YOKOHAMA, Japan – Nissan Motor Co., Ltd. today announced financial results for the first half of the fiscal year ending March 31, 2014, and earnings for the second quarter of FY13.
Nissan's management pro forma first-half FY13 results are (based on foreign exchange rates of JPY 98.9/USD and JPY 130.0/EUR, the average rates for fiscal year 2013 to date):
- Net revenue of JPY 5.2154 trillion (USD 52.7 billion, EUR 40.1 billion);
- Operating profit of JPY 264.7 billion (USD 2.68 billion, EUR 2.04 billion);
- Ordinary profit of JPY 232.0 billion (USD 2.35 billion, EUR 1.78 billion); and
- Net income of JPY 189.8 billion (USD 1.92 billion, EUR 1.46 billion).
Although net revenues increased by 14.7% to JPY 5.2154 trillion and net income rose 6.5% to JPY 189.8 billion, Nissan has revised its pro forma outlook for the full-year given sluggish market conditions in Europe, higher than expected product recall costs and volatile demand in several key emerging markets. The company also announced a number of organizational changes designed to enhance Nissan's performance and ensure the company will deliver the 8% operating profit margin target set out in the Power 88 mid-term plan.
"Nissan's results reflect improved demand for our new products in Japan and the Americas," said Carlos Ghosn, Nissan president and CEO. “This was offset by difficult conditions in Europe, volatile demand in several emerging markets and higher expenses related to recalls."
"Nevertheless, the performance of the company over the course of the fiscal year will enable us to deliver positive annual free cash flow and secure solid returns to shareholders," he added.
The company issued the following revised management pro forma outlook for the fiscal year ending March 31, 2014:
- Net revenue is forecast to be JPY 11.2 trillion (USD 114.40 billion, EUR 86.15 billion) compared to JPY 9.6296 trillion for FY12;
- Operating profit is expected to be JPY 600 billion (USD 6.13 billion, EUR 4.62 billion), compared to JPY 523.5 billion for FY12;
- Ordinary profit is expected to be JPY 545 billion (USD 5.57 billion, EUR 4.19 billion), compared to JPY 529.3 billion for FY12; and
- Net income is forecast to be JPY 355 billion (USD 3.63 billion, EUR 2.73 billion), compared to JPY 342.4 billion for FY12.
NOTE: The full presentation of Nissan's results – including results stated in the equity accounting method, second quarter details and management changes – can be downloaded at http://www.nissan-global.com/EN/IR/.
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