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

Changes in obligations, fund assets and the provision 19 – E –

Present value of the obligation (A)

Fair value of the fund assets (B)

Net defined-benefit liability (A) +(B)

(€ million)

Balance at December 31, 2018

2,116

(529)

1,587

Current service cost

98

- -

98

Past service cost and gain/loss on plan curtailment, modification and settlement

(84)

(84)

Net interest on the net liability (asset)

40 54 (3)

(12) (12)

28 42 (3)

Net expense (income) for 2019 recorded in the income statement (19-C)

Actuarial gains and losses on the obligation resulting from changes in demographic assumptions Actuarial gains and losses on the obligation resulting from changes in financial effects

- - -

233

233

Actuarial gains and losses on the obligation resulting from experience effects

16

16

Net return on fund assets (not included in net interest above)

-

(52) (52) (22)

(52) 194 (22)

04

Net expense (income) for 2019 recorded in other components of comprehensive income

246

Employer’s contributions to funds Employee’s contributions to funds

- -

(1) 19

(1)

Benefits paid under the plan

(117)

(98)

Benefits paid upon liquidation of a plan Effect of changes in exchange rate

-

21 (5)

(18)

3

Effect of changes in scope of consolidation and other

-

(5)

Balance at December 31, 2019

2,315

(615)

1,700

Accumulated actuarial gains and losses, net of tax (excluding the associates’ share) recorded in other components of comprehensive income amounted to an expense of €735 million at December 31, 2019 (an expense of €596 million at December 31, 2018).

A 100 base point decrease in discount rates used for each plan would result in a €420 million increase in the amount of obligations at December 31, 2019 (€272 million at December 31, 2018), and a 100 base point increase in discount rates used for each plan would result in a €322 million decrease in the amount of obligations at December 31, 2019 (€229 million at December 31, 2018).

Fair value of fund assets 19 – F – Details of the assets invested via pension funds and insurance companies are as follows:

December 31, 2019

Assets listed on active markets

Unlisted assets

Total

(€ million)

Pension funds

Cash and cash equivalents

-

- - -

-

Shares Bonds

112 202

112 202

Shares in mutual funds and other

40

5 5

45

TOTAL – PENSION FUNDS

354

359

Insurance companies

-

Cash and cash equivalents

1 7

7

8 7

Shares Bonds

-

203

5 1

208

Real estate property

17

18 15

Shares in mutual funds and other TOTAL - INSURANCE COMPANIES

5

10 23 28

233 587

256 615

TOTAL

Pension fund assets mainly relate to plans located in the United Kingdom (57.2%). Insurance contracts principally concern Germany (5.5%), France (10.6%), the Netherlands (20%) and Switzerland (5.5%). The actual returns on plan assets in the United Kingdom are shown in note 19-B. The weighted average actual rate of return on the Group’s main funds was 8.84% in 2019 ((1.28)% in 2018).

At the date of this report, the best estimate of contributions that will be payable to the funds in 2019 is approximately €11 million. The Group’s pension fund assets do not include Groupe Renault’s financial instruments. Real estate investments do not include real estate properties occupied by the Group.

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GROUPE RENAULT I UNIVERSAL REGISTRATION DOCUMENT 2019