : Impairments allowances to cover counterparty risk

Reversals
In millions of euros 12/2021 Charge Other (*) 06/2022
Used Not Used


Impairments on banking operations 1 052 223 (106) (78) 20 1 111
Customer finance transactions 1 052 223 (106) (78) 20 1 111
Ow impairment on healthy receivables 313 77 (25) (33) 5 337
Ow impairment on receivables with a significant increase in credit risk
170 45 (27) (18) 3 173
since initial recognition
Ow Impairment on defaulted receivables 569 101 (54) (27) 12 601

Impairment on non-banking operations 3 (1) 2
Impairment for signature commitments 3 (1) 2

Impairment on banking operations 14 6 (5) 15
Provisions for signature commitments 8 5 (4) (1) 8
Provisions for litigation risks 6 1 (1) 1 7

Total provisions to cover counterparty risk 1 069 229 (106) (84) 20 1 128
(*) Other = Reclassification, currency translation effects, changes in scope of consolidation


A breakdown by market segment of allowances for impairment of assets in connection with customer finance operations is provided in note 7.


Note 13 : Subordinated debt - Liabilities Affiche
Masque


In millions of euros 06/2022 12/2021

Liabilities measured at amortized cost 866 876
Subordinated securities 856 856
Accrued interest on subordinated securities 10 20

Hedged liabilities measured at fair value 14 17
Participating loan stocks 14 17

Total subordinated liabilities 880 893




Participating loan stocks of 500,000,000 Francs were issued in 1985 by Diac SA.
The system of remuneration includes:
- a fixed part equal to 60% of the AMR (Annual Monetary Rate)
- a variable part obtained by applying to 40% of the AMR the rate of increase of consolidated net income in
the last fiscal year divided by that of the previous year.
Annual remuneration is between 100% and 130% of the AMR, with a floor rate of 6.5%.
It is a perpetual loan.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Note 14 : Financial assets and liabilities by remaining term to maturity


Up to 3 3 months 1 year to 5 Total
In millions of euros > 5 years
months to 1 year years 06/2022

Financial assets 15 254 13 833 23 220 552 52 859
Cash and balances at central banks 4 749 13 26 4 788
Derivatives 13 68 178 2 261
Financial assets 697 163 121 148 1 129
Amounts receivable from credit institutions 1 853 1 853
Loans and advances to customers 7 942 13 589 22 895 402 44 828

Financial liabilities 19 680 7 327 18 249 1 571 46 827
Central Banks 1 750 2 977 3 728
Derivatives 8 13 161 182
Amounts payable to credit institutions 751 602 967 2 320
Amounts payable to customers 17 668 1 644 2 585 700 22 597
Debt securities 1 252 4 309 11 559 17 120
Subordinated debt 9 871 880




Up to 3 3 months 1 year to 5 Total
In millions of euros > 5 years
months to 1 year years 12/2021

Financial assets 15 979 14 057 22 671 527 53 234
Cash and balances at central banks 6 729 15 1 6 745
Derivatives 8 19 120 147
Financial assets 375 343 118 138 974
Amounts receivable from credit institutions 1 294 1 294
Loans and advances to customers 7 573 13 680 22 432 389 44 074

Financial liabilities 19 461 5 864 19 027 2 321 46 673
Central Banks 1 3 737 3 738
Derivatives 14 19 8 3 44
Amounts payable to credit institutions 621 567 809 1 997
Amounts payable to customers 17 152 1 525 2 653 700 22 030
Debt securities 1 654 3 752 11 820 745 17 971
Subordinated debt 19 1 873 893



Central Bank borrowings correspond to the long-term financing operations (TLTRO) introduced at the end of 2014
and gradually being used by RCI Banque S.A. The Mobilize Financial Services group was also able to benefit from
the TFSME program issued by the Bank of England in 2020.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Note 15 : Juste Valeur des actifs et passifs financiers (en application d'IFRS 7 et d'IFRS 13)
et décomposition par niveau des actifs et des passifs à la juste valeur

Valeur Fair Value
En millions d'euros - 30/06/2022 Ecart (*)
Comptable Niveau 1 Niveau 2 Niveau 3 JV (*)

Actifs financiers 52 859 1 081 6 902 44 773 52 756 (103)
Caisse et Banques centrales 4 788 4 788 4 788
Instruments dérivés 261 261 261
Actifs financiers 1 129 1 081 48 1 129
Prêts et créances sur les établissements de crédit 1 853 1 853 1 853
Prêts et créances sur la clientèle 44 828 44 725 44 725 (103)

Passifs financiers 46 827 15 46 234 46 249 578
Banques centrales 3 728 3 729 3 729 (1)
Instruments dérivés 182 182 182
Dettes envers les établissements de crédit 2 320 2 103 2 103 217
Dettes envers la clientèle 22 597 22 597 22 597
Dettes représentées par un titre 17 120 16 949 16 949 171
Dettes subordonnées 880 15 674 689 191

(*) JV : Juste valeur - Ecart : Gains ou pertes latents

Financial assets classified as Level 3 are holdings in non-consolidated companies.
Trade receivables, classified as Level 3, are measured at amortized cost on the balance sheet. Fair value calculations
are provided for information and should be interpreted as estimates only. In most cases, the values provided are not
intended to be realized and generally cannot be in practice. These values are not indicators used for the purposes of
managing the activities of the bank, for which the management model is based on collecting the expected cash flow.
The assumptions used to calculate the fair value of instruments at the impaired cost are presented below.


Valeur Fair Value
En millions d'euros - 31/12/2021 Ecart (*)
Comptable Niveau 1 Niveau 2 Niveau 3 JV (*)

Actifs financiers 53 234 936 8 186 43 823 52 945 (289)
Caisse et Banques centrales 6 745 6 745 6 745
Instruments dérivés 147 147 147
Actifs financiers 974 936 38 974
Prêts et créances sur les établissements de crédit 1 294 1 294 1 294
Prêts et créances sur la clientèle 44 074 43 785 43 785 (289)

Passifs financiers 46 673 17 46 734 46 751 (78)
Banques centrales 3 738 3 690 3 690 48
Instruments dérivés 44 44 44
Dettes envers les établissements de crédit 1 997 2 065 2 065 (68)
Dettes envers la clientèle 22 030 22 030 22 030
Dettes représentées par un titre 17 971 18 140 18 140 (169)
Dettes subordonnées 893 17 765 782 111

(*) JV : Juste valeur - Ecart : Gains ou pertes latents




- 50 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




Assumptions and methods used:
The three-level hierarchy for financial instruments recognized on the balance sheet at fair value, as required by IFRS 7
is as follows:
• Level 1: measurements based on quoted prices on active markets for identical financial instruments.
• Level 2: measurements based on quoted prices on active markets for similar financial instruments or
measurements for which all significant data are based on observable market data.
• Level 3: measurement techniques for which significant data are not based on observable market data.


Estimated fair values have been determined using available market information and appropriate valuation methods for
each type of instrument.
However, the methods and assumptions used are by nature theoretical, and a substantial amount of judgment comes
into play in interpreting market data. Using different assumptions and/or different valuation methods could have a
significant effect on the estimated values.
Fair values have been determined on the basis of information available at the closing date of each period, and thus do
not reflect later changes.
As a general rule, whenever a financial instrument is traded on an active, liquid market, its most recent quoted price is
used to calculate market value. For instruments without a quoted price, market value is determined by applying
recognized valuation models that use observable market parameters. If the Mobilize Financial Services group does not
have the necessary valuation tools, including for complex products, valuations are obtained from leading financial
institutions.


The main assumptions and valuation methods used are the following:
• Financial assets
Fixed-rate loans have been estimated by discounting future cash flows at the interest rates offered by the Mobilize
Financial Services group at 31 December 2021 and at 30 June 2022 for loans with similar conditions and maturities.
Level 3 securities are non-consolidated holdings for which there is no quoted price.
• Loans and advances to customers
Sales financing receivables have been estimated by discounting future cash flows at the interest rate that would have
applied to similar loans (conditions, maturity and borrower quality) at 31 December 2021 and at 30 June 2022.
Customer receivables with a term of less than one year are not discounted, as their fair value is not significantly
different from their net book value.
• Financial liabilities
Fair value of financial liabilities has been estimated by discounting future cash flows at the interest rates offered to the
Mobilize Financial Services group at 31 December 2021 and 30 June 2022 for borrowings with similar conditions and
maturities. Projected cash flows are therefore discounted according to the zero-coupon yield curve, augmented by the
spread specific to RCI Banque S.A. for issues on the secondary market against 3 months.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




Note 16 : Netting agreements and other similar commitments

Master Agreement relating to transactions on forward financial instruments and similar agreements
The Mobilize Financial Services group negotiates its forward derivative agreements under International Swaps and
Derivatives Association (ISDA) and FBF (Fédération Bancaire Française) Master Agreements.
The occurrence of an event of default entitles the non-defaulting party to suspend performance of its payment
obligations and to payment or receipt of a settlement amount for all terminated transactions.
ISDA and FBF Master Agreements do not meet the criteria for offsetting in the financial statements. The Mobilize
Financial Services group currently only has a legally enforceable right to offset booked amounts in the event of
default or a credit event.


Synthesis of financial assets and liabilities agreements


Non compensated amount
Gross book Net amount Financial
Netted gross Off-balance
In millions of euros - 30/06/2022 value before in balance instruments Guarantees on Net Exposure
amounts sheet
agreement sheet on the the liability
guarantees
liability

Assets 1 124 1 124 162 698 264
Derivatives 261 261 162 99
Network financing receivables (1) 863 863 698 165

Liabilities 182 182 162 20
Derivatives 182 182 162 20



(1) The gross book value of dealer financing receivables breaks down into €526 million for the Renault Retail Group,
whose exposures are hedged for up to €526 million by a cash warrant agreement given by the Renault manufacturer
(see note 9.3) and €337 million for dealers financed by Banco RCI Brasil S.A, whose exposures are hedged for up to
€173 million by pledge of letras de cambio subscribed to by the dealers.


Non compensated amount
Gross book Net amount Financial
Netted gross Off-balance
In millions of euros - 31/12/2021 value before in balance instruments Guarantees on Net Exposure
amounts sheet
agreement sheet on the the liability
guarantees
liability

Assets 878 878 26 586 266
Derivatives 147 147 26 121
Network financing receivables (1) 731 731 586 145

Liabilities 44 44 26 18
Derivatives 44 44 26 18



(1) The gross book value of dealer financing receivables breaks down into €452 m for the Renault Retail Group,
whose exposures are hedged for up to €452m by a cash warrant agreement given by the Renault manufacturer (see
note 9.3) and €279m for dealers financed by Banco RCI Brasil S.A, whose exposures are hedged for up to €134 m by
pledge of letras de cambio subscribed to by the dealers.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Note 17 : Commitments given Afficher
M asquer


In millions of euros 06/2022 12/2021

Financing commitments 4 508 3 400
Commitments to customers 4 508 3 400

Guarantee commitments 184 29
Commitments to credit institutions 182 27
Customer guarantees 2 2

Other commitments given 104 58
Commitments given for equipment leases and real estate leases 104 58

Total commitments given (*) 4 796 3 487
(*) Of which related parties 15 2


The “Commitments to credit institutions” line includes the commitment given by RCI Banque S.A. to Unicredit to
cover the put on non-controlling interests in an amount of €110 million at the end of June 2022.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




Note 18 : Commitments received Afficher
M asquer


In millions of euros 06/2022 12/2021

Financing commitments 5 057 4 608
Commitments from credit institutions 5 057 4 608

Guarantee commitments 17 980 17 146
Guarantees received from credit institutions 174 159
Guarantees from customers 6 364 6 150
Commitments to take back leased vehicles at the end of the contract 11 442 10 837

Other commitments received 105 52
Other commitments received 105 52

Total commitments received (*) 23 142 21 806
(*) Of which related parties 5 871 5 726


At 30 June 2022, Mobilize Financial Services group had €4,557 million in unused confirmed lines of credit, as well as
broadly diversified short-term and medium-term issuance programs. It also had €2,725 millions of receivables eligible
as European Central Bank collateral (after haircuts and excluding securities and receivables already in use to secure
financing at period-end).
Most of the commitments received from related parties concern commitments to take back vehicles agreed with
manufacturers as part of finance leases.
Guarantees and collateral
Guarantees and collateral offer partial or total protection against the risk of losses due to debtor insolvency
(mortgages, pledges, comfort letters, bank guarantees on first demand for the granting of loans to dealers and private
customers in certain cases). Guarantors are the subject of internal or external rating updated at least annually.
With a view to reducing its risk-taking, the Mobilize Financial Services group actively and rigorously manages its
sureties, among other things by diversifying them (e.g. credit insurance, personal and other guarantees).




- 54-
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Note 19 : Interest and similar income Afficher
M asquer


In millions of euros 06/2022 06/2021 12/2021

Interests ans similar incomes 1 386 1 329 2 604
Transactions with credit institutions 46 15 36
Customer finance transactions 912 920 1 811
Finance lease transactions 356 346 661
Accrued interest due and payable on hedging instruments 52 40 74
Accrued interest due and payable on Financial assets 20 8 22

S taggered fees paid for referral of business: (413) (410) (838)
Customer Loans (309) (313) (639)
Finance leases (104) (97) (199)

Total interests and similar income (*) 973 919 1 766
(*) Of which related parties 265 310 575


As the receivables assigned under the securitization transactions have not been derecognized, interest on those
receivables continues to appear under interest and similar income in customer finance transactions.




Note 20 : Interest expenses and similar charges Afficher
M asquer t


In millions of euros 06/2022 06/2021 12/2021


Transactions with credit institutions (117) (95) (194)
Customer finance transactions (44) (51) (94)
Finance lease transactions (4) (3) (8)
Accrued interest due and payable on hedging instruments (22) (28) (43)
Expenses on debt securities (177) (122) (248)
Other interest and similar expenses (8) (5) (12)

Total interest and similar expenses (372) (304) (599)




- 55 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




Note 21 : Fees and commissions Affiche
M asque


In millions of euros 06/2022 06/2021 12/2021


Fees and commissions income 342 316 639
Commissions 10 10 20
Fees 7 8 16
Commissions from service activities 60 55 111
Insurance brokerage commission 31 26 54
Incidental insurance commissions from finance contracts 125 117 236
Incidental maintenance commissions from finance contracts 74 68 138
Other incidental commissions from finance contracts 35 32 64

Fees and commissions expenses (148) (139) (282)
Commissions (14) (14) (29)
Commissions on service activities (49) (42) (83)
Incidental insurance commissions from finance contracts (22) (17) (35)
Incidental maintenance commissions from finance contracts (50) (46) (98)
Other incidental commissions from finance contracts (13) (20) (37)

Total net commissions (*) 194 177 357
(*) Of which related parties 5 5 9


The services and the costs of ancillary finance contract services and the income and costs of service activities
primarily concern insurance and maintenance services.




- 56 -
RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Note 22 : Net income or expense of other activities Affiche
M asque


In millions of euros 06/2022 06/2021 12/2021

Other income from banking operations 490 536 1 072
Income from insurance activities 210 204 415
Income related to non-doubtful lease contracts 131 182 363
of which reversal of impairment on residual values 21 41 106
Income from operating lease transactions 140 133 267
Other income from banking operations 9 17 27
of which reversal of charge to reserve for banking risks 2 9 12

Other expenses of banking operations (336) (391) (776)
Cost of insurance activities (56) (55) (113)
Expenses related to non-doubtful lease contracts (114) (169) (317)
of which allowance for impairment on residual values (30) (47) (114)
Distribution costs not treatable as interest expense (47) (42) (98)
Expenses related to operating lease transactions (104) (97) (201)
Other expenses of banking operations (15) (28) (47)
of which charge to reserve for banking risks (5) (5) (10)

Other operating income and expenses 1
Other operating income 4 10 19
Other operating expenses (4) (9) (19)

Total net income (expense) of other activities (*) 154 146 296
(*) Of which related parties 2 (3)


Incidental income from and Expenses of services related to finance contracts as well as income and expenses of
service activities are presented in Note 21.
Income and expenses of service activities include the income and expenses booked for insurance policies issued by
the group's captive insurance companies.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Note 23 : General operating expenses and personnal costs Affiche
M asque


In millions of euros 06/2022 06/2021 12/2021

Personnel costs (182) (147) (305)
Employee pay (114) (96) (206)
Expenses of post-retirement benefits - Defined-contribution pension plan (9) (9) (19)
Expenses of post-retirement benefits - Defined-benefit pension plan 6
Other employee-related expenses (36) (35) (72)
Other personnel expenses (23) (7) (14)

Other administrative expenses (153) (153) (251)
Taxes other than current income tax (43) (44) (48)
Rental charges (4) (4) (9)
Other administrative expenses (106) (105) (194)

Total general operating expenses (*) (335) (300) (556)
(*) Of which related parties 4 (1)



Other personnel expenses include amounts charged to and reversed from provisions for restructuring and forpersonnel
related risks totaling €18 million as at June 30, 2022 compared to a charges of €4 million as at June 30, 2021.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022



Note 24 : Cost of risk by customer category Affiche
M asque


In millions of euros 06/2022 06/2021 12/2021

Cost of risk on customer financing (108) (59) (98)
Impairment allowances (179) (276) (448)
Reversal of impairment 134 279 465
Losses on receivables written off (77) (79) (145)
Amounts recovered on loans written off 14 17 30

Cost of risk on dealer financing 6 22 37
Impairment allowances (20) (20) (28)
Reversal of impairment 26 42 67
Losses on receivables written off (2)

Other cost of risk (3) 1 (1)
Change in allowance for impairment of other receivables 1
Other valuation adjustments (3) (1)

Total cost of risk (*) (105) (36) (62)
(*) Of which related parties 1


This item includes the net increase (decrease) in impairment allowances, losses on receivables written off, and
amounts recovered on receivables written off.
The cost of risk on customer financing increased by €49 million mainly due to the IFRS 9 Loss Given Default (LGD)
update for the French and Brazilian entities. As indicated in point 2 (key highlight - Cost of risk) the June 2021 LGDs
for these two entities took into account exceptional post-Covid debt collection performance while the June 2022 LGD
was calculated based on debt collection performance without any exceptional items.
With respect to customer activity, the transactions that took place in the first half of 2022 were:
• A €35 million increase in the provision for non-performing outstandings;
• A €7 million increase in the provision for performing outstandings.
Regarding the Dealer network activity (dealer financing), the cost of risk showed a provision reversal of €6 million, of
which €4 million for non-performing outstandings related to the decrease in doubtful portfolios in Poland and Italy.




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RCI BANQUE SA – Consolidated Financial Statements 30 June 2022




Note 25 : Income tax Affiche
M asque


In millions of euros 06/2022 06/2021 12/2021


Current tax expense (111) (103) (266)
Current tax expense (111) (103) (266)

Deferred taxes (11) (35) (62)
Income (expense) of deferred taxes, gross (11) (35) (62)

Total income tax (122) (138) (328)


The RCI Banque group's effective tax rate was 26.70% at 30 June 2022, compared with 23.02% at 30 June 2021 and
27.44% at 31 December 2021


The amount of the French CVAE tax (Cotisation sur la Valeur Ajoutée des Entreprises, a tax computed on the added
value generated by the company) includes in current income tax is -€1,9 million.
Current tax expense is equal to the amount of income tax due and payable to tax authorities for the year, under the
rules and tax rates applicable in each country.
Certain differences between companies’ income for tax purposes and their income for consolidated financial reporting
purposes give rise to the recognition of deferred taxes. These differences result mainly from rules for accounting for
lease-purchase and long-term rental transactions and for recognizing impairment on doubtful receivables.



Note 26 : Events after the end of the reporting period

No events occurred between the reporting period end date and 28 July 2022, when the Board of Directors approved
the financial statements that might have a significant impact on the financial statements ended 30 June 2022.




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