TOKYO (November 6, 2003) - Today Nissan Motor Co., Ltd., filed its financial results for the first half of the fiscal year ended September 30, 2003. The results filed today are in line with the preliminary financial results announced on October 16, 2003.
Nissan's first half performance represents the seventh consecutive half of record operating profit. The results achieved halfway into NISSAN 180 are attributed to a combination of higher volumes from attractive new products and lower costs.
Consolidated financial results:
Unit sales
Nissan's global vehicle sales of passenger cars and light commercial vehicles for first half of fiscal year 2003 reached 1,467,000 units, up 5.9% compared to 1,386,000 units in the first half of fiscal year 2002.
Net sales
Consolidated net sales for the half year came to 3,556.2 billion yen (US $30.11 billion, euro 27.06 billion), an increase of 8.2% from 3,285.5 billion yen for the first half of fiscal year 2002.
Operating income
Consolidated operating profit rose 15.2% to 401.1 billion yen (US $3.40 billion, euro 3.05 billion) representing 11.3% of sales compared to 10.6% for the first half of fiscal year 2002.
Ordinary income
Consolidated ordinary profit came to 390.3 billion yen (US $3.30 billion, euro 2.97 billion), up 20.7% compared to last year's level of 323.5 billion yen for the first half.
Income before taxes
Consolidated net income before taxes totaled 368.1 billion yen (US $3.12 billion, euro 2.80 billion) compared to 365.0 billion yen in the first half of fiscal year 2002.
Income taxes
Current income taxes for the period came to 125.2 billion yen (US $1.06 billion, euro 0.95 billion).
Net income
Consolidated net income after tax was 237.7 billion yen (US $2.01 billion, euro 1.81 billion), down 17.4% from the same period in fiscal year 2002. Factors affecting net income include the payment of higher current taxes as the company returns to normal taxation in Japan and the one-time gain from the sale of the Murayama Plant in the first half of fiscal year 2002.
Indebtedness
Consolidated net automotive indebtedness increased by 29.4 billion yen from March 31, 2003, to 20.8 billion yen (US $0.18 billion, euro 0.16 billion) under constant accounting standards. Total consolidated debt for automotive and financial operations was 2,989.9 billion yen (US $25.32 billion, euro 22.75 billion) compared to 2,648.7 billion yen at the end of fiscal year 2002.
Shareholder's equity
Consolidated shareholder's equity as of September 30, 2003, totaled 1,899.1 billion yen (US $16.08 billion, euro 14.45 billion), an increase of 90.8 billion yen compared to 1,808.3 billion yen as of March 31, 2003.
Outlook
The company filed an unchanged financial forecast for fiscal year 2003 with the Tokyo Stock Exchange on October 16. Full-year revenues are expected to reach 7.45 trillion yen (US $63.08 billion, euro 56.70 billion) and operating profits to be 820 billion yen (US $6.94 billion, euro 6.24 billion). The operating margin is projected to be 11%. Ordinary profit is forecasted to be 781 billion yen (US $6.61 billion, euro 5.94 billion), and the net profit after tax is expected to be 495 billion yen (US $4.19 billion, euro 3.77 billion). The forecast for the second half has been revised with the assumption that the dollar will be at 110 yen and that the euro would remain at 125 yen.
# # #
Note: Amounts in dollar and euro are translated for the convenience of the reader only at the rate of 118.1 yen/dollar and 131.4 yen/euro, the average rate for the first half of fiscal year 2003.