Groupe Renault - 2020 Universal Registration Document

387 GROUPE RENAULT I UNIVERSAL REGISTRATION DOCUMENT 2020 04 CONSOLIDATED FINANCIAL STATEMENTS GROUPE RENAULT GROUPE RENAULT: A COMPANY THAT ACTS RESPONSIBLY CORPORATE GOVERNANCE FINANCIAL STATEMENTS RENAULT AND ITS SHAREHOLDERS ANNUAL GENERAL MEETING OF RENAULT ON APRIL 23, 2021 ADDITIONAL INFORMATION Share of non-controlling interests 18 - H - Entity Country of location Percentage of ownership and voting rights held by non-controlling interests (€ million) Net income – non-controlling interests’ share (€ million) Shareholders’ equity – non-controlling interests’ share (€ million) Dividends paid to non-controlling interests (minority shareholders) (€ million) December 31, 2020 December 31, 2019 2020 2019 December 31, 2020 December 31, 2019 2020 2019 Automotive (excluding AVTOVAZ) Renault Samsung Motors Korea 20% 20% (11) 24 178 202 (7) (24) Oyak Renault Otomobil Fabrikalari Turkey 48% 48% 45 83 341 295 - (56) JMEV China 50% 50% (8) (6) 31 123 - - Other N/A N/A N/A 1 3 9 12 (3) (4) TOTAL – AUTOMOTIVE (EXCLUDING AVTOVAZ) 27 104 559 632 (10) (84) Sales Financing Banco RCI Brasil Brazil 40% 40% 8 24 - - (8) (9) Rombo Compania Financiera Argentina 40% 40% (3) - - - - - RCI Colombia SA Colombia 49% 49% 2 5 - 39 - - Other N/A N/A N/A 2 2 12 13 (3) (2) TOTAL – SALES FINANCING 9 31 12 52 (11) (11) AVTOVAZ Alliance Rostec Auto B.V. Netherlands 32% 32% - - 578 756 - - AVTOVAZ Russia 32% 32% (68) 11 (564) (668) 8 7 LLC LADA Izhevsk Russia 32% 32% 2 6 (17) (21) (4) (5) Other N/A N/A N/A 3 8 12 16 (4) (3) TOTAL AVTOVAZ (63) 25 9 83 - (1) TOTAL MOBILITY SERVICES (11) - (14) - - - TOTAL (38) 160 566 767 (21) (96) The Group has granted to minority shareholders of Banco RCI Brasil, Rombo Compania Financiera, RCI Colombia SA put options to sell their investments. A liability corresponding to these put options is included in other liabilities, amounting to €100 million for the Brazilian subsidiary, €4 million for the Argentinian subsidiary, and €61 million for the Colombian subsidiary at December 31, 2020 (€144 million, €7 million and 0 respectively at December 31, 2019). A corresponding charge is made to shareholders’ equity, allocated in priority to the non-controlling interests’ share with any residual amount allocated to the parent company shareholders’ share. The liability is stated at fair value. Fair value is determined by estimating the potential purchase price, taking into account future results of the financing portfolio as it exists at the closing date and the provisions of the partnership contracts. This is a level 3 fair value, as it uses recognized models but their significant data are not based on observable market data. New partnership agreements were signed in 2018 with Oyak in Turkey, including perfectly symmetrical put and call options for non-controlling investments, entitling Renault, subject to certain conditions, to purchase Oyak’s shares in Oyak Renault (call) and to sell its shares in Mais (put), and entitling Oyak to sell its shares in Oyak Renault (put) and purchase Renault’s shares in Mais (call). The exercise price for the put option, if exercised, will be determined by three independent experts who would be appointed at the exercise date. Analysis of the contracts did not identify any circumstances beyond the control of Renault SA that could lead to Oyak’s put option exercised without Renault SA being able to object. Consequently, no liability is recognized at December 31, 2020 in connection with these options. There are no significant restrictions on the Group’s capacity to access or use its assets and settle its liabilities, other than restrictions that result from the regulatory framework in which the subsidiaries operate. The local supervisory authorities may require banking subsidiaries to keep a certain level of capital and liquidities, limit their exposure to other group parties, and comply with other ratios.