FY2013 first-half financial results

Transcription

1 FY2013 first-half financial results Nissan Motor Co., Ltd November 1, 2013 Key performance indicators: financial results (management pro forma basis * ) Net revenue Operating profit Net income Free cash flow (Auto) Net cash (Auto) 5, , All rights reserved. 2

2 1st half sales performance 1st half consolidated financial performance outlook 2013 All rights reserved. 3 1st half sales performance: Global TIV* Retail volume vs. Global +3.9% Japan -1.7% **M/S 6.2% 2,476 **M/S 2, % Global -1.5% Japan vs. +3.6% China +12.5% 592 China -8.3% (million units) 9.60 (8.09) 8.73 North America (US) Europe +8.5% (+8.9%) -2.1% (thousand units) 800 (623) 308 North America (US) Europe +13.8% (+14.5%) -6.1% Others -0.8% 424 Others -8.4% *Nissan s estimation ** Market Share 2013 All rights reserved. 4

3 1st half sales performance: Japan (thousand units) Retail volume % Market share +0.7 points 315 TIV: 2.55 million units, -1.7% Sales: 315 k units, +3.6% Market share: 12.4%, +0.7 points Note: 66.3 k units, +101% DAYZ: 50 k units since launch in June (%) Note DAYZ 2013 All rights reserved. 5 1st half sales performance: China (Jan. to Jun.) (thousand units) Retail volume % Market share -1.4 points *1 592 (Jan. to Jun.) *2 TIV : million units, +12.5% Sales *3: 592 k units, -8.3%, Market share *3: 5.8%, -1.4 points Sylphy sales: 112 k units, +111% 3Q (Jul. to Sep.) *2 TIV : 4.83 million units, +13.3% Sales *3: 294 k units, +23.4%, Market share *3: 6.1%, +0.5 points Sylphy Teana (%) * 1: Sales to dealers * 2: TIV for China : Passenger and LCV only * 3: After adjustment of CV spin off 2013 All rights reserved. 6

4 1st half sales performance: North America (thousand units) (%) US Retail volume % +0.4 points 623 US Market share 7.7 US TIV: 8.09 million units, +8.9% Sales: 623 k units, +14.5% thanks to Altima, Pathfinder and Sentra Market share: 7.7%, +0.4 points Canada Sales: 50 k units, +14.8% Market share: 5.0%, +0.4 points Mexico Sales: 126 k units, +10.3% Market share: 24.9%, +0.4 points Altima Pathfinder 2013 All rights reserved. 7 1st half sales performance: Europe (thousand units) Retail volume % Market share -0.1 point 308 TIV: 8.73 million units, -2.1% Europe excluding Russia: 239 k units, -3.6% Russia: 70 k units, -13.9% Market share: Russia 5.1% 4.9% Europe excl. Russia 3.4% 3.4% (%) Qashqai Juke 2013 All rights reserved. 8

5 1st half sales performance: Other markets Retail volume Estimated TIV: million units, -0.8% Sales: 424 k units, -8.4% Asia & Oceania: k units, -11.8% (thousand units) % 424 Latin America: 99.7 k units, -17.8% Middle East: 96.4 k units, +10.1% V-platform series 2013 All rights reserved. 9 1st half sales performance 1st half consolidated financial performance outlook 2013 All rights reserved. 10

6 1st half financial performance (management pro forma basis* ) Net revenue 4,546.8 Variance 5, Change vs. (%) +14.7% Operating profit OP margin 6.3% 5.1% Non-operating % Ordinary profit Extraordinary % Profit before tax Taxes Effective tax rate 28.1% 18.3% Minority interest % Net income FX rate 79.4 JPY/USD JPY/EUR JPY/USD JPY/EUR JPY/USD JPY/EUR +6.5% 2013 All rights reserved. 11 1st half financial performance (management pro forma basis* ) Operating profit variance analysis O.P. FOREX Purch. cost reduction (Including raw material) Volume / mix Selling exp. 2Q only R&D exp. MFG exp. Warranty & Recall exp. Other items O.P All rights reserved. 12

7 1st half financial performance (TSE report basis - China JV Equity basis ) Net revenue 4,063.7 Variance 4, Change vs. (%) +17.0% Operating profit OP margin 5.6% 4.7% Non-operating % Ordinary profit Extraordinary % Profit before tax Taxes Effective tax rate 24.1% 13.2% Minority interest % Net income FX rate Note: Other IFRS change included 79.4JPY/USD JPY/EUR JPY/USD JPY/EUR JPY/USD JPY/EUR +6.8% 2013 All rights reserved. 13 1st half financial performance (management pro forma 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** Net asset sales -3.2 Other investing activities Free cash flow ** CAPEX does not include finance lease-related investments 2013 All rights reserved. 14

8 Net Cash Auto business (management pro forma basis* ) ,000 1, Mar. Jun. FX: JPY/USD End of month Sep Mar. Jun. FX: JPY/USD End of month Sep All rights reserved. 15 1st half sales performance 1st half consolidated financial performance outlook 2013 All rights reserved. 16

9 sales outlook Retail volume vs. vs. previous outlook 4,914 5, , Global +5.8% Japan +5.1% -1.9% +3.0% 1,250 1,270 China +7.5% +1.6% (thousand units) 1,610 (1,270) 720 (190) 1,650 (1,290) 660 (146) North America (US) Europe (Russia) +12.5% (+13.4%) 0.0% (-6.8%) +2.5% (+1.6%) -8.3% (-23.2%) 1, Others -2.1% -11.3% previous outlook* revised outlook * Previous outlook on May 10, All rights reserved. 17 management pro forma outlook Net revenue Actual (A) 9,629.6 previous outlook (B) 11,200.0 ** revised outlook (C) 11,200.0 * vs. previous outlook (C)-(B) 0.0 Change vs. previous outlook (C)/(B) 0.0% Operating profit OP margin Ordinary profit % % % % % -18.0% Net income Net income ratio % % % % -15.5% CAPEX R&D Sales ratio Sales ratio % % % % % % % % 0.0% 0.0% FX rate assumptions (JPY/USD) (JPY/EUR) (2H:97.0) (2H :130.0) * *Previous outlook on May 10, All rights reserved. 18

10 management pro forma outlook Operating profit variance analysis * Previous outlook ** FOREX Volume & others Warranty & Recall exp. Revised outlook **Previous outlook on May 10, All rights reserved. 19 management pro forma vs. reported figures Pro forma with proportional consolidation of China JV (A) Adjustment to new reporting methodology (B) * Reported figures with new methodology for China JV (C) = (A) + (B) Net revenue 11, , ,190.0 Operating profit OP margin % % Ordinary profit Net income Net income ratio % % CAPEX Sales ratio % % R&D Sales ratio % % 2013 All rights reserved. 20

11 shareholder return dividend per share (yen) H FY10 FY11 plan 2013 All rights reserved POWER Brand & sales power Global market Sustainable share by FY16 COP (%) (%) 2013 All rights reserved. 22

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/ 1on All rights reserved. 23 New plant investments Region FY14 Thailand new plant Asia Oceania Europe Middle East Africa India Indonesia new plant China Dalian new plant Jatco Thailand new plant Oct. 2013/ 1on1 Russia St. Petersburg plant expansion India new plant(p/train) Mexico new plant Americas Brazil new plant Jatco Mexico new plant 2013 All rights reserved. 24

13 Products Infiniti Q50 Nissan X-Trail 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 2013 All rights reserved. 26

14 Executive Committee moves Hiroto Saikawa Chief Competitive Officer Chair Operations Committee Lead global monozukuri Focus on increasing quality and total delivered cost Andy Palmer Chief Planning Officer Global sales, planning functions and marketing communications Chairman Infiniti Lead EV & Battery business units Trevor Mann Chief Performance Officer Lead regional operations Lead Datsun, LCV and after-sales business units Kimiyasu Nakamura EVP, Total Customer Satisfaction Lead product and service quality 2013 All rights reserved. 27 Regional structure and leadership moves AMIE ASIA JAPAN AMERICAS 2013 All rights reserved. 28

15 Regional structure and leadership moves Hiroto Saikawa José Muñoz EUROPE CHINA NORTH AMERICA AMI ASIA SOUTH AMERICA Takao Katagiri José Luis Valls 2013 All rights reserved All rights reserved. 30

16 Appendix 2013 All rights reserved. 31 Inventory management Inventory status (thousand units) 1,200 1,100 1, Sep. Days supply Dec. Dealer inventory, except some minor countries Consolidated Nissan inventory, except some minor countries Mar. 59 Jun Sep. (days) 2013 All rights reserved

17 new product launches New 10 model all-new offensive global continues launches Europe, Middle East, Africa, India Note Qashqai Tiida Terrano Infiniti Q50 Datsun GO Scheduled Launches from 2H Launched in Asia & Oceania DAYZ DAYZ Roox Livina NV100 Clipper NT100 Clipper Pathfinder Teana / Altima Teana LWB X-Trail Skyline Infiniti Q50 Americas NV200 Rogue Versa Note Infiniti Q All rights reserved. 33 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) 4, , Note: Other IFRS change included 2013 All rights reserved. 34

18 Sales financing : Funding sources (As of September 2013) ABS Off B/S 3.4% ABS On B/S 23.9% Equity 9.7% Group Finance (Inter-Company) 21.3% Commercial paper 3.5% S/T Loan 3.1% Bonds 10.7% L/T Loan 24.4% Total funding amount 6,040 billion yen 2013 All rights reserved. 35 Sales financing: penetration % NFS NMAC NCF NRFM Retail Lease % 28% 24% 30% % 4% 30% 32% 41% 46% 38% 39% 41% 40% 0 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 2013 All rights reserved. 36

19 Sales financing: net credit loss ratio 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 2013 All rights reserved. 37 Sales financing: operating profit & asset NFS ( NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million Peso) Asset: 1,042.8 OP: 12.1 Asset: 1,121.0 OP: 12.9 Variance Asset: 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 2013 All rights reserved. 38

20 1st half financial performance (management pro forma basis * ) Operating profit variance analysis 1. Foreign exchange impact USD (79.4 to 98.9) BRL +4.7 (39.8 to 45.5) AUD (81.3 to 94.2) 2. Volume / mix RUB +22.1(2.53 to 3.07) EUR* Others -9.5 * including other European currencies (excluding RUB) Japan Vol: -4.7 Mix: US Vol: Mix: EUR Vol: Mix: -7.0 MEX&CAN +6.4 Others Selling expenses Japan Incentives: -2.7 Others: -9.4 US&CAN Incentives: Others: EUR Incentives: Others: Others Incentives: -8.5 Others: All rights reserved. 39 2nd quarter sales performance : Global (3 months) TIV* Retail volume (million units) (3.96) 4.12 Global +3.7% Japan +2.3% China North America (US) Europe vs % +8.6% (+9.1%) +0.6% (thousand units) **M/S **M/S 6.2% 6.5% 1,266 1, (316) 158 Global +0.2% Japan China North America (US) Europe vs % -1.0% +10.9% (+9.6%) -2.2% 5.17 Others -3.0% 219 Others -6.2% 2Q 2Q *Nissan s estimation 2Q ** Market Share 2Q 2013 All rights reserved. 40

21 2nd quarter financial performance (3 months) (management pro forma basis * ) Net revenue 2Q 2, Q 2,703.3 Variance Change vs % Operating profit OP margin % % % Non-operating Ordinary profit % Extraordinary Profit before tax Taxes % Effective tax rate 27.0% 8.5% Minority interest Net income FX rate JPY/USD 98.3 JPY/EUR c JPY/USD 131.0JPU/EUR JPY/USD JPY/EUR +1.7% 2013 All rights reserved. 41 * 2nd quarter financial performance (management pro forma basis* ) Operating profit variance analysis Q O.P. FOREX Purch. cost reduction (Including raw material) Volume / mix Selling exp. R&D exp. MFG exp. Warranty & Recall exp. Other items 2Q O.P All rights reserved. 42

22 2nd quarter financial performance (3 months) (TSE report basis China JV Equity basis ) Net revenue 2Q 2Q Variance 2, , Change vs % Operating profit OP margin % % % Non-operating Ordinary profit % Extraordinary Profit before tax Taxes % Effective tax rate 23.9% 2.2% Minority interest Net income FX rate * Note: Other IRFS change included JPY/USD 98.3 JPY/EUR JPY/USD JPY/EUR JPY/USD JPY/EUR +2.0% 2013 All rights reserved. 43 2nd quarter financial performance (3 months) (management pro forma basis * ) Operating profit variance analysis 1. Foreign exchange impact USD (78.6 to 98.9) BRL +2.1 (38.8 to 43.3) AUD +2.7(81.7 to 90.6) 2. Volume / mix RUB (2.46 to 3.02) EUR* Others -4.6 * including other European currencies (excluding RUB) Japan Vol: +2.9 Mix: US Vol: Mix: -4.5 EUR -8.6 Vol: -3.8 Mix: -4.8 MEX&CAN +5.1 Others Selling expenses Japan Incentives: -3.2 US&CAN Incentives: Others: -6.8 Others: EUR Incentives: -8.3 Others: Others Incentives: -9.4 Others: All rights reserved. 44

23 CAPEX, R&D and Depreciation * (management pro forma basis* ) Variance CAPEX Sales ratio 4.3% 4.6% R&D Sales ratio 4.7% 4.6% Depreciation All rights reserved. 45 1st half financial performance (management pro forma basis * ) Detail of non-operating income/expenses Variance Interest income / expenses FX translation Derivative gain and loss Profit/Loss under equity methods Amortization of net retirement benefit Others All rights reserved. 46

24 1st half financial performance (management pro forma basis * ) Detail of extraordinary gains/losses Variance Sale/disposal of fixed assets Sale of investment securities Impairment loss on fixed assets Gain on sales of CV business Negative Goodwill Amortization Others All rights reserved. 47 2nd quarter financial performance (3 months) (management pro forma basis * ) Detail of non-operating income/expenses 2Q 2Q Variance Interest income / expenses FX translation Derivative gain and loss Profit/Loss under equity methods Amortization of net retirement benefit Others All rights reserved. 48

25 2nd quarter financial performance (3 months) (management pro forma basis * ) Detail of extraordinary gains/losses 2Q 2Q Variance Sale/disposal of fixed assets Sale of investment securities Impairment loss on fixed assets Gain on sales of CV business Others All rights reserved. 49 * 2nd quarter financial performance (management pro forma 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** Net asset sales Other investing activities Free cash flow ** CAPEX does not include finance lease-related investments 2013 All rights reserved. 50

26 1st half retail sales Detail of other markets (thousand units) Asia & Oceania M.East Africa Latin America 2013 All rights reserved. 51 2nd quarter retail sales Detail of other markets 150 2Q 2Q (thousand units) Asia & Oceania M.East Africa Latin America 2013 All rights reserved. 52

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