Nissan 2012 Annual Report Download - page 20

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600
(Billions of yen)
450
300
150
0
8
6
4
2
0
(%)
’10
399.3
’11 ’12
(Forecast)
428
428
485
’09
386
’03
4.8%
354
’05
448
4.7%
’04
398
4.6% 4.6% 4.5% 4.7%
5.1%
’08
456
5.4%
’07
458
4.2%
’06
465
4.4%
R&D EXPENDITURES % of net revenue
R&D
CORPORATE RATINGS
7/11 7/12
Aa3
A1
A2
A3
Baa1
Baa2
Baa3
Ba1
10/03 4/04 10/04 4/05 10/05 4/06 10/06 4/07 10/07 4/08 10/08 4/09 10/09 4/10 10/10 4/11
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
R&I
S&P
Moody’s
Sales finance
Due to the increase in retail sales, total financial assets of the sales finance segment increased by
13.6 % to 5,014.9 billion yen from 4,414.3 billion yen in fiscal 2011. The sales finance segment
generated 140.1 billion yen in operating profits in fiscal 2011 from 100.4 billion yen in fiscal 2010.
Investment policy
Capital expenditures totaled 406.4 billion yen, which was 4.3% of net revenue. Despite the natural
disaster, the company used capital expenditures in order to ensure Nissan’s future
competitiveness.
R&D expenditures totaled 428 billion yen. These funds were used to develop new technologies
and products. One of the company’s strength is its extensive collaboration and development
structure with Renault’s R&D team, resulting from the Alliance.
Credit rating
Nissan’s long-term credit rating with R&I is A with a positive outlook. S&P’s long-term credit rating for
Nissan is BBB+ with a stable outlook. Nissan’s rating with Moody’s is A3 with a stable outlook.
Innovation & Power of brandYear 2 Power 88
Performance
Corporate Data Corporate Governance
19
NISSAN Annual Report 2012Financial Review