Nissan Motor Company’s results for the year ending 31 March 2013 were: net revenue: JPY 9.63 trillion (US$ 116.16 billion, €90.17 billion); operating profit of JPY 523.5 billion (US$ 6.31 billion, €4.90 billion); ordinary profit of JPY 529.3 billion (US$ 6.38 billion, €4.96 billion); and net income of JPY 342.4 billion (US$ 4.13 billion, €3.21 billion).
In FY2012, global sales reached a record-high of 4.914 million units, up 1.4% over FY2011. Ten new models were launched to global markets, including the new Altima in the US; Sylphy in China; and the Note in Japan.
Carlos Ghosn, Nissan president and chief executive officer, said: "Fiscal 2012 was marked by both successes and challenges for Nissan. We ended the year with a sound balance sheet, record global sales, an improved brand, and an expanded presence in critical growth markets.”
Ghosn added: “Equally important, we have taken countermeasures that will enable us to navigate the headwinds that lie ahead and resume significant growth. As we enter the third year of the Nissan Power 88 mid-term plan, I am confident we have the right strategy in place to deliver on our business objectives."
Looking at sales performance in global markets, sales in the US were up 5.4 per cent to 1.14 million units. Sales volume in China, where sales of Japanese brands have been impacted by the island dispute, declined 5.4 per cent year-on-year to 1.18 million vehicles.
Across Europe including Russia, sales were 660,000 units, falling 7.5 per cent. In Japan, sales were down 1.3 per cent to 647,000 units. Strong results were reported in other markets, including Thailand, Brazil, and the Middle East; sales totalled 959,000 units, up 16.3 per cent over the prior year.
Nissan solidified its position as the leading automaker for electric vehicles and zero-emission mobility during the fiscal year. More than 62,000 Nissan LEAF units have been sold worldwide since the product's launch. During 2012, Nissan launched production in the US and the UK to increase the ability to grow global sales.
The global sales forecast for fiscal year 2013 is 5.3 million units, an increase of 7.8 per cent. Nissan plans to launch several new vehicles during fiscal 2013; among them will be the first new model of the Datsun brand.
Based on this sales outlook and an exchange rate of JPY 95/US$ and JPY 122/€, the following is Nissan's pro forma outlook for the fiscal year ending March 31, 2014.
Net revenue is forecast to be JPY 11.2 trillion (USD 117.89 billion, €91.80 billion); operating profit is forecast at JPY 700 billion (US$ 7.37 billion, €5.74 billion); ordinary profit is expected to come in at JPY 665 billion (US$ 7.0 billion, €5.45 billion); and net income is forecast to be JPY 420 billion (USD 4.42 billion, EUR 3.44 billion).
Due to changes in reporting standards, Nissan will use different methodology to account for its financial results from fiscal 2013 onward.
Specifically, Nissan will shift to the Equity Method accounting procedures starting in fiscal 2013 for the joint venture between Nissan and Dongfeng in China. Though net income reporting will remain unchanged under the new accounting method, henceforward income statements will no longer include Dongfeng-Nissan's results in revenues and operating profit.
New reporting method
Based on the new reporting method, Nissan today filed the following forecasts with the Tokyo Stock Exchange, based on foreign exchange rates of JPY 95/US$ and JPY 122/€, for the fiscal year ending March 31, 2014:
Net revenue is forecast to be JPY 10.37 trillion (US$ 109.16 billion, €85.0 billion); operating profit is expected to be JPY 610 billion (US$ 6.42 billion, €5.0 billion); ordinary profit is expected to be JPY 645 billion (US$ 6.79 billion, €5.29 billion); and net income is forecast to be JPN 420 billion (US$ 4.42 billion, €3.44 billion). ∎
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