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November 4, 2009

NISSAN NET INCOME AT 9.0 BILLION YEN IN FY09 FIRST HALF
- Nissan revises up FY09 full-year forecast -

YOKOHAMA (Nov. 4, 2009) - Nissan Motor Co., Ltd., today announced financial results for the first half of fiscal year 2009, ending March 31, 2010, as well as second-quarter performance. In the six months through September, net income after taxes totaled 9.0 billion yen (US $90 million, euro 70 million), down 92.9% compared with the same period last year. The better-than-expected results were due mainly to scrapping incentives in major markets, sales volume growth in China and the effective execution of the Nissan Recovery Plan.

Net revenues were 3.3834 trillion yen (US $35.43 billion, euro 25.4 billion) in the April-to-September period, down 30.5% compared with a year ago. Operating profit was 94.9 billion yen (US $990 million, euro 710 million), down 50.5%, and the operating profit margin came to 2.8%. Ordinary profit was 33.2 billion yen (US $350 million, euro 250 million), down 83.6%.

In the first half, Nissan sold 1,623,000 vehicles worldwide, down 14.6% compared with last year.

"We continue to operate in an environment that is volatile and uncertain," said Nissan President and CEO Carlos Ghosn. "Our performance in the first half of fiscal 2009 is encouraging, demonstrating that Nissan’s Recovery Plan is on track. Our outlook will remain cautious until we see evidence that economic recovery can be sustained in world markets."

In the July-to-September second quarter, Nissan’s net income was 25.5 billion yen (US $270 million, euro 190 million), down 65.3%. Net revenues were 1.8685 trillion yen (US $19.57 billion, euro 14.03 billion), down 25.9% compared with a year ago. Operating profit was 83.3 billion yen (US $870 million, euro 630 million), down 25.4%, and operating profit margin came to 4.5%. Ordinary profit was 59.3 billion yen (US $620 million, euro 450 million), down 50.7%.

Nissan sold 901,000 vehicles in the second quarter, down 6.8% compared with the prior year.

In fiscal year 2009, Nissan will launch globally eight all-new products. The second half will feature five introductions: Patrol in the Middle East; Fuga and Roox minicar in Japan; a new global compact car in Asia; and the 370Z convertible in the United States.

The company has revised upward its full fiscal-year forecast for 2009. Based on foreign-exchange rates of 90 yen/dollar and 131.6 yen/euro, the revised average rates for the full fiscal year, Nissan filed the following forecast with the Tokyo Stock Exchange for the fiscal year ending March 31, 2010:

  • Net revenues of 7 trillion yen (US $77.78 billion, euro 53.19 billion);
  • Operating profit of 120 billion yen (US $1.33 billion, euro 910 million);
  • Net loss of 40 billion yen (US $440 million, euro 300 million);
  • R&D expenses of 395 billion yen (US $4.39 billion, euro 3 billion); and
  • Capital expenditures of 325 billion yen (US $3.61 billion, euro 2.47 billion).

Note 1: On May 12, 2009, Nissan had filed the following forecast with the Tokyo Stock Exchange, based on foreign-exchange rates of 95 yen/dollar and 125 yen/euro, for the fiscal year ending March 31, 2010:

  • Net revenues of 6 trillion 950 billion yen (US $73.16 billion, euro 55.6 billion);
  • Operating loss of 100 billion yen (US $1.05 billion, euro 800 million);
  • Net loss of 170 billion yen (US $1.79 billion, euro 1.36 billion);
  • R&D expenses of 400 billion yen (US $4.21 billion, euro 3.2 billion); and
  • Capital expenditures of 350 billion yen (US $3.68 billion, euro 2.8 billion).

Note 2: Amounts in dollars and euros are translated for the convenience of the reader at the foreign-exchange rates of 95.5 yen/dollar and 133.2 yen/euro, the average rates for the first six months of the fiscal year ending March 31, 2010.

Note 3: The foreign-exchange rates of 85 yen/dollar and 130 yen/euro are the applied average rates for the second half of the fiscal year.

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