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Nissan Motor Turns To Profit In FY21, Sales Up 7.1%; Projects FY22 Operating Profit At Same Level

Nissan Motor Co., Ltd. (NSANF.PK,NSANY.PK) said, in its fiscal 2021, profitability improved significantly year on year due to continued financial discipline and strict control of fixed costs. Free cash flow for the automotive business was negative at 294.7 billion yen, while automotive net cash was at 728 billion yen. The Nissan Group's global sales, on a retail basis, amounted to 3,876,000 units, down 4.3% from prior fiscal year mainly due to semiconductor supply shortage.

Nissan expects the market environment in fiscal 2022 to be more severe than in fiscal 2021 due to ongoing semiconductor supply shortages, higher raw material prices and logistics costs, the crisis in Ukraine as well as the impact of lockdowns on parts supplies in China. The company projects fiscal 2022 retail volume will increase by 3.2% to 4.0 million units. Nissan aims to maintain an operating profit at the same level as fiscal 2021.

The company plans to pay a year-end dividend of 5 yen per share for fiscal 2021. For fiscal 2022, the company is forecasting the dividend of 5 yen or more per share.

On a TSE report basis - China JV equity basis, fiscal year 2021 net income to owners of the parent was 215.5 billion yen compared to a loss of 448.7 billion yen, prior year. Operating profit was 247.3 billion yen compared to a loss of 150.7 billion yen. Earnings per share was 55.07 yen, for the period. Consolidated net revenue was 8.42 trillion yen, compared to 7.86 trillion yen, previous year.

On a TSE report basis - China JV equity basis, the company expects fiscal 2022 net income of 150 billion yen, operating profit of 250 billion yen, and revenue of 10.00 trillion yen.

Nissan CEO Makoto Uchida said: "Fiscal year 2022 will be an important year as we move toward fiscal year 2023, the final year of Nissan NEXT. We will reassure the plan's target of a 5% operating margin in fiscal 2023."

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