(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Renault SA slashed its annual dividend and posted the first net loss in a decade after sales declined and income from partner Nissan Motor Co. plunged. The shares tumbled.Renault’s 2019 dividend will fall by more than two-thirds to 1.10 euros a share, it said Friday. The French carmaker owns 43% of Nissan, which scrapped its own year-end payout to investors. Renault booked a net loss of 141 million euros for 2019.“We aren’t satisfied with our results,” Acting Chief Executive Officer Clotilde Delbos said in a presentation to analysts.The slump comes after 15 months of upheaval at the French carmaker that began with the departure of Chairman and CEO Carlos Ghosn following his arrest in Japan on charges of financial wrongdoing. Ghosn, who has denied the allegations, was facing trial in Japan until he made a dramatic escape to Lebanon at the end of December.Renault fell as much as 4.7%, and was 4% lower at 33.41 euros by 9:05 a.m. in Paris trading.For 2020, the carmaker sees annual revenues in line with 2019, leaving aside currency swings, and a group operating margin of between 3% and 4%. It forecasts positive automotive operating free cash flow before restructuring expenses, adding that expected volatility in Europe in light of new emissions rules and the potential impacts of the coronavirus cloud the outlook.The company aims to lower “structural costs” by 2 billion euros in the next three years, Delbos said. Renault will provide details on the cuts in May, and doesn’t have the “luxury” to wait until new CEO Luca De Meo arrives in July.Nissan ImpactRenault lowered its guidance for 2019 revenue and profit in October, saying weakening economies weighed on car sales in key markets while tougher rules on emissions pushed up costs. A deteriorating performance at Nissan has also hit results. Its contribution to Renault’s results plunged to 242 million euros last year from 1.51 billion euros the year before.Nissan’s total dividend for its fiscal year ending in March is on track to be 10 yen (9 cents) a share, including an earlier interim payout. That compares with 57 yen the previous year.Last month, Renault named former Volkswagen AG executive De Meo as CEO. He and Chairman Jean-Dominique Senard will be charged with turning the page on a troubled era and shoring up Renault’s alliance with Nissan. Sorting out their differences is crucial as automakers face the costly and uncertain transition to electric vehicles.Read more: Nissan Is Worth Less Than Subaru After Shares PlummetNow the industry faces a challenge from the coronavirus. While Renault sells relatively few cars in China, it operates a factory with partner Dongfeng Motor Co. in Wuhan, the city at the epicenter of the outbreak. Its supply chain is also reliant on the country. Fiat Chrysler Automobiles NV said last week that it may have to temporarily close a European plant in the next few weeks if the impact from the outbreak worsens.Get more:See statementFY revenue 55.5 billion euros vs 55.4 billion-euro estimateFY group operating margin 4.8% vs 6.3% in 2018FY positive automotive operational free cash flow 153 million eurosRenault books a 753 million-euro charge related to the discontinuation of the recognition of deferred tax assets on tax losses in FranceFY net income group share falls to loss of 141 million euros vs profit of 3.3 billion euros in 2018To contact the reporter on this story: Angelina Rascouet in Paris at [email protected] contact the editors responsible for this story: Anthony Palazzo at [email protected], Frank ConnellyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.