Nissan reports first-quarter results and outlook for FY2020

YOKOHAMA, Japan (July 28, 2020) - Nissan Motor Co., Ltd. today announced financial results for the three months ended June 30, 2020, and the outlook for fiscal year 2020.

In the first quarter of the fiscal year, global industrywide auto sales fell by almost half amid the COVID-19 pandemic, impacting Nissan's sales significantly. To limit the spread of COVID-19, the company suspended production at manufacturing sites around the world. Nissan's plants have since resumed operations but face reduced utilization of their capacity due to lower sales. The company's performance continues to be impacted by the challenging business climate.

For the April-June period, consolidated net revenue was 1.1742 trillion yen. The operating loss was 153.9 billion yen, equivalent to an operating margin of -13.1%. The net loss was 285.6 billion yen.1

First-quarter financial highlights

The following table summarizes Nissan's financial results for the three months ended June 30, 2020, calculated under the equity accounting method for the group's China joint venture.

(TSE report basis - China JV equity basis)2

Yen in billions

FY19 Q1

FY20 Q1

% change

year on year

Revenue

2,372.4

1,174.2

-50.5%

Operating profit

1.6

-153.9

―

Operating margin

0.1％

-13.1%

―

Ordinary profit

35.3

-232.3

―

Net income1

6.4

-285.6

―

Based on average foreign exchange rates of JPY 107.6/USD and JPY 118.6/EUR for FY20 Q1

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 136 billion yen, equivalent to an operating margin of -10.3%. Net loss1 amounted to 285.6 billion yen.

For the first quarter, automotive net cash was 235.2 billion yen, a lower level than at the end of March. However, in June and July, Nissan secured an additional 182.4 billion yen of funds in response to the COVID-19 pandemic. Nissan also issued 70 billion yen in

corporate bonds and maintains cash on hand of more than 1.2 trillion yen. The company's committed credit line remains unused.

Sales performance

Global total industry volume in the first quarter fell 44.5% from a year earlier to 12.49 million vehicles. Nissan's global sales declined 47.7% to 643,000 vehicles. The company's global market share fell 0.3 points from a year earlier to 5.2%.

In Japan, Nissan's sales decreased 33.7% to 84,000 vehicles. Meanwhile, the company's market share rose to more than 11%, driven by sales of the new Nissan Roox "wagon- type" kei car, which started in March. The company expects to maintain a strong market share in Japan with the addition of the new Nissan Kicks, launched in June.

In China, where Nissan reports figures on a calendar-year basis, sales fell 39.9% in the January-March period to 207,000 vehicles. At the same time, Nissan's market share in China increased 0.5 points to 6.2%. A steady recovery from April to June is seen with a sales growth of about 4% year-on-year.

In the U.S., Nissan's sales declined 49.5% to 177,000 vehicles. The all-new Rogue will be on sale from this fall, leading Nissan's renewal of core models in the U.S. market. The company is continuing to improve the quality of sales in the market, with a focus on retail.

FY2020 outlook

Given the continuing effects of COVID-19 on the global market, Nissan expects a lower business volume in fiscal year 2020. Nissan forecasts global total industry volume to decrease 16% from a year earlier to 72.04 million vehicles. For the full year, Nissan's global retail volume is expected to decline 16.3% to 4.125 million vehicles, on par with the market trend. The company expects its global market share to achieve 5.73% which is the same level as previous fiscal year.

The company has filed the following fiscal year forecasts to 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, 2020, are:

FY2020 outlook

TSE report basis - China JV equity basis2 (yen in billions)

Net revenue

7,800

Operating loss

470

Net loss1

670

Nissan will forgo distribution of dividends for fiscal year 2020, due to the challenges in profitability and free cash flow.

Nissan recently announced its four-year transformation plan, Nissan NEXT, to respond to the challenging economic outlook and to improve the company's performance.

1

Nissan expects to reduce fixed costs, mainly driven by a decrease in depreciation costs following the impairment in the previous year, and a reduction of G&A expenses and fixed selling expenses, including advertising. The company is on track to reduce fixed costs by 300 billion yen versus FY2018. In addition, Nissan's focus on its core model strategy, including plans to launch 12 new models in 18 months, is in progress.

In line with the Nissan NEXT transformation plan, Nissan remains committed to strengthening its product lineup globally as part of the company's ongoing efforts to make the business more competitive and to continuously deliver customer value.

1 Net income or net loss 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 revenue and operating profit.

To learn more about Nissan's financial performance, visit https://www.nissan-global.com/EN/IR/FINANCIAL/.

For more information about Nissan's products, services and commitment to sustainable mobility, visit nissan-global.com. You can also follow us on Facebook, Instagram, Twitterand LinkedInand see all our latest videos on YouTube.

###

Contact

Koji Okuda or Azusa Momose +81 (0)45-523-5552

nissan_japan_communications@mail.nissan.co.jp

2

CONSOLIDATED FINANCIAL INFORMATION -1

(July 28, 2020)

NISSAN MOTOR CO., LTD.

Global Communications Division

RESULTS

RESULTS

RESULTS

1st quarter of

1st quarter of

FY2019

FY2020

FY2019

(BILLIONS OF YEN)

20/4-20/6

19/4-19/6

19/4-20/3

NET SALES

(1)

1,174.2

-50.5%

2,372.4

-12.7%

9,878.9

-14.6%

JAPAN

473.1

-50.6%

957.7

-13.5%

3,984.5

-12.9%

NORTH AMERICA

573.7

-55.2%

1,279.6

-10.9%

5,140.6

-15.7%

EUROPE

107.1

-69.3%

348.8

-22.1%

1,479.0

-19.5%

ASIA

203.9

-38.7%

332.3

-11.3%

1,354.8

-13.9%

OTHERS

64.0

-62.1%

169.0

-37.9%

883.9

-16.8%

SUB-TOTAL

1,421.8

-53.9%

3,087.4

-15.1%

12,842.8

-15.2%

ELIMINATION

-247.6

-

-715.0

-

-2,963.9

-

OPERATING INCOME

(1)

-153.9

(

-

)

1.6

-98.5%

-40.5

(

-

)

JAPAN

-123.3

(

-

)

18.1

-68.6%

-51.7

(

-

)

NORTH AMERICA

-25.8

(

-

)

0.7

-98.6%

-15.9

(

-

)

EUROPE

-17.4

(

-

)

-11.4

(

-

)

-29.0

(

-

)

ASIA

7.8

-26.9%

10.6

-40.3%

39.1

-45.0%

OTHERS

-4.7

(

-

)

-5.1

(

-

)

-4.0

(

-

)

SUB-TOTAL

-163.4

(

-

)

12.9

-89.3%

-61.5

(

-

)

ELIMINATION

9.5

-

-11.3

-

21.0

-

ORDINARY INCOME

-232.3

(

-

)

35.3

-77.8%

44.0

-91.9%

NET INCOME ATTRIBUTABLE TO

-285.6

(

-

)

6.4

-94.5%

-671.2

(

-

)

OWNERS OF THE PARENT

BASIC EARNINGS PER SHARE(YEN)

-73.00

1.63

-171.54

DILUTED EARNINGS PER SHARE (YEN)

-

1.63

-

FOREIGN EXCHANGE RATE

YEN/USD

107.6

109.9

108.7

YEN/EUR

118.6

123.5

120.8

CAPITAL EXPENDITURE

(2)

69.3

84.9

509.2

DEPRECIATION

(2)

67.5

97.2

372.9

RESEARCH & DEVELOPMENT COSTS

116.8

121.6

544.8

TOTAL ASSETS

15,830.8

18,175.5

16,976.7

NET ASSETS

4,054.7

5,489.5

4,424.8

EQUITY RATIO (%)

23.4

28.2

23.9

PERFORMANCE DESCRIPTION

Decreased net sales and profit

Decreased net sales and profit

Decreased net sales and profit

Notes:

  • TSE report basis / China JV Equity basis
  • The % figures, unless otherwise described, show the changes over the same period of the previous FY.
  1. Sales and profits or losses by region: Major countries and areas which belong to segments other than Japan are as follows:
    * North America: U.S.A., Canada and Mexico
    • Europe: France, U.K., Spain, Russia and other European countries
    • Asia: China, Thailand, India and other Asian countries
    • Others: Oceania, Middle East, South Africa, and Central & South America excluding Mexico
  2. Including finance leases related amount.

FORECAST

FY2020

20/4-21/3

7,800.0

-470.0

-670.0

105.7

119.6

440.0

285.0

530.0

CONSOLIDATED FINANCIAL INFORMATION -2

(July 28, 2020)

Global Retail Sales Volume & Production Volume

NISSAN MOTOR CO., LTD.

Global Communications Division

RESULTS

RESULTS

RESULTS

FORECAST

1st quarter of

1st quarter of

FY2020

FY2019

FY2019

FY2020

(THOUSAND UNITS)

20/4-20/6

19/4-19/6

19/4-20/3

20/4-21/3

SALES VOLUME

GLOBAL RETAIL

JAPAN (INCL.MINI)

84

-33.7%

126

-2.6%

534

-10.3%

520

NORTH AMERICA

222

-50.8%

452

-6.3%

1,620

-14.6%

1,235

USA ONLY

177

-49.5%

351

-3.7%

1,237

-14.3%

940

EUROPE

54

-60.1%

135

-16.3%

521

-19.1%

400

ASIA

239

-42.5%

415

0.7%

1,821

-3.5%

1,970

CHINA ONLY

207

-39.9%

344

2.3%

1,547

-1.1%

OTHERS

44

-56.7%

103

-17.2%

434

-11.7%

(CHINA ONLY 1,475)

TOTAL

643

-47.7%

1,231

-6.0%

4,930

-10.6%

4,125

PRODUCTION VOLUME

GLOBAL BASIS

JAPAN

60

-67.1%

181

-20.9%

758

-15.9%

550

NORTH AMERICA

（1）

63

-82.1%

354

-8.7%

1,340

-15.5%

1,000

EUROPE

（2）

13

-90.2%

132

-30.8%

508

-23.1%

360

ASIA

（3）

186

-58.6%

449

-3.8%

1,991

-2.7%

1,890

OTHERS

（4）

2

-94.5%

42

-1.5%

160

-4.5%

(CHINA ONLY 1,465 )

TOTAL

324

-72.0%

1,158

-12.0%

4,757

-11.3%

3,800

Notes:

  • The % figures, unless otherwise described, show the changes over the same period of the previous FY.
  • Global Retail and Production volume of China and Taiwan are results for the Jan - Dec period.
  1. U.S.A. and Mexico production
  2. U.K.,Spain,Russia and France production
  3. Taiwan, Thailand, Philippines, Indonesia, China, India and Korea production
  4. South Africa, Brazil, Egypt and Argentina production

RESULTS

RESULTS

RESULTS

1st quarter of

1st quarter of

FY2020

FY2019

FY2019

20/4-20/6

19/4-19/6

19/4-20/3

(THOUSAND UNITS)

CONSOLIDATED

WHOLESALE VOLUME

JAPAN

77

-37.8%

124

-0.4%

515

-10.6%

OVERSEAS

205

-69.5%

672

-16.4%

2,835

-16.6%

TOTAL

282

-64.6%

796

-14.2%

3,350

-15.7%

CONSOLIDATED

PRODUCTION VOLUME

JAPAN

60

-67.1%

181

-20.9%

758

-15.9%

OVERSEAS CONSOLIDATED SUBSIDIARIES

85

-85.3%

581

-14.2%

2,249

-14.9%

TOTAL

145

-81.0%

762

-15.9%

3,007

-15.1%

Notes:

* Consolidated wholesale volume and production volume are based on financial statements.

FISCAL YEAR 2020

FIRST-QUARTER FINANCIAL RESULTS

Nissan Motor Co., Ltd.

July 28th, 2020

AGENDA

FY20 1Q RESULTS

FY20 OUTLOOK

NISSAN NEXT

2

FY20 1ST QUARTER SALES PERFORMANCE

China Jan-Mar base

TIV *1

RETAIL VOLUME

22.50

M/S*2 5.5%

1,231

5.98

344

1.23

vs. FY19

vs. FY19

5.31

12.49

GLOBAL

-44.5%

126

M/S*2 5.2%

643

GLOBAL

-47.7%

(4.43)

3.36

CHINA

-43.9%

452

207

-39.9%

0.84

JAPAN

-31.8%

CHINA

(THOUSAND UNITS)

(351)

(MILLION UNITS)

5.47

3.39

NORTH

-36.0%

84

JAPAN

-33.7%

AMERICA

GLOBAL

(2.94)

(U.S.)

(-33.7%)

NORTH

GLOBAL

(excl. China)

222

-50.8%

-44.7%

135

AMERICA

(excl. China)

2.69

EUROPE

-50.8%

(177)

(-49.5%)

-50.8%

4.51

(U.S.)

2.21

OTHERS

-51.0%

174

54

EUROPE

-60.1%

77

OTHERS

-55.9%

FY19

FY20

FY19

FY20

1Q

1Q

1Q

1Q

China Apr-Jun base

22.07

M/S*3 5.4%

vs. 2019

1,262

(THOUSAND UNITS)

M/S*3 5.4%

vs. 2019

5.55

15.10

GLOBAL

-31.6%

375

827

GLOBAL

-34.5%

16.51

5.97

CHINA

+7.5%

887

390

CHINA

+4.1%

9.13

(MILLIONUNITS)

GLOBAL

-44.7%

437

GLOBAL

-50.8%

(excl. China)

(excl. China)

2019

2020

2019

2020

APR - JUN

APR - JUN

APR - JUN

APR - JUN

*1: Nissan estimation

3

*2: Market share

*3: Market share without US rental

PRODUCTION STATUS

JAPAN

UNITS)

56.7

60.9

63.7

(THOUSAND

21.7

25.0

13.0

FY19

FY20

FY19

FY20

FY19

FY20

Apr.

Apr.

May

May

Jun.

Jun.

NORTH AMERICA

114.8

132.7

106.7

UNITS)(THOUSAND

0.0

2.1

61.1

FY19

FY20

FY19

FY20

FY19

FY20

Apr.

Apr.

May

May

Jun.

Jun.

CHINA

407.7

342.5

379.7

(THOUSAND UNITS)

168.5

FY19

FY20

FY19

FY20

1Q

1Q

2Q

2Q

(Jan.

(Jan.

(Apr.

(Apr.

to Mar.) to Mar.)

to Jun.) to Jun.)

EUROPE

UNITS)

44.4

46.2

41.7

(THOUSAND

0.5

4.0

8.4

FY19

FY20

FY19

FY20

FY19

FY20

Apr.

Apr.

May

May

Jun.

Jun.

4

OPERATIONAL STATUS OF SALES OUTLETS

JAPAN

CHINA

100%

100%

100%

100%

100%

100%

100%

100%

OUTLETS OPEN

OUTLETS OPEN

20' Mar

Apr

May

Jun

20' Mar

Apr

May

Jun

* Nissan + Venucia + Infiniti

NORTH AMERICA

EUROPE

82%

92%

69%

64%

OUTLETS OPEN

20' Mar

Apr

May

Jun

* Nissan + Infiniti

98%

80%

OPEN

35%

OUTLETS

4%

20' Mar

Apr

May

Jun

* G5+Russia (Nissan + Infiniti)

5

START OF PRODUCTION OF NEW MODELS

THI production for JPN / Asia

Mar 2020 (SOP)

Kicks e-POWER

JPN production for USA / CAN

Jun 2020 (SOP)

New Rogue

MEX

Feb 2020 (SOP) / Jun 2020 (SOS)

Sentra

Note) SOP : start of production, SOS : start of sales

6

SALES PERFORMANCE IN CORE MARKETS

JAPAN

Total M/S*

Registered car M/S*

Kei car M/S*

Significant increase in Kei share driven by Nissan ROOX introduced in March

Upward trend in registered car share expected to increase further with introduction of Nissan Kicks e-POWER

CHINA

Total M/S*

Retail volume

  • FY20 1H M/S: 6.4% (+0.2pt vs FY19 1H)
  • Post COVID-19 lockdown, YoY sales volume growth for 3 consecutive months from April to June
  • Sales recovery driven by strong sales performance of Sylphy and Altima

US (Nissan Brand Only)

Retail (excl. fleet) M/S*

Fleet ratio

Net revenue / unit Excluding fleet, Nissan's

retail market share improved

from April to June

Significant decrease in fleet

volume to drive profitability

Net revenue / unit improved

thanks to new Sentra, Versa,

and Titan

* Market share

7

FY20 1ST QUARTER FINANCIAL PERFORMANCE

(TSE REPORT BASIS - CHINA JV EQUITY BASIS)

(BILLION YEN)

FY19

FY20

VARIANCE

CHANGE

1Q

1Q

vs. FY19 (%)

NET REVENUE

2,372.4

1,174.2

-1,198.2

-50.5%

OPERATING PROFIT

1.6

-153.9

-155.5

-

OP MARGIN

0.1%

-13.1%

NON-OPERATING

33.7

-78.4*1

ORDINARY PROFIT

35.3

-232.3

-267.6

-

EXTRAORDINARY

-8.4

-72.3*2

PROFIT BEFORE TAX

26.9

-304.6

-331.5

-

TAXES

-16.7

20.3

EFFECTIVE TAX RATE

61.9%

6.7%

MINORITY INTEREST *3

-3.8

-1.3

NET INCOME *4

6.4

-285.6

-292.0

-

FREE CASH FLOW (AUTO)

-385.5

-815.7

-430.2

-111.6%

FX RATE

(USD/JPY)

109.9

107.6

-2.3

(EUR/JPY)

123.5

118.6

-4.9

*1: Includes loss in companies under equity method -84.7 billion yen

*2: Includes loss on shutdowns and others due to COVID-19 (net) -33.2 billion yen and restructuring charges -40.1 billion yen

*3: Net income attributable to non-controlling interests

*4: Net income attributable to owners of the parent

8

FY20 1ST QUARTER FINANCIAL PERFORMANCE

(TSE REPORT BASIS - CHINA JV EQUITY BASIS)

OPERATING PROFIT VARIANCE ANALYSIS

(BILLION YEN)

EXTERNAL /

EXPENSE/

SALES VOLUME

COST

1.6

+3.5

-232.2

-153.9

+37.3

FY19

+35.9

FOREX

MONOZUKURI /

FY20

VOLUME & MIX *1/

SELLING

1Q O.P.

PARTS SALES /

EXPENSE /

FIXED COST *2 /

1Q O.P.

CONSOLIDATED

COST

OTHER

DEALER

*1 : Includes volume impact on incentives

*2 : Excludes fixed marketing expense, which is included in selling expense / cost

9

LIQUIDITY STATUS

  1. Auto cash and cash equivalent: 1,267.0 billion yen*
    Auto net cash: 235.2 billion yen*
  2. Funding in response to COVID-19: Additional 182.4 billion
    yen in June/July 2020 (FY20 YTD total: 895.0 billion yen)
  3. Bond issuance in Japan in July 2020: 70 billion yen
  4. Unused committed credit lines : approx. 1.9 trillion yen as of end of June 2020

*as of end of June 2020, China JV equity basis,

Auto cash and cash equivalent : 1,534.5 billion yen, auto net cash : 503.3 billion yen in management pro forma basis

10

AGENDA

FY20 1Q RESULTS

FY20 OUTLOOK

NISSAN NEXT

11

FY20 SALES OUTLOOK

FY20 outlook based on assumption of no 2nd wave from COVID-19 pandemic

TIV *1

85.73

vs. FY19

72.04 GLOBAL -16.0%

24.31

5.04 22.41 CHINA -7.8%

19.67

4.67

JAPAN

-7.4%

(16.55)

15.50

NORTH

-21.2%

AMERICA

(13.00)

(U.S.)

(-21.4%)

19.12

GLOBAL

(excl. China)

UNITS)

15.80

EUROPE

-17.4%-19.2%

(MILLION

17.59

13.66

OTHERS

-22.3%

FY19 FY20

ACTUAL OUTLOOK

*1: Nissan estimation

*2: Market share

RETAIL VOLUME

M/S*2 5.75%

4,930

M/S*2 5.73%

vs. FY19

-16.3%

1,547

4,125

GLOBAL

1,475

CHINA

-4.6%

534

1,620

520

JAPAN

-2.7%

(1,237)

NORTH

-23.8%GLOBAL

UNITS)

1,235

(940)

(U.S.)

(-24.0%)-21.7%

AMERICA

(excl. China)

(THOUSAND

521

OTHERS

-30.1%

495

400

EUROPE

-23.2%

708

FY19 FY20

ACTUAL OUTLOOK

12

FY20 OUTLOOK

(TSE REPORT BASIS - CHINA JV EQUITY BASIS)

(BILLION YEN)

FY19

FY20

VARIANCE

CHANGE

ACTUAL

OUTLOOK

vs. FY19 (%)

RETAIL VOLUME (K. units)

4,930

4,125

-805

-16.3%

RETAIL VOLUME (K. units)

3,383

2,650

-733

-21.7%

excluding China

NET REVENUE

9,878.9

7,800.0

-2,078.9

-21.0%

OPERATING PROFIT

-40.5

-470.0

-429.5

OP MARGIN

-0.4%

-6.0%

NET INCOME *1

-671.2

-670.0

+1.2

+0.2%

(USD/JPY)

FX RATE *2

(EUR/JPY)

108.7

105.7

-3.0

120.8

119.6

-1.2

*1: Net income attributable to owners of the parent

*2: FX rate assumption after 2Q is 105 yen for USD / JPY and 120 yen for EUR / JPY

13

FY20 OUTLOOK

(TSE REPORT BASIS - CHINA JV EQUITY BASIS)

OPERATING PROFIT VARIANCE ANALYSIS

(BILLION YEN)

-40.5

-40.0

-470.0

-425.0

-85.0

+120.5

FY19

FY20

FOREX

VOLUME & MIX *1/

SALES FINANCE /

MONOZUKURI /

ACTUAL

PARTS SALES /

REMARKETING *2

FIXED COST /

OUTLOOK

O.P.

CONSOLIDATED

OTHER

O.P.

DEALER

*1 : Includes volume impact on incentives

*2 : Losses in lease residual values for vehicles primarily in the US

14

AGENDA

FY20 1Q RESULTS

FY20 OUTLOOK

NISSAN NEXT

15

NISSAN NEXT GOALS

FY20-23 TRANSFORMATION PLAN

STRATEGIC GOALS

Ensure steady, profitable growth

Capitalize on core competencies

Enhance quality of business

Ensure financial discipline

Restore Nissan-ness

16

A NEW ROADMAP FOR SUSTAINABLE GROWTH

Rationalize

Prioritize & Focus

Right-sizing

Core Markets

Production Capacity

Japan, China, North America

20% reduction / utilization ratio >80%

Streamlining product portfolio

Core Products

20% reduction, product age < 4 years

C/D/EV/Sports

Fixed Cost reduction

Core Technologies

-300 billion yen vs. FY18

Electrification / Advanced Driver Assist

Foundation

Our DNA / Our Culture / Quality & Customer Focus

Leverage the Alliance new business model

Strengthen business partnerships

17

PRODUCT MOMENTUM: 12 NEW MODELS

Rogue

QX60

QX55

Ariya

Pathfinder

Frontier

Kicks e-POWER

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NEW CHAPTER FOR NISSAN

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FY20-23 TRANSFORMATION PLAN

20

Appendix

21

(BILLION YEN)

NET

REVENUE

298.5

263.9

FY19

FY20

1Q

1Q

OPERATING

TOTAL

PROFIT

ASSETS

63.0

10,367.7

9,234.6

56.4

FY19

FY20

FY19

FY20

1Q

1Q

1Q

1Q

PENETRATION

45%

48%

FY19

FY20

1Q

1Q

NET CREDIT LOSS RATIO

1.04% 0.79%

FY19 FY20

1Q 1Q

  • Strong profit and penetration results
  • Credit losses expected to increase as payment deferrals for consumers end
  • Strong liquidity
  • Diversified funding and strong equity position

FUNDING SOURCES AS OF JUNE 2020

TOTAL FUNDING AMOUNT: 8,479 BILLION YEN

Commercial Paper & Other

6.5%

Equity

Asset Backed

Securities

15.6%

28.0%

Bonds

Bank Loans

17.8%

32.1%

22

SALES FINANCING

PENETRATION

(%)

NFS

NMAC

NCF

NRFM

100

90

80

70

60

37%

50

1%

40

33%

25%

3%

19%

30

6%

4%

48%

20

39%

39%

28%

27%

27%

10

26%

26%

0

FY19

FY20

FY19

FY20

FY19

FY20

FY19

FY20

1Q

1Q

1Q

1Q

1Q

1Q

1Q

1Q

LEASE

NFS: Nissan Financial Services, sales finance company in Japan

RETAIL

NMAC: Nissan Motor Acceptance Corporation, sales finance company in US

NCF: Sales Financing division of Nissan Canada Inc.

NRFM: NR Finance Mexico, sales finance company in Mexico

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SALES FINANCING

NET CREDIT LOSS RATIO

FY19

FY20

VARIANCE

1Q

1Q

NFS

Lease: 0.03%

Lease:

0.03%

Lease:

0.00%

Retail:

0.08%

Retail:

0.08%

Retail:

0.00%

Total:

0.07%

Total:

0.07%

Total:

0.00%

NMAC

Lease:

0.47%

Lease:

0.70%

*

Lease: +0.23%

Retail:

1.69%

Retail:

1.18%

*

Retail:

-0.51%

Total:

1.13%

Total:

0.96%

*

Total:

-0.17%

NCF

Lease: 0.05%

Lease: 0.08%

Lease: +0.03%

Retail:

0.16%

Retail:

0.21%

Retail: +0.05%

Total:

0.11%

Total:

0.15%

Total: +0.04%

NFS: Nissan Financial Services, sales finance company in Japan

NMAC: Nissan Motor Acceptance Corporation, sales finance company in US

NCF: Sales Finance division of Nissan Canada Inc.

＊FY20 1Q net credit loss ratio for NMAC is based on new definition, which exclude vehicle repossession charges. Without the change, net credit loss ratio for FY20 1Q would have been 0.76% for lease,1.24% for retail and 1.02% for total.

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SALES FINANCING

OPERATING PROFIT & ASSET

(NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million MXN)

FY19

FY20

VARIANCE

1Q

1Q

NFS

Asset: 1,434.2

Asset:

1,380.8

Asset:

-53.4

OP:

10.1

OP:

8.6

OP:

-1.5

NMAC

Asset:

59,979

Asset:

52,181

Asset:

-7,798

OP:

228

OP:

273

OP:

+45

NCF

Asset:

8,656

Asset:

8,546

Asset:

-110

OP:

55

OP:

54

OP:

-1

NRFM

Asset: 113,887

Asset: 116,859

Asset:

+2,972

OP:

518

OP:

1,049

OP:

+531

NFS: Nissan Financial Services, sales finance company in Japan

NMAC: Nissan Motor Acceptance Corporation, sales finance company in US

NCF: Sales Financing division of Nissan Canada Inc.

NRFM: NR finance Mexico, sales finance company in Mexico

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HEADLINE FINANCIAL RESULTS

(TSE REPORT BASIS - CHINA JV EQUITY BASIS)

(BILLION YEN)

NET

REVENUE

2,372.4

1,174.2

FY19

FY20

1Q

1Q

OPERATING

NET *1

PROFIT

INCOME

1.6

-153.9

6.4

-285.6

FY19

FY19

-200.9

1Q

1Q

FREE

CASH FLOW

(AUTO)

-385.5

-815.7

NET CASH

(AUTO)

1,000.3

235.2

FY19

FY20

1Q

1Q

FY20

LOSS IN

-84.7

1Q

COMPANIES

FY20

UNDER EQUITY

METHOD

1Q

MANAGEMENT PRO FORMA BASIS *2:

FY19

1Q

FY20

1Q

2,667.1 1,325.8

40.1 -136.0

6.4 -285.6

-388.9-883.7

1,311.4 503.3

*1: Net income attributable to owners of parent

*2: Based on continuation of proportionate consolidation of China JV

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FY20 1ST QUARTER FINANCIAL PERFORMANCE

(TSE REPORT BASIS - CHINA JV EQUITY BASIS)

OPERATING PROFIT VARIANCE ANALYSIS

(BILLION YEN)

FOREIGN EXCHANGE

VOLUME

SELLING

IMPACT

/MIX

EXPENSES

+3.5

-175.7

+35.9

CAD

-1.2

(82.2 ⇒ 77.7)

JPN

-22.3

VOL*1:

-23.5

JPN

+1.6 INCENTIVES:

-0.1

USD

-1.0 (109.9 ⇒ 107.6)

MIX:

-2.4

OTHERS:

+1.7

INCENTIVES*2:

+3.6

US

+7.9 INCENTIVES: -14.8

ARS

-0.9

(2.51 ⇒ 1.59)

US

-90.6

VOL*1:

-215.6

OTHERS:

+22.7

RUB

-0.5 (1.70 ⇒ 1.49)

MIX:

+4.9

EUR

+8.4 INCENTIVES:

+0.7

INCENTIVES*2:

+120.1

OTHERS:

+7.7

MXN

+3.9 (5.75 ⇒ 4.63)

EUR

-29.8

VOL*1:

-68.4

MEX&CAN

+2.1

CNY

+1.5 (16.1 ⇒ 15.6)

MIX:

+0.5

OTHERS

+15.9

THB

+0.6 (3.48 ⇒ 3.37)

INCENTIVES*2:

+38.1

MEX&CAN

-9.6

OTHERS

+1.1

OTHERS

-23.4

*1: Includes country mix

*2: Volume impact on incentives

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FY20 1ST QUARTER FINANCIAL PERFORMANCE

(TSE REPORT BASIS - CHINA JV EQUITY BASIS)

FREE CASH FLOW (AUTO BUSINESS)

(BILLION YEN)

-202.9

-711.2

-815.7

-618.2

+157.6

-47.7

-108.0

+3.5

NET CASH

AP / AR

INVENTORY

TAX /

CASH FLOW

CAPEX *

OTHERS

FREE

INFLOW

OTHER

FROM

CASH

FROM P&L

OPERATING

OPERATING

FLOW

ITEMS

ACTIVITIES

ACTIVITIES

* CAPEX does not include finance lease-related investments

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(EXCLUDING CHINA JV)

INVENTORY STATUS

(THOUSAND UNITS)

1,000

830

810

830

800

800

580

600

400

200

0

2019

Sep.

Dec.

2020

2020

Jun.

Mar.

Jun.

Dealer inventory, except some minor countries

Consolidated Nissan inventory, except some minor countries

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NET CASH BY BUSINESS SEGMENT

(TSE REPORT BASIS - CHINA JV EQUITY BASIS)

AS OF MARCH 31, 2020

AS OF JUNE 30, 2020

(BILLION YEN)

AUTOMOBILE

SALES

AUTOMOBILE

SALES

&

TOTAL

&

TOTAL

FINANCING

FINANCING

ELIMINATIONS

ELIMINATIONS

BORROWINGS

FROM

874.3

7,033.7

7,908.0

1,394.5

6,539.5

7,934.0

THIRD PARTIES

INTERNAL LOAN

TO SALES

-444.3

444.3

0

-362.7

362.7

0

FINANCING (NET)

CASH AND

1,494.6

148.4

1,643.0

1,267.0

193.7

1,460.7

CASH EQUIVALENT

NET CASH

1,064.6

-7,329.6

-6,265.0

235.2

-6,708.5

-6,473.3

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This presentation contains forward-looking statements, based on judgments and estimates that have been made on the basis of currently available information. By nature, such statements are subject to uncertainty and risk. Therefore, you are advised that the final results might be significantly different from the aforementioned statements due to changes in economic environments related to our business, market trends and exchange rate, etc.

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Nissan Motor Co. Ltd. published this content on 28 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2020 08:05:15 UTC