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Nissan 20121st presentation_237_e Nissan 20121st presentation_237_e Document Transcript

  • FY2012 first-quarter financial results Nissan Motor Co., LTD. July 26, 2012 www.nissan-global.comKey performance indicators: financial results(billion yen) Net revenue Operating Net income Free cash flow Net cash profit (Auto) (Auto) 2,136.42,082.0 150.4 509.2 120.7 85.0 72.3 314.8 59.3 -39.3 FY11 FY12 FY11 FY12 FY11 FY12 FY11 FY12 FY11 FY12 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q (C) Copyright NISSAN MOTOR CO., LTD. 2 www.nissan-global.com 2012 All rights reserved.
  • POWERPOWERBrand & sales 8 Global market 8 Sustainable power share by FY16 COP (%) (%) (C) Copyright NISSAN MOTOR CO., LTD. 3 www.nissan-global.com 2012 All rights reserved.FY12 Business updateFY12 1st quarter sales performance 1st quarterFY12 consolidated financial performanceConclusion (C) Copyright NISSAN MOTOR CO., LTD. 4 www.nissan-global.com 2012 All rights reserved.
  • FY12 business update Global brand campaign (C) Copyright NISSAN MOTOR CO., LTD. 5 www.nissan-global.com 2012 All rights reserved.FY12 business update New York debut of Taxi of Tomorrow (C) Copyright NISSAN MOTOR CO., LTD. 6 www.nissan-global.com 2012 All rights reserved.
  • FY12 business update All-new models Infiniti M Altima LWB Sylphy CIMA NV350 Note Caravan Venucia D50 (C) Copyright NISSAN MOTOR CO., LTD. 7 www.nissan-global.com 2012 All rights reserved. FY12 business update Production capacity expansion All-new hatchback production Double capacity to 100k units in 2014, Sunderland, UK in 2014, St Petersburg, Russia 4-cylinder engines for Infiniti and Mercedes-Benz in 2014, Tennessee, US Infiniti model production Build new plantin 2014, Xiangyang, China in 2014, Dalian, China Build new plant in 2013, Aguascalientes, Mexico Capacity to 250 k units during Mid-term plan period, Build new plant Indonesia in 2014, Resende, Brazil (C) Copyright NISSAN MOTOR CO., LTD. 8 www.nissan-global.com 2012 All rights reserved.
  • FY12 business update Zero-emission leadership LEAF to Home Electric van production e-NV200 production in 2013, Barcelona, Spain (C) Copyright NISSAN MOTOR CO., LTD. 9 www.nissan-global.com 2012 All rights reserved.FY12 business update Alliance update (C) Copyright NISSAN MOTOR CO., LTD. 10 www.nissan-global.com 2012 All rights reserved.
  • FY12 Business update FY12 1st quarter sales performance 1st quarter FY12 consolidated financial performance Conclusion (C) Copyright NISSAN MOTOR CO., LTD. 11 www.nissan-global.com 2012 All rights reserved.FY12 first-quarter sales performance : Global TIV* Retail volume vs. FY11 **M/S 5.9% vs. FY11 **M/S 5.5% 20.37 Global +6.5% 1,210 Global +14.6% 19.12 1,056 1.26 Japan +62.6% 141 Japan +19.5% 4.49 China -2.3% 334 China +12.2% North +14.9% 4.54 (thousand units) America(million units) (3.80) (+16.3%) (US) North 339 +15.1% America (255) (+16.3%) (US) 4.83 Europe -3.5% 167 Europe -1.7% 5.25 Others +9.5% 229 Others +30.5% FY11 FY12 FY11 FY12 1Q 1Q 1Q 1Q *Nissan’s estimation ** Market Share (C) Copyright NISSAN MOTOR CO., LTD. 12 www.nissan-global.com 2012 All rights reserved.
  • FY12 first-quarter sales performance : Japan Retail volume TIV: 1.26 million units, +62.6%(thousand units) +19.5% Sales: 141 k units, +19.5%, 141 thanks to Serena and Note 118 Market share: 11.2%, -4 points Nissan LEAF sales: 3.4 k units FY11 FY12 1Q 1Q Market share -4points Serena Nissan LEAF 15.2(%) 11.2 FY11 FY12 1Q 1Q (C) Copyright NISSAN MOTOR CO., LTD. 13 www.nissan-global.com 2012 All rights reserved.FY12 first-quarter sales performance : China (Jan. to Mar.) Retail volume FY12 1Q (Jan. to Mar.) +12.2% • TIV*: 4.49 million units, -2.3%(thousand units) • Sales: 334 k units, +12.2% 334 298 • Market share: 7.5%, +1 point, thanks to Tiida, Sunny and Qashqai FY11 FY12 FY12 2Q (Apr. to Jun.) 1Q 1Q • Sales: 344 k units, +15.9% Market share • Market share: 7.6%, +0.1 point +1point 7.5 Tiida Sunny 6.5(%) FY11 FY12 1Q 1Q *TIV for China : Passenger and LCV only (C) Copyright NISSAN MOTOR CO., LTD. 14 www.nissan-global.com 2012 All rights reserved.
  • FY12 first-quarter sales performance : North America US US Retail volume • TIV: 3.8 million units, +16.3% +16.3% • Sales: 255 k units, +16.3% thanks to(thousand units) Rogue and Versa 255 • Market share: 6.7% 220 Canada • Sales: 26 k units, +2.8% FY11 FY12 • Market share: 5.2%, -0.1 point 1Q 1Q Mexico US Market share • Sales: 57 k units, +16% • Market share: 24.9%, +0.6 points 6.7 6.7 Rogue Versa(%) FY11 FY12 1Q 1Q (C) Copyright NISSAN MOTOR CO., LTD. 15 www.nissan-global.com 2012 All rights reserved.FY12 first-quarter sales performance : Europe Retail volume TIV: 4.83 million units, -3.5% -1.7% Europe excluding Russia:(thousand units) 128 k units, -6.8% 170 167 Russia: 39 k units, +19.6% Market share: FY11 FY12 FY11 FY12 1Q 1Q 1Q 1Q Russia 4.6% 4.9% Market share +0.1point Europe excl. Russia 3.2% 3.3% 3.4 3.5 Qashqai Juke(%) FY11 FY12 1Q 1Q (C) Copyright NISSAN MOTOR CO., LTD. 16 www.nissan-global.com 2012 All rights reserved.
  • FY12 first-quarter sales performance : Other markets Asia & Oceania:100 k units, +29.9% • Thailand: 24.1 k units, +44% Retail volume • Indonesia: 16.9 k units, +45.6% • India: 10.5 k units, +124%(thousand units) +30.5% Latin America: 63.5 k units, +36% 154 229 176 • Brazil: 30.7 k units, +133.6% FY11 FY12 1Q 1Q V-platform series (C) Copyright NISSAN MOTOR CO., LTD. 17 www.nissan-global.com 2012 All rights reserved. FY12 Business update FY12 1st quarter sales performance 1st quarter FY12 consolidated financial performance Conclusion (C) Copyright NISSAN MOTOR CO., LTD. 18 www.nissan-global.com 2012 All rights reserved.
  • FY12 1st quarter financial performance(billion yen) FY11 FY12 Variance Change vs. FY11 (%) 1Q 1QNet revenue 2,082.0 2,136.4 +54.4 +2.6%Operating profit 150.4 120.7 -29.7 -19.7% OP margin 7.2% 5.6% Non-operating -2.7 -9.2Ordinary profit 147.7 111.5 -36.2 -24.5% Extraordinary -16.7 -0.3Profit before tax 131.0 111.2 -19.8 -15.1% Taxes -38.6 -33.1 Effective tax rate 29.5% 29.8% Minority interest -7.4 -5.8Net income 85.0 72.3 -12.7 -15.0% FX rate 81.7 JPY/USD 117.4 JPY/EUR 80.2 JPY/USD 102.8 JPY/EUR -1.5 JPY/USD -14.6 JPY/EUR (C) Copyright NISSAN MOTOR CO., LTD. 19 www.nissan-global.com 2012 All rights reserved.FY12 1st quarter financial performance Operating profit variance analysis (billion yen) +53.4 +54.0150.4 +2.4 120.7 -76.4 -25.7 -18.8 -18.6 FY11 FOREX Raw Purch. Volume Selling R&D Other FY12 1Q material cost / mix exp. exp. items 1Q O.P. / energy reduction O.P. cost (C) Copyright NISSAN MOTOR CO., LTD. 20 www.nissan-global.com 2012 All rights reserved.
  • FY12 1st quarter financial performance Free cash flow (Auto business) +172.2 (billion yen) +159.7 99.3 -208.2 -24.4 +1.2 -19.2 -39.3 -120.6 Net cash AP / AR Inventory Tax / Cash flow CAPEX* Net asset Other Free cash inflow other from sales investing flow from P&L operating operating activities items activities activities * CAPEX does not include finance lease-related investments (C) Copyright NISSAN MOTOR CO., LTD. 21 www.nissan-global.com 2012 All rights reserved. Inventory management Inventory status 1,200 53 54 56 60 1,100 50 51 1,000 50 900(thousand units) 800 40 840 860 (days) 700 770 600 690 720 30 500 400 20 300 200 10 100 0 0 2011 2012 Jun Sep Dec Mar Jun Dealer inventory, except some minor countries Days supply Consolidated Nissan inventory, except some minor countries (C) Copyright NISSAN MOTOR CO., LTD. 22 www.nissan-global.com 2012 All rights reserved.
  • Net Cash (Auto business) (billion yen) 600 619.8 509.2 400 357.2 293.3 314.8 320.4 200 69.3 42.9 0 -22.8 509.2 bil JPY → 532.4 bil JPY* *Based on FX rates as of 3/31/2012 : USD : 82.2 EUR : 109.8 -200 2010 2011 2012 Jun Sep Dec Mar Jun Sep Dec Mar Jun FX: JPY/USDEnd of month 88.5 83.8 81.5 83.2 80.7 76.7 77.7 82.2 79.3 (C) Copyright NISSAN MOTOR CO., LTD. 23 www.nissan-global.com 2012 All rights reserved. FY12 Business update FY12 1st quarter sales performance 1st quarter FY12 consolidated financial performance Conclusion (C) Copyright NISSAN MOTOR CO., LTD. 24 www.nissan-global.com 2012 All rights reserved.
  • FY12 all-new product launches 10 all-new global launches Launched Scheduled Launches■ NV350 Caravan (Japan) ■ NV350 Caravan Wide■ Altima (US) ■ Note ■ Atlas ■ Infiniti M (LWB) ■ Sylphy ■ Venucia D50 ■ Venucia new model ■ Pathfinder (C) Copyright NISSAN MOTOR CO., LTD. 25 www.nissan-global.com 2012 All rights reserved. (C) Copyright NISSAN MOTOR CO., LTD. 26 www.nissan-global.com 2012 All rights reserved.
  • Appendix (C) Copyright NISSAN MOTOR CO., LTD.28 www.nissan-global.com 2012 All rights reserved.
  • FY12 sales outlook (Released on May 11th) Retail volume vs. FY11 5,350 Global +10.4% 4,845 690 Japan +5.3% North 1,520 +8.3% America (1,200) (US) (+11.2%) (thousand units) 720 Europe +1.0% 1,350 China +8.3% 1,070 Others +29.6% FY11 FY12 (C) Copyright NISSAN MOTOR CO., LTD. 29 www.nissan-global.com 2012 All rights reserved.FY12 outlook (Released on May 11th) (billion yen) FY11 FY12 Variance Change Result outlook vs. FY11 (%) Net revenue 9,409.0 10,300.0 +891.0 +9.5% Operating profit 545.8 700.0 +154.2 +28.2% OP margin 5.8% 6.8% +1.0% Ordinary profit 535.1 680.0 +144.9 +27.1% Net income 341.4 400.0 +58.6 +17.2% Net income ratio 3.6% 3.9% +0.3% CAPEX 406.4 550.0 +143.6 +35.3% sales ratio 4.3% 5.3% +1.0% R&D 428.0 485.0 +57.0 +13.3% sales ratio 4.5% 4.7% +0.2% FX rate (JPY/USD) 79.1 82.0 +2.9 assumptions (JPY/EUR) 109.0 105.0 -4.0 (C) Copyright NISSAN MOTOR CO., LTD. 30 www.nissan-global.com 2012 All rights reserved.
  • Sales financing : Funding sources (As of June 2012) Equity 10.6% Group Finance ABS Off B/S (Inter-Company) 3.2% 23.2% Commercial paperABS On B/S 0.5% 24.9% S/T Loan 4.0% Bonds L/T Loan 25.4% Total funding amount 8.2% 4,385 billion yen (C) Copyright NISSAN MOTOR CO., LTD. 31 www.nissan-global.com 2012 All rights reserved. RetailSales financing: penetration Lease %100 NFS NMAC NCF NRFM90807060 26% 32% 25%50 26% 20%4030 4% 4% 39% 40% 39%20 37% 36% 29% 34% 28%10 0 FY11 FY12 FY11 FY12 FY11 FY12 FY11 FY12 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q NFS: Nissan Financial Service, sales finance company in Japan NMAC: Nissan Motor Acceptance Corporation, sales finance company in USA NCF: Sales financing division of Nissan Canada Inc NRFM: NR Finance Mexico, sales finance company in Mexico (C) Copyright NISSAN MOTOR CO., LTD. 32 www.nissan-global.com 2012 All rights reserved.
  • Sales financing: net credit loss ratio FY11 FY12 1Q 1Q Variance Lease: 0.06% Lease: 0.05% Lease: -0.01% NFS Retail: 0.27% Retail: 0.18% Retail: -0.09% Lease: 0.08% Lease: 0.06% Lease: -0.02% NMAC Retail: 0.46% Retail: 0.36% Retail: -0.10% Lease: 0.18% Lease: 0.20% Lease: +0.02% NCF Retail: 0.19% Retail: 0.10% Retail: -0.09%NFS: Nissan Financial Service, sales finance company in JapanNMAC: Nissan Motor Acceptance Corporation, sales finance company in USNCF: Sales financing division of Nissan Canada Inc (C) Copyright NISSAN MOTOR CO., LTD. 33 www.nissan-global.com 2012 All rights reserved.Sales financing: operating profit & asset ( NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million Peso) FY11 FY12 1Q 1Q Variance Asset: 1,075.9 Asset: 1,118.5 Asset: +42.6 NFS OP: 4.4 OP: 5.1 OP: +0.7 Asset: 33,671 Asset: 38,484 Asset: +4,813 NMAC OP: 325 OP: 283 OP: -42 Asset: 3,861 Asset: 4,003 Asset: +142 NCF OP: 26 OP: 25 OP: -1 Asset: 26,366 Asset: 33,217 Asset: +6,851 NRFM OP: 222 OP: 298 OP: +76NFS: Nissan Financial Service, sales finance company in JapanNMAC: Nissan Motor Acceptance Corporation, sales finance company in USNCF: Sales financing division of Nissan Canada IncNRFM: NR Finance Mexico, sales finance company in Mexico (C) Copyright NISSAN MOTOR CO., LTD. 34 www.nissan-global.com 2012 All rights reserved.
  • FY12 1st quarter financial performanceOperating profit variance analysis (billion yen) 1. Foreign exchange impact -25.7 USD -6.8 (81.7 to 80.2) RUB -9.4 (2.92 to 2.59) CAD -2.4 (84.4 to 79.3) EUR* +1.5 AUD -2.9 (86.7 to 80.9) Others -5.7 * including other European currencies (excluding RUB) 2. Volume / mix +53.4 Japan +8.0 US +23.8 EUR -7.2 MEX&CAN +6.0 Vol: +8.5 Vol: +21.0 Vol: -6.7 Mix: -0.5 Mix: +2.8 Mix: -0.5 Others +22.8 3. Selling expenses -76.4 Japan -1.2 US&CAN -53.1 EUR -11.3 Others -10.8 Incentives: -0.6 Incentives: -37.0 Incentives: -10.4 Incentives: -14.4 Others: -0.6 Others: -16.1 Others: -0.9 Others: +3.6 (C) Copyright NISSAN MOTOR CO., LTD. 35 www.nissan-global.com 2012 All rights reserved.FY12 1st quarter financial performance (billion yen)Detail of non-operating income/expenses FY11 FY12 Variance 1Q 1Q • Interest income / expenses -3.5 -2.4 +1.1 • FX translation -6.1 -17.1 -11.0 NML -1.7 -14.6 -12.9 NMEX -1.1 2.1 +3.2 NMAC -2.5 1.7 +4.2 Others -0.8 -6.3 -5.5 Offset • Derivative gain and loss 1.8 5.8 +4.0 NMAC 2.3 -1.9 -4.2 Others -0.5 7.7 +8.2 • Profit/Loss under equity methods 5.0 3.1 -1.9 • Amortization of net retirement benefit -2.6 -2.6 0.0 • Others 2.7 4.0 +1.3 (C) Copyright NISSAN MOTOR CO., LTD. 36 www.nissan-global.com 2012 All rights reserved.
  • FY12 1st quarter financial performanceDetail of extraordinary gains/losses (billion yen) FY11 FY12 Variance 1Q 1Q • Sale/disposal of fixed assets -0.6 -0.3 +0.3 • Sale of investment securities 7.8 0.6 -7.2 • Impairment loss on fixed assets -2.1 -0.4 +1.7 • Loss on disaster -21.1 0.0 +21.1 • Others -0.7 -0.2 +0.5 (C) Copyright NISSAN MOTOR CO., LTD. 37 www.nissan-global.com 2012 All rights reserved.FY12 1st quarter financial performance (billion yen)Free cash flow (Auto business) variance FY11 FY12 Variance 1Q 1Q Net cash inflow from P&L items 187.0 159.7 -27.3 AP/AR 96.5 172.2 +75.7 Inventory -88.8 -208.2 -119.4 Tax/Others -45.0 -24.4 +20.6 Operating activities 149.7 99.3 -50.4 Capex * -68.2 -120.6 -52.4 Asset sales 5.8 1.2 -4.6 Others -28.0 -19.2 +8.8 Investing activities -90.4 -138.6 -48.2 Free cash flow 59.3 -39.3 -98.6 * Capex does not include finance lease-related investments (C) Copyright NISSAN MOTOR CO., LTD. 38 www.nissan-global.com 2012 All rights reserved.
  • FY12 1st quarter retail sales FY12 1Q FY11 1QDetail of other markets 150 120 100.0 90(thousand units) 76.9 63.5 60 40.8 46.7 30 24.6 31.9 19.3 0 Asia & M.East Africa Latin Oceania America (C) Copyright NISSAN MOTOR CO., LTD. 39 www.nissan-global.com 2012 All rights reserved.