Shareholders of Nissan Motor Co voted yesterday to approve all management proposals at the 117th Ordinary General Meeting of Shareholders, signaling their support for the company's ongoing Power 88 mid-term strategy.
The shareholder votes followed statements by the president and CEO Carlos Ghosn and Hiroto Saikawa, chief competitive officer, which highlighted the company's performance during the past fiscal year and reaffirmed the financial outlook for fiscal 2016.
Providing a business review for shareholders, Saikawa said that Nissan has made continued progress on its mid-term business plan, enhanced operational efficiency and delivered solid financial results in fiscal 2015. He also highlighted growth in global sales volumes, reaching a new record of 5.43 million units amid strong demand in North America and a continued recovery in Western Europe.
Ghosn said the company is on track to deliver further growth in fiscal 2016. "Our business strategy is clear and effective. We have started this fiscal year in a position of strength, and we are poised to deliver further value to our shareholders," he said.
As previously disclosed, Nissan expects net revenues to be approximately 11.8 trillion yen for the 12 months ending March 31st, 2017. Operating profit is targeted to reach 710 billion yen and net income is expected to increase to 525 billion yen.
Ghosn identified three priority areas for Nissan as it executes on its comprehensive global strategy:
1. Delivering high-quality, innovative new products and breakthrough technologies;
2. Enhancing visibility of products and brands to customers worldwide; and
3. Strengthening the Renault-Nissan Alliance through greater convergence, and driving additional synergies
The CEO restated that total shareholder returns would be enhanced by the buy-back of 300 million shares or up to 400 billion yen throughout this year. A 14.3% increase in dividends payments to 48 yen per share has been forecast for FY16, reflecting the company's expectations for continued profitability and solid free cash flow.
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