Nissan 2009 Annual Report Download - page 25

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chart 08
<
<
IMPACT ON OPERATING PROFIT
chart 06
<
<
OPERATING PROFIT
<
chart 05
<
<
NET SALES
<
chart 07
<
<
NET INCOME
<
(Forecast)
(Forecast)
(Forecast)
<
10,824.2
8,437.0
6,950.0
9,428.3
10,468.6
(Billions of yen)
-134.2 -91.8 -40.2 -26.6 -13.8
+134.6 +8.2 -525.2
-223.0
790.8
-137.9
+5.6
-9.3 -8.7 -4.3
,05 ,06 ,07 ,08 ,09 ,05 ,06 ,07 ,08 ,09 ,05 ,06 ,07 ,08 ,09
-150
-300
1,200
0
900
600
300
-300
(Billions of yen)(Billions of yen)(Billions of yen)
600
0
450
300
150
482.3
-233.7
-170.0
790.8
-137.9 -100.0
871.8
776.9
12,000
0
9,000
6,000
3,000
518.1
460.8
FOREX Raw
material
/energy
costs
Provision for
residual risk
on leased
vehicles
Sales
finance
Purch.
cost
reduction
Mfg.
expenses
Warranty
expenses
Price/
volume mix
FY07
O.P.
Others Product
enrich./
regulatory
costs
Scope
change
R&D
expenses
Selling
expenses
FY08
O.P.
liabilities increased16.8 percent to ¥3,324.8 billion, primarily
because of a ¥649.1 billion increase in long-term borrowing.
Net assets decreased 24.0 percent to ¥2,926.1 billion,
compared to ¥3,849.4 billion in fiscal 2007. This was
mainly due to ¥233.7 billion in net losses and a ¥464.3
billion change in foreign currency translation adjustments.
Free cash flow and net debt (auto business)
In the fourth quarter of fiscal 2008,there was a significant
improvement in free cash flow of ¥363.5 billion. This
was due mainly to the improvement in working capital by
the reduction
in inventory. At the end of the third quarter,
net automotive
debt totaled ¥783.5 billion.The company’s
ability to generate free cash in the fourth quarter led to
a halving of its net debt position to ¥387.9 billion.
On a full-year basis, free cash flow deteriorated primarily
because of
a smaller net cash inflow from P&L items of
¥356.6 billion, as well as a negative impact on working
capital. Accounts payable decreased by ¥479.7 billion
due to 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 flow for operating activities was positive by
¥39.9 billion. After ¥291.6 billion in investing activities,
which included ¥376.6 billion in capital expenditures, the
total net of free cash flow was negative by ¥251.7 billion.
Nissan Annual Report 2009 23
Managing Through the Global Crisis Performance Corporate Data