FY2011 first-quarter financial results

Transcription

1 FY2011 first-quarter financial results Nissan Motor Co., LTD. July 27, 2011 Key performance indicators: financial results Net revenue Operating profit Net income Free cash flow (Auto) Net debt (Auto) 2, ,

2 Business update Rapid recovery from the earthquake Plant Mar Apr May June Oppama 11 th Apr Vehicle Tochigi 18 th Apr Kyushu 13 th Apr P/T Yokohama 20 th Mar Iwaki 17 th May 3 Business update Global Production in calendar base 500 April to June total Dom Overseas Variance Total 320 Over seas Dom Apr % 248 Over seas Dom 1, % % May June 420 4

3 Business update Mid-term Plan NISSAN POWER 88 announcement POWER Brand & sales power 8 Global market share by FY16 (%) 8 Sustainable COP (%) 5 Business update Establishment of new minicar JV with Mitsubishi Motors 6

4 Business update Global growth model : Tiida Launching in China in 2nd quarter 7 Business update Lafesta Highway STAR 8

5 all-new product launches 5 all-new global launches Europe NV400 FWD NV400 RWD Japan Lafesta Highway STAR North America Infiniti JX Versa sedan China Tiida Murano Other markets New sedan Juke All-new global launches Regional launches 9 1st quarter sales performance 1st quarter financial performance Outlook 10

6 Sales performance: Global (million units) TIV* (3.27) Japan Europe vs. Q1 Global +4.2% North America (US) China -33.1% +6.4% (+6.6%) +4.4% +8.3% Retail volume 954 1, (220) Global +10.6% Japan North America (US) Europe China vs. Q1-14.7% +5.9% (+3.5%) +20.9% +22.6% 4.77 Others +8.0% 176 Others +13.6% *Nissan s estimation 11 Sales performance: Japan (%) Retail volume 138 Market share % +3.3% TIV decreased 33.1% to 0.77 million units Sales in Japan decreased 14.7% to 118 k units March, Juke and Elgrand contributed to Japan sales despite a significant drop in TIV. As a result, Nissan achieved a 15.2% market share March Elgrand 12

7 Sales performance: China (Jan. to Mar.) Retail volume % 298 TIV increased 8.3% to 4.6 million units sales in China increased 22.6% to 298 k units, thanks to Teana, QASHQAI and Sunny 2Q sales results continued to grow by 14% to k units, market share improved 1% to 7.5% (%) Market share % 6.5 Teana Sunny *TIV for China : Passenger and LCV only 13 DFL New Mid-term Business Plan (2011 to 2015) Grow sales by 1million Venucia brand to launch in 2012; targeting 300 k units in new models for Chinese market Production capacity expansion; new and existing plants 14

8 Sales performance: North America (%) Retail volume 212 Market share %* -0.2% TIV increased 6.6%* to 3.3 million units in US Sales in US increased 3.5% to 220 k units Canada: Sales up 7.7% to 25.3 k units, market share improved 0.2% to 5.3% Mexico: Sales up 17% to 49.1 k units, market share improved 1.3% to 24.3% Altima Sentra *Variances on a straight-percentage basis 15 Sales performance: Europe Retail volume % 170 TIV increased 4.4% to 5 million units Sales in Europe excluding Russia increased by 11.4% to 137 k units thanks to Juke and QASHQAI Sales in Russia increased by 87.8% to 33 k units Market share: (%) Market share % 3.4 Russia Juke 3.5% 4.6% Europe excl. Russia 2.9% 3.3% QASHQAI series 16

9 Sales performance: Other markets Retail volume % 176 Sales in Latin America increased 40.9% to 46.7 k units. Sales in Brazil increased 92.2% to 13.1 k units Sales in Thailand increased 28.7% to 16.7 k units Sales in Indonesia increased 22.9% to 11.6 k units March Livina series 17 INFINITI Expanding global presence % 28.8 Raising brand awareness through Formula 1 Product expansion: all new JX Sales impacted by earthquake Start of sales in Indonesia Market expansion: Chile and Panama 18

10 1st quarter sales performance 1st quarter financial performance Outlook 19 1st quarter financial performance Operating profit Non-operating Ordinary profit Extraordinary Profit before tax Net revenue 2,050.1 FX rate JPY/USD JPY/EUR OP margin 8.2% 7.2% Net income Variance 2, Taxes Effective tax rate 27.5% 29.5% Minority interest JPY/USD JPY/EUR JPY/USD +0.4 JPY/EUR Change vs. (%) +1.6% -10.4% -4.7% -16.9% -20.3% 20

11 1st quarter financial performance Operating profit variance analysis O.P. FOREX Raw material / energy cost Purch. cost reduction Volume / mix Selling exp. R&D exp. Sales finance & Other items O.P. 21 1st quarter financial performance 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* Net asset sales Other investing activities Free cash flow * CAPEX does not include finance lease-related investments 22

12 Inventory management Restoring inventory (Days) Mar Jun Sep Dec 2011 Mar Jun 0 Days supply Dealer inventory, except some minor countries Consolidated Nissan inventory, except some minor countries *Previous and current figures revised to reflect new scope adopted from 23 Net debt (Auto business) FX: JPY/USD End of month 2009 Mar Jun Sep Dec 2010 Mar Jun Sep Dec Mar 83.2 Jun

13 1st quarter sales performance 1st quarter financial performance Outlook 25 outlook (released June 23rd ) 26 Net revenue 8,773.1 Operating profit OP margin 6.1% Ordinary profit Net income CAPEX R&D FX rate assumptions Net income ratio sales ratio sales ratio (JPY/USD) (JPY/EUR) % % % , % % % * % Variance % % % % % -14.4% -18.0% -15.4% +31.4% +15.2% * Forecast

14 Rapid Recovery from Earthquake Global Product Success Nissan Power 88 Mid-term Plan 27 Appendix 28

15 Sales financing : Funding sources (As of June 2011) ABS Off B/S 4.3% Equity 11.2% Group Finance (Inter-Company) 26.0% ABS On B/S 17.6% Commercial paper 3.2% S/T Loan 4.1% Bonds 7.8% L/T Loan 25.8% Total funding amount 3,826 billion yen 29 Sales financing: penetration % NFS NMAC NCF NRFM 3% 4% 28% 28% 23% 34% 26% 37% 31% 32% 43% 40% 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 Retail 27% 34% Lease 30

16 Sales financing: net credit loss ratio Variance NFS Lease: 0.06% Retail: 0.30% Lease: 0.06% Retail: 0.27% Lease: 0.00% Retail: -0.03% NMAC Lease: 0.29% Retail: 0.85% Lease: 0.08% Retail: 0.46% Lease: -0.21% Retail: -0.39% NCF Lease: 0.27% Retail: 0.32% Lease: 0.18% Retail: 0.19% Lease: -0.09% Retail: -0.13% 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 31 Sales financing: operating profit & asset NFS ( NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million Peso) Asset: 1,085.4 OP: 3.9 Asset: 1,075.9 OP: 4.4 Variance Asset: -9.5 OP: +0.5 NMAC Asset: 30,479 OP: 215 Asset: 33,671 OP: 325 Asset: +3,192 OP: +110 NCF Asset: 3,860 OP: 20 Asset: 3,861 OP: 26 Asset: +1 OP: +6 NRFM Asset: 23,740 OP: 33 Asset: 26,366 OP: 222 Asset: +2,626 OP: +189 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 32

17 1 st quarter financial performance Operating profit variance analysis 1. Foreign exchange impact USD (92.0 to 81.7) CAD -2.2 (89.5 to 84.4) AUD +1.9 (81.1 to 86.7) 2. Volume / mix RUB -3.5 (3.04 to 2.92) EUR* +0.5 Others Japan -3.3 Vol: -5.7 Mix: +2.4 US Vol: +0.2 Mix: EUR Vol: Mix: -0.3 MEX&CAN -4.8 Others Selling expenses +7.8 Japan +5.6 Incentives: -0.5 Others: +6.1 * including other European currencies (excluding RUB) 33 US&CAN Incentives: +9.7 Others: +1.3 EUR -0.8 Incentives: +0.9 Others: -1.7 Others -8.0 Incentives: -5.3 Others: st quarter financial performance Detail of non-operating income/expenses Interest income / expenses Variance +0.5 FX translation NML NMEX NMAC Others Derivative gain and loss NMAC Others Offset Profit/Loss under equity methods Amortization of net retirement benefit

18 1 st quarter financial performance Detail of extraordinary gains/losses Variance Sale/disposal of fixed assets Sale of investment securities Impairment loss on fixed assets Special addition to retirement benefits Loss on asset retirement obligation Loss on disaster st quarter financial performance 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 70.8 * Capex does not include finance lease-related investments

19 1 st quarter retail sales Detail of other markets Asia & Oceania 37 M.East Africa Latin America *Scope change between M.East and Africa 38