terça-feira, 12 de novembro de 2019

Nissan reports first-half results for fiscal year 2019

YOKOHAMA, Japan – Nissan Motor Co., Ltd. today announced financial results for the six-month period ending September 30, 2019.
In the first half of the fiscal year, consolidated net revenue was 5.00 trillion yen, consolidated operating profit was 31.6 billion yen, with an operating profit margin of 0.6%. First half net income1 decreased by 73.5% to 65.4 billion yen.
In the second quarter of the fiscal year, consolidated net revenue was 2.63 trillion yen, consolidated operating profit was 30.0 billion yen, with an operating profit margin of 1.1%. Second quarter net income1 decreased by 54.8% to 59.0 billion yen. Major factors in the decrease were external, such as exchange rate fluctuations, regulatory compliance expenses, and increased raw material costs, combined with increased quality-related costs.
Although decreased vehicle sales volume had a large effect on first-quarter profitability, in the second quarter the decline was offset by decreases in selling expenses, thereby resulting in a positive contribution to profit.
One pillar of Nissan’s business transformation plan is the recovery of U.S. operations, where benefits are starting to be seen from efforts to improve quality of sales. For the second quarter, operating profit for North America3 was close to the previous year’s level.
Fiscal Year 2019 Second Quarter Financial Highlights
The following table summarizes Nissan’s financial results for the three-month period to September 30, 2019, calculated under the equity accounting method for the group’s China joint venture.
(TSE report basis – China JV equity basis)2
Yen in billionsFY18 Q2FY19 Q2% change year on year
Revenues2,816.12,630.7-6.6
Operating profit101.230.0-70.4
Net income1130.459.0-54.8
Based on average foreign exchange rates of JPY 107.4/USD and JPY 119.4/EUR for FY19 Q2
Fiscal Year 2019 First-half Financial Highlights
The following table summarizes Nissan’s financial results for the first-half period of fiscal year 2019, calculated under the equity accounting method for the group’s China joint venture.
(TSE report basis – China JV equity basis)2
Yen in billionsFY18 first halfFY19 first half% change year on year
Revenues5,532.75,003.1-9.6
Operating profit210.331.6-85.0
Operating margin %3.80.6-3.2 ppt
Ordinary profit329.9115.6-64.9
Net income1246.365.4-73.5
Based on average foreign exchange rates of JPY 108.6/USD and JPY 121.4/EUR for the first half of FY19
On a management pro forma basis, which includes the proportionate consolidation of results from Nissan’s joint venture operation in China, operating profit was 117.8 billion yen, equivalent to an operating profit margin of 2.1%, and net income1 was 65.4 billion yen.
Sales performance
In the first half of fiscal year 2019, global total industry volume decreased 5.9% to 43.85 million units, while Nissan’s global unit sales decreased 6.8% to 2.50 million units.
In Japan, Nissan’s sales decreased 1.3% to 281,000 units. The all-new Nissan Dayz continued to sell well, and the new Skyline launched in September, which features the world-first advanced driver support technology ProPILOT 2.0 and performance-enhanced turbo engine, has also been well received.
In China, where Nissan reports figures on a calendar-year basis, total industry volume decreased by 12.8%. Notwithstanding, Nissan’s sales were 718,000 units, on par with the same period of the previous year, and market share increased 0.8 percentage points to 6.2%. This was driven by continued strong sales of core models including the Sylphy sedan and the Qashqai and X-Trail crossovers.
In the U.S., due to an aged product portfolio and continuing efforts to normalize sales, sales decreased 4.3% to 679,000 units.
Nissan sales in Europe, including Russia, decreased by 19.7% to 265,000 units, amid ongoing challenging conditions due to changes in environmental regulations and an aged model portfolio.
In other markets, including Asia and Oceania, Latin America, the Middle East and Africa, Nissan’s sales decreased 11.4% to 360,000 units.
Fiscal Year 2019 Full-year Forecast
Nissan is progressing steadily towards its business transformation and profit recovery. However, operating profit for the first half is behind the original plan. In addition, the yen has strengthened against Nissan’s original assumption of 110 yen to the U.S. dollar set at the beginning of the financial year. Furthermore, Nissan foresees ongoing economic uncertainties and slowdown in total industry volume. In consideration of these factors, Nissan has revised its forecast for the full fiscal year.
For the 2019 full fiscal year, Nissan has reduced its global vehicle sales forecast by 5.4% from the initial to 5.24 million units.
Nissan has filed the following fiscal year forecast revisions with the Tokyo Stock Exchange. Calculated under the equity accounting method for Nissan’s joint venture in China, the forecasts for the fiscal year ending March 31, 2020, are:
(TSE report basis – China JV equity basis)2
Yen in billionsPrevious FY19
forecast
Previous FY19
forecast
% change
Revenues11,30010,600-6.2
Operating profit230150-34.8
Net income1170110-35.3
Based on average foreign exchange rates of JPY 107/USD (JPY 105 for the second half) and JPY 120/EUR for FY19
Fiscal Year 2019 Shareholder Return
Today, the Nissan Board of Directors decided on an interim dividend of 10 yen per share, given the slower-than-expected progress of results in the first six months of the year and the downward revision of the earnings fiscal year forecast.
Although the current full-year plan is for a dividend of 40 yen, Nissan plans to propose a dividend following internal discussion of the dividend plan and the midterm business plan.
For detailed Nissan financial information and presentations:
www.nissan-global.com/EN/IR/FINANCIAL/
1 Net income attributable to owners of the parent
2 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
3 Regional operating profit based on geographical segmentation

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