Financial results for 1st half FY2002
November 19, 2002
Tokyo (November 19) - Today Nissan Motor Co., Ltd., filed its financial results for the first half of the fiscal year ended September 30, 2002. This financial disclosure is closely aligned to the preliminary results announced on October 23, 2002.
The results filed today represent the fifth consecutive half of record profit. The results achieved during the first six months of NISSAN 180 reflect a combination of leaner, more efficient operations, increasing volumes and decreasing costs.
Consolidated financial results:
Unit sales
Nissan's global vehicle sales of passenger cars and light commercial vehicles for first half of fiscal year 2002 reached 1,386,000 units, compared to 1,289,000 units in the first half of fiscal year 2001.
Net sales
Consolidated net sales for the half year came to 3,285.5 billion yen (US $26.69 billion, euro 28.25 billion), an increase from 2,977.5 billion yen for the first half of fiscal year 2001.
Operating income
Consolidated operating profit rose 84.5% to 348.3 billion yen (US $2.83 billion, euro 2.99 billion) representing 10.6% of sales compared to 6.3% for the first half of fiscal year 2001.
Ordinary income
Consolidated ordinary profit came to 323.5 billion yen (US $2.63 billion, euro 2.78 billion), more than double last year's level of 160.3 billion yen for the first half.
Income before taxes
Consolidated net income before taxes totaled 365.0 billion yen (US $2.97 billion, euro 3.14 billion) compared to 165.4 billion yen in the first half of fiscal year 2001.
Income taxes
Current income taxes for the period came to 79.3 billion yen (US $0.64 billion, euro 0.68 billion).
Net income
Consolidated net income after tax was 287.7 billion yen (US $2.34 billion, euro 2.47 billion) up 25% from the same period in fiscal year 2001.
Indebtedness
Total consolidated debt was 2.58 trillion yen (US $20.96 billion, euro 22.18 billion) compared to 2.75 trillion yen at the end of fiscal year 2001. Consolidated net automotive indebtedness decreased by 161.6 billion yen from March 31, 2002, to 270.1 billion yen (US $2.19 billion, euro 2.32 billion).
Shareholder's equity
Consolidated shareholder's equity as of September 30, 2002, totaled 1,663.9 billion yen (US $13.52 billion, euro 14.31 billion), an increase of 43.1 billion yen compared to 1,620.8 billion yen as of March 31, 2002.
Outlook
On October 23 Nissan revised the company's full-year financial forecast for fiscal year 2002 with the Tokyo Stock Exchange. Full-year revenues are expected to reach 6.8 trillion yen, operating profits to be 720 billion yen, yielding a 10.6% operating margin, ordinary profit will reach 660 billion yen, and the net profit after tax is expected to be 490 billion yen. In addition, net automotive indebtedness is expected to fall to 80 billion yen by the end of the fiscal year. The forecast for the second half is made with the assumption that the dollar will be at 125 yen and that the euro would reach 120 yen.
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Note: Amounts expressed in U.S. dollars and euro have been translated for the convenience of the reader only at the rate of 123.1 yen/U.S. dollar and 116.3 yen/euro, the average rate for the first half of fiscal year 2002.
Financial results for 1st half FY2002