Nissan reports financial results for the first half FY11

YOKOHAMA (Nov. 2, 2011) - Nissan Motor Co., Ltd., today announced financial results for the first half of fiscal year 2011, ending March 31, 2012, as well as second-quarter performance. In the six months through September, net income after taxes totaled 183.4 billion yen (US $2.30 billion, euro 1.61 billion), down 12.0% compared with the same period last year. Net revenues were 4.3674 trillion yen (US $54.73 billion, euro 38.41 billion) in the April-to-September period, up 1.1% compared with a year ago. Operating profit was down 7.5%, to 309.7 billion yen (US $3.88 billion, euro 2.72 billion), resulting in an operating profit margin of 7.1%. Ordinary profit was 295.4 billion yen (US $3.70 billion, euro 2.60 billion), down by 6.3%. In the first half, Nissan sold 2,225,000 vehicles worldwide, up 10.7% compared with last year. "Nissan has once again delivered strong first-half earnings and healthy profit margins, reflecting the innovation and consumer appeal of our vehicles in all markets around the world," said Nissan President and CEO Carlos Ghosn. "In spite of unfavorable currency fluctuations, numerous natural disasters and a volatile global economy, we remain on track to deliver a significantly profitable full-year performance." In the July-to-September second quarter, Nissan's net income was 98.4 billion yen (US $1.26 billion, euro 0.89 billion). Net revenues were 2.2855 trillion yen (US $29.34 billion, euro 20.74 billion), up 0.7% compared with a year ago. Operating profit was 159.3 billion yen (US $2.04 billion, euro 1.45 billion), resulting in an operating profit margin of 7.0%. Ordinary profit was 147.7 billion yen (US $1.90 billion, euro 1.34 billion). Nissan sold 1,169,000 vehicles in the second quarter, up 10.8% compared with the prior year. Based on a foreign-exchange rate assumption of 80 yen/dollar and 110 yen/euro for the second half of fiscal year 2011, the revised average rates will be 79.9 yen/dollar and 111.9?yen/euro for fiscal year 2011. Nissan has revised its full-year forecast for fiscal 2011 upward and filed the following forecast with the Tokyo Stock Exchange for the fiscal year ending March 31, 2012: Net revenues of 9.45 trillion yen (US $118.27 billion, euro 84.45 billion); Operating profit of 510 billion yen (US $6.38 billion, euro 4.56 billion); Ordinary profit of 480 billion yen (US $6.01 billion, euro 4.29 billion); Net income of 290 billion yen (US $3.63 billion, euro 2.59 billion); Capital expenditures of 410 billion yen (US $5.13 billion, euro 3.66 billion); and R&D expenses of 440 billion yen (US $5.51 billion, euro 3.93 billion). Note1: Nissan announced its financial forecasts for fiscal year 2011 (April 1, 2011 through March 31, 2012) on June 23, based on foreign exchange rate assumptions of 80.0 yen/dollar and 115.0 yen/euro, and filed the following forecasts with the Tokyo Stock Exchange: Net revenues of 9.4 trillion yen (US $117.5 billion, euro 81.74 billion); Operating profit of 460 billion yen (US $5.75 billion, euro 4 billion); Ordinary profit of 441 billion yen (US $5.51 billion, euro 3.83 billion); Net income of 270 billion yen (US $3.38 billion, euro 2.35 billion); Capital expenditures of 410 billion yen (US $5.13 billion, euro 3.57 billion); and R&D expenses of 460 billion yen (US $5.75 billion, euro 4 billion). Note 2: For the first-half financial results, amounts in dollars and euros are translated for the convenience of the reader at the foreign-exchange rates of 79.8 yen/dollar and 113.7 yen/euro, the average rates for the first six months of the fiscal year ending March 31, 2012. For the second-quarter results, amounts are based on 77.9 yen/dollar and 110.2 yen/euro, the average rates for the three months from July to September 2011.

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