Nissan reports full-year results for fiscal year 2017

2018/05/14

Nissan Motor Co., Ltd. today announced financial results for the 12-month period to March 31, 2018.

For the first nine months of the fiscal year, the company faced significant costs associated with special items, inventory adjustments and negative pricing trends; however, a partial recovery was achieved due to solid performance in the final three-month period.

For the full year, Nissan generated an operating profit of 574.8 billion yen on net revenues of 11.95 trillion yen, equivalent to an operating margin of 4.8%.

Full-year net income1 rose by 12.6% to 746.9 billion yen as non-operating income and the favorable impact of US tax reforms more than compensated for the reduction in operating profit.

Full-Year Financial Highlights

The following table summarizes Nissan's financial results for the 12-month period to March 31, 2018, calculated under the equity accounting method for the group's China joint venture.

(TSE report basis – China JV equity basis)²

Special items are included related to final vehicle inspection issue in Japan in FY17 and divestiture of Calsonic Kansei in FY16.

Based on average foreign exchange rates of JPY 110.9/USD and JPY 129.7/EUR for FY2017

On a management pro forma basis, which includes the proportionate consolidation of results from Nissan's joint venture operation in China, operating profit was 742.4 billion yen and net income1 reached 746.9 billion yen.

Sales performance

In fiscal year 2017, the company launched its Nissan M.O.V.E. to 2022 mid-term plan, and global unit sales rose 2.6% to record-high unit sales of 5.77 million units.

Sales in Japan rose by 4.8% to 584,000 units mainly from contribution of the launch of the core models of Nissan Intelligent Mobility: the NOTE e-POWER and the new Nissan LEAF.

In China, where Nissan reports figures on a calendar-year basis, unit sales rose 12.2% to 1.52 million units, equivalent to a market share of 5.6% - driven by demand for models including the Nissan X-Trail and Sylphy, as well as the growth of the Venucia brand.

In the U.S., Nissan's sales reached 1.59 million units, equivalent to a market share of 9.2%.

Nissan sales in Europe, excluding Russia, fell by 4.6% to 652,000 units, impacted by the market decline in the UK and intensified competition in the crossover segment – both of which have been areas of strength for Nissan – which resulted in a market share of 3.6%. Unit sales in Russia, however, rose 12% to 105,000 units.

In other markets, including Asia and Oceania, Latin America, the Middle East and Africa, Nissan's sales rose 1.3% to 819,000 units.

Fiscal 2017 Dividend

Nissan has forecast a 10.4% increase in the dividend to 53 yen per share for fiscal year 2017.

Outlook

The company expects to sell 5.925 million units in fiscal year 2018. Recently-launched models including the Serena e-POWER, the new Nissan LEAF, the Datsun CROSS and the INFINITI QX50 are expected to contribute to sales growth in this financial year. Sales in fiscal year 2018 are also expected to be enhanced by the launch of new models including the Altima, Sylphy Zero Emission and Terra.

The company has filed the following fiscal year forecasts to the Tokyo Stock Exchange. Calculated under the equity accounting method for Nissan's joint venture in China, the forecasts for the fiscal year ending March 31, 2019, are:

Calculated on exchange rate of JPY 105/USD and JPY 130/EUR

For fiscal year 2018, Nissan has forecast a 7.5% increase in the dividend per share to 57 yen.

^{1. Net income attributable to owners of the parent
2. Since the beginning of fiscal year 2013, Nissan has reported figures calculated under the equity method accounting for its joint venture with Dong Feng in China. Although net income reporting remains unchanged under this accounting method, the equity-accounting income statements no longer include Dong-Feng-Nissan's results in revenues and operating profit.}

For detailed Nissan financial information and presentations: www.nissan-global.com/EN/IR/FINANCIAL/

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Om Nissan Motor Co., Ltd.

Nissan är en världsomspännande fordonstillverkare som i sitt vittomspännande produktutbud, har över 60 olika modeller under varumärkena Nissan, INFINITI och Datsun. Verksamhetsåret 2017 sålde företaget ca 5,77 miljoner fordon globalt och hade en omsättning på 11,9 biljoner JPY. Den 1 april 2017 inledde  företaget sjösatt projektet Nissan M.O.V.E. till 2022, en 6-årig plan med målet att nå en 30 % ökning av den årliga omsättningen till 16.5 biljoner JPY vid slutet av det fiskala året 2022 och ett ackumulerat fritt kassaflöde  på 2,5 biljoner JPY. Som en del av Nissan M.O.V.E. till 2022, planerar företaget att utöka sitt ledarskap gällande elbilar, som symboliseras av den mest sålda elbilen i världen – Nissan LEAF. Nissans globala huvudkontor ligger i Yokohama och svarar för verksamheten i 6 regioner: Asien och Oceanien; Afrika, Mellanöstern och Indien, Kina; Europa; Syd- och Nordamerika. Nissan har en arbetsstyrka på 247,500 personer globalt och har varit  partner med den franska tillverkaren Renault sedan 1999. 2016  förvärvade Nissan 34% andelar i Mitsubishi Motors, som då blev den tredje medlemmen av Alliansen. Renault-Nissan-Mitsubishi är idag världens största samarbetspartners i bilvärlden, med en kombinerad årlig försäljning på mer än 10,6 miljoner fordon under kalenderåret 2017.

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