French automaker Renault posted net losses of 700 million euros last year. A data that contrasts with the net profit of 967 million achieved in 2021. The company attributes the data to the impact of its hasty withdrawal from Russia, its second largest market after France, a fact that weighed down a year with positive results in the whole of your operations.
Thus, the group achieved operating profits of 2,216 million euros, 146% more than the 900 million euros registered the previous year. For all these reasons, the CEO of the car company, Luca de Meo, considers that last year Renault fulfilled its promises "more than" since the results exceeded the initial objectives and market expectations. “This performance reflects the energy and hard work of the Renault group teams, even as we have faced strong obstacles related to the sale of our Russian operations, the semiconductor crisis and cost inflation,” says De Meo.
All this after the French company, which is immersed in the renewal of its alliance with Nissan, increased its turnover to 46,391 million euros, 11.35% more than the income achieved in 2021. On the other hand, Nissan's results in the third quarter of its fiscal year (from April to December) have had a positive impact on the accounts of the Renault group of 174 million euros.
By 2023, the company has set itself the goal of increasing its operating margin by 6%, which closed 2022 at 2,595 million euros (125% in year-on-year terms), as well as obtaining an operating free cash flow equal to or greater than 2,000 million of euros. In addition, it will propose at the general meeting of shareholders on May 11 the distribution of a dividend of 0.25 euros per share for this year.
Renault sold its majority stake in Avtovaz to the Russian state for reportedly a single ruble last year, but with a six-year buyback option. Under a deal announced earlier this month, Renault will reduce its stake in Nissan to 15% from its current 43%, as part of a plan to revive their long and sometimes contentious alliance.
