On April 25, Nissan Motor Co. announced that it had achieved a record success in its fiscal year ended on March 31, 2006. The consolidated net profit amounted to 518.1 billion yen (US$4.57 billion, 3.78 billion euros). The annual growth rate was 1.1%, a record high for six consecutive years.
“Nissan Motor Co., Ltd. performed solidly in fiscal 2005. Although the global automotive industry in 2005 generally faced challenges including rising raw material prices, high energy costs, rising interest rates, and increased dealer rebates,†Nissan Motor Co. President and Chief Executive Officer Executive officer Carlos Ghosn said.
Nissan Motor Co.’s net income for fiscal 2005 totaled 94.2 trillion yen (83.21 billion US dollars, 68.87 billion euros), an increase of 9.9% year-on-year. Operating profit reached 871.8 billion yen (US$7.69 billion, 6.37 billion euros), an increase of 1.2%, and an operating margin of 9.2%. Current-account profits reached 845.9 billion yen (US$7.47 billion, 6.18 billion euros), a decrease of 1.1%.
In fiscal year 2005, Nissan’s global auto sales reached 3,569,295, a record high. Among them, the sales of NISSAN brand vehicles in China reached 180,000 vehicles. It is expected that by the end of the fiscal year 2008, Nissan’s sales in China will exceed 500,000 vehicles, making China its third largest market after Japan and the United States.
Three major Chinese strategic priorities
At the end of April, in an interview with reporters, Nissan (China) Investment Co., Ltd. Managing Director Yukio Koki revealed three major strategic priorities in China: The first strategic focus: The core strategy is branding, support for joint ventures, and creating dual brands.
In terms of overall strategy, Nissan’s focus in China is Dongfeng Nissan. Nissan’s strategic development in China will focus on Dongfeng Nissan. In the aspect of brand building, Nissan and Nissan will build two brands. Nissan will increase the competitiveness of Dongfeng Nissan and Nissan brands on a global scale and make both brands bigger and stronger. Dongfeng Nissan’s self-denial of self-responsibility and Dongfeng Passenger’s Yoshida are specifically responsible for the related operations. Yukiji Kojima will provide the greatest support.
The second strategic priority: to provide consumers with the most needed and most abundant products.
Nissan will provide all of its products to Chinese consumers. Dongfeng is mainly domestically-made cars, and there are more mid- and low-end cars. Nissan (China) will introduce more high-end vehicles, greatly improving the image of Nissan, and at the same time facing more of China's new wealth. Its positioning is different from that of Dongfeng Nissan. Everyone complements each other.
The third strategic focus: to contribute to the Nissan Value-Added Program.
The Chinese market is an important part of the Nissan Value-Added Program. Nissan (China) makes its own contribution to the implementation of the Nissan Value-Added Program. Including: The introduction of high-end models Infiniti, build high-end brands is Nissan's global "value-added plan" an important measure.
“The imported car market is facing a serious situation, including the impact of new consumption tax, etc. We will adjust our strategy according to the Chinese government’s policies.†Yukiji Kojima stated that regarding the Infiniti brand, Nissan (China) plans to be in 2007. Introduced in the second half of the year, it will use the time of this year to step up the construction of dealers. The dealers currently under construction are mainly concentrated in Beijing, Shanghai, Guangzhou and Shenzhen.
In 2006, the Nissan (China) imported vehicle sales target was 8,500 units. Commercial vehicles include two parts, one is a large commercial vehicle, which will not carry the Nissan logo; the other is a LCV compact commercial vehicle that will carry the Nissan sign. LCV is an important part of the global value-added plan. Nissan will focus on developing small commercial vehicles in China. Future plans for LCV will be produced on Dongfeng Day.
The outlook for fiscal year 2006
Turning to the outlook for the 2006 fiscal year, Ghosn said that in the first half of 2006, the situation for Nissan would be completely different.
"It will be very difficult to achieve growth in the first half of the year, but in the second half of the year we will be intensively introducing new products. This will run through the rest of the Nissan three-year 'incremental program' and beyond." Ghosn said, "Our The second generation of products will be more attractive and competitive, and I look forward to them making a significant contribution to the development of the company's business."
In fiscal 2006, Nissan will launch nine new models, three of which will be available in the US, including the new Altima, Sentra, and Infiniti G35 cars.
Nissan will accelerate its business expansion into emerging markets during the remainder of its three-year “value-added planâ€. Nissan recently announced plans to invest $200 million in Russia to build a new manufacturing plant. The new plant in St. Petersburg will be put into production in 2009. This project is pending approval by the relevant government decree.
Ghosn believes that rising raw material prices, energy costs, and exchange rate fluctuations will remain the major business risks facing the fiscal year 2006.
Based on the above outlook and assuming an exchange rate of 110 yen to 1 US dollar and 135 yen to 1 euro, Nissan submitted a new fiscal year forecast to the Tokyo stock exchange as of March 31, 2007: consolidated net income of 1007.5 billion yen. The operating profit was 880 billion yen; current-account profit was 870 billion yen; and net profit was 523 billion yen.
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