Fiscal Year 2014
Financial Results
Nissan Motor Co., Ltd
May 13, 2015
FY14 results
Path to Nissan Power 88
FY15 outlook
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Key performance indicators: financial results
(TSE report basis - China JV Equity basis)
(billion yen)
Operating
profit
Net revenue
Net income
Free cash flow
Net cash
(Auto)
(Auto)
1,390.1
10,482.5
11,375.2
1,015.9
498.4
589.6
389.0 457.6
365.8
199.7
FY13
FY14
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FY14 sales performance: Global
TIV*
Retail volume
vs. FY13
**M/S
85.36
5.30
Global
Japan
+2.7%
-6.9%
22.34
China
+7.6%
19.79
North
America
+7.1%
(US)
(+6.9%)
(16.73)
17.78
20.15
FY13
Europe
Others
+1.7%
5,188
(thousand units)
(million units)
83.11
6.2%
** Market Share
*Nissan’s estimation
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5,318
Global
+2.5%
623
Japan
-13.3%
1,222
China
+0.5%
(1,400)
FY13
vs. FY13
6.2%
1,829
-2.6%
FY14
**M/S
***
North
+11.0%
America
(US)
(+8.9%)
755
Europe
+11.7%
889
Others
+1.1%
FY14
*** After adjustment of CV spin off
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FY14 sales performance: Japan
■ TIV: 5.30 million units, -6.9%
(thousand units)
Retail volume
■ Sales: 623 k units, -13.3%
-13.3%
719
623
■ Market share: 11.8%, -0.8 points
■ New X-Trail: 45.6 k units
FY13
FY14
■ DAYZ / DAYZ ROOX: 167.5 k units
Market share
-0.8 points
(%)
X-Trail
12.6
11.8
FY13
FY14
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DAYZ ROOX
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FY14 sales performance: China (Jan. to Dec.)
(thousand units)
Retail volume
*1
+0.5%
■ TIV
*2
: 22.34 million units, +7.6%
■ Sales: 1,222 k units, +0.5% *3
1,216
1,222
FY13
FY14
■ Market share: 5.5%, -0.4 points *3
■ X-Trail: 114.5 k units
■ Sylphy series: 300.1 k units
Market share
X-Trail
(%)
-0.4 points
5.9
5.5
FY13
FY14
Sylphy
* 1: Sales to dealers
* 2: TIV for China : Passenger and LCV only
* 3: After adjustment of CV spin off
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FY14 sales performance: North America
1,400
■ US
• TIV: 16.73 million units, +6.9%
• Sales: 1,400 k units, +8.9%
• Market share: 8.4%, +0.2 points
FY14
■ Canada
• Sales: 118 k units, +22.4%
• Market share: 6.3%, +0.8 points
(thousand units)
US Retail volume
+8.9%
1,285
FY13
US Market share
(%)
+0.2 points
8.2
8.4
FY13
FY14
■ Mexico
• Sales: 310 k units, +16.9%
• Market share: 26.1%, +1.2 points
Altima
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Rogue
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FY14 sales performance: Europe
(thousand units)
Retail volume
+11.7%
■ Europe excl. Russia: 582 k units, +13.9%
755
676
■ TIV: 17.78 million units, +1.7%
■ Russia: 173 k units, +5.1%
■ Market share:
FY13
FY13
FY14
Europe excl. Russia
3.5%
3.8%
Russia
5.9%
7.6%
FY14
Market share
(%)
+0.4 points
Qashqai
3.9
FY13
Pulsar
4.3
FY14
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FY14 sales performance: Other markets
■ Estimated TIV: 20.15 million units, -2.6%
■ Sales: 889 k units, +1.1%
(thousand units)
Retail volume
+1.1%
878
889
FY13
FY14
Asia & Oceania:
363 k units, +0.0%
Latin America:
184 k units, -1.2%
Middle East:
237 k units, +4.7%
NP300 Navara
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Datsun GO+ Panca
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FY14 financial performance
(TSE report basis - China JV Equity basis)
(billion yen)
FY13
FY14
Variance
Change
vs. FY13 (%)
10,482.5
11,375.2
+892.7
+8.5%
498.4
589.6
+91.2
+18.3%
4.8%
28.8
5.2%
104.6
527.2
694.2
+167.0
+31.7%
Extraordinary
2.2
-6.8
Profit before tax
529.4
687.4
+158.0
+29.9%
+17.6%
Net revenue
Operating profit
OP margin
Non-operating
Ordinary profit
-115.1
-197.3
Effective tax rate
21.7%
28.7%
Minority interest
-25.3
-32.5
Taxes
Net income
FX rate
389.0
457.6
+68.6
100.2 JPY/USD
134.2 JPY/EUR
109.8 JPY/USD
138.7 JPY/EUR
+9.6 JPY/USD
+4.5 JPY/EUR
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FY14 financial performance
(TSE report basis - China JV Equity basis)
Operating profit variance analysis
(billion yen)
+32.4
+112.7
+68.6
-43.8
498.4
FY13
full year
O.P.
FOREX
Cost items *
197.7
+26.8
+41.3
Volume
/ mix
Marketing
&
selling exp.
589.6
-39.5
-0.1
US
remarketing
R&D
exp.
-20.1
-19.0
MFG
exp.
Other
items
FY14
full year
O.P.
-5.0
-34.1
171.6
* Including purch. cost reduction, raw material and product enrichment
4Q
-22.2
-17.4
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-23.7
+8.2
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FY14 financial performance
(TSE report basis - China JV Equity basis)
Free cash flow (Auto business)
(billion yen)
+1,117.2
+68.3
-95.7
807.4
-282.4
+11.7
365.8
-453.3
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
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Inventory management
(excluding China JV)
Inventory status
1,000
880
800
820
(thousand units)
800
860
810
600
400
200
0
2014
Mar.
Jun.
Sep.
2015
Mar.
Dec.
Dealer inventory, except some minor countries
Consolidated Nissan inventory, except some minor countries
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Net Cash (Auto business)
(TSE report basis - China JV Equity basis)
(billion yen)
1,390.1
1,400
1,200
1,015.9
1,000
836.0
800
600
400
200
0
FX: JPY/USD
End of month
2013
Mar.
2014
Mar.
2015
Mar.
94.1
102.9
120.2
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Key performance indicators: financial results
(management pro forma basis* )
(billion yen)
Net revenue
Operating
profit
Net income
Free cash flow
Net cash
(Auto)
(Auto)
1,524.5
12,406.3
11,434.8
1,133.7
605.7
718.6
389.0 457.6
352.3
208.1
FY14
FY13
* Based on continuation of proportionate consolidation of China JV
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FY14 financial performance
(management pro forma basis* )
(billion yen)
Net revenue
Operating profit
OP margin
Net income
FX rate
FY13
FY14
Variance
Change
vs. FY13 (%)
11,434.8
12,406.3
+971.5
+8.5%
605.7
718.6
+112.9
+18.6%
5.3%
5.8%
+0.5%
389.0
457.6
+68.6
100.2 JPY/USD
134.2 JPY/EUR
109.8 JPY/USD
138.7 JPY/EUR
+17.6%
+9.6 JPY/USD
+4.5 JPY/EUR
* Based on continuation of proportionate consolidation of China JV
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FY14 results
Path to Nissan Power 88
FY15 outlook
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Path to Nissan Power 88
Products offensive continues: Nissan
Qashqai
X-Trail
Murano
Maxima
Rogue
NP300 Navara
Lannia
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Titan
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Path to Nissan Power 88
Products offensive continues: Infiniti
Q50L
Q30 concept
Q60 concept
QX30 concept
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Path to Nissan Power 88
Products offensive continues: Datsun
GO+
GO
on-DO
mi-DO
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Path to Nissan Power 88
Technology innovation continues
■ Autonomous drive roadmap
2016
2020
2018
 Traffic Jam
 Highway
 City
 Single Lane
 Multi Lane
 Intersection
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Path to Nissan Power 88
Technology innovation continues
■ Zero-emission leadership
EV sales
Infrastructure
■ ”No Charge to Charge” in US
■ EV sales volume
■ Increasing quick chargers in Japan
(thousand units)
■ Cumulative global sales of
Nissan LEAF reached 172 k units
80
52
60
40
20
About
6,000
66
23
About
2,300
30
0
FY11
FY12
FY13
FY14
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FY14 July
Mid-FY15
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Path to Nissan Power 88
Brand and sales power
Marketing effectiveness
Brand value improvement
■ UEFA champions league partnership
56th
■ Super Bowl XLIX
2014
65th 2013
73rd 2012
90th 2011
Unranked 2010
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Path to Nissan Power 88
Improve competitiveness and quality
Common
Module
Family
Total delivered
Cost
(TdC)
Quality enhancement
■ New model “Smooth Launch” have made
by new quality Monozukuri process
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Path to Nissan Power 88
Alliance
■ Converged 4 key functions
•
•
•
•
■ Alliance synergy
(€ billion)
Engineering
Manufacturing & SCM
Purchasing
Human Resources
Target
3.8
2.7
2.9
2012
2013
4.3
Commitment
1.7
2011
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2014
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2016
25
FY14 results
Path to Nissan Power 88
FY15 outlook
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FY15 sales outlook
TIV*
Retail volume
vs. FY14
**M/S
vs. FY14
6.5%
Global
+4.4%
-3.0%
600
Japan
-3.7%
China
+5.0%
1,300
China
+6.4%
North
America
-0.3%
1,920
+5.0%
(US)
(-0.2%)
North
America
(US)
(+6.4%)
17.05
Europe
-4.1%
(1.70)
(Russia)
(-25.1%)
790
Europe
+4.6%
20.07
Others
-0.3%
940
Others
+5.7%
+0.1%
5.14
Japan
23.45
19.73
(16.70)
5,318
(thousand units)
Global
FY14
6.2%
5,550
85.44
(million units)
85.36
**M/S
FY15
(1,490)
FY14
FY15
** Market Share
*Nissan’s estimation
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FY15 outlook (TSE report basis - China JV Equity basis)
Net revenue
Operating profit
OP margin
Ordinary profit
Net income *
Net income ratio
CAPEX
Sales ratio
R&D
Sales ratio
FX rate
assumptions
FY15
outlook
Variance
Change
vs. FY14 (%)
11,375.2
12,100.0
+724.8
+6.4%
589.6
675.0
+85.4
+14.5%
5.2%
5.6%
+0.4%
694.2
765.0
+70.8
+10.2%
457.6
485.0
+27.4
+6.0%
4.0%
4.0%
0.0%
463.1
550.0
+86.9
4.1%
4.5%
+0.4%
506.1
530.0
+23.9
4.4%
4.4%
0.0%
109.8
138.7
115.0
130.0
+5.2
-8.7
FY14
actual
(billion yen)
(JPY/USD)
(JPY/EUR)
*
+18.8%
+4.7%
* Net income attributable to owners of parent
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FY15 outlook (TSE report basis - China JV Equity basis)
Operating profit variance analysis
(billion yen)
+110.0
675.0
+35.0
589.6
-19.6
-40.0
FY14
O.P.
actual
FOREX
M&S
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Monozukuri
G&A
and
other costs
FY15
O.P.
outlook
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FY15 outlook (management pro forma basis*)
FY15
outlook
Variance
Change
vs. FY14 (%)
12,406.3
13,270.0
+863.7
+7.0%
718.6
835.0
+116.4
+16.2%
5.8%
6.3%
+0.5%
457.6
485.0
+27.4
3.7%
3.7%
0.0%
FY14
actual
(billion yen)
Net revenue
Operating profit
OP margin
Net income **
Net income ratio **
+6.0%
* Based on continuation of proportional consolidation of China JV
** Net income attributable to owners of parent
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dividend per share (yen)
FY15 shareholder return outlook
42
33
30
25
20
FY11
FY12
FY13
FY14
FY15
(Forecast)
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Appendix
Sales financing : funding sources
(As of March 2015)
Equity
10.2%
Group Finance
(Inter-Company)
20.2%
ABS Off B/S
2.7%
Commercial paper
2.4%
S/T Loan
ABS On B/S
3.2%
26.1%
L/T Loan
Bonds
24.3%
10.9%
Total funding amount
8,392 billion yen
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34
Sales financing : penetration
Lease
Retail
(%)
100%
100
NFS
90%
90
NMAC
NCF
NRFM
80%
80
70%
70
60%
60
27%
26%
28%
29%
44%
41%
39%
38%
42%
FY13
FY14
FY13
FY14
FY13
50%
50
40%
40
30%
30
20
20%
4%
6%
32%
29%
FY13
FY14
10
10%
48%
0%0
FY14
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
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Sales financing : net credit loss ratio
FY13
FY14
Variance
NFS
Lease: 0.03%
Retail: 0.13%
Lease: 0.04%
Retail: 0.11%
Lease: +0.01%
Retail: -0.02%
NMAC
Lease: 0.23%
Retail: 0.78%
Lease: 0.26%
Retail: 0.81%
Lease: +0.03%
Retail: +0.03%
NCF
Lease: 0.13%
Retail: 0.24%
Lease: 0.17%
Retail: 0.41%
Lease: +0.04%
Retail: +0.17%
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
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Sales financing : operating profit & asset
( NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million Peso)
FY13
FY14
NFS
Asset: 1,155.2
OP:
22.6
Asset: 1,063.8
OP:
24.2
Asset:
OP:
NMAC
Asset: 49,816
OP:
931
Asset: 54,682
OP:
977
Asset: +4,866
OP:
+46
NCF
Asset:
OP:
Asset:
OP:
Asset:
OP:
NRFM
Asset: 54,333
OP: 2,341
4,174
112
Variance
4,737
112
-91.4
+1.6
+563
0
Asset: +16,688
OP:
+142
Asset: 71,021
OP: 2,483
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
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37
FY14 financial performance
(TSE report basis - China JV Equity basis)
(billion yen)
Operating profit variance analysis
1. Foreign exchange impact
USD
+118.7 (100.2 ⇒ 109.8)
+68.6
-9.9 (1.68 ⇒ 1.81)
INR
RUB
-34.7
(3.04 ⇒ 2.54)
EUR*
+3.4
THB
-11.7
(3.19 ⇒ 3.38)
Others
+2.8
* including other European currencies (excluding RUB)
+32.4
2. Volume / mix
Japan -24.5
Vol: -30.0
Mix: +5.5
US ＋10.4
EUR +5.6
Vol: +75.2
Mix: -64.8
Vol: +43.7
Mix: -38.1
3. Selling expenses
MEX&CAN +19.9
Others +21.0
-43.8
Japan +0.7
US&CAN -12.5
EUR -3.8
Others -28.2
Incentives: -2.5
Others: +3.2
Incentives: -8.1
Others: -4.4
Incentives: +12.5
Others: -16.3
Incentives: -14.0
Others: -14.2
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38
FY14 4th quarter sales performance (3 months): Global
TIV*
Retail volume
vs. FY13
Japan
-18.5%
China
+7.6%
342
China
-10.0%
North
America
(US)
+6.3%
476
North
America
+7.3%
(US)
(+3.6%)
221
Europe
+8.0%
238
Others
+1.7%
6.21
FY13
4Q
Europe
Others
(+5.6%)
+2.3%
(thousand units)
206
Japan
4.92
vs. FY13
-14.4%
1.58
4.60
1,515
6.8%
-2.1%
+2.4%
(3.95)
**M/S
Global
Global
4.63
7.1%
1,483
21.94
(million units)
21.43
**M/S
(368)
-0.7%
FY14
4Q
FY13
4Q
*Nissan’s estimation
FY14
4Q
** Market Share
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FY14 4th quarter financial performance (3 months)
(TSE report basis - China JV Equity basis)
(billion yen)
FY13
4Q
FY14
4Q
Variance
Change
vs. FY13 (%)
3,203.9
3,286.7
+82.8
+2.6%
197.7
171.6
-26.1
-13.2%
6.2%
2.7
5.2%
26.3
200.4
197.9
-2.5
-1.3%
Extraordinary
-7.7
-0.9
Profit before tax
192.7
197.0
+4.3
+2.2%
Taxes
-72.0
-65.0
Effective tax rate
37.4%
33.0%
-5.8
-13.2
+3.3%
Net revenue
Operating profit
OP margin
Non-operating
Ordinary profit
Minority interest
Net income
FX rate
114.9
118.8
+3.9
102.8 JPY/USD
140.8 JPY/EUR
119.2 JPY/USD
134.0 JPY/EUR
+16.4 JPY/USD
-6.8 JPY/EUR
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FY14 4th quarter financial performance (3 months)
(TSE report basis - China JV Equity basis)
Operating profit variance analysis
(billion yen)
+41.3
+26.8
+8.2
-22.2
197.7
-17.4
171.6
-5.0
-23.7
-34.1
FY13
4Q
O.P.
FOREX
Cost items *
Volume
/ mix
Marketing
&
selling exp.
US
remarketing
R&D
exp.
MFG
exp.
Other
items
FY14
4Q
O.P.
* Including purch. cost reduction, raw material and product enrichment
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FY14 4th quarter financial performance (3 months)
(TSE report basis - China JV Equity basis)
Operating profit variance analysis
1. Foreign exchange impact
USD
+50.0 (102.8 ⇒ 119.2)
(billion yen)
+26.8
THB
-7.5 (3.15 ⇒ 3.65)
RUB
-10.1
(2.93 ⇒ 1.90)
EUR*
+3.0
MXN
-9.1
(7.76 ⇒ 7.97)
Others
+0.5
* including other European currencies (excluding RUB)
-22.2
2. Volume / mix
Japan -17.6
Vol: -10.6
Mix:
-7.0
US +7.3
Vol:
Mix:
+9.7
-2.4
3. Selling expenses
EUR -12.3
Vol:
Mix:
+7.3
Others
-6.9
-4.1
-8.2
-17.4
Japan -1.8
US&CAN -10.3
EUR -3.6
Incentives: -5.9
Others: +4.1
Incentives: -2.9
Others: -7.4
Incentives: +3.0
Others: -6.6
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MEX&CAN
Others -1.7
Incentives:
Others:
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+1.7
-3.4
42
FY14 financial performance
(TSE report basis - China JV Equity basis)
Detail of non-operating income/expenses
(billion yen)
FY13
FY14
Variance
• Interest income / expenses
-11.6
-3.9
+7.7
• FX gains / losses
-13.1
66.2
+79.3
• Derivative gains / losses
-18.2
-58.4
-40.2
• Profit/Loss under equity methods
78.8
106.5
+27.7
• Amortization of net retirement benefit
-9.1
-9.1
0.0
6.0
6.4
+0.4
-4.0
-3.1
+0.9
• Dividends income
• Others
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FY14 financial performance
(TSE report basis - China JV Equity basis)
Detail of extraordinary gains/losses
(billion yen)
FY13
FY14
Variance
• Sale/disposal of fixed assets
-4.0
-0.4
+3.6
• Gain on contribution of securities
to retirement benefit trust
12.2
17.7
+5.5
• Impairment loss on fixed assets
-2.1
-16.1
-14.0
• Others
-3.9
-8.0
-4.1
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44
FY14 4th quarter financial performance (3 months)
(TSE report basis - China JV Equity basis)
Detail of non-operating income/expenses
(billion yen)
FY13
4Q
FY14
4Q
Variance
-1.7
0.7
+2.4
-19.3
-13.3
+6.0
6.6
19.0
+12.4
• Profit/Loss under equity methods
24.7
30.6
+5.9
• Amortization of net retirement benefit
-2.3
-2.2
+0.1
0.1
0.6
+0.5
-5.4
-9.1
-3.7
• Interest income / expenses
• FX gains / losses
• Derivative gains / losses
• Dividends income
• Others
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45
FY14 4th quarter financial performance (3 months)
(TSE report basis - China JV Equity basis)
Detail of extraordinary gains/losses
(billion yen)
FY13
4Q
FY14
4Q
Variance
-2.2
2.7
+4.9
• Gain on contribution of securities
to retirement benefit trust
0.0
17.7
+17.7
• Impairment loss on fixed assets
-1.2
-14.5
-13.3
• Others
-4.3
-6.8
-2.5
• Sale/disposal of fixed assets
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46
FY14 4th quarter financial performance (3 months)
(TSE report basis - China JV Equity basis)
Free cash flow (Auto business)
(billion yen)
+108.9
+308.4
328.7
+23.9
-57.2
210.1
-31.4
-142.5
Net cash
inflow from
P&L items
AP / AR
Inventory
Tax / other
operating
activities
CAPEX *
Cash flow
from
operating
activities
Other
Free cash
flow
* CAPEX does not include finance lease-related investments
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47
FY14 retail sales
FY14
Detail of other markets
FY13
600
(thousand units)
500
400
363.3
363.4
300
226.4
237.1
186.3
200
102.0
100
184.0
103.8
0
Asia &
Oceania
M.East
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Africa
Latin
America
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FY14 4th quarter retail sales (3 months)
FY14 4Q
Detail of other markets
FY13 4Q
150
(thousand units)
120
91.4
96.8
90
74.5
68.4
60
39.8
27.2
30
42.4
29.2
0
Asia &
Oceania
M.East
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Africa
Latin
America
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49