RENAULT GROUP: Renault Group signs agreements to sell Renault Russia and its controlling interest in AVTOVAZ
16 Mai 2022 - 07:00AM
RENAULT GROUP: Renault Group signs agreements to sell Renault
Russia and its controlling interest in AVTOVAZ
PRESS RELEASE May 16, 2022 |
Renault
Group signs
agreements to
sell Renault
Russia and its controlling
interest in
AVTOVAZ
Boulogne-Billancourt, May 16th, 2022 - The Board
of Directors of Renault Group unanimously approved the signing of
agreements to sell 100% of Renault Group's shares in Renault Russia
to Moscow City entity and its 67.69% interest in AVTOVAZ to NAMI
(the Central Research and Development Automobile and Engine
Institute).
The closing of these transactions is not subject
to any conditions, and all required approvals have been
obtained.
The agreement provides for an option for Renault
Group to buy back its interest in AVTOVAZ, exercisable at certain
times during the next 6 years.
"Today, we have taken a difficult but necessary
decision; and we are making a responsible choice towards our 45,000
employees in Russia, while preserving the Group's performance and
our ability to return to the country in the future, in a different
context. I am confident in the Renault Group's ability to further
accelerate its transformation and exceed its mid-term targets,"
said Luca de Meo, CEO Renault Group.
As announced on March 23rd, a non-cash
adjustment charge amounting to the accounting value of the
consolidated intangible assets, property, plant and equipment and
goodwill of the Group in Russia should be recorded in the 2022
first half results. As of December 31, 2021, this value amounted to
2,195 million euros. Russian operations will consequently be
deconsolidated in Renault Group consolidated financial statements
for the six-month period ended on June 30, 2022 and will be
accounted for as discontinued activities in application of IFRS 5
requirements.
Renault Group confirms its financial
outlook as announced on March 23, 2022.Ahead of
its mid-term Renaulution targets,
Renault Group will present, at a Capital Market Day in
the fall of
2022, its updated financial outlook and
strategy, positioning the Group as a competitive, tech and
sustainable benchmark player.
About Renault Group
Renault Group is at the forefront of a mobility
that is reinventing itself. Strengthened by its alliance with
Nissan and Mitsubishi Motors, and its unique expertise in
electrification, Renault Group comprises 4 complementary brands -
Renault, Dacia, Alpine and Mobilize - offering sustainable and
innovative mobility solutions to its customers. Established in more
than 130 countries, the Group has sold 2.7 million vehicles in
2021. It employs nearly 160,000 people who embody its Purpose every
day, so that mobility brings people closer. Ready to pursue
challenges both on the road and in competition, Renault Group is
committed to an ambitious transformation that will generate value.
This is centred on the development of new technologies and
services, and a new range of even more competitive, balanced and
electrified vehicles. In line with environmental challenges, the
Group’s ambition is to achieve carbon neutrality in Europe by 2040.
https://www.renaultgroup.com/en/
RENAULT GROUPMEDIA RELATIONS |
|
Frederic
Texier+33 6 10 78 49 20frederic.texier@renault.com Rie
Yamane+33 6 03 16 35 20rie.yamane@renault.com |
|
|
RENAULT
GROUP INVESTOR RELATIONS |
|
Philippine de
Schonen+33 6 13 45 68 39philippine.de-schonen@renault.com
|
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- Russia_press_release_160522_EN
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