GROUPE RENAULT EXANE BNP PARIBAS ROADSHOW US · 2018. 11. 15. · EXANE BNP PARIBAS ROADSHOW US....

PROPERTY OF GROUPE RENAULT 1INVESTOR RELATIONS –2018 PRESENTATION Nov 15 – 22, 2018

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GROUPE RENAULT

EXANE BNP PARIBAS

ROADSHOW US


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DISCLAIMER

Information contained within this document may contain forward looking statements. Although the Company considers that such

information and statements are based on reasonable assumptions taken on the date of this report, due to their nature, they can

be risky and uncertain (as described in the Renault documentation registered within the French financial markets regulation

authorities) and can lead to a difference between the exact figures and those given or deduced from said information and

statements.

Renault does not undertake to provide updates or revisions, should any new statements and information be available, should any

new specific events occur or for any other reason. Renault makes no representation, declaration or warranty as regards the

accuracy, sufficiency, adequacy, effectiveness and genuineness of any statements and information contained in this report.

Further information on Renault can be found on Renault’s web site (www.group.renault.com), in the section Finance / Regulated

Information.


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01 H1 2018 RESULTS & OUTLOOK

03 DRIVE THE FUTURE

AGENDA

02 FY 2017 RESULTS

04 RENAULT IN BRIEF

00 Q3 2018 UPDATE


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▪ A FRENCH OEM MOVING TO A MORE GLOBAL ONE (incl.VAZ consolidation)

▪ HIGH POTENTIAL IN EMERGING MARKETS

▪ ALL REGIONS CONTRIBUTING TO PROFIT

▪ LEADERSHIP FOR EV

▪ THE ALLIANCE IS A KEY COMPETITIVE ADVANTAGE

▪ ATTRACTIVE DIVIDEND POLICY

▪ NEW AMBITIONS FOR 2022: (revenues at €70bn with a 7% operating margin)

INVESTMENT CASE


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Q3 2018 UPDATE

00


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KEY TAKE-AWAYS

▪ WLTP WELL MANAGED

▪ PRE BUYING IMPACT IN Q3 EUROPEAN MARKET

▪ STRONG EFFORT TO COMPENSATE ADVERSE FX THROUGH PRICE INCREASES

▪ SHARP DECREASE IN DEMAND IN SOME OF OUR KEY MARKETS

▪ RISK: LOW VISIBILITY FOR Q4 IN EUROPE

▪ OPPORTUNITY: RUSSIA (VAZ) & BRAZIL

▪ FULL-YEAR GUIDANCE CONFIRMED


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GROUPE RENAULT’S UNIT REGISTRATIONS Q3 2018 VS Q3 2017

K units

(PC+LCV)

WORLD MARKET SHARE: 4.0% +0.2pts

TIV -3.0% GROUP -2.0% with J/H

-10.4% w/o J/H

Renault, Dacia, Lada, RSM, Alpine


Jinbei, Huasong (J/H)

GLOBAL EUROPE EURASIA AMI AMERICAS ASPA

GROUP with JH +2.9% +8.6% -5.6% -24.4% +0.2% +72.0%

GROUP w/o JH -1.7% -14.8%

TIV -2.4% +0.8% -8.3% -10.7% +0.2% -1.4%

INTERNATIONAL


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Q3 2018 GROUP REVENUES

In million eurosQ3 2017 Q3 2018 CHANGE CHANGE

at constant

exchange rate

GLOBAL UNIT SALES (units) 866,546 891,539* +2.9%*

GROUP REVENUES 12,218 11,484 -6.0% -1.4%

o/w AUTOMOTIVE 10,974 10,057 -8.4%** -4.4%**

o/w AVTOVAZ*** 634 627 -1.1% +11.4%

o/w SALES

FINANCING610 800 +31.1%** +37.1%**

* Including Jinbei & Huasong. Change without Jinbei & Huasong registrations: -1.7%

**Impact of the change in the accounting treatment of interest rate subsidies : -€142m on the Automotive excluding AVTOVAZ segment / +€142m on sales financing

*** AVTOVAZ net of eliminations

Nota Bene: revenues do not take into account the application of the requirements of IAS 29 - Financial Reporting in Hyperinflationary Economy for our business in Argentina, as

the implementation of this standard has not yet been completed. This standard will be applied in our 2018 full year financials effective retroactively from January 1st, 2018.


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Currency

Volume Geographic

mix

Sales to

partners

Others*

-8.4%

-2.6 pts +0.7 pts +0.2 pts +1.6 pts -4.0 pts -1.0 pt

Price

-3.3 pts

CHANGE Q3 2018 vs Q3 2017: -€917m

Q3 2017 Q3 2018

(million euros)

Product

mix

*

10,974

-285 -358+181+19

+76

-106

REVENUES VARIANCE ANALYSIS

-241

10,057

-444

* Including a change in the accounting treatment of interest rate subsidies : -€142m on the Automotive excluding AVTOVAZ segment / +€142m on sales financing

AUTOMOTIVE EXCLUDING AVTOVAZ

Q3 2018Q3 2017

-917*o/w FX

- 444

-7o/w FX

-79

+190*o/w FX

-36

Automotive

Avtovaz

Sales

Financing

11,484

GROUPE RENAULT

12,218


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591565

670620 609 613

697660

588

267

166

326

209

275

190

340

236286

324399

344

411

334

423

357

424

302

SEP'16 DEC'16 MAR'17 JUN'17 SEP'17 DEC'17 MAR'18 JUN'18 SEP'18

GROUP

INDEPENDENTDEALERS

TOTAL

Number of days of sales

(backward)

(IN K UNITS)

76 59 78 63

NEW VEHICLE DISTRIBUTION STOCK EXCLUDING AVTOVAZ

6171 57 76 68


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RCI BANQUE PERFORMANCE

Q3 2017 Q3 2018 CHANGE

REVENUES (€m) 610 800* +31.1%*

AVERAGE PERFORMING ASSETS (€m) 40,132 45,311 +12.9%

NEW CONTRACTS (units) 435,066 424,004 -2.5%

NEW FINANCINGS (€m) 5,022 5,016 -0.1%

*Impact of the change in the accounting treatment of interest rate subsidies : +€142m on sales financing


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2018 TIV OUTLOOKRUSSIA>+10%

CHINA+2%

INDIA+8%

BRAZIL+10%

FRANCE>+4%

EUROPE>+1.5%

GLOBAL TIV*

+2%

* PC+LCV including USA & Canada


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Q3 2018 YTD GROUP REVENUES

In million eurosQ3 2017

YTD

Q3 2018

YTDCHANGE

GLOBAL UNIT SALES (Kunits) 2,749 2,971* +8.1%*

GROUP REVENUES 41,755 41,441 -0.8%

o/w AUTOMOTIVE 37,969 36,924 -2.8%**

o/w AVTOVAZ*** 1,925 2,104 +9.3%

o/w SALES FINANCING 1,861 2,413 +29.7%**

* Including Jinbei & Huasong. Change without Jinbei & Huasong registrations: +3.5%

** Impact of the change in the accounting treatment of interest rate subsidies : -€420m on the Automotive excluding AVTOVAZ segment / +€420m on sales financing


Nota Bene: Revenues do not take into account the application of the requirements of IAS 29 - Financial Reporting in Hyperinflationary Economy for our business in Argentina, as

the implementation of this standard has not yet been completed. This standard will be applied in our 2018 full year financials effective retroactively from January 1st, 2018.


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CurrencyVolume

Geographic

mix

Sales to

partners

Others

-2.8%

+1.5 pts -0.1 pts +0.1 pts +1.3 pts -4.4 pts +0.0 pts

Price

-1.2pts

CHANGE Q3 YTD 2018 vs Q3 YTD 2017: -€1,045m

Q3 2017

YTD

Q3 2018

YTD

(million euros)

Product

mix

36,924*37,969

+554

-453+505

+42-43

+34*

AUTOMOTIVE EXCLUDING AVTOVAZ REVENUES VARIANCE ANALYSIS

-1,684

* Including a change in the accounting treatment of interest rate subsidies for -420 €m on the Automotive excluding AVTOVAZ segment


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2,749

1,423

380508

292145

2,971

1,503

349546

325 248

2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018

K units

(PC+LCV)

GROUPE RENAULT’S UNIT REGISTRATIONS YTD 2018 VS YTD 2017

GLOBAL EUROPE AMI EURASIA AMERICAS ASPA

GROUP with JH +8.1% +5.6% -8.3% +7.5% +11.3% +70.3%

GROUP w/o JH +3.5% -14.8%

TIV +1.8% +2.3% +2.6% +3.1% +4.0% +2.0%

INTERNATIONAL: +10.7% with JH

WORLD MARKET SHARE: 4.3% (+0.2pts)


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H1 2018 COMMERCIAL RESULTS UPDATE

01


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▪ Record performance for a first half

▪ Strong headwind from Forex and raw materials

▪ Solid contribution from price, allowing a positive Mix/Price/Enrichment

▪ Good Monozukuri performance

▪ Strong contribution from VAZ, confirming its recovery

▪ Another improvement of RCI’s contribution

KEY TAKE-AWAYS FROM H1 2018 RESULTS


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1,882

1,026323

252182

100

1,982

1,071

372240

21486

85

85

GROUPE RENAULT’S UNIT REGISTRATIONS H1 2018 VS H1 2017

K units

(PC+LCV)

WORLD MARKET SHARE: 4.3% +0.2pts

INTERNATIONAL +6.4% w/o J/H

+16.4% with J/H

GLOBAL

+4.2%

EUROPE

+2.8%

AMERICAS

+6.3%

ASIA-PACIFIC

+4.3%

AFRICA-ME-INDIA

+10.1%

EURASIA

+9.4%TIV

+4.4% +15.1% -4.5% +18.1% GROUP +5.3% w/o J/H

+9.8% with J/H

-14.8% w/o J/H

+69.5% with J/H



Jinbei, Huasong (J/H)


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H1 2018 GROUP REVENUES

In million euros H1 2017 H1 2018 CHANGE

GLOBAL UNIT SALES (units) 1,882,391 2,067,695* +9.8%*

GROUP REVENUES 29,537 29,957 +1.4%

o/w AUTOMOTIVE 26,995 26,867 -0.5%**

o/w AVTOVAZ*** 1,291 1,477 +14.4%

o/w SALES FINANCING 1,251 1,613 +28.9%**

Q1 Q2

-2.5% +1.1%

* Including Jinbei & Huasong. Change without Jinbei & Huasong registrations: +5.3 %

**Change in the accounting treatment of interest rate subsidies : -€278m on the Automotive excluding AVTOVAZ segment / +€278m on sales financing



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CurrencyVolume

Geographic

mix

Sales to

partners

Others*

-0.5%


Price

-0.4 pts

CHANGE H1 2018 vs H1 2017: -€128m

H1 2017 H1 2018

(million euros)

Product

mix

26,867*26,995

+839

-95+324

+23-119

+140

-1,240


* Including a change in the accounting treatment of interest rate subsidies for -€278m on the Automotive excluding AVTOVAZ segment


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GROUP OPERATING PROFIT

% GROUP REVENUES

1,8206.2%

1,914*6.4%

+94+0.2pts

o/w AUTOMOTIVE

% AUTOMOTIVE REVENUES

1,2924.8%

1,215*4.5%

-77-0.3pts

o/w AVTOVAZ** 3 105 +102

o/w SALES FINANCING 525 594 +69

H1 2018 OPERATING PROFIT BY ACTIVITY

* Including IFRS15 impact for - €70m

**AVTOVAZ net of eliminations


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+254

-56

-192 +184

+160

+10

-368

+102

CurrencyVolume &

partners

Mix / Net Enrichment

G&A

RCI Banque

& others*

COST

REDUCTION

+€198m

H1 2017

MonozukuriRaw

materials

GROWTH

+€170m

(million euros)

AVTOVAZ**

CHANGE H1 2018 vs H1 2017 : +€94m

* Including IFRS15 impact for - €70m

**AVTOVAZ net of eliminations

1,820

1,914*

H1 2018

GROUP OPERATING PROFIT VARIANCE ANALYSIS


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+361

+30-28

-109

-56

CHANGE H1 2018 vs H1 2017: +€198m

G&AManufacturing &

Logistics

R&DWarrantyPurchasing

Monozukuri

(million euros)

COST REDUCTION ANALYSIS EXCLUDING AVTOVAZ


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H1 2018 FINANCIAL RESULTS


REVENUES 29,537 29,957 +1.4%

OPERATING PROFIT 1,820 1,914 +94

% OF GROUP REVENUES 6.2% 6.4% +0.2 pts

OTHER OPERATING INCOME & EXPENSES -31 -180 -149

EBIT 1,789 1,734 -55

NET FINANCIAL INCOME & EXPENSES* -187 -121 +66

ASSOCIATED COMPANIES 1,317 814 -503

CURRENT & DEFERRED TAXES* -482 -387 +95

NET INCOME* 2,437 2,040 -397

* 2017 restatement related to allocation of the purchase price paid for the AVTOVAZ Group and Renault SA redeemable shares


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H1 2017 H1 2018

NEW FINANCINGS (€Bn) 10.4 11.1

AVERAGE PERFORMING ASSETS (€Bn) 38.6 43.7

NET BANKING INCOME 4.44% 4.54%

COST OF RISK (CUSTOMER & DEALER) -0.29% -0.37%

OPERATING EXPENSES -1.37% -1.37%

PRETAX INCOME 2.83% 2.85%

OPERATING PROFIT (€m) 525 594

RCI BANQUE

(in percentage of average performing assets)

* From 2018 Cost of risk includes IFRS9 standards

*


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In million euros H1 2017 H1 2018

NET RESTRUCTURING COSTS -65 -187

IMPAIRMENT OF ASSETS -13 -34

CAPITAL GAIN/LOSS ON DISPOSAL OF FIXED ASSETS +64 +46

OTHERS -17 -5

TOTAL OTHER OPERATING INCOME & EXPENSES -31 -180

OTHER OPERATING INCOME & EXPENSES (INCL. AVTOVAZ)


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NISSAN 1,288 805 -483

OTHERS 29 9 -20

TOTAL ASSOCIATED COMPANIES 1,317 814 -503

ASSOCIATED COMPANIES

Q1 Q2

478 327


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2,314

418

-147

212

60

422

-1,102

-261 376

Net tangible& intangible

investments

-2,168

Capitalized

R&D

-791

Net capex

-1,165

Operational free

cash flow

Cash flow

Changein WCR

Dividendspaid

Net change

Dividends received

fromlisted co.

Financial investments

& others

DEC 31, 2017 : €3,209m*

JUNE 30, 2018 : €3,062m

(million euros)

LeasedVehicles -212

AVTOVAZother

evolutions

AVTOVAZFCF

AUTOMOTIVE INCLUDING AVTOVAZ NET FINANCIAL POSITION

Excl. AVTOVAZ

* Restated to include an adjustment of +€281m related to Renault SA redeemable shares


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571 591564

670618 609 613

697665

200

267

165

327

208

276

190

340

237

371324

399343

410

333

423

357

428

JUN'16 SEP'16 DEC'16 MAR'17 JUN'17 SEP'17 DEC'17 MAR'18 JUN'18

GROUP

INDEPENDENTDEALERS

TOTAL

Number of days of sales

(backward)60

(IN K UNITS)

76 59 78 63


6271 57 76


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H2 2018 RISKS & OPPORTUNITIES

▪ REGULATION’S IMPACT ON DEMAND

▪ EMERGING MARKETS VISIBILITY

▪ FOREX

▪ IRAN

▪ GROUP’S REACTIVITY IN A CHANGING ENVIRONMENT

▪ NEW PRODUCTS (DUSTER, KWID)

▪ PRICE INCREASES

▪ RUSSIA / AVTOVAZ


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2018 TIV OUTLOOKRUSSIA>+10%

CHINA+5%

INDIA+8%

BRAZIL+10%

FRANCE+2%

EUROPE+1.5%

GLOBAL TIV*

+3%* PC+LCV including USA & Canada


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2018 OUTLOOK

THE GROUP IS AIMING TO:

* Excluding IFRS 15 impact

▪ INCREASE GROUP REVENUES* (AT CONSTANT EXCHANGE RATES AND PERIMETER)

▪ MAINTAIN GROUP OPERATING MARGIN ABOVE 6.0%*

▪ GENERATE A POSITIVE AUTOMOTIVE OPERATIONAL FREE CASH FLOW


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FY 2017 RESULTS

02


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2017 OBJECTIVES OVERACHIEVED & RECORD RESULTS

2016* 2017

GLOBAL SALES+8.5%

RECORD SALESin million units

2016 2017

GROUP TURNOVER+14.7%

RECORD REVENUESin billion euros

2016 2017

GROUP OPERATING PROFIT+17.4%

RECORD OPERATING PROFITin million euros

3.47

3.76

51.2

58.8

3,282

3,854

* 2016 including Lada sales


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3,468

1,810

491 645354

167

3,762

1,911

532733

389196

2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017

K units (PC+LCV)

WORLD MARKET SHARE: 4.03% (+0.2pts)

GROUPE RENAULT’S UNIT REGISTRATIONS 2017 VS 2016 (incl. Lada)

GLOBAL EUROPE AMI EURASIA AMERICAS ASPA

GROUP 8.5% 5.6% 8.4% 13.6% 9.9% 17.0%

TIV 2.3% 3.3% 2.0% 7.0% 7.2% 2.7%

INTERNATIONAL: +11.6%


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* 2016 including Lada sales

** AVTOVAZ net of eliminations

Nota Bene: AVTOVAZ accounted for by equity method in 2016 and fully consolidated in 2017

FY 2017 GROUP REVENUES

In million euros 2016 2017 CHANGE

GLOBAL UNIT SALES* (units) 3,468,174 3,761,634 +8.5%

GROUP REVENUES 51,243 58,770 +14.7%

o/w AUTOMOTIVE excl. AVTOVAZ 48,995 53,530 +9.3%

o/w AVTOVAZ** - 2,727 N/A

o/w SALES FINANCING 2,248 2,513 +11.8%

H1 H2

+12.1% +6.5%


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Currency

VolumeGeographic

mix

Sales topartners

Others

+9.3%


Price

+2.6 pts

2016 2017

Productmix

48,995

53,530

+1,585

+1,298

+738

+355-68

+973-346

(million euros)

CHANGE 2017 vs 2016: +€4,535m



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GROUP OPERATING PROFIT

% of Group revenues3,282

6.4%

3,8546.6%

+572+0.2pts

o/w AUTOMOTIVE excl. AVTOVAZ

% of segment revenues

2,3864.9%

2,7495.1%

+363+0.2pts

o/w AVTOVAZ* - 55 +55

o/w SALES FINANCING 896 1,050 +154

FY 2017 OPERATING PROFIT BY ACTIVITY

H1 H2

* AVTOVAZ net of eliminations


4.8% 5.5%


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Currency

Volume & partners

Mix / Net Enrichment

G&A

RCI Banque& others

COST

REDUCTION

+€538m

MonozukuriRaw

materials

GROWTH

+€906m

AVTOVAZ**

+663

+493

+413

+55

3,282

3,799 3,854

-125

-394

-230

-303

CHANGE 2017 vs 2016: +€572m

2016* 2017incl. AVTOVAZ

(million euros)

2017excl. AVTOVAZ* 2016 excluding AVTOVAZ

** AVTOVAZ net of eliminations

GROUP OPERATING PROFIT VARIANCE ANALYSIS


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G&AManufacturing &

Logistics

R&DWarrantyPurchasing

Monozukuri

(million euros)

+731

+75 -100

-43

-125

CHANGE 2017 vs 2016: +€538m

COST REDUCTION ANALYSIS EXCLUDING AVTOVAZ


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In million euros 2016* 2017

NET RESTRUCTURING COSTS -283 -56

IMPAIRMENT OF ASSETS -38 -52

CAPITAL GAIN/LOSS ON DISPOSAL OF FIXED ASSETS -4 +96

IMPACT OF AVTOVAZ FIRST FULL CONSOLIDATION +325 -

OTHERS +1 -36

TOTAL OTHER OPERATING INCOME & EXPENSES +1 -48

OTHER OPERATING INCOME & EXPENSES

* 2016 excluding AVTOVAZ


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FY 2017 FINANCIAL RESULTS


REVENUES 51,243 58,770 +14.7%

OPERATING PROFIT 3,282 3,854 +572

% of Group revenues 6.4% 6.6% +0.2 pts

OTHER OPERATING INCOME & EXPENSES +1 -48 -49

EBIT 3,283 3,806 +523

NET FINANCIAL INCOME & EXPENSES -323 -504 -181

ASSOCIATED COMPANIES 1,638 2,799 +1,161

CURRENT & DEFERRED TAXES -1,055 -891 +164

NET INCOME 3,543 5,210 +1,667

* Excluding the impact of the US tax reform and Calsonic Kansei divestiture on Nissan contribution (-€1,021m): Net income = €4,189m


*


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NISSAN 1,741 2,791* +1,050

AVTOVAZ -89 - +89

OTHERS -14 8 +22

TOTAL ASSOCIATED COMPANIES 1,638 2,799 +1,161

ASSOCIATED COMPANIES

H1 H2

1,288 1,503

* €1,770m excluding the impact of the US tax reform and Calsonic Kansei divestiture on Nissan contribution (-€1,021m)



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Net tangible& intangibleinvestments

-3,891

Capitalized

R&D

-1,193

Net capex

-2,169

Operational free

cash flow

Cash flow

Changein WCR

Dividendspaid

Net change

Dividends received

fromlisted co.

Financial investments

& others

DEC 31, 2016*: €2,416m

DEC 31, 2017*: €2,928m

(million euros)

LeasedVehicles

-529Others fromAVTOVAZ

AVTOVAZFCF

AUTOMOTIVE NET FINANCIAL POSITION

Excl. AVTOVAZ

Share buy-back

for employees

447

4,327

62945

761 -996

-163 -121 86 512

* The figures at December 31, 2016 include adjustments relating to the allocation of the purchase price paid for the AVTOVAZ Group.


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481

593 571 591564

670618 609 613

141

298

200

267

165

327

208

277

190

340

295

371324

399343

410

333

423

DEC'15 MAR'16 JUN'16 SEP'16 DEC'16 MAR'17 JUN'17 SEP'17 DEC'17

GROUP

INDEPENDENTDEALERS

TOTAL

Number of days of sales (backward)

6055 78 76

(K units)

59 78 63 71


57


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RCI BANQUE

2016 2017

NEW FINANCINGS (€bn) 17.9 20.6

AVERAGE PERFORMING ASSETS (€bn) 33.3 39.6

NET BANKING INCOME 4.41% 4.11%

COST OF RISK (CUSTOMER & DEALER) -0.31% -0.11%

OPERATING EXPENSES -1.39% -1.32%

PRETAX INCOME 2.74% 2.72%

OPERATING PROFIT (€m) 896 1,050

All percentages are calculated on average performing assets


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DRIVE THE FUTURE

03


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39

51

>70

2010 2016 End of plan*

A SUSTAINABLE, PROFITABLE GROWTH

FINANCE

DRIVE THE CHANGE DRIVE THE FUTURE

2,8%

6,4%>7,0%

2010 2016 End of plan

5% previous

target becomes

floor

POSITIVEAUTOMOTIVE

OPERATIONAL

FREE CASH FLOWEACH YEAR

* incl. AVTOVAZ and with FX from banking consensus September 2017

STRONGREVENUE GROWTH

HIGH LEVEL OF OPERATING PROFIT

FINANCIALDISCIPLINE

in €bn


Confidential C

WALKDOWN GROUP OPERATING MARGIN

FINANCE

2016 CostReduction

Mix / Price /Enrichment

Volume AVTOVAZ FX &Market risks &Raw materials

20222016 End of plan

6.4%

>7%


Confidential C

A MUCH MORE BALANCED PROFIT POOL

FINANCE

* 2016 excl. AVTOVAZ

2016*

End of plan

REGION’S SHARE AS A % OF GROUP OPERATING PROFIT

>50%INTERNATIONAL

~25%INTERNATIONAL

AMI EUROPEEURASIAASIA PACIFICAMERICAS

x3 in € x5 in €x5 in € ~ stable in €excl.

China JVs

+ + + +

+ + + +

=100

=100


Confidential C

INVESTMENT POLICY

FINANCE

R&D SPENDING2017-2022

€18bn

CAPEX AND R&DIN % OF REVENUES

6

7

8

9

10

2016 2017 2018 2019 2020 2021 2022

CAP AVERAGE

2017-2022

9%


Confidential C

LIQUIDITY POLICY

FINANCE

NET CASH POSITION LIQUIDITY RESERVES

€2.7bn

2016 2017-2022

TARGET*

~ €5bn 2016 2017-2022*

€15.1bnMINIMUM

20% OFREVENUES

* Excluding IFRS 16 impact


Confidential C

A COMPETITIVE DIVIDEND POLICY

FINANCE

100% PASS-THROUGH DIVIDENDSfrom listed companies

PAY-OUT ON RENAULTCORE NET PROFIT

(Group Net Result – Associates)

+

COMPETITIVE RETURN FOR RENAULT’S SHAREHOLDERS

7%15%

2016 End of plan

x2


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OUR VISION

PROVIDE SUSTAINABLE MOBILITY FOR ALL

TODAY AND TOMORROW


Confidential C

3,5

>5,0

2016 End of plan

DRIVE THE CHANGE DRIVE THE FUTURE

GLOBAL SALESin million units

STRONG GROWTH OUTSIDE EUROPE

DRIVE THE FUTURE: 2017-2022

PROFIT OUTSIDE EUROPE

x3

SALESOUTSIDE EUROPE

x2

AVTOVAZ

3.2


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GROUPE RENAULT IS READY TO ADDRESS INDUSTRY CHALLENGES

DRIVE THE FUTURE: 2017-2022

• Electric

• Connected

• Autonomous

• Mobility services

• Digital customer

• Mobility services in cities

• Individual Mobility

in emerging countries

• ULeV 5

• LeV 7

City regulations

• CAFE

• Euro 6

• China 6

TECHNOLOGYDISRUPTION

REGULATIONSNEW CUSTOMERTRENDS


Confidential C

SHARED PLATFORMS COVERING ALL SEGMENTS

SCALE & COMPETITIVENESS / TECHNOLOGY / PRODUCT LINE-UP

COVERAGE RATIO OVER 80% OF GROUPE RENAULT SALES BY 2022

Width

Price

CMF-A

CMF-B LS

CMF-B HS

A

SEG.

B SEG.

C SEG.

D SEG.

CMF-CD

CMF-EV

CMF: Common Module FamilyLS: Low specifications HS: High specifications

2016 2022

New EV

0%

25%

50%

75%

100%

2019 2021

Sales on CMF platforms

New B


Confidential C

DUAL PLATFORM SPECIFICATION TO EFFICIENTLY COVER ALL NEEDS


PLATFORM “SWAPABILITY” ENABLING LIMITED DEVELOPMENT COSTS

Same specification with different skin

Same skin with differentspecification

Specification adapted to local needs

High Spec.

Access Spec.

Clio Captur

Duster Kaptur

Upselling


Confidential C

INDUSTRIAL COMPETITIVENESS TARGETING BENCHMARK LEVELS…


66

73

100

2016 2017 2022

651710

800

2016 2017 2022

VEHICLE PLANTS ENGINE PLANTS

+50% VEHICLE EFFICIENCY

+20% POWERTRAIN EFFICIENCY

INDUSTRY

AVERAGE

2016

INDUSTRY

AVERAGE

2016

Vehicles per headcount Powertrain per headcount


Confidential C

FULL EV AS STRATEGIC PRIORITY, ELECTRIFIED SOLUTIONS

DRIVEN BY CAFE REQUIREMENTS


50%ELECTRIFIED OFFER

20% BEV OFFER

-50% ON DIESEL OFFER

CAFE: Corporate Average Fuel Efficency


Confidential C

AUTONOMOUS DRIVING TO MATCH CUSTOMER EXPECTATIONS


15 AD MODELS FROM 2019

• Single-lane level 2 from 2019

• Starting with New Clio and Espace

• Multi-lane level 3 from 2021

• Multi-lane level 4 from 2022

• Starting with new EV

• Robo-vehicle by 2022

AD MASS MARKET AD GRADUALEXPANSION

NEW BUSINESS OPPORTUNITY

AD: Autonomous Drive


Confidential C

REGIONS

STRONG AMBITION: PROFITABLE GROWTH BY OVER 40%

* incl. AVTOVAZTIV: Total Industry Vehicles

1,805 >1,800

491 >800649

>1,100354

>600167

>700

2016 End of plan

BY REGION BY BODYTYPE

EUROPE

AMI

EURASIA

AMERICAS

ASPA

48%

3,468*

>5,000

>60%

TIV+17% SUV

SUVLCV

LCVOthers

Others

2016 End of plan

48% to >60% INTERNATIONAL SALES

>40%LCV VOLUME INCREASE

> x2 SUV VOLUME


Confidential C

GLOBAL ACCESS BUSINESS MODEL AS A UNIQUE ASSET

REGIONS

1,2

>2

2016 End of plan

SALES VOLUMES

in million units

UNIQUE ASSET

• Design to cost

• Global industrial footprint

• High localization rate

• A specific Dacia business model

Kwid family: line-up expansion

Logan family: full renewal Logan, Sandero & Stepway

Duster family: Duster renewal and new C-SUV offer

Geographic extension: China…

STRATEGY


Confidential C

EUROPE: REMAINING A PROFIT PILLAR WHILE ADDRESSING NEW DEMANDS

REGIONS

TIV: Total Industry Vehicles* End of plan

• EV line-up expansion & electrification

• Renewal of blockbusters Global Access, B, LCV

• Efficiency and flexibility of manufacturing assets

2016 End of plan

1.8M>1.8M

SECONDBRAND

CONTINUOUSSUCCESS STORY

~AVERAGE GROUP OPERATING MARGIN*

TIVFlat

60%ELECTRIFIED OFFER


Confidential C

ASIA PACIFIC: CHINA, THE BIGGEST GROWTH OPPORTUNITY FOR THE GROUP

REGIONS

• CHINA

• From 2 to 9 localizedPC models

• New EV JV with Nissan and DongFeng

• New LCV JV with Brilliance

• Competitive level of local integration

• KOREA

• High level of Alliance cross manufacturing

• Competitive level of local integration

TIV: Total Industry VehiclesASPA: Asia Pacific

167

>700

2016 End of plan

TIV+20% 35

>550 China

Other ASPA

#3 in KOREA

BEST TCO LEVELFOR EV

CHINA: A GROWING PROFIT CENTER

CHINA


Confidential C

NORTH AFRICA

• Strong local brands

• INDIA

• Kwid family expansionfrom 1 to 3 models

• New products in higher price brackets

• Alliance local engineering and manufacturing

• #1 digital

• IRAN

• Market coverage >80%

• Capacity increase +150Ku

• Exclusive Renault distribution network at best level

AMI: STRONG FOUNDATION FOR PROFITABLE GROWTH

REGIONS

#1 IN AFRICA

491

>800

2016 End of plan

TIV+50%

OPERATING PROFITx5*

>250

India>250

Iran109

132

PROFITABLEMARKET SHARE

>5%

EUROPEAN BRAND#1

INDIA

MARKET SHARE>15%

IRAN

#1 in AFRICA



Confidential C

AMERICAS: GROWING PROFITABILITY WITH AN UNPRECEDENTED

PRODUCT OFFENSIVE

REGIONS

• Full SUV, LCV and Global Access line-up≈ 90% market coverage

• Maximum adaptation to local demand through local engineering and design centers

354

>600

2016 End of plan

TIV+40%

OPERATING PROFITx3*

BRAZIL

#1 in ARGENTINA

10% MARKET SHARE



Confidential C

EURASIA: STRENGTHEN LEADERSHIP POSITION IN A REBOUNDING

RUSSIAN MARKET

REGIONS

• Renault 85% segmentcoverage for SUV in Russia

• Leverage industrial footprint >500Ku on Alliance B-platform in Russia

• The most competitive manufacturing base: >600Ku Romania & Turkey

• Transform Lada into a profit booster for Groupe Renault

2016 End of plan

649

>1,100

285

364

#1 in RUSSIAAUTOMOTIVE GROUP30% MARKET SHARE

OPERATING PROFIT x5*

#1 in TURKEYPC

#1 in ROMANIATIV

+65%



Confidential C

A ROBUST & PROFITABLE CORE BUSINESS BY 2022

ELECTRIC VEHICLE

THE PLAN

EXPAND

OUR REACH

ACCELERATE

COST REDUCTION

LEADER

IN AFFORDABLE ELECTRIC MOBILITY

PROVIDE

EASY ELECTRIC LIFE

GENERATE VALUE

FROM ENERGY & MOBILITY SECTORS

THE OBJECTIVE

INITIALINVESTMENTNO PROFIT

PROFIT ONVARIABLE

COSTS

FULL COSTPROFIT

2008 DRIVE THEFUTURE

DRIVE THECHANGE

0

NEW EV

GENERATION

CURRENT

LINE UP

GROUP

AVERAGE

PROFITABILITY


Confidential C

EXPANDING OUR REACH

ELECTRIC VEHICLE

2016

LINE-UP EXTENSION

SEGMENTCOVERAGE IN EUROPE

MARKETEXPANSION

4 Models

1 Best seller

Partial

LEADER

1 Key market

20228 Models

2 Pillar models

All key LEADER

Develop next

key markets

2 Key markets


Confidential C

ACCELERATE COST REDUCTION

ELECTRIC VEHICLE

3D SCALABLE

ALLIANCE PLATFORM

COST

BREAKTHROUGH

80% of volume based on Alliance platform

• -40% R&D entry ticket

• -30% production cost

• Battery pack cost (€/kWh) -30%

• New E-motor generation -20%


Confidential C

LEADER IN AFFORDABLE ELECTRIC MOBILITY

ELECTRIC VEHICLE

TOTAL COST OF OWNERSHIP

EV vs ICEB-segment – 3 years – 12,000km/y

Including reduction of incentives

2016 2022

Gasoline(reference base 100)

2020

EV

AFFORDABLE AUTONOMY

400 km

Autonomy

(NEDC)

Price*

(w/o incentive)

280 km

300 km

300 km

€32,750

€35,900

€36,800

#1€33,200

* MSRP Germany Q1 2017


Confidential C

RCI BANK AND SERVICES

A VIRTUOUS BUSINESS MODEL

CONQUEST

Additional sales

UPSELLING

Better equipped cars

AFTER SALES

Additional turnover

FASTERRENEWAL

Shorter holding time

BRANDLOYALTY

Better renewal rate

+7% +€300/ CONTRACT

+€200/ CONTRACT

-25MONTHS

+10PTS

A support for the sales development

of the Alliance brands and their distributors network

Higher satisfaction of financed customers

+5 pts


Confidential C


TRANSFORMATION TO FACE THE FUTURE

ENHANCE CUSTOMER SATISFACTION AND

LOYALTY

• Simple, affordable & personalized offers

• Loyalty products

OFFENSIVE SERVICES STRATEGY

• New multichannel strategy

• Value-added services

NEW SOLUTIONS OF MOBILITY

• Full mobility solutions for fleet

• Technologies and partnerships

PAY AS YOU DRIVE


Confidential C


RCI DRIVE THE FUTURE

PENETRATION RATE

REGULATORYCAPITAL RATIO

RETURN ON EQUITY

37% - 40% 12% → 16% >16%

DRIVETHE FUTURE >42%*

2013 - 2016

>1.4 >14%**

SERVICE PENETRATION

RATE

0.6 → 1.0 service / car

>16%

* Number of new financed vehicles / number of total registrations ** On 31/12/2016: total capital ratio requirement at 11%

On 31/12/2022: total capital ratio requirement estimated at ≈12.5% (projected level based upon existing regulation)

services / car


Confidential C

RENAULT IN BRIEF04


Confidential C

RENAULT – IN BRIEF

▪ Renault was founded in 1898 and is listed on the Paris NYSE

Euronext since 1995

▪ Renault created an Alliance with Nissan in 1999

▪ Renault has strategic cooperation with Daimler

▪ Market capitalization of €25 bn as of Dec 2017

▪ Renault employs 181,344 employees worldwide (inc. AVTOVAZ)

▪ 3,8 million vehicles sold worldwide in 2017

▪ The Renault brand is ranked # 2 in Europe

▪ The company is a bond issuer via two entities:

▪ Renault, rated BBB by S&P (stable outlook) / Baa3 (positive

outlook) by Moody’s

▪ RCI Banque, its financing arm, rated Baa1 (stable outlook) by

Moody’s / BBB (stable outlook) by S&P

OWNERSHIP OF CAPITAL AT END 2017

1 Nissan does not exercise the voting rights attached to these shares2 Shares acquired for the purposes of stock option and performance shares

programs. These shares have no voting rights attached3 A strategic cooperation between the Renault-Nissan Alliance and Daimler AG

was announced in April 2010;

Total share capital €1,127mm

Total number of shares 295,722,284

Source: Renault SA


Confidential C

A MAJOR ALLIANCE IN THE AUTOMOTIVE LANDSCAPE

10,6 million units sold in 2017

5,81655%

3363%

1,03010%

3,426 32%

Nissan VAZ MMC Renault

51 52 52 54 56 56 56 5761 63 65

6865 63

7175

7982

85 8791 93

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

TIV (PC+LCV) IN MILLION UNITS


Confidential C

FUNDING & LIQUIDITY PROFILE- RENAULT SA ONLY

▪ RSA total funding : 5.9 billion €Bonds, Banks & assimilated

(in millions euros *)

▪ Liquidity reserve: - Available back-up lines : 3.4 billions €

- Cash & cash equivalents: 11.8 billions €

Automotive Division


Confidential C

GROUP STRUCTURE AT DEC. 31 2017

RCIBANQUE

RENAULTSAMSUNGMOTORS

AvtoVAZ

OTHER COMPANIESindustrial, commercial,

refinancing and cash management concerns

RENAULT

S.A.S.DACIA

NISSAN MOTOR

RENAULT SA

100 %

43.4 %

99.4 %

1.55 %

100 % 80.1 %64.6%

DAIMLER AG

Renault GroupAlliance and Cooperation

Alliance Rostec

Auto B.V.

82.4%

MITSUBISHI

MOTORS

34 %


Confidential C

51%

10%

14%

20%

5%

Sales by Region

Europe

Americas

Africa - ME -India

Eurasia

Asia-Pacific

RENAULT SALES IN 2017

2%18%

45%

13%

6%

16%

Sales by segmentA

B

MO (excl. LCV)

C

D/E

LCV

MAIN CARS SALES IN 2017 (PC+LCV) IN KUNITS

501 441

342 338 324246

160 155 125

0

100

200

300

400

500

SA

ND

ER

O - M

O

CLIO

- B seg

LOG

AN

- MO

ME

GA

NE

/SC

EN

IC

DU

ST

ER

- MO

CA

PT

UR

- B S

EG

KA

NG

OO

- LCV

KA

DJA

R - C

SE

G

KW

ID - M

0

71%

17%

3%

9%

Sales by brand

RENAULT DACIA RSM LADA


Confidential C

INTERNATIONAL SALES EXPANSION

11%

17%17%17%19%

23%

27%30%

35%37%

34%37%

43%

50% 50%

46%

42%43%

49%

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

% OF UNIT SALES OUTSIDE EUROPE


Confidential C

P&L STATEMENT SINCE 2000 PUBLISHED CONSOLID

ATION

AVTOVAZ

2000* 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

in K units

Registration 2 289 2 409 2 404 2 389 2 489 2 533 2 433 2 484 2 382 2 309 2 626 2 722 2 550 2 628 2 712 2 802 3 466 3 762

production 2 348 2 375 2 344 2 385 2 472 2 516 2 385 2 659 2 421 2 199 2 599 2 637 2 725 2 520 2 574 2 864 3 175 3 829

in€ m

Revenues 40 175 36 351 36 336 37 525 40 715 41 338 41 528 40 682 37 791 33 712 38 971 42 628 40 720 40 932 41 055 45 327 51 243 58 770

o/w Automotive 31 486 33 841 34 456 35 535 38 645 39 458 39 605 38 679 35 757 31 951 37 172 40 679 38 612 38 775 38 874 43 108 48 995 53 530

o/w AVTOVAZ 2 727

o/w sales financing 1 656 1 828 1 880 1 990 2 070 1 880 1 923 2 003 2 034 1 761 1 799 1 949 2 108 2 157 2 181 2 219 2 248 2 513

Cost of goods and services sold -30 214 -28 240 -28 178 -29 273 -31 162 -32 137 -32 499 -31 408 -29 659 -26 978 -30 620 -33 848 -33 017 -33 611 -33 310 -36 094 -40 256 -46 477

Research and development expenses -2 048 -1 935 -1 143 -1 243 -1 383 -2 034 -1 963 -1 850 -1 858 -1 795 -1 834 -2 017 -1 915 -1 812 -1 721 -2 044 -2 370 -2 590

SG&A -4 838 -4 538 -4 363 -4 452 -4 581 -4 918 -5 018 -4 949 -4 770 -4 382 -4 605 -4 751 -4 534 -4 267 -4 415 -4 814 -5 335 -5 849

Operating margin 2 022 473 1 483 1 402 2 418 1 323 1 063 1 354 212 -396 1 099 1 091 782 1 242 1 609 2 375 3 282 3 854

Operating margin in % 5,0% 1,3% 4,1% 3,7% 5,9% 3,2% 2,6% 3,3% 0,6% -1,2% 2,8% 2,6% 1,9% 3,0% 3,9% 5,2% 6,4% 6,6%

o/w Automotive 1 574 216 1 189 1 035 1 974 858 571 882 -275 -902 396 330 34 495 858 1 546 2 386 2 749

Operating AUTO margin in % 5,0% 0,6% 3,5% 2,9% 5,1% 2,2% 1,4% 2,3% -0,8% -2,8% 1,1% 0,8% 0,1% 1,3% 2,2% 3,6% 4,9% 5,1%

COP AVTOVAZ 55

o/w sales financing 253 252 294 367 444 465 492 472 487 506 703 761 748 747 751 829 896 1 050

Other operating income and expenses -319 231 -266 -168 -270 191 -186 -116 -329 -559 -464 153 -599 -1 276 -504 -199 1 -48

Operating income 1 703 704 1 217 1 234 2 148 1 514 877 1 238 -117 -955 635 1 244 183 -34 1 105 2 176 3 283 3 806

Financial expense -69 -64 -91 -71 -348 -327 61 76 441 -404 -376 -121 -321 -282 -333 -221 -323 -504

Capital gain on sale of shares in Volvo AB 2 000 924

Share in net income of companies

accounted for by the equity method

89 380 1 331 1 860 2 020 2 597 2 260 1 675 437 -1 561 1 289 1 524 1 504 1 444 1 362 1 371 1 638 2 799

o/w Nissan 56 497 1 335 1 705 1 767 2 275 1 871 1 288 345 -902 1 084 1 332 1 234 1 498 1 559 1 976 1 741 2 791

o/w Volvo -26 71 175 240 308 384 352 226 -301 214 136 80

o/w AvtoVAZ -370 -21 49 186 -34 -182 -605 -89 -

Current and deferred taxes -649 -67 -447 -510 -634 -331 -255 -255 -162 -148 -58 -508 -549 -433 -136 -366 -1 055 -891

Group net income 1 074 953 2 010 2 513 3 186 3 453 2 943 2 734 599 -3 068 3 490 2 139 1 712 695 1 998 2 960 3 543 5 210

Renault net income 1 080 1 051 1 956 2 480 3 119 3 367 2 869 2 669 571 -3 125 3 420 2 092 1 749 586 1 890 2 823 3 419 5 114

EPS 4,5 4,4 7,5 9,3 11,7 13,2 11,2 10,3 2,2 -12,1 12,7 7,7 6,4 2,2 6,9 10,4 12,6 18,9

Number of shares 239 798 239 998 259 560 265 960 265 960 255 177 256 994 258 621 256 532 257 514 269 292 272 381 272 256 272 290 273 049 272 708 271 968 271 080

workforce 166 114 140 417 132 351 130 740 130 573 126 584 128 893 130 179 129 069 121 422 122 615 128 322 127 086 121 807 117 395 120 136 124 849 181 344

o/w Europe NA NA NA NA NA 107 519 93 580 87 080 83 712 76 633 74 431 74 769 71 444 66 467 65 902 67 973 70 664 72 132

BEFORE IFRS IFRS


Confidential C

CASH FLOW STATEMENT

PUBLISHED

IFRS

in € m 2000* 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

AUTO EBIT 1 467 458 928 858 1 710 1 058 303 767 -608 -1 457 -78 478 -615 -770 406 1 347 2 326 2 749

Depreciation & amortization 1 817 1 683 1 938 2 117 2 133 2 658 2 817 2 815 2 892 3 124 3 045 2 820 3 299 3 164 2 702 2 689 2 779 2 404

AUTOMOTIVE EBITDA 3 284 2 141 2 866 2 975 3 843 3 716 3 120 3 582 2 284 1 667 2 967 3 298 2 684 2 394 3 108 4 036 5 105 5 153

Cash flow 3 027 1 290 2 919 2 806 3 798 3 589 3 288 3 616 2 373 1 386 3 074 2 910 2 577 2 914 3 138 3 451 4 362 4 327

Change in WC -1 657 1 751 322 239 401 -533 -346 -26 -2 704 2 923 395 627 922 790 596 663 356 447

Capex and R&D cost -2 289 -2 546 -2 968 -2 533 -2 823 -2 879 -3 585 -3 565 -3 385 -2 054 -1 644 -2 212 -2 674 -2 543 -2 416 -2 729 -3 047 -3 362

CAPEX -2 253 -2 497 -2 284 -1 927 -2 035 -2 046 -2 494 -2 278 -2 260 -1 465 -978 -1 325 -1 910 -1 811 -1 571 -1 853 -2 144 -2 169

CAPITALIZED R&D -36 -49 -684 -606 -788 -833 -1 091 -1 287 -1 125 -589 -666 -887 -764 -732 -845 -876 -903 -1 193

Others 135 -248 -155 -241 -228 -334 -235 -352 -564 -529

Operational FCF AVTOVAZ 62

OPERATIONAL FCF -919 495 273 512 1 376 177 -508 25 -3 716 2 007 1 670 1 084 597 827 1 083 1 033 1 107 945

Dividends received from Nissan 99 183 267 345 383 431 456 418 0 88 274 427 406 432 547 728 710

Dividends received from Volvo 0 77 77 208 120 158 477 258 81 0 38 47

Dividends received from Daimler 22 27 27 32 34 44 51

Dividends received from others excl; RCI 7 6 13 13 3 12 0 0 1 6

FCF -912 600 533 856 1 929 693 94 961 -3 028 2 088 1 758 1 419 1 077 1 260 1 547 1 614 1 879 1 706

DIVIDEND PAID 183 219 258 316 383 493 684 883 1 054 0 0 88 -402 -537 -542 -599 -794 -996

BEFORE IFRS


Confidential C

-919

495273

512

1377

177

-508

25

-3716

20071670

1084

597827

1083 1033 1107945

738

-1256

-49

273

845 710

-162

51

-1012 -916

1275

457

-325

37

487 370

751498

-4000

-2000

0

2000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Operational Free Cash Flow Operational Free Cash Flow excluding WCR evolution

(million euros)

A STRONGER FCF MANAGEMENT


Confidential C

8,29,7 10,1

11,813,6

15,9

19,721,2 22,1

19,416,5

22,824,6 24,6

23,224,9

28,530,9

33,3 34,5

-2,7 -4,8-3,9 -2,5

-1,7-1,6 -2,3 -2,4-2,1

-7,9-5,9

-1,4-0,3

1,5 1,8 2,1 2,7 2,4 3,2 3,1

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

(1)

2017

(2)

2108-

H1

Shareholders' equity

Automotive Net cash

AUTOMOTIVE DIVISION FULLY DELEVERAGED

(billion euros)Former

GAAPsIFRS

GAAPs

(1) From 2016, automotive net cash & Shareholder’s equity include AvtoVAZ

(2) Restated to include an adjustment of +€281m related to Renault SA redeemable shares

Incl. AVTOVAZ


Confidential C

RENAULT INVESTORS RELATION CONTACT

Thierry Huon

Investor Relations Director

+33 1 76 84 53 09

[email protected]

Christophe Rochelle

Investor Relations

+33 1 76 83 05 13

[email protected]

Clémentine de Quatrebarbes

Investor Relations

+33 1 76 84 60 89

[email protected]

Investor relations internet site: http://group.renault.com/finance

mailto:[email protected]




Confidential C

GROUPE RENAULT EXANE BNP PARIBAS ROADSHOW US · 2018. 11. 15. · EXANE BNP PARIBAS ROADSHOW US....

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Transcript of GROUPE RENAULT EXANE BNP PARIBAS ROADSHOW US · 2018. 11. 15. · EXANE BNP PARIBAS ROADSHOW US....