YOKOHAMA, Japan (28-05-2020) – Nissan Motor Co., Ltd. today announced financial results for the 12-month period ended March 31, 2020.

The global COVID-19 pandemic substantially impacted Nissan’s production, sales and other business activities in all regions. The impact is reflected in Nissan’s financial results for fiscal year 2019.

In fiscal year 2019, consolidated net revenue declined to 9.8789 trillion yen, resulting in an operating loss of 40.5 billion yen (Rs. 2837 crore) and a net loss1 of 671.2 billion yen (Rs. 47,029 crore). This includes costs associated with restructuring and impairments by 603.0 billion yen (Rs. 42,251 crore) as Nissan focused on operational and efficiency improvements to transform the business. Free cash flow for the automotive business was a negative 641.0 billion yen.

Nissan maintains sufficient liquidity to steer through this challenging business environment. At year-end, cash and cash equivalents for the automotive business totaled 1.4946 trillion yen. Automotive net cash was 1.0646 trillion yen. In addition, the company continues to have access to approximately 1.3 trillion yen in unused committed credit facilities. In response to the COVID-19 pandemic, Nissan raised an additional 712.6 billion in funding between April and May.

Full-year financial results

The following table summarizes Nissan’s financial results for the 12-month period ended March 31, 2020, calculated under the equity accounting method for the group’s China joint venture.

(TSE report basis – China JV equity basis)2

Yen in billions

FY 2018

FY 2019

% change





Operating profit



Operating margin %



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Ordinary profit




Net income1



Based on average foreign exchange rates of JPY 108.7/USD and JPY 120.8/EUR for FY2019

On a management pro forma basis, which includes the proportionate consolidation of results from Nissan’s joint venture operation in China, operating profit was 116.7 billion yen, which equates to a 1.0% operating margin, and net loss was 671.2 billion yen.

Overall market demand decreased amid the current global environment, which has resulted in a slowdown in global total industry volume (TIV).

In fiscal year 2019, the global TIV fell by 6.9% to 85.73 million units. Nissan’s sales dropped 10.6% to 4.93 million units, and market share maintained 5.8% as per previous forecast.

2020 Outlook

For fiscal year 2020, Nissan anticipates the global TIV to decline by approximately 15 to 20% compared with the previous year due to the COVID-19 pandemic. Nissan’s management continues to evaluate the impact of the pandemic on our operations and will issue the fiscal year 2020 forecast when a reasonably calculated outlook is available.

1 Net income or net loss attributable to owners of the parent
2 Since the beginning of fiscal year 2013, Nissan has reported figures calculated under the equity method accounting for its joint venture with Dong Feng in China. Although net income reporting remains unchanged under this accounting method, the equity-accounting income statements no longer include Dong-Feng-Nissan’s results in revenues and operating profit