In this context, we anticipate no improvement in Renault's operating margins in 2012 because macroeconomic headwinds and growing competitive pressures will likely offset any positive impact from continuing cost moderation. We anticipate that operating margin for Renault's automotive operations will remain around 1% of revenues, with group operating income at close to EUR1 billion for full-year 2012. The consolidated EBIT margin averaged 2.9% in 2011 and Renault's core automotive division ...
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