Feb 08, 2021 Nissan Motor Co Ltd, results
Nissan reports April-December results for fiscal year 2020
Nissan Motor Co., Ltd. today announced financial results for the April-December period of fiscal year 2020 and the revised outlook for fiscal year 2020.
In the third quarter of the fiscal year, consolidated net revenue was 2.22 trillion yen, consolidated operating profit was 27.1 billion yen, and the operating profit margin was 1.2%. The net loss1 in the third quarter was 37.8 billion yen. Compared with the same period last year, improvements in selling expenses and reductions in manufacturing and fixed costs resulted in a positive contribution to profit. The recovery in each quarter is evident, with improved retail sales and a strengthened financial base as outlined in the Nissan NEXT business transformation plan. Nissan returned to a positive operating profit in the third quarter, versus previous quarters.
For the first nine months of the fiscal year, consolidated net revenue was 5.32 trillion yen, the consolidated operating loss was 131.6 billion yen, and the operating profit margin was -2.5%. The net loss1 for the nine months was 367.7 billion yen. Following
the performance recovery of the third quarter, improvements are being made in consolidated operating loss and operating profit margins.
Nissan continues to strategically accumulate liquidity under the difficult business environment including the spread of COVID-19 infection, in order to overcome the crisis. At the end of September 2020, cash and cash equivalents were approximately 2 trillion yen and net cash totaled 525.5 billion yen for the automotive segment. Furthermore, Nissan has unused committed credit facilities of approximately 2.1 trillion yen as of the end of December 2020.
FY2020 outlook - For fiscal 2020, Nissan expects sales volume to decrease by 3.6% over the previous forecast to 4,015 thousand vehicles. Despite the negative impact of decrease in volume, Nissan revised its full-year outlook as follows due to improvements in selling expenses as well as sales finance, manufacturing and fixed costs. Nissan is forecasting net revenue of 7.70 trillion yen. The company foresees an operating loss of 205 billion yen, which is 135 billion yen better than the previous outlook. A net loss of 530 billion yen is expected, which is 85 billion yen better than the previous outlook.
On a management pro forma basis, which includes the proportionate consolidation of
results from Nissan’s joint venture operation in China, the operating loss was 40.4 billion
yen, equivalent to an operating margin of -0.7%. The net loss was 367.7 billion yen.
Nissan will continue its efforts to improve the quality of sales, reduce inventories and
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