589.6 793.3 +113.3 –72.4 –24.4 –19.7 –3.4 –13.3 +223.6 545.8 523.5 605.7 498.4 718.6 793.3 589.6 935.5 710.0 860.0 2016 2015 2014 2012 2013 2011 600 800 1,000 0 200 400 (Forecast) (Billions of yen) (FY) Operating Profit (Billions of yen) 341.4 342.4 389.0 457.6 523.8 600 450 300 150 0 2016 2015 2014 2012 2013 2011 525.0 (Forecast) (Billions of yen) (FY) Net sales For fiscal 2015, consolidated net sales increased 7.2%, to 12.19 trillion yen. Operating profit Consolidated operating profit totaled 793.3 billion yen, an increase of 34.6% from the previous fiscal year. In comparison to the previous fiscal year’s consolidated operating profit, the variance was due to the following factors: l Foreign exchange rates had a negative impact of 13.3 billion yen. l Cost items including purchasing cost reduction efforts, lower raw material costs and product enrichment resulted in savings of 223.6 billion yen. l Volume and mix produced a positive impact of 113.3 billion yen. l The increase in marketing and selling expenses resulted in a 72.4 billion yen negative movement. l R&D expenses increased by 24.4 billion yen. l Manufacturing expenses increased by 19.7 billion yen. l Other items had a negative impact of 3.4 billion yen. FISCAL 2015 FINANCIAL REVIEW AND FISCAL 2016 OUTLOOK Net income Consolidated net income increased by 66.2 billion yen from 457.6 billion yen for the previous fiscal year to 523.8 billion yen for the fiscal year under review. Fiscal 2015 Financial Performance (China JV Equity Basis) Impact on Operating Profit FY14 O.P. Cost items* * Including purchasing cost reduction, raw material and product enrichment. Marketing & selling exp. R&D exp. FOREX Volume/mix Mfg exp. Other items FY15 O.P. Net Income ■ Management pro forma basis* ■ China JV equity basis ■ Management pro forma basis* ■ China JV equity basis ■ Management pro forma basis* ■ China JV equity basis 2016 2015 2014 2012 2013 9,409.0 13,000.0 11,800.0 13,365.6 12,189.5 11,375.2 9,629.6 11,434.8 10,482.5 12,406.3 2011 0 5,000 10,000 15,000 (Forecast) Net Sales (Billions of yen) (FY) * Based on continuation of proportionate consolidation of China JV 12 NISSAN MOTOR CORPORATION ANNUAL REPORT 2016 PERFORMANCE CONTENTS CORPORATE FACE TIME TOP MESSAGE NISSAN POWER 88 CORPORATE GOVERNANCE
Transcript
589.6
793.3+113.3 –72.4 –24.4 –19.7 –3.4
–13.3 +223.6
545.8 523.5605.7
498.4
718.6793.3
589.6
935.5
710.0
860.0
2016201520142012 20132011
600
800
1,000
0
200
400
(Forecast)
(Billions of yen)
(FY)
Operating Profit
(Billions of yen)
341.4 342.4
389.0
457.6
523.8600
450
300
150
02016201520142012 20132011
525.0
(Forecast)
(Billions of yen)
(FY)
Net salesFor fiscal 2015, consolidated net sales increased 7.2%, to 12.19 trillion yen.
Operating profitConsolidated operating profit totaled 793.3 billion yen, an increase of 34.6% from the previous fiscal year. In comparison to the previous fiscal year’s consolidated operating profit, the variance was due to the following factors:
l Foreign exchange rates had a negative impact of 13.3 billion yen.l Cost items including purchasing cost reduction
efforts, lower raw material costs and product enrichment resulted in savings of 223.6 billion yen.
l Volume and mix produced a positive impact of 113.3 billion yen.
l The increase in marketing and selling expenses resulted in a 72.4 billion yen negative movement.
l R&D expenses increased by 24.4 billion yen.l Manufacturing expenses increased by 19.7 billion
yen.l Other items had a negative impact of 3.4 billion
yen.
FISCAL 2015 FINANCIAL REVIEW AND FISCAL 2016 OUTLOOK
Net incomeConsolidated net income increased by 66.2 billion yen from 457.6 billion yen for the previous fiscal year to 523.8 billion yen for the fiscal year under review.
* Including purchasing cost reduction, raw material and product enrichment.
Marketing & selling exp.
R&D exp.FOREX Volume/mix Mfg exp. Other items FY15 O.P.
Net Income
■ Management pro forma basis*
■ China JV equity basis
■ Management pro forma basis*
■ China JV equity basis
■ Management pro forma basis*
■ China JV equity basis
2016201520142012 2013
9,409.0
13,000.0
11,800.0
13,365.6
12,189.5 11,375.2
9,629.6
11,434.8
10,482.5
12,406.3
20110
5,000
10,000
15,000
(Forecast)
Net Sales
(Billions of yen)
(FY)
* Based on continuation of proportionate consolidation of China JV
12NISSAN MOTOR CORPORATION ANNUAL REPORT 2016
PERFORMANCECONTENTS CORPORATE FACE TIME TOP MESSAGE NISSAN POWER 88 CORPORATE GOVERNANCE
Balance sheet Total assets increased by 1.9% to 17,373.6 billion yen compared to March 31, 2015.
Current assets increased by 4.2% to 10,747.6 billion yen compared to March 31, 2015. This was mainly attributable to increases in sales finance receivables by 340.4 billion yen and cash on hand and in banks by 157.7 billion yen. Fixed assets decreased by 1.5% to 6,626.1 billion yen compared to March 31, 2015.
Current liabilities increased by 5.4% to 6,764.2 billion yen compared to March 31, 2015. This was mainly due to increases in commercial paper by 299.2 billion yen and current portion of bonds by 141.1 billion yen. Long-term liabilities increased by 1.6% to 5,468.7 billion yen compared to March 31, 2015. This was mainly due to increases in net defined benefit liability by 87.9 billion yen, long-term borrowings by 38.4 billion yen and deferred tax liabilities by 18.3 billion yen despite a decrease in bonds by 125.5 billion yen.
Net assets decreased by 2.0% to 5,140.7 billion yen compared to 5,247.3 billion yen as of March 31, 2015. This was mainly due to increases in translation adjustments (loss) by 335.6 billion yen and remeasurements of defined benefit plans (loss) by 73.8 billion yen and a decrease in unrealized holding gain and loss on securities by 31.6 billion yen despite an increase in retained earnings by 338.9 billion yen.
Free cash flow and net cash (auto business) For fiscal 2015, Nissan achieved a positive free cash flow of 481.2 billion yen. At the end of fiscal 2015, our net automotive cash improved from the previous fiscal year to 1,502.9 billion yen.
The Company continues to maintain a close focus on its inventory of new vehicles. Inventory stood at 790,000 units at the end of fiscal 2015. Nissan continues to manage inventory carefully in order to limit its impact on free cash flow.
Aa3 AA–
A1 A+
A2 A
A3 A–
Baa1 BBB+
Baa2 BBB
Baa3 BBB–
Ba1 BB+
Financial Position (China JV Equity Basis)
Corporate Ratings
Long-term credit ratingNissan’s long-term credit rating with Rating & Investment Information, Inc. (R&I) is A+ with a stable outlook. The Standard & Poor’s (S&P) long-term credit rating for Nissan is A– with a positive outlook. Nissan’s credit rating with Moody’s is A3 with a stable outlook.
PERFORMANCECONTENTS CORPORATE FACE TIME TOP MESSAGE NISSAN POWER 88 CORPORATE GOVERNANCE
In our outlook for fiscal 2016, we expect our global sales to reach 5.60 million units, an increase of 3.3% compared to fiscal 2015.
With a total industry volume assumption of 89.40 million units, a 2.6% increase year on year, our global market share is expected to grow from 6.2% to 6.3%.
In consequence of our plan, the financial forecast is as follows. We have used a foreign exchange rate assumption of 105 yen to the dollar:
Nissan’s Fiscal 2016 Outlookn Net sales 11.80 trillion yenn Operating profit 710.0 billion yenn Net income 525.0 billion yen
Fiscal 2016 Outlook (China JV Equity Basis)
600
450
300
150
02011 2015 201620142012 2013
406.4
468.7
536.3
463.1
540.0
479.0
4.3%
5.4%
5.1%
4.1%4.6%
3.9%4.3%
5.4%
5.1%
4.1%4.6%
3.9%
600
450
300
150
02011 2016201520142012 2013
531.9560.0
428.0457.8
500.6 506.1
4.4%4.5%5.2%
4.8%4.4%
4.7%4.4%4.7%4.5%
5.2%4.8%
4.4%
(Forecast)
(Forecast)
(Billions of yen)
DividendNissan’s strategic actions reflect not only its long-term vision as a global company to create sustainable value but also the Company’s commitment to maximizing total shareholder returns.
We paid year-end cash dividends of 21 yen per share for fiscal 2015. As a result, the total dividend payment for fiscal 2015, combined with the 21 yen dividend for the interim period, was 42 yen per share.
The dividend payment plan for fiscal 2016 is to be 48 yen per share, considering the business condition, risks and opportunities for the year.
(FY)
Sales finance Due to the increase in retail sales, total financial assets of the sales finance segment increased by 4.7% to 9,719.9 billion yen from 9,281.3 billion yen in fiscal 2014. The sales finance segment generated 232.1 billion yen in operating profits in fiscal 2015 from 195.5 billion yen in fiscal 2014.
Investment policy The company used capital expenditures in order to ensure Nissan’s future competitiveness. In fiscal 2015, capital expenditures totaled 479.0 billion yen, which was 3.9% of net sales.
R&D expenditures totaled 531.9 billion yen. These funds were used to develop new technologies and products. One of the Company’s strengths is its extensive collaboration and development structure with Renault’s R&D team, resulting from the Alliance.
R&D Expenditures
50
40
30
20
10
02015 2016201420132011 2012
48
42
2025
3033
(Outlook)(FY)
Dividend per share
(Yen)
(Billions of yen)
Capital Expenditures
(FY)
■ Management pro forma basis*■ China JV equity basis
● % of net sales (Management pro forma basis*)● % of net sales (China JV equity basis)
* Based on continuation of proportionate consolidation of China JV
14NISSAN MOTOR CORPORATION ANNUAL REPORT 2016
PERFORMANCECONTENTS CORPORATE FACE TIME TOP MESSAGE NISSAN POWER 88 CORPORATE GOVERNANCE
