French-based car manufacturer Renault moved to a €3.07 billion loss in 2009, and revenues of €33.7 billion, the company said in a release.
The group’s revenues fell 10.8% in 2009, despite the 25% growth recorded in the fourth quarter last year.
The group’s performance improved in the second half 2009, with a loss of only €356 million. Renault’s full-year loss came in at €3.07 billion. Renault’s share in associated companies generated a loss of €1.56 million.
Renault’s global market share (VP+VU) increased 0.1%, with 0.2% increase in global share and 1.4% in Europe in the second half.
Group operating margin was a negative €396 million, or -1.2% of revenues, (growth of €224 million in second half, or 1.3% of revenues).
Automobile generated a substantial €2,088 million in free cash flow. It's cash flow amounted to €1,467 million, investments net of disposals (including leased vehicles) totaled €2,302 million. As a result, Automobile’s net financial debt fell by €2,023 million compared with ecember 31, 2008 to €5,921 million.
At December 31, 2009, Automobile had liquidity reserves of around €9.5 billion, of which 4.070 million in undrawn confirmed credit lines and €5.5 million in cash and cash equivalents.
Carlos Ghosn, Chairman and CEO of Renault, said: “We took the first actions to withstand the crisis as early as July 2008. Renault proved its resilience in 2009, as demonstrated by our significantly positive free cash flow. Economic conditions will remain difficult in 2010 with a 10% fall in the European market. We are continuing our work on building the Renault of the post-crisis period with the pursuit of the sales offensive in Europe, the mass market of zero-emission vehicles in 2011, the extension of the Entry-car range, the strengthening of our presence in emerging countries, and the acceleration and broadening of synergies with Nissan.”
Renault expects economic conditions to remain difficult in 2010 with a European market that could contract by 10% versus the total industry volume of 2009. In this context, consistent with 2009, the company’s objective is to generate positive free cash flow and thus continue to reduce debt.
Article comments "Renault posts 2009 loss of €3 billion"
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