JAPAN: Nissan full year losses less than forecast

Nissan Motor has posted a net loss of JPY233.7bn for the full fiscal year ended 31 March 2009 and has forecast a fiscal year 2009/10 net loss of JPY170bn.
 
Net fiscal 2008/9 revenues were 8.437 trillion yen (US$83.78bn, EUR58.55bn); the operating loss was JPY137.9bn ($1.37bn, EUR960m); and the ordinary loss was JPY172.7bn ($1.71bn, EUR1.2bn).
 
"The full-year results were better than the forecast [net loss of JPY265bn and operating loss of JPY180bn] disclosed [when] the third-quarter financial results [were] filed on 9 February, 2009," Nissan said in a statement.
 
"The global economic recession and financial crisis continue, but we are beginning to see some signs of improved access to credit, the impact of government stimulus packages and a gradual return in consumer confidence," said president and CEO Carlos Ghosn. 
 
"We remain cautious about the economic environment and fully focused on our company's recovery efforts."
 
Unit sales fell 9.5% 3,411,000 vehicles worldwide in fiscal year 2008. North America sales were off 16.2% to 1,133,000 units; United States sales fell 19.1% to 856,000. Japan sales fell 15.1% to 612,000 units and European sales were down 16.7% to 530,000.
 
Sales in general overseas markets (GOM) rose 7.1% to 1,136,000 units but China was the only market to grow.
 
Ghosn added: "2009 will be another challenging year. Our priorities will be preserving cash, improving our profitability and pursuing deeper synergies within the Renault-Nissan');return false;>Renault-Nissan Alliance." "We are balancing short- and long-term objectives to manage through the crisis and to prepare for the future."
 
Nissan has forecast global sales for fiscal 2009 of 3.08m units and will launch eight all-new models during the year: the Marutu Suzuki-built Pixo in Europe; the Patrol in the Middle East; the NV200 van line, Fuga and a new minicar in Japan; a new global entry car in Asia; and the G37 convertible and 370Z convertible in the United States.
 
Nissan Motor also aims to return to a positive free cash flow position this fiscal year. Based on foreign exchange rates of JPY95/US$ and JPY125/EUR, it has forecast net revenues of 6 trillion 950bn yen ($73.16bn, EUR55.6bn); an operating loss of JPY100bn ($1.05bn, EUR800m); a net loss of JPY170bn ($1.79bn, EUR1.36bn); R&D expenses of JPY400bn ($4.21bn, EUR3.2bn); and capital expenditures of JPY350bn yen ($3.68bn, EUR2.8bn).
Source: just-auto.com editorial team

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