Groupe Renault sees sales hit another record with 2917 the fifth year of growth.

• 3.76 million vehicles sold, a rise of 8.5 per cent in a market that grew 2.3 per cent
• A record year for Renault, the world's leading French brand, and for Dacia. Renault is the number-two brand in Europe
• Renault remains the leader in Europe's electric-vehicle segment with market share of 23.8 per cent
• All the regions of the group increased both in sales volumes and market share. In particular, the group posted a sales increase of 13.6 per cent in the Eurasia region and 17.0 per cent in the Asia-Pacific region
• Renault is seeking continued growth[1] in 2018, buoyed by the development of its international activities and its renewed range 

Groupe Renault has increased sales for the 5th consecutive year with 3,761,634 vehicles sold. Groupe Renault (including Lada) reported an 8.5 per cent rise in global registrations (passenger cars + LCVs) in a market that grew 2.3 per cent. The group market share now stands at 4.0 per cent (+0.2 points vs 2016).

In the LCV segment, the group set a new record with 462,859 registrations, a rise of 4.1 per cent on 2016. 

The Renault and Dacia brands increased sales to record levels with 2,670,982 and 655,235 vehicles sold respectively. Lada sales jumped 17.8 per cent to 335,564 registrations, while Renault Samsung Motors sales fell 10.1 per cent to 99,846 vehicles. 

"We set a new group record with sales of over 3.7 million vehicles in 2017. We are continuing to increase sales volumes and market share across all regions. Our strategy of range renewal and geographic expansion is continuing to bring results. In 2018, we will pursue our growth and internationalization of our sales in line with the Drive The Future plan,” said Thierry Koskas member of the Executive Committee, EVP, Sales and Marketing Groupe Renault. 

In Europe, in a market that grew 3.3 per cent, group registrations rose 5.6 per cent to 1,911,169 vehicles. The group took a 10.8 per cent share of the European market, up 0.2 points. 

The Renault brand alone saw sales rise 3.7 per cent for a market share of 8.2 per cent. Renault sales were buoyed in particular by the complete renewal of the Mégane family in 2016, and the launch last June of new Koleos. Clio remains Europe's second best-selling vehicle, while Captur is the number-one crossover in its class. 

In the electric vehicle segment, Renault maintained its leadership with a market share of 23.8 per cent. Sales volumes increased 38 per cent. Registrations of ZOE, Europe's top-selling electric vehicle, rose 44 per cent. 

Even before the launch of new Duster at the very start of 2018, the Dacia brand set a new European sales record with 463,712 registrations (+11.7 per cent), and market share of 2.6 per cent, a rise of 0.2 points. The rise is linked primarily to the strong results of Sandero phase 2, launched at end-2016. 

Outside Europe, the group increased volumes and market share across all regions. Group registrations rose 11.6% in a market that grew 3.3%. Sales outside Europe now account for 49.2% of the total. 

Groupe Renault consolidated its positions with the success of its new range: Renault Kaptur, LADA Vesta and LADA XRAY in Russia, Koleos in China, Mégane Sedan in Turkey, Duster Oroch and Kwid in the Americas. 

In Eurasia, registrations rose 13.6% in a market that grew 7.0%. The market share of the group, now including the Lada brand, increased 1.4 points to 24.5%, notably on the back of strong momentum in Russia.

The Russian market expanded for the first time in four years, with a rise of 12.2 per cent. The group increased sales by 16.9 per cent (including Lada). More than one vehicle in every four sold in Russia in 2017 was a Lada or a Renault.

Lada posted a 17.0 per cent rise in sales with market share of 19.5 per cent (+0.8 points) following the successful renewal of its range with, in particular, the models LADA Vesta and LADA XRAY.

The Renault brand claimed record market share of 8.5 per cent, a rise of 0.3 points. Kaptur posted 30,958 registrations and Duster 43,715.

Russia remains the group's second-biggest market with the consolidation of Lada sales volumes.

In Turkey, Renault set a new historic record with sales rising 7.0 per cent (130,276 vehicles) on a market that fell 2.8 per cent. Mégane Sedan confirmed its success with almost 39,300 registrations. Brand market share rose 1.3 points to 13.6 per cent making Renault the country's number-one brand for both passenger cars and LCV sales. 

In the Asia Pacific region, registrations increased 17.0 per cent in a market that expanded 2.7 per cent.

In China, Renault sold over 72,100 vehicles compared with 35,278 in 2016, thus doubling sales volumes in the space of one year. New Koleos consolidated its success with over 43,400 registrations.

Renault Samsung Motors saw sales fall 10.1 per cent owing to the lack of new models in a fiercely competitive market. This fall follows strong growth in 2016 with the launch of SM6 and QM6. 

In Africa-Middle-East-India, group registrations rose 8.4 per cent in a market that expanded 2.0 per cent. Market share rose 0.4 points to 6.6 per cent.

In Iran, sales rose 49.3 per cent for market share of 10.8 per cent (+2.4 points) on the back of the success of Tondar and Sandero.

In India, Renault continues to rank as the number-one European car brand with market share of 3.1 per cent. Sales fell 14.9 per cent pending the ramp-up of Captur.

In North Africa, group sales rose 5.6 per cent in a market that was down 4.7 per cent. The group had market share of 42.4 per cent, a rise of 4.1 points, buoyed primarily by results in Algeria, where it posted record market share of 62.8 per cent a rise of 11 points. 

In the Americas region, sales rose 9.9 per cent in a market that expanded 7.2 per cent for market share of 6.7 per cent, a rise of 0.2 points.

The group is continuing to reap the full benefits of the recovery of the Brazilian market, which grew 9.3 per cent. Sales rose 11.4 per cent for record market share of 7.7 per cent (+0.2 point), buoyed by the good results of the new models, Captur and Kwid. Launched in July, Kwid has already sold in almost 22,600 units.

In Argentina, where the market surged 26.4 per cent, the group posted a 16.3 per cent sales increase, pending the ramp-up of Kwid. 

MARKET OUTLOOK IN 2018 FOR GROUPE RENAULT 

In 2018, the global market is expected to grow 2.5 per cent vs 2017. The European market is expected to expand 1 per cent with an increase of 1 per cent for France. 

At international level, Brazil is expected to expand by 5 per cent and Russia close to 10 per cent. China is expected to grow by 5 per cent, and India by 6 per cent. 

Against this backdrop, the group is expected to reap the benefits of range renewal across all regions in 2018 and to pursue growth[2] in sales, driven by international markets, in connection with the new Drive The Future plan. 

The Renault-Nissan Alliance continues to grow now with added Mitsubishi sales.

• Combined sales exceed 5.27 million units from Renault, Nissan and Mitsubishi Motors in six months to June 30, 2017, rose 7 percent
• Cumulative volume of electric vehicle sales exceeds 480,000 units
• Enlarged Alliance set to become industry’s number-one sales group for full year 2017

Unit sales at the Alliance rose seven percent to 5,268,079 vehicles in the first half of the calendar year resulting from an increased demand for models from the French and Japanese brands, and the first semester sales contribution from new Alliance member Mitsubishi Motors.

The Alliance saw increased sales of Renault models including Clio, Sandero, Megane, Captur and Duster, while Nissan reported strong orders for models such as the X-Trail/Rogue, Sentra/Sylphy, Qashqai and Altima/Teana. Unit sales at Mitsubishi Motors, which became part of Alliance in late 2016, reached close to 495,000 vehicles amid solid demand for its Outlander SUV globally and the Pajero Sport in the ASEAN region.

Cumulative sales of electric vehicles by the companies also rose significantly to 481,151 units, reaffirming the Alliance’s role as the leading electric car manufacturer for the mass-market segment. The increase was driven primarily by demand for the Nissan LEAF and the Renault ZOE, which remains the #1 EV sold in Europe, and Mitsubishi’s i-Miev. On the hybrid side, the plug-in hybrid electric versions of the Mitsubishi Outlander reached over 13,000 units.

Carlos Ghosn, chairman and chief executive of the Renault-Nissan Alliance, said: “The Alliance has delivered record sales during the first semester of 2017 reaching 5,268,079 vehicles sold. We will continue to leverage our significant economies of scale and global market presence to deliver valuable synergies for our member companies this year, while maintaining a strong technology lineup and offering customers breakthrough electric models.”

“Our enlarged Alliance is well placed to realize its full potential, not only in terms of unit volumes, but also by providing next-generation mobility services to customers around the world.”

Groupe Renault sold 1.879,288 million vehicles in the first half of 2017, which represents a raise of 10.4 percent in a market that grew 2.6 percent. All group brands posted increases in sales volumes and market share. The Renault and Dacia brands set half-year sales records and Renault ranks as the second most sold brand in Europe. Furthermore, all regions increased their sales volumes and market share. In particular, the Group recorded a 19.3 percent rise in sales in the Africa-Middle East-India Region and a 50.5 percent increase in the Asia-Pacific Region.

Nissan Motor Co. Ltd. sold 2,894,488 cars and trucks worldwide, up 5.6 percent in the six months to June 30. In Japan and Europe, the company achieved a growth of 22.9 percent and 5.7 percent respectively. Infiniti sold more than 125,000 vehicles in the first half, an increase of roughly 13 percent on the same period of 2016.

Mitsubishi Motors sold 494,303 units cars worldwide, up 2.4 percent year on year as the company resumed sales of its ‘Kei’ mini cars in Japan. The sales increase also reflects the strong growth in China following the launch of locally-produced Outlander SUVs. Sales also increased in the ASEAN region, led by demand for SUVs and pick-up trucks.

The Alliance is expected to generate increased synergies this year as Mitsubishi Motors co-operates more closely with Nissan and Renault in areas including joint purchasing, deeper localization, joint plant utilization, common vehicle platforms, technology-sharing and an expansion in both mature and emerging markets.

Top 10 Groupe Renault Markets

1	France
2	Russia
3	Italy
4	Germany
5	Spain
6	Turkey
7	Brazil
8	Iran
9	United Kingdom
10	Argentina

Top 10 Nissan Markets

1	U.S.A
2	China
3	Japan
4	Mexico
5	United Kingdom
6	Canada
7	Russia
8	France
9	Italy
10	Germany

Top 10 Mitsubishi Motors Markets

1	U.S.A
2	China
3	Japan
4	Australia
5	Philippines
6	Indonesia
7	Thailand
8	Germany
9	United Kingdom
10	U.A.E.

ABOUT THE RENAULT-NISSAN ALLIANCE

The Renault-Nissan Alliance is a strategic partnership between France-based Groupe Renault and Japan-based Nissan Motor and Mitsubishi Motors. The automakers combined sold 9.96 million vehicles in nearly 200 countries in 2016 – more than one in nine vehicles worldwide. The Alliance has strategic collaborations with other automakers, including Germany’s Daimler and China’s Dongfeng. It also owns a majority stake in the joint venture that controls Russia’s top automaker, AVTOVAZ. The Alliance is the industry leader in zero-emission vehicles and is developing the latest advanced technologies, with plans to offer autonomous drive and connectivity features and services on a range of affordable vehicles.

Groupe Renault moves forward with a massive increase in group revenues helped by a 10% growth in sales Units.

• Group revenues totaled €13,129 million in first quarter 2017 (€12,560 million excluding AVTOVAZ). The 25.2% increase (19.7% excluding AVTOVAZ) resulted primarily from an increase in the Group’s brand volume and sales to partners.
• First quarter sales rose by 15.8% to 873,678 vehicles (at constant scope, including Lada) in a market that grew 4%.
• Sales volumes and market share increased in all regions. The Renault and Dacia brands set new sales records for a first quarter.
• In Europe, Group registrations rose 10% in a market up 8%, driven by new models and the confirmation of the good results of Kadjar, Clio 4, Captur and Duster. 
• UK is Groupe Renault’s fifth biggest market globally in Q1 2017
• Outside Europe, the Group posted a 100% increase in sales in Asia-Pacific and a 31% increase in the Africa-Middle East-India Region.
• The Group is confirming its guidance for the year.

Sales Results: first quarter highlights

Groupe Renault (including Lada) worldwide registrations (Passenger Car + LCV) increased by 15.8% in a market up 4%. The Group’s share of the world market now stands at 3.8%, up 0.4 points on 2016. The Renault and Dacia brands set new sales records for a first quarter. Renault Samsung Motors sales increased by 56.3% and those of Lada by 7%.

In Europe, the Group’s share of the PC + LCV market increased 0.2 points to 10.1%. Sales grew 10% to 478,706 vehicles. 

The Renault brand continued to progress, with a 10.1% rise in registrations. Market share came out at 7.7%, up 0.1 points. Renault notably benefited from the complete renewal in 2016 of the Megane family car line-up. 

Electric vehicle sales increased by 46% to nearly 10,000 units (excluding Twizy) thanks to the success of New ZOE with an official range of 250 miles (NEDC). Sales of ZOE rose 57% and reinforced the Group’s leadership with a 28% share of the electric vehicle market. 

The Dacia brand posted a sales record for a first quarter with 112,457 registrations and a 2.4% share of the market. This 9.5% growth resulted from the performance of New Sandero – the facelifted model launched in late 2016.

In France, Groupe Renault benefited from the growth of the market with a 5.6% increase in registrations. The Group placed five vehicles in the top ten best-selling passenger cars (including the top-seller, Clio) and occupied the top four positions in the LCV top ten. The Dacia brand was buoyed by the success of Sandero (the leader in sales to retail customers).

In the UK, Groupe Renault has experienced unprecedented growth over the last five years. This growth has continued in 2017 with 39,498 Groupe Renault vehicles being sold in Q1 – up 3.8% on Q1 2016. The UK is Groupe Renault’s fifth biggest market worldwide.

Outside Europe, all the Regions increased their sales volumes and market share.

Groupe Renault strengthened its positions with the success of its range: Kwid in India, QM6 and SM6 in South Korea, Kaptur in Russia, Koleos in China, Megane Sedan in Turkey, and Captur in the Americas.

In Africa-Middle East-India, Group registrations rose 30.9% for a market share of 6% (up 1.4 points).

Sales in Iran rose sharply (up 161.5%) for a market share of 9%, up 4.9 points, thanks to the success of Tondar and Sandero.

In India, Renault continued to rank as the number-one European brand with a 3.6% share of the market and a 9.9% increase in sales. Kwid registrations reached nearly 27,000.

In North Africa, the Group took a 41.5% share of the market, up 8.3 points with a 13.4% increase in sales.

In Eurasia, registrations increased by 6.3% in a market down 0.5%. The market share of Groupe Renault, now including the Lada brand, rose 1.5 points to 24.1%, notably thanks to a strong momentum in Russia.

In a Russian market that grew slightly (+1%) for the first time in four years, the Group increased its sales by 9.2% (including Lada).

The Renault brand took a 8.1% share of the market, up 0.8 points. Registrations of Kaptur, launched in June 2016, came to over 6,000 for the quarter.

Lada sales volumes rose 8% for a market share of 19.1% (up 1.2 points) thanks to the success of the new Vesta and Xray models. 

With the consolidation of Lada sales volumes, Russia has become the Group’s number-two market.

In Turkey, sales increased 0.8% in a market down 7.4%. The Group posted a 19% share of the market, up 1.5 points. New Mégane Sedan, awarded “Car of the Year”, is off to a successful start with over 6,500 registrations.

In the Asia-Pacific Region, registrations were up 99.7% in a market up 4.6%. 

In China, Renault sold nearly 18,000 vehicles (compared with 3,400 in first-quarter 2016), including 10,000 New Koleos, launched at end-2016 and produced locally at a new plant in Wuhan.

Renault Samsung Motors posted a growth of 56.4% in a South Korean market up 0.9%, for a market share of 6.2%, up 2.2 points, driven by the success of the latest product launches (SM6 and QM6).

In the Americas region, sales increased 19% in a market up 9%, for a market share of 6.3%, up 0.5 points. The success of Sandero, Logan and Duster Oroch models was confirmed.

Groupe Renault continue to take full advantage of the recovery in the Argentinean market, with an 87.2% increase in registrations in a market up 42.8%. Market share rose by 3.1 points to 13.1%. Renault is fully benefitting from the local production of Sandero and Logan since end-2016. The market in Brazil has stabilized (down 1.2%) and the Group maintained its market share at 6.8%.

First quarter revenues by operating sector

Group revenues came to €13,129 million in first quarter 2017, up 25.2%. Excluding the impact of the consolidation of AVTOVAZ, Group revenues increased by 19.7% to €12,560 million (up 18.4% at constant exchange rates).

Automotive excluding AVTOVAZ revenues totaled €11,939 million, up 20.1%, mainly thanks to growth in sales volumes (up 9.2 points). The increase in sales to partners contributed 3.5 points to this growth. The performance reflects the strong momentum in our CKD1 activity in Iran and China and in the sales of vehicles assembled in Europe (notably with the start of Nissan Micra production). The price effect (+2.4 points) benefited primarily from recent launches. The currency effect was positive at 1.3 points, mainly owing to the strengthening of the Russian ruble and Brazilian real, despite the negative impact of the British pound.

Sales Financing (RCI Banque) posted revenues of €621 million in the first quarter, up 13.5% on 2016. The number of new financing contracts increased by 21.4%. Average performing assets rose 21.9% to €37.9 billion. 

Outlook for 2017

In 2017, the global market is expected to a record growth of 1.5% to 2.5% (versus 1.5% to 2% previously). The European market is still expected to increase by 2% this year, as is the French market. 

Outside Europe, the Russian market might increase by up to 5% (versus stable previously), whereas the Brazilian market should remain stable. China (+5%) and India (+8%) are expected to continue their growth momentum. 

With this context, and following the consolidation of AVTOVAZ, Groupe Renault is confirming its guidance:

• increase Group revenues, beyond the impact of AVTOVAZ (at constant exchange rates)*,
• increase Group operating profit in euros*,
• generate a positive automotive operational free cash flow.

* compared with 2016 Groupe Renault published results

Groupe Renault consolidated revenues

(€ million)	2017	2016	Change
			2017/2016
Q1
Automotive excluding AVTOVAZ	11,939	9,942	+20.1%
Sales Financing	621	547	+13.5%
AVTOVAZ	750	-	-
AVTOVAZ eliminations	-181	-	-
Total	13,129	10,489	+25.2%
Excluding the impact of AVTOVAZ consolidation	12,560	10,489	+19.7%

1CKD: Complete Knock Down

Group Renault proved its strong enough to significantly increase turnover and profits in the last year.

• Revenues up 13.1% to €51,243 million
• Registrations up 13.3% to 3.18 million units
• Group operating margin at €3,282 million, up 38.2%, representing 6.4% of revenues, versus 5.2%¹ in 2015
• Automotive operating margin at €2,386 million, up 54.3%
• Group operating income at €3,283 million (+50.9%)
• Contribution of associated companies at €1,638 million (versus 1,371 million in 2015)
• Net income at €3,543 million up 19.7% representing 6.9% of revenues
• Positive Automotive operational free cash flow of €1,107 million

"After very strong results in the first half of the year, Groupe Renault confirmed its performance by establishing a new record for the year. We outperformed the targets of the "Drive the Change" plan, launched in 2011, both in terms of growth and profits one year in advance. 

This success rewards the hard work of all Group employees." said Carlos Ghosn, Chairman and Chief Executive Officer of Renault.

In 2016, under the impetus of the Drive the Change plan, Groupe Renault reached a new sales record and becomes the number-one French automotive group worldwide, with 3.18 million vehicles registered. Volume and market shares were up in all regions.

In 2016, Group revenues were €51,243 million, up 13.1% from 2015. This represents growth of 17.0% at constant exchange rates.

Automotive revenues were €48,995 million, up 13.7% thanks to an increase in the Group’s brand volumes and sales to partners. The price effect was positive, due to the impact of new models and price increases in some emerging markets to offset currency devaluations.

The Group operating margin was €3,282 million (+38.2%), compared to €2,375 million¹ in 2015, representing 6.4% of revenues (5.2%¹ in 2015).

The Automotive operating margin wasup €840 million (+54.3%) to €2,386 million, or 4.9% of revenues (versus 3.6%¹ in 2015).

This performance is mainly explained by volume growth (€1,036 million).

Continuing efforts to reduce costs positively contributed for €184 million, taking into account a significant increase in R&D expenses.

The mix/price/enrichment effect was positive at €115 million, in particular due to the impact of our new models and price increases in some emerging countries. 

The currency impact was highly negative at -€702 million, reflecting firstly the depreciation of the British pound and the Argentinean peso.

Raw materials continued to have a very favourable effect of €331 million.

The company's G&A increased by €112 million.

Sales Financing contributed €896 million to the Group operating margin, compared with €829 million¹ in 2015, an increase of 8.1%.

Cost of risk (including country risk) has stabilized at a very good level of 0.31% of average performing assets (versus 0.33% at end-2015).

Other operating income and expenses are near-neutral at €1 million. This balance is primarily due to a profit of €325 million recorded following the first full consolidation of AVTOVAZ at December 31, 2016, and to provisions for restructuring, in particular in France, for a total amount of €283 million. No provision has been booked regarding the diesel investigation in France

Accordingly, the Group operating income came to €3,283 million, compared to €2,176 ¹ million in 2015.

Net financial income and expenses is a charge of €323 million, compared to -€221 million in 2015. This evolution came mostly from lower financial income notably in Argentina, and foreign exchange gains in 2015.

The contribution of associated companies came to €1,638 million, compared to €1,371 million in 2015.

Nissan’s contribution amounted to €1,741 million in 2016, versus €1,976 million in 2015

AVTOVAZ’s contribution for 2016 was negative at -€89 million, versus a loss of €620 million recorded in 2015.

This improvement stems mainly from a sharp reduction in impairment losses recorded in 2016 compared with 2015, and partly, from the company's improved operating performance. Furthermore, accounting for AVTOVAZ’s losses in the results of equity affiliates was capped in 2016 at the value of the investment in Renault’s books.

Net income came to €3,543 million (+19.7%) and net income, Group share, to €3,419 million (€12.57 per share, compared with €10.35 per share in 2015, up 21.4%).

Positive Automotive operational free cash flow came to €1,107 million, after taking into account a positive change in working capital requirements of €356 million over the period.

The net cash position, after AVTOVAZ consolidation, amounted to €2,720 million (€3,925 million before the consolidation. A dividend of €3.15 per share, versus €2.40 last year, will be submitted for approval at the next Shareholders' Annual General Meeting.

AVTOVAZ

As the first full AVTOVAZ’s consolidation occurred on the 28th of December 2016, the income statement was not consolidated. On the other hand, the company's balance sheet was consolidated in our financial statements. The consolidation impact on Groupe Renault’s net financial position was a negative €1,205 million, and a preliminary goodwill of €1,025 million was accounted for. As of 31st of December 2016, AVTOVAZ market value was higher than the carrying value of AVTOVAZ net assets including goodwill in Renault’s financials. 

During 2017, some other capital restructurings are contemplated in order to restore AVTOVAZ’s equity.

AVTOVAZ’s management communicated its detailed recovery plan on January 16^th 2017.The main objectives of this plan is to reach positive operating profit (before impairment and restructuring costs) in 2018 and achieve profitable growth beyond. 

OUTLOOK 2017

In 2017, the global market is expected to record growth of 1.5% to 2%. The European and French markets are expected to increase by 2%.

At the International level, the Brazilian and Russian markets are expected to be stable. On the other hand, China (+5%) and India (+8%) should continue their momentum.

Within this context, and including AVTOVAZ, Groupe Renault is aiming to:

• increase group revenues, beyond the impact of AVTOVAZ (at constant exchange rates)*,
• increase group operating profit in euros*,
• generate a positive automotive operational free cash flow.

(*) compared with 2016 Groupe Renault published results

MIDTERM PLAN 2022

Groupe Renault will present in 2017 a new strategic plan 2017-2022, with an ambition to reach €70 billion (at constant exchange rates) in revenues and 7% operating margin at the end of the plan, while maintaining a positive operational automotive free cash flow every year.

⁽[1]⁾Taxes, which satisfy the definition of tax based on a taxable profit according to IAS 12 "Income Tax" and which were previously presented as operating expenses, have been reclassified under current taxes from 2016 and conversely for taxes not satisfying the definition of tax based on a taxable profit income. The presentation of the financial statements for the year 2015 was restated accordingly.

Renault CONSOLIDATED RESULTS

€ million	2016	2015(1)	Change
Group revenues	51,243	45,327	+5,916
Operating profit % of revenues	3,282 6.4 %	2,375 5.2 %	+907 +1.2pts
Other operating income and expenses items	1	-199	+200
Operating income	3,283	2,176	+1,107
Net financial income	-323	-221	-102
Contribution from associated companies	1,638	1,371	+267
o/w : NISSAN	1,741	1,976	-235
AVTOVAZ	-89	-620	+531
Current and deferred taxes	- 1,055	-366	-689
Net income	3,543	2,960	+583
Net income, Group share	3,419	2,823	+596
Automotive operational free cash flow	1,107	1,051	+56

⁽[1]⁾Taxes, which satisfy the definition of tax based on a taxable profit according to IAS 12 "Income Tax" and which were previously presented as operating expenses, have been reclassified under current taxes from 2016 and conversely for taxes not satisfying the definition of tax based on a taxable profit income. The presentation of the financial statements for the year 2015 was restated accordingly.