Renault Group operations in its Moscow manufacturing plant have been halted as of today, according to the Group’s Board of Directors who met on Thursday.
Renault Group is evaluating its options for its interest in AVTOVAZ, taking into consideration the current situation and acting responsibly towards its 45,000 employees in Russia.
The Group emphasised that it has already taken the required steps to comply with international sanctions.
Consequently, Renault Group has to revise its 2022 financial outlook with:
A Group operating margin of around 3% (vs ≥ 4% previously);
A positive automotive operating free cash flow (vs ≥ €1Bn previously).
At the time of the 2022 first half results, a non-cash adjustment charge equal to the accounting value of the consolidated intangible assets, property, plant and equipment, and goodwill should be recorded. This worth was 2,195 million euros as of December 31, 2021.
Renault Group remains focused on implementing its Renaulution strategic plan.
The Group will continue to pursue a value-oriented commercial strategy, improve its competitiveness, and accelerate its cost-cutting effort.
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