Correction: RCI Banque 2022 Annual Results: MOBILIZE FINANCIAL SERVICES DELIVERS A STRONG COMMERCIAL PERFORMANCE AND A RECORD FINANCIAL PERFORMANCE, GEARED TOWARDS VALUE CREATION, WHILE CONTINUING TO INNOVATE FOR NEW USAGES

PRESS RELEASE

    17 February 2023

MOBILIZE FINANCIAL SERVICES DELIVERS A STRONG COMMERCIAL PERFORMANCE AND A RECORD FINANCIAL PERFORMANCE, GEARED TOWARDS VALUE CREATION, WHILE CONTINUING TO INNOVATE FOR NEW USAGES

• Mobilize Financial Services continues its strategy geared towards value creation rather than volumes and maintains a good commercial performance¹ in a declining market:
  • Average financed amount per contract up 10.4% in 2022 compared to 2021, in line with Renaulution's "From Volume to Value" strategy
  • The share of leasing financing offers continues to grow and stands at 57% in 2022 vs 47% in 2021
  • 82,179 electric vehicle financing contracts (new and used), stable compared to 2021 (82,153 contracts)
  • A penetration rate of 44.8%, down 1.3 points compared to 2021, in a shrinking market and a decline in brand volumes
  • The number of services sold for each vehicle financed is up slightly to 3.2 in 2022 vs 3.1 in 2021
• In 2022, Mobilize Financial Services has a record financial performance with:
  • A strong increase in its net banking income to 2,045 million euros, up 11.9% compared to 2021
  • Deposits from retail customers increased sharply, with an additional 3.4 billion euros of savings collected in 2022 to reach 24.4 billion euros, or 49% of the company's net assets
• In order to support Mobilize's "vehicle-as-a-service" strategy and accompany customer's new usages, the group continued to innovate in 2022:
  • With a new commercial brand Mobilize Financial Services, the reference for all mobility needs related to car use
  • The creation of three entities in growing market: Mobilize Pay, Mobilize Insurance, Mobilize Lease&Co
  • A record level of customer satisfaction with a Net Promoter Score²of +56 points in 2022, up 3 points from 2021
    
    

"Mobilize Financial Services has once again demonstrated the strength of its business model, with net banking income up 11.9% and a record level of savings collected. I am delighted to be back with the Mobilize Financial Services team, which plays a key role in themobility services value chain model developed by Mobilize. In 2023, we will continue to innovate for a more sustainable mobility", says Gianluca De Ficchy, CEO of Mobilize and Chairman of the Board of Directors of RCI Banque SA.

"In 2022, we have both achieved record financial performance and another record level of satisfaction. Mobilize Financial Services has also created three subsidiaries to accelerate in the growth areas of the mobility market: Mobilize Pay, Mobilize Insurance and Mobilize Lease&Co. This is the culmination of a transformation effort that reflects our ambition to be the most innovative automotive captive in the market, serving the customers of the Alliance," said João Leandro, CEO of Mobilize Financial Services.

GOOD COMMERCIAL PERFORMANCE WITH AN INCREASED AVERAGE AMOUNT FINANCED

Despite an automotive market still impacted by the semiconductor shortage, Mobilize Financial Services sees its new financing grow by 3.3% compared to 2021, thanks to the increase in average amounts financed.

In a car market down by 4.6%, the Alliance brands' volumes will amount to 1.90 million vehicles in 2022, down by 5.7%. The penetration rate is 44.8%, down 1.3 points compared to 2021.

Mobilize Financial Services financed 1,195,380 contracts in 2022, down 6.4% compared to 2021. New financing (excluding cards and personal loans) nevertheless rose by 3.3% to 18.0 billion euros, thanks to the 10.4% growth in average amounts financed.

The used vehicle financing activity shows a slight decline of 1.2% compared to 2021 with 341,655 contracts financed.

The number of electric vehicle financing contracts is maintained in 2022 (82,179 files vs. 82,153 in 2021), demonstrating Mobilize Financial Services' ability to support the Alliance's customers towards more sustainable mobility.

The share of leasing offers also increased in 2022 and represents 57% of new vehicle financing contracts in the private customer segment, i.e., an increase of 10 points, which illustrates customers' appetite for increasingly flexible offers.

The number of insurance and service contracts sold in 2022 is 3.8 million, down 4.7% compared to 2021, mainly due to the drop in registrations and the number of financing contracts. In relation to the number of vehicles financed, the number of services sold per vehicle (new and used vehicles) is slightly up

with an average of 3.2 services sold per vehicle, compared with 3.1³ in 2021. This figure illustrates the success of Mobilize Financial Services' "all inclusive" financing offers, packaged with services.

Customer satisfaction, at the heart of Mobilize Financial Services' actions, reaches a new record in 2022, with a Net Promoter Score of +56 points, an increase of 3 points compared to 2021, i.e. a jump of 9 points in three years, making Mobilize Financial Services the benchmark in the automotive captive and banking markets.

RECORD FINANCIAL PERFORMANCE THANKS TO STRONG GROWTH IN NET BANKING INCOME

The net banking income (NBI) amounted to 2,045 million euros, up by 11.9% compared to 2021. This increase is partly explained by a non-recurring positive impact of 101 million euros related to the valuation of interest rate swaps covering sight deposits in the context of rising interest rates. The contribution to NBI of the Services activities represents 32.7%, slightly down by 2.9 points compared to the year 2021.

Operating costs amount to 624 million euros, up by 54 million euros compared to the end of 2021. They represent 1.39% of Average Performing Assets (APA), an increase of 12 basis points compared to the year 2021. This 12 base point increase is linked to investments in new activities and a decrease in network outstandings during the year.

Average performing assets⁴ reach 44.7 billion euros, compared to billions of euros at the end of December 2021 (- 0.1%). Average performing assets (APA) related to the Customer business amount to 38.3 billion euros in 2022. They increased by 1.8%, driven by growth in new financing. The average productive assets related to the Network business stood at 6.4 billion euros, down 9.8%, as a result of the semiconductor crisis and the policy of optimising network vehicle stocks implemented by the Renault Group brands.

The overall cost of risk stood at 0.43% of APA, compared with 0.14% at the end of December 2021, returning to a level in line with historical trends. Indeed, the 2020 financial year had been negatively impacted by Covid and the 2021 financial year had therefore benefited from provision reversals following the normalisation of the health situation.

In the Customer business (financing for private and business customers), the cost of risk stood at 0.55% of APAs at end-2022, compared with 0.26% of APAs at end-2021, and in the wholesale business (dealership financing), it stood at a reversal of -0.34% of APAs at end-December 2022, compared with a reversal of -0.52% at end-December 2021.

A depreciation of 119 million euros on the shares in the Russian⁵ joint-venture was recorded, impacting the net result.

The result before tax thus amounts to 1,050 million euros compared to 1,194 million euros at the end of December 2021.

AN INAUGURAL GREEN BOND ISSUE AND DYNAMIC SAVINGS COLLECTION

In a volatile market context, the group issued the equivalent of 2.8 billion euros in 2022 and launched its first green bond for 500 million euros. The funds received will be used to finance electric vehicles and recharging infrastructure. This transaction demonstrates the group's desire to promote the transition to electric mobility and its commitment to the fight against climate change.

The savings collection activity proved to be particularly dynamic and competitive in terms of the cost of the resources collected, thus demonstrating the relevance of the strategy of diversifying financing initiated 10 years ago. Net deposits collected grew by 3.4 billion euros since the beginning of the year to reach 24.4 billion euros at the end of December 2022.

MOBILIZE FINANCIAL SERVICES CREATES THREE DEDICATED SUBSIDIARIES TO ACCELERATE THE OFFER TO “VEHICLE-AS-A-SERVICE"

In May 2022, RCI Bank and Services became Mobilize Financial Services, a single commercial brand, to support the development of Mobilize and accompany the new lifestyles of Renault Group customers.

To accelerate the offer towards usage, Mobilize Financial Services has created three dedicated activities with strong development ambitions:  

• Mobilize Insurance, a subsidiary specialising in car insurance for the European market and responding to new mobility usages. The objective is to triple the number of insurance contracts by 2030 and reach 3.6 million contracts in Europe.
• Mobilize Lease&Co, a dedicated subsidiary to accelerate operating lease offers in all geographical areas where the Alliance brands are present. The goal is to reach a fleet of one million vehicles by 2030 and to double its international presence.
• Mobilize Pay, to design an ecosystem of payments around the car. In 2022, Mobilize Pay launched a new eco-friendly credit card developed with Visa that can be used to charge electric vehicles. The goal is to reach 1 million contract by 2030.
  
  

About Mobilize Financial Services

As a partner caring for all its customers, Mobilize Financial Services builds innovative financial services to create sustainable mobility for all. A subsidiary of the Renault Group whose activity started almost 100 years ago, Mobilize Financial Services is the commercial brand of RCI Banque SA, a French Bank specializing in automotive financing and services for Alliance customers and dealers. With operations in 35 countries and nearly 4,000 employees, the group financed over 1.2 million contracts (new and used vehicles) in 2022 and sold 3.8 million services. At end 2022, average performing assets stood at €44.7 billion in financing and pre-tax income at 1,050 million euros.  

Since 2012, the group has rolled out a deposits collection business in several countries. At the end of December 2022, net deposits collected totaled €24.4 billion or 49% of the company's net assets. 

To find out more about Mobilize Financial Services : www.mobilize-fs.com/

Follow us on Twitter : @Mobilize_FS

Press Contacts

Olivia Benoit
olivia.benoit@mobilize-fs.com

Priscille Reneaume
priscille.reneaume-extern@mobilize-fs.com

Hopscotch
+33 (0)1 41 34 22 03
mobilize-fs-presse@hopscotch.fr

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1 Except Equity Accounted Companies.
2 The Net Promoter Score (NPS) is the percentage of customers likely to recommend a company, a product or a service to a friend or a colleague up to 9 or 10 ("promoters") minus the percentage likely to recommend up to 6 or less ("detractors") on a scale of 0 to 10.

3 Except Equity Accounted Companies. The figure of 3 average services sold per vehicle communicated in February 2022 for the financial year 2021 was calculated on a perimeter including companies accounted for by the equity method.
4 Average performing assets: the APAs corresponding to the current performing assets to which the assets related to operational leasing businesses are added. For customers, it is the average of performing assets at the end of the month. For the dealership, it is the average of the daily performing assets.
5 RN Bank, consolidated by equity method.

Attachment

• PR 2022 annual results Mobilize Financial Services (3)

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