Groupe Renault - 2019 Universal Registration Document

RENAULT: A RESPONSIBLE COMPANY

ANNUAL GENERAL MEETING OF RENAULT ON APRIL 24, 2020

FINANCIAL STATEMENTS

GROUPE RENAULT

CORPORATE GOVERNANCE

RENAULT AND ITS SHAREHOLDERS

ADDITIONAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

SALES FINANCING RECEIVABLES NOTE 15 Sales financing receivables by nature 15 – A –

December 31, 2019

December 31, 2018

(€ million)

Dealership receivables

10,901 25,016 10,305 46,222

10,233 23,606

Financing for end-customers Leasing and similar operations

9,008

Gross value Impairment

42,847

(848)

(780)

Net value

45,374

42,067

Details of fair value are given in note 24-A.

04

Assignments and assets pledged as guarantees for management of the liquidity reserve 15 – B – Assignment of sales financing assets B1

December 31, 2019

December 31, 2018

Balance sheet value

Fair value

Balance sheet value

Fair value

(€ million)

Assigned receivables carried in the balance sheet

10,508

10,504

11,010

10,980

Associated liabilities

3,243

3,264

2,781

2,645

The Sales Financing segment has undertaken several public securitization operations and several conduit financing operations (in Germany, Brazil, France, the United Kingdom and Italy) involving loans to final customers and receivables on the dealership network. Both types of operation are conducted through special purpose vehicles. Some public operations were subscribed by RCI Banque, which makes it possible to have securities eligible as collateral for the European Central Bank. The receivables assigned through such operations are not derecognized, as all risks are retained by the Group. The associated liabilities correspond to securities resulting from the securitization operations, and are recognized in other debts represented by a certificate. The difference between the receivables assigned and the amount of the associated liabilities corresponds to the higher credit necessary for these operations, and the share of securities retained by RCI Banque to form a liquidity reserve. Securitized assets can no longer be assigned or pledged. Subscribers to debt securities only have claims on the assets assigned.

Assets pledged as guarantees for management of the B2 liquidity reserve For management of its liquidity reserve, the Sales Financing segment has provided guarantees to the Banque de France (under France’s central collateral management system 3G ( Gestion Globale des Garanties ) in the form of assets with book value of €5,882 million at December 31, 2019 (€7,454 million at December 31, 2018). These guarantees comprise €5,325 million in the form of shares in securitization vehicles, €151 million in euro bonds and €406 million in sales financing receivables (€6,184 million of shares in securitization vehicles, €159 million in euro bonds and €1,111 million in sales financing receivables at December 31, 2018). The funding provided by the Banque de France against these guarantees amounts to €2,700 million at December 31, 2019 (€2,500 million at December 31, 2018). All assets provided as guarantees to the Banque de France remain in the balance sheet.

Sales financing receivables by maturity 15 – C –

December 31, 2019

December 31, 2018

(€ million)

-1 year

23,174 21,675

21,184 20,403

1 to 5 years

+5 years

525

480

TOTAL SALES FINANCING RECEIVABLES – NET

45,374

42,067

381

GROUPE RENAULT I UNIVERSAL REGISTRATION DOCUMENT 2019