NISSAN 180 Fiscal Year 2003 Review

Transcription

NISSAN 180
Fiscal Year 2003 Review
April 26, 2004
Carlos Ghosn, President & CEO
NISSAN 180 / FY 2003 Review
Agenda
Review of FY 2003
Outlook for FY 2004
Post NISSAN 180
FY 2003
Global retail sales
(thousand units)
3,000
+10.4%
2,771
2,800
2,633
2,600
3,057
2,530
2,597
2,400
First time in 13 years to pass 3 million unit sales
2,200
2,000
FY99
FY00
FY01
FY02
FY03
FY 2003
1,000
Retail sales by region
816 837
(thousand units)
800
600
400
200
Industry
Industry TIV:
TIV:
5.9
5.9 million
million (+0.4%)
(+0.4%)
Nissan
Nissan sales:
sales:
837,000
837,000 (+2.6%)
(+2.6%)
Nissan
Nissan share:
share: 14.2%
14.2% (+0.3
(+0.3 point)
point)
0
FY02
Japan
FY03
Sales performance: Japan
March
Cube
Cube33
FY 2003
1,000
856
816 837
(thousand units)
800
726
600
Industry
Industry TIV:
TIV: 16.8
16.8 million
million (+1.0%)
(+1.0%)
400
Nissan
Nissan sales:
sales: 856,000
856,000 (+17.9%)
(+17.9%)
Nissan
Nissan share:
share: 5.1%
5.1% (+0.7
(+0.7 point)
point)
200
0
FY02
Japan
U.S.
FY03
Sales performance: Nissan Division
Murano
Murano
Quest
Quest
Armada
Armada
Titan
Titan Crew
Crew Cab
Cab
Titan
Titan King
King Cab
Cab
Altima
Altima
Maxima
Maxima
Sales performance: Infiniti Division
140
124
+29.4%
(thousand units)
120
96
100
80
76
78
FY99
FY00
71
60
40
0
FY01
FY02
FY03
FY 2003
1,000
856
816 837
(thousand units)
800
726
600
Nissan share: 5.1% (+0.7 point)
5.1%
400
200
0
FY02
Japan
U.S.
FY03
Sales performance: Nissan Division
GM
Ford
Incentive per unit in U.S.
($ per unit)
4,000
Chrysler
3,500
Toyota
3,000
2,500
2,000
NISSAN
1,500
1,000
Honda
500
0
FY96
FY97
FY98
FY99
FY00
FY01
FY02
FY03
Source: CNW Marketing Research
Sales performance: Infiniti Division
($ per unit)
4,000
Incentive per unit in U.S.
MERCEDES
3,500
LEXUS
3,000
2,500
BMW
2,000
1,500
1,000
INFINITI
500
0
FY99
FY00
FY01
FY02
FY03
Source: CNW Marketing Research
FY 2003
1,000
856
816 837
(thousand units)
800
726
542
600
474
400
Industry
Industry TIV:
TIV: 19.0
19.0 million
million (+0%)
(+0%)
200
Nissan
Nissan sales:
sales: 542,000
542,000 (+14.4%)
(+14.4%)
Nissan
Nissan share:
share: 2.9%
2.9% (+0.4
(+0.4 point)
point)
0
FY02
Japan
U.S.
Europe
FY03
Sales performance: Europe
Micra
Pickup (Navara)
X-TRAIL
FY 2003
1,000
856
816 837
(thousand units)
800
822
755
726
542
600
474
400
200
0
FY02
Nissan
Nissan sales:
sales: 822,000
822,000 (+9.0%)
(+9.0%)
Japan
FY03
U.S.
Europe
*GOM:
GOM*
Including Mexico and Canada
FY 2003
120
101
+30.4%
(thousand units)
100
80
62
77
+23.1%
60
50
40
20
FY02
Australia
China
FY03
FY 2003: 10 new models
ZZ Roadster
Roadster
Titan
Titan Crew
Crew Cab
Cab
Clipper
Clipper Van
Van
Titan
Titan King
King Cab
Cab
Armada
Armada
Cube3
Kubistar
Kubistar
Clipper
Clipper Truck
Truck
Quest
Quest
Presage
Presage
Canton new models
Armada
QX56
Quest
Titan King Cab
Titan Crew Cab
Investments
Partnership with Dongfeng and Yulon Motor
will support Nissan’s growth
in the Chinese car and truck markets
FY 2003
7,500
Consolidated net revenue
(billion yen)
7,000
7,429.2
+8.8%
6,828.6
6,500
6,089.6
6,196.2
FY00
FY01
6,000 5,977.1
5,500
5,000
FY99
FY02
FY03
FY 2003
Consolidated operating profit / margin 11.1%
10.8%
(billion yen)
1,000
7.9%
800
825
737
600
4.75%
489
400
290
200
1.4%
82
0
FY99
FY00
FY01
FY02
FY03
11
10
9
8
7
6
5
4
3
2
1
0
Impact on operating profit
1,000
(billion yen)
900
800
700
FY03
O.P.
825
FY02
O.P. Forex
-48
737.2
600
500
1,000
(billion yen)
900
800
700
USD
-101
FY02
O.P.
737.2
EUR
+29
Others
+24
FY03
O.P.
825
600
500
Purchasing cost Enrichment & regulations
+183 -83
1,000
Volume/
mix
+185
(billion yen)
900
800
700
Lease
accounting
+20
FY02
O.P. Forex
-48
737.2
Sales
cost
-72
R&D
-54
G&A
and
others
-27.3
Manufacturing
cost
-12
FY03
O.P.
825
Scope of
consolidation
-4
600
500
FY 2003
Operating profit by region
500
JAPAN
390.6
352.5
351.8
250
0
0
FY03
EUROPE
500
242.0
FY02
FY03
GOM*
500
250
0
U.S. (+CAN)
500
250
FY02
( billion yen)
250
21.9
49.2
FY02
FY03
0
Eliminations: FY02: +5.1, FY03: +5.4
77.6
66.0
FY02
FY03
*Including Mexico
FY 2003
(billion yen)
Consolidated operating profit
FY 02
6,828.6
737.2
FY 03 Change
7,429
+8.8%
825 +11.9%
Net non-operating expense
-27.1
-15.2
Ordinary profit
710.1
Net extraordinary loss
-15.5
-73.2
Income before tax
694.6
736.5 +41.9
Net income
495.2
-11.9
810 +14.0%
504
-57.7
+1.7%
FY 2003
Net profit
500
(billion yen)
400
331.1
495.2
503.7
FY02
FY03
372.3
300
200
100
0
-800
-684.4
FY99
FY00
FY01
Net cash change
(billion yen)
300
200
100
0
-100
-200
-300
-400
-500
-600
Total: Operating
268.3 activities
160.3
Lease
liability
108.0
Other
financial
Dividend activities
paid
-65.9
Treasury
-74.6
Investing stock
activities -92.3
Net
automotive
debt at
beginning
of FY03
FX rate
impact
Net
automotive
debt at the
end of FY03
13.6
-126.9
1,042.4
1,042.4
-428.0
-700
-800
Investment in our future
+ 49 billion yen
6
CAPEX
5.5%
5.8%
% of net revenue
5.3%
+ 54 billion yen
5
4.8%
4.4%
4.2%
4.1%
3.8%
4
R&D
3.9%
3.4%
3
FY99
FY00
FY01
FY02
FY03
Canton plant investment included from FY01
Return on invested capital (auto)
25%
21.3%
Target: 20%
20%
19.8%
15%
12.7%
10%
7.5%
5%
1.3%
0%
FY99
FY00
FY01
FY02
FY03
Working capital reduction
10%
8%
9.0%
7.6%
7.6%
5.8%
6%
4%
2%
0%
3.6%
Account
Account receivable
receivable ++ Inventory
Inventory –– Account
Account payable
payable
Automotive
Automotive net
net revenue
revenue
FY99
FY00
FY01
FY02
FY03
Dividend policy
24
(Dividend per share / yen)
25
19
20
15
14
10
7
8
5
0
FY00
FY01
FY02
FY03
FY04
Agenda
Review of FY 2003
Outlook for FY 2004
Post NISSAN 180
FY 2004
Global retail sales
3,400
3,380
TIV
TIV assumption：
assumption： 58.8
58.8 million
million (+1.7%)
(+1.7%)
(thousand units)
3,200 Nissan
Nissan sales:
sales:
3,000
Nissan
Nissan share:
share:
3.38
3.38 million
million (+10.5%)
(+10.5%)
5.8%
5.8% (+0.5
(+0.5 point)
point)
2,771
2,800
2,633
2,600
3,057
2,530
2,597
2,400
2,200
FY99
FY00
FY01
FY02
FY03
FY04 Forecast
FY 2004
1,200
Retail sales in Japan
(thousand units)
1,000
800
816
870
837
714
600
TIV
TIV assumption：
assumption： 5.8
5.8 million
million (-1.1%)
(-1.1%)
400
Nissan
Nissan sales:
sales:
870,000
870,000 (+4.0%)
(+4.0%)
Nissan
Nissan share:
share:
14.9%
14.9% (+0.7
(+0.7 point)
point)
200
0
FY01
FY02
FY03
FY04
Forecast
FY 2004
Retail sales in U.S.
1,200
1,000
(thousand units)
1,000
856
800
719
600
726
TIV
TIV assumption：
assumption： 16.9
16.9 million
million (+0.4%)
(+0.4%)
400
Nissan
Nissan sales:
sales:
11 million
million (+16.8%)
(+16.8%)
Nissan
Nissan share:
share:
5.9%
5.9% (+0.8
(+0.8 point)
point)
200
0
FY01
FY02
FY03
FY04
Forecast
FY 2004
1,200
Retail sales in Europe
TIV
TIV assumption：
assumption： 19.4
19.4 million
million (+1.9%)
(+1.9%)
(thousand units)
1,000
800
600
Nissan
Nissan sales:
sales:
538,000
538,000 (-0.8%)
(-0.8%)
Nissan
Nissan share:
share:
2.8%
2.8% (-0.1
(-0.1 point)
point)
493
474
FY01
FY02
542
538
FY03
FY04
400
200
0
Forecast
FY 2004
1,200
Retail sales in GOM*
972
(thousand units)
1,000
755
800
822
672
600
Nissan
Nissan sales:
sales:
972,000
972,000 (+18.2%)
(+18.2%)
400
200
0
FY01
FY02
FY03
*GOM:
FY04
Forecast
Including Mexico and Canada
FY 2004: 9 new models
Europe
Japan
U.S./(Canada*)
Murano
Compact HB#1
Luxury sedan
Compact sedan
Compact MPV
Compact HB#2
X-TRAIL*
Pathfinder
Frontier King Cab
Frontier Crew Cab
Xterra
M45
GOM/Mexico
Minivan
Altima
Compact HB
Full-size SUV
Crossover SUV
Luxury coupe
Compact MPV
Infiniti full-size SUV
Progress toward NISSAN 180 sales
3,600
3,600
3,380
+783
(thousand units)
3,400
3,200
1 million units
3,000
3,057
+460
2,771
+174
2,800
2,600
2,400
2,597
FY01
FY02
FY03
04-Sep 05
FY04 Oct 04Forecast
Forecast
FY 2004
Risks
Opportunities
Adverse foreign
exchange fluctuation
NISSAN 180
Rising commodity
prices
Rising interest rates
FY 2004
Financial forecast
(billion yen)
Operating margin
Ordinary profit
Net income
Capital expenditure
ROIC
Foreign exchange assumption
FY 03
FY 04
Change
7,429 8,176 +10.1%
825
860
+4.3%
11.1% 10.5% -0.6 point
810
846
+4.5%
504
510
+1.3%
427
480 +12.4%
21.3%
20% or above
¥113/$1
¥131/€1
¥105/$1
¥125/€1
FY 2004
Financial forecast
(billion yen)
Operating margin
Ordinary profit
Net income
Capital expenditure
ROIC
Foreign exchange assumption
FY 03
FY 04
At FY03 FX
rate
7,429 8,176
825
860
990
11.1% 10.5% 11.6%
810
846
504
510
427
480
21.3%
20% or above
¥113/$1
¥131/€1
¥105/$1
¥125/€1
Scope of consolidation
Yulon
Yulon Nissan
Nissan Nissan
Nissan Motor
Motor
Motor
Light
Motor
Light Truck
Truck
Co.,
Co.,
Co., Ltd.
Ltd.
Co., Ltd.
Ltd.
Taiwan
Japan
Taiwan
Japan
Siam
Siam Nissan
Nissan
Automobile
Automobile
Co.,
Co., Ltd.
Ltd.
Thailand
Thailand
Dongfeng
Dongfeng
Motor
Motor
Co.,
Co., Ltd.
Ltd.
China(50%)
China(50%)
Nissan Motor Co., Ltd.
Agenda
Review of FY 2003
Outlook for FY 2004
Post NISSAN 180
Market capitalization
6
5.3
5
(trillion yen)
4.2
4
3
2
1.2
1
0
March 31, 1999
March 31, 2002
March 31, 2004
Nissan Value-Up Plan LOGO
FY2005 to FY2007
NISSAN Value-Up commitments
Growth
Sustained profitability
Return on investment
Growth
Global sales of 4.2 million units
Global sales volume
+820
4,200 Commitment
4,000
(thousand units)
+783
3,380
3,000
2,597
2,000
1,000
0
2001
2004 Forecast
2007 Forecast
Global market share
8%
NRP
NISSAN 180 NISSAN Value-Up
7.0%
7%
6%
5.3%
5.0%
5%
4.6%
4%
4.7%
4.7%
FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07
Global product launches
FY02
FY03
FY04
12 10 9
FY05 – FY07
28
Growth
Top operating profit margin for global
automaker
Consolidated operating profit margin
12%
10.8%
11.1%
Top global automaker
(double-digit)
10%
7.9%
8%
6%
4.75%
4%
2%1.4%
NRP
0
Growth
Top operating profit margin for global
automaker
Return on investment
Return on invested capital ≧ 20%
Return on invested capital (auto)
25%
21.3%
At or above 20%
19.8%
20%
15%
12.7%
10%
7.5%
5%
1.3%
0
NRP
NISSAN Value-Up breakthroughs
Infiniti global tier-1 luxury brand
Russia
Western
Europe
Korea
Japan
China
United States
Japan
Geographic expansion
Continuous development of new markets
1,750
NRP
(thousand units)
1,500
India
Pakistan
1,250
1,000
750
Indonesia
Korea / Egypt
Middle East
Thailand / ASEAN
500
China / Taiwan
250
Mercosur
0
FY08∼
∼
Russia
Middle PakistanChina
East
Egypt
India
ASEAN
Africa
Leading Competitive Countries
Leading Competitive Countries, new
opportunities in sourcing decisions
Cost competitiveness and effective
supplier relations to be key for growth
in China and GOM
Other breakthroughs
Customer satisfaction
Potential: Light Commercial Vehicles
Light Commercial Vehicles
CLIPPER Truck
CLIPPER Van
AD Van
EXPERT
VANETTE Van
VANETTE T ruck
CARAVA N/UR VAN
ATLAS 10
ATLAS 20
CIVILIAN
CREW
CEDRIC taxi
KUBISTAR
PRIMASTAR
INTERSTAR
ATLEON
NV Queen Cab
BAKKIE
VANETTE T ruck
VANETTE Van
Maintaining top operating margin
while growing
2007
2003
2002
COP Margin (%)
10
TOYOTA
8
2001
BMW
HONDA
HYUNDAI
6
2000
DCX
4
RENAULT
VW
GM
2
1999
FORD
0
-3
-2
PSA
-1
0
1
2
3
4
Global market share change
◆ Nissan: ◆ Figures of competitors are in 2003 incl. estimation.

NISSAN 180 Fiscal Year 2003 Review

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