FY2012 first-half financial results

Transcription

1 FY2012 first-half financial results Nissan Motor Co., LTD. November 6, 2012 Key performance indicators: financial results Net revenue 4, ,367.4 Operating profit Net income Free cash flow (Auto) Net cash (Auto)

2 8 8 POWER Brand & sales power Global market share by FY16 (%) Sustainable COP (%) 3 Business update 1st half sales performance 1st half consolidated financial performance Outlook 4

3 business update Improved ranking 5 business update New car launches in Japan Note Latio (launched in 2H) CIMA NV350 Caravan 6

4 business update New car launches in US Pathfinder and Sentra (launched in 2H) Altima 7 business update New car launches in Asia Sylphy Infiniti M LWB Sylphy (launched in 2H) Venucia D50 Venucia R50 (launched in 2H) Evalia 8

5 business update New technologies Autonomous Emergency Steering System Next Generation Steering Technology 9 business update Holistic approach to the environment Electric Vehicle Fuel Cell Vehicle Super Charger Engine Hybrids 10

6 business update China demonstration impact Monitor situation closely Normalize operations as soon as possible Plant operations Sep : Closed 5 days from 17 th to 18 th and 27 th to 29 th Oct : Resumed operations under 1 shift Sales Started Dongfeng Nissan s Promise for Car Security program Oct : Sales 64.3 k units, down 40.7% 11 business update China demonstration impact Showroom traffic comparison vs. last year (Nissan PV) 12 September October

7 business update Alliance and strategic cooperation update Leverage available capacity Expand scope of collaboration 13 Business update 1st half sales performance 1st half consolidated financial performance Outlook 14

8 1st half sales performance : Global TIV* Retail volume vs. Global +7.4% Japan +33.5% **M/S 6.0% 2,225 **M/S % 2,476 vs. Global +11.3% Japan +7.5% (million units) (7.43) 8.93 China North America (US) Europe +5.2% +13.8% (+15.1%) -4.5% (thousand units) (544) 328 China North America (US) Europe +14.0% +9.4% (+11.3%) -3.2% Others +10.2% 463 Others +26.4% *Nissan s estimation ** Market Share 15 1st half sales performance : Japan Retail volume TIV: 2.59 million units, +33.5% (thousand units) % 304 Sales: 304 k units, +7.5%, thanks to Serena and Note Market share: 11.7%, -2.9 points Market share -2.9 points (%) Serena Note 16

9 1st half sales performance : China (Jan. to Jun.) (thousand units) Retail volume % 678 (Jan. to Jun.) TIV * : 9.01 million units, +5.2% Sales: 678 k units, +14% Market share: 7.5%, +0.6 points, thanks to Tiida, Sunny and Qashqai Market share +0.6 points 3Q (Jul. to Sep.) Sales: 269 k units, -13.8% (Impact of demonstration from mid-september) Market share: 6.3%, -1.5 points (%) Tiida Sunny *TIV for China : Passenger and LCV only 17 1st half sales performance : North America US Retail volume (thousand units) % US Market share -0.3 points 544 US TIV: 7.43 million units, +15.1% Sales: 544 k units, +11.3% thanks to Rogue and Versa Market share: 7.3%, -0.3 points Canada Sales: 44 k units, -7.4% Market share: 4.6%, -0.7 points Mexico Sales: 115 k units, +8.3% Market share: 24.5%, -0.5 points (%) Rogue Altima 18

10 1st half sales performance : Europe (thousand units) Retail volume % Market share +0.1 point 328 TIV: 8.93 million units, -4.5% Europe excluding Russia: 247 k units, -8.5% Russia: 81 k units, +17.3% Market share: Russia 4.9% 5.1% Europe excl. Russia 3.4% 3.4% (%) Qashqai Juke 19 1st half sales performance : Other markets Asia & Oceania: 202 k units, +27.9% Retail volume Thailand: 52.6 k units, +49.8% Indonesia: 35.4 k units, +29.2% (thousand units) % 463 India: 21.3 k units, % Latin America: k units, +23.3% Brazil: 57.3 k units, +95.7% Middle East : 87.6 k units, +34.9% V-platform series 20

11 Business update 1st half sales performance 1st half consolidated financial performance Outlook 21 1st half financial performance Net revenue 4,367.4 Variance 4, Change vs. (%) +4.1% Operating profit OP margin 7.1% 6.3% Non-operating % Ordinary profit % Extraordinary Profit before tax Taxes Effective tax rate 28.3% 28.1% Minority interest % Net income FX rate JPY/USD JPY/EUR 79.4 JPY/USD JPY/EUR JPY/USD JPY/EUR -2.8% 22

12 1st half financial performance Operating profit variance analysis O.P. 2Q only FOREX Raw material / energy cost 23 Purch. cost reduction Volume / mix Selling exp. R&D exp. Sales finance Other items O.P. 1st half 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 does not include finance lease-related investments 24 CAPEX* Net asset sales Other investing activities Free cash flow

13 Inventory management Inventory status 1,200 1,100 1, (thousand units) (days) Sep Dec 2012 Mar Jun Sep 0 Days supply Dealer inventory, except some minor countries Consolidated Nissan inventory, except some minor countries 25 Net Cash (Auto business) bil JPY bil JPY* *Based on FX rates as of 3/31/2012 : USD : 82.2 EUR : FX: JPY/USD End of month 2010 Sep 83.8 Dec Mar 83.2 Jun 80.7 Sep 76.7 Dec Mar 82.2 Jun 79.3 Sep

14 Business update 1st half sales performance 1st half consolidated financial performance Outlook 27 outlook (Revised on Nov 6th) Retail volume assumption 5,350 5, , Global Japan vs +4.9% +3.8% vs previous outlook -5.0% -1.4% 1,350 1,175 China -5.8% -13.0% (thousand units) 1,520 (1,200) 720 1,495 (1,175) 680 North America (US) Europe +6.5% (+8.8%) -4.7% -1.6% (-2.1%) -5.6% 1,070 1,050 Others +27.2% -1.9% 28 previous outlook * revised outlook *Previous outlook on May 11, 2012

15 outlook (Revised on Nov 6th) Net revenue (Actual) (A) 9,409.0 (Previous) May 11, 2012 (B) 10,300.0 (Revised) Nov. 6, 2012 (C) 9,815.0 vs. (C)-(A) vs. Previous outlook (C)-(B) Operating profit OP margin % % % % % Ordinary profit Net income Net income ratio 3.6% 3.9% 3.3% -0.3% -0.6% CAPEX R&D sales ratio sales ratio % % % % % % % % % % FX rate assumptions (JPY/USD) (JPY/EUR) (2H : 80.0) (2H : 103.0) outlook (Revised on Nov 6th) Operating profit variance analysis Actual vs. revised outlook Actual O.P. FOREX Volume / mix Costs and others Revised outlook O.P. 30

16 outlook (Revised on Nov 6th) Operating profit variance analysis previous outlook vs. revised outlook * FOREX Previous outlook O.P. * Previous outlook on May 11, Volume / mix Costs and others Revised outlook O.P. outlook (Revised on Nov 6th) Operating profit variance analysis 2H actual vs. 2H outlook H Actual O.P. FOREX Volume / mix Costs and others Revised outlook 2H O.P. 32

17 shareholder return outlook dividend per share (yen) H FY10 33 challenges and opportunities Challenges Strong yen Japan China political issue Weak European market Opportunities New product launches Pace of recovery in China 34

18 35

19 Appendix 37 all-new product launches ( 2nd half) Scheduled launches Europe Almera China Japan NV350 Caravan Wide New truck Latio Sylphy North America Pathfinder Sentra NV350 Urvan Sylphy Venucia R50 Infiniti JX All-new global launches Regional launches 38 Altima Pathfinder Sentra / Pulsar NV350 Other markets

20 Sales financing : Funding sources (As of September 2012) ABS Off B/S 3.3% ABS On B/S 25.8% Equity 10.7% Group Finance (Inter-Company) 20.6% Commercial paper 0.8% S/T Loan 3.5% Bonds 9.3% L/T Loan 26.0% Total funding amount 4,538 billion yen 39 Sales financing: penetration % NFS NMAC NCF NRFM 4% 4% 26% 31% 30% 33% 26% 30% 24% 41% 47% 38% 37% 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 Lease 41% 40

21 Sales financing: net credit loss ratio Variance NFS Lease: 0.06% Retail: 0.27% Lease: 0.04% Retail: 0.14% Lease: -0.02% Retail: -0.13% NMAC Lease: 0.10% Retail: 0.61% Lease: 0.10% Retail: 0.50% Lease: 0.00% Retail: -0.11% NCF Lease: 0.17% Retail: 0.17% Lease: 0.20% Retail: 0.13% Lease: +0.03% Retail: -0.04% 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 41 Sales financing: operating profit & asset NFS ( NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million Peso) Asset: 1,060.1 OP: 9.5 Asset: 1,042.8 OP: 12.1 Variance Asset: OP: +2.6 NMAC Asset: 35,092 OP: 702 Asset: 40,665 OP: 550 Asset: +5,573 OP: -152 NCF Asset: 3,959 OP: 65 Asset: 3,815 OP: 49 Asset: -144 OP: -16 NRFM Asset: 29,076 OP: 467 Asset: 37,258 OP: 770 Asset: +8,182 OP: +303 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 42

22 1st half financial performance Operating profit variance analysis 1. Foreign exchange impact USD -3.5 (79.8 to 79.4) BRL (49.4 to 39.8) AUD -3.0 (84.3 to 81.3) 2. Volume / mix RUB (2.81 to 2.53) EUR* +3.2 Others -5.2 * including other European currencies (excluding RUB) Japan +7.2 Vol: +6.7 Mix: +0.5 US Vol: Mix: +5.9 EUR Vol: Mix: -2.2 MEX&CAN +8.4 Others Selling expenses Japan +0.3 Incentives: -0.7 Others: +1.0 US&CAN Incentives: Others: EUR Incentives: Others: +0.8 Others Incentives: Others: nd quarter sales performance : Global (3 months) TIV* Retail volume Japan vs. Global +8.0% +14.2% **M/S 6.4% 1,169 **M/S % 1,266 Global +8.3% Japan vs. -1.1% (million units) (3.63) 4.10 China North America (US) Europe +14.0% +12.7% (+13.9%) -5.5% (thousand units) (289) 161 China North America (US) Europe +15.9% +4.7% (+7.3%) -4.8% 5.43 Others +10.1% 233 Others +22.6% 2Q 2Q *Nissan s estimation 44 2Q ** Market Share 2Q

23 2nd quarter financial performance (3 months) 2Q Net revenue 2, Q Variance 2, Change vs. (%) +5.5% Operating profit OP margin 7.0% 6.9% Non-operating % Ordinary profit % Extraordinary Profit before tax Taxes Effective tax rate 27.2% 27.0% Minority interest % Net income FX rate JPY/USD JPY/EUR 78.6 JPY/USD 98.3 JPY/EUR JPY/USD JPY/EUR +7.7% 45 2nd 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. Sales finance Other items 2Q O.P. 46

24 2nd quarter financial performance (3 months) Operating profit variance analysis 1. Foreign exchange impact -9.2 USD +3.3 (77.9 to 78.6) BRL -4.0 (47.7 to 38.8) AUD -0.1 (81.9 to 81.7) 2. Volume / mix RUB -6.7 (2.69 to 2.46) EUR* +1.7 Others -3.4 * including other European currencies (excluding RUB) Japan -0.8 Vol: -1.8 Mix: +1.0 US Vol: Mix: +3.1 EUR -7.3 Vol: -5.6 Mix: -1.7 MEX&CAN +2.4 Others Selling expenses +2.6 Japan +1.5 Incentives: -0.1 Others: +1.6 US&CAN Incentives: Others: -2.4 EUR -4.9 Incentives: -6.6 Others: +1.7 Others Incentives: -8.4 Others: st half financial performance Detail of non-operating income/expenses Interest income / expenses Variance +2.4 FX translation NML NMEX NMAC Others Derivative gain and loss NMAC Others Offset Profit/Loss under equity methods Amortization of net retirement benefit Others

25 1st half financial performance Detail of extraordinary gains/losses Variance Sale/disposal of fixed assets Sale of investment securities Impairment loss on fixed assets Loss on disaster Others nd quarter financial performance (3 months) Detail of non-operating income/expenses 2Q 2Q Interest income / expenses Variance +1.3 FX translation NML NMEX NMAC Others Derivative gain and loss NMAC Others Offset Profit/Loss under equity methods Amortization of net retirement benefit Others

26 2nd quarter financial performance (3 months) Detail of extraordinary gains/losses 2Q 2Q Variance Sale/disposal of fixed assets Sale of investment securities Impairment loss on fixed assets Others nd 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

27 1st half financial performance Free cash flow (Auto business) variance Net cash inflow from P&L items Variance -3.7 AP/AR Inventory Tax/Others Operating activities Capex * Asset sales Others Investing activities Free cash flow * Capex does not include finance lease-related investments st half retail sales Detail of other markets (thousand units) Asia & Oceania M.East Africa Latin America 54

28 2nd quarter retail sales Detail of other markets 150 2Q 2Q (thousand units) Asia & Oceania M.East Africa Latin America 55