FY2012 third-quarter financial results

Transcription

1 FY2012 third-quarter financial results Nissan Motor Co., LTD. February 8, 2013 Key performance indicators: financial results Net revenue 6, ,755.2 Operating profit Net income Free cash flow (Auto) Net cash (Auto) Q 3Q 2

2 8 8 POWER Brand & sales power Global market share by FY16 (%) Sustainable COP (%) 3 business update sales performance (9 months) consolidated financial performance (9 months) 4

3 business update Award-winning cars China Japan Car of the year Most economical vehicle Note Sylphy Venucia R50 5 business update Zero-emission leadership (Japan) New-generation Nissan LEAF now available 228 km * of range achieved at full charge More affordable price (US) Local production starts New-generation Nissan LEAF assembled at Smyrna, TN, New enhancements and equipment * JC08 mode 6

4 business update Infiniti momentum Geographic expansion Infiniti Red Bull Racing team Singapore, Chile, Dominican Republic, South Africa and Australia in 2012 Hong kong in 2013 Brazil in 2014 Infiniti s first premium compact to be produced in UK from 2015 Infiniti Q50 world debut at Detroit auto show 7 business update Monozukuri enhancement in ASEAN Thailand production capacity expansion: increase 150 k units to reach 370 k units by the end of mid-term business plan NTCSEA, regional R&D function, expansion: engineering responsibility, and testing facilities 8

5 business update Operation status China updates Plant operations Returned to 2 shifts in Huadu and Zhengzhou plant in Jan Sales CY12 sales : 1,181 k units Jan 2013 sales : k units, +22.2% Dealer inventory Reasonable level at the end of Jan Showroom traffic recovery Showroom traffic vs. last year (Nissan PV) 100% 50% Sep 2012 Oct Nov Dec Jan business update Transfer H/M CV Business to Dongfeng Motor Group 10

6 business update Alliance updates 8.1 million unit sales in CY2012 Created joint venture for strategic partnership with AVTOVAZ 11 business update Strategic cooperation for FCEV technology 12

7 business update sales performance (9 months) consolidated financial performance (9 months) 13 sales performance (9 months) : Global TIV* Retail volume vs. Global +6.0% Japan +20.1% **M/S 6.2% 3,429 **M/S % 3,635 vs. Global +6.0% Japan +1.0% China +5.5% (million units) (11.02) North America (US) Europe +12.2% (+13.4%) -6.0% (thousand units) 947 1,066 (819) 479 China North America (US) Europe +4.5% +6.7% (+8.2%) -6.7% Others +9.9% 709 Others +22.1% *Nissan s estimation 14 ** Market Share

8 sales performance (9 months) : Japan Retail volume (thousand units) % 434 TIV: 3.68 million units, +20.1% Sales: 434 k units, +1%, thanks to Serena and Note Market share: 11.8%, -2.2 points Market share -2.2 points (%) Serena Note 15 sales performance (9 months) : China (Jan. to Sep.) (thousand units) Retail volume % 947 3Q (Jan. to Sep.) TIV * : 13.3 million units, +5.5% Sales: 947 k units, +4.5%, thanks to Tiida, Sunny and Qashqai Market share: 7.1%, -0.1 point Market share -0.1 point 4Q (Oct. to Dec.) Sales: 234 k units, -31.2% Market share: 4.7%, -2.7 points (%) Tiida Sylphy *TIV for China : Passenger and LCV only 16

9 sales performance (9 months) : North America US Retail volume (thousand units) % US Market share -0.4 points 819 US TIV: million units, +13.4% Sales: 819 k units, +8.2% thanks to Rogue and Pathfinder Market share: 7.4%, -0.4 points Canada Sales: 61 k units, -8% Market share: 4.6%, -0.7 points Mexico Sales: 184 k units, +6% Market share: 24.5%, -0.5 points (%) Altima Pathfinder 17 sales performance (9 months) : Europe (thousand units) Retail volume % Market share 479 TIV: million units, -6% Europe excluding Russia: 361 k units, -9.1% Russia: 118 k units, +1.5% Market share: Russia 5.4% 5.1% Europe excl. Russia 3.4% 3.4% (%) Qashqai Juke 18

10 sales performance (9 months) : Other markets Asia & Oceania: 321 k units, +33.3% Retail volume Thailand: 96.5 k units, +96.3% Indonesia: 51.6 k units, +16.2% (thousand units) % 709 India: 30.5 k units, +77.2% Latin America: k units, +8.5% Brazil: 77.4 k units, +44% Middle East : k units, +26.3% V-platform series 19 business update sales performance (9 months) consolidated financial performance (9 months) 20

11 financial performance (9 months) Net revenue 6,698.4 Variance 6, Change vs. (%) +0.8% Operating profit OP margin 6.4% 5.2% Non-operating % Ordinary profit % Extraordinary Profit before tax Taxes Effective tax rate 26.5% 28.8% Minority interest % Net income FX rate JPY/USD JPY/EUR 80.0 JPY/USD JPY/EUR JPY/USD -8.6 JPY/EUR -12.7% 21 financial performance (9 months) Operating profit variance analysis O.P. 3Q only FOREX Raw material / energy cost 22 Purch. cost reduction Volume / mix Selling exp. R&D exp. MFG exp. Sales finance Other items O.P

12 financial performance (9 months) Free cash flow (Auto business) Net cash inflow from P&L items AP / AR Inventory Tax / other operating activities Cash flow from operating activities CAPEX* * CAPEX does not include finance lease-related investments 23 Net asset sales Other investing activities Free cash flow Inventory management Inventory status 1,200 1, (thousand units) 1, (days) Dec 2012 Mar Jun Sep Dec 0 Days supply Dealer inventory, except some minor countries Consolidated Nissan inventory, except some minor countries 24

13 Net Cash (Auto business) Dec 2011 Mar Jun Sep Dec 2012 Mar FX: JPY/USD End of month Jun Sep 77.6 Dec outlook Maintain our full year income guidance Positives New models contribution Yen correction Disciplined cost management Risks/Negatives Competitive environment in pricing Sales volume evolution Higher than anticipated recovery costs in China Further weakening of the European market 26

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15 Appendix 29 Sales financing : Funding sources (As of December 2012) ABS Off B/S 3.1% ABS On B/S 28.6% Equity 8.8% Group Finance (Inter-Company) 21.0% Commercial paper 2.9% S/T Loan 3.1% Bonds 7.8% L/T Loan 24.7% Total funding amount 5,059 billion yen 30

16 Sales financing: penetration % NFS NMAC NCF NRFM 4% 4% 25% 29% 30% 31% 24% 28% 26% 41% 47% 39% 38% 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 Retail Lease 41% 31 Sales financing: net credit loss ratio Variance NFS Lease: 0.06% Retail: 0.26% Lease: 0.04% Retail: 0.14% Lease: -0.02% Retail: -0.12% NMAC Lease: 0.11% Retail: 0.68% Lease: 0.09% Retail: 0.58% Lease: -0.02% Retail: -0.10% NCF Lease: 0.18% Retail: 0.17% Lease: 0.19% Retail: 0.14% Lease: +0.01% Retail: -0.03% 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 32

17 Sales financing: operating profit & asset ( NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million Peso) Variance NFS Asset: 1,078.8 OP: 13.7 Asset: 1,129.6 OP: 17.1 Asset: OP: +3.4 NMAC Asset: 36,226 OP: 982 Asset: 42,737 OP: 794 Asset: +6,511 OP: -188 NCF Asset: 3,950 OP: 95 Asset: 3,839 OP: 75 Asset: -111 OP: -20 NRFM Asset: 30,868 OP: 785 Asset: 41,057 OP: 1,217 Asset: +10,189 OP: +432 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 33 financial performance (9 months) Operating profit variance analysis 1. Foreign exchange impact USD (79.0 to 80.0) BRL (46.9 to 39.7) AUD +0.5 (82.3 to 82.3) 2. Volume / mix RUB (2.70 to 2.55) EUR* +3.9 Others -4.3 * including other European currencies (excluding RUB) +8.7 Japan Vol: -4.2 Mix: -9.0 US Vol: Mix: +7.9 EUR Vol: Mix: -4.0 MEX&CAN +7.6 Others Selling expenses Japan +0.7 Incentives: +1.3 Others: -0.6 US&CAN Incentives: +0.4 Others: EUR Incentives: Others: +1.1 Others Incentives: Others:

18 3rd quarter sales performance(3 months) : Global TIV* Retail volume vs. Global +4.4% Japan -3.0% **M/S 6.6% 1,205 **M/S 1, % vs. Global -3.8% 4.27 China +5.9% 130 Japan -11.4% (million units) 4.25 (3.59) 4.06 North America (US) Europe +9.0% (+10.2%) -8.8% (thousand units) (275) 151 China North America (US) Europe -13.8% +1.9% (+2.5%) -13.5% 5.52 Others +13.3% 246 Others +14.7% 3Q 3Q *Nissan s estimation 35 3Q ** Market Share 3Q 3rd quarter financial performance (3 months) 3Q Net revenue 2, Q Variance 2, Change vs. (%) -5.3% Operating profit OP margin 5.1% 2.8% Non-operating % Ordinary profit % Extraordinary Profit before tax Taxes Effective tax rate 22.4% 31.2% Minority interest % Net income FX rate JPY/USD JPY/EUR 81.1 JPY/USD JPY/EUR JPY/USD +0.8 JPY/EUR -34.6% 36

19 3rd quarter financial performance (3 months) Operating profit variance analysis Q O.P. FOREX Raw material / energy cost Purch. cost reduction Volume / mix Selling exp. R&D exp. MFG exp. Sales finance Other items 3Q O.P. 37 3rd quarter financial performance (3 months) Operating profit variance analysis 1. Foreign exchange impact USD (77.4 to 81.1) BRL -2.5 (43.1 to 39.5) AUD +3.5 (78.4 to 84.2) 2. Volume / mix RUB +3.2 (2.49 to 2.61) EUR* +0.7 Others +0.9 * including other European currencies (excluding RUB) Japan Vol: Mix: -9.5 US Vol: Mix: +2.0 EUR Vol: Mix: -1.8 MEX&CAN -0.8 Others Selling expenses +8.7 Japan +0.4 Incentives: +2.0 Others: -1.6 US&CAN Incentives: Others: -1.0 EUR -0.6 Incentives: -0.9 Others: +0.3 Others -8.7 Incentives: Others:

20 financial performance (9 months) Detail of non-operating income/expenses Interest income / expenses Variance FX translation NML NMEX NMAC Others Derivative gain and loss NMAC Others Offset Profit/Loss under equity methods Amortization of net retirement benefit Others financial performance (9 months) Detail of extraordinary gains/losses Variance Sale/disposal of fixed assets Sale of investment securities Impairment loss on fixed assets Loss on disaster Others

21 3rd quarter financial performance (3 months) Detail of non-operating income/expenses Interest income / expenses 3Q 3Q Variance FX translation NML NMEX NMAC Others Derivative gain and loss NMAC Others Offset Profit/Loss under equity methods Amortization of net retirement benefit Others rd quarter financial performance (3 months) Detail of extraordinary gains/losses 3Q 3Q Variance Sale/disposal of fixed assets Sale of investment securities Impairment loss on fixed assets Others

22 3rd quarter financial performance (3 month) Free cash flow (Auto business) Net cash inflow from P&L items AP / AR Inventory Tax / other operating activities Cash flow from operating activities * CAPEX does not include finance lease-related investments CAPEX* Net asset sales Other investing activities Free cash flow financial performance (9 months) Free cash flow (Auto business) variance Net cash inflow from P&L items Variance AP/AR Inventory Tax/Others Operating activities Capex * Asset sales Others Investing activities Free cash flow * Capex does not include finance lease-related investments

23 retail sales (9 months) Detail of other markets (thousand units) Asia & Oceania M.East Africa Latin America 45 3rd quarter retail sales (3 months) Detail of other markets 150 3Q 3Q (thousand units) Asia & Oceania M.East Africa Latin America 46

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