11 03-13 nissan results-q2-4

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11 03-13 nissan results-q2-4

  1. 1. FY2013 first-half financial results Nissan Motor Co., Ltd November 1, 2013 Key performance indicators: financial results (management pro forma basis* ) (billion yen) Net revenue 5,215.4 4,546.8 Operating profit 287.0 Net income Free cash flow Net cash (Auto) (Auto) 831.7 264.7 442.0 178.3 189.8 -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. 2
  2. 2. FY13 1st half sales performance FY13 1st half consolidated financial performance FY13 outlook www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 3 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. 4
  3. 3. 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 12.4 11.7 Note DAYZ FY13 1H FY12 1H www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 5 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% 645 • Market share *3 : 5.8%, -1.4 points 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 FY12 1H • 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 FY13 1H * 1: Sales to dealers * 2: TIV for China : Passenger and LCV only * 3: After adjustment of CV spin off www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 6
  4. 4. 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. 7 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 3.7 3.6 FY12 1H Qashqai Juke FY13 1H www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 8
  5. 5. 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. 9 FY13 1st half sales performance FY13 1st half consolidated financial performance FY13 outlook www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 10
  6. 6. 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 Variance 178.3 189.8 +11.5 79.4 JPY/USD 100.5 JPY/EUR 98.9 JPY/USD 130.0 JPY/EUR +19.5 JPY/USD +29.5 JPY/EUR Net income FX rate Change vs. FY12 (%) * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 11 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. 12
  7. 7. 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 Variance 177.7 FX rate 189.8 +12.1 79.4JPY/USD 100.5 JPY/EUR Net income 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. 13 FY13 1st half financial performance (management pro forma basis* ) Free cash flow (Auto business) +436.9 +4.1 (billion yen) 171.6 -154.2 -115.2 +5.3 -3.2 -261.3 Net cash inflow from P&L items AP / AR Inventory Tax / other operating activities * Based on continuation of proportional consolidation of China JV Cash flow from operating activities CAPEX** Net asset sales Other investing activities -87.6 Free cash flow ** CAPEX does not include finance lease-related investments www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 14
  8. 8. 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. 15 FY13 1st half sales performance FY13 1st half consolidated financial performance FY13 outlook www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 16
  9. 9. 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) 17 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. 18
  10. 10. 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 * Based on continuation of proportional consolidation of China JV www.nissan-global.com -30.0 Warranty & Recall exp. FY13 Revised outlook **Previous outlook on May 10, 2013 (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 19 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. 20
  11. 11. dividend per share (yen) FY13 shareholder return 30 25 2H 15 20 10 1H 15 FY10 FY11 FY12 www.nissan-global.com POWER Brand & sales power (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 8 Global market share by FY16 (%) www.nissan-global.com FY13 plan 21 8 Sustainable COP (%) (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 22
  12. 12. 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. 23 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. 24
  13. 13. Products Nissan X-Trail Infiniti Q50 www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 25 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. 26
  14. 14. Executive Committee moves • • • • Hiroto Saikawa Chair Operations Committee Lead global monozukuri Focus on increasing quality and total delivered cost 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. 27 Regional structure and leadership moves ASIA AMIE AMERICAS JAPAN www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 28
  15. 15. 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. 29 www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 30
  16. 16. Appendix (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. www.nissan-global.com 31 Inventory management Inventory status 57 61 1,100 60 62 59 61 50 1,000 (thousand units) 900 800 990 890 880 830 700 910 40 30 600 (days) 1,200 500 20 400 300 10 200 100 0 0 2012 Sep. Days supply Dec. 2013 Mar. Jun. Sep. Dealer inventory, except some minor countries Consolidated Nissan inventory, except some minor countries www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 32
  17. 17. 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. 33 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. 34
  18. 18. Sales financing : Funding sources (As of September 2013) Equity 9.7% Group Finance ABS Off B/S (Inter-Company) 3.4% 21.3% Commercial paper 3.5% ABS On B/S 23.9% S/T Loan 3.1% L/T Loan Bonds 24.4% 10.7% www.nissan-global.com Total funding amount 6,040 billion yen (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 35 Retail Sales financing: penetration Lease % 100 90 NFS NMAC NCF NRFM 80 70 60 28% 30% 26% 50 24% 40 30 20 4% 4% 30% 32% 41% FY12 1H FY13 1H FY12 1H 46% 38% 39% 41% 40% FY13 1H FY12 1H FY13 1H 10 0 FY13 1H FY12 1H NFS: Nissan Financial Service, sales finance company in Japan NMAC: Nissan Motor Acceptance Corporation, sales finance company in US NCF: Sales financing division of Nissan Canada Inc NRFM: NR Finance Mexico, sales finance company in Mexico www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 36
  19. 19. Sales financing: net credit loss ratio FY12 1H FY13 1H Variance NFS Lease: 0.04% Retail: 0.14% Lease: 0.03% Retail: 0.15% Lease: -0.01% Retail: +0.01% NMAC Lease: 0.10% Retail: 0.50% Lease: 0.20% Retail: 0.73% Lease: +0.10% Retail: +0.23% NCF Lease: 0.20% Retail: 0.13% Lease: 0.12% Retail: 0.23% Lease: -0.08% Retail: +0.10% NFS: Nissan Financial Service, sales finance company in Japan NMAC: Nissan Motor Acceptance Corporation, sales finance company in US NCF: Sales financing division of Nissan Canada Inc www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 37 Sales financing: operating profit & asset ( NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million Peso) FY12 1H FY13 1H Variance NFS Asset: 1,042.8 OP: 12.1 Asset: 1,121.0 OP: 12.9 Asset: +78.2 OP: +0.8 NMAC Asset: 40,665 OP: 550 Asset: 45,594 OP: 468 Asset: +4,929 OP: -82 NCF Asset: 3,815 OP: 49 Asset: 4,065 OP: 65 Asset: +250 OP: +16 NRFM Asset: 37,258 OP: 770 Asset: 48,926 OP: 1,075 Asset: +11,668 OP: +305 NFS: Nissan Financial Service, sales finance company in Japan NMAC: Nissan Motor Acceptance Corporation, sales finance company in US NCF: Sales financing division of Nissan Canada Inc NRFM: NR Finance Mexico, sales finance company in Mexico www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 38
  20. 20. FY13 1st half financial performance (management pro forma basis * ) Operating profit variance analysis 1. Foreign exchange impact USD +10.1 (81.3 to 94.2) +22.1(2.53 to 3.07) EUR* +4.7 (39.8 to 45.5) AUD 144.9 RUB +142.3 (79.4 to 98.9) BRL (billion yen) -24.8 Others -9.5 * including other European currencies (excluding RUB) 2. Volume / mix -60.7 Japan -30.6 US +37.9 EUR -20.1 MEX&CAN +6.4 Vol: -4.7 Mix: -25.9 Vol: +53.0 Mix: -15.1 Vol: -13.1 Mix: -7.0 Others -54.3 3. Selling expenses -106.1 Japan -12.1 US&CAN -48.7 EUR -15.6 Others -29.7 Incentives: -2.7 Others: -9.4 Incentives: -30.6 Others: -18.1 Incentives: -10.3 Others: -5.3 Incentives: -8.5 Others: -21.2 * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 39 FY13 2nd quarter sales performance : Global (3 months) TIV* Retail volume vs. FY12 **M/S 20.32 1.36 +3.7% +2.3% China North America +8.6% (US) (+9.1%) Europe +0.6% vs. FY12 6.2% 4.12 5.17 Others +0.2% Japan +10.6% China -1.0% 404 North America +10.9% (US) (+9.6%) 158 Europe -2.2% 219 Others -6.2% (316) -3.0% FY12 2Q *Nissan’s estimation Global 308 FY13 2Q 1,269 180 1,266 (thousand units) (3.96) FY12 2Q **M/S +10.3% 4.68 (million units) Global Japan 4.99 19.59 6.5% FY13 2Q ** Market Share www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 40
  21. 21. FY13 2nd quarter financial performance (3 months) (management pro forma basis * ) FY12 2Q 2,410.4 FY13 2Q 2,703.3 166.4 146.9 6.9% -2.3 130.4 Extraordinary -2.8 161.3 130.4 -43.5 27.0% -11.8 -20.6% -30.9 -19.2% +1.7% 8.5% Minority interest -33.7 -11.1 Effective tax rate -11.7% 0.0 Profit before tax -19.5 -16.5 164.1 +292.9 Change vs. FY12 +12.2% 5.4% -11.5 (billion yen) Net revenue Operating profit OP margin Non-operating Ordinary profit Taxes Net income FX rate Variance 106.0 107.8 +1.8 78.6JPY/USD 98.3 JPY/EUR 98.9JPY/USD 131.0JPU/EUR +20.3 JPY/USD +32.7 JPY/EUR * Based on continuation of proportional consolidation of China JVc www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 41 * FY13 2nd quarter financial performance (management pro forma basis* ) Operating profit variance analysis (billion yen) +41.9 +75.1 -20.8 166.4 -81.1 FY12 2Q O.P. FOREX Purch. cost reduction (Including raw material) Volume / mix Selling exp. -9.8 R&D exp. 146.9 -5.3 MFG exp. -15.4 -4.1 Warranty & Recall exp. Other items FY13 2Q O.P. * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 42
  22. 22. FY13 2nd quarter financial performance (3 months) (TSE report basis – China JV Equity basis ) FY12 2Q 2,168.3 FY13 2Q 2,523.3 139.9 113.8 6.5% 4.5% +14.4 +2.7 154.3 116.5 Extraordinary -2.7 -2.2 Profit before tax 151.6 114.3 -36.2 -2.5 23.9% 2.2% -9.7 -4.0 (billion yen) Net revenue Operating profit OP margin Non-operating Ordinary profit Taxes Effective tax rate Minority interest +355.0 Change vs. FY12 +16.4% -26.1 -18.7% -37.8 -24.5% -37.3 -24.6% +2.0% Variance 105.7 107.8 +2.1 78.6 JPY/USD 98.3 JPY/EUR Net income FX rate 98.9 JPY/USD 131.0 JPY/EUR +20.3 JPY/USD +32.7 JPY/EUR * Note: Other IRFS change included (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. www.nissan-global.com 43 FY13 2nd quarter financial performance (3 months) (management pro forma basis * ) Operating profit variance analysis 1. Foreign exchange impact (billion yen) +75.1 RUB +12.8 (2.46 to 3.02) +2.1 (38.8 to 43.3) EUR* -13.9 +2.7(81.7 to 90.6) Others USD +76.0 (78.6 to 98.9) BRL AUD -4.6 * including other European currencies (excluding RUB) 2. Volume / mix -20.8 Japan -10.5 US +14.7 EUR -8.6 MEX&CAN Vol: +2.9 Mix: -13.4 Vol: +19.2 Mix: -4.5 Vol: -3.8 Mix: -4.8 Others 3. Selling expenses +5.1 -21.5 -81.1 Japan -10.0 US&CAN -39.7 EUR -14.1 Others -17.3 Incentives: -3.2 Others: -6.8 Incentives: -25.2 Others: -14.5 Incentives: -8.3 Others: -5.8 Incentives: -9.4 Others: -7.9 * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 44
  23. 23. CAPEX, R&D and Depreciation * (management pro forma basis* ) (billion yen) FY12 1H CAPEX FY13 1H Variance 193.6 4.3% 4.6% 214.9 240.5 4.7% 4.6% 156.6 167.9 Sales ratio R&D Sales ratio Depreciation +45.4 239.0 +25.6 +11.3 * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 45 FY13 1st half financial performance (management pro forma basis * ) Detail of non-operating income/expenses (billion yen) FY12 1H FY13 1H Variance -5.2 -6.5 -1.3 -18.5 -27.1 -8.6 • Derivative gain and loss 5.8 8.9 +3.1 • Profit/Loss under equity methods 5.4 -16.5 -21.9 -5.1 -4.5 +0.6 6.2 13.0 +6.8 • Interest income / expenses • FX translation • Amortization of net retirement benefit • Others * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 46
  24. 24. FY13 1st half financial performance (management pro forma basis * ) Detail of extraordinary gains/losses (billion yen) FY12 1H FY13 1H Variance • Sale/disposal of fixed assets -1.7 -1.5 +0.2 • Sale of investment securities 0.7 0.0 -0.7 -1.1 -0.7 +0.4 • Gain on sales of CV business 0.0 24.4 +24.4 • Negative Goodwill Amortization 0.0 0.3 +0.3 -1.0 -0.3 +0.7 • Impairment loss on fixed assets • Others * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 47 FY13 2nd quarter financial performance (3 months) (management pro forma basis * ) Detail of non-operating income/expenses (billion yen) FY12 2Q FY13 2Q Variance • Interest income / expenses -2.8 -3.3 -0.5 • FX translation -1.3 -10.1 -8.8 • Derivative gain and loss 0.0 1.7 +1.7 • Profit/Loss under equity methods 2.3 -9.4 -11.7 -2.5 -2.3 +0.2 2.0 6.9 +4.9 • Amortization of net retirement benefit • Others * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 48
  25. 25. FY13 2nd quarter financial performance (3 months) (management pro forma basis * ) Detail of extraordinary gains/losses (billion yen) FY12 2Q FY13 2Q Variance • Sale/disposal of fixed assets -1.5 -1.7 -0.2 • Sale of investment securities 0.1 0.0 -0.1 -0.8 -0.7 +0.1 0.0 2.4 +2.4 -0.6 0.0 +0.6 • Impairment loss on fixed assets • Gain on sales of CV business • Others * Based on continuation of proportional consolidation of China JV www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 49 * FY13 2nd quarter financial performance (management pro forma basis* ) Free cash flow (Auto business) (billion yen) +30.3 +224.9 183.0 -14.4 +0.6 -57.8 62.8 -0.2 -120.6 Net cash inflow from P&L items AP / AR Inventory Tax / other operating activities Cash flow from operating activities CAPEX** Net asset sales Other investing activities Free cash flow * Based on continuation of proportional consolidation of China JV ** CAPEX does not include finance lease-related investments www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 50
  26. 26. FY13 1st half retail sales FY13 1H FY12 1H Detail of other markets 300 270 240 (thousand units) 210 201.6 177.8 180 150 121.2 120 87.6 99.7 96.4 90 51.8 60 49.7 30 0 Asia & Oceania Africa M.East www.nissan-global.com Latin America (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. FY13 2nd quarter retail sales 51 FY13 2Q FY12 2Q Detail of other markets 150 120 101.7 (thousand units) 92.9 90 57.8 60 46.8 50.8 48.9 27.2 30 26.7 0 Asia & Oceania M.East www.nissan-global.com Africa Latin America (C) Copyright NISSAN MOTOR CO., LTD. 2013 All rights reserved. 52

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