Nissan's Revised Business Results Forecasts
17 April 1998
Revision of Non-Consolidated Business Results Forecasts and Consolidated Business Results Forecast for the Fiscal Year Ended March 31, 1998
NEW YORK, April 17 -- Nissan Motor Co., Ltd.
announced its revision of non-consolidated business results forecasts and its
consolidated business results forecasts for the fiscal year ended March 31,
1998.
1. Revision of non-consolidated business results forecasts for the
fiscal year ended on March 31, 1998
Sales Ordinary Profit
million million million million
yen dollars* yen dollars*
Previous
Forecast (A) 3,700,000 27,819.5 100,000 751.9
Revised
Forecast (B) 3,546,100 26,662.4 57,700 433.8
Change (B-A) (153,900) (1,157.1) (42,300) (318.0)
Change Ratio (4.2%) (42.3%)
Net income
million million
yen dollars*
Previous
Forecast (A) 55,000 413.5
Revised
Forecast (B) 16,500 124.1
Change (B-A) (38,500) (289.5)
Change Ratio (70.0%)
Non-consolidated results for the fiscal year ended on March 31, 1997
Sales Ordinary Profit
million million million million
yen dollars* yen dollars*
Results for FY 1996
(96/4-97/3) 3,690,441 27,747.7 81,033 609.3
Net income
million million
yen dollars*
Results for FY 1996
(96/4-97/3) 51,333 386.0
The above revision is chiefly due to the following factor:
Marketable securities are stated at the lower of cost or market. As the
Japanese stock market plunged, Nissan recorded 50.4 billion yen
($378.9 million)* evaluation losses on marketable securities, which consist of
49.5 billion yen ($372.2 million)* losses in non-operating level and
0.9 billion yen ($6.77 million)* special losses. Accordingly non-consolidated
business results forecasts for the fiscal year ended on March 31, 1998 have
been revised.
2. Consolidated business results forecasts for the fiscal year ended on
March 31, 1998
Sales Ordinary Profit
million million million million
yen dollars* yen dollars*
Results for FY 1996
(96/4-97/3) 6,658,875 50,066.7 140,699 1,057.9
Forecast 6,500,000 48,872.2 25,000 188.0
Change (158,875) (1,194.5) (115,699) (869.9)
Change ratio (%) (2.4%) (82.2%)
Net income
million million
yen dollars*
Results for
FY 1996 (96/4-97/3) 77,743 584.5
Forecast 16,000 120.3
Change (61,743) (464.2)
Change ratio (%) (79.4%)
The above change is chiefly due to the following factors:
50.4 billion yen ($378.9 million)* evaluation losses on marketable
securities were recorded in non-consolidated accounts. As the decline in
total demand in Japanese auto market continued, the performances of domestic
dealers has deteriorated. In overseas markets, rationalization efforts have
been successful in Europe, however, North America operation have experienced
decreased sales. Consequently, consolidated business results are down
compared to those for the fiscal year ended on March 31, 1997.
This announcement is only a revised forecast and the Company will release
complete non-consolidated and consolidated financial results for the fiscal
year ending March 31, 1998, in late May, 1998.
* Note: Currency translations have been provided for the convenience of
the reader only. Dollar values are calculated at 133 yen/dollar, the
approximate rate of exchange at market close on March 31, 1998 in New York.
SOURCE Nissan Motor Co., Ltd.