fy04 financial results nissan value-up · pdf filetoyota honda nissan chrysler ford gm 0 ......
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![Page 1: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/1.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
FY04 financial results
NISSAN Value-Up
President and CEO
Carlos Ghosn
April 25, 2005
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April 25, 2005FY04 financial results / NISSAN Value-Up
AgendaAgenda
FY04 sales performance
FY04 financial performance
FY05 outlook
NISSAN 180 progress
NISSAN Value-Up
![Page 3: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/3.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
Global retail sales volumeFY04
Tho
usan
d un
its
FY99 FY00 FY01 FY02 FY03 FY04
2,597
3,057
2,6332,530
2,771
3,388+10.8%
1990: Record sales 3,107
2,200
2,800
3,000
2,600
3,200
3,400
2,400
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April 25, 2005FY04 financial results / NISSAN Value-Up
Tho
usan
d un
its
2,469
3,064
2,614
2,402
2,737
3,378+10.2%
Global production
2,200
2,800
3,000
2,600
3,200
3,400
2,400
FY99 FY00 FY01 FY02 FY03 FY04
FY04
Record production 3,085
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April 25, 2005FY04 financial results / NISSAN Value-Up
JapanFY04 sales performance
983
848+1.4%
837
Fuga “RJC Car of the Year”
March Cube
Tiida Note
4 models in top 10monthly sales ranking
FY03 FY04
Tho
usan
d un
its
0
600
800
400
1,000
200
Industry TIV: 5.8 million (-1.2%)
Nissan share: 14.6% (+0.4 point)
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April 25, 2005FY04 financial results / NISSAN Value-Up
United States
859
Tho
usan
d un
its
1,013+18.4%
0
600
800
400
1,000
200
FY03 FY04
FY04 sales performance
Industry TIV: 16.9 million (+0.4%)
Nissan share: 6.0% (+0.9 point)
Pathfinder
Frontier
TitanAltima
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April 25, 2005FY04 financial results / NISSAN Value-Up
Tho
usan
d un
its
0
80
100
60
120
140
40
Infiniti sales performance
124
78 71
96
76
132+6.5%
FY99 FY00 FY01 FY02 FY03 FY04
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April 25, 2005FY04 financial results / NISSAN Value-Up
Europe
544+0.3%
542
Tho
usan
d un
its
0
600
800
400
1,000
200
FY03 FY04
FY04 sales performance
X-TRAIL
Pickup
Industry TIV: 19.8 million (+4.2%)
Nissan share: 2.7% (-0.2 point)
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April 25, 2005FY04 financial results / NISSAN Value-Up
983+19.5%
822
Tho
usan
d un
its
China sales: 194,000 (+92.7%)Including Dong Feng LCVs
General Overseas Markets**
*Including Mexico and Canada
Teana “Car of the Year 2005”
0
600
800
400
1,000
200
FY03 FY04
FY04 sales performance
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April 25, 2005FY04 financial results / NISSAN Value-Up
AgendaAgenda
FY04 sales performance
FY04 financial performance
FY05 outlook
NISSAN 180 progress
NISSAN Value-Up
![Page 11: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/11.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
FY03 FY04(Billion yen)
FY04 financial performance
FOREXfor FY04
¥107.6/$1¥134.4/€1
Change
Consolidated net revenue 7,429.2 8,576.3 +15.4%
Consolidated operating profit 824.9 861.2 +4.4%
Operating margin 11.1% 10.0% -1.1points
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April 25, 2005FY04 financial results / NISSAN Value-Up
Impact on operating profitFY04 financial performance
Bill
ion
yen
FY04O.P.
861.2
FY03O.P.
824.9
Forex-78
900
800
1,000
Scope of consolidation
+31
Volume/mix+284
Salesexpenses
-114
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April 25, 2005FY04 financial results / NISSAN Value-Up
Incentives in the U.S.: Autodata
1999 2000 2001 2002 2003 2004 2005
$ p
er
uni
t
ToyotaToyotaHondaHonda
NISSAN
ChryslerChryslerFordFord
GMGM
0
1,000
2,000
3,000
4,000
5,000
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April 25, 2005FY04 financial results / NISSAN Value-Up
Incentives in the U.S.: CNW
1999 2000 2001 2002 2003 2004 2005
FordFord
$ p
er
uni
t
0
1,000
2,000
3,000
4,000
5,000
ToyotaToyota
HondaHonda
ChryslerChrysler
GMGM
NISSAN
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April 25, 2005FY04 financial results / NISSAN Value-Up
Comparison of incentives$
pe
r u
nit
0
1000
2000
3000
4000
5000
ToyotaToyotaHondaHonda
ChryslerChryslerGMGM
NISSANNISSAN
5000
CNW
1999 2000 2001 2002 2003 2004 20050
1000
2000
3000
4000
ToyotaToyotaHondaHonda
NISSANNISSAN
ChryslerChryslerFordFord
GMGMAutodata
FordFord
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April 25, 2005FY04 financial results / NISSAN Value-Up
Impact on operating profitFY04 financial performance
Bill
ion
yen
Scope of consolidation
+31
FY04OP
861.2
FY03OP
824.9
Forex-78
Salesexpenses
-114
Manufacturing expenses
-15
Warrantyexpenses
-41
R&Dexpenses
-44
Volume/mix+284
900
800
1,000
Purchasingcost
reduction+131
Productenrichment
-92
G&Aand
others-25.7
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April 25, 2005FY04 financial results / NISSAN Value-Up
Operating profit by region Billion yen
Eliminations: FY03 +5.4, FY04: -0.4
FY04FY03
66
GOM (Including Mexico)
84.8
U.S. (+CAN)
FY04FY03
379.7351.8
FY04FY03
400
200
049.2
EUROPE
56
FY04 financial performance
FY03
JAPAN
FY04
400
200
0
341.1352.5
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April 25, 2005FY04 financial results / NISSAN Value-Up
FY03 FY04(Billion yen)
FY04 financial performance
FOREX for FY04 ¥107.6/$1, ¥134.4/€1
Change
Net non-operating expenses -15.2 -5.5 +9.7
Financial costs -15.7 -10.4 +5.3
Ordinary profit 809.7 855.7 +5.7%
Net extraordinary losses -73.2 -62.5 +10.7
Net income 503.7 512.3 +1.7%
Net income before tax 736.5 793.2 +7.7%
Taxes -219.0 -258.0 -39.0
Minority interests -13.8 -22.9 -9.1
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April 25, 2005FY04 financial results / NISSAN Value-Up
Net cash flow (automotive)
-100
Billion yen
Net debt at beginning of FY03
Net cash at end of FY04
-13.6205.8
100
200
300
400
500
600
700
800
0
Cas
hD
ebt
-450.7
Investing activities
Free cashflow
-209.1
Financing activities
Operating activities+879.2
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April 25, 2005FY04 financial results / NISSAN Value-Up
FY04 financial performanceNet automotive debt
2,100
1,349.7
952.7
13.6
431.7
-215.9-8.6
Under new accounting standards
FY98 FY00 FY01 FY02 FY03 FY04FY99
1,000
1,500
500
2,000
2,500
0
-453.5-205.8
Bill
ion
yen
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April 25, 2005FY04 financial results / NISSAN Value-Up
COPFixed assets
+ Net working capital+ Cash on hand
ROIC(Auto)
=
1.3%
7.5%
19.8%21.3%
12.7%
20.1%*
0
10%
15%
5%
FY99 FY00 FY01 FY02 FY03 FY04
20%
25%
FY04 financial performanceReturn on invested capital (ROIC)
*Same scope of consolidation as P&L, excluding change of cash compared to FY03
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April 25, 2005FY04 financial results / NISSAN Value-Up
Div
iden
d pe
r sh
are
/ ye
n
40
1914
24
34
29
7
0
8
Dividend policyFY04 financial performance
FY99 FY00 FY01 FY02 FY03 FY07*
20
10
40
0
30
FY04 FY05* FY06*
*Forecast
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April 25, 2005FY04 financial results / NISSAN Value-Up
AgendaAgenda
FY04 sales performance
FY04 financial performance
FY05 outlook
NISSAN 180 progress
NISSAN Value-Up
![Page 24: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/24.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
0
1,500
2,000
1,000
FY01 FY02 FY03 FY04 FY05*
3,000
3,500
500
FY05 outlook
2,5972,771
3,0573,388
2,500
3,618+6.8%
TIV assumption: 61 million (+0.7%)Tho
usan
d un
its
*Forecast
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April 25, 2005FY04 financial results / NISSAN Value-Up
FY05 new models
JapanSerena
OttiCompact wagonM-class sedan
Minicar
Europe
U.S./Canada
GOMQuest Infiniti M Lafesta Pathfinder Tiida hatchback InterstarNavara Tiida sedan Xterra
350Z RoadsterMurano
PathfinderNavara
Micra C+C
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April 25, 2005FY04 financial results / NISSAN Value-Up
0
1,500
2,000
1,000
FY01 FY02 FY03 FY04 FY05*
3,000
3,500
500
FY05 outlook
2,5972,771
3,0573,388
2,500
3,618+6.8%
TIV assumption: 61 million (+0.7%)Tho
usan
d un
its
*Forecast
+3.3% U.S.1,047
+ 10% Japan933
+1.1% Europe550
+10.7% GOM (+Mexico, Canada)
1,088
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April 25, 2005FY04 financial results / NISSAN Value-Up
Risks
Volatility in exchange rates
Higher interest rates
Higher commodity pricesHigher energy prices
Higher level of incentivesUncertainty on level ofgrowth in U.S. and Japanese markets
Opportunities
NISSAN Value-Up
FY05 outlook
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April 25, 2005FY04 financial results / NISSAN Value-Up
FY04 FY05(FC)(Billion yen) Change
Consolidated net revenue 8,576.3 9,000 +4.9%Consolidated operating profit 861.2 870 +1.0%Ordinary profit 855.7 860 +0.5%Net income 512.3 517 +0.9%
+13.1%CAPEX 540477.5
ROIC 20.1% ----20% or above
FOREXfor FY05
¥105/$1¥130/€1
+13.0%R&D expenses 450398.1
FY05 outlook
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April 25, 2005FY04 financial results / NISSAN Value-Up
AgendaAgenda
FY04 sales performance
FY04 financial performance
FY05 outlook
NISSAN 180 progress
NISSAN Value-Up
![Page 30: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/30.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
1
8
0
% operating margin
net automotive debt at end FY04
million additional units worldwide
NISSAN 180 commitments
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April 25, 2005FY04 financial results / NISSAN Value-Up
0
2,000
1,000
4,000
3,000
Tho
usan
d un
its
Progress toward NISSAN 180 sales
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
849553
274
1,1201,403
1,809
3,597
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April 25, 2005FY04 financial results / NISSAN Value-Up
Market coverage expansionNISSAN 180
Full-size SUV & TruckArmada Titan
CrossoversMurano FX35/45
350Z
MiniMoco Clipper
New CompactsNoteTiida
Teana
LCVs
Kubistar
Primastar Interstar
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April 25, 2005FY04 financial results / NISSAN Value-Up
AgendaAgenda
FY04 sales performance
FY04 financial performance
FY05 outlook
NISSAN 180 progress
NISSAN Value-Up
![Page 34: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/34.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
Track toward great company
NRP NISSAN 180 NISSAN Value-Up
“Revive our company ”
“Complete revival on track for profitable growth”
“Value up with sustained performance”
Commitments
• Profitability in FY00
• Operating profit margin>4.5% in FY02
• 50% debt reduction by FY02
• +1M units by 9/05
• 8% operating profit margin
• 0 automotive debt
• 4.2M units in FY08
• Top level operating profit margin
• ROIC average 20%
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April 25, 2005FY04 financial results / NISSAN Value-Up
Core elements of NISSAN 180Evolutionary plan
More revenue
More quality
and speed
Less cost
Maximized alliance
with Renault
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April 25, 2005FY04 financial results / NISSAN Value-Up
NISSAN Value-Up commitments
Top level operating profit margin among global automakers in FY05-07
Profit commitment
To sustain performance
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April 25, 2005FY04 financial results / NISSAN Value-Up
0
2
4
6
8
10
12
-3 -2 -1 0 1 2
Global Market Share Change from 1999 (%)
CO
P m
argi
n (%
)
GM
RENAULT
PSADCX
HONDA
TOYOTA
BMW HYUNDAI
FORD
VW◆◆ Nissan◆◆ Competitors in 20041999
2000
2001
20022003 2004 2007
NISSANValue-Up
NRP
N180
Top level operating profit marginNISSAN Value-Up commitments
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April 25, 2005FY04 financial results / NISSAN Value-Up
NISSAN Value-Up commitments
Top level operating profit margin among global automakers in FY05-07
Profit commitment
4.2 million sales in FY08
Volume commitment
![Page 39: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/39.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
+812
+791
2,597
3,388
Global sales volume
0
2,000
1,000
FY01 FY04 FY08*
4,000
3,000
Tho
usan
d un
its
4,200 commitment
*Forecast
NISSAN Value-Up commitments
![Page 40: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/40.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
20% average ROIC over the plan
NISSAN Value-Up commitments
Top level operating profit margin among global automakers in FY05-07
Profit commitment
4.2 million sales in FY08
Volume commitment
Return on invested capital
![Page 41: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/41.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
Financial metrics comparison
Source: Moody’s Rating Methodology: Global Auto Industry (Sept . 2004) Analysis: NISSAN IR
*Retained cash flow: Cash flow from operation – change in working capital - dividend**Adjusted cash: Cash + marketable securities + VEBA (Voluntary employee’s beneficiary association)
Top profitability
Strong cash flow
Weak liquidity Average investment
ROA
ROEAss
et Tu
rnove
r
RCF*/To
tal D
ebt
RCF*/Net D
ebt
Fixed C
harge C
overa
ge
Adj. Cas
h**/ To
tal A
sset
Cash/D
ebt (
B/S)
Adj. Cas
h**/To
tal D
ebt
Mat
urity
R&D/Reve
nue
Depre
ciatio
n/CAPEX
EBITA M
argin
0
1
2
3
4
5
6
Average rating: A
BMW Honda PSA
DCX VW
Nissan
Toyota
FCF/Tota
l Deb
t
![Page 42: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/42.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
Financial metrics comparison
Source: Moody’s Rating Methodology: Global Auto Industry (Sept . 2004) Analysis: NISSAN IR
*Retained cash flow: Cash flow from operation – change in working capital - dividend**Adjusted cash: Cash + marketable securities + VEBA (Voluntary employee’s beneficiary association)
Top profitability
Strong cash flow
Weak liquidity Average investment
ROA
ROEAss
et Tu
rnove
r
RCF*/To
tal D
ebt
RCF*/Net D
ebt
Fixed C
harge C
overa
ge
Adj. Cas
h**/ To
tal A
sset
Cash/D
ebt (
B/S)
Adj. Cas
h**/To
tal D
ebt
Mat
urity
R&D/Reve
nue
Depre
ciatio
n/CAPEX
EBITA M
argin
0
1
2
3
4
5
6
Average rating: A
BMW Honda PSA
DCX VW
Nissan
Toyota
FCF/Tota
l Deb
t
![Page 43: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/43.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
Financial metrics comparison
Source: Moody’s Rating Methodology: Global Auto Industry (Sept . 2004) Analysis: NISSAN IR
*Retained cash flow: Cash flow from operation – change in working capital - dividend**Adjusted cash: Cash + marketable securities + VEBA (Voluntary employee’s beneficiary association)
Top profitability
Strong cash flow
Weak liquidity Average investment
ROA
ROEAss
et Tu
rnove
r
RCF*/To
tal D
ebt
RCF*/Net D
ebt
Fixed C
harge C
overa
ge
Adj. Cas
h**/ To
tal A
sset
Cash/D
ebt (
B/S)
Adj. Cas
h**/To
tal D
ebt
Mat
urity
R&D/Reve
nue
Depre
ciatio
n/CAPEX
EBITA M
argin
0
1
2
3
4
5
6
Average rating: A
BMW Honda PSA
DCX VW
Nissan
Toyota
FCF/Tota
l Deb
t
![Page 44: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/44.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
Financial metrics comparison
Source: Moody’s Rating Methodology: Global Auto Industry (Sept . 2004) Analysis: NISSAN IR
*Retained cash flow: Cash flow from operation – change in working capital - dividend**Adjusted cash: Cash + marketable securities + VEBA (Voluntary employee’s beneficiary association)
Top profitability
Strong cash flow
Weak liquidity Average investment
ROA
ROEAss
et Tu
rnove
r
RCF*/To
tal D
ebt
RCF*/Net D
ebt
Fixed C
harge C
overa
ge
Adj. Cas
h**/ To
tal A
sset
Cash/D
ebt (
B/S)
Adj. Cas
h**/To
tal D
ebt
Mat
urity
R&D/Reve
nue
Depre
ciatio
n/CAPEX
EBITA M
argin
0
1
2
3
4
5
6
Average rating: A
BMW Honda PSA
DCX VW
Nissan
Toyota
FCF/Tota
l Deb
t
![Page 45: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/45.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
From auto to financeInter-company loan
% o
f int
er-c
om
pany
loan
FY02 FY03 FY040
150
300
450
600
750
900
0%
5%
10%
15%
20%
25%
30%
35%
Bill
ion
yen
1,05035.7%
33.0%
23.1%
% of inter-company loan = inter-company loan/total funding excluding equity
![Page 46: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/46.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
0
10%
15%
5%
20%
25%
NISSAN 180 NISSAN Value-UpNRP
7.5%
19.8%21.3%
12.7%
ROIC average of 20%
FY00 FY02 FY03 FY04 FY05 FY06 FY07FY01FY99
Return on invested capital (auto)
COPFixed assets
+ Net working capital
ROIC(Auto)
=
20.1%*
*Same scope of consolidation as P&L, excluding change of cash compared to FY03
1.3%
NISSAN Value-Up commitments
![Page 47: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/47.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
Key assumptions
Total industry volume up to
63 million units in FY07
Foreign exchange rateFY05 105¥/$ 130¥/€
FY06, FY07 100¥/$ 120¥/€
![Page 48: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/48.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
New global product launches
31
44
28NISSAN Value-UpNISSAN 180
70
New Products
Start of Production
![Page 49: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/49.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
28 all-new modelsNISSAN Value-Up
10 new conquest models
18 replacement models
2828
![Page 50: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/50.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
Infiniti global tier-1 luxury brandBreakthrough
Taiwan
Middle East
Russia
Korea
China
North AmericaJapan*
*Japan launch after NISSAN Value-Up
![Page 51: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/51.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
Light Commercial Vehicles
AD VanATLAS
CIVILIAN
CARAVAN
CABSTAR
22 Nissan-badged models
Breakthrough
![Page 52: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/52.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
Thou
sand
uni
ts
0
450
FY00 FY03 FY07*
600
300
150
0
6%
4%
8%
2%
Light Commercial Vehicles
Co
nso
lidat
ed
ope
rati
ng m
arg
in
312
187 203 182234
FY01 FY02 FY04
434+40%
Breakthrough
3.3%3.6%
-0.5%1.4%
4.0%
8.0%
![Page 53: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/53.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
Leading Competitive Countries (LCCs)
Thailand
China
Egypt
Maximize opportunities, minimize costs
India
RomaniaHungary
Vietnam Mexico
Mercosur
Breakthrough
![Page 54: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/54.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
Geographic expansion
IndiaPakistan
Russia
Egypt Thailand
Gulf Countries China
Eastern Europe
Breakthrough
![Page 55: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/55.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
80% SU-LEVBy March 06
40% EV
=
Environmental technologiesOpportunities
1 million CVTs
200,000hybrids
HEV
ULEVULEV
SU-LEV
EV
=CVT
CO2 EmissionNOx & HC Emission
![Page 56: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/56.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up
New safety approach
Safety Shield
10 new safety technologies in the next three years
Opportunities
![Page 57: FY04 financial results NISSAN Value-Up · PDF fileToyota Honda NISSAN Chrysler Ford GM 0 ... FY04 financial results / NISSAN Value-Up April 25, ... Global Auto Industry (Sept. 2004)](https://reader031.vdocument.in/reader031/viewer/2022030408/5a8a76cf7f8b9adb648bffac/html5/thumbnails/57.jpg)
April 25, 2005FY04 financial results / NISSAN Value-Up