LATEST NEWS Nissan reports financial results for fiscal year 2023

• Full year operating profit of 568.7 billion yen, up +51% year over year
• Solid free cash flow of 323 billion yen and operating profit of 260 billion yen in the automotive business for the full year
• FY24 operating profit forecasted at 600 billion yen and annual dividend forecasted to be 25 yen or more per share

YOKOHAMA, Japan  – Nissan Motor Co., Ltd. today announced financial results for the full year and the fourth quarter of fiscal year 2023, ending March 31, 2024.

Full year financial results

Nissan has strengthened its business foundation by steadily implementing key initiatives under the Nissan NEXT business transformation plan. In FY2023, the final year of the plan, despite a very challenging business environment, Nissan has been continuously improving the quality of sales in each market.

Global sales remained at 3.44 million units impacted by intensified sales competition. Nissan’s consolidated net revenue was 12.686 trillion yen, resulting in an operating profit of 568.7 billion yen with an operating margin of 4.5%. This was due to logistics, other risks such as the Noto Earthquake and various cost relief made to suppliers such as inflation, and other factors.

Net income1 was 426.6 billion yen. Automotive net cash was 1.546 trillion yen. The increase in operating profit and net income compared to the April 19 forecast revision is due to the reversal of previously recorded litigation provision.

Nissan plans to propose the payment of a yearend dividend of 15 yen per share for fiscal year 2023 at the general shareholders meeting.

TSE report basis – China JV equity basis²

Based on average foreign exchange rates of 145 JPY /USD and 157JPY /EUR for FY2023

On a China joint venture proportionate basis, operating profit was 570 billion yen, which equates to a 4.2% operating margin and net income1 was 426.6 billion yen.

Fourth quarter financial highlights

In the fourth quarter of fiscal year 2023, consolidated net revenue was 3.514.3 trillion yen, consolidated operating profit was 90.3 billion yen, and operating profit margin was 2.6%. Net income1 in the fourth quarter was 101.3 billion yen.

TSE report basis – China JV equity basis²

Based on average foreign exchange rates of 149 JPY/USD and 161 JPY/EUR for FY23 Q4

FY2024 outlook

Nissan expects the business to continue to face intense competition and inflationary pressure.

With the Arc business plan, Nissan will aim for steady growth toward achieving its targets with attractive and competitive products.

The company has filed the following fiscal year forecasts with the Tokyo Stock Exchange. Calculated under the equity accounting method for Nissan’s joint venture in China, the forecasts for the fiscal year ending March 31, 2025, are:

Annual dividend per share (yen)

Commenting on the results, Nissan president and CEO Makoto Uchida said: “Through our Nissan NEXT initiatives, we have been working to strengthen our business foundation. From fiscal year 2024, we have launched a new business plan, ’The Arc’. We aim to achieve sustainable, profitable growth while providing high value to customers. We will do this step by step with a balanced product portfolio and by implementing optimal business strategies in response to market conditions and customer needs.”

_{1.  Net income attributable to owners of the parent}

_{2.  Since the beginning of fiscal year 2013, Nissan has reported figures calculated under the equity method accounting for its joint venture with Dong Feng in China. Although net income reporting remains unchanged under this accounting method, the equity-accounting income statements no longer include Dong-Feng-Nissan’s results in revenues and operating profit.}

_{*The financial forecast is based on judgements and estimates that have been made using currently available information. By nature, such financial forecast is subject to uncertainty and risk. Therefore, the final results may differ from the aforementioned forecast.}