2014 results: increase of 10.6% in new financings to €12.6 billion
Le 13 February 2015
RCI Banque recorded its best sales performance ever, posting over 1,245,000 new and used car financing contracts, up 7.3% compared to 2013. Penetration rate on the Alliance manufacturers’ deliveries came to 35.2%, an increase of 0.6 points. New financings reached €12.6 billion, up 10.6% from 2013.
Average performing loans outstanding amounted to €25.4 billion and increased of 4.9%. Earnings before tax came to €674 million, a 9.4% decline compared to 2013, mainly due to a negative impact of exchange rates for €27 million and non-recurring items for €76 million.
RCI Banque took advantage of competitive capital market conditions to extend the maturity of its refinancing. Net retail savings deposits collected in the period came to €2.2 billion, accounting for 33% of RCI Banque’s yearly funding plan (Europe perimeter).
- 1,245,000 vehicles financed, up 7.3% vs. 2013, representing €12.6 billion of new financings.
- Penetration rate at 35.2% of deliveries, up 0.6 points in 2014.
- Average performing loans outstanding reached €25.4 billion, up 4.9% compared to 2013.
- Net banking income at €1.21 billion, down 0.9% in the period. Excluding non-recurring items and despite a negative contribution of foreign exchange, net banking income increased by 3.6% at €1.27 billion.
- Operating expenses under control at 1.58% of average performing loans outstanding, excluding non-recurring items.
- Cost of risk stable compared to 2013, at 0.43% of loans outstanding.
- Earnings before tax amounted to €674 million, down 9.4% in the period.
« The strong start of the first year of the strategic plan reinforces RCI Banque in its ability to reach its objectives. Thanks to the engagement of the whole firm, the group delivered a high level profitability from its operations, hence contributing to the success of the Renault-Nissan Alliance», declared Dominique THORMANN , Chairman of RCI Banque .
« Record sales in 2014 by RCI Banque contributed to the group’s momentum. This was supported by continued expansion internationally and by the deployment of new services. RCI Banque’s funding competitiveness was further reinforced by growth in retail deposits » , declared Gianluca DE FICCHY , Chief Executive Officer of RCI Banque .
BEST SALES PERFORMANCE EVER FOR RCI BANQUE
In 2014, the penetration rate reached 35.2% of deliveries, up 0.6 points compared to 2013. RCI Banque improved its penetration on most of Alliance brands.
Thanks to a combined growth in the penetration rate and higher Alliance sales, RCI Banque recorded its best sales performance ever, up 7.3% compared to 2013 (1,245,000 new and used car financing contracts vs. 1,161,000 at end-December 2013). New financings reached €12.6 billion, up 10.6% from 2013.
Services business, a major component of the group’s strategic plan, developed further in 2014. The penetration rate of services reached 73% of financed vehicles, an increase of 10.3 points in the period.
FINANCIAL PERFORMANCE REMAINS STRONG DESPITE IMPACT FROM NON-RECURRING ITEMS
Average loans outstanding increased by 4.9% compared to 2013, reaching €25.4 billion.
Net banking income came to €1.21 billion, down 0.9% in the period. This drop is mainly attributable to a negative contribution of exchange rates for €27 million and non-recurring items for €76 million, of which €52 million as a result of a High Court regulatory ruling in Germany. Excluding non-recurring items and despite a negative contribution of foreign exchange, net banking income increased by 3.6% at €1.27 billion.
Operating expenses remained under control at 1.58% of average performing loans outstanding, excluding non-recurring items. The operating ratio decreased by 0.8 points, falling to 31.8%. The cost of risk remained stable, at 0.43% of loans outstanding in 2014 vs. 0.42% in 2013.
Earnings before tax amounted to €674 million, down 9.4% in the period, a decrease of €70 million.
RCI BANQUE CONTINUES TO DIVERSIFY ITS REFINANCING
RCI Banque continued to diversify its sources of funding. The maturity of the group’s debt was extended as a result of a 7-year bond issue for an amount of €500 million. RCI Banque also took advantage of the reopening of the variable-rate bond market, issuing €1.1 billion over 3 years through two bonds. Finally, good investor demand on the British market allowed RCI Banque to raise two £250 million loans, with maturities respectively of 3 and 5 years.
Outside of Europe, group entities in Argentina, Brazil, Morocco and South Korea also issued bonds on their local markets.
On the structured finance market, RCI Banque placed a €644 billion French retail loan asset-backed security and renewed a private securitization backed by car dealers’ loans in Germany.
Following the launch of retail savings accounts in France in 2012 and Germany in 2013, RCI Banque extended this activity in Austria, diversifying further its funding sources. Deposits collected at end-2014 came to €6.5 billion, accounting for 25.7% of the group’s total outstanding.
In line with its strategic plan, RCI Banque is expanding internationally to support the growth of the brands of the Renault-Nissan Alliance. Growth in the sales of services is a priority for all the entities of the group. This activity contributes to customers’ satisfaction, enhances their loyalty to the Alliance’s brands and increases RCI Banque’s profits, while diversifying its revenue sources.
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