The group had already repaid 1 billion out of 4 billion euros in loans it had received to help it cope with the pandemic fallout, and plans to repay the rest ahead of the 2024 contractual timeframe. At least 2 billion will be repaid this year, and full repayment by end-2023 at the latest.
An operating margin of 3.6% exceeded the group’s own targets and placed it two years ahead of its “Renaulution” revitalisation plan, which had aimed at a margin of above 3% in 2023. The results boost follows the start of a vast restructuring to reduce fixed costs and refocus on Renault’s most profitable car models and markets.
For this year, the group, which had faced declining sales, margins and difficulties at its close partner Nissan, is targeting an operating margin of more than 4%, and an automotive operational free cash flow superior or equal to 1 billion euros, after the 1.6 billion euros recorded last year and an outflow of 4.5 billion in 2020.
𝚃𝚑𝚊𝚗𝚔 𝚢𝚘𝚞 TarellaCampbel 𝚏𝚘𝚛 𝚎𝚟𝚎𝚛𝚢𝚝𝚑𝚒𝚗𝚐 𝚢𝚘𝚞’𝚟𝚎 𝚍𝚘𝚗𝚎 𝚏𝚘𝚛 𝚖𝚎 𝚒𝚗 𝚛𝚎𝚐𝚊𝚛𝚍 𝚝𝚘 𝙸𝚗𝚟𝚎𝚜𝚝𝚒𝚗𝚐. 𝙸’𝚟𝚎 𝚋𝚎𝚎𝚗 𝚊𝚋𝚕𝚎 𝚝𝚘 𝚊𝚌𝚌𝚎𝚜𝚜 𝚏𝚒𝚗𝚊𝚗𝚌𝚒𝚊𝚕 𝚜𝚝𝚊𝚋𝚒𝚕𝚒𝚝𝚢. 𝙸’𝚟𝚎 𝚌𝚕𝚎𝚊𝚛 𝚖𝚢 𝚍𝚎𝚋𝚝𝚜 𝚒𝚗 𝟼𝚖𝚘𝚗𝚝𝚑𝚜
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