Nissan reports net income of $1.3 billion for first quarter of FY2016

Remarks from corporate vice president Joji Tagawa

YOKOHAMA, Japan – Nissan Motor Co., Ltd. today announced financial results for the three-month period to June 30, 2016.

Operating profit was $1.6 billion (175.8 billion yen) for the period, representing a 6.6 percent margin on net revenues of $24.6 billion (2.65 trillion yen). On a constant currency basis, operating profit was 267.0 billion yen, up 37.8 percent

"Nissan has delivered solid results in the first three months of the fiscal year despite recent currency headwinds and continued emerging-market volatility," said Carlos Ghosn, president and chief executive officer. "Encouraging demand for core products, particularly in North America, and our continued focus on cost efficiencies contributed to an improved underlying performance, making us well placed to deliver our full-year net income guidance. This reflects our cost-discipline, on-going product offensive and the benefits of our Alliance strategy."

On a management pro forma basis, which includes the proportionate consolidation of results from Nissan's joint-venture operations in China, net revenue was 2.89 trillion yen. Operating profit was 209.0 billion yen, resulting in a 7.2 percent operating profit margin.

FY2016 Outlook

Nissan maintained its forecasts first issued to the Tokyo Stock Exchange in May. Calculated under the equity accounting method for the fiscal year ending March 31, 2017, the forecasts showed:

^{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}

For detailed Nissan financial information and presentations:
www.nissan-global.com/EN/IR/FINANCIAL/

"Constant currency" provides a framework for assessing underlying businesses performance excluding the effect of foreign currency rate fluctuations. Constant currency financial measures should not be considered as a substitute for, or superior to, the reported measures of financial performance.

^{About Nissan Motor Co.
Nissan is a global full-line vehicle manufacturer that sells more than 60 models under the Nissan, Infiniti and Datsun brands. In fiscal year 2015, the company sold more than 5.4 million vehicles globally, generating revenue of ¥12.19 trillion. 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 & Oceania; 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.}

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