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The Group’soperating margin amounted to €1,654 million and represents 5.9% of revenues.
The Automotiveexcluding AVTOVAZ operating margin was down €234 million to €981 million,representing 4.0% of revenues compared to 4.5% in the first half of 2018. Volumeeffect had a negative impact of -€471 million. Raw materials weighted for -€213million. The Monozukuri effect was positive by +€385 million: the result of purchasingperformance, the increase in the capitalization rate of R&D and an increasein depreciation expenses. Currencies impacted by +€92 million due to thepositive effect of the depreciation of the Turkish lira on the productioncosts. Mix/price/enrichment effect was negative -€95 million because of Clio IVend of life, regulatory enrichment and the decrease in the diesel sales inEurope.
The operatingmargin of AVTOVAZ amounted to €82 million, to be compared with €105 millionin the first half of 2018. Despite a declining market, AVTOVAZ still benefitsfrom the success of its models launched in 2018, but no longer from positivenon-recurring effects booked in 2018.
contributed €591 million to the Group operating margin, compared with €594million in the first half of 2018. This -0.6% decrease includes a negativecurrency effect for -€14 million and impairments related to mobility servicesactivity for -€21 million. It should also be noted the growing contribution ofthe margin on services which now stands at €319 million and represents onethird of the Net Banking income.
The total cost of risk reached 0.40% of average performing assetscompared to 0.37% in the first half of 2018, confirming a robust underwritingand collection policy.
Other operatingincome and expenseshad a negative impact of -€133 million (compared with -€180 million in thefirst half of 2018), due to provisions notably related to the early retirementprogram in France of nearly €80 million.
The Group's operating income came to €1,521 million compared with €1,734 million in thefirst half of 2018 (-12.3%).
Netfinancial income and expenses amounted to -€184 million, compared with -€121 million inthe first half of 2018. This deterioration is primarily explained by the increaseof interest rates in Argentina.
The contributionof associated companies came to -€35 million, compared with +€814 million in thefirst half of 2018. This decline came mostly from Nissan’s contribution, down -€826million.
Current and deferred taxes represent an expense of -€254 millioncompared with -€387 million inthe first half of 2018.
Netincome reached €1,048 million and net income, Group share totaled €970million (€3.57 per share compared with €7.24 per share in the first half of 2018).
Automotive operational freecash flow was negative at -€716 million. This results from investments amountingto €2,910 million (up +€742 million) and the negative impact of the change inworking capital requirement for -€131 million.
At June 30, 2019,total inventories (includingindependent dealers) have been reduced by -4.5% and represented 65 days ofsales, compared with 61 days at the end of June 2018.
[1] Inorder to analyze the change in consolidated revenues at constant perimeter andexchange rates, Groupe Renault recalculates revenues for the current year byapplying the average annual exchange rates of the previous year, and excludingsignificant changes in perimeter that occurred during the year
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