Renault Group Half-Year Report 2024
“These record results are the fruit of a considerable work made by the Renault Group teams over the last years. Our efforts to reduce costs and focus our commercial policy on value are reflected in a new line-up, the best one that this company has had in 3 decades. We have implemented the traditional levers of performance improvement, but we have also reconnected the company with the innovative mindset that once made its golden years” said Luca de Meo, CEO of Renault Group
Highlights
- New record profitability in 2024 H1:
- Group revenue: €27.0bn, +0.4% and +3.7% vs. 2023 H1at constant exchange rates
- Automotive revenue: €24.4bn, -1.9% and +1.2% vs. 2023 H1at constant exchange rates
- Record profitability:
- Group operating margin: 8.1% of revenue (+0.5 points vs. 2023 H1), up €0.1bn vs. 2023 H1
- Automotiveoperating margin: 6.6% of revenue (+0.4 points vs. 2023 H1)
- Net income: €1.4bn (including €440m of capital loss on the disposal of Nissan shares)
- Solid free cash flow: €1.3bn driven by a strong operational performance. It included €600m of Mobilize Financial Services dividend and a negative variation of working capital requirement of €209m
- Record automotive net cash financial position: €4.9bn at June 30, 2024 (+€1.1bn vs.December 31, 2023)
- Complementary and growing automotive brands:
- Renault brand #3in Europe, #1 in France and leader in LCVs
- Dacia in the top 10 best-selling brands in Europe, with Sandero best-selling car across all channels
- Alpine strong double-digit growth before new launches
- Strong orderbook in Europe at 2.6months of forward sales, reflecting the strong order intake
- Very healthy level of total inventories at 500ku at June 30, 2024 (down 69ku yoy)
- Renault Group confirms its 2024 financial outlook:
- A Group operating margin ≥7.5%
- A free cash flow ≥€2.5bn
