Nissan Motor Co., Ltd. · TSE:7201
Nissan Motor — H1 FY2014 Earnings Presentation
23 slides from Nissan Motor's earnings presentation, Nov 4, 2014
Slide 1: FY2014 first-half financial results
FY2014 first-half financial results Nissan Motor Co., Ltd November 4, 2014 Key performance indicators: financial results (TSE report basis - China JV Equity basis) (billion yen) Net revenue Operating Free cash flow Net cash Net income profit (Auto) (Auto) 1,128.3 5,144.6 4,756.2 261.9 729.2 221.9 23
Slide 2: FY14 business update
FY14 business update FY14 1st half sales performance FY14 1st half consolidated financial performance FY14 outlook (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 3 FY14 business update Product momentum Successful Crossovers New models ■ Strong sales of CMF continues
Slide 3: FY14 business update: Infiniti and brand power
FY14 business update Infiniti ■Inspiration design Infiniti inconcept China unveiled at Paris Motor Show ■ Begin production of Infiniti Q50L in China (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 5 FY14 business update Brand and sales power 56th 65th 2014 73rd 2013 9
Slide 4: Zero-emission leadership; Alliance and strategic cooperation
FY14 business update Zero-emission leadership Nissan LEAF New EV models ■ Cumulative global sales of Nissan ■ Venucia e30 launched LEAF reached 142,000 units 15 ■ e-NV200 launched (thousand units) 10 5 0 1Q 2Q 3Q 4Q 1Q 2Q FY13 FY14 (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All right
Slide 5: Sales performance: Global
FY14 business update FY14 1st half sales performance FY14 1st half consolidated financial performance FY14 outlook (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 9 FY14 1st half sales performance: Global TIV* Retail volume vs. FY13 **M/S 6.0% vs. FY13 **M/S 5.9% 42.6
Slide 6: Sales performance: Japan and China
FY14 1st half sales performance: Japan ■ TIV: 2.47 million units, -2.8% Retail volume (thousand units) ■ Sales: 291 k units, -7.6% -7.6% ■ Market share: 11.8%, -0.6 points 315 291 ■ New X-Trail: 20.2 k units FY13 FY14 1H 1H ■ DAYZ / DAYZ ROOX: 79.5 k units Market share -0.6 points X-Trail DAYZ ROOX
Slide 7: Sales performance: North America and Europe
FY14 1st half sales performance: North America ■ US US Retail volume • TIV: 8.69 million units, +7.3% +13.7% (thousand units) • Sales: 708 k units, +13.7% 708 • Market share: 8.2%, +0.5 points 623 ■ Canada • Sales: 66 k units, +30.6% FY13 FY14 • Market share: 6.2%, +1.2 points 1H 1H ■ Mexico US Mark
Slide 8: Sales performance: Other markets
FY14 1st half sales performance: Other markets ■ Estimated TIV: 10.0 million units, -3.4% ■ Sales: 423 k units, -0.2% Asia & Oceania: 180 k units, +1.2% Retail volume Latin America: 88 k units, -11.6% Middle East: 110 k units, +14.4% (thousand units) -0.2% 424 423 NP300 Navara Datsun GO+ Panca FY13
Slide 9: FY14 1st half financial performance
FY14 1st half financial performance (TSE report basis - China JV Equity basis) (billion yen) FY13 FY14 Change 1H 1H Variance vs. FY13 (%) Net revenue 4,756.2 5,144.6 +388.4 +8.2% Operating profit 221.9 261.9 +40.0 +18.0% OP margin 4.7% 5.1% Non-operating 9.4 66.3 Ordinary profit 231.3 328.2 +96.9 +4
Slide 10: Free cash flow (Auto business); Inventory management
FY14 1st half financial performance (TSE report basis - China JV Equity basis) Free cash flow (Auto business) (billion yen) +145.2 +498.3 386.0 -172.8 -84.7 163.9 -219.6 -2.5 Net cash AP / AR Inventory Tax / other Cash flow CAPEX* Others Free cash inflow from operating from flow P&L items activities
Slide 11: Net cash Auto business; key performance indicators
Net Cash Auto business (TSE report basis - China JV Equity basis ) 2013 2014 (billion yen) (billion yen) 1,200 1,200 1,128.3 1,015.9 1,000 1,000 916.3 836.0 800 729.2 800 622.9 600 600 400 400 200 200 0 0 Mar. Jun. Sep. Mar. Jun. Sep. FX: JPY/USD FX: JPY/USD 94.1 98.6 97.8 102.9 101.4 109.5 End of m
Slide 12: Financial performance (management pro forma basis)
FY14 1st half financial performance (management pro forma basis* ) FY13 FY14 Change (billion yen) 1H 1H Variance vs. FY13 (%) Net revenue 5,215.4 5,643.8 +428.4 +8.2% Operating profit 264.7 332.6 +67.9 +25.7% OP margin 5.1% 5.9% +0.8% Net income 189.8 237.0 +47.2 +24.9% 98.9 JPY/USD 103.0 JPY/USD +4
Slide 13: Sales outlook; FY14 outlook
FY14 sales outlook Retail volume vs. FY14 vs. FY13 previous outlook 5,650 5,450 Global +5.1% -3.5% 5,188 640 640 Japan -11.0% 0.0% ** 1,430 1,270 China +4.4% -11.2% (thousand units) 1,810 North +9.8% +2.8% 1,760 America (1,410) (1,370) (US) (+9.7%) (+2.9%) 780 780 Europe +15.4% 0.0% 1,040 950 Others
Slide 14: Outlook vs. previous; FY14 shareholder return outlook
FY14 outlook (TSE report basis - China JV Equity basis) vs. previous Change vs. FY13 FY14 previous FY14 revised outlook previous outlook (billion yen) Actual (A) outlook (B) * outlook (C) (C)-(B) (C)/(B) Net revenue 10,482.5 10,790.0 10,800.0 10.0 0.1% Operating profit 498.4 535.0 535.0 0.0 0.0% OP
Slide 15: Appendix
(C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 29 Appendix
Slide 16: Sales financing: funding sources and penetration
Sales financing: Funding sources (As of September 2014) Equity 9.7% Group Finance ABS Off B/S (Inter-Company) 3.2% 21.9% Commercial paper ABS On B/S 3.4% 23.0% S/T Loan 2.5% Bonds L/T Loan 11.2% 25.1% Total funding amount 7,455 billion yen (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com A
Slide 17: Sales financing: net credit loss ratio, operating profit and asset
Sales financing: net credit loss ratio FY13 FY14 Variance 1H 1H Lease: 0.03% Lease: 0.04% Lease: +0.01% NFS Retail: 0.15% Retail: 0.13% Retail: -0.02% Lease: 0.20% Lease: 0.22% Lease: +0.02% NMAC Retail: 0.73% Retail: 0.71% Retail: -0.02% Lease: 0.12% Lease: 0.16% Lease: +0.04% NCF Retail: 0.23% Ret
Slide 18: Operating profit variance analysis; 2nd quarter sales performance
FY14 1st half financial performance (TSE report basis - China JV Equity basis) Operating profit variance analysis (billion yen) 1. Foreign exchange impact +17.3 USD +25.7 (98.9 to 103.0) RUB -6.3 (3.07 to 2.90) CAD -2.1 (95.9 to 94.6) EUR* +0.2 AUD +0.7 (94.2 to 95.8) Others -0.9 * including other E
Slide 19: FY14 2nd quarter financial performance
FY14 2nd quarter financial performance (3 months) (TSE report basis - China JV Equity basis) (billion yen) FY13 FY14 Change Variance 2Q 2Q vs. FY13 Net revenue 2,523.3 2,679.0 +155.7 +6.2% Operating profit 113.8 139.3 +25.5 +22.4% OP margin 4.5% 5.2% Non-operating 2.7 40.1 Ordinary profit 116.5 179.
Slide 20: 2nd quarter operating profit variance; non-operating items
FY14 2nd quarter financial performance (3 months) (TSE report basis - China JV Equity basis) Operating profit variance analysis (billion yen) 1. Foreign exchange impact +13.0 USD +16.0 (98.9 to 103.8) RUB -2.7 (3.02 to 2.88) CAD +0.4 (95.2 to 95.5) EUR* +1.9 AUD +1.2 (90.6 to 96.2) Others -3.8 * inc
Slide 21: Extraordinary gains/losses; 2nd quarter non-operating items
FY14 1st half financial performance (TSE report basis - China JV Equity basis) Detail of extraordinary gains/losses (billion yen) FY13 FY14 Variance 1H 1H • Sale/disposal of fixed assets -1.4 -2.4 -1.0 • Sale of investment securities 0.0 -0.4 -0.4 • Impairment loss on fixed assets -0.6 -0.7 -0.1 • G
Slide 22: 2nd quarter extraordinary items; free cash flow
FY14 2nd quarter financial performance (3 months) (TSE report basis - China JV Equity basis) Detail of extraordinary gains/losses (billion yen) FY13 FY14 Variance 2Q 2Q • Sale/disposal of fixed assets -1.6 -1.8 -0.2 • Sale of investment securities 0.0 -0.2 -0.2 • Impairment loss on fixed assets -0.6
Slide 23: Retail sales: detail of other markets
FY14 1st half retail sales FY13 1H Detail of other markets FY14 1H 300 250 (thousand units) 200 177.8 180.0 150 110.3 96.4 99.7 88.1 100 49.7 44.7 50 0 Asia & M.East Africa Latin Oceania America (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 45 FY14 2nd quarter retai