Nissan Motor Co., Ltd. · TSE:7201
Nissan Motor — FY2013 Earnings Presentation
26 slides from Nissan Motor's earnings presentation, May 12, 2014
Slide 1: Fiscal year 2013 Financial results
Fiscal year 2013 Financial results Nissan Motor Co., Ltd May 12, 2014 FY13 results Mid-term action plan FY14 outlook (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 2
Slide 2: Key performance indicators: financial results
Key performance indicators: financial results (management pro forma basis* ) (billion yen) Operating Free cash flow Net cash Net revenue Net income profit (Auto) (Auto) 1,133.7 11,434.8 915.9 9,629.6 605.7 523.5 389.0 342.4 248.6 208.1 FY12 FY13 * Based on continuation of proportional consolidation
Slide 3: FY13 sales performance: Japan and China
FY13 sales performance: Japan Retail volume ■ TIV: 5.69 million units, +9.2% +11.1% ■ Sales: 719 k units, +11.1% (thousand units) 719 647 ■ Market share: 12.6%, +0.2 points ■ New X-Trail: 24.0 k units since launch FY12 FY13 ■ DAYZ / DAYZ ROOX: 139.8 k units since Market share launch +0.2 points X-Tr
Slide 4: FY13 sales performance: North America and Europe
FY13 sales performance: North America US Retail volume ■ US • TIV: 15.65 million units, +6.4% +13.0% (thousand units) • Sales: 1,285 k units, +13.0% 1,285 • Market share: 8.2%, +0.5 points 1,138 ■ Canada • Sales: 96 k units, +20.9% FY12 FY13 • Market share: 5.5%, +0.7 points ■ Mexico US Market share
Slide 5: FY13 financial performance
FY13 sales performance: Other markets ■ Estimated TIV: 20.70 million units, -3.0% ■ Sales: 879 k units, -8.5% Retail volume Asia & Oceania: 363.3 k units, -17.8% Latin America: 186.3 k units, -16.1% -8.5% (thousand units) Middle East: 226.4 k units, +22.5% 959 879 Datsun GO Terrano FY12 FY13 (C) Cop
Slide 6: Operating profit variance analysis and free cash flow
FY13 financial performance (management pro forma basis* ) Operating profit variance analysis +70.4 (billion yen) +202.6 +247.6 -266.5 -24.2 605.7 523.5 -36.8 -72.1 -38.8 FY12 FOREX Purch. cost Volume Selling R&D MFG Warranty Other FY13 O.P. reduction / mix exp. / exp. exp. & items O.P. (Including ra
Slide 7: Inventory management and net cash
Inventory management Inventory status 1,200 1,100 1,000 900 970 970 800 880 910 (thousand units) 700 830 600 500 400 300 200 100 0 2013 2014 Jun. Sep. Dec. Mar. Mar. Dealer inventory, except some minor countries Consolidated Nissan inventory, except some minor countries (C) Copyright NISSAN MOTOR CO
Slide 8: FY13 financial performance (TSE report basis)
FY13 financial performance (TSE report basis - China JV Equity basis ) (billion yen) FY12 FY13 Change Variance vs. FY12 (%) Net revenue 8,737.3 10,482.5 +1,745.2 +20.0% Operating profit 438.8 498.4 +59.6 +13.6% OP margin 5.0% 4.8% Non-operating 65.6 28.8 Ordinary profit 504.4 527.2 +22.8 +4.5% Extra
Slide 9: Mid-term action plan
Mid-term action plan Brand and sales power 65th 2013 Unranked 2010 (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 17 Mid-term action plan Management focus 3 region structure 6 region structure ■ China ■ Americas ■ Europe ■ Asia, Oceania ■ Japan, Asia, Oceania ■ Europ
Slide 10: Mid-term action plan: zero-emission leadership
Mid-term action plan Zero-emission leadership Nissan e-NV200 Nissan LEAF Nissan LEAF Taxi (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 19 Mid-term action plan New capacity coming online Russia, St. Petersburg China, Dalian Thailand Brazil, Resende Indonesia New pla
Slide 11: Accelerating Alliance synergies
Mid-term action plan Accelerating Alliance synergies Converged four key business functions Launched 1st Alliance CMF vehicles • Purchasing • Research & Development • Manufacturing & Logistics • Human Resources Target : >€4.3 billion annualized synergies (C) Copyright NISSAN MOTOR CO., LTD. www.nissa
Slide 12: New products: FY14 introductions
New products FY14 introductions Datsun on-DO (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 23 New products FY14 introductions Nissan e-NV200 (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 24
Slide 13: New products: FY14 introductions
New products FY14 introductions Nissan e-NV200 Nissan Murano Nissan New global pick-up Nissan New C-H/B Infiniti Q50 LWB Infiniti QX50 LWB Datsun GO+ Datsun on-DO Venucia R30 Venucia e30 (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 25 FY13 results Mid-term action p
Slide 14: FY14 sales outlook
FY14 sales outlook TIV* Retail volume vs. FY13 **M/S 6.7% vs. FY13 **M/S 6.2% 5,650 Global +8.9% 83.11 84.42 Global +1.6% 4.89 Japan -14.1% 5,188 640 Japan -11.0% *** 22.07 China +6.4% 1,430 China +17.6% (thousand units) North (million units) 18.81 +1.8% North America 1,760 +6.8% (15.90) (US) (+1.6%
Slide 15: FY14 outlook
FY14 outlook (TSE report basis - China JV Equity basis) Operating profit variance analysis (billion yen) +85.0 535.0 498.4 +25.0 -18.4 -55.0 FY13 FOREX M&S Monozukuri G&A FY14 O.P. and O.P. TSE report other costs TSE report Actual outlook (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com Al
Slide 16: FY14 shareholder return outlook
FY14 shareholder return outlook ■ Increase minimum targeted payout ratio from 25% to 30% 10% increase dividend per share (yen) 33 30 25 20 10 FY10 FY11 FY12 FY13 FY14 (Forecast) (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 31 (C) Copyright NISSAN MOTOR CO., LTD. ww
Slide 17: Appendix: Key performance indicators
Appendix (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 33 Key performance indicators : financial results (TSE report basis - China JV Equity basis) (billion yen) Operating Free cash flow Net cash Net revenue Net income profit (Auto) (Auto) 10,482.5 1,015.9 836.0 8,7
Slide 18: Sales financing: funding sources and penetration
Sales financing : funding sources (As of March 2014) Equity Group Finance 9.2% (Inter-Company) ABS Off B/S 22.2% 3.7% Commercial paper 0.5% ABS On B/S S/T Loan 25.8% 3.5% L/T Loan Bonds 23.4% 11.7% Total funding amount 6,813 billion yen (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All
Slide 19: Sales financing: credit loss ratio and operating profit
Sales financing : net credit loss ratio FY12 FY13 Variance Lease: 0.03% Lease: 0.03% Lease: 0.00% NFS Retail: 0.15% Retail: 0.13% Retail: -0.02% Lease: 0.08% Lease: 0.23% Lease: +0.15% NMAC Retail: 0.56% Retail: 0.78% Retail: +0.22% Lease: 0.15% Lease: 0.13% Lease: -0.02% NCF Retail: 0.15% Retail: 0
Slide 20: Operating profit variance analysis detail
FY13 financial performance ( management pro forma basis* ) Operating profit variance analysis (billion yen) 1. Foreign exchange impact +247.6 USD +249.7 (82.9 to 100.2) RUB +30.1 (2.67 to 3.04) CAD +24.8 (82.8 to 95.2) EUR* -52.4 AUD +10.3 (85.5 to 93.5) Others -14.9 * including other European curre
Slide 21: 4th quarter financial performance
FY13 4th quarter financial performance (3 months) ( management pro forma basis* ) FY12 FY13 Change (billion yen) Variance 4Q 4Q vs. FY12 (%) Net revenue 2,874.4 3,499.2 +624.8 +21.7% Operating profit 174.4 234.9 +60.5 +34.7% OP margin 6.1% 6.7% Non-operating -9.7 -20.3 Ordinary profit 164.7 214.6 +4
Slide 22: 4th quarter operating profit variance analysis
FY13 4th quarter financial performance (3 months) ( management pro forma basis* ) Operating profit variance analysis (billion yen) +111.6 +64.5 0.0 234.9 -84.6 -12.1 +24.2 174.4 -23.7 -19.4 FY12 FOREX Purch. cost Volume Selling R&D MFG Warranty Other FY13 4Q reduction / mix exp. / exp. exp. & items
Slide 23: CAPEX, R&D and Depreciation
CAPEX, R&D and Depreciation * ( management pro forma basis* ) (billion yen) FY12 FY13 Variance CAPEX 524.5 585.1 +60.6 Sales ratio 5.4% 5.1% R&D 469.9 514.5 +44.6 Sales ratio 4.9% 4.5% Depreciation 315.8 371.3 +55.5 * Based on continuation of proportional consolidation of China JV (C) Copyright NISS
Slide 24: Extraordinary gains/losses and non-operating detail
FY13 financial performance ( management pro forma basis* ) Detail of extraordinary gains/losses (billion yen) FY12 FY13 Variance • Sale/disposal of fixed assets 1.2 -4.2 -5.4 • Sale of investment securities 1.6 4.1 +2.5 • Gain on sale of CV business 8.1 24.4 +16.3 • Impairment loss on fixed assets -
Slide 25: 4th quarter extraordinary items and free cash flow
FY13 4th quarter financial performance (3 months) ( management pro forma basis* ) Detail of extraordinary gains/losses (billion yen) FY12 FY13 Variance 4Q 4Q • Sale/disposal of fixed assets 3.7 -2.3 -6.0 • Sale of investment securities 0.9 3.6 +2.7 • Sale of CV business 8.1 0.0 -8.1 • Impairment los
Slide 26: Detail of other markets retail sales
FY13 retail sales FY13 Detail of other markets FY12 600 550 500 450 (thousand units) 400 442.2 363.3 350 300 250 226.4 186.3 200 221.9 150 184.7 102.0 100 109.0 50 0 Asia & M.East Africa Latin Oceania America (C) Copyright NISSAN MOTOR CO., LTD. www.nissan-global.com All rights reserved. 51 FY13 4th