Nissan Motor Co., Ltd. February 9 th, 2017

Transcription

1 Nissan Motor Co., Ltd. February 9 th, 2017 (TSE REPORT BASIS CHINA JV EQUITY BASIS) NET REVENUE 8, ,264.8 PROFIT NET INCOME * FREE CASH FLOW (AUTO) EXCLUDING INVESTMENT IN MMC NET CASH (AUTO) 1, , * NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT Copyright NISSAN MOTOR CO., LTD. All rights reserved. 2

2 CONSTANT CURRENCY BASIS TSE REPORT BASIS NET REVENUE PROFIT NET REVENUE 8, ,426.1 PROFIT OP MARGIN 8.1% 8, ,264.8 OP MARGIN 6.1% OP MARGIN 6.6% Copyright NISSAN MOTOR CO., LTD. All rights reserved. 3 SALES PERFORMANCE (9 MONTHS) FINANCIAL PERFORMANCE (9 MONTHS) Copyright NISSAN MOTOR CO., LTD. All rights reserved. 4

3 GLOBAL TIV * 1 vs GLOBAL +4.5% 3.50 JAPAN +0.9% 3, RETAIL VOLUME M/S* 5.9% M/S* 2 6.1% 2 3,993 vs. GLOBAL +2.6% 344 JAPAN -10.0% CHINA +13.0% CHINA +8.2% (13.52) (13.46) NORTH AMERICA (U.S.) +1.0% (-0.4%) 1,490 1,582 (1,117) (1,164) NORTH AMERICA (U.S.) +6.2% (+4.2%) (MILLION UNITS) EUROPE OTHERS +5.1% -1.3% (THOUSAND UNITS) EUROPE OTHERS +0.4% -3.9% *1: NISSAN ESTIMATION *2: MARKET SHARE Copyright NISSAN MOTOR CO., LTD. All rights reserved. 5 JAPAN (THOUSAND UNITS) RETAIL VOLUME % 344 MARKET SHARE -1.2 points TIV: 3.50 million units, +0.9% Sales: 344 k units, -10.0% Market share: 9.8%, -1.2 points Mini car TIV: 1.17 million units, -7.0% Sales: 84 k units, -36.6% Market share: 7.1%, -3.4 points Decrease in sales due primarily to the stop-sale of the Dayz and Dayz Roox minicar (%) SERENA NOTE Copyright NISSAN MOTOR CO., LTD. All rights reserved. 6

4 CHINA (THOUSAND UNITS) RETAIL VOLUME * % MARKET SHARE -0.2 points (Jan. to Sep.) *2 TIV : million units, +13.0% *1 Sales : 929 k units, +8.2% Market share: 5.0%, -0.2 points YTD (Jan. to Dec.) TIV *2 : million units, +13.2% *1 Sales : 1,355 k units, +8.4% Market share: 5.0%, -0.3 points (%) * 1: PV: RETAIL SALES BASE, LCV: WHOLESALE BASE * 2: PV AND LCV ONLY X-Trail Sylphy Copyright NISSAN MOTOR CO., LTD. All rights reserved. 7 NORTH AMERICA (THOUSAND UNITS) US RETAIL VOLUME +4.2% 1,117 1,164 US MARKET SHARE +0.4 points US TIV: million units, -0.4% Sales: 1,164 k units, +4.2% Market share: 8.7%, +0.4 points Canada Sales: 104 k units, +0.4% Market share: 6.7%, -0.1 points Mexico Sales: 313 k units, +17.0% Market share: 24.9%, -0.7 points (%) Rogue Altima Copyright NISSAN MOTOR CO., LTD. All rights reserved. 8

5 EUROPE (INCLUDING RUSSIA) (THOUSAND UNITS) RETAIL VOLUME % 542 MARKET SHARE -0.2 points Europe excluding Russia TIV: million units, +6.5% Sales: 474 k units, +5.5% Market share: 3.6%, -0.1 points Russia TIV: 1.10 million units, -9.5% Sales: 68 k units, -25.0% Market share: 6.1%, -1.3 points (%) Qashqai Navara Copyright NISSAN MOTOR CO., LTD. All rights reserved. 9 OTHER MARKETS (THOUSAND UNITS) RETAIL VOLUME -3.9% Sales: 596 k units, -3.9% Asia & Oceania: 253 k units, -3.6% (TIV: +5.0%) Latin America: 132 k units, +1.1% (TIV: -7.9%) Middle East: 147 k units, -3.8% (TIV: -13.9%) Africa & others: 64 k units, -14.3% (TIV: -0.2%) Datsun redi-go Kicks Copyright NISSAN MOTOR CO., LTD. All rights reserved. 10

6 SALES PERFORMANCE (9 MONTHS) FINANCIAL PERFORMANCE (9 MONTHS) Copyright NISSAN MOTOR CO., LTD. All rights reserved. 11 (TSE REPORT BASIS CHINA JV EQUITY BASIS) VARIANCE CHANGE vs. (%) NET REVENUE 8, , % PROFIT OP MARGIN NON % % % ORDINARY PROFIT EXTRAORDINARY % PROFIT BEFORE TAX TAXES EFFECTIVE TAX RATE MINORITY INTEREST * % % % NET INCOME *2 FX RATE JPY/USD JPY/EUR JPY/USD JPY/EUR JPY/USD JPY/EUR -8.5% *1: NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS *2: NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT Copyright NISSAN MOTOR CO., LTD. All rights reserved. 12

7 (TSE REPORT BASIS CHINA JV EQUITY BASIS) PROFIT VARIANCE ANALYSIS (+30.1%) O.P. VOLUME /MIX MARKETING & SELLING EXP. COST ITEMS* R & D EXP. MFG EXP. OTHER FOREX ITEMS O.P. (w/o FX impact) O.P. * INCLUDING PURCHASE, COST REDUCTION, RAW MATERIAL, AND PRODUCT ENRICHMENT Copyright NISSAN MOTOR CO., LTD. All rights reserved. 13 (TSE REPORT BASIS CHINA JV EQUITY BASIS) FREE CASH FLOW (AUTO BUSINESS) NET CASH INFLOW FROM P&L ITEMS AP / AR INVENTORY TAX / OTHER ACTIVITIES CASH FLOW FROM ACTIVITIES CAPEX* INVESTMENT IN MMC OTHERS FREE CASH FLOW FREE CASH FLOW EXCLUDING INVESTMENT IN MMC * CAPEX DOES NOT INCLUDE FINANCE LEASE-RELATED INVESTMENTS Copyright NISSAN MOTOR CO., LTD. All rights reserved. 14

8 (EXCLUDING CHINA JV) 1,000 1,000 INVENTORY STATUS (THOUSAND UNITS) UNITS) Jun Sep Dec. Mar. Jun. Dec. Mar. Jun. Sep. Dec. DEALER INVENTORY, EXCEPT SOME MINOR COUNTRIES DEALER INVENTORY, EXCEPT SOME MINOR COUNTRIES CONSOLIDATED NISSAN INVENTORY, EXCEPT SOME MINOR COUNTRIES CONSOLIDATED NISSAN INVENTORY, EXCEPT SOME MINOR COUNTRIES Copyright NISSAN MOTOR CO., LTD. All rights reserved. 15 (TSE REPORT BASIS CHINA JV EQUITY BASIS ) 1, ,500 1,200 1, FX: JPY/USD END OF MONTH FX: JPY/USD END OF MONTH Copyright NISSAN MOTOR CO., LTD. All rights reserved. 16

9 FINANCIAL RESULTS (MANAGEMENT PRO FORMA BASIS * 1 ) NET REVENUE PROFIT NET INCOME * 2 FREE CASH FLOW (AUTO) NET CASH (AUTO) 1, , , EXCLUDING INVESTMENT IN MMC , *1: BASED ON CONTINUATION OF PROPORTIONATE CONSOLIDATION OF CHINA JV *2: NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT Copyright NISSAN MOTOR CO., LTD. All rights reserved. 17 CONSTANT CURRENCY BASIS MANAGEMENT PRO FORMA BASIS * NET REVENUE 9, ,013.2 PROFIT OP MARGIN 6.7% NET REVENUE 9, ,336.4 PROFIT OP MARGIN 7.0% OP MARGIN 8.5% * BASED ON CONTINUATION OF PROPORTIONATE CONSOLIDATION OF CHINA JV Copyright NISSAN MOTOR CO., LTD. All rights reserved. 18

10 Minimum payout ratio of 30% Completed share buyback program in November 2016 (300 million shares, billion yen) % H DIVIDEND PER SHARE (YEN) 1H 24 FY11 FY12 FY13 FY14 (Forecast) Copyright NISSAN MOTOR CO., LTD. All rights reserved Copyright NISSAN MOTOR CO., LTD. All rights reserved. 20

11 Appendix (AS OF DECEMBER 2016) TOTAL FUNDING AMOUNT: 9,456 BILLION YEN ABS Off B/S 1.7% Equity 11.1% Group Finance (Inter-Company) 14.1% Commercial Paper 4.1% S/T Loan 3.6% ABS On B/S 28.3% L/T Loan 24.3% Bonds 12.8% Copyright NISSAN MOTOR CO., LTD. All rights reserved. 22

12 (%) LEASE RETAIL 6% 6% 29% 31% YTD NFS NMAC NCF NRFM YTD 27% 29% 31% 33% 42% 34% 39% 42% 47% 49% YTD YTD YTD 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 YTD NRFM: NR FINANCE MEXICO, SALES FINANCE COMPANY IN MEXICO YTD YTD Copyright NISSAN MOTOR CO., LTD. All rights reserved. 23 NET CREDIT LOSS RATIO VARIANCE NFS 0.03% 0.11% 0.01% 0.10% -0.02% -0.01% NMAC 0.31% 0.89% 0.43% 1.02% +0.12% +0.13% NCF 0.17% 0.39% 0.13% 0.32% -0.04% -0.07% 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 Copyright NISSAN MOTOR CO., LTD. All rights reserved. 24

13 PROFIT & ASSET (NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million Peso) VARIANCE NFS 1, , NMAC 60, , , NCF 5, , , NRFM 81,903 2, ,678 2, , 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 Copyright NISSAN MOTOR CO., LTD. All rights reserved. 25 (TSE REPORT BASIS CHINA JV EQUITY BASIS) PROFIT VARIANCE ANALYSIS FOREIGN EXCHANGE IMPACT VOLUME /MIX SELLING EXPENSES USD ( ) MXN ( ) CAD ( ) CNY ( ) THB ( ) OTHERS JPN VOL*: -2.6 MIX: US VOL*: MIX: -1.5 EUR VOL*: MIX: +8.7 MEX&CAN OTHERS * INCLUDES COUNTRY MIX JPN +3.7 INCENTIVES: +2.3 OTHERS: +1.4 US INCENTIVES: OTHERS: -7.6 EUR INCENTIVES: OTHERS: +5.4 MEX&CAN OTHERS Copyright NISSAN MOTOR CO., LTD. All rights reserved. 26

14 GLOBAL TIV * 1 vs GLOBAL +6.6% 1.19 JAPAN +4.9% 6.28 CHINA +25.8% RETAIL VOLUME M/S* 2 6.0% 1,380 GLOBAL +8.3% M/S* 2 6.1% vs. 1, JAPAN +13.1% CHINA +17.9% (4.42) (4.43) NORTH AMERICA (U.S.) +1.7% (+0.2%) (362) (381) NORTH AMERICA (U.S.) +7.9% (+5.2%) (MILLION UNITS) EUROPE OTHERS +2.9% -3.4% (THOUSAND UNITS) EUROPE OTHERS +4.0% -2.1% *1: NISSAN ESTIMATION *2: MARKET SHARE Copyright NISSAN MOTOR CO., LTD. All rights reserved. 27 (TSE REPORT BASIS CHINA JV EQUITY BASIS) VARIANCE CHANGE vs. (%) NET REVENUE 3, , % PROFIT OP MARGIN NON % % % ORDINARY PROFIT EXTRAORDINARY % PROFIT BEFORE TAX TAXES EFFECTIVE TAX RATE MINORITY INTEREST * % % % NET INCOME *2 FX RATE JPY/USD JPY/EUR JPY/USD JPY/EUR JPY/USD -15.1JPY/EUR 3.5% *1: NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS *2: NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT Copyright NISSAN MOTOR CO., LTD. All rights reserved. 28

15 (TSE REPORT BASIS CHINA JV EQUITY BASIS) PROFIT VARIANCE ANALYSIS (+27.3%) O.P. VOLUME /MIX MARKETING & SELLING EXP. COST ITEMS* R & D EXP. MFG EXP. OTHER FOREX ITEMS O.P. (w/o FX impact) O.P. * INCLUDING PURCHASE, COST REDUCTION, RAW MATERIAL, AND PRODUCT ENRICHMENT Copyright NISSAN MOTOR CO., LTD. All rights reserved. 29 (TSE REPORT BASIS CHINA JV EQUITY BASIS) PROFIT VARIANCE ANALYSIS FOREIGN EXCHANGE IMPACT VOLUME /MIX SELLING EXPENSES USD ( ) MXN ( ) CNY +9.9 ( ) CAD -9.1 ( ) EGP -5.0 ( ) OTHERS JPN VOL*: +2.2 MIX: +9.8 US VOL*: MIX: EUR VOL*: MIX: +3.3 MEX&CAN +8.6 OTHERS -7.2 * INCLUDES COUNTRY MIX JPN -1.8 INCENTIVES: -2.1 OTHERS: +0.3 US INCENTIVES: OTHERS: +1.3 EUR INCENTIVES: OTHERS: +2.0 MEX&CAN +0.3 OTHERS Copyright NISSAN MOTOR CO., LTD. All rights reserved. 30

16 (TSE REPORT BASIS CHINA JV EQUITY BASIS) FREE CASH FLOW (AUTO BUSINESS) NET CASH INFLOW FROM P&L ITEMS AP / AR INVENTORY TAX / OTHER ACTIVITIES CASH FLOW FROM ACTIVITIES CAPEX* INVESTMENT IN MMC OTHERS FREE CASH FLOW FREE CASH FLOW EXCLUDING INVESTMENT IN MMC * CAPEX DOES NOT INCLUDE FINANCE LEASE-RELATED INVESTMENTS Copyright NISSAN MOTOR CO., LTD. All rights reserved. 31