Nissan Reports Financial Results for the First Half FY11

Net Income totals 183.4 billion yen and Operating Margin at 7.1%

YOKOHAMA, JAPAN – Nov 3, 2011: Nissan Motor Co., Ltd., last night announced financial results for the first half of fiscal year 2011, ending March 31, 2012, as well as second-quarter performance. In the six months through September, net income after taxes totaled 183.4 billion yen (US $2.30 billion, euro 1.61 billion), down 12.0% compared with the same period last year.

Net revenues were 4.3674 trillion yen (US $54.73 billion, euro 38.41 billion) in the April-to-September period, up 1.1% compared with a year ago. Operating profit was down 7.5%, to 309.7 billion yen (US $3.88 billion, euro 2.72 billion), resulting in an operating profit margin of 7.1%. Ordinary profit was 295.4 billion yen (US $3.70 billion, euro 2.60 billion), down by 6.3%.

In the first half, Nissan sold 2,225,000 vehicles worldwide, up 10.7% compared with last year.

"Nissan has once again delivered strong first-half earnings and healthy profit margins, reflecting the innovation and consumer appeal of our vehicles in all markets around the world," said Nissan President and CEO Carlos Ghosn. "In spite of unfavorable currency fluctuations, numerous natural disasters and a volatile global economy, we remain on track to deliver a significantly profitable full-year performance."

In the July-to-September second quarter, Nissan’s net income was 98.4 billion yen (US $1.26 billion, euro 0.89 billion). Net revenues were 2.2855 trillion yen (US $29.34 billion, euro 20.74 billion), up 0.7% compared with a year ago. Operating profit was 159.3 billion yen (US $2.04 billion, euro 1.45 billion), resulting in an operating profit margin of 7.0%. Ordinary profit was 147.7 billion yen (US $1.90 billion, euro 1.34 billion).

Nissan sold 1,169,000 vehicles in the second quarter, up 10.8% compared with the prior year.

Based on a foreign-exchange rate assumption of 80 yen/dollar and 110 yen/euro for the second half of fiscal year 2011, the revised average rates will be 79.9 yen/dollar and 111.9　yen/euro for fiscal year 2011. Nissan has revised its full-year forecast for fiscal 2011 upward and filed the following forecast with the Tokyo Stock Exchange for the fiscal year ending March 31, 2012:

Net revenues of 9.45 trillion yen (US $118.27 billion, euro 84.45 billion);

Operating profit of 510 billion yen (US $6.38 billion, euro 4.56 billion);

Ordinary profit of 480 billion yen (US $6.01 billion, euro 4.29 billion);

Net income of 290 billion yen (US $3.63 billion, euro 2.59 billion);

Capital expenditures of 410 billion yen (US $5.13 billion, euro 3.66 billion); and

R&D expenses of 440 billion yen (US $5.51 billion, euro 3.93 billion).