jan6307 schreef op 13 februari 2014 09:11:
PARIS--French car maker Renault SA on Thursday for the first time set targets for boosting revenue and profitability by 2017 while reporting a drop in net profit for 2013 due to exceptional items.
Halfway through its medium-term "Drive the Change" plan, the company has set an objective of generating EUR50 billion ($67.97 billion) of revenue by 2017, with an operating margin of 5%.
For the first part of the plan, announced in 2011, Renault only set targets for automobile sales and cash flow. It missed the interim volume target of achieving 3 million annual vehicle sales by 2013. Last year, it sold 2.63 million vehicles due to the weakness of markets in South America and Europe. At the same time, the company halted sales to Iran due to international trade sanctions.
However, it generated EUR2.5 billion of net cash between 2011 and 2013, overshooting its target of EUR2 billion.
For 2013, Renault reported virtually flat revenue of EUR40.93 billion, with a group operating profit of EUR1.24 billion, or 3% of revenue, up from EUR782 million in 2012.
Net profit in 2013 fell to EUR586 million from EUR1.75 billion a year earlier, reflecting a EUR514 million provision against the group's halted Iranian activity, a EUR488 million asset impairment charge, and EUR423 million in restructuring costs.
Operating profit at Renault's core automotive division rose to EUR495 million in 2013 or 1.3% of revenue from EUR461 million a year before despite adverse currency movements.
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February 13, 2014 02:55 ET (07:55 GMT)
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