Fiscal Year 2015 Financial Results

Transcription

1 Fiscal Year 2015 Financial Results Nissan Motor Co., Ltd May 12, 2016 results FY16 outlook 2

2 Key performance indicators: financial results (TSE report basis - China JV Equity basis) Net revenue Operating profit Net income Free cash flow (Auto) Net cash (Auto) 11, , , , Net income attributable to owners of the parent 3 sales performance: Global TIV 1 Retail volume vs. Global +2.1% Japan -6.8% 2 M/S M/S 6.2% 6.2% 5, , vs. Global +2.0% Japan -8.1% China +6.0% 3 1, ,250 China % (million units) (16.73) (17.60) North America (US) Europe (Incl. Russia) Others +5.8% (+5.2%) +3.5% -4.8% (thousand units) 1,829 (1,400) ,011 (1,517) North America (US) Europe (Incl. Russia) Others +9.9% (+8.4%) -0.2% -5.9% 1: Nissan s estimation 2: Market Share 4: PV: Retail sales base, LCV: Wholesale base 3: Wholesale base 5: After adjustment for PV in 2014 to retail base 4

3 sales performance: Japan Retail volume TIV: 4.94 million units, -6.8% (thousand units) % 573 Sales: 573 k units, -8.1% Market share: 11.6%, -0.2 points X-Trail: 62.5 k units Market share (%) points 11.6 X-Trail Nissan LEAF 5 sales performance: China (Jan. to Dec.) (thousand units) Retail volume +6.3% 1 2 1,176 1,250 3 TIV : million units, +6.0% Sales: 1,250 k units, +6.3% Market share: 5.3%, 0.0 points 2 2 X-Trail: k units Market share Sylphy series: k units 0.0 points X-Trail Sylphy (%) : PV: Retail sales base, LCV: Wholesale base 2: PV volume was restated to retail sales base for comparison 3: PV and LCV only 6

4 sales performance: North America (thousand units) US Retail volume +8.4% 1,517 1,400 US Market share +0.2 points US TIV: million units, +5.2% Sales: 1,517 k units, +8.4% Market share: 8.6%, +0.2 points Canada Sales: 134 k units, +13.3% Market share: 6.9%, +0.6 points Mexico Sales: 358 k units, +15.3% Market share: 25.7%, -0.4 points (%) Altima Rogue 7 sales performance: Europe (Incl. Russia) (thousand units) Retail volume -0.2% Market share -0.2 points Europe excluding Russia TIV: million units, +8.7% Sales: 637 k units, +9.4% Market share: 3.8%, 0.0 points Russia TIV: 1.54 million units, -32.4% Sales: 116 k units, -32.6% Market share: 7.6%, 0.0 points (%) Qashqai Infiniti Q30 8

5 sales performance: Other markets Estimated TIV: million units, -4.8 % (thousand units) Retail volume -5.9% Sales: 835 k units, -5.9% Asia & Oceania: 357 k units, -1.7% M/S Latin America: 171 k units, -6.7% M/S Middle East: 208 k units, -12.4% M/S Africa: 99 k units, -4.1% M/S Market Share NP300 Navara Datsun GO+ Panca 9 sales performance: Infiniti (thousand units) Retail volume % 218 Infiniti Sales: 218 k units, +14.9% 19 th consecutive month with global year-on-year growth Market Share Infiniti Q50 Infiniti QX60 Infiniti volumes are also included in regional sales 10

6 financial performance (TSE report basis - China JV Equity basis) Net revenue 11,375.2 Variance 12, Change vs. (%) +7.2% Operating profit OP margin 5.2% 6.5% Non-operating % Ordinary profit Extraordinary % Net income FX rate Profit before tax Taxes Effective tax rate 28.7% 24.6% 1 Minority interest JPY/USD JPY/EUR JPY/USD JPY/EUR JPY/USD -6.1 JPY/EUR +6.6% +14.5% 1: Net income attributable to non-controlling interests 2: Net income attributable to owners of the parent 11 financial performance (TSE report basis - China JV Equity basis) Operating profit variance analysis Q Full year O.P. FOREX Cost items Volume / mix Marketing & Selling exp. R&D exp. MFG exp. Including purch. cost reduction, raw material and product enrichment Other items Full year O.P

7 financial performance (TSE report basis - China JV Equity basis) 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 Others Free cash flow CAPEX does not include finance lease-related investments 13 Inventory management (excluding China JV) Inventory status 1, (thousand units) Mar. Jun. Sep. Dec. Dealer inventory, except some minor countries Consolidated Nissan inventory, except some minor countries 2016 Mar. 14

8 Net Cash (Auto business) (TSE report basis - China JV Equity basis) 1,600 1,400 1,200 1, FX: JPY/USD End of month 1, Mar. 1, Mar. 1, Mar Key performance indicators: financial results 1 (management pro forma basis ) Net revenue Operating profit Net income 2 Free cash flow (Auto) Net cash (Auto) 12, , , , : Based on continuation of proportionate consolidation of China JV 2: Net income attributable to owners of the parent 16

9 financial performance 1 (management pro forma basis ) Variance Change vs. (%) Net revenue 12, , % Operating profit % OP margin 5.8% 7.0% +1.2% 2 Net income % FX rate JPY/USD JPY/EUR JPY/USD JPY/EUR JPY/USD -6.1 JPY/EUR 1: Based on continuation of proportionate consolidation of China JV 2: Net income attributable to owners of the parent 17 results FY16 outlook 18

10 Nissan Power 88 progress (thousand units) Sales volume Operating profit Total assets Free cash flow (Auto) Net cash (Auto) +29.6% 5, % % 18,021.6 Cumulative 1.7 tri. JPY (exceeded NP88 objective 1.5 tri. JPY) % 1, , , % FY10 FY10 FY10 FY10 FY10 Based on continuation of proportionate consolidation of China JV 19 Nissan Power 88 COP margin trajectory First half Second half 7.0% 5.8% 5.4% 5.3% 5.8% FY11 FY12 FY13 FY16 Based on continuation of proportionate consolidation of China JV 20

11 Product offensive continues: Japan 21 Product offensive continues: China Launched in 2015 Launched in 2016 (Mar.) All-new Lannia New Sylphy Coming in 2016 Coming in 2016 All-new Tiida All-new Maxima 22

12 Product offensive continues: US Launched in 2015 New Sentra All-new Titan New Altima All-new Maxima 23 Product offensive continues: Europe Launched in 2015 Q30 24

13 Product offensive continues: Kicks Coming in 2016 Kicks 25 Product offensive continues: Infiniti Coming in 2016 Q60 26

14 Product offensive continues: Infiniti Coming in 2016 QX30 27 Product offensive continues: Datsun Coming in 2016 redi-go 28

15 Cost efficiencies Common Module Family 29 Revenue optimization Vehicle sales Sales finance Aftersales 30

16 Intelligent mobility vision Intelligent Mobility Autonomous Drive Electric Vehicle Connected Car 31 Intelligent mobility vision Autonomous drive roadmap Traffic Jam Single Lane Highway Multi Lane City Intersection 32

17 Alliance and strategic cooperation 33 Alliance and strategic cooperation ( billion) 5.5 Synergies (Visibility) 2018 (Target) 34

18 results FY16 outlook 35 FY16 sales outlook TIV 1 Retail volume vs. Global +2.6% Japan +1.9% M/S 2 6.2% 5, M/S 2 5, % vs. Global +3.3% Japan +1.3% China +4.0% 3 3 1, ,300 China +4.0% (million units) 20.9 (17.6) (17.8) North America (US) Europe (Incl. Russia) Others +1.2% (+1.1%) +2.2% +3.0% (thousand units) 2,011 (1,517) ,070 (1,570) North America (US) Europe (Incl. Russia) Others +2.9% (+3.5%) +2.2% +5.3% FY16 FY16 1: Nissan s estimation 2: Market Share 3: PV: Retail sales base, LCV: Wholesale base 36

19 FY16 outlook (TSE report basis - China JV Equity basis) actual FY16 outlook Variance Change vs. (%) Net revenue 12, , % Operating profit % OP margin 6.5% 6.0% -0.5% Ordinary profit % Net income % Net income ratio 4.3% 4.4% +0.1% CAPEX % Sales ratio 3.9% 4.6% +0.7% R&D % Sales ratio 4.4% 4.7% +0.3% FX rate assumptions (JPY/USD) (JPY/EUR) Net income attributable to owners of the parent 37 FY16 outlook (TSE report basis - China JV Equity basis) Operating profit variance analysis O.P. actual M&S Monozukuri and others FY16 O.P. outlook (w/o FX impact) FOREX FY16 O.P. outlook 38

20 1 FY16 outlook (management pro forma basis ) actual FY16 outlook Variance Change vs. (%) Net revenue 13, , % Operating profit % Net income % 1: Based on continuation of proportionate consolidation of China JV 2: Net income attributable to owners of the parent 39 FY16 shareholder return outlook Minimum payout ratio of 30% Announced share buyback program on February 26, 2016 (300 million shares up to 400 billion yen during 2016) % 48 dividend per share (yen) FY11 FY12 FY13 FY16 (Forecast) 40

21 41 Appendix

22 Sales financing : funding sources (As of March 2016) ABS Off B/S 2.1% ABS On B/S 24.9% Equity 10.9% Group Finance (Inter-Company) 17.9% Commercial paper 4.3% S/T Loan 3.6% Bonds 11.3% L/T Loan 25.0% Total funding amount 8,688 billion yen 43 Sales financing : penetration Lease Retail (%) 100% 90% NFS NMAC NCF NRFM 80% 70% 60% 50% 26% 29% 29% 31% 40% 30% 20% 10% 6% 5% 29% 29% 41% 41% 38% 39% 48% 48% 0% 0 NFS: Nissan Financial Services, 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 44

23 Sales financing : net credit loss ratio Variance NFS Lease: 0.04% Lease: 0.02% Lease: -0.02% Retail: 0.11% Retail: 0.11% Retail: 0.00% NMAC NCF Lease: Retail: Lease: Retail: 0.26% 0.81% 0.17% 0.41% Lease: 0.33% Lease: +0.07% Retail: 0.93% Retail: +0.12% Lease: 0.18% Lease: +0.01% Retail: 0.37% Retail: -0.04% NFS: Nissan Financial Services, sales finance company in Japan NMAC: Nissan Motor Acceptance Corporation, sales finance company in US NCF: Sales financing division of Nissan Canada Inc 45 Sales financing : operating profit & asset ( NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million Peso) Variance NFS Asset: 1,063.8 OP: 24.2 Asset: OP: 1, Asset: OP: NMAC Asset: OP: 54, Asset: OP: 60,734 1,028 Asset: OP: +6, NCF Asset: OP: 4, Asset: OP: 5, Asset: OP: +1, NRFM Asset: OP: 71,021 2,483 Asset: OP: 86,026 3,370 Asset: OP: +15, NFS: Nissan Financial Services, 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 46

24 financial performance (TSE report basis - China JV Equity basis) Operating profit variance analysis 1. Foreign exchange impact USD ( ) CAD ( ) MXN ( ) CNY ( ) RUB ( ) Others Volume / mix Japan Vol: Mix: Includes country mix 3. Selling expenses Japan +8.2 Incentives: +3.9 Others: +4.3 US Vol: Mix: EUR Vol: Mix: US EUR Incentives: Others: Incentives: Others: MEX&CAN Others MEX&CAN Others th quarter sales performance(3 months): Global TIV 1 Retail volume vs. Global +4.2% , Japan -6.9% M/S % M/S 1, % vs. Global +3.4% Japan -8.0% China +17.3% China +17.6% 5 (million units) 4.63 (3.95) (4.09) North America (US) Europe (Incl. Russia) Others +4.5% (+3.4%) +6.3% -10.9% (thousand units) 476 (368) (400) North America (US) Europe (Incl. Russia) Others +9.5% (+8.9%) -3.4% -8.6% 4Q 1: Nissan s estimation 4Q 4Q 2: Market Share 3: Wholesale base 4Q 4: PV: Retail sales base, LCV: Wholesale base 5: After adjustment for PV in 2014 to retail base 48

25 4th quarter financial performance (3 months) (TSE report basis - China JV Equity basis) 4Q 4Q Variance Change vs. (%) Net revenue 3, , % Operating profit OP margin Non-operating % % % Ordinary profit Extraordinary % Profit before tax Taxes Effective tax rate Minority interest Net income FX rate % JPY/USD JPY/EUR % JPY/USD JPY/EUR JPY/USD -6.8 JPY/EUR -39.2% -40.2% 1: Net income attributable to non-controlling interests 2: Net income attributable to owners of the parent 49 4th quarter financial performance (3 months) (TSE report basis - China JV Equity basis) Operating profit variance analysis Q O.P. FOREX Cost items Volume / mix Marketing & selling exp. R&D exp. MFG exp. Other items 4Q O.P. Including purch. cost reduction, raw material and product enrichment 50

26 4th quarter financial performance (3 months) (TSE report basis - China JV Equity basis) Operating profit variance analysis 1. Foreign exchange impact CAD USD THB Volume / mix Japan -5.7 Vol: Mix: Includes country mix 3. Selling expenses Japan +8.0 Incentives: +4.5 Others: +3.5 ( ) ( ) ( ) US -6.7 Vol: Mix: EUR Vol: Mix: US -4.6 EUR +0.8 Incentives: Others: Incentives: Others: MXN -5.7 ( ) RUB Others ( ) MEX&CAN Others MEX&CAN +4.9 Others th quarter financial performance (3 months) (TSE report basis - China JV Equity basis) 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 Other Free cash flow CAPEX does not include finance lease-related investments 52

27 retail sales Detail of other markets (thousand units) Asia & Oceania Latin America M.East Africa 53 4th quarter retail sales (3 months) Detail of other markets 4Q 4Q (thousand units) Asia & Oceania Latin America M.East Africa 54