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November 6, 2012

Nissan Reports First Half FY12 Financial Results
Full-year forecasts revised downward reflecting impact of strong Yen, disruption in
China and deteriorating market conditions in Europe

YOKOHAMA, Japan (November 6, 2012) - Nissan Motor Co., Ltd., today announced financial results for the first half of the fiscal year ending March 31, 2013, as well earnings for the second quarter FY12. For the six-month period to September 30, Nissan achieved consolidated net revenues of 4.5468 trillion yen (US $57.26 billion, euro 45.24 billion), an increase of 4.1% over the same period in FY11.

In the first half, Nissan delivered operating profit of 287 billion yen (US $3.61 billion, euro 2.86 billion), resulting in an operating profit margin of 6.3%. Net income was 178.3 billion yen (US $2.25 billion, euro 1.77 billion), a decrease of 2.8% compared to FY11. Ordinary profit was 275.6 billion yen (US $3.47 billion, euro 2.74 billion) for the six month period. These results were achieved against a backdrop of unfavorable currency movements, deteriorating market conditions in Europe and signs of slowing growth in China.

In the first half, Nissan sold 2.476 million vehicles worldwide, up 11.3% compared with the same period of last year out-performing overall industry volumes that increased by 7.4%.

"Nissan has achieved positive results in a challenging operating environment impacted by the continued appreciation of the Yen and particularly difficult economic conditions in Europe," said Nissan President and CEO Carlos Ghosn. "Despite these near-term challenges, Nissan has responded decisively and remains on course to deliver profitable growth in its full-year performance."

For the second quarter (July-to-September) of FY12, Nissan's net income was 106 billion yen (US $1.35 billion, euro 1.08 billion), an increase of 7.7% year-on-year. Net revenues were 2.4104 trillion yen (US $30.67 billion, euro 24.52 billion), up 5.5% compared to last year. Operating profit was 166.4 billion yen (US $2.12 billion, euro 1.69 billion), rising 4.4% year-on-year to result in an operating profit margin of 6.9%. Ordinary profit was 164.1 billion yen (US $2.09 billion, euro 1.67 billion).

Based on a foreign-exchange rate assumption of 80 yen/dollar and 103 yen/euro for the second half of fiscal year 2012, the revised average rates will be 79.7 yen/dollar and 101.8 yen/euro for the full-year fiscal year 2012. After factoring in the projected negative impact of a strong yen, disruption in China and continuing weak market conditions in Europe, Nissan has revised downward its full-year forecast for fiscal 2012. Today, Nissan filed the following forecasts with the Tokyo Stock Exchange for the fiscal year ending March 31, 2013:

  • Net revenue of 9.815 trillion yen (US $123.15 billion, euro 96.41 billion);
  • Operating profit of 575 billion yen (US $7.21 billion, euro 5.65 billion);
  • Ordinary profit of 545 billion yen (US $6.84 billion, euro 5.35 billion);
  • Net income of 320 billion yen (US $4.02 billion, euro 3.14 billion);
  • Capital expenditures of 520 billion yen (US $6.52 billion, euro 5.11 billion); and
  • R&D expenses of 467 billion yen (US $5.86 billion, euro 4.59 billion).

FY12 full-year sales volume is now forecast to decrease from 5.35 million units to 5.08 million units, mainly reflecting the volatile situation in China and Europe.

Note 1: For the first-half financial results, amounts in dollars and euros are translated for the convenience of the reader at the foreign-exchange rates of 79.4 yen/dollar and 100.5 yen/euro, the average rates for the first six months of the fiscal year ending March 31, 2013. For the second-quarter results, amounts are based on 78.6 yen/dollar and 98.3 yen/euro, the average rates for the three months from July to September 2012.

About Nissan

Nissan Motor Co., Ltd., Japan's second-largest automotive company, is headquartered in Yokohama, Japan, and is part of the Renault-Nissan Alliance. Operating with more than 248,000 employees globally, Nissan provided customers with more than 4.8 million vehicles in 2011, generating revenue of 9.4 trillion yen ($US118.95 billion). With a strong commitment to developing exciting and innovative products for all, Nissan delivers a comprehensive range of 64 models under the Nissan and Infiniti brands. A pioneer in zero-emission mobility, Nissan made history with the introduction of the Nissan LEAF, the first affordable, mass-market, pure-electric vehicle and winner of numerous international accolades, including the prestigious 2011-2012 Car of the Year Japan and 2011 World Car of the Year awards.

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