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11 03-13 nissan results-q2-3
 

11 03-13 nissan results-q2-3

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    11 03-13 nissan results-q2-3 11 03-13 nissan results-q2-3 Document Transcript

    • FY2013 first-half financial results Nissan Motor Co., Ltd November 1, 2013
    • FY13 1st half sales performance: Global Retail volume TIV* vs. FY12 39.88 41.44 Global Japan **M/S +3.9% -1.7% 6.2% 2,476 vs. FY12 **M/S 5.9% (8.09) 8.73 10.42 FY12 1H North America +8.5% (US) (+8.9%) Europe Others -1.5% Japan +3.6% China -8.3% +12.5% -2.1% (thousand units) (million units) 9.60 China Global 592 10.14 2,439 315 2.55 800 (623) *Nissan’s estimation (+14.5%) Europe -6.1% 424 FY12 1H (US) 308 -0.8% FY13 1H North +13.8% America Others -8.4% FY13 1H ** Market Share www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 3 FY13 1st half financial performance (management pro forma basis* ) (billion yen) FY12 1H FY13 1H 4,546.8 5,215.4 +668.6 +14.7% 287.0 264.7 -22.3 -7.8% 6.3% 5.1% -11.4 -32.7 275.6 232.0 -43.6 -15.8% Extraordinary -3.1 +22.2 Profit before tax 272.5 254.2 -18.3 -6.7% Taxes -76.7 -46.6 Effective tax rate 28.1% 18.3% Minority interest -17.5 -17.8 +6.5% Net revenue Operating profit OP margin Non-operating Ordinary profit Net income FX rate Variance 178.3 189.8 +11.5 79.4 JPY/USD 100.5 JPY/EUR 98.9 JPY/USD 130.0 JPY/EUR Change vs. FY12 (%) +19.5 JPY/USD +29.5 JPY/EUR * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 4
    • FY13 sales outlook Retail volume vs. FY12 Global +5.8% 680 Japan +5.1% China +7.5% 1,650 (thousand units) 5,200 1,270 4,914 North America +12.5% (US) (+13.4%) (1,290) 660 0.0% (Russia) (-6.8%) 940 FY12 Europe (146) Others -2.1% FY13 revised outlook www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. FY13 management pro forma outlook FY12 Actual (A) (billion yen) Net revenue FY13 revised outlook (B) 5 * vs. FY12 Change vs. FY12 (B)-(A) (B)/(A) 9,629.6 11,200.0 +1,570.4 +16.3% 523.5 600.0 +76.5 +14.6% 5.4% 5.4% 0.0% Ordinary profit 529.3 545.0 +15.7 +3.0% Net income 342.4 355.0 +12.6 +3.7% 3.6% 3.2% -0.4% 524.5 570.0 +45.5 5.4% 5.1% -0.3% 469.9 520.0 +50.1 4.9% 4.6% -0.3% Operating profit OP margin Net income ratio CAPEX Sales ratio R&D Sales ratio FX rate assumptions (JPY/USD) 82.9 (JPY/EUR) 106.8 97.9 (2H:97.0) 130.0 (2H :130.0) +8.7% +10.7% +15.0 +23.2 * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 6
    • POWER Brand & sales power 8 Global market share by FY16 (%) www.nissan-global.com 8 Sustainable COP (%) (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 7 Actions  Cap Ex flat in 2014 and during remainder of mid-term plan  New plant investment cycle past its peak  Increased discipline on variable selling expenses and net pricing Oct. 2013/ 1on1 www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 8
    • New plant investments Region FY13 FY14 Thailand new plant Asia Oceania Indonesia new plant China Dalian new plant Jatco Thailand new plant Europe Middle East Africa India Oct. 2013/ 1on1 Russia St. Petersburg plant expansion India new plant(P/Train) Mexico new plant Americas Brazil new plant Jatco Mexico new plant www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 9 Products Nissan X-Trail Infiniti Q50 www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 10
    • Actions  Cap Ex flat in 2014 and during remainder of mid-term plan  New plant investment cycle past its peak  Increased discipline on variable selling expenses and net pricing  New management line up and organization will enhance execution and performance delivery www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 11 Executive Committee moves Chair Operations Committee Lead global monozukuri Focus on increasing quality and total delivered cost • Hiroto Saikawa • • • Global sales, planning functions and marketing communications Chairman Infiniti Lead EV & Battery business units Chief Competitive Officer Andy Palmer Chief Planning Officer Trevor Mann • • • • Lead regional operations Lead Datsun, LCV and after-sales business units • Lead product and service quality Chief Performance Officer Kimiyasu Nakamura EVP, Total Customer Satisfaction www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 12
    • Regional structure and leadership moves ASIA AMIE AMERICAS JAPAN (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. www.nissan-global.com 13 Regional structure and leadership moves Hiroto Saikawa EUROPE AMI José Muñoz CHINA NORTH AMERICA ASIA SOUTH AMERICA José Luis Valls Takao Katagiri www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 14
    • Appendix www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 16
    • Key performance indicators: financial results (management pro forma basis* ) (billion yen) Operating profit Net revenue 5,215.4 287.0 Net income Free cash flow Net cash (Auto) (Auto) 831.7 264.7 4,546.8 442.0 178.3 189.8 -70.6 -87.6 FY12 1H FY13 1H * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 17 FY13 1st half sales performance: Japan (thousand units) Retail volume ■ Sales: 315 k units, +3.6% +3.6% 304 ■ TIV: 2.55 million units, -1.7% 315 ■ Market share: 12.4%, +0.7 points ■ Note: 66.3 k units, +101% FY12 1H FY13 1H ■ DAYZ: 50 k units since launch in June Market share (%) +0.7 points 11.7 FY12 1H 12.4 Note DAYZ FY13 1H www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 18
    • FY13 1st half sales performance: China (Jan. to Jun.) ■ FY13 1H (Jan. to Jun.) (thousand units) Retail volume*1 • Sales *3 : 592 k units, -8.3%, -8.3% • Market share *3 : 5.8%, -1.4 points 645 592 • Sylphy sales: 112 k units, +111% ■ FY13 3Q (Jul. to Sep.) FY12 1H FY13 1H Market share -1.4 points (%) • TIV *2 : 10.14 million units, +12.5% 7.2 • TIV*2 : 4.83 million units, +13.3% • Sales *3 : 294 k units, +23.4%, • Market share *3: 6.1%, +0.5 points Sylphy Teana 5.8 FY12 1H FY13 1H * 1: Sales to dealers * 2: TIV for China : Passenger and LCV only * 3: After adjustment of CV spin off (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. www.nissan-global.com 19 FY13 1st half sales performance: North America US Retail volume ■ US (thousand units) • TIV: 8.09 million units, +8.9% +14.5% • Sales: 623 k units, +14.5% thanks to Altima, Pathfinder and Sentra 623 544 • Market share: 7.7%, +0.4 points ■ Canada • Sales: 50 k units, +14.8% FY12 1H FY13 1H • Market share: 5.0%, +0.4 points ■ Mexico US Market share • Sales: 126 k units, +10.3% • Market share: 24.9%, +0.4 points +0.4 points (%) 7.7 7.3 FY12 1H Altima Pathfinder FY13 1H www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 20
    • FY13 1st half sales performance: Europe (thousand units) Retail volume ■ Europe excluding Russia: 239 k units, -3.6% -6.1% 328 ■ TIV: 8.73 million units, -2.1% 308 ■ Russia: 70 k units, -13.9% ■ Market share: FY12 1H 5.1% 4.9% Europe excl. Russia Market share FY13 1H Russia FY13 1H FY12 1H 3.4% 3.4% -0.1 point 3.6 FY12 1H (%) 3.7 Qashqai Juke FY13 1H www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 21 FY13 1st half sales performance: Other markets ■ Estimated TIV: 10.42 million units, -0.8% Retail volume ■ Sales: 424 k units, -8.4% (thousand units) Asia & Oceania: 177.8 k units, -11.8% -8.4% 463 FY12 1H Latin America: 99.7 k units, -17.8% Middle East: 96.4 k units, +10.1% 424 FY13 1H www.nissan-global.com V-platform series (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 22
    • FY13 1st half financial performance (management pro forma basis* ) Operating profit variance analysis +85.7 (billion yen) +144.9 -60.7 287.0 FY12 1H O.P. -106.1 -15.4 -21.8 264.7 -24.3 -24.6 FOREX Purch. cost reduction (Including raw material) Volume / mix Selling exp. R&D exp. MFG exp. Warranty & Recall exp. Other items FY13 1H O.P. +75.1 +41.9 -20.8 -81.1 -9.8 -5.3 -15.4 -4.1 146.9 2Q only 166.4 * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 23 FY13 1st half financial performance (TSE report basis - China JV Equity basis ) (billion yen) Change vs. FY12 (%) FY12 1H FY13 1H 4,063.7 4,756.2 +692.5 +17.0% 227.8 221.9 -5.9 -2.6% 5.6% 4.7% +27.9 +9.4 255.7 231.3 -24.4 -9.5% Extraordinary -3.2 -2.0 Profit before tax 252.5 229.3 -23.2 -9.2% Taxes -60.9 -30.3 Effective tax rate 24.1% 13.2% Minority interest -13.9 -9.2 +6.8% Net revenue Operating profit OP margin Non-operating Ordinary profit Net income FX rate Variance 177.7 189.8 +12.1 79.4JPY/USD 100.5 JPY/EUR 98.9 JPY/USD 130.0 JPY/EUR +19.5 JPY/USD +29.5 JPY/EUR Note: Other IFRS change included www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 24
    • Net Cash Auto business (management pro forma basis* ) (billion yen) 2012 2013 1,000 1,000 915.9 800 800 831.7 760.4 619.8 600 600 509.2 442.0 400 400 200 200 0 0 FX: JPY/USD End of month Mar. 82.2 Jun. 79.3 Sep. 77.6 FX: JPY/USD End of month Mar. 94.1 Jun. 98.6 Sep. 97.8 * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 25 FY13 new product launches 10 all-new global launches New model offensive continues Europe, Middle East, Africa, India Asia & Oceania Americas Note Qashqai Tiida Terrano Infiniti Q50 Datsun GO DAYZ DAYZ Roox Livina NV100 Clipper NT100 Clipper Pathfinder Teana / Altima Teana LWB X-Trail Skyline Infiniti Q50 NV200 Rogue Versa Note Infiniti Q50 Scheduled Launches from 2H Launched in 1H www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 26
    • FY13 sales outlook Retail volume vs. FY12 vs. FY13 previous outlook 5,200 Global +5.8% -1.9% 680 Japan +5.1% +3.0% 1,250 1,270 China +7.5% +1.6% 1,610 1,650 +12.5% +2.5% (1,270) (1,290) North America (US) (+13.4%) (+1.6%) (thousand units) 5,300 660 4,914 720 Europe 0.0% -8.3% (146) (Russia) (-6.8%) (-23.2%) 1,060 940 Others -2.1% -11.3% FY13 previous outlook* FY12 660 (190) FY13 revised outlook * Previous outlook on May 10, 2013 www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. FY13 management pro forma outlook FY12 Actual (A) (billion yen) Net revenue FY13 previous outlook (B) ** FY13 revised outlook (C) * vs. previous outlook (C)-(B) 27 Change vs. previous outlook (C)/(B) 9,629.6 11,200.0 11,200.0 0.0 0.0% 523.5 700.0 600.0 -100.0 -14.3% 5.4% 6.3% 5.4% -0.9% Ordinary profit 529.3 665.0 545.0 -120.0 -18.0% Net income 342.4 420.0 355.0 -65.0 -15.5% 3.6% 3.8% 3.2% -0.6% 524.5 570.0 570.0 0.0 5.4% 5.1% 5.1% 0.0% 469.9 520.0 520.0 0.0 4.9% 4.6% 4.6% 0.0% (JPY/USD) 82.9 95.0 (JPY/EUR) 106.8 122.0 Operating profit OP margin Net income ratio CAPEX Sales ratio R&D Sales ratio FX rate assumptions * Based on continuation of proportional consolidation of China JV www.nissan-global.com 97.9 (2H:97.0) 130.0 (2H :130.0) 0.0% 0.0% +2.9 +8.0 * *Previous outlook on May 10, 2013 (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 28
    • FY13 management pro forma outlook ** Operating profit variance analysis (billion yen) 700.0 600.0 -10.0 FY13 Previous outlook * * -60.0 FOREX Volume & others -30.0 Warranty & Recall exp. * Based on continuation of proportional consolidation of China JV www.nissan-global.com FY13 Revised outlook * * Previous outlook on May 10, 2013 (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 29 FY13 management pro forma vs. reported figures Pro forma with proportional consolidation of China JV (A) (billion yen) Adjustment to new reporting methodology (B) Reported figures with new methodology for China JV (C) = (A) + (B) 11,200.0 -1,010.0 10,190.0 600.0 -110.0 * 490.0 Net revenue Operating profit OP margin 5.4% 4.8% Ordinary profit 545.0 -30.0 515.0 Net income 355.0 0.0 355.0 Net income ratio CAPEX 3.2% 570.0 Sales ratio Sales ratio -50.0 520.0 5.1% 5.1% 520.0 R&D 3.5% -12.0 4.6% 508.0 5.0% * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 30
    • dividend per share (yen) FY13 shareholder return 30 25 2H 15 20 10 1H 15 FY10 FY11 www.nissan-global.com FY12 FY13 plan (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 31 Key performance indicators: financial results (TSE report basis - China JV Equity basis ) (billion yen) Net revenue Operating profit Net income Free cash flow Net cash (Auto) (Auto) 4,756.2 4,063.7 729.2 227.8 221.9 177.7 338.9 189.8 20.8 -80.7 FY12 1H FY13 1H Note: Other IFRS change included www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 32