Nissan Revises Its Estimates of Financial Results for the Fiscal Year
16 April 1999
Nissan Revises Its Estimate of Consolidated and Non-Consolidated Financial Results for the Fiscal Year That Ended March 1999
NEW YORK, April 16 -- Nissan Motor Co. , Ltd.
today issued a revised forecast for its consolidated and non-consolidated
financial results for the fiscal year that ended March 31, 1999.
1. Forecast for Non-Consolidated Financial Results for the Fiscal Year
That Ended March '99 (from April 1, 1998 to March 31, 1999)
Net Sales Ordinary Income Net Profit
million yen million yen million yen
Previous Forecast 3,400,000 70,000 (10,000)
Revised Forecast 3,320,000 15,000 (35,000)
Change (80,000) (55,000) (25,000)
Change % (2.4) (78.6) (250)
Net Sales Ordinary Income Net Profit
million dollars* million dollars* million dollars*
Previous Forecast 28,099 579 (83)
Revised Forecast 27,438 124 (289)
Change (661) (455) (207)
Reference (Financial Results for the Previous Fiscal Year that Ended
March 31, 1998)
Net Sales Ordinary Income Net Profit
million yen million yen million yen
Results for FY 1997
(97/4-98/3) 3,546,126 57,707 16,548
Net Sales Ordinary Income Net Profit
million dollars* million dollars* million dollars*
Results for FY 1997
(97/4-98/3) 26,663 434 124
Reasons for the Revised Financial Forecast
The company suffered a greater-than-expected decline in sales resulting
from a prolonged slump in the Japanese market. This sales slump has caused
the company to revise downward its forecast for financial results in terms of
net sales, ordinary income and net profit.
The appraisal loss on its marketable securities (based on the "lower of
cost or market value method") owing to a fall in the stock market was less
than that of the company's previous forecast. Because it is smaller than
projected, the company will post this loss as a non-operating loss instead of
listing it as an extraordinary loss as was done in the past.
2. Forecast for Consolidated Financial Results for the Fiscal Year That
Ended March '99 (from April 1, 1998 to March 31, 1999)
Net Sales Ordinary Income Net Profit
million yen million yen million yen
Previous Forecast 6,400,000 60,000 (30,000)
Revised Forecast 6,400,000 15,000 (30,000)
Change 0 (45,000) (30,000)
Change % 0 (75) 0
Net Sales Ordinary Income Net Profit
million dollars* million dollars* million dollars*
Previous Forecast 52,893 496 (248)
Revised Forecast 52,893 124 (248)
Change -- (372) (248)
Reference (Financial Results for the Previous Fiscal Year That Ended
March 31, 1998)
Net Sales Ordinary Income Net Profit
million yen million yen million yen
Results for FY 1997
(97/4-98/3) 6,564,637 4,695 (14,007)
Net Sales Ordinary Income Net Profit
million dollars* million dollars* million dollars*
Results for FY 1997
(97/4-98/3) 49,358 35 (105)
Reasons for the Revised Financial Forecast
The company expects an improvement in financial results for its
consolidated overseas subsidiaries. However, as a result mainly of revising
the projections for non-consolidated financial results, the forecast for the
consolidated financial results has also been revised as above.
3. Revision of Dividend Forecast
Previous Forecast Revised Difference
Divided per
share at
the end of FY98
(98/4 - 99/3) 5 yen $.04 0 yen - 5 yen
Nissan plans to skip year-end dividend payments for the fiscal year that
ended March 31, 1999 in view of the severer-than-expected forecast for
financial results in the fiscal year that ended this past March and the
prospects of continuing sluggish demand in the Japanese market during the
current fiscal year onwards.
In response to the business environment that is turning ever severer, the
company will strive to increase profit and further reduce interest-bearing
liabilities by implementing additional measures on top of the ongoing global
business reform plan so that we will be able to resume dividend payments as
soon as possible.
* Note: Currency translations for have been provided for the convenience
of the reader only. Dollar values are calculated at 121yen/dollar, the
approximate rate of exchange at market close on March 31, 1999 in New York.
Conversion of 1998 dollar figures are calculated at 133 yen /dollar, the
approximate rate of exchange at market close on March 31, 1998 in New York.
Negative numbers are expressed in parenthesis ().