Nissan Motor announces financial results for first half of fiscal year 2009

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 ($35.43bn, EUR25.4bn) in the April-to-September period, down 30.5% compared with a year ago. Operating profit was 94.9bn yen ($990m, Eur710m), down 50.5%, and the operating profit margin came to 2.8%. Ordinary profit was 33.2bn yen ( $350m, EUR250m), 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. 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,"

said Nissan President and CEO Carlos Ghosn.

In the July-to-September second quarter, Nissan's net income was 25.5bn yen ($270m, EUR190m), down 65.3%. Net revenues were 1.8685 trillion yen ($19.57bn, EUR14.03bn), down 25.9% compared with a year ago. Operating profit was 83.3bn yen ($870m, EUR630m), down 25.4%, and operating profit margin came to 4.5%. Ordinary profit was 59.3bn yen ($620m, EUR450m), 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 ($77.78bn, EUR53.19bn);
• Operating profit of 120bn yen ($1.33bn, EUR910m);
• Net loss of 40bn yen ($440m, EUR300m);
• R&D expenses of 395bn yen ($4.39bn, EUR 3bn);
• Capital expenditures of 325bn yen ($3.61bn, EUR2.47bn).

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 950bn yen ($73.16bn, EUR55.6bn);
• Operating loss of 100bn yen ($1.05bn, EUR800m);
• Net loss of 170bn yen ($1.79bn, EUR1.36bn);
• R&D expenses of 400bn yen ($4.21bn, EUR3.2bn);
• Capital expenditures of 350bn yen ($3.68bn, EUR2.8bn).

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.

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.