Nissan 2010 Annual Report Download - page 24

22
Financial Review
Performance:
Fiscal 2009 Financial Performance
Net sales
For fiscal year 2009, consolidated net revenues decreased
10.9%, to ¥7.517 trillion, which reflected the strong yen
offsetting the increase in sales volume.
Operating profit
Consolidated operating profit totaled ¥311.6 billion,
compared to a negative ¥137.9 billion in fiscal year 2008. In
comparison to last year’s consolidated operating loss, the
variance was due to the following factors:
• Foreign exchange rates movement resulted in a
¥162.5 billion negative impact. By currency, the
majority of this variance was due to the impact of the
U.S. dollar at ¥86 billion, the Russian ruble at ¥28
billion and the Canadian dollar at ¥14 billion.
• Net purchasing cost reduction efforts were a positive
¥215.4 billion. This included the positive impact from
the decrease in raw material and energy costs by
¥81.0 billion.
• Volume and mix was a positive ¥26.9 billion due to the
increase in global sales volume. The fourth quarter was
positive by ¥153.1 billion due to the volume recovery in
most countries.
• The reduction in marketing and sales expenses was a
positive ¥27.1 billion. This was due mainly to savings in
fixed expenses, such as advertising. Incentive spending
was increased in Europe due to its tough market
conditions.
• The provisions for the residual risk on leased vehicles
in North America resulted in a positive variance of
¥141.7 billion, including gains on disposal because of
improved used-car prices in the company’s lease
portfolio.
• R&D costs decreased ¥64.5 billion.
• Sales financing contributed a positive ¥50.1 billion.
This was due mainly to improved borrowing costs
across the globe and lower loss provisions compared
to fiscal year 2008.
• The remaining variance was a positive ¥86.3 billion,
due mainly to savings in fixed expenses, including
manufacturing costs and G&A expenses, as well as
improved profits at the affiliate level.
Net income
Net non-operating expenses increased ¥69.1 billion to
¥103.9 billion from ¥34.8 billion in fiscal 2008. The
negative impact came from the decreased equity in earnings
of affiliates by ¥49.2 billion, despite foreign exchange
losses, which deteriorated by ¥15.6 billion to ¥10.6 billion
from last year’s gain of ¥5.0 billion.
Net extraordinary losses totaled ¥66.1 billion, a decrease
of ¥20.1 billion from the previous year’s loss of ¥46 billion.
The positive impact of ¥21.5 billion from the reduction of
special additions to retirement benefits at overseas
subsidiaries was offset by the reduction in gains on sale of
fixed assets of ¥41.6 billion.
Taxes totaled ¥91.5 billion, a decrease of ¥54.6 billion
from fiscal year 2008. Minority interests had a negative
contribution of ¥7.7 billion in fiscal year 2009.
Net income reached ¥42.4 billion, an increase of ¥276.1
billion from fiscal year 2008.
Financial Position
Balance sheet
Current assets increased by 5.7 percent to ¥5,580.4 billion
compared to March 31, 2009. This was mainly due to
increases in trade notes and accounts receivable by ¥212.1
billion and cash on hand and in banks by ¥169.7 billion.
Fixed assets decreased by 6.6% to ¥4,634.4 billion
compared to March 31, 2009. This was mainly due to the
decrease in machinery, equipment and vehicles, which was a
net of ¥168.7 billion.
As a result, total assets decreased by 0.2% to ¥10,214.8
billion compared to March 31, 2009.
Current liabilities decreased by 3.3 percent to ¥3,856.9
billion compared to March 31, 2009. This was mainly due to
increases in trade notes and accounts payable by ¥379.4
billion, offset by decreases in short-term borrowing by
¥311.5 billion and commercial papers by ¥464.8 billion.
Long-term liabilities increased by 0.5 percent to ¥3,342.9
billion compared to March 31, 2009. This was mainly due to
increases in long-term borrowing by ¥92 billion and
decrease in bonds by ¥88.2 billion.
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