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Nissan Reports First Half Results for Fiscal Year 2016

Nissan Reports First Half Results for Fiscal Year 2016


YOKOHAMA, Japan – Nissan Motor Co., Ltd. today announced financial results for the six-month period to September 30, 2016.

“In the first half, Nissan generated a solid operating profit of 339.7 billion yen, which represents a 6.4% margin on net revenues of 5.32 trillion yen,” said Carlos Ghosn, Chairman and Chief Executive Officer. “These solid results were achieved despite recent currency headwinds and continued challenges in Japan and emerging-markets.”

Fiscal Year 2016 First Half Financial Highlights

The following table summarizes Nissan’s financial results for the six-month period to September 30, 2016, calculated under the equity accounting method for the Group’s China joint venture.


Fiscal Year 2016 First Half Financial Highlights to September 30, 2016

 (TSE report basis – China JV equity basis)1

Yen in billions

FY H1 15

FY H1 16

% change year on year

FY H1 16

at constant currency

% change at constant currency







Operating profit






Operating margin %






Ordinary profit






Net income2






Based on average foreign exchange rates of JPY 105.2/USD and JPY 118.0/EUR

On a constant currency basis, operating profit rose 31.5% to 519.5 billion yen, equivalent to an 8.5% profit margin. This reflects demand for core products, particularly in North America and benefits of continued cost-discipline, on-going product introductions and Alliance strategy.

On a management pro forma basis, which includes the business results of Nissan’s operations in China, FY16 first half net revenue decreased 9.6% to 5.84 trillion yen. Operating profit fell 10.7% versus the same period last year, to 412.0 billion yen. The operating profit margin fell from 7.2% to 7.1%.

On a constant currency exchange rate basis, pro-forma net revenues increased 4.2% to 6.73 trillion yen and operating profit improved 30.6% to 603.0 billion yen, equivalent to a profit margin of 9.0%.



Sales performance

In the first half of the fiscal year, Nissan’s total unit sales were 2.61 million units.

In the U.S., Nissan’s sales rose by 3.7% to 783,000 units, equivalent to a market share of 8.7%, amid strong demand for the Altima, the Rogue and the Maxima.

Nissan unit sales in China, which reports figures on a calendar year basis, rose 3.8% to 610,000 units, equivalent to market share of 5.0%. In Europe, excluding Russia, Nissan’s sales rose by 4.4% to 319,000, which resulted in a market share of 3.6%. The Qashqai SUV and X-Trail helped drive demand in the region.

Nissan’s performance in these key markets helped compensate for a decline in the Japanese market where Nissan was impacted by the suspension of Dayz/Dayz Roox minicar sales. Total unit sales in the quarter for Japan were 211,000 units, representing a market share of 9.2%. In other markets including Asia and Oceania, Latin America, the Middle East and Africa, Nissan’s sales decreased 4.9% to 382,000 units.



“Nissan is maintaining its global sales and earnings forecast for fiscal 2016,” said Mr. Ghosn. “Although Nissan faces market uncertainty and currency headwinds, we expect to continue to deliver solid earnings and positive free cash flow generation in the current fiscal year. We can also look forward in fiscal year 2017 to valuable synergies from our alliance with Mitsubishi Motors, in which we recently acquired a 34% stake.

"As announced at the end of the last fiscal year, we have decided to increase the full year dividend by 14.3% to 48 yen per share, and the Board today approved an interim dividend payment of 24 yen per share.”

The Company expects to sell 5.6 million units this fiscal year, up 3.3%. Based on this sales outlook, Nissan has maintained forecasts first issued to the Tokyo Stock Exchange in May 2016. Calculated under the equity accounting method for the fiscal year ending March 31, 2017, the forecasts showed:


Nissan   FY16 Outlook – TSE report basis – China JV equity basis1

Net revenue

¥11.8 trillion


Operating   profit

¥710.0   billion


Ordinary   profit

¥800.0 billion


Net Income2

¥525.0   billion




1 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.

2 Net income attributable to owners of the parent




About Nissan Motor Co., Ltd.

Nissan is a global full-line vehicle manufacturer that sells more than 60 models under the Nissan, INFINITI and Datsun brands. In fiscal year 2016, the company sold 5.63 million vehicles globally, generating revenues of 11.72 trillion yen. In fiscal 2017, the company embarked on Nissan M.OV.E. to 2022, a six-year plan targeting a 30% increase in annualized revenues to 16.5 trillion yen by the end of fiscal 2022, along with a core operating profit margin of 8% and cumulative free cash flow of 2.5 trillion yen. As part of Nissan M.OV.E. to 2022, the company plans to extend its leadership in electric vehicles, symbolized by the world's best-selling all-electric vehicle in history, the Nissan LEAF. Nissan’s global headquarters in Yokohama, Japan, manages operations in six regions: Asia & Oceania; Africa, the Middle East & India; China; Europe; Latin America; and North America. Nissan has a global workforce of 247,500 and has been partnered with French manufacturer Renault since 1999. In 2016, Nissan acquired a 34% stake in Mitsubishi Motors. Renault-Nissan-Mitsubishi is today the world’s largest automotive partnership, with combined annual sales of more than 10 million vehicles a year.

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Media Contacts

Sara Jenkins
Section Manager - Corporate Communications
Phone: +41(0)79 808 3397