Renault - Fiscal Year 2001

FLASH A3 couv ang.
3/05/02 14:59 Page 3
2001 ANNUAL REPORT
SUMMARY
SYNTHESE Renault.angl. 3/05/02 12:39 Page 1
KEY
FIGURES
2001
As a volume car
manufacturer, Renault has
defined a strategy
REVENUES
€36,351 MILLION
of profitable growth built
on three pillars:
• competitiveness — we aim
OPERATING MARGIN
€473 MILLION
to lead the field in terms
of product and service
quality, keeping production
costs, and development
NET INCOME
€1,051 MILLION
and delivery times
well under control
• brand image hinged

on innovation
• international development
Renault has teamed up

with Nissan to build
N0. 1 BRAND
IN WESTERN EUROPE WITH AN 11.1% MARKET SHARE (CARS AND LCVs COMBINED)
a bi-national group
that ranks fifth worldwide
with 5 million vehicles sold
in 2001. Renault is also
2,409,226
VEHICLES SOLD WORLDWIDE
the principal shareholder
of AB Volvo, the world’s
second largest truck
manufacturer.
140,500
EMPLOYEES
1
THE RENAULT
GROUP
SUMMARY
2001 Renault Annual Report
CONTENTS
4-5 From the Chairman
6-9 The Board of Directors

and management team
10-17 Business and finance:

Profitable growth
12-13 Highlights and key figures
14-15 Financial results
16-17 The Renault share
18-27 Strategy: Renault's global reach

20-23 Renault-Nissan: The Alliance on the move
24-25 Global markets: Renault's performance
26-27 Two new brands: Dacia and Samsung
28-33 Products: Ongoing innovation

30-31 Top of the range: Daring and expertise
32-33 Product line-up: Safety, performance and comfort
34-39 Customers: Commitment to quality

and service
36-37 Quality products for safety and reliability
38-39 Renault and customers
40-43 Expert teams: Building for the future

42-43 Human resources: Careers in motion
44-45 Looking ahead
3
FROM THE
CHAIRMAN
In 2001, Renault We consolidated Renault’s We also reaped the first benefits We completed our strategic
strengthened positions in ranking as the number-one of our investment in Nissan, tie-up with AB Volvo, becoming
key markets and achieved brand in Western Europe and which made a major positive the largest shareholder of
higher sales worldwide. bolstered market share in contribution to our consolidated the world’s number-two
At the same time, Central and Eastern Europe, earnings. In the course of the truck manufacturer.
profitability in our while further inroads were made year, cooperation between
Automobile Division was in Brazil and export sales outside our two groups gave rise to We continued our drive to cut
hit by heightened Europe grew significantly. a number of new achievements, costs and significantly reduced
competition in Europe, In Korea, Renault Samsung demonstrating the vitality of debt — despite still high
some of our products Motors made promising progress our Alliance. These included investments as we finalized
nearing the end of their and restructuring of Dacia in a second common platform, development of the range of
life cycle, and severe Romania began to yield its first the launch of a joint purchasing new products that we will start
economic downturns rewards. All told, volumes were company, convergence of our bringing to market in 2002.
in Argentina and Turkey. up for the fifth year in a row, sales subsidiaries and networks
Yet steady net income with the Renault group winning in Europe, and the startup of Looking to the year ahead,
confirms the soundness 4.4% of the global automobile a new factory producing light 2002 will see a series of major
of our strategy. market in 2001. commercial vehicles for both launches. After Laguna II
brands in Brazil. — now the benchmark for its
SUMMARY
Louis Schweitzer
Chairman and
Chief Executive Officer*
segment — we will be renewing Renault team will be seeing shared commitment of all
our offering at the top end of the its first year in Formula 1 racing. Renault staff members and their
range with Vel Satis and the new confidence in our future.
Espace, to be followed at the Finally, in 2001 the second stage A sentiment they demonstrated
end of the year by the first steps of our Alliance with Nissan will by participating in the capital
towards renewal of the Mégane involve consolidation of our increase reserved to employees
line-up. These moves will community of interests through in 2001.
continue in 2003 and beyond, cross-shareholdings, as well as
making for a full update of our the establishment of a joint
product range. In 2004, we will management company to steer
have 25 models available with both companies' strategy,
an average age of around three Renault-Nissan bv. This will play
years compared with four and a crucial role in building
a half today. the Renault-Nissan group.
Our brand's driving force will also In 2002, we will continue to

be visible in our commitment to deploy our strategy. In so doing,
motor sport, since the new we will be counting on the
* Process manager Paul Carvalho

and line supervisors Pascal Deroo
and Guillaume Le Bail in discussion
with Louis Schweitzer at the Cléon plant.
5
THE BOARD
OF DIRECTORS
ON DECEMBER 31, 2001
Louis Schweitzer Pierre Alanche Jean-Marie Bousset Jean-Pierre Camescasse

Chairman Engineer in charge of overseeing Renault after-sales technician Engineer in charge of quality
development of Renault’s of Renault’s technical
production information systems documentation
François de Combret Yoshikazu Hanawa Nicolas Jachiet Jean-Luc Lagardère

Associate Director, Lazard Frères Chairman, Nissan Motor Co. Ltd. Head of Shareholding Board member, Lagardère SCA
Department, Treasury Division
Ministry of the Economy,
Finance and Industry
Bernard Larrouturou Henri Martre Jean-Claude Paye Michel Pébereau

Chairman and CEO, INRIA Honorary Chairman, Attorney Chairman and CEO, BNP Paribas
Aérospatiale Representative of BNP Paribas
Danièle Potvin Franck Riboud Jeanne Seyvet Robert Studer

Director, Renault Executive Chairman and CEO, Danone Director General, Industry, Former Chairman,
Internships Information Technologies and Union de Banques Suisses
Post, Ministry of the Economy,
Finance and Industry
Raymond H. Lévy
Honorary President
SUMMARY
THE MANAGEMENT
TEAM
GROUP EXECUTIVE COMMITTEE ON DECEMBER 31, 2001
Louis Schweitzer Pierre-Alain De Smedt Georges Douin Patrick Faure

Chairman and Chief Executive Executive Vice President Executive Vice President Executive Vice President
Officer 57 years old 56 years old Chairman and CEO
59 years old of Renault F1 Team
55 years old
Ecole Nationale A graduate in engineering and Ecole Polytechnique. Ecole Nationale

d’Administration. business administration from Joined Renault in 1967 d’Administration.
Inspector of Finance. the University of Brussels. as a quality engineer in the R&D Joined Renault in 1979, Head
Joined Renault in 1986. Became After three years as Chairman Department. Became Head of Sales and Marketing from
Chief Financial Officer and Head of SEAT, he joined Renault in 1999 of Engineering in 1988, then 1991 to 1998, then appointed
of Strategic Planning in 1988, as Executive Vice President. Vice President, Technology Chairman and CEO of Renault
then Executive Vice President Reporting to him are Research, in 1989, before being appointed V.I./Mack until 2000 when
in 1989. Appointed President Vehicle Engineering, Passenger Senior Vice President, Product he was named Executive Vice
and Chief Operating Officer Car Projects, Powertrain, & Strategic Planning and President of the Renault group.
in December 1990. Purchasing, Manufacturing, Projects in 1992. Senior Vice Chairman of Renault Sport
Chairman and CEO of the and the Mercosur Division. President, Product & Strategic from 1986, he became
Renault group since May 1992. Planning and International Chairman and CEO of Renault
Operations since 1997. F1 Team in 2002.
Appointed Executive Vice
President in 1998.
Renault Management Committee and Group Executive Committee on December 31, 2001
*Louis Schweitzer *Pierre-Alain De Smedt Alain Dubois-Dumée *Patrick Faure

Chairman and Executive Vice President, Senior Vice President, Executive Vice President - Chairman
Chief Executive Officer Industry and Technology Corporate Communications and CEO of Renault F1 Team
Patrick Blain Rémi Deconinck Jean-Baptiste Duzan Philippe Gamba

Senior Vice President, Senior Vice President, Senior Vice President, Supplier Chairman and CEO of RCI Banque
Market Area Europe Product Planning Relations – Chairman and CEO
of Renault Nissan Purchasing
Marie-Christine Caubet Organization (RNPO) Manuel Gomez
Senior Vice President, *Georges Douin Senior Vice President,
Market Area France Executive Vice President, International Operations
Product & Strategic Planning Michel Faivre Duboz
and International Operations Senior Vice President, Vehicle
Jean-Pierre Corniou Engineering Development Michel Gornet
Senior Vice President, Chief Senior Vice President, Manufacturing
Information Officer and Powertrain
SUMMARY
François Hinfray Shemaya Lévy Michel de Virville

Executive Vice President Executive Vice President Corporate Secretary General
47 years old 54 years old Executive Vice President,
Group Human Resources
56 years old
Ecole Nationale Ecole Nationale de la Statistique PhD in mathematics. Research

d’Administration. et de l’Administration engineer at the CNRS (National
Joined Renault in 1989 Economique. Center for Scientific Research).
as Director in charge Joined Renault in 1972. Ministry of Labor (1986). Adviser
of European Affairs. He was After holding various positions at the Auditor-General’s
appointed Director of the Rouen at Renault V.I., he was Department. Joined Renault
Branch Office in 1991, appointed Vice President, Sales in 1993. Became Head of the
then Managing Director and Marketing in 1987 and Human Resources Department
of Deutsche Renault in 1993. Chairman and CEO of Renault in 1996, and was appointed
In 1997 he became Senior Vice V.I. in 1994. Became Executive Corporate Secretary General
President, Market Area France, Vice President in 1998, reported in 1998, with responsibility for
before becoming Executive to by Finance, Audit, Financial the group’s Human Resources.
Vice President, Sales and Control and Information
Marketing in 1998. He is Technologies & Systems.
also responsible for the Light
Commercial Vehicles Division.
*François Hinfray Benoît Marzloff Alain-Pierre Raynaud

Executive Vice President, Senior Vice President, Senior Vice President,
Sales and Marketing Strategy and Marketing Corporate Controller
Jacques Lacambre Luc-Alexandre Ménard Tsutomu Sawada

Senior Vice President, Advanced Senior Vice President, Mercosur Senior Vice President,
Vehicle Engineering and Research Adviser to the Chairman
Patrick le Quément Bruno Morange

Senior Vice President, Senior Vice President, *Michel de Virville
Corporate Design Light Commercial Vehicles Corporate Secretary General,
Executive Vice President,
Pierre Poupel Group Human Resources
*Shemaya Lévy
Executive Vice President, Senior Vice President, Quality
Chief Financial Officer
* Members of the Group Executive Committee chaired by Louis Schweitzer

9
Our choice of strategic priorities

helped hold net income steady
at €1,051 million in 2001.
Renault is now the leading
automobile brand in Western
Europe, expanding its reach
despite tough international
conditions: during the year,
unit sales rose 2.3% worldwide
while revenues increased 5.6%.
In 2001 we also worked hard
to strengthen ties with
shareholders, addressing
RCI-Banque trading room at company headquarters in Marne-la-Vallée, east of Paris. their concerns through a series
In 2001, financial services contributed €1.8 billion to consolidated revenues.
of meetings in France and
the rest of the world,
print documents and
a special section of our internet
site at www.renault.com.
BUSINESS & FINANCE
PROFITABLE
GROWTH
Telheiras, Portugal: A financial adviser at Renault Gest,

Renault shareholders tour the assembly the Portuguese subsidiary of RCI-Banque, helps a customer
plant in Flins, France. choose the best financing option.
11
HIGHLIGHTS AND KEY
FIGURES
Discrete elegance is the watchword for Vel Satis, Renault’s new top-of-the-line sedan.
In a contrasting As a result of the agreement between Renault and AB Volvo, signed on January 2, 2001,
economic climate the Renault V.I./Mack group was deconsolidated. Certain figures from the 2000 financial year, including
— the car market in revenues, operating margin and capital expenditure in property, plant and equipment, have been
Western Europe was adjusted for comparison purposes.
stable, while both Turkey
and Argentina were hit by Global and European automobile markets (in millions of units)
recession — the Renault Passenger cars and light commercial vehicles
group posted a 2.3% rise
in unit sales worldwide 1997 1998 1999 2000 2001
to 2.4 million vehicles Western Europe 14.9 16.0 16.9 16.7 16.7
and scored global Global market 52.5 52.5 53.4 55.9 55.1
market share of 4.4%. The global automobile market was down slightly on 2000, but remained buoyant in 2001 with over 55 million units.
Despite a significant The market in Western Europe in 2001 stood at 16.7 million units. Passenger-car registrations rose 0.7%
to 14.8 million and light commercial vehicles leveled off to 1.9 million units, down 2.8%.
decline in operating
margin to €473 million
— equivalent to 1.3% Renault group market share in Europe and worldwide (as a %)
of revenues, compared
with 5.4% in 2000 — 1997 1998 1999 2000 2001
Renault held net Europe

income on track Passengers cars 9.9 10.7 11.0 10.6 10.6
at €1,051 million in 2001.
Light commercial vehicles 11.5 13.0 13.9 14.1 15.3
Passenger cars
and light commercial vehicles 10.1 11.0 11.3 11.0 11.1
Worldwide
Passenger cars
and light commercial vehicles 3.5 4.1 4.2 4.2 4.4
In Western Europe, Renault retained its position as leading brand in the passenger car and light commercial vehicle
market for the fourth year running, with market share of 11.1%, compared with 11% in 2000. The Renault group —
under its three nameplates Renault, Dacia and Samsung — had a global market share of 4.4% in 2001, up from
4.2% in 2000. The Renault-Nissan Alliance ranked among the top six global carmakers with a 9.2% market share.
SUMMARY
Renault's sales rose 1.6% in Western Group sales worldwide (in units)
Europe, Samsung made
a breakthrough in Korea and sales
1997 1998 1999 2000 (1) 2001(1)
climbed in Brazil. These factors
helped offset the severe market Light commercial vehicles 209,846 263,970 301,203 334,564 335,030
slumps in Turkey and Argentina. Passengers cars 1,628,236 1,866,035 1,987,455 2,021,644 2,074,196
All told, the group's unit sales
TOTAL 1,838,082 2,130,005 2,288,658 2,356,208 2,409,226
increased by 2.3% worldwide
to 2.4 million. (1) Including sales under the Dacia and Samsung brands (52,000 and 70,000 units, respectively, in 2001).
Revenues (€ million) Operating margin (3)

Foreign revenues and domestic revenues (as a %) € million
37,187 37,592 36,351 2,205

34,268 Foreign 1,920
31,696 revenues 1,843
60.6 61.4 63.5 62.0 60.8

Domestic
563
revenues 473
39.4 38.6 36.5 38.0 39.2

(2)
97 98 99 00 (4) 01
97 98 99 00 01
(2)
Revenues adjusted on a consistent basis with 2001, principally taking into account the (3) Operating margin has been adopted by Renault as a performance indicator.
deconsolidation of the Renault V.I./Mack group. It measures income generated directly by operations, before exceptional and
extraordinary items.
The group generated over 60% of total revenues in foreign markets in 2001, (4) Pro forma figures.
up 6.1% to €36.4 billion.

In 2001, Renault's operating margin came to €473 million, equivalent
to 1.3% of revenues, compared with 5.4% in 2000. This decline was entirely
due to the Automobile Division. The contribution from international
operations fell on account of the crises in Turkey and Argentina.
Furthermore, R&D expenditure increased and European operations
Net income were down after prices were cut in the United Kingdom and the product
€ million cycle proved less buoyant ahead of the renewal of the Mégane range.
1,349
1,080 1,051 Payout rate (as a %)

827
34.2
534
20.2 21.0
15.3
97 98 99 00 01 13.5
Renault held net income on track in 2001 in spite of the decline in

operating margin. This was due to capital gains from the sale of equity
investments and the impact of Nissan Motor's recovery on Renault's 97 98 99 00 01
financial statements. Net income totaled €1,051 million, or €4.38 per share
in 2001, compared with €4.50 in 2000. At the Annual General Meeting of Shareholders on April 26, 2002,
shareholders will be asked to vote on a dividend payment totaling
€0.92 per share, equivalent to a payout rate of 21% of net income.
Dividends will be paid on May 15, 2002.
Capital expenditure in property, plant Workforce

and equipment and intangible assets number of employees
€ million 166,114
3,205
159,608
2,639
2,359 2,437
2,205 141,315 140,417
138,321
00 (5) 97 98 99 00 01
97 98 99 01
(5) Pro forma figures.
Renault continued to grow capital expenditure in 2001, primarily in a bid Renault's workforce totaled 140,417 employees worldwide. The decline
to renew product and component ranges and upgrade facilities. 2001 saw in staff numbers in 2001 was mainly due to the sale of the Renault V.I./Mack
a high rate of capital expenditure due to Renault's range renewal plan group (22,068 employees) and CAT (2,518 employees). The group's active
and the international expansion of the group. recruitment policy was ongoing in 2001 with 6,000 new hires worldwide.
13
FINANCIAL
RESULTS
Revenue growth continues
Renault revenues were up Renault revenues for 2001 came to €36.4 billion, up from €34.3 billion in 2000 (restated).
6.1% in 2001,
• The Automobile Division contributed €33.8 billion or 93.1% of the total, with revenues up 5.8%
at €36.4 billion. The year
on a consistent basis. This increase reflected gains in Europe and an improved sales mix, in turn largely
also saw increased efforts
attributable to the success of New Clio and Laguna II, as well as continued rises in sales of diesel models.
to cut costs and debt,
Outside Western Europe, the sharp increase in the revenues of Renault Samsung Motors combined with
as well as significant
moves into a number of markets in Central Europe, Brazil and elsewhere, limited the impact of declines
capital gains on sales
in Turkey and Argentina.
of equity investments.
• The Finance Division contributed €1.8 billion to revenues, showing a rise essentially due to income from
The first benefits of
sales financing, with the average outstanding amount of interest-bearing credit up 5.6%.
the investment in Nissan
appeared, opening
Revenues by Division (€ million)
the way for a second
stage in our Alliance,
37,592 34,268 36,351 + 6.1
reinforcing strategic links.
682 + 9.6 Other
All told, Renault 6,474
622 1,828
(1) Revenues restated 1,661 + 10.1
generated earnings per 1,380 Commercial
on a consistent basis Vehicles
share of €4.38, a figure with 2001, principally
close to the €4.50 taking into account Finance
the deconsolidation
recorded in 2000.
of the Renault V.I./Mack 29,738 31,985 Automobile
33,841 + 5.8
group.
(1)
99 00 01 % change
published restated 2001/2000 restated
Operating margin narrows

Operating margin for 2001 came to €473 million, representing 1.3% of revenues compared with 5.4%
pro forma for 2000. This was due to a decline in the operating margin of the Automobile Division,
which contributed €216 million, down from €1,574 million pro forma in 2000. There were three main
reasons for this:
• a marked fall in contributions from business outside Europe, in turn mainly due to downturns in Turkish
markets and deteriorating conditions in Mercosur countries.
• a cyclical rise in research and development outlays, relating to the renewal of the product range.
• a lower contribution from business in Europe due to falling prices in the UK and a less favorable product
cycle with the upcoming renewal of Mégane.
The Finance Division’s contribution to operating margin was little changed at €252 million compared with
€263 million pro forma in 2000.
Operating margin by Division (€ million)
Total 2,205 1,843 473

% of 5.9% 5.4% 1.3% Other
revenues
220 Commercial
6
222
263 Vehicles
(1)Pro forma data
reflecting the Finance
5
deconsolidation 252
1,763 1,574
of the Renault 216 Automobile
V.I./Mack group 99 pro forma (1) 01
SUMMARY
Nissan’s Aguascalientes plant in Mexico Verve and class — a winning combination Renault dealership in Brazil — a steadily Scénic brings a new concept
turns out the hatchback and sedan for Clio Renault Sport with the 172-hp 2.0 expanding network gives the brand to the Mexican car market.
versions of New Clio, sold under the 16V engine. worldwide reach.
Renault Clio and Nissan Platina names.
Net income held on track A stronger balance sheet

Despite the decline in operating margin, Renault was able to hold net • In 2001, cash flows from operating activities came to €1,688 million
income close to the level of the previous year, reporting €1,051 million compared with €3,137 million pro forma in 2000, a decline mainly
after €1,080 million for 2000. Main contributing factors were: reflecting that in group operating margin.
• significant capital gains on the sale of securities relating to • During the year, Renault took a more selective approach
the contribution of Renault V.I./Mack shares to Volvo (€335 million) to investment, focusing resources on renewal of ranges
and the sale of CAT shares to Global Automotive (€318 million). and international business. After deduction of the proceeds
of divestments, capital expenditure in property, plant and
• Renault’s interest in the net income of Nissan Motor, representing
equipment and intangible assets totaled €2,641 million in 2001
a positive contribution of €497 million, with Renault thus benefiting
compared with €2,208 million pro forma in 2000, and represented
from the group's recovery as expected.
7.3% of revenues compared with 6.4% pro forma in 2000.
• Despite the scale of investments, net financial debt of the industrial

and commercial activities declined by €866 million. This reflected
Summary income statement (€ million)
the €653 million generated by the sale of equity interests and a fall
1999 2000(1) 2001 of €1,751 million in the working capital requirements of industrial
and commercial activities, a favorable trend partly due
Revenues 37,592 40,175 36,351
to improved management of all the items making up working
Operating margin 2,205 2,022 473 capital requirements.
Other operating income and expense (721) (319) 231 • At December 31, 2001, net financial debt of industrial and
commercial activities was equal to 39.1% of shareholders' equity,
Operating income 1,484 1,703 704
compared with 49.7% a year earlier.
Net financial income (expense) 32 (69) (64)
Share in the net income of Nissan Motor (330) 56 497 Statement of cash flows and financial structure (€ million)
Pre-tax income 1,160 1,723 1,020 1999 2000 2001
Tax (620) (649) (67) Cash flows from operating activities 3,314 3,137 (1) 1,688
Renault net income 534 1,080 1,051 Capital expenditure in property, plant and
2,033 2,208 (1) 2,641
equipment and intangible assets (net of disposals)
(1)
Published data.
Acquisition of securities (2) 5,063 811 109
Net financial debt

2,700 4,793 3,927
(of industrial and commercial activities)
Shareholders’ equity 8,185 9,652 10,051
(1) Pro forma data.

(2) In 1999, acquisition of Nissan shares for €4,917 million.
15
THE RENAULT
SHARE
Share ownership Share performance
With stockmarkets On December 31, 2001, Renault's share price varied with a 22% drop in the CAC 40
in turmoil, Renault shares ownership of Renault equity was widely in 2001. Upbeat 2000 index and falls of 6.5% and 0.7%,
were on a rollercoaster as follows: results and renewed interest in respectively, for auto-sector
in 2001. They closed old economy stocks combined indexes in France (SBF Auto)
the year at €39.61, down Renault shareholders to boost it to a 2001 peak and Europe (DJ Euro Stoxx
28.6% on December 31, of €64 on March 8, but it then Auto).
on December 31, 2001
2000, after three slid, hit by investor concern
consecutive years over company performance
of rises. Initiatives in Western Europe
Key dates in 2002
to forge closer ties with and developments in Turkey.
Tuesday, February 12:
shareholders continued In August, half-year results Announcement of 2002 full-year results
throughout the year. disappointed some investors Thursday, March 28: Extraordinary
and the share lost fresh ground, General Meeting of Shareholders
following Nissan downward. Wednesday, April 24: Announcement

Institutional investors and of first-quarter 2002 revenues
46.4% individual shareholders September 11 and its aftermath
Friday, April 26: Annual General
43.8% French state sent the share price to an Meeting of Shareholders
annual low of €26.01 on
3.2% Associated Wednesday, May 15: Payment of
shareholders’ group September 21. It subsequently dividend of €0.92 per share(*)
3.1% Employees picked up but lagged other Thursday, July 25: Announcement
of first-half 2002 results
automotive shares as Renault
3.5% Treasury stock
revised its second-half operating Thursday, October 24:
Announcement of third-quarter 2002
margin targets downward. revenues
The share closed the year (*) As proposed by the Board of
• In December 2001, Renault at €39.61, down 28.6% on Directors and decided on by the
Annual General Meeting of
made a share issue equivalent December 31, 2000, compared Shareholders on April 26, 2002.
to 1% of its capital reserved

to employees. At its conclusion,
capital stock totaled Renault share performance
€922,768,855.50 represented from December 31, 1996 to February 28, 2002
by 242,196,550 shares with CAC 40 indexed on Renault share price at December 31, 1996: €17
a nominal value of €3.81 each.
€
• A Euroclear study found that
70
some 280,000 individual Renault share price
shareholders held 7.3% of 60
Renault equity on December 28, 50
2001. This figure does not

40
include employees and former
employees whose shares are 30
administered through a fund

20 CAC 40 index
or are registered directly with
Renault. Institutional investors 10
held 39%, with French residents 0

and non-residents accounting 1997 1998 1999 2000 2001
for roughly equal proportions.
SUMMARY
“Interaction with individual

shareholders, including special
Renault Shareholders’ Advisory Committee meets as key 2001 indicators are released. events, is an increasingly
important part of our financial
communications strategy. One
example is our Shareholders’
Keeping shareholders in the picture Club, which gives members
First listed in November 1994, four shareholder meetings were year results, communication an opportunity to deepen their
understanding of Renault’s
Renault has consistently sought organized in conjunction with vectors/events and messages
strategy and daily operations.
to regularly provide the same Euronext in Mulhouse, Paris, sent to individual shareholders, The demand is there
clear, transparent information to Brussels and Nantes. preparation of the abridged — no doubt about that —
all shareholders, both individual In November 2001, Renault took annual report for 2001, and and we have taken a number
and institutional. part in the Actionaria trade a presentation of the plans of initiatives in response. Today
guided tours of production
show in Paris, developing direct to reinforce the Alliance.
plants give shareholders
Since May 1995, the company contacts with shareholders. a more concrete idea of what
has had its own Shareholders' Over the past four years Renault we do. They can also subscribe
Club, now some 33,000 strong. The Shareholders' Advisory has pursued an active to Renault magazines,
Members are kept up to date Committee was set up in 1996 campaign targeting the advisers and receive invitations to auto
shows and other events.
by a quarterly newsletter, to give individual shareholders and opinion-makers who have
Through our internet site,
special reports on strategic clearly presented information a significant influence on stock- individual shareholders have
developments in the Renault- to underpin their investment market investments — and who access to the same information
Nissan Alliance, and an decisions. It has 12 members. are thus important relays for that analysts receive; they can
abridged version of the annual The Committee met four times information to shareholders. track our share price online
and ask questions. A survey
report. They receive documents in 2001, twice in plenary sessions In 2001, the company organized
of shareholders using the
for the AGM and are regularly attended by Renault Chairman ten meetings in cities and towns internet in France, Belgium
invited to tour production Louis Schweitzer. Subjects around France for this public, and Switzerland ranked
facilities and attend shareholder included financial information as well as two tours of our site as one
meetings in their region. In 2001, displayed on the company production plants (in Batilly of the most interactive
in 2001.”
groups thus visited plants in Flins, website, drafting of and Maubeuge).
Sandouville and Douai, while announcements of 2001 half- Olivier
Bourges
Vice President,
Investor Relations
Key figures for 2001 ( € (1) )

Shareholder information
1999 2000 2001
Number of shares at December 31 239,798,567 239,798,567 242,196,550
• Renault • Financial information
Investor Relations
Financial data Dept. 0760
Net earnings per share 2.23 4.50 4.38 27-33 Quai Le Gallo
92512 Boulogne-Billancourt
Net assets per share 34.13 40.25 41.88
Cedex - France
Net dividend per share 0.76 0.91 0.92 (2) Tel.: + 33 (0)1 41 04 59 99
Stockmarket data Fax: + 33 (0)1 41 04 51 49
Toll-free number: 0 800 650 650
Closing price at December 31 47.86 55.50 39.61 www.renault.com
Market capitalization at December 31 (€ billion) 11.5 13.3 9.6
• Renault • Employee shareholders
High for the year 55.00 61.00 64.00 6 Place Bir-Hakeim - 92109
Low for the year 30.53 37.53 26.01 Boulogne-Billancourt Cedex
France - Tel.: +33 (0)1 41 04 33 46
(1)
Excepting market capitalization, in € billion. Fax: + 33 (0)1 41 04 33 52
(2)
As proposed by the Board of Directors and decided on by the Annual General Meeting of Shareholders
on April 26, 2002.
17
Renault rounded out the huge São José

dos Pinhais plant in Brazil —
the Alliance’s first shared facility —
with a new LCV production unit.
Scénic is
the Alliance’s
first industrial
project.
Made at
Nissan’s
Cuernavaca
plant in
Mexico,
it gave
Renault
a foothold
in a market
the company
had left 15
years earlier.
Laguna II unveiled at the Moscow Motor Show

in August 2001.
STRATEGY
RENAULT’S
GLOBAL REACH
The Renault-Nissan Alliance,
international deployment of
the Renault brand, acquisition
and development of Samsung
and Dacia. In the space of
a few years, Renault has grown
in stature, moving from
a regional carmaker
in Europe to a world-class
contender.
Twingo — at home in Tokyo.
19
RENAULT-NISSAN
THE ALLIANCE ON T
Two vehicles — the Renault Master and the Nissan Frontier — roll off two separate production lines under a single roof. Built in just 18 months, Renault’s LCV unit at the Ayrton Senna
plant in São José dos Pinhais in Brazil represents an outlay of $236 million. With initial output running at 40,000 vehicles a year, it expands Renault’s offering of light commercial
vehicles and gives Nissan a springboard for development in Brazil.
Vigorous rise in Nissan earnings

The Alliance signed Nissan’s performance for 2001 by stages and results have
by Renault and Nissan reflects the rapid effectiveness benefited significantly from
in 1999 opened exciting of the Nissan Revival Plan or NRP, the reorganization of production
new prospects. And it has launched in the autumn of 1999 facilities in Japan — where three
been a success, with the backing of the financial assembly plants were closed in
with a speedy recovery and managerial resources March 2000 — and restructuring
at Nissan making committed by Renault on the of its sales network.
a positive contribution conclusion of the Alliance.
Nissan can now build on a firmer Tokyo: Fruitful exchanges between
to group results. French and Japanese participants
While revenues were steady base as it moves ahead with at the Alliance’s second convention,
Teams at Renault held in October 2001.
amid toughening economic a worldwide program for the
and Nissan have
and competitive conditions, complete renewal of its product
demonstrated a capacity
Nissan made a positive range in just three years.
to work together
contribution of nearly €500 This calls for the roll-out of eight
effectively to build
million to Renault’s consolidated or nine new models each year.
a balanced and
earnings for the 2001 fiscal year.
successful bi-national
group. Development A complete overhaul of
of the Alliance will now purchasing for both industrial
enter a second stage supplies and services enabled
involving closer equity Nissan to more than achieve its
ties and stronger 20% cost-reduction target earlier
strategic management. than originally planned.
Financial debt is being cut back
SUMMARY
HE MOVE
“As soon as the Alliance was

agreed on, Nissan restructured
its Purchasing Division. It drew
on the example of Renault —
an approach which also
made for more fruitful dialogue.
In addition to a model focused
primarily on quality and
delivery times, Renault
contributed its recognized
expertise in cost control,
applying methods that involve
setting annual targets for price
reductions in vehicle
components and engines
worldwide, performance
indicators, centralization
of important decisions,
cost targets by project
and strict management
of the supplier base.
Action taken in these areas
has paid off. The targets
of the Nissan Revival Plan were
achieved ahead of schedule
and the Purchasing Division
now plays a central role in
all key business decisions.”
Bernard Rey
Senior Vice
President,
Nissan Purchasing
Strategy
Curitiba, Brazil: A Renault operator handles either of the two vehicles in production — Nissan’s Frontier pickup and the Renault Master.
21
RENAULT-NISSAN
THE ALLIANCE
Brazilian line operators in the first Renault- Yoshikazu Hanawa, Louis Schweitzer and Operators fine-tune a Clio engine at Trail-blazer: The X-Trail leads Nissan’s 4WD
Nissan shared plant in Curitiba. Carlos Ghosn in Tokyo at the second Nissan’s Aguascalientes plant in Mexico. line-up.
Alliance Convention.
The Alliance — a growing presence

“A change of culture is always In 2001, major achievements shared platforms, including three a competitive edge in the face
a challenge, but we have
and projects illustrated the rich for light commercial vehicles. of toughening competition
begun to apply some of
Nissan’s methods with a view potential of our cooperation in At the same time, plans to and economic conditions. In this
to enhancing quality, cutting both manufacturing and sales, develop eight shared engine area, each partner is able to
costs and shortening lead opening access to new markets lines and seven shared offer the other support in setting
times. The new system of quality and extending the scope of the transmission lines took a fresh up its organization on some
milestones means that we now
Alliance while at the same time step forward as work began markets, while increasing
have sufficient time to detect
and correct any problems. consolidating competitive on medium-size engines. the number of joint structures
By planning for an optimum strengths. to generate savings. Following
In manufacturing, cooperation
number of projects, we can Mexico, Brazil and Japan
also offer higher quality Purchasing is the biggest single led to three major events in
in 2000, cooperation
products at lower development item in the cost of a vehicle, 2001, with the launch of the
was extended to Australia,
cost. At the same time, and the pooling of orders for very first cross-manufacturing
new working methods Indonesia, and Taiwan in 2001.
large volumes of common operations providing concrete
and management better
components can generate opportunities to share best In Europe, the Alliance will need
representing the required mix
of skills and know-how will significant economies of scale. practice in terms of quality, to muster all its forces to meet
further enhance efficiency. With this in mind, in May 2001 costs and delivery times. the challenges ahead, with new
By making a success of our Renault and Nissan set up a joint These concerned, firstly, contenders set to enter the
common powertrains project subsidiary under the name the assembly of Scénic and Clio distribution sector from 2002 on.
in terms of quality, cost and
Renault Nissan Purchasing at Nissan’s two plants in Mexico. Reflecting our strategy of dealer
delivery times — and assuming
Nissan does the same — we will Organization or RNPO to December saw the opening concentration which
be making a significant achieve maximum efficiency of the Alliance’s first joint factory, nonetheless respects — as in
contribution to the success in this key area (see box the Renault light commercial other parts of the world —
of the Alliance as a whole.” opposite page). vehicle plant at Curitiba in Brazil. the distinct identities of our two
Kazumasa Katoh Initially — starting in 2001 — this is brands and associated services,
For common platforms and
Vice President, assembling the Renault Master; Renault is backing up Nissan’s
Renault Powertrain Engineering powertrains, introduction of the
formerly General Manager
Nissan’s pickup, the Frontier, sales drive with
B and C platforms will enable us
of Nissan’s Powertrain will be added on in May 2002. the development of a shared
Operations to put on the market, as of 2002,
Division
Finally, plans were announced organization. New subsidiaries
replacements for the small cars
to begin assembly of the Renault or single legal entities will also be
and lower mid-range models
Trafic, developed in conjunction set up, as in Switzerland and the
of both our product ranges.
with GM Europe, at Nissan’s Netherlands — countries where
By 2005, these two platforms will
Spanish plant in Barcelona. Renault has taken over the sales
be used for 3.7 million vehicles
operations of Nissan.
a year or half the total future Cooperation in sales aims
volume for the Alliance, and by to strengthen the Alliance’s
2010 the Alliance will have ten positions and give it
SUMMARY
Renault Nissan
«Le processus Purchasing
d’intégration des Organization — the Alliance’s
an, sans ambiguïté d’un côté firstvrais
jointprofessionnels
company qui naturellement, notamment
filiales financières
Trimming a combined depurchasing
Nissan en ni de l’autre.This
components. Nouswasavons été
achieved parlaient
entity. RNPOledeals
même withlangage
around 30% dans les pays où Nissan
bill previously
Europe close
s’est fait to €45 billion
rapidement through
aidés par thele
launch, in May
fait que nous2001, of
et common purchasing
ont compris needs,
les enjeux. et Renault mènent des actions
was the challenge.en
et efficacement And the logical
moins d’un of Renault
avons Nissan
trouvé Purchasing
chez Nissan de a proportion
Cette expected
intégration to rise
se fait communes».
response was to pool bargaining Organization or RNPO, an equally- to 70% in the future. Both Renault
clout and win attractive terms for owned company based in France and Nissan stand to benefit Alain BREUILSDirecteur
large orders of common which is the Alliance’s first joint in terms of cost and quality.
International de RCI
CCT Purchasing members at work. Twelve Cross-Company Teams have been driving Alliance development since 1999.
“Nissan contributed nearly half

a billion euros to Renault’s 2001
Stage two of the Alliance gets under way
consolidated earnings,
A turnaround at Nissan was • strengthening strategic Organization (RNPO) and will demonstrating its capacity
essential before the launch management of the Renault- supervise the Cross-Company to stage a stronger and quicker
recovery than anticipated.
of stage two of the Alliance Nissan group through the Teams that have driven the
And with Renault’s equity interest
as agreed in 1999. In the event, creation of an equally-owned Alliance’s progress since 1999. in Nissan rising to 44.4%, we will
recovery came very quickly, company incorporated in the be getting more out of this
leading us to speed up the Netherlands, Renault-Nissan bv. • preserving the distinct identity recovery as of 2002. Since this
process: on October 30, Taking over from the Global and independence of the two rise is associated with a capital
increase reserved to Nissan,
2001 we announced a plan Alliance Committee or GAC, groups which are to continue
it will not cause any significant
to consolidate the balance which was responsible for running their own operations. change in our level of debt.
and performance of the launching and steering the The French government has lent The second stage in the
Alliance, while at the same Alliance from 1999 on, this new its support to these measures, Alliance, set for implementation
time preserving the operating entity will be the Alliance's designed to consolidate the beginning in 2002 and involving
both the strengthening of equity
autonomy of each of our strategic command center, Renault-Nissan group, and has
ties between the two groups
two groups. Scheduled for ensuring overall coordination announced its intention to cut and the creation of Renault-
implementation from the first of its operation. Led by Renault’s its equity interest in Renault Nissan bv, will favor good
half of 2002, this plan is built Chairman & CEO Louis at a later date to 25%. performance from both Renault
around three priorities: Schweitzer and Nissan’s and Nissan, while at the same
time preserving the distinct
President & CEO Carlos Ghosn,
identity of each company
• reinforcing mutual interest Renault-Nissan bv’s eight- and thus the personal
through stronger equity ties. member Management Board commitment of all
Renault will raise its stake in alone has the power to take employees.”
Nissan from 36.8% to 44.4%, while strategic decisions for the
Shemaya Lévy
Nissan will acquire up to a 15% medium to long term. It will also Executive Vice
non-voting interest in Renault. have sole responsibility for newly President,
Chief Financial
Each thus stands to benefit from created companies such as the Officer,
the other's performance. Renault Nissan Purchasing Renault
23
GLOBAL MARKETS
RENAULT’S PERFOR
Produced in Turkey, the Clio Symbol — the sedan version of Clio — was the driving force behind sales in Central and Eastern Europe in 2001, where it is marketed
under the name Thalia.
Winning ways
in Central Europe
Continuing its strategic Quickest gains were recorded over 30 dealerships in 18 cities, enhancing potential for gains
drive for international in Central Europe, where our has enabled us to multiply sales in Brazil and other Mercosur
expansion, Renault market share was up from 7% by a factor of five in just two countries.
consolidated to 9.9% in just a year, lifting years. The central pillar of our
manufacturing and Renault from number five to presence in the region is the
commercial bases in 2001. number three in the region. Brazil — growth built Ayrton Senna facility at São José
Sales rose 4.4% outside Despite a drop in the Polish on a full operational base dos Pinhais in the Brazilian state
Western Europe despite market, sales rose nearly 24% Renault now has a 5.2% share of Paraná. This now has two
market slumps in Turkey overall, reflecting in particular of the automobile market in assembly plants with a total
and Argentina, the success of Thalia Brazil — Latin America’s largest capacity of 240,000 vehicles
and performances — the sedan version of Clio — — putting us in fifth place a year, including 40,000 for
were particularly strong and Laguna. among local manufacturers. the more recent, as well as a
in Central Europe Looking further east, sales were In December, we opened powertrain plant with an annual
and Brazil. also up, exceeding our targets a new factory for Renault and capacity of 400,000 engines. It is
in Russia, the Ukraine, Belarus Nissan light commercial served by an adjacent industrial
and Georgia. Once again, vehicles, strengthening our supplier park.
these gains rewarded position in this segment.
the success of the Clio sedan Master vans from the site will be Broadening horizons
and Mégane. The continuing a useful addition to our offering Sales in new markets outside
expansion of our sales network of Kangoo and Trafic vans Western Europe also rose
in Russia, where we now have assembled in Argentina, sharply.
SUMMARY
MANCE
Line workers assemble a powertrain at the Ayrton Senna plant in Curitiba, Brazil.
In South Africa, sales jumped during the year. At the same Argentina for the past six years,
to over 13,000 vehicles. Growth time, export business suffered taking 18.4% of the market.
was also healthy in Algeria, from the Brazilian real’s fall
Tunisia and Egypt, offsetting against the dollar and peso. …and Turkey
a downturn in Morocco. In the Renault Argentina SA was thus The Turkish market also suffered
Asia-Pacific region, we reaped forced to cut production and a deep slump, with sales falling
the first rewards of close in the autumn adopted drastic nearly 70% in 2001. More
cooperation with Nissan, selling measures to deal with the encouragingly, Renault’s share
14,200 vehicles in 2001*. And we severe crisis sweeping the was up 4.2 percentage points
expect more to come, since country. In addition to job cuts to 23.6%, consolidating our
our target for the region is now affecting 330 administrative staff number-one position. A main
to boost sales to 22,000 vehicles at headquarters and contributing factor was local car
in 2002. subsidiaries, the company buyers’ enthusiastic response
* Excluding Korea. introduced a program to the Clio sedan, echoed in
to encourage voluntary neighboring markets of Central
Countering difficulties departures from its factory and Eastern Europe. Operations
in Argentina… at Santa Isabel de Cordoba at the Bursa plant were
Argentina’s economic slump and align capacity maintained in large part thanks
dealt a heavy blow to the with expected sales. to this surge in exports,
automobile market, which Renault nonetheless kept which accounted for nearly
contracted by nearly 42% the top ranking it has held in 90% of its output.
25
TWO NEW BRANDS
DACIA AND SAMSU
Dacia continues progress towards €5,000 car

A successful beginning When we took over Dacia, sales benefited from the launch emerging markets, initially
for Renault Samsung Motors our goal was to make Romania of the SupeRNova on a in Romania and Central Europe,
in Korea and continuing an automobile manufacturing Romanian market that firmed then on developing markets
upgrading of Dacia platform for Central and Eastern slightly. in other parts of the world.
in Romania are adding Europe — still very much on The product, which will play
The SupeRNova, launched
new impetus to Renault's the agenda — and launch a central role in Dacia’s
in 2000, is equipped with
international expansion. an affordable car designed contribution to our growth
a Renault engine and
Progress to date confirms especially for emerging markets. strategy, will initially be available
transmission unit, making it the
our target: generating half In 2000, we undertook in a four-door sedan version.
a complete overhaul of first product to bear the mark
of group sales outside It illustrates the effectiveness
the company. This involved of our involvement with Dacia.
Western Europe by 2010. of the turnaround at Dacia,
progressive upgrades of the All told, sales were up 3.8% and will open a new era in
Pitesti plant, new training to over 52,000 vehicles, setting the company’s development
programs and restructuring of its Dacia’s market share close through expansion onto export
sales network. Two other priorities
to 60%. markets.
in repositioning Dacia are
renewal of its product line-up The €5,000 car under
and plans to launch an development at Renault’s
entry-level car priced at €5,000 Technocentre in Guyancourt,
for emerging markets. outside Paris, will provide our
In 2001 modernization continued group with an original and highly
at a brisk pace, while Dacia competitive offering for
Stripped down, built back up: Dacia’s Pitesti unit in Romania gears up for growth ahead.
SUMMARY
NG
In 2001, its first full year in operation, Renault Samsung Motors sold over 70,000 SM5s. Developed under license from Nissan, the SM5
is the third largest selling car in Korea.
Korea — now Renault’s eighth largest market Asia-Pacific region

In September 2000, we took A new version of the SM5 was Based at Nissan headquarters in
over the operating assets of put on the market this January Tokyo, this division includes the “Our strategy for Korea is to
capitalize on the popularity
Samsung Motors Inc. to found and will be followed in the entire Asia-Pacific region with
of the Samsung brand name
Renault Samsung Motors (RSM). autumn by a second model, the exception of Korea. Renault while preserving its identity as
Over the ensuing 15 months, the SM3. These will contribute sales in Japan are still limited, a Korean manufacturer.
production at our Busan site to the company's target reflecting changes in the We have nonetheless made
steadily gathered pace and of boosting sales to around distribution network and line-up, some changes to the logo
and our vehicles now carry
our sales network grew with the 100,000 vehicles in 2002. but demand has quickened in
the Renault Samsung brand.
addition of some 60 new outlets, Australia, Indonesia and Taiwan. We do not currently import any
raising the total to nearly Renault Samsung Motors Altogether over 85,000 vehicles Renaults, since our prime
a hundred. As a result, sales facilities include a factory were sold in the region in 2001. mission is to contribute to
headed up to 7,000 vehicles a at Busan with a capacity the group’s expansion with
the success of Renault Samsung
month and the total for 2001 of 240,000 vehicles a year,
Motors. This is entirely consistent
reached just over 70,000. a modern, fully-equipped with Renault’s multi-brand
technical center in Giehung, strategy.”
A single model, the SM5 the outstanding skills built up Jérôme Stoll
— developed under license by Samsung, and an up-to-date Chief Executive Officer,
Renault Samsung Motors,
from Nissan — accounted for sales organization. Deployment Seoul
all sales. The SM5 now has of this quality organization offers
a market share of over 25% Renault truly significant potential
in its segment and comes for expansion on Asia’s second
in third overall on the Korean largest automobile market.
automobile market.
27
The Laguna II Sport Tourer

targets discerning car
buyers with a taste
for technology.
The New Clio 2.0 RS out in front on the car rally circuit in Mexico, Avantime, a coupé version of the minivan concept.
where fans applaud its flair and handling.
The new Trafic, voted Van of the Year 2002 in Europe.
PRODUCTS
ONGOING
INNOVATION
Demanding standards
of quality combined with
creative flair set the pace for the
overhaul of the Renault line-up,
beginning with Laguna II and Vel
Satis at the top of the range.
Innovation goes hand in hand
with an unswerving commitment
to fundamental principles
— quality, reliability and safety —
that are the natural heritage of
each and every Renault vehicle.
Vel Satis: Smooth sleek power in a class of its own.
29
TOP OF THE RANGE
DARING AND EXPER

A well-appointed yet discrete interior and cutting-edge technology make Vel Satis a timeless luxury car that combines elegance with comfort, reliability, superb handling and safety.
Vel Satis, a luxury sedan Vel Satis — tackling

with detail and daring a changing market In a class of its own
Excellence with a design Reentering a market segment Top-of-the-range cars account The strategically important
all of its own. The full force — and staking out positions for for 12.5% of the European development of Vel Satis
of Renault’s know-how the long term — implies market as a whole, was backed up by a special
was behind this project, commitment and planning. with demand mainly from organization led by the Top-of-
with crucial implications Renault rose to the challenge, Germany, the UK and France. the-Range Committee bringing
for the future — mustering the expertise and Together these three countries together staff members from all
developing resources needed to create represent 70% of sales, major departments. Completed
a top-of-the-range car, Vel Satis. with Germany alone in just 42 months,
naturally offering accounting for nearly 40%. all development was carried
A car at the top of the range
the highest standards While sedans still top the out at the Renault Technocentre
must combine reliability,
of reliability and segment, they are losing on the outskirts of Paris.
durability, flawless mechanics,
impeccable quality, ground to minivans, station Vel Satis is manufactured
high-quality materials,
but also embodying wagons and cabriolets. at our Sandouville plant near
impeccable finish and safety.
the daring and innovative We are convinced that our new Le Havre, where significant
Vel Satis meets these
spirit that are sedan concept will be a winner investments were made
requirements and more, setting
the hallmarks of in Europe, where there is a long to handle production
new standards in several areas.
its manufacturer. tradition of automotive culture. at the upper and top end
And our expertise in these
Meet Vel Satis, the first Vel Satis will benefit from its of the range.
fundamentals allowed us scope
model in Renault's appeal for the growing Vel Satis, Laguna II and
to add a special touch, setting
upcoming range renewal. numbers of non-conformist the replacement for the Espace
it apart from rivals with daring
features that embody Renault’s customers on the lookout use the same platform.
culture of innovation. for fresh values. Shared processes and common
A standard bearer for Renault’s components enabled us to cut
image in Europe, Vel Satis is the cost of the Vel Satis rollout
expected to take 3% of the top to €550 million. And since
end of the market in 2003, with Vel Satis targets a carefully
sales totaling approximately defined customer profile,
300,000 units in the period from showroom staff received
2002 to 2008. special training.
SUMMARY
TISE
In December 2001 Vel Satis took first prize in a competition organized by the French Noise Abatement Council. Vel Satis and Laguna II are the only European cars certified 71dBA,
below the 74dBA required under official standards for external noise produced by vehicles.
Three major innovations built into Vel Satis include a patented trigonal multi-link rear suspension, an automatic parking brake replacing the traditional handbrake, and dual-hinged
seat backs.
“The top end of the range is market in terms of elegance renewed to strengthen Benoît
a big plus for brand image, and and fundamentals, but with a its leading position. Marzloff
Senior Vice
a very profitable segment, too. special touch of daring, setting it Like Formula 1 racing,
President,
Renault has moved to win full apart from traditional models in our top-of-the-range vehicles Strategy and
recognition in this segment, this segment. You find the same will definitely boost Renault’s Marketing,
building on our culture of approach in Avantime, a new international standing.” Renault
innovation. Vel Satis is a sedan concept in the coupé segment,
positioned at the top of the and the Espace, soon to be
31
PRODUCT LINE-UP
SAFETY, PERFORMAN
New Trafic
Voted Van of the Year 2002 in Europe, New Trafic combines innovative design and individual personality with superior road handling
underpinned by fuel-efficient common-rail turbodiesel engines.
For professionals, user-friendly features — extended maintenance-free driving, durability and ergonomics — make this van a winner, especially
when teamed up with premium safety equipment that includes a best-in-class braking system.
Developed jointly with General Motors Europe, New Trafic makes Renault’s line-up of light commercial vehicles the youngest and most
innovative on the market.
Compact, fuel-efficient and silent

The 80-hp 1.5 dCi engine ushered in by Clio – and soon to be fitted
on Kangoo — builds on the winning features of the 65-hp version
of the all-new K9K common-rail turbodiesel engine family.
The 80-hp 1.5 dCi engine is a flexible unit in which the new generation
spherical common-rail injection system affords plenty of torque from
low engine speeds.
It offers greater driving pleasure, exceptionally low fuel consumption
and CO2 emissions and a very high level of acoustic comfort.
The 1.5 dCi is made at the Valladolid Motores plant in Spain, which
has sole responsibility for output under the K9K program. Plans call
for it to be fitted on the Nissan Almera as well. 80-hp 1.5 dCi engine on Clio.
SUMMARY
CE AND COMFORT
Kangoo 4x4 New Clio 2

Kangoo 4x4, with an off-road capability which is exceptional in its In 2001, Clio emerged from a major restyling with a host of new safety
segment, takes Renault’s SUV range into new territory. It features and comfort features. Current equipment such as ABS
an adaptive hydraulic coupling from Nissan allowing it to switch and Emergency Brake Assist is enhanced with ESP, while a reinforced
automatically to four-wheel-drive mode, along with traction control, body structure and four airbags provide even greater occupant
ABS and Emergency Brake Assist. In its 4x4 version, Kangoo can safely protection. For the Initiale version, a new 80-hp 1.5 dCi turbodiesel
negotiate any terrain, with premium driving comfort through a 1.6-liter engine has been introduced which cuts both fuel consumption
16V gasoline engine and a 1.9 dCi common-rail turbodiesel unit. and CO2 emissions. Clio 2 also offers new automatic transmissions
for its 1.2-liter 16V and 1.6-liter 16V engines. Two sporting versions from
Renault Sport — the 172-hp 2-liter 16V and the 230-hp V6 24V —
round out the line.
Third-generation SRP
Renault’s unique SRP
(System for Restraint
and Protection) includes
adaptive frontal airbags
that inflate to two different
sizes, depending
on force of impact,
as well as a fitted
adaptive seatbelt.
Together these afford
greater protection in
violent crashes — without
secondary effects in the
event of minor accidents.
Other improvements
include enhanced safety
for backseat passengers
Laguna II through a selection
Laguna II — in both hatchback and sport tourer format — marks the first stage in a top-to-bottom revamp of special restraint
devices that include
of the Renault range. Outstanding equipment levels enhance driver and passenger comfort in one of the
pretensioners, load
safest vehicles on the road. Laguna II features two major technological innovations: Renault’s keyless car limiters and a range
system, which uses an electronic card, and a tire pressure monitoring system. of infant seats made
Laguna II is the first and only vehicle to have been awarded five stars by the independent safety-rating to Isofix standards.
agency Euro NCAP — testifying to its success in encapsulating Renault’s expertise and longstanding
commitment to active and passive safety.
33
Renault dealership
in Noisy-le-Grand outside
Paris. Expert, personalized
customer care in
a comfortable setting.
Customer satisfaction is a key

measure of performance
at Renault. Our commitment
to continuous progress focuses
on vehicles as well as
manufacturing operations:
we strive to produce ever safer
and more reliable vehicles,
and to offer regularly updated
services, while strengthening
our corporate image.
Renault Mais dealership
in Istanbul: A pleasant
atmosphere encourages
relaxed exchanges
with potential buyers.
CUSTOMERS
COMMITMENT
TO QUALITY
AND SERVICE
A Twingo Quickshift and owner relaxing on the French Riviera.
35
QUALITY PRODUCTS
FOR SAFETY AND RE
Paint inspection in Douai.

The Georges Besse plant in Douai, northern France, was the first Renault plant in Europe to install a water-based paint shop, thus reducing emissions of volatile organic compounds.
Specializing in Scénic, the facility has served as a pilot site for many innovations.
A corporate mission
At Renault, we are Making a quality car is construction of common quality management part and
constantly improving our a question of pace. By applying platforms and powertrains. parcel of everyday operations
products and processes, the Renault Production Way The Renault Production Way is on the ground. Following initial
seeking the best quality, across the board in all our based on a strict methodology testing in 2000, full deployment
reliability and safety industrial operations, we intend to ensure consistent quality of the new system got under
performance. We make to achieve the highest as well as regular productivity way in 2001. The first vehicles
no secret of our efforts to standards anywhere in the gains through enhanced to be rolled out under
meet the very highest world. workplace efficiency. the Renault Production Way
international standards — Launched in 1998, this program In concrete terms, this means will be the new Mégane line-up.
a priority set out in our has gained from insider access standardization of procedures Assembled in five countries,
Alliance Quality Charter. to the Nissan Production Way, plus ongoing analysis and it will make its market debut
recognized worldwide as one of knowledge sharing. All those at the end of 2002.
the best in the industry. In time, involved in the manufacture
these two systems will merge, of vehicles and parts — from
thus easing the deployment suppliers to operators —
of a joint policy for the participate actively, making
SUMMARY
LIABILITY Le 6 janvier 2001, l’entrée en production

à l’usine Nissan de Cuernavaca
Vel Satis brakes are put through their Acoustic testing for Vel Satis. Euro NCAP crash test, 2001: Laguna II
paces at the Aubevoye proving ground came through with flying colors and
in Normandy, France. was awarded the first ever five-star rating.
The Alliance Safety — Promoting prevention

Quality Charter no compromise and awareness
“The role of a quality assurance
Renault and Nissan have drawn Renault is proud to make cars At Renault, steady
engineer is to make an overall
up a Quality Charter covering offering exceptional safety, both improvements in vehicle assessment of the project,
nine key issues for the Alliance. active (accident avoidance) comfort, safety and design after permanently interacting
Aimed at improving and and passive (protection for are just part of the story. with the other functions involved
harmonizing quality at both driver and passengers). We are also committed and drawing on the support
of the Quality Department as
companies, this is part of the to accident prevention,
In active safety, we constantly a whole. This teamwork must
ongoing process of debate and more specifically developing begin well upstream in any new
strive to upgrade handling,
convergence between Renault public awareness of road safety project to effectively identify
braking and steering precision,
and Nissan that is leading to the through a comprehensive risk, integrating feedback and
at the same time introducing making detailed plans to deal
emergence of a new culture. teaching program targeting
new driving aids. After with them. It is important to
The Charter details quality children.
extending ABS to all our range, analyze all the causes in-depth,
methods and procedures Launched in 2000, our while at the same time
we are now phasing in
common to our two groups. Its “Safety for All” program is aimed balancing cost and time
Emergency Brake Assist and
scope extends from quality at 2 million elementary and considerations — non quality
Electronic Stability Program. and failure to meet deadlines
management in production, middle-school pupils
both add to costs.
new product development and As regards passive safety, (ages 7 to 11) throughout
In the final analysis, the real
procurement to customer we place special emphasis Europe. measure of our success is
surveys on products and on structural strength to resist the satisfaction of customers
services, procedures for dealing impacts, particularly from the with our products and services.
with customer complaints and side, as well as restraint systems Which means that we have
to keep our eye on changing
better control of warranties. The fitted on front and back seats.
expectations at all times.
market trend to increasingly The third generation of the We learned a lot from
long warranties on vehicles Renault System for Restraint and preparations for the assembly
makes this drive for total Protection first fitted on Laguna II of the Clio sedan in Mexico
reliability essential. in January 2001 is now being and, in a general way, work
with Nissan on problem solving.
extended to other new models
Implementation of the Charter There are big differences
by stages. in organizational structure,
has already taken concrete
the way quality is understood
shape in two areas — the
and in corporate culture
adoption of common quality in general.”
procedures in procurement, Euro NCAP
Marylène
and common quality Year after year, we outperform other contenders in the crash
Poisse-Desbois
measurement criteria. During tests carried out by Euro NCAP, an independent car assessment Quality Assurance
2001, the latter were introduced organization. Testifying to our commitment, as reflected in the Engineer,
scale of our R&D outlays in this area, results confirm the quality Clio program
in Mexico, at our Douai factory
of the materials and equipment in our cars. After awarding four
in northern France and at the stars to Mégane, Espace and Clio, in 2001 Euro NCAP hailed
newly opened factory for light Laguna II with its first five-star rating ever.
commercial vehicles on the
Ayrton Senna site in Brazil.
37
RENAULT AND
CUSTOMERS
Renault customers buy more than a car — they buy peace of mind.
Commitment
to the highest standards Promoting sales
Renault was Europe’s Focused distribution of service on the internet
number-one brand for cars Distribution is currently being We naturally make a constant We are continuing to build our
and light commercial reorganized into hubs that bring effort to win customer loyalty web presence in stages, with
vehicles for the fourth year together different dealerships in with personal attention and our first e-commerce sites
running in 2001. a given territory under a single quality service in key areas such in France, the UK and Germany
To forge ever closer links management structure, sharing as repairs, backing this up with to be joined in 2002 by others
with our customers support operations. This means new innovative additions to our serving Spanish, Dutch and
and offer innovative significant savings for the dealer service offering. Recent Brazilian markets. Existing sites
services, we are reshaping network without any reduction examples are new financing have proved a big success,
our sales network, in the number of sales outlets. packages such as the New Deal attracting over 25,000 visits a
setting up new joint sales in France, as well as fast-fit repair day. More and more, these lead
subsidiaries in association Synergies with Nissan chains Renault Minute Service up to sales at dealerships, and
with Nissan, developing Renault and Nissan sales and Renault Minute Bodyshops, in 2002 we are aiming to be
new services including subsidiaries in Switzerland and available throughout Europe. the number-one automobile
e-commerce websites, the Netherlands were merged We have also launched a car manufacturer on the internet.
upgrading distribution, in 2001 into single legal entities rental service, Renault Rent.
This year will also see the launch
and more. (SLE), and German subsidiaries
of the Renaultp@rts site to help
are to follow suit in 2002. Dual New Distribution
dealers expand their wholesale
legal entities (DLE) are also Renault now makes half of all
parts business with secondary
being set up in other countries vehicles to order under its New
networks and independent
to provide joint backup for both Distribution project, the only
repairers.
groups' sales entities which will system of its kind applied on
nevertheless continue to such a scale by any
operate independently. By manufacturer. This frees
pooling expertise and resources distributors from inventory
in this way, we are able to cut concerns, enabling them to
distribution costs and strengthen meet customer requirements
the competitive positions of more easily and by the same
both our groups. token increase sales.
SUMMARY
Restructuring of the Renault-Nissan European network with common support functions, as pictured here in Ulm, Germany. Sharing resources has made for lower costs and greater
efficiency in an extremely competitive market.
39
Quality in practice at Douai, France,

the first Renault plant to adopt AVES –
the new Renault-Nissan system
for evaluating vehicle quality.
To sustain momentum and back Renault’s growth strategy, we attract key skills and invest heavily in training.
EXPERT TEAMS
BUILDING
FOR THE FUTURE
Renault operates over 350 sites

in 36 countries. The men and
the women making up our
workforce must take a united
approach to achieve our goals
and build for the future
— day by day.
Discharged substances are monitored at the water treatment plant operated by the Oyak
Renault plant in Bursa, Turkey.
41
HUMAN RESOURCES
CAREERS IN MOTION
A French and Japanese team at the Technocentre in France.
Brisk recruitment
Our global presence and Our group’s international This concerned all categories presence. In this way, we are
new developments expansion and the growing of employees. steadily building up a network of
in technology call for momentum of the Alliance with For management, the relationships and contacts,
hiring as well as ongoing Nissan have far-reaching proportion of new recruits with helping us to find the new
training to ensure that effects. Added to the pace of an international career profile talents we need.
all staff are equipped technological development, showed a further rise, reaching The recruitment section of
to cope with change. these make for deep and rapid 27% of overall recruitment after our www.renault.com website
Today Renault is engaged change in patterns of behavior 25% in 2000 and 9% in 1999. is another vector which attracts
in an active recruitment and organization. This form of recruitment more and more users.
policy, with a particular In 2001, the recruitment of over is backed by active promotion
focus on candidates 6,000 people in different parts of of Renault’s corporate image Training — a key priority
offering international the world made a major outside France through Training is essential to our
profiles. At the same time, contribution to revitalizing the channels that include major capacity to anticipate change
wide-reaching training company, rounding out existing European press titles, career fairs and meet new challenges for
programs help employees skills in core functions as well at universities and engineering our business. In France alone,
hone existing skills and as new technologies. schools, and a growing internet staff received 1.4 million hours
develop new ones. The aim
is to rally all teams to our
group’s strategy of
profitable growth.
“After finishing business school unit. Believe me, lifting a 13-kilo Petra Kaittola
in Helsinki, I moved to France tailgate over 400 times a day Media Coordinator,
Media and Advertising Strategy
and in December 2000 is very hard work. But it was
Advertising Department
answered an online job offer definitely rewarding. I then went Finnish
from Renault. The position fit to Tours in the Loire Valley to get
in well with what I had been some first-hand experience
doing at an advertising agency in sales. It's a different business
in Paris, handling international altogether.
coordination for an automobile I am now with a young and
manufacturer and then media enthusiastic team of people
strategy. I started my new job keen to succeed, and we work
in January 2001, and did hard to do just that.
my factory work experience After advertising, I would really
at Douai in northern France. like to get nearer to the actual
I was assigned to the painting product.”
SUMMARY
Renault Corporate Design: Superb facilities stimulate creative flair, drawing talented designers from around the world.
“I joined Renault in July 2001

after responding to a job offer
from the Parts and Accessories
of training in 2001 for an adapting some corporate “I studied information Division on the internet. It was
investment equal to 6.4% programs to regional technology in Bogota and for their e-business department.
spent a year as an exchange I have a degree in international
of payroll. requirements.
student at the Ecole des Mines commerce and I worked
Our operations are increasingly Altogether 4,000 managers, in Nantes, in western France. in marketing as an intern at
international and the trend has from new recruits to Next came an internship with a major French group
gained added momentum as a experienced executives, took a major French vehicle operating in Poland. Later,
result of our Alliance with Nissan. part in training programs in 2001 manufacturer. But instead I set up a website for the Polish
of going back to Colombia Chamber of Commerce
This, in turn, has made — twice the number in the
I accepted a job as a software in Paris. Now I am developing
languages, especially English, previous year. Special coaching storage specialist with Renault. marketing tools for
ever more important. To help for senior executives provided I went through the new recruit Renaultp@rts, Renault’s first site
meet this need, an e-learning additional support. program immediately after for the sale of parts and
facility was set up in 2000, initially Other significant initiatives I signed up in January 2001. accessories to maintenance
It began at the Sandouville and repair specialists. This is
in the Paris area, with 50 on-line included joint reviews by human
plant, where I was assigned part of a broader program
training terminals averaging resource teams from Renault to a unit stamping body panels to make the most of new IT
500 connections a week and Nissan to find appropriate for Laguna II. I then moved on within the division, which is
in the first stage. ways to develop common to a dealership, where I learned piloting the development of
management practices within what it means to keep business-to-employee sites
customers happy. I love for the Renault group.
Management the framework of the Alliance.
everything to do with cars, I haven’t completed the new
development
so I found this fascinating. recruit program yet, but I’ve
To help managers deal I am now working on software already made several working
effectively with increasingly for the storage of data on visits to France and the UK.
complex situations, we have corporate management Other trips to Italy and
servers. When I arrived, I had to Germany are planned to help
updated and expanded our
start out by myself. But without me gain a fuller understanding
offerings, while at the same time expert support from the team of customer needs, completing
I would never have been able my integration in the company
to ensure the necessary and making me really familiar
continuity.” with its culture.”
Edvar Castañeda Gabriella Grajewska

Marketing Project Manager,
Improving working conditions Support Engineer
Renaultp@rts
Information Technologies and Systems
Parts and Accessories
Colombian
Improved safety and working conditions remain key Division
objectives, as reflected in a group-wide charter adopted Polish
in 2000 and implemented in the course of 2001. This has
two prime aims — to preserve the health and well-being
of employees, and to create working conditions that are
a source of motivation. Major developments in 2001 included
full audits of conditions at a number of sites, improvements
in ergonomic analysis to factor in muscular and skeletal
disorders, and moves to take working conditions into
account in all new development projects.
43
LOOKING AHEAD
With an all-new minivan architecture, Espace Concept remains true to its Espace heritage while embracing the visual identity of Avantime and Vel Satis. A concept car at the top end
of the range, the Espace Concept combines driving pleasure with safety, reliability and quality.
Financial outlook Product outlook

100% Renault
(approved by the Board The sweeping drive to renew dCi with a four-speed
2002 marks Renault’s
of Directors meeting our product range that began transmission and the 2.2-liter dCi
return to Formula 1
of February 12, 2002) in 2001 with Laguna II and New with the same five-speed under its own colors,
2002 will be a year of product Clio will continue in 2002. transmission equipping with Renault engines
launches for Renault, with the Vel Satis, our new flagship in the Vel Satis. and chassis.
introduction of new top-of-the- luxury segment, will be launched Kangoo will offer the 80-hp 1.5- Set up in 2001,
the Renault F1 Team
range models and the start in early March, while the first liter dCi model currently fitted
is powered by engines
of the Mégane renewal, which new versions of the Mégane to New Clio, while Trafic will gain designed and produced
will begin to bear fruits replacement will be rolled out added power with the 2.5-liter at the Viry-Châtillon
at the end of the year. in autumn, along with the dCi now on the Master. plant on the outskirts
successor of Espace, entirely The results of this revamp of Paris. The chassis
Against this backdrop and is made at Enstone
designed and built by Renault. of Renault’s line-up will be
in a similar market context as in the UK, which also
All three confirm the Renault on display at the Paris Motor runs wind-tunnel tests.
in 2001 both inside and outside
tradition of innovative styling, Show in autumn. The Formula 1 circuit
Europe, the aim in 2002
design and technology. is an unparalleled testing
is to consolidate the group's unit ground for those with
sales and maintain positive We have made performance a passion to win and
operating margin, on gains from new advances in a commitment to
SUSTAINABLE DEVELOPMENT
a consistent accounting basis. powertrain technology, with the excellence. At Renault,
Renault prides itself on being we are going all out
three major new engines — the a good corporate citizen, and
2002 will also mark the to compete directly
2.0-liter 16V turbo, the 3.5-liter V6 in 2002 we will publish our first with the teams that
beginning of a second phase social responsibility report.
24V gasoline and the 3.0-liter V6 currently dominate
in the Alliance with Nissan, This describes in detail our
24V diesel — introduced on Vel this exciting sport.
putting Renault in a position achievements in terms of
Satis and set to power other economic efficiency, social
to bolster performance in the
models in the range. Automatic equity and environmental
coming years.
transmissions are making protection — three
significant headway. By summer fundamental aspects of
sustainable development.
this year, Laguna II will offer
The report will be available
a choice of two diesel engines both in print and on our
teamed up with automatic corporate website at
transmissions, the 110-hp 1.9-liter www.renault.com.
SUMMARY
The cabin stands out for its clean lines, muted grey and light beige tones, soft leather finish, comfortable seats and floor mats. This luminous interior evokes the very best in
contemporary design, with a focus on comfort and well-being. An exceptionally large glazed area rounds out the picture, and a sliding roof opens a record 2.16 square meters.
45
FLASH A3 couv ang. 3/05/02 14:59 Page 2
alliance design / Imprimerie Decoster

RENAULT
13-15, quai Le Gallo
92513 BOULOGNE-BILLANCOURT Cedex
FRANCE
Tel.: + 33 (0)1 41 04 50 50
www.renault.com
INVESTOR RELATIONS DEPARTMENT

CORPORATE COMMUNICATIONS DEPARTMENT / SUPP’Com
Photo credits:
Marc Barthélémy: inside cover

Anthony Bernier: pp. 12, 30
Olivier Blaise (Europe Média Service): pp. 11, 15, 19, 21, 22, 29, 41
Hervé Desdemaines (Studio Pons): pp. 1, 34, 37, 38-39, front cover
Dingo: pp. 29, 32-33, front cover
Dominique Dumas: p. 30
Georges Fessy: p. 7
Laurent Lacoste: p. 37
Jean-François Lange: p. 5
Bernard Martinez: pp. 15, 18, 20-21, 22
Stéphane Muratet: p. 9
Chris Overton: pp. 44-45
Didier Pazery: pp. 15, 33, 35, 41
Luc Perénom: pp. 6, 8-9, 10-11, 17, 21, 22-23, 27, 31, 37, 42-43
Photothèque Dacia, DR: p. 26
Photothèque Euro NCAP, DR: p. 37
Photothèque Renault, DR: pp. 25, 32
Photothèque Renault Russie, DR: p. 19
Photothèque RSM, DR: p. 27
Philippe Pons (Studio Pons): pp. 23, 36, 40
Patrick Sautelet: pp. 2-3, 15, 19, 20, 22, 24, 28, 30, 33, 35, 43
Philippe Stroppa (Studio Pons): pp. 41, inside cover
Peter Vann: p. 29
Michel de Vries: front and inside cover, p. 31
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FLASH A3 couv ang.

3/05/02 14:59 Page 3

2001 ANNUAL REPORT

• brand image hinged

Renault has teamed up

6-9 The Board of Directors

10-17 Business and finance:

18-27 Strategy: Renault's global reach

28-33 Products: Ongoing innovation

34-39 Customers: Commitment to quality

40-43 Expert teams: Building for the future

44-45 Looking ahead

Our brand's driving force will also In 2002, we will continue to

* Process manager Paul Carvalho

Louis Schweitzer Pierre Alanche Jean-Marie Bousset Jean-Pierre Camescasse

François de Combret Yoshikazu Hanawa Nicolas Jachiet Jean-Luc Lagardère

Bernard Larrouturou Henri Martre Jean-Claude Paye Michel Pébereau

Danièle Potvin Franck Riboud Jeanne Seyvet Robert Studer

Louis Schweitzer Pierre-Alain De Smedt Georges Douin Patrick Faure

Ecole Nationale A graduate in engineering and Ecole Polytechnique. Ecole Nationale

*Louis Schweitzer *Pierre-Alain De Smedt Alain Dubois-Dumée *Patrick Faure

Patrick Blain Rémi Deconinck Jean-Baptiste Duzan Philippe Gamba

François Hinfray Shemaya Lévy Michel de Virville

Ecole Nationale Ecole Nationale de la Statistique PhD in mathematics. Research

*François Hinfray Benoît Marzloff Alain-Pierre Raynaud

Jacques Lacambre Luc-Alexandre Ménard Tsutomu Sawada

Patrick le Quément Bruno Morange

* Members of the Group Executive Committee chaired by Louis Schweitzer

Our choice of strategic priorities

BUSINESS & FINANCE

Telheiras, Portugal: A financial adviser at Renault Gest,

HIGHLIGHTS AND KEY

Renault held net Europe

Revenues (€ million) Operating margin (3)

37,187 37,592 36,351 2,205

60.6 61.4 63.5 62.0 60.8

39.4 38.6 36.5 38.0 39.2

up 6.1% to €36.4 billion.

1,080 1,051 Payout rate (as a %)

Renault held net income on track in 2001 in spite of the decline in

Capital expenditure in property, plant Workforce

(5) Pro forma figures.

Operating margin narrows

Operating margin by Division (€ million)

Total 2,205 1,843 473

Net income held on track A stronger balance sheet

• Despite the scale of investments, net financial debt of the industrial

Pre-tax income 1,160 1,723 1,020 1999 2000 2001

Net financial debt

Shareholders’ equity 8,185 9,652 10,051

(1) Pro forma data.

following Nissan downward. Wednesday, April 24: Announcement

to 1% of its capital reserved

Renault equity on December 28, 50

2001. This figure does not

administered through a fund

held 39%, with French residents 0

for roughly equal proportions.

“Interaction with individual

Key figures for 2001 ( € (1) )

Louis Schweitzer Pierre-Alain De Smedt Alain Dubois-Dumée *Patrick Faure