News
Nissan releases financial results for fiscal 2023
- Annual operating profit of 568.7 billion yen, an increase of +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 forecast at 600 billion yen and annual dividend forecast at 25 yen or more per share
YOKOHAMA, Japan – Nissan Motor Co., Ltd. today announced full-year and fourth-quarter financial results for fiscal 2023, ending March 31, 2024.
Full year financial results
Nissan has strengthened its business foundation through the ongoing implementation of key initiatives under the Nissan NEXT business transformation plan. In fiscal 2023, the final year of the plan, despite a very challenging business environment, Nissan has continuously improved 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 reliefs granted to suppliers such as inflation, among other factors.
Net profit1 was 426.6 billion yen. Automotive net cash was 1.546 trillion yen. The increase in operating profit and net profit in relation to the revision of the April 19 forecast is due to the reversal of the previously recorded contentious provision.
Nissan plans to propose paying a year-end dividend of 15 yen per share for fiscal 2023 at the general shareholder meeting.
TSE report basis – China JV capital basistwo
| Yen in billions | Fiscal Year 2022 | Fiscal Year 2023 | Variance vs EF22 |
| Revenue | 10,596.7 | 12,685.7 | +2,089.0 |
| Operating profit | 377.1 | 568.7 | +191.6 |
| Operating margin% | 3.6% | 4.5% | +0.9 points |
| Normal profit | 515.4 | 702.2 | +186.7 |
| Net profit1 | 221.9 | 426.6 | +204.7 |
Based on average exchange rates of 145 JPY/USD and 157JPY/EUR for FY 2023
On a pro-rata basis for the joint venture in China, operating profit was 570 billion yen, which equates to an operating margin of 4.2%, and net profit1 was 426.6 billion yen.
Fourth Quarter Financial Highlights
In the fourth quarter of fiscal 2023, the consolidated net revenue was 3,514.3 trillion yen, the consolidated operating profit was 90.3 billion yen, and the operating profit margin was 2.6%. Net profit1 in the fourth quarter was 101.3 billion yen.
TSE report basis – China JV capital basistwo
| Yen in billions | EF22 4T | EF23 4T | Variance vs EF22 |
| Revenue | 3,097.0 | 3,514.3 | +417.3 |
| Operating profit | 87.4 | 90.3 | +2.9 |
| Net profit1 | 106.9 | 101.3 | -5.6 |
Based on average exchange rates of 149 JPY/USD and 161 JPY/EUR for Q4 FY23
Outlook for fiscal year 2024
Nissan expects the business to continue to face intense competition and inflationary pressure.
With the Arc business plan, Nissan will aim for constant growth to achieve its objectives with attractive and competitive products.
The company presented forecasts for the next fiscal year on the Tokyo Stock Exchange. Calculated using the equity method for Nissan’s joint venture in China, the forecasts for the fiscal year ending March 31, 2025 are:
| Outlook for fiscal year 2024 Basis of TSE report – China JV2 equity basis (yen in billions) |
|
| Net Revenue | 13,600.0 |
| Operating profit | 600.0 |
| Net profit1 | 380.0 |
Annual dividend per share (yen)
| Fiscal Year 2023 | 20 yen |
| Fiscal Year 2024 (Outlook) | 25 yen or more |
Commenting on the results, Nissan President and CEO Makoto Uchida said: “Through our Nissan NEXT initiatives, we have worked to strengthen our business foundation. From fiscal year 2024, we have launched a new business plan, ‘The Arc’. Our goal is to achieve sustainable and profitable growth while delivering high value to customers. We will do this step by step with a balanced product portfolio and implementing optimal business strategies in response to market conditions and customer needs.”
1. Net profit attributable to the owners of the parent company
2. Since the beginning of fiscal year 2013, Nissan has reported equity method values for its joint venture with Dong Feng in China. Although reporting of net income remains unchanged under this accounting method, equity income statements no longer include Dong-Feng-Nissan’s results in revenues and operating income.
*The financial forecast is based on judgments and estimates made based on currently available information. By nature, these financial forecasts are subject to uncertainty and risk. Therefore, the final results may differ from the aforementioned prediction.
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Contact
Shiro Nagai or Mitsuru Yonekawa
+81 (0)45-523-5552
nissan_japan_communications@mail.nissan.co.jp
To learn more, visit https://www.nissan-global.com/EN/IR/FINANCIAL/.
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