Nissan announces first quarter results.

Nissan Motor Co., Ltd. today announced financial results for the first quarter (April-June) of fiscal year 2013, which ends on March 31, 2014.

During the first quarter, Nissan's improved market share in Japan and North America could not completely offset the repercussions in China of the islands dispute and sluggish economic conditions in Europe. Positive signs of improving sales volume in China, as well as expected contributions from the full ramp-up of US operations, should enhance Nissan's performance in the coming quarters of fiscal year 2013 - in line with the company's previously announced guidance.

Today, Nissan announced the following management pro forma results based on foreign exchange rates of JPY 98.8/USD and JPY 129.0/EUR, the average rates for fiscal year 2013 to date:

• Net revenues of JPY 2.51 trillion (USD 25.43 billion, EUR 19.47 billion)
• Operating profit of JPY 117.8 billion (USD 1.19 billion, EUR 913 million)
• Ordinary profit of JPY 101.6 billion (USD 1.03 billion, EUR 788 million)
• Net income of JPY 82.0 billion (USD 830 million, EUR 636 million)

Globally, Nissan sold 1.17 million units in the first quarter, a year-on-year decline of 3.3%. "Market conditions were challenging in the first quarter, but our results were in line with our prior expectations. We anticipate robust contributions from our new product launches in the second quarter and beyond. Nissan is on track to deliver its full-year guidance," said Nissan president and CEO Carlos Ghosn.

Nissan is maintaining its accelerated pace of new product launches, with plans for the introduction of the Nissan Rogue crossover and Infiniti Q50 in the US from the second quarter onward. The company remains on track with its new model offensive under the Nissan Power 88 mid-term business plan, with one new vehicle to be launched every six weeks, on average, for all six years of the plan through fiscal 2016.

In accordance with changes to financial reporting standards, from fiscal 2013 onwards Nissan hasadopted the equity method to account for the joint venture between Nissan and Dongfeng in China. Therefore, Nissan's statutory reported income statements no longer reflect the joint venture's results in revenue and operating profit.

Under the equity accounting method, Nissan today filed the following results with the Tokyo Stock Exchange, based on foreign exchange rates of JPY 98.8/USD and 129.0/EUR, the average rates for fiscal year 2013 to date:

• Net revenues of JPY 2.23 trillion (USD 22.60 billion, EUR 17.31 billion)
• Operating profit of JPY 108.1 billion (USD 1.09 billion, EUR 838 million)
• Ordinary profit of JPY 114.8 billion (USD 1.16 billion, EUR 890 million)
• Net income of JPY 82.0 billion (USD 830 million, EUR 636 million)