NISSAN REPORTS NET INCOME OF $3.7 BILLION FOR FIRST NINE MONTHS OF FY2015
YOKOHAMA, Japan – Nissan Motor Co., Ltd. today announced solid financial and operational results for the nine-month period to December 31, 2015, as strong demand in North American and Western Europe offset weakness in several emerging markets.
| Results for nine months to December 31, 2015 (TSE report basis – China JV equity basis)1 |
FY2015 9 months (Apr.-Dec. 2015) |
Y-O-Y |
| Net revenue | ¥8.94 trillion ($73.5 billion/€66.5 billion) |
+10.6% |
| Operating profit | ¥587.5 billion ($4.8 billion/€4.4 billion) |
+40.6% |
| Ordinary profit | ¥631.0 billion ($5.2 billion/€4.7 billion) |
+27.1% |
| Net income2 | ¥452.8 billion ($3.7 billion/€3.4 billion) |
+33.7% |
Based on average foreign exchange rates of JPY 121.7/USD and JPY 134.4/EUR
Operating profit rose to $4.8 billion, representing a 6.6 percent margin on net revenues that rose 10.6 percent to $73.5 billion.
“Our product offensive has reaped rewards in North America and Western Europe, where buoyant consumer demand and rising unit sales underpinned Nissan’s overall profit-growth,” said Carlos Ghosn, president and chief executive officer. “Our strong performance in these markets offset the impact of unfavorable exchange-rates from emerging markets and challenging market conditions elsewhere in the world.”
On a management pro forma basis, which includes the proportionate consolidation of results from Nissan’s joint venture operation in China, net revenues in the period increased to 9.72 trillion yen, up 10.5 percent year-on-year. Operating profit was up 32.1% versus the same period last year, to 682.6 billion yen, resulting in a 7.0% operating profit margin.
On a global basis, Nissan sold 3.89 million vehicles in the period, a 1.4 percent rise year-on-year.
“Nissan remains on track to achieve its full year financial forecast, reflecting encouraging sales trends in the U.S. and parts of Europe, along with the continued benefits of our cost-discipline and Alliance strategy,” said Ghosn.
FY2015 Outlook
Nissan is maintaining the revised forecasts issued with its first-half results. Calculated under the equity accounting method for our joint venture in China for the fiscal year ending March 31, 2016, the forecasts showed:
| Nissan FY15 Outlook – TSE report basis – China JV equity basis1 | |
| Net revenue | ¥12.25 trillion ($102.6 billion/€92.4 billion) |
| Operating profit | ¥730.0 billion ($6.1 billion/€5.5 billion) |
| Ordinary profit | ¥790.0 billion ($6.6 billion/€6.0 billion) |
| Net Income2 | ¥535.0 billion ($4.5 billion/€4.0 billion) |
| Calculated on exchange rate of JPY 119.4/ USD and JPY 132.6/ EUR | |
1- 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.
2- Net income attributable to owners of the parent
About Nissan Motor Co., Ltd.
Nissan is a global full-line vehicle manufacturer that sells more than 60 models under the Nissan, Infiniti and Datsun brands. In fiscal year 2014, the company sold more than 5.3 million vehicles globally, generating revenue of 11.3 trillion yen. Nissan engineers, manufactures and markets the world’s best-selling all-electric vehicle in history, the Nissan LEAF. Nissan’s global headquarters in Yokohama, Japan manages operations in six regions: ASEAN & Oceana; Africa, Middle East & India; China; Europe; Latin America and North America. Nissan has a global workforce of 247,500, and has been partnered with French manufacturer Renault under the Renault-Nissan Alliance since March 1999.