Bottom line net profit after tax came in at minus €7.4 billion versus €1 billion in the first half of 2019.Now that I have completed the P&L, I will turn to Slide 21 on the evolution of the net automotive debt. And the last one for Luca is on product – sorry, on product mix because you say you need to move higher to the C-plus segment. The last item named Other accounted negatively for 0.8 point. The next line shows negative operating margin at minus 6.5%. Thank you.Yes. Born in Milan (Italy) in 1967, I hold a degree in Business Administration from the Università Commerciale Luigi Bocconi di Milano. But, of course, all the IR team is available today to answer the questions you may have. So this is definitely the direction we're going to go. I saw this kind of swing every semester looking at the data from the last years that was reminding my old times in another company that I was specialized in push. And I can tell you that Nakaguro Son and Gilles Le Borgne are two top professionals, and they are really, let's say, advancing very, very quickly on trying to find the right setup on the different technology. So you are saying in the outlook that you are planning cost savings of €600 million for the full year. Nosotros también tenemos una responsabilidad de hacer nuestro trabajo, pero ayudaría un marco estable y un presupuesto claro y suficiente para poder operar esta transformación. Tenemos que llegar con un business case para mostrar a las autoridades y decirles: por favor, invertid aquí. I am personally already pretty deep in the diagnostic of what went wrong, what is wrong and what we need to do to fix it. The new boss of Renault contrasts with his predecessors. However, auto's liquidity reserves improved from last publication and stood at €16.8 billion at the end of June versus €10.3 billion at the end of March. In Latin America, the situation has deteriorated further. And that's the reason why we did not want to give guidance.
Somos los que más dinero estamos poniendo en juego.¿En España se cuida suficientemente del “milagro de la industria del motor”, como lo llamó usted en alguna ocasión?No. Changes in the working capital requirement had a negative impact of €3.829 billion versus a negative €131 million a year ago. Of course, I went with the feat very, very light, but that was, let's say, the challenge. Our financing activity delivered a €469 million contribution to the group margin versus €591 million last year. Part of this increase can be explained by the statistical methodology used for the calculation of the provisioning and the poor reposition rate in the context of the COVID-19.Operating costs were contained partly thanks to the short time scheme put in place with the government support. He then held the position of member of the Board of Directors in charge of Sales and Marketing at AUDI AG in 2012.He was Chairman of the Executive Committee of SEAT from November 1, 2015 until January 2020 and member of the Supervisory Boards Ducati and Lamborghini, and Chairman of the Board of Directors of the Volkswagen Group in Italy. https://www.ft.com/content/1ac5436a-530b-11ea-8841-482eed0038b1 On top of our high order book, we expect also some positive impact from incentives currently being implementing in some market, especially in Europe. I think there are two key playgrounds. December 9, 2019. So I give you some kind of hint or KPIs to track us on that one.Thank you very much. More than 100 attendees at the meeting with the President of SEAT, dedicated to the future of the automotive industry. And again, here, Nakaguro-san and Gilles are working pretty efficiently to make sure that we reduce the diversity in terms of battery. And so one of the things that, obviously, I have to push is Renault, let's say, on higher segment – and I'm not talking about big cars or premium cars, I'm talking just finding back our position in the hearts of the European market. But after 10 years, it's actually bringing the, let's say, results. First, welcome.
One is Europe, where we will need to – for us in terms of relevance. In Brazil, which has – which was the bright spot of the region at the beginning of the year, the trend is now as bad as in Argentina, with a market down 39% at the end of June. España es uno de los países con más peso del motor respecto a su PIB [supuso el 8,6% en 2018]. We told you that we should see about 30% of €2 billion saving project this year, and I confirm that it will be the case. In a moment, as Thierry said, Clotilde will share our financial results. Pero es estratégica, muy relevante para todo el sistema. And I'm just wondering if you have a view of how critical it is for Renault to control RCI or whether you could benefit from having better financial flexibility if Renault did not have control of RCI? I mean we homologate that for around 4. The only significant market, where demand was up, has been South Korea, up 7%.