EARNINGS REPORT
2019
EARNINGS REPORT 2019

1. IN BRIEF 1

1. SALES PERFORMANCE 3
OVERVIEW 3
1.1 AUTOMOTIVE 4
1.1.1 Group sales worldwide by Region, by brand & by type 4
1.1.2 Sales and production statistics 5
1.2 SALES FINANCING 7
1.2.1 New financing and services 7
1.2.2 International development and new activities 8


2. FINANCIAL RESULTS 9
SUMMARY 9
2.1 COMMENTS ON THE FINANCIAL RESULTS 9
2.1.1 Consolidated income statement 9
2.1.2 Automotive operational free cash flow 11
2.1.3 CAPEX and Research & Development 11
2.1.4 Automotive net cash position at December 31, 2019 12
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 14
2.2.1 Consolidated income statement 14
2.2.2 Consolidated comprehensive income 15
2.2.3 Consolidated financial position 16
2.2.4 Changes in consolidated shareholders’ equity 17
2.2.5 Consolidated cash flows 18
2.2.6 Notes to the consolidated financial statements 19
2.2.6.1 Information on operating segments and Regions 19
A. Information by operating segment 19
B. Information by Region 25




Earnings Report 2019
K




IN BRIEF




EY FIGURES
2019 2018 Change

Worldwide Group sales (1) Million vehicles 3.75 3. 8 8 - 3.4%
Group revenues € million 55,537 57,419 - 1,882
Group operating profit € million 2,662 3,612 - 950
% revenues 4 .8% 6.3% - 1.5 pts
Group operating income € million 2,105 2,987 - 882
Contribution from associated companies € million - 190 1,540 - 1,730
o/w Nissan € million 242 1,509 - 1,267
Net income € million 19 3,451 - 3,432
Net income, Group share € million - 141 3,302 - 3,443
Earnings per share € - 0.52 12.24 - 12.76
Automotive operational free cash flow (2) € million 153 607 - 454
Automotive net cash position (3) € million 1,734 3,702 - 1,968
Sales Financing, average performing assets € billion 47.4 4 4 .4 + 6.8%
(1) Worldwide Group sales include Jinbei&Huasong sales.
(2) Automotive operational Free cash flow: cash flows after interest and tax (excluding dividends received from publicly listed companies) minus tangible and intangible investments
net of disposals +/- change in the working capital requirement.
(3) 2019 figures include the impacts of the application of IFRS 16 “Leases” from January 1, 2019. The figures for 2018 have not been restated.



OVERVIEW
In 2019, Groupe Renault sales volumes totaled 3,753,723 vehicles, Automotive excluding AVTOVAZ operating margin was down
down - 3.4%. Groupe Renault maintains a market share of 4.25% - €920 million to €1,284 million, which represented 2.6% of
in a market down - 4.8%. revenues compared to 4.3% in 2018.
Worldwide sales of the Group’s electric vehicles rose + 23.5% to The change can be explained by the following:
62,447 vehicles. • Volume effect had a negative impact of - €582 million, including
In the light commercial vehicle segment, the Group volumes sales to partners.
rose + 0.7% to reach a new sales record. • Mix/price/enrichment effect was negative - €587 million
Group revenues reached €55,537 million (- 3.3%), including because of enrichment (regulatory and on new products) and
€3,130 million for AVTOVAZ (+ 3.0%). Excluding currency impact, the decrease in the diesel sales in Europe.
Group revenues would have been down - 2.7%. • The Monozukuri effect was positive by + €547 million.
A u t o m o t i ve excluding AVTOVAZ revenues decreased - 4.2% It benefited from purchasing performance, increase in the
to €49,002 million. capitalization rate of R&D but has been penalized by an
increase in the depreciation.
This decline was due to a negative volume effect of - 1.4 points
notably linked to lower sales in Argentina, Turkey and Algeria. • Raw materials weighed for - €324 million largely on higher
prices for precious metals and steel.
Sales to partners were down - 3.4 points due to lower vehicle
production for Nissan and Daimler, as well as the decline in • The improvement of + €121 million of G&A stemmed from the
demand for diesel engines in Europe and the sharp drop in our company’s effort to limit its costs and included positive non-
CKD(1) business in China and the end of this activity in Iran. recurring effects.
The currency effect, negative by - 0.7 points, was mainly due • Currencies impacted by + €24 million due to the positive effect
to the sharp devaluation of the Argentinian peso and the of the depreciation of the Turkish lira on production costs which
Turkish lira. compensated for the negative impact of the Argentinian Peso.
The AVTOVAZ operating margin contribution amounted to
The price effect, positive by + 1.7 points, stemmed from efforts to
offset these currency devaluations and price increases in Europe, €155 million, compared to €204 million in 2018 after lower
notably related to regulatory costs. Since the fourth quarter, the positive non-recurring effects for about €70 million.
price effect has benefited from a more ambitious pricing policy, Sales Financing contributed €1,223 million to the Group’s
particularly in Europe with New Clio. operating margin, compared to €1,204 million in 2018. This
The Group’s operating margin amounted to €2,662 million and + 1.6% growth was due to the increase in average performing
represented 4.8% of revenues compared to 6.3% in 2018. assets, reflecting RCI Banque’s strong commercial momentum,



(1) CKD : Complete Knock Down

1
Earnings Report 2019
IN BRIEF



Net income amounted to €19 million, and net income Group
despite a negative currency effect of - €26 million and a rise in
share to - €141 million (- €0.52 per share compared to €12.24
losses of mobility services activities also for - €26 million.
per share in 2018).
Other operating income and expenses amounted to
Automotive operational free cash flow, including AVTOVAZ
- €557 million (compared to - €625 million in 2018) coming from
for €28 million, was positive at €153 million. It is the result of
nearly - €240 million of restructuring charges, notably related
a strong increase in investments, an €350 million increase in
to the early retirement program in France and impairments for
dividends received from RCI and a positive change in working
about - €300 million notably in China and Argentina.
capital requirements excluding AVTOVAZ for €1,027 million
The Group’s operating income came to €2,105 million, compared
excluding sales with buy-back commitments.
to €2,987 million in 2018.
The Automotive activity at December 31, 2019 held +€15.8 billion
Net financial income and expenses amounted to - €442 million,
of liquidity and a net cash position of + €1.7 billion.
compared to - €353 million in 2018 despite an almost stable
At December 31, 2019, total inventories including the
cost of funding. The deterioration in other financial income
independent network) represented 68 days of sales, compared
and expenses is due to lower dividends received from non-
to 70 days at end December 2018.
consolidated entities and miscellaneous expenses.
A dividend of €1.10 per share, compared to €3.55 per share
The contribution of associated companies came to - €190 million,
in 2018, will be submitted for approval at the Shareholders’
compared to + €1,540 million in 2018. Nissan contributed positively
Annual General Meeting.
for + €242 million while the contribution of the other associated
The shares would be traded ex-dividend on April 30, 2020 and
companies (-€432 million) was heavily penalized by the weak
dividends paid out from May 5, 2020.
performance of our Chinese joint ventures also leading to
impairments.
Current and deferred taxes showed an expense of - €1,454 million
including - €753 million due to the discontinuation of the
recognition of deferred tax assets on tax losses in France.




2020 OUTLOOK
The global automotive market should decline this year with Europe at least down - 3%, Russia
at around - 3% and the Brazilian market up around + 5%.
In this context of low visibility notably due to CAFE regulation in Europe, and a significant
rise of depreciation related to investments made for preparing the future, Groupe Renault
is aiming to:
• achieve Group revenues in line with 2019 at constant exchange rates,(1)
• achieve a Group operating margin between 3% and 4%,
• generate a positive Automotive operational free cash flow before restructuring expenses.
This guidance does not take into account the possible impacts related to the Coronavirus
health crisis.




(1) In order to analyze the change in consolidated revenues at constant exchange rates, Groupe Renault recalculates revenues for the current year by applying the average annual
exchange rates of the previous year.


2 Earnings Report 2019
1
SALES PERFORMANCE
OVERVIEW




OVERVIEW
• Groupe Renault consolidates its positions in its core markets and maintains its global market share.
• Groupe Renault maintains a market share of 4.25% in a market down 4.8%. Sales volumes totaled 3,753,723 vehicles, down 3.4%.
• Over the last quarter, the Group recorded an increase in sales thanks to the success of New Clio in Europe, Arkana in Russia and Triber in India.
• The Group is consolidating its positions in its core markets: Europe grew by 1.3%, in Russia it confirmed its solid leadership with 29% market
share, in Brazil Renault became the fourth brand, gaining two positions, and in India, Renault is the only brand to have gained in passenger car
volume.
• For the Group, 2020 will mark a new stage in its electric offensive with the launch of Twingo Z.E. and the deployment of its new E-TECH hybrid
and plug-in hybrid offers.
• The attractiveness of new products to customers will enable the Group to continue to improve its price positioning initiated in 2019.
• In a falling global automotive market, RCI Bank and Services achieved a good commercial performance with 1,798,432 contracts financed at the
end of 2019.
As of May 2019, the scope of the Regions has changed: the Africa Middle-East India Region becomes Africa Middle-East India Pacific Region,
including the former Asia Pacific Region without China which becomes now a separated Region. All other Regions remain unchanged. 2018 data
are adjusted with new Regions structure.



GROUPE RENAULT’S TOP FIFTEEN MARKETS
Change
Volumes PC / LCV
market share
2019 * in market share
2019 on 2018
(%) (points)
SALES (in units)

1 France 698,723 25.9 - 0.3
2 Russia * * 508,647 29.0 + 1.4
3 Germany 247,155 6. 3 0.0
4 Brazil 239,174 9.0 + 0.3
5 Italy 220,403 10.5 + 0.5
6 Spain 183,264 12.4 + 0.1
7 China * * * 179,494 0.7 - 0.1
8 United-Kingdom 109,952 4.1 + 0.3
9 Belgium+Luxembourg 90,989 13.1 + 0.2
10 India 88,869 2. 5 + 0.4
11 South Korea 86,859 5.0 - 0.1
12 Turkey 85,055 17.8 - 0.9
13 Romania 72,165 37.6 - 1.1
14 Morocco 70,281 42 . 4 - 0.2
15 Poland 69,090 11.1 + 0.5
* Preliminary figures (excluding Twizy sales).
* * Including AUTOVAZ sales.
* * * Including Jinbei&Huasong.




3
Earnings Report 2019
1 SALES PERFORMANCE
1.1 AUTOMOTIVE




1.1 AUTOMOTIVE
1.1.1 GROUP SALES WORLDWIDE BY REGION, BY BRAND & BY TYPE
2019 * 2018 Change
PASSENGER CARS AND LIGHT COMMERCIAL VEHICLES (UNITS) * * (%)
GROUP 3,753,723 3,884,273 - 3.4
EUROPE REGION 1,945,821 1,920,751 + 1.3
Renault 1,370,571 1,401,574 - 2.2
Dacia 564,854 511,4 45 + 10.4
Alpine 4,431 1,94 6 +++
Lada 5,965 5,786 + 3.1

AFRICA MIDDLE-EAST INDIA & PACIFIC REGION 453,223 561,860 - 19.3
Renault 280,569 374,4 41 - 25.1
Dacia 89,243 98,338 - 9.2
Renault Samsung Motors 79,081 84,954 - 6.9
Alpine 403 14 8 +++
Lada 3,034 3,087 - 1.7
Jinbei&Huasong * * * 893 892 + 0.1

EURASIA REGION 750,571 747,729 + 0.4
Renault 263,110 267,538 - 1.7
Dacia 82,473 90,838 - 9.2
Lada 403,634 389,153 + 3.7
Jinbei&Huasong * * * 0 200 - 100.0
AV TOVAZ 1,354 0 +++

AMERICAS REGION 424,537 437,081 - 2.9
Renault 420,897 436,162 - 3.5
Alpine 1 0 +++
Lada 256 36 6 - 30.1
Jinbei&Huasong * * * 3, 3 8 3 553 +++

CHINA REGION 179,571 216,852 - 17.2
Renault 21,94 6 52,887 - 58.5
Jinbei&Huasong * * * 157,625 163,965 - 3.9

BY BRAND
Renault 2,357,093 2,532,602 - 6.9
Dacia 736,570 700,621 + 5.1
Renault Samsung Motors 79,081 84,954 - 6.9
Alpine 4,835 2,094 +++
Lada 412,889 398,392 + 3.6
Jinbei&Huasong * * * 161,901 165,610 - 2.2
AV TOVAZ 1,354 0 +++

BY VEHICLE TYPE
Passenger cars 3,129,434 3,264,256 - 4.1
Light commercial vehicles 624,289 620,017 + 0.7
* Preliminary figures.
* * Twizy is a quadricycle and therefore not included in Group automotive sales except in Bermuda, Chile, Colombia, South Korea, Guatemala, Ireland, Lebanon, Malaisia and Mexico
where Twizy is registered as a passenger car.
* * * Jinbei & Huasong includes the brands Jinbei JV, Jinbei not JV (Shineray and Huarui) and Huasong.


With 2,357,093 vehicles sold in 2019 (-6.9% compared to last year), the
In 2019, Groupe Renault sold 3,753,723 vehicles worldwide, down 3.4%
Renault brand accounted for 63% of the Group’s volumes. Dacia and
(- 130,550 vehicles of which - 183,000 in the Iranian, Argentinean and
Lada brands increased by +5.1% and +3.6% respectively.
Turkish markets) in a market that declined by 4.8%.
Group Market share now stands at 4.25%.

4 Earnings Report 2019
1
SALES PERFORMANCE
1.1 AUTOMOTIVE



The Dacia brand set a new sales record for the seventh consecutive The Dacia brand sold 564,854 vehicles (+10.4%). This increase was
driven by the performance of Duster and Sandero.
year in Europe, with 564,854 vehicles sold (+ 10.4%).
Sales of the Alpine brand have more than doubled this year.
Outside Europe

Jinbei&Huasong’s sales fell by -2.2% and Renault Samsung Motors
In Russia, Groupe Renault led the way with a market share of 29%,
by -6.9%.
up 1.4 points. Sales rose 2.3% in a market that contracted by 2.6%.
Worldwide sales of the Group’s electric vehicles rose 23.5% to Lada sales rose 0.6% to 362,356 vehicles, confirming its leading
62,447 vehicles. New ZOE, launched at the end of 2019, will be the position with a 20.7% market share. Lada Granta and Lada Vesta
flagship of the electric range in 2020. In the light commercial confirmed their position as the best-selling vehicles in Russia.
electric vehicle segment, Kangoo Z.E. remains the undisputed The Renault brand also grew by 5.8% to 144,989 vehicles sold, thanks
leader, with a growth of 19.2% to 10,349 vehicles. In China, the Group to the successful launch of Arkana in the second half.
launched Renault City K-ZE in November and recorded 2,658 sales in
In Brazil, sales volumes rose 11.3% to 239,174 vehicles and market
two months.
share reached a record of 9% (+0.3 points) thanks to the good results of
In the light commercial vehicle segment, the Group volumes rose Kwid. The market remained dynamic and grew by 7.4%.
0.7% to reach a new sales record. This record was achieved thanks to
In India, the Group’s strategy is beginning to bear fruit. Renault is the
the performance of the Renault brand in Europe, which rose 3.6% in a
only brand to make progress in 2019 in the passenger cars segment.
market that grew by 2.8%.
Sales rose 7.9% in a market that contracted by 11.3%. The increase was
Renault Pro+ maintained its two European leaderships once again mainly due to the successful launch of Triber and the success of New
in terms of sales volumes for vans and light commercial vehicles, as Kwid. Market share reached 2.5%, up 0.45 points compared to 2018.
well as sales of electric light commercial vehicles. Triber, the compact vehicle with unparalleled flexibility for
transporting up to seven people, launched in August, has already
Europe

recorded 24,142 sales, with more than half of these in the premium
In Europe, sales rose 1.3% in a market up 1.2%. version. Triber is positioned in a segment that is expected to account
for nearly 50% of the Indian market by 2022.
Clio is the leader in the B-segment, with 45% of New Clio sales in the
top-of-the-range version. Clio 4 is maintained in the range to provide Outside of the core countries, the Group is the leader in Africa, Turkey,
a broader customer offering. Captur remains the leading SUV in its Colombia and Romania.
category. ZOE saw its volumes grow by 19.1% (47,027 vehicles).



1.1.2 SALES AND PRODUCTION STATISTICS
1.1.2.1 GROUP SALES WORLDWIDE
Consolidated global sales by brand and geographic areas as well as by h t tp s : //g r oup. r enault .com /en / f inance -2 /r eg ul a te d -inf or ma tion /
model are available in the regulated information of the Finance section Monthly sales
on Groupe Renault website.


1.1.2.2 GROUP WORLDWIDE PRODUCTION
2019 * * 2018 Change
PASSENGER CARS AND LIGHT COMMERCIAL VEHICLES (UNITS) (%)
GROUP GLOBAL PRODUCTION * 3,662,802 3,846,603 - 4.8
O/w produced for partners:
Nissan 196,682 253,949 - 22.6
Daimler 49,969 71,998 - 30.6
GM 26,796 24,098 + 11.2
Fiat 23,031 25,035 - 8.0
Renault Trucks 15,580 15,802 - 1.4
2019 * * 2018 Change
PRODUCED BY PARTNERS FOR RENAULT (%)
Nissan - Chennai 100,54 6 90,262 + 11.4
Other Nissan 962 1,972 - 51.2
China JVs - DRAC, RBJAC, e-GT-NEV 54,101 90,226 *** - 40.0
Pars Khodro, Iran Khodro - Iran - 91,000 ---
* Production data concern the number of vehicles leaving the production line.
** Preliminary figures.
*** Production volumes have been adjusted for an amount of + 42,468 units for a correction of error on RBJAC.




5
Earnings Report 2019
1 SALES PERFORMANCE
1.1 AUTOMOTIVE



1.1.2.3 GEOGRAPHICAL ORGANIZATION OF THE RENAULT GROUP BY REGION – COUNTRIES IN EACH REGION
At December 31, 2019


EUROPE AFRICA MIDDLE-EAST INDIA AND PACIFIC EURASIA AMERICAS CHINA


Albania Abu Dhabi Morocco Armenia Argentina China
Austria Algeria Mozambique Azerbaijan Bermuda Hong Kong
Baltic States Angola Nepal Belarus Bolivia
Belgium-Lux. Australia New Caledonia Bulgaria Brazil
Bosnia Bahrain New Zealand Georgia Chile
Cyprus Bangladesh Oman kazakhstan Colombia
Czech Rep. Benin Palestine Kyrgyzstan Costa Rica
Croatia Brunei Philippines Moldova Curacao
Denmark Burkina Faso Qatar Mongolia Dominica
Finland Cambodia Rep. Democratic Congo Romania Dominican Rep.
France Metropolitan Cameroon Saint-Pierre & Miquelon Russia Ecuador
Germany Cape Verde Saudi Arabia Tajikistan Guatemala
Greece Cuba Senegal Turkey Mexico
Hungary Djibouti Seychelles Ukraine Netherlands Antilles
Iceland Dubai Singapore Uzbekistan Panama
Ireland Egypt South Africa + Namibia Paraguay
Italy Ethiopia South Korea Peru
Macedonia French Guiana Sudan Trinidad & Tobago
Malta Gabon Tahiti Uruguay
Montenegro Ghana Tanzania
Netherlands Green Cap Thailand
Norway Guadeloupe Togo
Poland Guinea Tunisia
Por tugal India Uganda
Serbia Indonesia Vietnam
Slovakia Iraq Zambia
Slovenia Israel Zimbabwe
Spain Ivory Coast
Sweden Japan
Switzerland Jordan
United Kingdom Kenya
Kuwait
La Réunion
Laos
Lebanon
Liberia
Madagascar
Malawi
Malaysia
Mali
Mar tinique
Mauritania
Mauritius
Mayotte




6 Earnings Report 2019
1
SALES PERFORMANCE
1.2 SALES FINANCING




1.2 SALES FINANCING
1.2.1 NEW FINANCING AND SERVICES
Excluding Turkey, Russia and India (companies consolidated by the
RCI Bank and Services once again posted an increase in its sales
equity method), this rate amounts to 44.2%, compared with 42.9%
performance for 2019 and continues to deploy its strategic ambitions.
in 2018.
RCI Bank and Services is thus a true strategic partner of the Alliance’s
brands.
The used vehicle financing business continues to grow with 368,409
In a falling global automotive market, RCI Bank and Services achieved
contracts financed, up +3.7% compared to 2018.
a good commercial performance with 1,798,432 contracts financed
at end 2019, generating €21.4 billion in new financings up + 2.3% In this context, average performing assets (APA) now stand at
compared to last year. €47.4 billion, showing a 6.8% increase compared to last year. Of this
The Group’s financing penetration rate thus stands at 42.2%, an amount, €37.2 billion are directly related to the Customers business,
increase of 1.5 points compared to last year. up 9.4%.

RCI BANQUE FINANCING PERFORMANCE
2019 2018 Change
(%)
Number of financing contracts (Thousands) 1,798 1,799 - 0.0
368 355 + 3.7
- Including UV contracts (Thousands)
21.4 20.9 + 2.3
New financing (€ billion)
47.4 4 4 .4 + 6.8
Average Productive assets (€ billion)


PENETRATION RATE BY BRAND
2019 2018 Change
(%) (%) (points)
Renault 42.7 42.0 + 0.7
Dacia 4 4.7 4 3. 4 + 1.3
Renault Samsung Motors 59.2 56.1 + 3.0
Nissan 36 . 5 34 . 2 + 2.4
Infiniti 29.9 22.9 + 7.0
Datsun 23.9 22.9 + 1.0
RCI Banque 42.2 40.7 + 1.5



PENETRATION RATE BY REGION
2019 2018 Change
(%) (%) (points)
Europe 4 5. 4 4 4.9 + 0.5
Americas 38.0 35.0 + 3.0
Africa Middle-East India and Pacific (1) 40.9 37.3 + 3.6
Eurasia 29.7 27.0 + 2.8
RCI Banque 42.2 40.7 + 1.5
(1) Organizational change within the Groupe Renault regions since May 1, 2019: The creation of the new region « Africa Middle-East India and Pacific » results for RCI in the regrouping
of the former regions « Africa Middle-East India » and « Asia-Pacific » including now Algeria, Morocco, India and South Korea.


Pillar of the Group’s strategy, the services business continued to service contracts, of which 68% are customer and vehicle use-related
develop with an increase of 5.2% over the last twelve months. The services.
volume of services sold for 2019 represents 5.1 million insurance and

RCI BANQUE SERVICES PERFORMANCE
2019 2018 Change
Number of services contracts (Thousands) 5,092 4 , 8 39 + 5.2%
Penetration rate on Services 150.3% 136.5% + 13.8 pts




7
Earnings Report 2019
1 SALES PERFORMANCE
1.2 SALES FINANCING



1.2.2 INTERNATIONAL DEVELOPMENT AND NEW ACTIVITIES
Thanks to its banking license from the Prudential Regulation
In line with its refinancing diversification strategy, RCI Bank and
Authority (PRA) obtained in March 2019 and the creation of RCI Bank
Services is pursuing the development of its savings activity - for the
UK Limited, RCI Bank and Services now has a full banking subsidiary
first time outside Europe – with the launch of a savings product for
in the UK. RCI Bank and Services is able to continue to exercise its
individual customers in Brazil, in March 2019. It is the first finance
deposit collection activity in the UK market, despite the Brexit.
company to do so in the Brazilian market. RCI Bank and Services now
has a deposit collection activity in five markets: France, Germany,
Austria, the United Kingdom and Brazil.




8 Earnings Report 2019
(




2
FINANCIAL RESULTS
SUMMARY




SUMMARY
2019 2018 Change
(€ million)

Group revenues 55,537 57,419 - 3.3%
2,662 3,612 - 950
Operating profit
- 882
Operating income 2,105 2,987
- 89
Net Financial income & expenses - 442 - 353
Contribution from associated companies - 190 1,540 - 1,730
- 1,267
O/w Nissan 242 1,509
19 3,451 - 3,432
Net income
153 607 - 454
Automotive operational free cash flow (1)
+ 1,734 + 3,702 - 1,968
Automotive Net cash position (2)
36,088 (3) - 757
Shareholders’ equity 35,331
(1) Automotive operational Free cash flow: cash flows after interest and tax (excluding dividends received from publicly listed companies) minus tangible and intangible investments net
of disposals +/- change in the working capital requirement.
(2) 2019 figures include the impacts of the application of IFRS 16 “Leases” from January 1, 2019. The figures for 2018 have not been restated.
(3) Shareholder’s equity at December 31, 2018, has been adjusted by an amount of - €57 million due to correction of an error concerning operations in the Americas Region, with a
corresponding entry in provisions for risks on taxes other than income taxes.




2.1 COMMENTS ON THE FINANCIAL RESULTS
2.1.1 CONSOLIDATED INCOME STATEMENT
OPERATING SEGMENT CONTRIBUTION TO GROUP REVENUES

2019 2018
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
(€ million)

Automotive excluding AVTOVAZ 10,916 13,875 9,662 14,549 49,002 11,64 6 15,221 10,057 14,247 51,171
AV TOVAZ 767 790 791 782 3,130 716 761 627 936 3,040
Sales Financing 84 4 858 8 43 860 3,405 793 820 800 795 3,208
Total 12,527 15 ,523 11,296 16,191 55,537 13,155 16,802 11,484 15,978 57,419

Change
Q1 Q2 Q3 Q4 Year
(%)

Automotive excluding AVTOVAZ - 6.3 - 8.8 - 3.9 + 2.1 - 4.2
AV TOVAZ + 7.1 + 3.8 + 26.2 - 16.5 + 3.0
Sales Financing + 6.4 + 4.6 + 5.4 + 8.2 + 6.1
Total - 4.8 - 7.6 - 1.6 + 1.3 - 3.3


Group revenues reached €55,537 million (- 3.3%), including for diesel engines in Europe and the sharp drop in our CKD(1) business
€3,130 million for AVTOVAZ (+ 3.0%). Excluding currency impact, in China and the end of this activity in Iran.
Group revenues would have been down - 2.7%. The currency effect, negative by - 0.7 points, was mainly due to the
Automotive excluding AVTOVAZ revenues decreased - 4.2% to sharp devaluation of the Argentinian peso and the Turkish lira.
€49,002 million. The price effect, positive by + 1.7 points, stemmed from efforts to
offset these currency devaluations and price increases in Europe,
This decline was due to a negative volume effect of - 1.4 points
notably related to regulatory costs. Since the fourth quarter, the
notably linked to lower sales in Argentina, Turkey and Algeria.
price effect has benefited from a more ambitious pricing policy,
Sales to partners were down - 3.4 points due to lower vehicle
particularly in Europe with Clio.
production for Nissan and Daimler, as well as the decline in demand


1) CKD : Complete Knock Down.

9
Earnings Report 2019
2 FINANCIAL RESULTS
2.1 COMMENTS ON THE FINANCIAL RESULTS



OPERATING SEGMENT CONTRIBUTION TO GROUP OPERATING PROFIT
2019 2018 Change
(€ million)

Automotive division excluding AVTOVAZ 1,284 2,204 - 920
% of division revenues 2.6% 4 .3% - 1.7 pts
AVTOVAZ 155 204 - 49
% AVTOVAZ revenues 5.0% 6.7% - 1.8 pts
Sales Financing 1,223 1,204 + 19
Total 2,662 3,612 - 950
% of Group revenues 4 . 8% 6.3% - 1.5 pts


The Group’s operating margin amounted to €2,662 million and The total cost of risk, which includes the application of IFRS9,
remains under control at 0.42% of average performing assets,
represented 4.8% of revenues compared to 6.3% in 2018.
compared to 0.33% last year. The cost of risk on Customer activity
Automotive excluding AVTOVAZ operating margin was down
(personal and business financing) improved significantly to 0.47%
- €920 million to €1,284 million, which represented 2.6% of
of average performing assets in 2019 vs. 0.51% in 2018, confirming
revenues compared to 4.3% in 2018.
a robust acceptance and collection policy. The cost of risk on the
The change can be explained by the following:
Networks business (dealer financing) represented an income of
• Volume effect had a negative impact of - €582 million, including +0.09% in 2019 vs. an income of +0.33% in 2018 (substantial write-
sales to partners. backs of provisions in 2018).
• Mix/price/enrichment effect was negative - €587 million because Other operating income and expenses amounted to - €557 million
of enrichment (regulatory and on new products) and the decrease (compared to - €625 million in 2018) coming from nearly
in the diesel sales in Europe. - €240 million of restructuring charges, notably related to the
early retirement program in France and impairments for about
• The Monozukuri effect was positive by + €547 million. It benefited
- €300 million notably in China and Argentina.
from purchasing performance, increase in the capitalization rate
of R&D but has been penalized by an increase in the depreciation. The Group’s operating income came to €2,105 million, compared to
€2,987 million in 2018.
• Raw materials weighed for - €324 million largely on higher prices
for precious metals and steel. Net financial income and expenses amounted to - €442 million,
compared to - €353 million in 2018 despite an almost stable cost of
• The improvement of + €121 million of G&A stemmed from the
funding. The deterioration in other financial income and expenses
company’s effort to limit its costs and included positive non-
is due to lower dividends received from non-consolidated entities
recurring effects.
and miscellaneous expenses.
• Currencies impacted by + €24 million due to the positive effect
The contribution of associated companies came to - €190 million,
of the depreciation of the Turkish lira on production costs which
compared to + €1,540 million in 2018. Nissan contributed
compensated for the negative impact of the Argentinian Peso.
positively for + €242 million while the contribution of the other
The AVTOVAZ operating margin contribution amounted to
associated companies (-€432 million) was heavily penalized by
€155 million, compared to €204 million in 2018 after lower positive
the weak performance of our Chinese joint ventures also leading
non-recurring effects for about €70 million.
to impairments.
Sales Financing contributed €1,223 million to the Group operating
Current and deferred taxes showed an expense of - €1,454 million
margin, compared to €1,204 million in 2018.
including - €753 million due to the discontinuation of the
This + 1.6% increase is the result of growth in outstanding loans,
recognition of deferred tax assets on tax losses in France.
with average earning assets rising + 6.8% to 47.4 billion euros
Net income amounted to €19 million, and net income Group share
in 2019. Also noteworthy is the growing contribution of the margin
to - €141 million (- €0.52 per share compared to €12.24 per share
on services, which now stands at nearly 643 million euros, or 31% of
in 2018).
Net Banking Income.




10 Earnings Report 2019
2
FINANCIAL RESULTS
2.1 COMMENTS ON THE FINANCIAL RESULTS



2.1.2 AUTOMOTIVE OPERATIONAL FREE CASH FLOW
AUTOMOTIVE OPERATIONAL FREE CASH FLOW
2019 2018 Change
(€ million)

Cash flow after interest and tax (excluding dividends received from publicly listed companies) + 4,144 + 4 ,386 - 242
Change in the working capital requirement + 1,829 + 781 + 1,048
Tangible and intangible investments net of disposals - 4,846 - 4,166 - 680
Leased vehicles and batteries - 1,002 - 509 - 493
Operational free cash flow excluding AVTOVAZ + 125 + 492 - 367
Operational free cash flow AVTOVAZ + 28 + 115 - 87
Automotive operational free cash flow + 153 + 607 - 454


In 2019, the Automotive operational free cash flow including • a positive change in the working capital requirement of
AVTOVAZ segment reported positive operational free cash flow of €1,829 million (of which €802 million euros in working capital
requirements related to sales with a buyback commitment);
€153 million, of which €28 million of AVTOVAZ operational free cash
flow. Excluding AVTOVAZ segment, the change is resulting from: • property, plant and equipment and intangible investments net of
disposals of - €4,846 million, an increase of €680 million compared
• cash flow after interest and tax (excluding dividends received
with 2018;
from publicly listed companies) of + €4,144 million. It benefited
from a higher dividend from RCI at 500 million euros compared • investments related to vehicles with buy-back commitments and
to 150 million in 2018; leased batteries for - €1,002 million.



2.1.3 CAPEX AND RESEARCH & DEVELOPMENT
TANGIBLE AND INTANGIBLE INVESTMENTS NET OF DISPOSALS BY OPERATING SEGMENT
Total
Tangible and intangible investments net of disposals Capitalized
development
excluding capitalized development costs
costs
2019 (€ million) and leased vehicles and batteries
Automotive excluding AVTOVAZ 2,921 1,925 4 ,8 4 6
AV TOVAZ 75 60 135
Sales Financing 10 0 10
Total 3,006 1,985 4,991
Tangible and intangible investments net of disposals Capitalized Total
development costs
excluding capitalized development costs
2018 (€ million) and leased vehicles and batteries
Automotive excluding AVTOVAZ 2,476 1,695 4,171
AV TOVAZ 62 22 84
Sales Financing 19 0 19
Total 2 ,557 1,717 4,274

• Outside Europe, investments targeted mainly the renewal of the
Total gross investment in 2019 is up compared to 2018, with Europe
AB range (New Clio in Turkey), the C range (new vehicle Arkana in
accounting for 66% and the rest of the world for 34%.
Russia, XM3 in South Korea), the Global Access range (successor
• In Europe, the investments made are mainly devoted to renewing
of Logan and Sandero in Romania and Morocco, and of Duster in
the AB range (New Clio and Captur), the light commercial vehicles
Brazil) and the light commercial vehicles (successor of Dokker in
range (Kangoo and Master), adapting the industrial tool to changes
Morocco) and the industrialization of the engines of these vehicles.
in demand for engines (including electrification and hybridization),
and applying Euro6 regulations.




11
Earnings Report 2019
2 FINANCIAL RESULTS
2.1 COMMENTS ON THE FINANCIAL RESULTS



RESEARCH AND DEVELOPMENT EXPENSES RECORDED IN THE INCOME STATEMENT
Analysis of research and development costs:
2019 2018 Change
(€ million)

R&D expenses -3,697 -3,516 - 181
Capitalized development costs 1,985 1,717 + 268
Capitalization rate 53.7% 4 8 . 8% + 4.9 pts
Amor tization of capitalized development costs - 946 - 799 - 147
Gross R&D expenses recorded in the income statement * - 2,658 -2,598 - 60
Of which AVTOVAZ -6 -23 + 17
* Research and development expenses are reported net of research tax credits for the vehicle development activity. Gross R&D expenses: R&D expenses before expenses billed to
third parties and others.

The increase in capitalized development expenses is mainly explained
The capitalization rate increased from 48.8% in 2018 to 53.7% in 2019,
by the resumption of capitalization since the second half-year of 2018
in connection with the progress of the projects.
for electric vehicle development expenses, and the achievement of the
The rise in research and development expenses is explained by efforts
technical milestone marking the start of capitalization for significant
to respond to new issues for connected, driverless and electric vehicles,
projects (i.e. the formal decision to begin development and industrial
and ensure that engines comply with new regulations applicable,
production).
particularly in Europe.

NET CAPEX AND R&D EXPENSES IN % OF REVENUES
2019 2018
(€ million)

Tangible investments net of disposals (excluding capitalized leased vehicles and batteries)
and intangible (excluding development costs capitalized) 3,006 2,557
CAPEX invoice to third parties and others - 213 - 219
Net industrial and commercial investments excluding R&D capitalized (1) 2,793 2,338
% of Group revenues 5.0% 4 .1%
R&D expenses 3,697 3,516
O/w billed to third parties and others - 521 - 475
Net R&D expenses (2) 3,176 3,041
% of Group revenues 5.7% 5.3%
Net CAPEX and R&D expenses (1) + (2) 5,969 5,379
% of Group revenues 10.7% 9.4%

Net Capital expenditures and R&D expenses amounted to 10.7% of Group Revenues in 2019, compared with 9.4% in 2018, up 1.3 points.


2.1.4 AUTOMOTIVE NET CASH POSITION AT DECEMBER 31, 2019
CHANGE IN AUTOMOTIVE NET CASH POSITION (€ million)
Automotive Net cash position at December 31, 2018 + 3,702
2019 operational free cash flow + 153
Dividends received + 625
Dividends paid to Renault’s shareholders and minority shareholders - 1,120
Financial investments and others - 887
Impact of the application IFRS 16 “Leases” - 739
Automotive Net cash position at December 31, 2019 + 1,734

• the application of IFSR16 for - €739 million;
Beyond the Automotive segment reported positive operational free
cash flow of + €153 million, the €1,968 million decrease in the net • financial investment and others for - €887 million notably related to
cash position of the Automotive segment compared with December impacts of changes in the scope of consolidation and investments
31, 2018 is mainly due to : in mobility and autonomous driving.
• the usual mismatch between dividends received from Nissan (paid
in two times, one in the first half and the other in the second half)
and dividends paid by Renault in June;




12 Earnings Report 2019
2
FINANCIAL RESULTS
2.1 COMMENTS ON THE FINANCIAL RESULTS



AUTOMOTIVE NET CASH POSITION
Dec. 31, 2019 Dec. 31, 2018
(€ million)

Non-current financial liabilities - 7,927 - 6,196
Current financial liabilities - 3,875 - 3,343
Non-current financial assets - other securities, loans and derivatives on financial operations + 64 + 55
Current financial assets + 1,174 + 1,409
Cash and cash equivalents + 12,298 + 11,777
Automotive Net cash position + 1,734 + 3,702

At December 31, 2019, RCI Banque had available liquidity of
In 2019, Renault issued two Eurobonds of €1 billion and €500 million
€9.6 billion, consisting of:
(maturity six and eight years respectively) via its EMTN program.
• €4.5 billion of undrawn confirmed credit lines;
The Automotive segment’s liquidity reserves (including AVTOVAZ)
stood at €15.8 billion as of December 31st, 2019. This reserve consisted • €2.4 billion of central-bank eligible collateral;
of:
• €2.2 billion of high quality liquid assets (HQLA);
• €12.3 billion in cash and cash equivalents;
• €0.5 billion of financial assets.
• €3.5 billion in undrawn committed credit lines.




13
Earnings Report 2019
2 FINANCIAL RESULTS
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS




2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2.2.1 CONSOLIDATED INCOME STATEMENT
2019 (1)
Notes 2018
(€ million)

Revenues 4 55,537 57,419
Cost of goods and services sold (44,665) (45,417)
Research and development expenses 10-A (2,658) (2,598)
Selling, general and administrative expenses (5,552) (5,792)
Operating margin 5 2,662 3,612
Other operating income and expenses 6 (557) (625)
Other operating income 6 80 149
Other operating expenses 6 (637) (774)
Operating income (loss) 2,105 2,987
Cost of net financial indebtedness 7 (311) (308)
Cost of gross financial indebtedness 7 (386) (373)
Income on cash and financial assets 7 75 65
Other financial income and expenses 7 (131) (45)
Financial income (expenses) 7 (442) (353)
Share in net income (loss) of associates and joint ventures (190) 1,540
Nissan 12 242 1,509
Other associates and joint ventures 13 (432) 31
Pre-tax income 1,473 4,174
Current and deferred taxes 8 (1,454) (723)
Net income 19 3,451
Net income – parent-company shareholders’ share (141) 3,302
Net income - non-controlling interests’ share 160 149
Basic earnings per share (2) in € (0.52) 12.24
Diluted earnings per share (2) in € (0.52) 12.13
Number of shares outstanding (in thousands)
for basic earnings per share 9 271,639 269,850
for diluted earnings per share 9 273,569 272,222
(1) The figures for 2019 are established in application of IFRS 16 “Leases”. The impacts of application of IFRS 16 from January 1, 2019 are presented in note 2-A2. The figures for 2018
have not been restated.
(2) Net income – parent-company shareholders’ share divided by the number of shares stated.




14 Earnings Report 2019
2
FINANCIAL RESULTS
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



2.2.2 CONSOLIDATED COMPREHENSIVE INCOME
2019 2018
Gross Tax Net Gross Tax Net
effect effect
(€ million)

NET INCOME 1,473 (1,454) 19 4,174 (723) 3,451
OTHER COMPONENTS OF COMPREHENSIVE INCOME
FROM PARENT COMPANY AND SUBSIDIARIES
Items that will not be reclassified subsequently to profit or loss (137) 49 (88) (356) (3) (359)
Actuarial gains and losses on defined-benefit pension plans (194) 50 (14 4) 53 (16) 37
Equity instruments at fair value through equity 57 (1) 56 (409) 13 (396)
Items that have been or will be reclassified to profit or loss in subsequent periods (67) (81) (148) (483) 29 (454)
Translation adjustments on foreign activities 119 - 119 (213) - (213)
Translation adjustments on foreign activities in hyperinflationary economies (99) - (99) (175) - (175)
Par tial hedge of the investment in Nissan (70) (87) (157) (102) 32 (70)
Fair value adjustments on cash flow hedging instruments (1) (17) 6 (11) 7 (4) 3
Debt instruments at fair value through equity (2) - - - - 1 1
Total other components of comprehensive income from parent company
and subsidiaries (a) (204) (32) (236) (839) 26 (813)

SHARE OF ASSOCIATES AND JOINT VENTURES
IN OTHER COMPONENTS OF COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss in subsequent periods 24 - 24 (206) - (206)
Actuarial gains and losses on defined-benefit pension plans 23 - 23 (68) - (68)
Other 1 - 1 (138) - (138)
Items that have been or will be reclassified to profit or loss in subsequent periods (3) 352 - 352 956 - 956
Translation adjustments on foreign activities 407 - 407 960 - 960
Other (55) - (55) (4) - (4)
Total share of associates and joint ventures in other components
of comprehensive income (B) 376 - 376 750 - 750
OTHER COMPONENTS OF COMPREHENSIVE INCOME (A) + (B) 172 (32) 140 (89) 26 (63)

Comprehensive income 1,645 (1,486) 159 4,085 (697) 3,388
Parent company shareholders’ share 1 3,221
Non-controlling interests’ share 158 167
(1) Including €10 million reclassified to profit or loss in 2019 (€6 million in 2018).
(2) Including €(1) million reclassified to profit or loss in 2019 (€2 million in 2018).
(3) Including €3 million reclassified to profit or loss in 2019 following the full consolidation of ZAO GM-AVTOVAZ at December 31, 2019.




15
Earnings Report 2019
2 FINANCIAL RESULTS
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



2.2.3 CONSOLIDATED FINANCIAL POSITION
Dec. 31, 2019 (1)
ASSETS (€ million) Notes Dec. 31, 2018
NON-CURRENT ASSETS
Intangible assets and goodwill 10-A 6,949 5,913
Property, plant and equipment (2) 10-B 16,900 14,304
Investments in associates and joint ventures 21,232 21,439
Nissan 12 20,622 20,583
Other associates and joint ventures 13 610 856
Non-current financial assets 22 1,072 928
Deferred tax assets 8 1,016 952
Other non-current assets 17 1,224 1,485
Total non-current assets 48,393 45,021
CURRENT ASSETS
Inventories 14 5,780 5,879
Sales Financing receivables 15 45,374 42,067
Automotive receivables 16 1,258 1,399
Current financial assets 22 2,216 1,963
Current tax assets 17 86 111
Other current assets 17 4,082 3,779
Cash and cash equivalents 22 14,982 14,777
Total current assets 73,778 69,975
Total Assets 122,171 114,996
(1) The impacts of application of IFRS 16 “Leases” from January 1, 2019 are presented in note 2-A2. The figures for 2018 have not been restated.
(2) Including €669 million of right-to-use assets resulting from IFRS 16 “Leases” at the date of initial application.

SHAREHOLDERS’ EQUITY AND LIABILITIES (€ million) Dec. 31, 2019 (1) Dec. 31, 2018 (2)
Notes
SHAREHOLDERS’ EQUITY
Share capital 1,127 1,127
Share premium 3,785 3,785
Treasury shares (344) (400)
Revaluation of financial instruments 232 236
Translation adjustment (2,584) (2,826)
Reserves 32,489 30,265
Net income – parent-company shareholders’ share (141) 3,302
Shareholders’ equity – parent-company shareholders’ share 34,564 35,489
Shareholders’ equity – non-controlling interests’ share 767 599
Total shareholders’ equity 18 35,331 36,088
NON-CURRENT LIABILITIES
Deferred tax liabilities 8 1,04 4 135
Provisions for pension and other long-term employee benefit obligations – long-term 19 1,636 1,531
Other provisions – long-term 20 1,458 1,463
Non-current financial liabilities 23 8,794 6,209
Provisions for uncertain tax liabilities – long-term 8-C 187 140
Other non-current liabilities 21 1,734 1,572
Total non-current liabilities 14,853 11,050
CURRENT LIABILITIES
Provisions for pension and other long-term employee benefit obligations – short-term 19 64 56
Other provisions – short-term 20 1,064 1,100
Current financial liabilities 23 2,780 2,463
Sales Financing debts 23 47,465 44,495
Trade payables 9,582 9,505
Current tax liabilities 8-C 223 289
Provisions for uncertain tax liabilities – short-term 8-C 8 22
Other current liabilities 21 10,801 9,928
Total current liabilities 71,987 67,858
Total shareholders’ equity and liabilities 122,171 114,996
(1) The impacts of application of IFRS 16 “Leases” from January 1, 2019 are presented in note 2-A2. The figures for 2018 have not been restated.
(2) The figures for 2018 include a reclassification of provisions for uncertain tax liabilities, in application of an IFRIC decision of September 2019. These provisions are presented
in specific lines instead of in other provisions as previously (note 2-A3). Shareholders’ equity at December 31, 2018, has also been adjusted by an amount of €(57) million due
to correction of an error concerning opérations in the Americas region, with a corresponding entry in other provisions.

16 Earnings Report 2019
2
FINANCIAL RESULTS
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



2.2.4 CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY
Shareholders’
Translation Reserves Net income
Share Share Treasury Revaluation
Number Shareholders’ Total
equity (parent–
adjustment (parent –
capital premium shares of financial
of shares equity (non- share-
company
company
instruments
(thousands) controlling holders’
shareholders’
shareholders’ interests’ equity
share)
share) share)
(€ million)

Balance at Dec. 31, 2017 (1) 295,722 1,127 3,785 (494) 809 (3,376) 26,265 5,212 33,328 294 33,622
Transition to IFRS 9 –
Opening adjustments (21) (73) (94) (2) (96)
Transition to IFRS 15 –
Opening adjustments (229) (229) (9) (238)
Application of IAS 29 -
Opening adjustments 14 65 79 79
Adjusted balance
at January 1, 2018 295,722 1,127 3,785 (494) 788 (3,362) 26,028 5,212 33,084 283 33,367
2018 net income 3,302 3,302 149 3,451
Other components of
comprehensive income (2) (3) (538) 4 87 (30) (81) 18 (63)
2018 comprehensive income (538) 487 (30) 3,302 3,221 167 3,388
Allocation of 2017 net income 5,212 (5,212)
Dividends (958) (958) (94) (1,052)
(Acquisitions) / disposals
of treasury shares and impact
of capital increases 94 94 94
Changes in ownership interests (4) 33 39 72 241 313
Index-based restatement
in 2018 of equity items
in hyperinflationary economies 3 86 89 1 90
Cost of share-based payments
and other (14) 13 (112) (113) 1 (112)
Balance at Dec. 31, 2018 (5) 295,722 1,127 3,785 (400) 236 (2,826) 30,265 3,302 35,489 599 36,088
2019 net income (141) (141) 160 19
Other components of
comprehensive income (3) (4) 267 (121) 142 (2) 140
2019 comprehensive income (4) 267 (121) (141) 1 158 159
Allocation of 2018 net income 3,302 (3,302)
Dividends (966) (966) (96) (1,062)
(Acquisitions) / disposals
of treasury shares and impact
of capital increases 56 56 56
Changes in ownership interests (5) (5) 106 101
Index-based restatement
in 2018 of equity items in
hyperinflationary economies (25) 59 34 34
Cost of share-based
payments and other (45) (45) (45)
Balance at December 31, 2019 295,722 1,127 3,785 (344) 232 (2,584) 32,489 (141) 34,564 767 35,331
(1) Including €669 million of right-of-use assets resulting from IFRS 16 “Leases” at the date of initial application.
(2) Shareholder’s equity at December 31, 2018 has been adjusted by an amount of €(57) million due to correction of an error concerning opérations in the Americas region, with a
corresponding entry in other provisions.
(3) Changes in reserves correspond to actuarial gains and losses on defined-benefit pension plans recognized during the period.
(4) Changes in ownership interests in 2018 include the effects of capital increases by Alliance Rostec Auto b.v. and AVTOVAZ, and acquisitions of shares in AVTOVAZ by Alliance Rostec
Auto b.v. as a result of a mandatory tender offer and a mandatory squeeze out (note 3-B).
(5) The application of IFRS 16 “Leases” and IFRIC 23 “Uncertainty over income tax treatments” did not lead to any adjustments of opening shareholders’ equity.



Details of changes in consolidated shareholders’ equity in 2019 are given in note 18.




17
Earnings Report 2019
2 FINANCIAL RESULTS
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



2.2.5 CONSOLIDATED CASH FLOWS
Notes 2019 (1) 2018
(€ million)

Net income 19 3,451
Cancellation of dividends received from unconsolidated listed investments (4 6) (4 4)
Cancellation of income and expenses with no impact on cash
Depreciation, amortization and impairment 3,809 3,245
Share in net (income) loss of associates and joint ventures 190 (1,540)
Other income and expenses with no impact on cash before interest and tax 26-A 1,937 1,396
Dividends received from unlisted associates and joint ventures 4 2
Cash flows before interest and tax (2) 5,913 6,510
Dividends received from listed companies (3) 625 828
Net change in financing for final customers (2,612) (3,596)
Net change in renewable dealer financing (659) (160)
Decrease (increase) in Sales Financing receivables (3,271) (3,756)
Bond issuance by the Sales Financing segment 23-C 3,869 4,245
Bond redemption by the Sales Financing segment 23-C (4,034) (3,14 8)
Net change in other debts of the Sales Financing segment 3,696 2,435
Net change in other securities and loans of the Sales Financing segment (428) 61
Net change in financial assets and debts of the Sales Financing segment 3,103 3,593
Change in capitalized leased assets (1,059) (519)
Change in working capital before tax 26-B 1,214 551
CASH FLOWS FROM OPERATING ACTIVITIES BEFORE INTEREST AND TAX 6,525 7,207
Interest received 78 67
Interest paid (368) (332)
Current taxes (paid) / received 8-C (636) (657)
CASH FLOWS FROM OPERATING ACTIVITIES 5,599 6,285
Proper ty, plant and equipment and intangible investments 26-C (5,022) (4,407)
Disposals of property, plant and equipment and intangible assets 31 131
Acquisitions of investments involving gain of control, net of cash acquired 5 (29)
Acquisitions of other investments (157) (215)
Disposals of investments involving loss of control, net of cash transferred 2 -
Disposals of other investments 36 8
Net decrease (increase) in other securities and loans of the Automotive segments (2) (150)
CASH FLOWS FROM INVESTING ACTIVITIES (5,107) (4,662)
Dividends paid to parent-company shareholders 18-D (1,035) (1,027)
Transactions with non-controlling interests (10) 11
Dividends paid to non-controlling interests 18-H (96) (94)
(Acquisitions) sales of treasury shares (36) (41)
Cash flows with shareholders (1,177) (1,151)
Bond issuance by the Automotive segments 23-C 1,557 1,895
Bond redemption by the Automotive segments 23-C (574) (1,455)
Net increase (decrease) in other financial liabilities of the Automotive segments (59) (242)
Net change in financial liabilities of the Automotive segments 23-B 924 198
CASH FLOWS FROM FINANCING ACTIVITIES (253) (953)
Increase (decrease) in cash and cash equivalents 239 670
(1) The impacts of application of IFRS 16 “Leases” from January 1, 2019 are presented in note 2-A2. The figures for 2018 have not been restated.
(2) Cash flows before interest and tax do not include dividends received from listed companies.
(3) Dividends received from Daimler (€46 million in 2019 and €44 million in 2018) and Nissan (€579 million in 2019 and €784 million in 2018).

2018
2019
(€ million)

Cash and cash equivalents: opening balance 14,777 14,057
Increase (decrease) in cash and cash equivalents 239 670
Ef fect of changes in exchange rate and other changes (34) 50
Cash and cash equivalents: closing balance (1) 14,982 14,777
(1) Cash subject to restrictions on use is described in note 22-C.




18 Earnings Report 2019
2
FINANCIAL RESULTS
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



2.2.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2.2.6.1 INFORMATION ON OPERATING SEGMENTS includes investments in automotive-sector associates and joint
AND REGIONS ventures, principally Nissan.
The operating segments defined by Renault are the following: • The “AVTOVAZ” segment, consisting of the Russian automotive
group AVTOVAZ and its parent company Alliance Rostec Auto b.v.,
• The “Automotive excluding AVTOVAZ” segment, consisting of
which was formed at the end of 2016, after Renault acquired control
the Group’s automotive activities as they existed before Renault
over them, as defined by IFRS 10, in December 2016.
acquired control of the AVTOVAZ group under IFRS 10. This segment
comprises the production, sales, and distribution subsidiaries • The “Sales Financing” segment, which the Group considers as an
for passenger and light commercial vehicles, automobile service operating activity in its own right, carried out for the distribution
subsidiaries for the Renault, Dacia and Samsung brands, and the network and final customers by RCI Banque, its subsidiaries and its
subsidiaries in charge of the segment’s cash management. It also investments in associates and joint ventures.


A. Information by operating segment

A1. Consolidated income statement by operating segment
AVTOVAZ (1) Total Sales Inter- Conso-
Automotive Intra
Automotive Financing
(excluding Automotive segment lidated
AVTOVAZ) (1) transactions transactions total
(€ million)

2019 (2)
External sales 49,002 3,130 - 52,132 3,405 - 55,537
Intersegment sales 105 774 (774) 105 18 (123) -
Sales by segment 49,107 3,904 (774) 52,237 3,423 (123) 55,537
Operating margin (3) 1,289 156 (1) 1,444 1,223 (5) 2,662
Operating income 762 130 (1) 891 1,294 (80) 2,105
(4)
179 (111) - 68 (10) (500) (442)
Financial income (expenses)
Share in net income (loss) of associates
and joint ventures (213) 2 - (211) 21 - (190)
Pre-tax income 728 21 (1) 748 1,305 (580) 1,473
Current and deferred taxes (1,122) 51 - (1,071) (383) - (1,454)
Net income (394) 72 (1) (323) 922 (580) 19
(1) In 2019, external sales by the Automotive (excluding AVTOVAZ) segment include sales to the AVTOVAZ group, which amount to €246 million in 2019, and these sales are thus
included in the AVTOVAZ segment’s intersegment transactions.
(2) The impacts of application of IFRS 16 “Leases” from January 1, 2019 are presented in note 2-A2. The figures for 2018 have not been restated.
(3) Details of amortization, depreciation and impairment are provided in the statement of consolidated cash flows by operating segment.
(4) Dividends paid by the Sales Financing segment to the Automotive segments are included in the Automotive segments’ financial income and eliminated in the intersegment
transactions. They amount to €500 million in 2019.

AVTOVAZ (1) Total Sales Inter- Conso-
Automotive Intra
Automotive Financing
(excluding Automotive segment lidated
transactions transactions total
AVTOVAZ) (1)
(€ million)

2018
External sales 51,171 3,040 - 54,211 3,208 - 57,419
Intersegment sales 96 815 (815) 96 18 (114) -
Sales by segment 51,267 3,855 (815) 54,307 3,226 (114) 57,419
Operating margin (2) 2,202 204 - 2,406 1,204 2 3,612
Operating income 1,583 209 - 1,792 1,193 2 2,987
Financial income (expenses) (3) (97) (95) - (192) (11) (150) (353)
Share in net income (loss) of associates
and joint ventures 1,527 (3) - 1,524 16 - 1,540
Pre-tax income 3,013 111 - 3,124 1,198 (148) 4,174
Current and deferred taxes (369) (26) - (395) (330) 2 (723)
Net income 2,644 85 - 2,729 868 (146) 3,451
(1) In 2018, external sales by the Automotive (excluding AVTOVAZ) segment include sales to the AVTOVAZ group, which amount to €311 million in 2018, and these sales are
thus included in the AVTOVAZ segment’s intersegment transactions.
(2) Details of amortization, depreciation and impairment are provided in the statement of consolidated cash flows by operating segment.
(3) Dividends paid by the Sales Financing segment to the Automotive segments are included in the Automotive segments’ financial income and eliminated in the intersegment
transactions.



19
Earnings Report 2019
2 FINANCIAL RESULTS
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



A2. Consolidated financial position by operating segment
Automotive AVTOVAZ Intra Total Sales Inter- Conso-
(excluding Automotive Automotive Financing segment lidated
AVTOVAZ) transactions transactions total
DECEMBER 31, 2019 (1)
ASSETS (€ million)
NON-CURRENT ASSETS
Property, plant and equipment and intangible assets
and goodwill 21,701 1,740 - 23,4 41 4 08 - 23,849
Investments in associates and joint ventures 21,087 3 - 21,090 142 - 21,232
Non-current financial assets – equity investments 7,478 - (1,025) 6,453 2 (5,577) 878
Non-current financial assets – other securities,
loans and derivatives on financing opérations 194 - - 194 - - 194
of the Automotive segments
Deferred tax assets and other non-current assets 1,446 4 69 (108) 1,807 433 - 2,240
Total non-current assets 51,906 2,212 (1,133) 52,985 985 (5,577) 48,393
CURRENT ASSETS
Inventories 5,379 352 - 5,731 49 - 5,780
Customer receivables 1,175 183 (87) 1,271 4 6,252 (891) 4 6,632
Current financial assets 1,197 5 (7) 1,195 1,94 8 (927) 2,216
Current tax assets and other current assets 3,003 66 (3) 3,066 5,984 (4,882) 4,168
Cash and cash equivalents 12,231 70 (3) 12,298 2,762 (78) 14,982
Total current assets 22,985 676 (100) 23,561 56,995 (6,778) 73,778
Total assets 74,891 2,888 (1,233) 76,546 57,980 (12,355) 122,171

SHAREHOLDERS’ EQUITY AND LIABILITIES (€ million)
SHAREHOLDERS’ EQUITY 35,214 1,108 (1,028) 35,294 5,632 (5,595) 35,331
NON-CURRENT LIABILITIES
Long-term provisions 2,604 37 - 2,641 640 - 3,281
Non-current financial liabilities 7,106 821 - 7,927 867 - 8,794
Deferred tax liabilities and other non-current liabilities 1,982 60 (108) 1,934 844 - 2,778
Total non-current liabilities 11,692 918 (108) 12,502 2,351 - 14,853
CURRENT LIABILITIES
Short-term provisions 1,034 66 - 1,100 36 - 1,136
Current financial liabilities 3,785 100 (10) 3,875 - (1,095) 2,780
Trade payables and Sales Financing debts 9,520 487 (84) 9,923 48,253 (1,129) 57,047
Current tax liabilities and other current liabilities 13,646 209 (3) 13,852 1,708 (4,536) 11,024
Total current liabilities 27,985 862 (97) 28,750 49,997 (6,760) 71,987
Total shareholders’ equity and liabilities 74,891 2,888 (1,233) 76,546 57,980 (12,355) 122,171
(1) The impacts of application of IFRS 16 “Leases” from January 1, 2019 are presented in note 2-A2.




20 Earnings Report 2019
2
FINANCIAL RESULTS
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



Automotive AVTOVAZ Intra Total Sales Inter- Conso-
(excluding Automotive Automotive Financing segment lidated
AVTOVAZ) transactions transactions total
DECEMBER 31, 2018
ASSETS (€ million)
NON-CURRENT ASSETS
Property, plant and equipment and intangible assets
and goodwill 18,4 4 8 1,422 - 19,870 347 - 20,217
Investments in associates and joint ventures 21,314 11 - 21,325 114 - 21,439
Non-current financial assets – equity investments 6,907 - (855) 6,052 2 (5,201) 853
Non-current financial assets – other securities,
loans and derivatives on financing opérations 75 - - 75 - - 75
of the Automotive segments
Deferred tax assets and other non-current assets 1,738 3 42 (107) 1,973 464 - 2,437
Total non-current assets 48,482 1,775 (962) 49,295 927 (5,201) 45,021
CURRENT ASSETS
Inventories 5,515 321 - 5,836 43 - 5,879
Customer receivables 1,295 205 (80) 1,420 42,854 (808) 43,466
Current financial assets 1,415 - (6) 1,409 1,369 (815) 1,963
Current tax assets and other current assets 2,764 157 (4) 2,917 5,028 (4,055) 3,890
Cash and cash equivalents 11,691 89 (3) 11,777 3,094 (94) 14,777
Total current assets 22,680 772 (93) 23,359 52,388 (5,772) 69,975
Total assets 71,162 2,547 (1,055) 72,654 53,315 (10,973) 114,996

SHAREHOLDERS’ EQUITY AND LIABILITIES (€ million)
SHAREHOLDERS’ EQUITY (1) 36,004 908 (859) 36,053 5,249 (5,214) 36,088


NON-CURRENT LIABILITIES
Long-term provisions 2,529 27 - 2,556 578 - 3,134
Non-current financial liabilities 5, 5 0 8 688 - 6,196 13 - 6,209
Deferred tax liabilities and other non-current liabilities 1,070 34 (106) 998 709 - 1,707
Total non-current liabilities 9,107 749 (106) 9,750 1,300 - 11,050
CURRENT LIABILITIES
Short-term provisions 1,103 44 - 1,147 31 - 1,178
Current financial liabilities 3,258 94 (9) 3,343 - (880) 2,463
Trade payables and Sales Financing debts 9,279 495 (78) 9,696 45,311 (1,007) 54,000
Current tax liabilities and other current liabilities 12,411 257 (3) 12,665 1,424 (3,872) 10,217
Total current liabilities 26,051 890 (90) 26,851 46,766 (5,759) 67,858
Total shareholders’ equity and liabilities 71,162 2,547 (1,055) 72,654 53,315 (10,973) 114,996
(1) The figures for 2018 include a reclassification of provisions for uncertain tax liabilities, in application of an IFRIC decision of September 2019. These provisions are presented
in specific lines instead of in other provisions as previously (note 2-A3). Shareholders’ equity at December 31, 2018, has also been adjusted by an amount of €(57) million due
tocorrection of an error concerning opérations in the Americas region, with a corresponding entry in other provisions.




21
Earnings Report 2019
2 FINANCIAL RESULTS
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



A3. Consolidated cash flows by operating segment
Total Sales Inter-
AVTOVAZ Intra Conso-
Automotive
Automotive Financing
Automotive
(excluding segment lidated
transactions
AVTOVAZ) transactions total
(€ million)

2019 (1)
Net income (2) (394) 72 (1) (323) 922 (580) 19
Cancellation of dividends received from unconsolidated listed
investments (4 6) - - (4 6) - - (4 6)
Cancellation of income and expenses with no impact on cash
Depreciation, amortization and impairment 3,607 120 - 3,727 82 - 3,809
Share in net (income) loss of associates and joint ventures 213 (2) - 211 (21) - 190
Other income and expenses with no impact on cash,
before interest and tax 1,355 50 - 1,405 475 57 1,937
Dividends received from unlisted associates and joint ventures 4 - - 4 - - 4
Cash flows before interest and tax (3) 4,739 240 (1) 4,978 1,458 (523) 5,913
Dividends received from listed companies (4) 625 - - 625 - - 625
Decrease (increase) in sales financing receivables - - - - (3,353) 82 (3,271)
Net change in financial assets and Sales Financing debts - - - - 2,968 135 3,103
Change in capitalized leased assets (1,002) - - (1,002) (57) - (1,059)
Change in working capital before tax 1,829 15 - 1,84 4 (635) 5 1,214
CASH FLOWS FROM OPERATING ACTIVITIES
BEFORE INTEREST AND TAX 6,191 255 (1) 6 ,4 4 5 381 (301) 6,525
Interest received 73 5 - 78 - - 78
Interest paid (301) (87) 1 (387) - 19 (368)
Current taxes (paid)/received (367) (11) - (378) (258) - (636)
CASH FLOWS FROM OPERATING ACTIVITIES 5,596 162 - 5,758 123 (282) 5,599
Purchases of intangible assets (2,016) (67) - (2,083) (3) - (2,086)
Purchases of property, plant and equipment (2,84 6) (95) 15 (2,926) (10) - (2,936)
Disposals of property, plant and equipment and intangibles 16 27 (14) 29 2 - 31
Acquisitions and disposals of investments involving gain
or loss of control, net of cash acquired (55) (9) - (64) 71 - 7
Acquisitions and disposals of other investments and other (120) - - (120) (1) - (121)
Net decrease (increase) in other securities and loans
of the Automotive segments (3) 1 - (2) - - (2)
CASH FLOWS FROM INVESTING ACTIVITIES (5,024) (143) 1 (5,166) 59 - (5,107)
Cash flows with shareholders (1,165) (1) - (1,166) (511) 50 0 (1,177)
Net change in financial liabilities of the Automotive segments 1,180 (49) - 1,131 - (207) 924
CASH FLOWS FROM FINANCING ACTIVITIES 15 (50) - (35) (511) 293 (253)

557 239
Increase (decrease) in cash and cash equivalents 587 (31) 1 (329) 11
(1) The impacts of application of IFRS 16 “Leases” from January 1, 2019 are presented in note 2-A. The figures for 2018 have not been restated.
(2) Dividends paid by the Sales Financing segment to the Automotive segments are included in the net income of the Automotive (excluding Avtovaz) segment. They amount
to €500 million in 2019.
(3) Cash flows before interest and tax do not include dividends received from listed companies.
(4) Dividends received from Daimler (€46 million) and Nissan (€579 million).

Total Sales Inter-
AVTOVAZ Intra Conso-
Automotive
Automotive Financing
Automotive
(excluding segment lidated
transactions
AVTOVAZ) transactions total
(€ million)

2019
Cash and cash equivalents: opening balance 11,691 89 (3) 11,777 3,094 (94) 14,777
Increase (decrease) in cash and cash equivalents 5 87 (31) 1 557 (329) 11 239
Ef fect of changes in exchange rate and other changes (47) 12 (1) (36) (3) 5 (34)
Cash and cash equivalents: closing balance 12,231 70 (3) 12,298 2,762 (78) 14,982




22 Earnings Report 2019
2
FINANCIAL RESULTS
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



Total Sales Inter- Conso-
Automotive AVTOVAZ Intra
Automotive Financing
(excluding Automotive segment lidated
AVTOVAZ) transactions transactions total
(€ million)

2018
Net income 2,644 85 - 2,729 86 8 (146) 3,451
Cancellation of dividends received from unconsolidated listed
investments (4 4) - - (44) - - (44)
Cancellation of income and expenses with no impact on cash
Depreciation, amortization and impairment 3,066 109 - 3,175 70 - 3,245
Share in net (income) loss of associates and joint ventures (1,527) 3 - (1,524) (16) - (1,540)
Other income and expenses with no impact on cash,
before interest and tax 825 90 (1) 914 503 (21) 1,396
Dividends received from unlisted associates and joint ventures 2 - - 2 - - 2
Cash flows before interest and tax(1) 4,966 287 (1) 5,252 1,425 (167) 6,510
Dividends received from listed companies (2) 828 - - 828 - - 828
Decrease (increase) in sales financing receivables - - - - (3,586) (170) (3,756)
Net change in financial assets and Sales Financing debts - - - - 3,593 - 3,593
Change in capitalized leased assets (509) - - (509) (10) - (519)
Change in working capital before tax 781 16 6 803 (331) 79 551
CASH FLOWS FROM OPERATING ACTIVITIES
BEFORE INTEREST AND TAX 6,066 303 5 6,374 1,091 (258) 7,207
Interest received 71 5 (2) 74 - (7) 67
Interest paid (263) (95) 2 (356) - 24 (332)
Current taxes (paid)/received (388) (14) - (402) (255) - (657)
CASH FLOWS FROM OPERATING ACTIVITIES 5,486 199 5 5,690 836 (241) 6,285
Purchases of intangible assets (1,735) (32) - (1,767) (4) - (1,771)
Purchases of property, plant and equipment (2,557) (83) 19 (2,621) (15) - (2,636)
Disposals of property, plant and equipment and intangibles 126 31 (24) 133 - (2) 131
Acquisitions and disposals of investments involving gain
or loss of control, net of cash acquired (15) (2) - (17) (12) - (29)
Acquisitions and disposals of other investments and other (159) - - (159) (4 8) - (207)
Net decrease (increase) in other securities and loans
of the Automotive segments (156) - 6 (150) - - (150)
CASH FLOWS FROM INVESTING ACTIVITIES (4,496) (86) 1 (4,581) (79) (2) (4,662)
Cash flows with shareholder (1,149) - - (1,149) (153) 151 (1,151)
Net change in financial liabilities of the Automotive segments 233 (139) (7) 87 - 111 198
CASH FLOWS FROM FINANCING ACTIVITIES (916) (139) (7) (1,062) (153) 262 (953)

47 670
Increase (decrease) in cash and cash equivalents 74 (26) (1) 604 19
(1) Cash flows before interest and tax do not include dividends received from listed companies.
(2) Dividends received from Daimler (€44 million) and Nissan (€784 million).

Total Sales Inter- Conso-
Automotive AVTOVAZ Intra
Automotive Financing
(excluding Automotive segment lidated
AVTOVAZ) transactions transactions total
(€ million)

2018
Cash and cash equivalents: opening balance 11,718 130 (3) 11,845 2,354 (142) 14,057
Increase (decrease) in cash and cash equivalents 74 (26) (1) 47 604 19 670
Ef fect of changes in exchange rate and other changes (101) (15) 1 (115) 136 29 50
Cash and cash equivalents: closing balance 11,691 89 (3) 11,777 3,094 (94) 14,777




23
Earnings Report 2019
2 FINANCIAL RESULTS
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



A4. Other information for the Automotive segments: net cash position The net cash position or net financial indebtedness includes all non-
or net financial indebtedness and operational free cash flow operating interest-bearing financial liabilities and commitments less
cash and cash equivalents and other non-operating financial assets
The net cash position or net financial indebtedness and operational
such as marketable securities or the segment’s loans.
free cash flow are only presented for the Automotive segments, since
these indicators are not relevant for monitoring Sales Financing
activity.


Ne t cash position (net financial indebtedness)
AVTOVAZ (1)
Automotive Intra- Total
(excluding Automotive
Automotive
AVTOVAZ) (1)
DECEMBER 31, 2019 (€ million) transactions
Non-current financial liabilities (7,106) (821) - (7,927)
Current financial liabilities (3,785) (100) 10 (3,875)
Non-current financial assets – other securities, loans and derivatives on financing opérations 64 - - 64
Current financial assets 1,180 1 (7) 1,174
Cash and cash equivalents 12,231 70 (3) 12,298
Net cash position (net financial indebtedness) of the Automotive segments 2,584 (850) - 1,734
(1) The impacts of application of IFRS 16 “Leases” from January 1, 2019 are presented in note 2-A2. The figures for 2018 have not been restated.

Automotive AVTOVAZ Intra- Total
(excluding Automotive Automotive
DECEMBER 31, 2018 (€ million) AVTOVAZ) transactions
Non-current financial liabilities (5,508) (688) - (6,196)
Current financial liabilities (3,258) (94) 9 (3,343)
Non-current financial assets – other securities, loans and derivatives on financing opérations 55 - - 55
Current financial assets 1,415 - (6) 1,409
Cash and cash equivalents 11,691 89 (3) 11,777
Net cash position (net financial indebtedness) of the Automotive segments 4,395 (693) - 3,702


O per ational free cash flow
Automotive AVTOVAZ Intra- Total
(excluding Automotive Automotive
2019 (€ million) AVTOVAZ) transactions
Cash flows (excluding dividends from listed companies) before interest and tax 4,739 240 (1) 4,978
Changes in working capital before tax 1,829 15 - 1,844
Interest received by the Automotive segments 73 1 - 78
Interest paid by the Automotive segments (301) (87) 1 (387)
Current taxes (paid) / received (367) (11) - (378)
Acquisitions of property, plant and equipment, and intangible assets net of disposals (4,846) (135) 1 (4,980)
Capitalized leased vehicles and batteries (1,002) - - (1,002)
Operational free cash flow of the Automotive segments (1) 125 27 1 153
(1) The definition of Operational free cash flow used in 2019 is the same as in 2018. In 2018, Operational free cash flow was presented after deduction of rental expenses in cash
flows from operating activities, while from 2019, as a result of application of IFRS 16, only cash flows relating to interest paid are presented in cash flows from operating activities.
The residual balance, consisting of lease payments, is presented in cash flows from financing activities (net change in financial liabilities of the Automotive segments) and is thus
excluded from the Operational free cash flow. Without application of IFRS 16, the Operational free cash flow for 2019 would amount to €57 million.

Automotive AVTOVAZ Intra- Total
(excluding Automotive Automotive
2018 (€ million) AVTOVAZ) transactions
Cash flows (excluding dividends from listed companies) before interest and tax 4,966 287 (1) 5,252
Changes in working capital before tax 781 16 6 803
Interest received by the Automotive segments 71 5 (2) 74
Interest paid by the Automotive segments (263) (95) 2 (356)
Current taxes (paid) / received (388) (14) - (402)
Acquisitions of property, plant and equipment, and intangible assets net of disposals (4,166) (84) (5) (4,255)
Capitalized leased vehicles and batteries (509) - - (509)
Operational free cash flow of the Automotive segments 492 115 - 607




24 Earnings Report 2019
2
FINANCIAL RESULTS
2.2 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



B. Information by Region • The China region specifically covers the Group’s activities in China;
• The Africa – Middle East – India – Asia-Pacific region covers Africa and
The Regions presented correspond to the geographic divisions used for
Middle-East countries, India, the countries of the ASEAN (Association
Group management. The regions are defined in section 1.3.1.3 of the
of South-East Asian Nations), Korea, Japan and Australia.
Universal Registration Document.
Figures for 2018 correspond to the new segments adopted in 2019.
Consolidated revenues are presented by location of customers. The
Proper ty, plant and equipment and intangibles are presented by
Group adjusted its international organization in 2019. The former Asia-
location of subsidiaries and joint operations.
Pacific and Africa-Middle East-India regions were reorganized to form
two new regions:


Europe (1) Eurasia Consolidated
Américas China Africa
total
Middle-East
India
Asia-Pacific
(€ million)

2019
55 , 5 37
Revenues 36,516 4,435 127 7,038 7,421
Including AVTOVAZ 42 3 - 14 3,317 3,376
23 , 8 4 9
Proper ty, plant and equipment and intangibles 17,392 852 179 1,307 4,119
Including AVTOVAZ - - - - 1,740 1,740

2018
57,419
Revenues 36,704 4,684 275 8,194 7,562
Including AVTOVAZ 39 2 - 18 3,292 3,351
20,217
Property, plant and equipment and intangibles 14,800 821 - 1,180 3,416
Including AVTOVAZ - - - - 1,422 1,422
(1) Including the following for France:

2019 2018
(€ million)

Revenues 13,581 13,533
Property, plant and equipment and intangibles 13,773 11,735




25
Earnings Report 2019
Realisation : SophieBerlioz.fr – Cover: © Lemal, Jean-Brice / Version Intens




DIRECTION DES RELATIONS FINANCIÈRES
investor.relations@renault.com
13-15, quai Le Gallo
92513 Boulogne-Billancourt Cedex
Tél. : + 33 (0)1 76 84 53 09

group.renault.com