Nissan Motor Co., Ltd. · TSE:7201
Nissan Motor — FY2009 Earnings Presentation
31 slides from Nissan Motor's earnings presentation, May 12, 2010
Slide 1: Fiscal year 2009 financial results
Fiscal year 2009 financial results May 12, 2010 Nissan Motor Co., Ltd. FY09 full-year financial results Key performance indicators: Financial results (billion yen) Net revenue Operating Net income Free cash flow Net debt profit (Auto) (Auto) 375.5 387.9 8,437.0 -10.9% 311.6 7,517.3 42.4 29.7 -137.9
Slide 2: Zero-emission leadership; Preparing for mass-marketing EVs
Zero-emission leadership Luxury EV 4 billion euros of investment 8 products across 3 brands More than 50 partnerships to date 2 FY09 full-year financial results Preparing for mass-marketing EVs Sunderland, UK Maubeuge, France Zama, Japan Flins, France Bursa, Turkey Oppama, Japan Smyrna, USA Valladol
Slide 3: Customer readiness; Affordable transportation
Customer readiness More than 13,000 pre-orders to date globally 120 # of handraisers in the U.S. (‘000) Start of sales – December 100 Japan, U.S., Europe 80 60 40 20 0 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 4 FY09 full-year financial results Affordable transportation I
Slide 4: Affordable transportation: Global compact car; Emerging market offensive: China
Affordable transportation: Global compact car Mobility for all with Nissan quality 1 million units at full ramp-up 3 products by FY12 Accessible eco-friendliness New XTRONIC CVT 3-cylinder Super-charged engine 6 FY09 full-year financial results Emerging market offensive: China Increase production ca
Slide 5: Emerging market offensive: India and Brazil
Emerging market offensive: India Increase production capacity from 200 K to 400 K at full ramp-up Partnerships established for competitive, localized products 9 Alliance plant 9 Local partnerships Europe Sales Sales distributors distributors Middle East Chennai LCV LCV production production Africa A
Slide 6: Emerging market offensive: Russia and Middle East
Emerging market offensive: Russia Increase Alliance market share to 40% Market share • St. Petersburg production Nissan Renault X-TRAIL Teana Murano AVTOVAZ • Production capacity: 50 k units 33% 40% 10 FY09 full-year financial results Emerging market offensive: Middle East Revitalized network of NSC
Slide 7: FY09 sales performance, financial performance, FY10 outlook
12 FY09 full-year financial results FY09 sales performance FY09 financial performance FY10 outlook 13 FY09 full-year financial results
Slide 8: Sales performance: Global; FY09 all-new product launches
Sales performance: Global Retail volume Retail volume (Full year) vs. FY08 (4Q) 3,515 Global +3.0% vs. FY08 3,411 1,010 Global +29.7% 630 Japan +2.9% 207 Japan +17.4% 778 North 1,067 -5.8% North America 292 +26.3% (thousand units) (thousand units) (824) (-3.8%) America (US) (228) (+30.6%) (US) 517 E
Slide 9: Sales performance: Japan and North America
FY09 sales performance: Japan Retail volume TIV increased 3.8% to 4.9 million units in (thousand units) FY09 +2.9% 4Q sales in Japan increased 17.4% to 612 630 207 k units, due to Serena, X-TRAIL, Tiida and Note Serena was the number-one minivan for FY08 FY09 the second year in a row, and X-TR
Slide 10: Sales performance: Europe and China
FY09 sales performance: Europe Retail volume TIV decreased 6.4% to 18.7 million units (thousand units) -2.4% Sales in Western Europe increased by 24.5% due to continuous government scrap 530 517 incentives (increased by 42.1% in 4Q) Sales in Russia dropped 60.6% from 140.8 k units to 55.4 k un
Slide 11: Sales performance: Other markets
FY09 sales performance: Other markets Sales in Thailand increased 24.2% to 34.6 k units (4Q sales : +79.4% to 9.5 k units) March was named Car of the Year in the “Most Environmentally Friendly Retail volume Car of the Year” category in Thailand (thousand units) Sales in Middle East dropped 19.
Slide 12: FY09 financial performance
FY09 financial performance (billion yen) FY08 FY09 Variance Net revenue 8,437.0 7,517.3 -919.7 -10.9% Operating profit -137.9 311.6 +449.5 Non-operating -34.8 -103.9 Ordinary profit -172.7 207.7 +380.4 Extraordinary -46.1 -66.1 Profit before tax -218.8 141.6 +360.4 Taxes -36.9 -91.5 Minority interes
Slide 13: Free cash flow and debt structure (Auto business)
FY09 financial performance Free cash flow (Auto business) (billion yen) -27.5 -29.6 707.5 -272.9 -100.6 +265.8 +498.8 +41.5 375.5 Net cash AP / AR Inventory Tax / Cash flow CAPEX* Asset Other Free inflow other from sales investing cash from P&L operating operating activities flow items activities ac
Slide 14: Global production volume; Inventory management
Global production volume Production volume returns to pre-crisis level 1,000 951 907 923 933 803 800 620 (thousand units) 708 600 520 400 200 FY08 3,084 k units FY09 3,282 k units 0 FY08 FY08 FY08 FY08 FY09 FY09 FY09 FY09 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 26 FY09 full-year financial results Inventory manageme
Slide 15: FY10 outlook: Retail sales forecast and production plan
FY09 sales performance FY09 financial performance FY10 outlook 28 FY09 full-year financial results FY10 outlook Retail sales forecast and production plan Retail volume vs. FY09 Production volume vs. FY09 3,800 Global +8.1% 3,750 Global +14.2% 3,515 600 Japan -4.8% 3,282 1,100 Japan +7.3% North 1,205
Slide 16: FY10 all-new product launches; New technologies
FY10 all-new product launches 10 all-new global launches Europe Japan North America Nissan LEAF Juke Nissan LEAF Juke Elgrand Quest Micra New minivan Convertible Crossover QX New mini NV Series M March QX Nissan LEAF Juke Other markets Affordable sedan All-new global launches QX Regional launches M
Slide 17: FY10 risks and opportunities; FY10 outlook
FY10 risks and opportunities Risks Opportunities Foreign exchange Foreign exchange Raw material price Emerging market sales increase Alliance synergies with TIV post government Renault support Strategic cooperation Instability and volatility with Daimler in Euro zone 32 FY09 full-yea
Slide 18: FY10 outlook; Recovery plan in FY10
FY10 outlook Operating profit variance analysis (FY09 actual vs FY10 outlook) -140.0 (billion yen) -45.0 -36.6 +160.0 350.0 311.6 -30.0 -40.0 -100.0 +270.0 FY09 FOREX Provision Raw Volume / Purchasing Selling R&D Others FY10* O.P. for residual material mix cost expenses expenses O.P. risk on / energ
Slide 19: Revenue growth; Tight cost management
Revenue growth Revenue (billion yen) Retail volume (k units) vs. FY09 vs. FY09 +9.1% +8.1% 8,437 3,800 8,200 3,515 7,517 3,411 FY08 FY09 FY10* FY08 FY09 FY10* FX rate 100.7 92.9 90.0* JPY/USD 36 * Forecast FY09 full-year financial results Tight cost management Monozukuri cost reduction Actions linke
Slide 20: Free cash flow generation
Free cash flow generation Continued free cash flow management is expected to result in net automotive cash position Net automotive debt 387.9 29.7 -180.2 -254.6 FY06 FY07 FY08 FY09 FY10* *Forecast 38 FY09 full-year financial results 39 FY09 full-year financial results
Slide 21: FY10 dividend plan; Alliance synergies
FY10 dividend plan Reinstate dividend payments FY08 FY09 FY10 results results plan* Interim dividend 11 0 5 Year-end dividend 0 0 5 Total 11 0 10 40 *Plan as of May 12, 2010 FY09 full-year financial results Alliance synergies 2009: 228 billion yen 2010: Over 240 billion yen Carryover: 45.7 billion (
Slide 22: Strategic cooperation with Daimler
Strategic cooperation with Daimler Small cars Powertrain Infiniti Light commercial vehicles Future opportunities EV and batteries 42 FY09 full-year financial results 43 FY09 full-year financial results
Slide 23: Appendix
44 FY09 full-year financial results Appendix 45 FY09 full-year financial results
Slide 24: Sales financing: Funding sources and penetration
Sales financing : Funding sources (As of March 2010) Equity Group Finance (Inter-Company) 10.8% 17.9% ABS Off B/S Commercial 7.0% paper 3.7% S/T Loan 0.9% ABS On B/S L/T Loan 28.0% 20.6% Total funding amount 4,013 billion yen Bonds 11.1% 46 FY09 full-year financial results Sales financing: penetrati
Slide 25: Sales financing: net credit loss ratio; operating profit and asset
Sales financing: net credit loss ratio FY08 FY09 Variance Lease: 0.09% Lease: 0.07% Lease: -0.02% NFS Retail: 0.25% Retail: 0.30% Retail: +0.05% Lease: 1.13% Lease: 0.86% Lease: -0.27% NMAC Retail: 2.11% Retail: 1.93% Retail: -0.18% Lease: 0.17% Lease: 0.25% Lease: +0.08% NCF Retail: 0.23% Retail: 0
Slide 26: Operating profit variance analysis; FY09 fourth-quarter performance
FY09 financial performance Operating profit variance analysis (billion yen) 1. Foreign exchange impact -162.5 USD -86.5 (100.7 to 92.9) RUB -28.3 (3.82 to 3.03) CAD -13.7 (90.9 to 85.2) EUR* -14.3 AUD +2.3 (80.8 to 78.9) Others -22.0 2. Volume / mix +26.9 Japan +16.9 US +22.4 EUR -32.2 MEX&CAN +3.6
Slide 27: FY09 fourth-quarter operating profit variance analysis
FY09 fourth-quarter financial performance Operating profit variance analysis (billion yen) 82.7 -230.4 -5.1 +64.2 -38.7 -1.3 +30.0 +4.6 +4.4 +35.2 +153.1 +31.3 +5.8 +29.6 FY08 FOREX Raw Purch. Volume Product Selling Provision R&D Mfg. Warranty Sales Others FY09 material cost / mix enrich. / exp. for
Slide 28: Non-operating income/expenses; extraordinary gains/losses
FY09 financial performance Detail of non-operating income/expenses (billion yen) FY08 FY09 Variance • Interest income / expenses -15.1 -16.2 -1.1 • FX translation 5.0 -10.6 -15.6 NML -28.2 -3.6 +24.6 NMEX 57.0 -26.0 -83.0 Others -23.8 19.0 +42.8 • Loss under equity methods -1.4 -50.6 -49.2 • Amortiz
Slide 29: Fourth-quarter non-operating and extraordinary items
FY09 fourth-quarter financial performance Detail of non-operating income/expenses (billion yen) FY08 FY09 Variance 4Q 4Q • Interest income / expenses -5.4 -3.7 +1.7 • FX translation -1.9 2.5 +4.4 NML -1.2 2.2 +3.4 NMEX 6.6 -5.9 -12.5 Others -7.3 6.2 +13.5 • Loss under equity methods -22.2 -12.6 +9.6
Slide 30: Free cash flow (Auto business) variance
FY09 financial performance Free cash flow (Auto business) variance (billion yen) FY08 FY09 Variance Net cash inflow from P&L items 356.6 498.8 +142.2 AP/AR -286.2 265.8 +552.0 Inventory 88.3 -27.5 -115.8 Tax/Others -118.8 -29.6 +89.2 Operating activities 39.9 707.5 +667.6 Capex * -376.6 -272.9 +103.
Slide 31: Retail sales detail of other markets
FY09 retail sales FY09 full year Detail of other markets FY08 full year 800 755.5 600 (thousand units) 544.9 400 206.9 179.1 200 223.1 197.5 102.2 44.9 106.7 55.2 0 Asia & China M.East Africa Latin Oceania America 60 FY09 full-year financial results FY09 fourth-quarter retail sales FY09 4Q Detail of