Renault revenues rise 15.6 percent in 2010

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French automaker Renault said Monday that its revenues grew by 15.6 percent in 2010 to 38.97 billion euros ($53.3 billion) and that its estimated operating margin rose to 2.8 percent of revenue.

In announcing partial 2010 financial results, the company said its estimated automotive operational free cash flow was 1.67 billion euros, more than double its 700 million target.

"Renault can already announce that, driven by record commercial results in a growing world market and good cost control, the group has largely exceeded its annual free cash flow objective and reduced net automotive debt to 1.4 billion euros," Renault Chairman and CEO Carlos Ghosn said in a statement.

The company said its estimated available liquidity reserve reached a record level of 12.8 billion euros, which would be tapped to reimburse ahead of schedule the remaining two billion euros of a loan from the French state.

The company announces complete 2010 financial results on February 10, as well as a new medium-term strategy.

© 2011 AFP

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