November 4, 2014 Nissan Motor Co., Ltd FY2014 first-half financial results www.nissan-global.com (C) Copyright NISSAN MOTOR CO., LTD. All rights reserved. 2 Net revenue (billion yen) Operating profit Net income Free cash flow (Auto) Net cash (Auto) 221.9 261.9 189.8 237.0 -80.7 163.9 729.2 1,128.3 4,756.2 5,144.6 Key performance indicators: financial results (TSE report basis - China JV Equity basis) FY14 1H FY13 1H
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FY2014 first-half financial results€¦ · FY14 outlook (TSE report basis - China JV Equity basis) FX rate (JPY/USD) 100 104 FY14 previous outlook FY14 revised 5,650 k units 535
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November 4, 2014Nissan Motor Co., Ltd
FY2014 first-halffinancial results
www.nissan-global.com(C) Copyright NISSAN MOTOR CO., LTD.All rights reserved. 2
* CAPEX does not include finance lease-related investments
Free cash flow
+498.3
+145.2
163.9-84.7
386.0
-219.6 -2.5
-172.8
(billion yen)
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Inventory management
Inventory statusInventory status
(excluding China JV)
Consolidated Nissan inventory, except some minor countriesDealer inventory, except some minor countries
(tho
usan
d un
its)
0
100
200
300
400
500
600
700
800
900
1,000
2013Sep. Dec.
2014Mar. Sep.Jun.
760820800820
880
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Auto business(TSE report basis - China JV Equity basis )Net Cash
FX: JPY/USDEnd of month
98.6
Mar.94.1
Jun.
2013
622.9
836.0
400
200
600
800
1,000
1,200
(billion yen)
97.8
Sep.
729.2
FX: JPY/USDEnd of month
101.4
Mar.102.9
Jun.
2014
916.3
1,015.9
400
200
600
800
1,000
1,200
(billion yen)
109.5
Sep.
1,128.3
00
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Net revenue
(billion yen)
Operating profit Net income Free cash flow
(Auto)Net cash
(Auto)
264.7332.6
189.8237.0
-87.6
145.7
831.7
1,242.85,215.4
5,643.8
FY141H
FY131H
*Key performance indicators: financial results(management pro forma basis )
* Based on continuation of proportionate consolidation of China JV
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(billion yen) VarianceFY131H
Net revenue 5,215.4 5,643.8 +428.4 +8.2%
Change vs. FY13 (%)
FY141H
(management pro forma basis* )FY14 1st half financial performance
FX rate 103.0 JPY/USD 138.9 JPY/EUR
98.9 JPY/USD130.0 JPY/EUR
Net income +47.2 +24.9%189.8 237.0+4.1 JPY/USD+8.9 JPY/EUR
Operating profit 264.7 332.6 +67.9 +25.7%
OP margin 5.9%5.1% +0.8%
* Based on continuation of proportionate consolidation of China JV
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FY14 1st halfconsolidated financial performance
FY14 1st half sales performance
FY14 business update
FY14 outlook
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(tho
usan
d un
its)
FY14revisedoutlook
FY13
+15.4%Europe
-11.0%Japan
+8.1%Others
Global +5.1%
+4.4%China
+9.8%
(+9.7%)
North America
(US)
vs. FY13
5,4505,188
* Previous outlook on May 12, 2014
1,270
780
1,810 (1,410)
640
950
Retail volume
FY14 sales outlook
FY14previousoutlook
5,650
1,430
780
1,760(1,370)
640
1,040
0.0%
0.0%
-8.7%
-3.5%
-11.2%
+2.8%
(+2.9%)
vs. FY14 previous outlook
* ** After adjustment of CV spin off
**
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✓
(billion yen)
Net income
Operating profit
FY14 outlook (TSE report basis - China JV Equity basis)
FX rate(JPY/USD) 100 104
FY14 previousoutlook
FY14 revisedoutlook
5,650 k units
535 535
5,450 k unitsRetail volume
140 138(JPY/EUR)
405 405
Net revenue 10,790 10,800
■While volume forecast is adjusted downwards, profit outlook maintained as cost reduction and FX benefit will compensate
✓
✓
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4.9%
(billion yen)
Net revenue
Net income
Ordinary profit
Operating profit
CAPEX
R&D
FX rateassumptions
10,790.0
405.0
620.0
535.0
(JPY/USD)
0.1%
0.0%
0.0%
0.0%
500.04.6%
525.0
(JPY/EUR)
5.0%
3.8%
0.0%
0.0%
5.1%
100.2
10,482.5
389.0
527.2
498.4
500.64.8%
536.3
134.2
4.8%
3.7%
10.0
0.0
0.0
0.0
0.0%
0.0%
0.0
0.0
0.0%
0.0%
+4.0
-2.0
FY14 previousoutlook (B)
FY13Actual (A) (C)-(B)
vs. previousoutlook
Change vs. previous outlook
(C)/(B)
100.0
140.0
OP margin
Net income ratio
Sales ratio
Sales ratio
*
FY14 outlook (TSE report basis - China JV Equity basis)
4.9%
10,800.0
405.0
620.0
535.0
500.04.6%
525.0
5.0%
3.8%
FY14 revisedoutlook (C)
104.0(2H:105.0)
138.0(2H:137.0)
* Previous outlook on May 12, 2014
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divi
dend
per
shar
e(y
en)
FY11 FY12
20
25
FY13
30
FY14 shareholder return outlook
2H16.5
33
FY14 (Forecast)
1H16.5
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Appendix
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(As of September 2014)
Total funding amount7,455 billion yen
11.2%
Group Finance(Inter-Company)
21.9%ABS Off B/S
3.2%
Equity9.7%
ABS On B/S23.0%
L/T Loan25.1%
Commercial paper3.4%
S/T Loan2.5%
Bonds
Sales financing: Funding sources
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NFS: Nissan Financial Services, 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
Sales financing: penetration Lease
Retail
0
10
20
30
40
50
60
70
80
90
100%
NMACNFS NCF NRFM
32% 28%
46% 41% 39% 39% 40% 47%
28%25%
4% 6%
29%
FY131H
FY131H
FY131H
FY131H
30%
FY141H
FY141H
FY141H
FY141H
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NFS
NMAC
NCF
FY131H VarianceFY14
1H
NFS: Nissan Financial Services, sales finance company in JapanNMAC: Nissan Motor Acceptance Corporation, sales finance company in USNCF: Sales financing division of Nissan Canada Inc
Sales financing: net credit loss ratio
Lease: 0.03%0.15%Retail:
Lease: 0.04%0.13%Retail:
Lease:+0.01%-0.02%Retail:
Lease: 0.20%0.73%Retail:
Lease: 0.22%0.71%Retail:
Lease: +0.02%-0.02%Retail:
Lease: 0.12%0.23%Retail:
Lease: 0.16%0.44%Retail:
Lease: +0.04%+0.21%Retail:
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NFS
NMAC
Variance
NCF
FY141H
(NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million Peso)
NRFM
NFS: Nissan Financial Services, 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
FY131H
Sales financing: operating profit & asset
OP: 12.9Asset: 1,121.0
OP:Asset:
12.81,193.8
OP:Asset:
-0.1+72.8
OP: 468Asset: 45,594
OP:Asset:
48850,399
OP:Asset:
+20+4,805
OP: 65Asset: 4,065
OP:Asset:
524,479
OP:Asset:
-13+414
OP: 1,075Asset: 48,926
OP:Asset:
1,10061,489
OP:Asset:
+25+12,563
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* including other European currencies (excluding RUB)