YOKOHAMA (Nov. 4, 2010) - Nissan Motor Co., Ltd., today announced financial results for the first half of fiscal year 2010, ending March 31, 2011, as well as second-quarter performance. In the six months through September, net income after taxes totaled 208.4 billion yen (US $2.34 billion, euro 1.83 billion), an increase of 199.4 billion yen compared with the same period last year.
Net revenues were 4.3191 trillion yen (US $48.58 billion, euro 37.95 billion) in the April-to-September period, up 27.7% compared with a year ago. Operating profit was 334.9 billion yen (US $3.77 billion, euro 2.94 billion), and operating profit margin came to 7.8%. Ordinary profit was 315.1 billion yen (US $3.54 billion, euro 2.77 billion).
In the first half, Nissan sold 2,009,000 vehicles worldwide, up 23.8% compared with last year.
"Our first-half results demonstrate that Nissan's recovery efforts are working effectively," said Nissan President and CEO Carlos Ghosn. "Our balance sheet is strong, and our momentum is trending in the right direction. In the second half, a wave of innovative product launches will continue to fuel Nissan's profitable growth."
In the July-to-September second quarter, Nissan's net income was 101.7 billion yen (US $1.18 billion, euro 920 million). Net revenues were 2.2689 trillion yen (US $26.41 billion, euro 20.5 billion), up 21.4% compared with a year ago. Operating profit was 167 billion yen (US $1.94 billion, euro 1.51 billion), and operating profit margin came to 7.4%. Ordinary profit was 160.1 billion yen (US $1.86 billion, euro 1.45 billion).
Nissan sold 1,055,000 vehicles in the second quarter, up 17.1% compared with the prior year.
In fiscal year 2010, Nissan will launch 10 all-new products globally. The second half will feature seven introductions, including the affordable, 100% electric, zero-emission Nissan LEAF that will be launched in Japan and the United States from December 2010.
Based on a foreign-exchange rate assumption of 80 yen/dollar and 110 yen/euro for the second half of fiscal year 2010, the revised average rates will be 84.4 yen/dollar and 111.9 yen/euro for fiscal year 2010. Nissan has revised upward its full-year forecast for fiscal 2010 and filed the following forecast with the Tokyo Stock Exchange for the fiscal year ending March 31, 2011:
- Net revenues of 8.77 trillion yen (US $103.91 billion, euro 78.37 billion);
- Operating profit of 485 billion yen (US $5.75 billion, euro 4.33 billion);
- Ordinary profit of 450 billion yen (US $5.33 billion, euro 4.02 billion);
- Net income of 270 billion yen (US $3.2 billion, euro 2.41 billion);
- Capital expenditures of 340 billion yen (US $4.03 billion, euro 3.04 billion); and
- R&D expenses of 425 billion yen (US $5.04 billion, euro 3.8 billion).
Note 1: On May 12, 2010, Nissan had filed the following forecast with the Tokyo Stock Exchange, based on foreign-exchange rates of 90 yen/dollar and 120 yen/euro, for the fiscal year ending March 31, 2011:
- Net revenues of 8.2 trillion yen (US $91.11 billion, euro 68.33 billion);
- Operating profit of 350 billion yen (US $3.89 billion, euro 2.92 billion);
- Ordinary profit of 315 billion yen (US $3.5 billion, euro 2.63 billion);
- Net income of 150 billion yen (US $1.67 billion, euro 1.25 billion);
- Capital expenditures of 360 billion yen (US $4 billion, euro 3 billion); and
- R&D expenses of 430 billion yen (US $4.78 billion, euro 3.58 billion).
Note 2: 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 88.9 yen/dollar and 113.8 yen/euro, the average rates for the first six months of the fiscal year ending March 31, 2011. For the second-quarter results, amounts are based on 85.9 yen/dollar and 110.7 yen/euro, the average rates for the three months from July to September 2010.
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