Nissan Motor Co., Ltd. · TSE:7201
Nissan Motor — H1 FY2013 Earnings Presentation
27 slides from Nissan Motor's earnings presentation, Nov 1, 2013
Slide 1: FY2013 first-half financial results
FY2013 first-half financial results Nissan Motor Co., Ltd November 1, 2013 Key performance indicators: financial results (management pro forma basis* ) (billion yen) Operating Free cash flow Net cash Net revenue Net income profit (Auto) (Auto) 5,215.4 287.0 831.7 264.7 4,546.8 442.0 178.3 189.8 -70.
Slide 2: FY13 1st half sales performance: Global
FY13 1st half sales performance FY13 1st half consolidated financial performance FY13 outlook (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com 2013 All rights reserved. 3 FY13 1st half sales performance: Global TIV* Retail volume vs. FY12 vs. FY12 **M/S 6.2% **M/S 5.9% 39.88 41.44 Global +
Slide 3: Sales performance: Japan and China
FY13 1st half sales performance: Japan Retail volume TIV: 2.55 million units, -1.7% Sales: 315 k units, +3.6% (thousand units) +3.6% 304 315 Market share: 12.4%, +0.7 points Note: 66.3 k units, +101% FY12 FY13 1H 1H DAYZ: 50 k units since launch in June Market share +0.7 points 12.4 Note DAYZ 11.7 (
Slide 4: Sales performance: North America and Europe
FY13 1st half sales performance: North America US Retail volume US • TIV: 8.09 million units, +8.9% +14.5% (thousand units) • Sales: 623 k units, +14.5% thanks to Altima, Pathfinder and Sentra 623 544 • Market share: 7.7%, +0.4 points Canada • Sales: 50 k units, +14.8% FY12 FY13 • Market share: 5.0%
Slide 5: Sales performance: Other markets
FY13 1st half sales performance: Other markets Estimated TIV: 10.42 million units, -0.8% Retail volume Sales: 424 k units, -8.4% Asia & Oceania: 177.8 k units, -11.8% -8.4% Latin America: 99.7 k units, -17.8% (thousand units) 463 Middle East: 96.4 k units, +10.1% 424 FY12 FY13 1H 1H V-platform serie
Slide 6: FY13 1st half financial performance
FY13 1st half financial performance (management pro forma basis* ) (billion yen) FY12 FY13 Variance Change 1H 1H vs. FY12 (%) Net revenue 4,546.8 5,215.4 +668.6 +14.7% Operating profit 287.0 264.7 -22.3 -7.8% OP margin 6.3% 5.1% Non-operating -11.4 -32.7 Ordinary profit 275.6 232.0 -43.6 -15.8% Extr
Slide 7: 1st half financial performance (TSE report basis)
FY13 1st half financial performance (TSE report basis - China JV Equity basis ) (billion yen) FY12 FY13 Change Variance vs. FY12 (%) 1H 1H Net revenue 4,063.7 4,756.2 +692.5 +17.0% Operating profit 227.8 221.9 -5.9 -2.6% OP margin 5.6% 4.7% Non-operating +27.9 +9.4 Ordinary profit 255.7 231.3 -24.4
Slide 8: Net Cash Auto business
Net Cash Auto business (management pro forma basis* ) (billion yen) 2012 2013 1,000 1,000 915.9 831.7 800 800 760.4 619.8 600 600 509.2 442.0 400 400 200 200 0 0 Mar. Jun. Sep. Mar. Jun. Sep. FX: JPY/USD FX: JPY/USD End of month 82.2 79.3 77.6 End of month 94.1 98.6 97.8 * Based on continuation of p
Slide 9: FY13 sales outlook
FY13 sales outlook Retail volume vs. FY13 previous vs. FY12 outlook 4,914 5,300 5,200 Global +5.8% -1.9% 660 680 Japan +5.1% +3.0% 1,250 1,270 China +7.5% +1.6% (thousand units) 1,610 1,650 North +12.5% +2.5% (1,270) (1,290) America (US) (+13.4%) (+1.6%) 720 660 Europe 0.0% -8.3% (190) (146) (Russia
Slide 10: FY13 management pro forma outlook
FY13 management pro forma outlook * Operating profit variance analysis (billion yen) 700.0 600.0 -10.0 -60.0 -30.0 FY13 FOREX Volume Warranty FY13 Previous & & Revised outlook ** others Recall exp. outlook * Based on continuation of proportional consolidation of China JV **Previous outlook on May 10
Slide 11: Shareholder return: dividend per share
FY13 shareholder return dividend per share (yen) 30 25 2H 20 15 10 1H 15 FY10 FY11 FY12 FY13 plan (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com 2013 All rights reserved. 21 POWER Brand & sales 8 Global market 8 Sustainable power share by FY16 COP (%) (%) (C) Copyright NISSAN MOTOR CO.,
Slide 12: Actions and new plant investments
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/ 1on1 (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com 2013 All rights reserved. 23 New plant investm
Slide 13: Products and actions
Products Infiniti Q50 Nissan X-Trail (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com 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 pric
Slide 14: Executive Committee moves
Executive Committee moves • Chair Operations Committee • Lead global monozukuri • Focus on increasing quality and Hiroto Saikawa total delivered cost Chief Competitive Officer • Global sales, planning functions and marketing communications • Chairman Infiniti Andy Palmer • Lead EV & Battery business
Slide 15: Regional structure and leadership moves
Regional structure and leadership moves Hiroto Saikawa José Muñoz EUROPE CHINA NORTH AMERICA AMI ASIA SOUTH AMERICA Takao Katagiri José Luis Valls (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com 2013 All rights reserved. 29 (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com 2013 A
Slide 16: Appendix: Inventory management
Appendix (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com 2013 All rights reserved. 31 Inventory management Inventory status 1,200 57 60 61 62 61 1,100 59 1,000 50 900 990 800 890 880 910 40 (thousand units) 700 830 (days) 600 30 500 400 20 300 200 10 100 0 0 2012 2013 Sep. Dec. Mar. Jun.
Slide 17: FY13 new product launches
FY13 new product launches 10 model New all-new global continues offensive launches Europe, Middle East, Africa, India Asia & Oceania Americas Note DAYZ NV200 Qashqai DAYZ Roox Rogue Tiida Livina Versa Note Terrano NV100 Clipper Infiniti Q50 Infiniti Q50 NT100 Clipper Datsun GO Pathfinder Teana / Alt
Slide 18: Sales financing: Funding sources
Sales financing : Funding sources (As of September 2013) Equity 9.7% Group Finance ABS Off B/S (Inter-Company) 3.4% 21.3% Commercial paper ABS On B/S 3.5% 23.9% S/T Loan 3.1% Bonds L/T Loan 24.4% Total funding amount 10.7% 6,040 billion yen (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com
Slide 19: Sales financing: net credit loss ratio
Sales financing: net credit loss ratio FY12 FY13 Variance 1H 1H Lease: 0.04% Lease: 0.03% Lease: -0.01% NFS Retail: 0.14% Retail: 0.15% Retail: +0.01% Lease: 0.10% Lease: 0.20% Lease: +0.10% NMAC Retail: 0.50% Retail: 0.73% Retail: +0.23% Lease: 0.20% Lease: 0.12% Lease: -0.08% NCF Retail: 0.13% Ret
Slide 20: 1st half operating profit variance analysis
FY13 1st half financial performance (management pro forma basis * ) Operating profit variance analysis (billion yen) 1. Foreign exchange impact 144.9 USD +142.3 (79.4 to 98.9) RUB +22.1(2.53 to 3.07) BRL +4.7 (39.8 to 45.5) EUR* -24.8 AUD +10.1 (81.3 to 94.2) Others -9.5 * including other European c
Slide 21: FY13 2nd quarter financial performance (3 months)
FY13 2nd quarter financial performance (3 months) (management pro forma basis * ) FY12 FY13 Change (billion yen) Variance 2Q 2Q vs. FY12 Net revenue 2,410.4 2,703.3 +292.9 +12.2% Operating profit 166.4 146.9 -19.5 -11.7% OP margin 6.9% 5.4% Non-operating -2.3 -16.5 Ordinary profit 164.1 130.4 -33.7
Slide 22: 2nd quarter financial performance (TSE report basis)
FY13 2nd quarter financial performance (3 months) (TSE report basis – China JV Equity basis ) FY12 FY13 Change (billion yen) Variance 2Q 2Q vs. FY12 Net revenue 2,168.3 2,523.3 +355.0 +16.4% Operating profit 139.9 113.8 -26.1 -18.7% OP margin 6.5% 4.5% Non-operating +14.4 +2.7 Ordinary profit 154.3
Slide 23: CAPEX, R&D and Depreciation
CAPEX, R&D and Depreciation * (management pro forma basis* ) (billion yen) FY12 FY13 Variance 1H 1H CAPEX 193.6 239.0 +45.4 Sales ratio 4.3% 4.6% R&D 214.9 240.5 +25.6 Sales ratio 4.7% 4.6% Depreciation 156.6 167.9 +11.3 * Based on continuation of proportional consolidation of China JV (C) Copyright
Slide 24: Detail of extraordinary gains/losses
FY13 1st half financial performance (management pro forma basis * ) Detail of extraordinary gains/losses (billion yen) FY12 FY13 1H 1H Variance • Sale/disposal of fixed assets -1.7 -1.5 +0.2 • Sale of investment securities 0.7 0.0 -0.7 • Impairment loss on fixed assets -1.1 -0.7 +0.4 • Gain on sales
Slide 25: 2nd quarter extraordinary gains/losses and free cash flow
FY13 2nd quarter financial performance (3 months) (management pro forma basis * ) Detail of extraordinary gains/losses (billion yen) FY12 FY13 2Q 2Q Variance • Sale/disposal of fixed assets -1.5 -1.7 -0.2 • Sale of investment securities 0.1 0.0 -0.1 • Impairment loss on fixed assets -0.8 -0.7 +0.1 •
Slide 26: Detail of other markets retail sales
FY13 1st half retail sales FY13 1H FY12 1H Detail of other markets 300 270 240 201.6 210 177.8 180 (thousand units) 150 121.2 120 99.7 87.6 96.4 90 60 51.8 49.7 30 0 Asia & M.East Africa Latin Oceania America (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com 2013 All rights reserved. 51 FY1
Slide 27: Nissan Motor Company
NISSAN MOTOR COMPANY S&S QD &