Nissan 2009 Annual Report Download

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Ann
ua
l
Annual Report 2009
2009
Report
Nissan: Enriching People’s Lives
Year Ended March 31, 2009

Table of contents

  • Page 1
    Annual Report 2009 Annual Report 2009 Nissan: Enriching People's Lives Year Ended March 31, 2009

  • Page 2
    ... Lives MISSION Nissan provides unique and innovative automotive products and services that deliver superior measurable values to all stakeholders* in alliance with Renault. *Our stakeholders include customers, shareholders, employees, dealers, suppliers, as well as the communities where we work and...

  • Page 3
    ...This annual report presents financial results for the fiscal period ending March 31, 2009. The report also provides shareholders with insights into Nissan's management team. Through one-on-one interviews, various members of executive management, including President and Chief Executive Officer Carlos...

  • Page 4
    ... metals The all-new Cube is introduced to global markets December then globally / 2008 The new Fairlady Z is released in Japan and 2009 Fairlady Z < January Cube / 2009 Nissan commences manufacturing of the March / 2009 < flex-fuel Livina in Brazil The Renault-Nissan Alliance celebrates...

  • Page 5
    ... employees for the fiscal 2008 compared with the year-end part-time employees for the previous fiscal years. 8. Staff numbers, which are presented as the lower numbers in the "Employees" line, include those of unconsolidated subsidiaries accounted for by the equity method. Nissan Annual Report 2009...

  • Page 6
    Managing Through the Global Crisis > 04 Nissan Annual Report 2009

  • Page 7
    ... the President and CEO Message from the COO - Coping with the Crisis, Keeping the Future in Mind 6 8 10 12 Message from the CFO - Exercising Financial Restraint for Future Profitability Message from the CRO - A Streamlined Recovery in Preparation for Greater Growth Nissan Annual Report 2009 05

  • Page 8
    .... Even so, recovery is expected to take time. Fiscal 2009 may be just as difficult as the year it follows. As soon as we saw the first signs of decline in fiscal 2008, Nissan responded quickly and took actions to adapt to evolving circumstances. In order to keep the company focused on the necessary...

  • Page 9
    ... synergies will be purchasing, global sourcing, common platforms and parts, powertrains, support functions, global logistics, IS/IT, research and advanced technologies, and zeroemissions business. Ten years ago, when the Renault-Nissan Alliance was formed, Nissan demonstrated its capabilities...

  • Page 10
    ... current financial and economic crisis is a primary focus in fiscal 2009. Nissan's total revenue fell over 20 percent in fiscal 2008, and our sales forecast for this fiscal year is down 300,000 units. We cannot rely on increasing revenues, and we also expect fluctuating exchange rates and prices for...

  • Page 11
    ... mobility is our new global entry car, an affordable, fuel-efficient product for the world's consumers, who are growing more price-conscious and fuel-conscious than ever. The small-car market is expanding in China, India, Russia, Mexico and South America, and we want to be a major part of its growth...

  • Page 12
    ...Free cash flow for the year deteriorated primarily because of decreased profitability and the negative impact on accounts payable resulting from the decrease in production for inventory control. However, our free cash flow in the fourth quarter of fiscal 2008 was a positive ¥363.5 billion. This was...

  • Page 13
    ... our new global entry cars, which will be manufactured in 5 different countries. In addition, controlled levels of accounts payable, which should improve from the increase in production at the end of the year, as well as some asset sales will help us achieve our free cash flow target. Nissan's core...

  • Page 14
    ... cut in monozukuri-related costs. Our monozukuri functions- Engineering, Purchasing, Manufacturing, and Supply Chain Management-are developing concrete action plans with suppliers to reduce parts diversity and complexity and exchange rates. During fiscal 2009 we will cut vehicle and service parts...

  • Page 15
    ...-time low. At the first sign of market decline we downshifted production at all our vehicle and powertrain plants worldwide, reducing our global volume for fiscal 2008 by 772,000 units-a 20 percent decrease from planned volumes. By March 2009, inventory was 26 percent lower than last year. We plan...

  • Page 16
    ... common platforms, namely the B platform (notably Nissan Tiida/Versa and Renault Clio) and C platform (notably Renault Mégane/Scénic and Nissan Qashqai), represented more than 50 percent of the vehicles sold by Renault and Nissan globally in 2008. 4 Exchanges of powertrains and common powertrains...

  • Page 17
    ... are Europe, North Africa and South America; Nissan's major markets are Japan, North America, Mexico, China and the Middle East. Since 2005, Renault and Nissan have been entering new territories together, such as India, in order to expand their global footprint. 9 Expansion of product line-ups The...

  • Page 18
    Performance > Performance Fiscal 2008 Sales Performance Fiscal 2009 Sales Outlook and New Technologies Financial Review 18 20 22 16 Nissan Annual Report 2009

  • Page 19
    Nissan Annual Report 2009 17 Managing Through through the theglobal Global crisis Crisis Performance Performance Corporate Corporate Data Data

  • Page 20
    ... commercial vehicles increased 0.6 percent to 6.2 percent. In the Middle East, sales grew 12.4 percent to 223,000 units. The company established Nissan Gulf FZCO, to enhance Nissan's marketing and sales strategies for this region. Fairlady Z Infiniti FX Qashqai+2 NP200 18 Nissan Annual Report...

  • Page 21
    Managing Through the Global Crisis < chart 01 < G LOB A L R E TA I L S A LE S V O L U M E Global retail sales Market share (%) (Units: thousands) 4,000 3,... , 07 , 08 , 09 , 07 , 08 , 09 (All figures for fiscal 2009 are forecasts, as of May 12, 2009) Nissan Annual Report 2009 19

  • Page 22
    ... chart 03 Other Markets In other markets, sales are expected to be 498,000 units, a 15.7 percent decrease from last year. Starting in Asia, Nissan will launch a global entry car by the end of fiscal 2009. The Patrol will be launched in the Middle East. Nissan will launch eight new products globally...

  • Page 23
    ... < < < < F I S CA L 2 009 A L L- NE W P R O DU CT LA UN C H E S Japan Europe PIXO Fuga New Mini NV200 Vanette North America G37 Convertible 370Z Convertible Performance Other Markets Patrol Global Entry Car Corporate Data < chart 04 NU MB E R O F CO M M E R CI A L I Z E D NE W T E C H N O LO...

  • Page 24
    ... decline. The main reason was a decrease in machinery, equipment and vehicles of ¥368.1 billion. Current liabilities decreased 23.9 percent to ¥3,988.7 billion. This is mainly due to the decrease in trade notes and accounts payable of ¥497.5 billion. Total long-term 22 Nissan Annual Report 2009

  • Page 25
    ... dramatic production cuts. This was partially offset by a reduction in receivables. Total accounts payable and receivable resulted in a negative ¥286.2 billion. Due to tight production control, total inventory was reduced by ¥88.3 billion. Including other factors, such as tax payments, total cash...

  • Page 26
    ... policies for management. And adherence to a globally competitive dividend standard is key to its shareholder relations. The previously proposed dividend plan had been based on a forecast for the period of fiscal 2008 through fiscal 2010, which was part of the NISSAN GT 2012 mediumterm business plan...

  • Page 27
    ...(Forecast) 0 , 00 , 01 , 02 , 03 , 04 , 05 , 06 , 07 , 08 , 09 < chart 11 DI VI DE ND (Dividend per share, in yen) 60 45 40 34 29 24 19 14 8 11 30 15 7 0 0 (Forecast) , 00 , 01 , 02 , 03 , 04 , 05 , 06 , 07 , 08 , 09 Nissan Annual Report 2009 25

  • Page 28
    Executives > Executive Committee Members Board of Directors and Auditors Representative Board Members Carlos Ghosn President and Chairman Toshiyuki Shiga Board Members Colin Dodge Carlos Ghosn Toshiyuki Shiga Colin Dodge Hiroto Saikawa Mitsuhiko Yamashita Carlos Tavares Hidetoshi Imazu Jean...

  • Page 29
    ... Asset Management Design Brand Management Corporate Governance Global Internal Audit Executive Vice President Performance Corporate Data Colin Dodge* Africa, Middle East, India, Europe Operations Corporate Planning and Control Executive Vice President Hiroto Saikawa* Purchasing Asia and...

  • Page 30
    ...audited by Ernst & Young ShinNihon LLC, in accordance with Article 193-2, Paragraph 1, of the Financial Instruments and Exchange Law. Ernst & Young ShinNihon was renamed Ernst & Young ShinNihon LLC as of July 1, 2008 due to its change in the category of auditing firms. 28 Nissan Annual Report 2009

  • Page 31
    Nissan Annual Report 2009 29

  • Page 32
    ...in banks Trade notes and accounts receivable Sales finance receivables Securities Finished goods Other inventories Merchandise and finished goods Work in process Raw materials and supplies Deferred tax assets Other Allowance for doubtful accounts Total current assets Fixed assets Property, plant and...

  • Page 33
    ... Deferred tax liabilities Accrued warranty costs Accrued retirement benefits Accrued directors' retirement benefits Other Total long-term liabilities Total liabilities Net assets Shareholders' equity Common stock Capital surplus Retained earnings Treasury stock Total shareholders' equity Valuation...

  • Page 34
    ... in North America Loss from change in measurement date for calculating retirement benefit obligation of subsidiaries in North America Special addition to retirement benefits Directors' retirement benefits payable due to discontinuance of the benefits system Other Total special losses Income (loss...

  • Page 35
    ...due to application of PITF No.18 Changes during the year Cash dividends paid Net income (loss) Disposal of treasury stock Purchases of treasury stock Increase due to merger Changes in the scope of consolidation Changes in the scope of equity method Total changes during the year Balance at the end of...

  • Page 36
    ... at the end of previous year Changes at the beginning of current year due to application of PITF No.18 Changes during the year Net changes in items other than those in shareholders' equity Total changes during the year Balance at the end of current year Unfunded retirement benefit obligation of...

  • Page 37
    ... of yen) Prior Fiscal Year From April 1, 2007 [ To March 31, 2008 ] Current Fiscal Year From April 1, 2008 [ To March 31, 2009 ] Share subscription rights Balance at the end of previous year Changes during the year Net changes in items other than those in shareholders' equity Total changes during...

  • Page 38
    ...accounts receivable Decrease (increase) in sales finance receivables Decrease (increase) in inventories Increase (decrease) in trade notes and accounts payable Amortization of net retirement benefit obligation at transition Retirement benefit expenses Retirement benefit payments made against related...

  • Page 39
    ...., Calsonic Kansei Corporation and 4 other companies Logistics and services companies Nissan Trading Co., Ltd., Nissan Financial Services Co., Ltd., Autech Japan Co., Ltd., and 8 other companies • Foreign companies 114 Nissan North America, Inc., Nissan International SA, Nissan Motor Manufacturing...

  • Page 40
    ... Co., Ltd., Nissan Industrial Equipment Co. and others Nissan Fukuoka Service Center Co., Ltd., which was an unconsolidated subsidiary and accounted for by the equity method in the prior year, ceased to exist due to a merger. 2. Equity method (1) Companies accounted for by the equity method 54...

  • Page 41
    ...Calsonic Kansei (China) Holding Company Calsonic Kansei (Guangzhou) Corp. Atlet AB and its 16 subsidiaries (2) Of these 38 companies, the financial statements of Nissan Mexicana, S.A. de C.A., and 12 other subsidiaries are consolidated by using their financial statements as of the parent fiscal year...

  • Page 42
    ...year [ From April 1, 2007 To March 31, 2008 ] From April 1, 2008 [ To March 31, 2009 ] (2) Depreciation of property, plant and equipment Depreciation of property, plant and equipment is calculated principally by the straight-line method based on the estimated useful lives and the residual value...

  • Page 43
    ... time and short-term investments with a maturity of three months or less when purchased which can easily be converted to cash and are subject to little risk of change in value. (6) Accounting for consumption tax Same as the prior fiscal year. (7) Adoption of consolidated taxation system The Company...

  • Page 44
    ...2009 ] Accounting for Directors' Retirement Benefits Until the year ended March 31, 2008, certain subsidiaries expensed retirement benefits for directors and statutory auditors to income when general shareholders' meetings approved resolutions for the payment of those benefits. In April 2007, a new...

  • Page 45
    ... directors and statutory auditors when they retire. Accordingly, the Company recognized the amount of expected payments for this purpose as a special loss and included the outstanding balance in "Other long-term liabilities" for the fiscal year ended March 31, 2008. Nissan Annual Report 2009...

  • Page 46
    ...Financial Statements > (For consolidated balance sheets) Prior fiscal year (As of March 31, 2008) (Millions of yen) Current fiscal year (As of March 31, 2009) 1. *1 Accumulated depreciation of property, plant and equipment ¥4,355,940 The above amount includes accumulated depreciation of leased...

  • Page 47
    ... yen) Prior fiscal year (As of March 31, 2008) Current fiscal year (As of March 31, 2009) 6. *4 ¥83,466 million of goodwill is included in "Intangible fixed assets." 7. *5 Investments in unconsolidated subsidiaries and affiliates Investments in stock of unconsolidated subsidiaries and affiliates...

  • Page 48
    ... and those to be disposed of, or a sales contract for the assets to be sold. 46 Nissan Annual Report 2009 The Group bases its grouping for assessing the impairment loss on fixed assets on its business segments (automobiles and sales finance) and geographical segments. However, the Group determines...

  • Page 49
    ... share subscription rights Decrease in stocks held by affiliates accounted for by the equity method 2. Share subscription rights Number of shares to be issued (in thousands) Type of shares to be issued Balance at the end of the current fiscal year (Millions of yen) Company Description At the end...

  • Page 50
    ... than standard unit Increase in stocks held by affiliates accounted for by the equity method 2. Share subscription rights Number of shares to be issued (in thousands) Type of shares to be issued Balance at the end of the current fiscal year (Millions of yen) Company Description At the end of the...

  • Page 51
    ...1, 2007 [ To March 31, 2008 ] (Millions of yen) Current fiscal year From April 1, 2008 [ To March 31, 2009 ] 1.*1 Cash and cash equivalents as of the year end are reconciled to the accounts reported in the consolidated balance sheet as follows: As of March 31, 2008: Cash on hand and in banks Time...

  • Page 52
    ... 1, 2007 [ To March 31, 2008 ] (Millions of yen) Current fiscal year From April 1, 2008 [ To March 31, 2009 ] 1. Finance lease transactions (Lessees' accounting) (1) Leased assets Leased assets primarily consist of dies and automobile manufacturing equipment. (2) Depreciation method for leased...

  • Page 53
    ... ten years Types of securities Due within one year Due after ten years Bonds: Government bonds Corporate bonds Total ¥77 - ¥77 - 179 ¥179 - 4 ¥4 - - - Bonds: Government bonds Corporate bonds Other bonds Total 7 - - 7 - 203 2 205 17 4 13 34 57 8 19 84 Nissan Annual Report 2009 51

  • Page 54
    ...'s financial market risk is to be controlled by the Company in a centralized manner, and that no individual subsidiary can initiate a hedge position without the prior approval of, and regular reporting back to the Company. (2) Types and purpose of transactions: 1) Forward foreign exchange contracts...

  • Page 55
    ... the related documents which are retained on file in a central location. (3) Description of risks relating to derivative transactions 1) Market risk Same as the prior fiscal year. 2) Credit risk Same as the prior fiscal year. 3) Legal risk Same as the prior fiscal year. Nissan Annual Report 2009...

  • Page 56
    ... basis to the Chief Financial Officer and on an annual basis to the Board of Directors. Credit risk is monitored quantitatively using RF's rating system based principally on the counterparties' long-term credit ratings and on their shareholders' equity. The Finance Department sets a maximum upper...

  • Page 57
    ...5 - - - 110 712 5 0 (10) 0 Notes: 1. Calculation of fair value Calculation of fair value is based on the discounted cash flows and others. 2. The notional amounts of the derivative transactions presented above exclude those for which hedge accounting has been adopted. Nissan Annual Report 2009 55

  • Page 58
    ... gain (loss) Notional amounts Current fiscal year (As of March 31, 2009) Portion due after one year included herein Unrealized gain (loss) Type Fair value Fair value Swaps: Receive floating/ pay fixed Receive fixed/ pay floating Options Caps sold (Premium) Caps purchased (Premium) Total ¥546...

  • Page 59
    ... by the Company and certain domestic subsidiaries include lump-sum payment plans, defined-benefit corporate pension plans, welfare pension fund plans and tax-qualified plans. Certain employees may be entitled to additional special retirement benefits, depending on the conditions for the termination...

  • Page 60
    ...above, additional retirement benefit expenses of ¥17,575 million were accounted for as a special loss for the year ended March 31, 2008. 2. Service cost does not include the amounts contributed by employees with respect to welfare pension fund plans. 3. Amortization of prior service cost represents...

  • Page 61
    ... of retirement benefit obligation b. Discount rates c. Expected rate of return on plan assets d. Amortization period of prior service cost From April 1, 2007 To March 31, 2008 ] From April 1, 2008 [ To March 31, 2009 ] The straight-line method over the estimated years of service of the...

  • Page 62
    ...targets. From May 8, 2007 to May 8, 2009 From May 9, 2009 to June 26, 2016 Common stock 360,000 shares December 21, 2007 (1) Those who hold share subscription rights (hereinafter "the holders") must remain employees or directors of the Company, its subsidiaries, or affiliates until the beginning of...

  • Page 63
    ... Options Calsonic Kansei Corporation 2005 Stock Options Category and number of people to whom stock options are granted The company's directors: The company's employees: Directors of the company's subsidiaries: 9 103 14 Total: Type and number of shares Grant date Vesting conditions Common stock...

  • Page 64
    ... changes in the size of stock options that existed during the year ended March 31, 2008. The number of stock options is translated into the number of shares. 1) Number of stock options Company name The Company 2003 Stock Options The Company 2004 Stock Options The Company 2005 Stock Options Share...

  • Page 65
    ... - 869,000 - 467,000 Company name Calsonic Kansei Corporation 2003 Stock Options Calsonic Kansei Corporation 2004 Stock Options Calsonic Kansei Corporation 2005 Stock Options Share subscription rights which are not yet vested (shares): As of March 31, 2007 Granted Forfeited Vested Balance of...

  • Page 66
    ... Stock Options Calsonic Kansei Corporation 2005 Stock Options Exercise price (Yen) Average price per share upon exercise (Yen) Fair value per share at grant date (Yen) 737 - - 844 - - 759 - - 3. Method for estimating per share fair value of stock options The per share fair value of the 2007...

  • Page 67
    ...targets. From May 8, 2007 to May 8, 2009 From May 9, 2009 to June 26, 2016 Common stock 360,000 shares December 21, 2007 (1) Those who hold share subscription rights (hereinafter "the holders") must remain employees or directors of the Company, its subsidiaries, or affiliates until the beginning of...

  • Page 68
    ... 2005 to June 30, 2008 Calsonic Kansei Corporation 2003 Stock Options Common stock 1,700,000 shares August 31, 2004 (1) Those who hold share subscription rights (hereinafter "the holders") must remain employees or directors of the company, its subsidiaries, or affiliates until the beginning of the...

  • Page 69
    ... changes in the size of stock options that existed during the year ended March 31, 2009. The number of stock options is translated into the number of shares. 1) Number of stock options Company name The Company 2003 Stock Options The Company 2004 Stock Options The Company 2005 Stock Options Share...

  • Page 70
    ... - 32,000 - 435,000 Company name Calsonic Kansei Corporation 2003 Stock Options Calsonic Kansei Corporation 2004 Stock Options Calsonic Kansei Corporation 2005 Stock Options Share subscription rights which are not yet vested (shares): As of March 31, 2008 Granted Forfeited Vested Balance of...

  • Page 71
    ... value of the 2008 stock options granted during the fiscal year ended March 31, 2009, was estimated as follows. 1) Technique of estimation used: Binomial model 2) Basic factors taken into account for the estimation: 2008 Stock Options Expected volatility of the share price (Note 1) Expected life...

  • Page 72
    ... Accrued retirement benefits Accrued warranty costs Other Total gross deferred tax assets Valuation allowance Total deferred tax assets Deferred tax liabilities: Reserves under Special Taxation Measures Law, etc. Difference between cost of investments and their underlying net equity at fair value...

  • Page 73
    ... parts for oversea production, etc. (2) Sales financing...credit, lease, etc. 3. Until the prior fiscal year, some of the Company's consolidated subsidiaries charged directors' retirement benefits to expense when so approved at the annual general meetings of shareholders. As stated in "Changes...

  • Page 74
    ... Sales finance receivables Inventories Other current assets Total current assets II. Fixed assets Property, plant and equipment, net Investment securities Other fixed assets Total fixed assets Total assets Liabilities I. Current liabilities Notes and accounts payable Short-term borrowings Lease...

  • Page 75
    ... from sales of property, plant and equipment Purchases of fixed assets Purchases of leased vehicles Proceeds from sales of leased vehicles Others Net cash used in investing activities III. Cash flows from financing activities Net increase in short-term borrowings Net change in long-term borrowings...

  • Page 76
    ...parts for oversea production, etc. (2) Sales financing...credit, lease, etc. 3. Changes in accounting policies: (1) Application of the "Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries for Consolidated Financial Statements" Effective April 1, 2008, the Company...

  • Page 77
    ... Sales finance receivables Inventories Other current assets Total current assets II. Fixed assets Property, plant and equipment, net Investment securities Other fixed assets Total fixed assets Total assets Liabilities I. Current liabilities Notes and accounts payable Short-term borrowings Lease...

  • Page 78
    ... by business segment (Millions of yen) Current fiscal year (From April 1, 2008 to March 31, 2009) Accounts Automobile & Eliminations Sales financing Consolidated total Net sales Cost of sales Gross profit Operating income as a percentage of net sales Operating income (loss) Net financial cost...

  • Page 79
    ... Middle East, Central and South America excluding Mexico, and South Africa 3. Changes in accounting policies: (1) Application of the "Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries for Consolidated Financial Statements" Effective April 1, 2008, the Company...

  • Page 80
    ..., the Middle East, Central and South America excluding Mexico, and South Africa 4. Change in accounting policies: Application of the "Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries for Consolidated Financial Statements" Effective April 1, 2008, the Company...

  • Page 81
    ... fiscal year (from April 1, 2007, to March 31, 2008) There are no significant transactions to be disclosed. Current fiscal year (from April 1, 2008, to March 31, 2009) (Additional information) Effective April 1, 2008, the Company adopts ASBJ Statement No. 11, "Accounting Standard for Related Party...

  • Page 82
    ... 31, 2009) Total net assets (Millions of yen) Amounts deducted from total net assets (Millions of yen) (Share subscription rights) (Minority interests) Net assets attributable to shares of common stock at year end (Millions of yen) The year-end number of common stock used for the calculation of net...

  • Page 83
    ... stock - 499 10,000 Description Type of shares to be issued upon exercise of share subscription rights Issue price (Yen) Exercise price (Yen) Total exercise price (Millions of yen) Upon exercise of the share subscription rights, total exercise price to be credited to common stock (Millions of yen...

  • Page 84
    ... rate applicable to the year-end balance. 2. The following table shows the aggregate annual maturities of long-term borrowings (excluding the current portion) and lease obligations (excluding the current portion) for 5 years subsequent to March 31, 2009. (Millions of yen) Due after one year but...

  • Page 85
    ... cash flows and the consolidated supplemental schedules of Nissan Motor Co., Ltd. included in "Financial Information" for the fiscal year from April 1, 2007 to March 31, 2008. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express...

  • Page 86
    ...years. Pursuant to Article 193-2, Section 2 of the Financial Instruments and Exchange Law of Japan, we also have audited the accompanying Management's Report on Internal Control Over Financial Reporting for the consolidated financial statements as of March 31, 2009 of Nissan...

  • Page 87
    ...mail: [email protected] Corporate Communications Global Communications and CSR Division Tel: 81 (0)3-5565-2141 Fax: 81 (0)3-3546-2669 Corporate Information Website http://www.nissan-global.com/ Investor Relations Website http://www.nissan-global.com/EN/IR/ Nissan Annual Report 2009 85