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Annual Report
Year Ended March 31, 2004
2003
Nissan: Enriching people’s lives

Table of contents

  • Page 1
    Annual Report Year Ended March 31, 2004 2003 Nissan: Enriching people's lives

  • Page 2
    ... Notes to Consolidated Financial Statements Report of Independent Auditors Non-Consolidated Five-Year Summary *Our stakeholders include customers, shareholders, employees, dealers, suppliers, as well as the communities where we work and operate. The second year of NISSAN 180 continued the ongoing...

  • Page 3
    ... of U.S. dollars(Note 1) 2003 Mar. 31, 2004 Net sales Operating income Net income (loss) Net income (loss) per share(Note 2) Cash dividends paid(Note 3) Shareholders' equity(Note 4) Total assets(Note 4) Net consolidated automotive debt(Note 5) Number of employees ¥7,429,219 824,855 503,667 122.02...

  • Page 4
    ... of operating profit in our company history-Nissan maintained the top operating margin among global auto makers. The third number, and perhaps the most important: 21.3 percent return on invested capital. This level of return underscores our ongoing, disciplined approach to managing our business: On...

  • Page 5
    ...-year business plan. If the Nissan Revival Plan represented survival and NISSAN 180 started growth, then NISSAN Value-Up expresses our aim for indisputable performance leadership in the global automotive industry. With three critical commitments relating to growth, sustained profitability and return...

  • Page 6
    ...-year NISSAN 180 business plan completed, the results are unequivocal: Nissan is moving aggressively toward sustainable, profitable growth. In fiscal year 2003, the company has reported record earnings, and an operating profit margin that continues to lead the global automotive industry. NISSAN 180...

  • Page 7
    ... Operating Profit/Margin (Billion Yen/%) Global Retail Sales (Units: 1000s) 7,429.2 +8.8% 825 3,057 +10.4% 10.8 11.1% 7.9 4.8 1.4 '99 '00 '01 '02 '03 '99 '00 '01 '02 '03 '99 '00 '01 '02 '03 6,828.6 6,196.2 6,089.6 5,977.1 82 290 489 737 2,771 2,597 2,633 2,530 Nissan Annual Report...

  • Page 8
    ... profit of ¥846 billion • Net income of ¥510 billion • Capital expenditures will be ¥480 billion • ROIC will remain above 20 percent Growing Globally In fiscal year 2003, Nissan sales grew in every one of its main markets: Japan, North America, Europe; and in General Overseas Markets...

  • Page 9
    ... GOM*/Mexico Minivan Altima Compact Hatchback Full-size SUV Crossover SUV Luxury coupe Compact MPV Infiniti full-size SUV *General Overseas Markets US/Canada X-TRAIL* Pathfinder Frontier King Cab Frontier Crew Cab Xterra M45 *X-TRAIL: Canada only NISSAN 180 Sales Progress Toward NISSAN 180 Target...

  • Page 10
    ...three commitments: • To reach annual global sales of 4.2 million units by the end of fiscal year 2007; • To maintain the top-level operating profit margin in the automotive industry-requiring the achieving of double-digit figures; • To maintain a return on invested capital (ROIC) of 20 percent...

  • Page 11
    NISSAN Value-Up Sales Volume (Units: 1000s) Consolidated Operating Profit Margin 4,200 +820 11.1% 10% Top global automaker (double-digit) 10.8 7.9 4.8 1.4 NRP NISSAN 180 NISSAN Value-Up +783 '99 '00 '01 '02 '03 '04 '05 '06 '07 Return on Invested Capital 21.3% 20% At or above 20% ...

  • Page 12
    ...OF CREATING VALUE. TO ACCOMPLISH THIS, A PLAN TO ENSURE THE QUALITY OF MANAGEMENT WAS ESSENTIAL: THE NISSAN MANAGEMENT WAY. AN EFFICIENT PLAN THAT POINTS THE RIGHT DIRECTION; EFFECTIVE EXECUTION THAT ACHIEVES THE OBJECTIVES WITHOUT FAIL. Cross Functionality The Nissan Management Way is a program to...

  • Page 13
    ... the responsibility of management. The Company's organization and systems for internal control Nissan operates under the dual governance of a Board of Directors and a Board of Corporate Auditors, both based on the provisions of the Commercial Code of Japan. The Board of Directors is responsible for...

  • Page 14
    ... new customers to Nissan but help to ensure that their next purchase will also be a Nissan. Canton-Born: New Releases from Nissan's New Facility The opening of the Canton Plant in Mississippi during fiscal year 2003 marked an important milestone in Nissan's investments in the North American market...

  • Page 15
    ARMADA King Cab and Crew Cab models, was very successfully released into the market in 2003, and was largely conceived, developed, styled and engineered in North America and produce at the Canton Plant. It is a full-size vehicle; available in two- and four-wheel drive models, the Nissan Titan ...

  • Page 16
    ...-winning Murano crossover SUV. The Tiida, with the characteristics of a luxury sedan with the price and size of a compact, will first be launched in Japan and then in other overseas markets. Four other new models will bring the total to six launches for Japan. TIIDA 14 Nissan Annual Report 2003

  • Page 17
    ... of the SUV market when it was introduced in 1999. The new Xterra will be based on the rugged F-Alpha platform used in the Titan and Armada, with a new 4.0-liter V6 VQ engine. And the new Infiniti M45 will redefine both this popular, muscular luxury sedan, and the entire Infiniti line. It combines...

  • Page 18
    .... Concept cars: where Nissan designs step out, show their creativity and point the way to Nissan's future look: Qashqai The Qashqai is a compact crossover with an advanced electronic 4WD system-an Urban Nomad. It is the first complete design project from the new Nissan Design Europe center in...

  • Page 19
    ... Division Nissan Visual Identity System Japan Typography Almanac 2003 Grand Prix, Japan Typography Association Nissan Sign Design System SDA Outstanding Performance Award, Japan Sign Design Association Effis The Effis is designed to be the ideal commuter vehicle of the future; a fuel cell vehicle...

  • Page 20
    ... Motor Corporation, is investing RMB330 million (US$40 million, or ¥4.6 billion) in a new passenger vehicle R&D center in Guangzhou City. The center, which is expected to begin operations at the end of 2005, will focus on the localization of Dongfeng's models for China, and on making use of Nissan...

  • Page 21
    ... a sensor on the vehicle that can tell when the Intelligent Key is brought close to it. The engine can be turned on or off by a switch, without using the key. The Intelligent Key is now available on approximately one-third of all Nissan models, with an increasing number to be equipped in the future...

  • Page 22
    ... United States, including the Altima and Maxima sedans, 350Z sports car, Murano crossover SUV, Quest minivan, Pathfinder SUV, and the Infiniti I35 sedan, Infiniti G35 Sedan and Coupe and the Infiniti FX35 crossover SUV. Super Motor Compact Lithium-Ion Battery EFFIS 20 Nissan Annual Report 2003

  • Page 23
    ... automatic services, mobile phone and personal computer technologies; the driver can access real-time traffic and weather information, receive email, make hands-free telephone calls, inform others of the car's current location, and ask operators for navigation, search and request roadside assistance...

  • Page 24
    ... CARS SOLD IN THE JAPANESE MARKET ARE NOW CERTIFIED AS U-LEVS, WHILE THE BLUEBIRD SYLPHY IS THE FIRST-EVER SUPER ULTRA-LOW EMISSION VEHICLE (SU-LEV). NISSAN ALSO BEGAN SALES OF THE X-TRAIL FCV FUEL CELL VEHICLE IN DECEMBER, 2003. In January 2001, Nissan launched the Nissan Green Program 2005...

  • Page 25
    ... Motor Corporation, the Altima Hybrid is a new-generation hybrid vehicle that achieves the acceleration performance of V6 engines with higher fuel efficiency than compact cars. Nissan will further refine the vehicle based on this prototype, and start production of the 2007-year model of the Altima...

  • Page 26
    ... Brake Assist was developed to help reduce occupant injuries in rear-end collisions, which account for roughly 30 percent of all accidents in countries such as Japan and the US. Intelligent Brake Assist uses a laser radar sensor to measure the distance to the vehicle in front of the car as...

  • Page 27
    ... with local communities in an effort to eliminate traffic accidents. This nationwide event is held three times every year. Oppama Plant employees at a local preschool traffic safety event, part of the Nissan Hello Safety Campaign Active Head Restraint System Nissan Annual Report 2003 25

  • Page 28
    ... Report North America. The Report noted that the plant, located in Tennessee state and which produces the Altima, reached the figure of 15.74 labor hours per vehicle-the highest ever in the history of the Report. In a remarkable seventh year running, Nissan's Sunderland, UK plant was ranked number...

  • Page 29
    Strengthening Global Production The opening of the 3.5-million-square-foot, US$1.43-billion Canton, Mississippi plant marks a new phase for production at Nissan, adding significantly to attaining the NISSAN 180 commitment of one million new units annually. The plant not only opened on schedule but ...

  • Page 30
    ..., as well as a new 2.5-liter common rail diesel engine. This investment is part of Nissan's strategy to develop its Zona Franca plant in Barcelona as a 4x4 and light commercial vehicle hub. Dongfeng Motor Co., Ltd., founded in 2003 by Nissan and Dongfeng Motor Corporation of China, successfully...

  • Page 31
    ... supplier relations on a global basis. In fiscal year 2003, the share of purchasing for both companies handled by RNPO was boosted dramatically, rising from 43 percent of total global purchasing to fully 70 percent. This represents an increase in total value from US$21.5 billion 80 NISSAN 180 -15...

  • Page 32
    ... Tokyo, scheduled to open in summer 2005. Carest reflects Japan's increasing desire for comprehensive super-stores, and 3,600 3,057 the customer more closely to the Nissan brand. Helping to enhance the positive response and service is the Nissan Sales and Service Way (NSSW), a global initiative to...

  • Page 33
    ... sales network outside of North America. It will begin sales of five Infiniti models from mid-2005. In August 2003, Nissan established Nissan Motors Rus, a new Russian sales company in the country's growing auto market; operations began in January 2004. Japan dealership Nissan Annual Report...

  • Page 34
    ...-selling cars every month throughout the year. The Moco minicar, Nissan's entry model in this important US dealership 19.0 Murano and products from the new Canton Plant driving growth of 34.1 percent. The popularity of the Altima and Maxima helped to boost car sales by 6.5 percent. The Infiniti...

  • Page 35
    ... sedan will also be produced at Dongfeng Motor Co., Ltd., 755 672 *Including Canada marking a new stage both for Nissan and China's sedan car market. The investment in Dongfeng holds great promise for future growth in China's rapidly expanding passenger car and truck markets. Nissan Annual Report...

  • Page 36
    ... AWD version of the G35 sedan and QX56 full-size luxury SUV continuing to build on the legacy of Infiniti, Nissan decided to make Infiniti a global tier-one luxury brand. Nissan Korea will begin the process, with five Infiniti models to be introduced in the country in mid-calendar year 2005...

  • Page 37
    ... and expanding its car leasing and comprehensive fleet management services. North American Expansion Nissan Motor Acceptance Corporation (NMAC) continued to support the sales of NFS Customer Service Center, Japan Nissan and Infiniti products in the US Nissan sales financing companies around the...

  • Page 38
    CORPORATE CITIZENSHIP Investment in the Future NISSAN IS WORKING TO BE A TRUE MEMBER OF THE GLOBAL COMMUNITY, STRIVING TO CREATE VALUE FOR SOCIETY AS IT BECOMES A TRUSTED AND NEEDED COMPANY. THE COMPANY HAS FOR MANY YEARS ENGAGED IN ACTIVE PHILANTHROPIC ACTIVITIES, ESPECIALLY RELATED TO EDUCATION ...

  • Page 39
    ... a year in charitable contributions, in-kind donations and various sponsorships to support programs that promote education, the environment, humanitarian aid, safety and diversity. The Nissan Foundation also supports the company's goal of Investment in the Future by providing grants supporting its...

  • Page 40
    ...TWO COMPANIES HAVE RELEASED THE ALLIANCE VISION - DESTINATION. THE GOALS OF THE ALLIANCE AND THE GOALS OF NISSAN ARE NOT INDEPENDENT-BOTH ARE MOVING FIRMLY IN THE SAME DIRECTION. RENAULT IS IN THE SAME WAY. THE SAME TRANSLATION OF A HIGH LEVEL OF PERFORMANCE EXISTS FOR EACH PARTNER. THE OBJECTIVE OF...

  • Page 41
    ... in Bahrain begin. March: Production of the Nissan Xterra, the third model produced at the Curitiba LCV plant, begins. May: Establishment of a common working group to improve supply parts management for logistics. May: Sales of Renault vehicles through local Nissan sales network in Qatar begin. May...

  • Page 42
    ... V6 Nissan VQ engine. A V8 Infiniti Q45 engine is the powerplant for cars competing in the Infiniti Pro Series of Indy car races in the US. All-Japan GT Championship Much of Nissan's racing efforts involve vehicles which are in fact based on its production models. The All-Japan Grand Touring Car...

  • Page 43
    ... service of marine accessories and equipment, as well as marina operations. Responding to environmental issues, the company is expanding its activities in the recycling and renovation of used boats. LX Series Compact Pneumatic Tire model (AGRES Compact in Japan) Sun Cruise-22 Nissan Annual Report...

  • Page 44
    ... COMMITTEE MEMBERS Carlos Ghosn Itaru Koeda Norio Matsumura Nobuo Okubo Patrick Pélata Tadao Takahashi Alain-Pierre Raynaud Hiroto Saikawa Toshiyuki Shiga Patrick Pélata Tadao Takahashi Alain-Pierre Raynaud (As of June 23, 2004) Hiroto Saikawa Toshiyuki Shiga 42 Nissan Annual Report 2003

  • Page 45
    ...Affiliated Companies External & Government Affairs Norio Matsumura Japan Operations Global Marketing & Sales Global Aftersales Business Senior Vice Presidents Nobuo Okubo Research Technology & Engineering Development Cost Engineering Patrick Pélata European Operations Planning & Design LCV Business...

  • Page 46
    ...Insurance Inc...1.4 The Chase Manhattan Bank N.A. London ...1.2 Morgan Grenfel and Co. Limited 600...1.2 Moxley & Co...1.0 *1 Ratio of holding stock to total issued and outstanding stock. * Nissan Motor Co., Ltd. has held the treasury stock of 122,116 thousand shares (2.7%) 44 Nissan Annual Report...

  • Page 47
    ... yen and U.S. dollars. Number of shares outstanding as of March 31, 2004: 4,520,715,112. Notes: 3. Cash dividends during the full year by subsidiary companies to non-Nissan minority shareholders are not included. Notes: 4. Shareholders' equity and Total assets for fiscal years 1999 was restated in...

  • Page 48
    ... passenger car and truck markets. NET SALES Consolidated net revenues came to ¥7.429 trillion, up 8.8% from the prior year, mainly due to higher volume and mix. Movements in foreign exchange rates produced a negative impact of ¥111.6 '99 '00 '01 '02 '03 737 489 290 83 46 Nissan Annual Report...

  • Page 49
    ..., Mississippi plant. Impacts on Operating Profit Fiscal year 2003 (Billion yen) Purchasing cost 1,000 Operating Income by Region Fiscal years 2002-2003 (Billion yen) +183 Volume/ Mix 900 Foreign exchange +185 G&A Others -27.3 Japan 390.6 352.5 US (including Canada) Europe Other Markets...

  • Page 50
    ... hybrid and fuel cell vehicles. DEBT The objective of eliminating net automotive debt was achieved at the end of fiscal year 2002-two years before the end of the NISSAN 180 plan-at constant accounting standards. After returning the off-balance sheet investment in the new Canton Plant and liabilities...

  • Page 51
    ..., the sales financing companies, despite Nissan's strict risk management policies, have a high exposure to interest-rate risk, residual value risk, and credit risk, any one of which may adversely affect Nissan's results of operations. Counterparty Credit Risk Nissan does business with a variety...

  • Page 52
    ... Investment securities: Unconsolidated subsidiaries and affiliates Other Other assets Total investments and other assets Total assets 339,703 20,641 529,297 889,641 ¥7,859,856 236,404 30,642 392,746 659,792 ¥7,349,183 3,204,745 194,727 4,993,368 8,392,840 $74,149,585 50 Nissan Annual Report 2003

  • Page 53
    ...,116,426 shares in 2003 and 54,512,876 shares in 2002 Total shareholders' equity Commitments and contingencies (Note 17) (245,237) 2,023,994 Total liabilities and shareholders' equity See notes to consolidated financial statements. ¥7,859,856 ¥7,349,183 $74,149,585 Nissan Annual Report 2003...

  • Page 54
    ... 18) See notes to consolidated financial statements. 736,497 694,624 364,216 6,948,085 Current Deferred 113,185 85,513 198,698 (761) ¥ 495,165 87,446 (102,148) (14,702) (6,656) ¥ 372,262 1,299,481 766,934 2,066,415 (130,095) $ 4,751,575 (13,790) ¥ 503,667 52 Nissan Annual Report 2003

  • Page 55
    ... T Y Nissan Motor Co., Ltd. and Consolidated Subsidiaries Fiscal years 2003, 2002 and 2001 2003 For the years ended Mar. 31, 2004 Millions of yen 2002 Mar. 31, 2003 Mar. 31, 2002 2001 Thousands of U.S. dollars(Note 3) 2003 Mar. 31, 2004 Common stock Balance at beginning of the year (2003-4,520...

  • Page 56
    ...Retirement benefits paid Business restructuring costs paid Receivables Finance receivables Inventories Notes and accounts payable Other Subtotal Interest and dividends received Interest paid Income taxes paid Net cash provided by operating activities Investing activities (Increase) decrease in short...

  • Page 57
    ... as operating leases and relating payments are charged to income as incurred. See Note 2(c). (i) Retirement benefits Accrued retirement benefits for employees have been provided mainly at an amount calculated based on the retirement benefit obligation and the fair value of the pension plan assets as...

  • Page 58
    ... sum of future cash flows of the asset. The Company is currently assessing the impact of this new accounting standard on its financial position and operating results. 2. ACCOUNTING CHANGES (a) Until the year ended March 31, 2003, finished goods, work in process and purchased parts included in...

  • Page 59
    ... customers on loans made by financing subsidiaries in connection with sales of automobiles. 5. INVENTORIES Inventories at March 31, 2004 and 2003 were as follows: Millions of yen 2003 2002 Mar. 31, 2004 Thousands of U.S. dollars 2003 Mar. 31, 2004 As of Mar. 31, 2003 Finished products...Work...

  • Page 60
    ...Loans, principally from banks ...Commercial paper ...Current portion of long-term debt ...Current portion of lease obligation ... ¥ 311,928 38,000 1,010,870 50,464 ¥1,411,262 ¥ 436,897 132,034 746,291 - ¥1,315,222 $ 2,942,717 358,491 9,536,509 476,075 $13,313,792 58 Nissan Annual Report 2003

  • Page 61
    ...which include stock splits. A sufficient number of shares of common stock is reserved for the exercise of all warrants. The maturities of long-term debt except for lease obligation are summarized as follows: Year ending Mar. 31, Millions of yen Thousands of U.S. dollars 2005 ...2006 ...2007 ...2008...

  • Page 62
    ... ($14,972 thousand) for the year ended March 31, 2004. The pension assets to be transferred were calculated at ¥35,770 million ($337,453 thousand) for the domestic consolidated subsidiaries at March 31, 2004 and ¥241,203 million for the Company at March 31, 2003. 60 Nissan Annual Report 2003

  • Page 63
    ... paid-in capital nor the legal reserve is available for dividends, but both may be used to reduce or eliminate a deficit by resolution of the shareholders or may be transferred to common stock by resolution of the Board of Directors. The Code also provides that if the total amount of additional paid...

  • Page 64
    ... sales of investment securities ...(7,113) Foreign exchange gain (loss)...16,444 Amortization of net retirement benefit obligation at transition ...(13,936) Gain (loss) on return of the substitutional portion of welfare pension fund plans(Note 9) ...5,594 Loss on restructuring of European operations...

  • Page 65
    .... 31, 2003 Deferred tax assets:...Net operating loss carryforwards ...Â¥ 40,150 Accrued retirement benefits ...162,926 Accrued warranty costs ...44,381 Other ...299,344 Gross deferred tax assets...Valuation allowance ...Total deferred tax assets ...Deferred tax liabilities:...Reserves under Special...

  • Page 66
    .... Future minimum lease payments subsequent to March 31, 2004 on noncancelable operating leases are summarized as follows: Thousands of U.S. dollars Year ending Mar. 31, Millions of yen 2005 ...2006 and thereafter ...Total ... ¥ 5,188 17,921 ¥23,109 $ 48,943 169,066 $218,009 64 Nissan Annual...

  • Page 67
    ... The following amounts represent the acquisition costs, accumulated depreciation and net book value of the leased assets relating to finance leases accounted for as operating leases at March 31, 2003: Fiscal year 2002 (As of Mar. 31, 2003) Acquisition costs Millions of yen Accumulated depreciation...

  • Page 68
    ... to the shareholders and the number of shares of common stock outstanding at the year end. Cash dividends per share represent the cash dividends proposed by the Board of Directors as applicable to the respective years together with the interim cash dividends paid. 66 Nissan Annual Report 2003

  • Page 69
    ... their carrying value: Government bonds ...Corporate bonds ...Subtotal...Securities whose carrying value exceeds their fair value: Other bonds ...Subtotal...Total... ¥ 60 313 ¥ 61 336 ¥ 1 23 ¥24 ¥ 0 ¥ 0 ¥24 ¥ 373 ¥3,068 ¥3,068 ¥3,441 ¥ 397 ¥3,068 ¥3,068 ¥3,465 Marketable other...

  • Page 70
    ...Due year through years through after five years ten years ten years Fiscal year 2003 (As of Mar. 31, 2004) Government bonds ...Corporate bonds ...Total ... ¥ 20 106 ¥126 ¥ 0 90 ¥90 ¥ 0 53 ¥53 ¥0 0 ¥0 $ 189 1,000 $1,189 $ 0 849 $849 $ 0 500 $500 $0 0 $0 68 Nissan Annual Report 2003

  • Page 71
    ... and regulations. The Company's Legal Department and Finance Department make every effort to minimize legal risk by reviewing any new agreements of significance and by reviewing the related documents in a centralized way. Risk Management All strategies to manage financial market risk and risk hedge...

  • Page 72
    ... and currency swaps presented above exclude those entered into to hedge receivables and payables denominated in foreign currencies which have been translated and are reflected at their corresponding contracted rates in the accompanying consolidated balance sheets. 70 Nissan Annual Report 2003

  • Page 73
    ... Fair Unrealized amount value gain (loss) Fiscal year 2003 (As of Mar. 31, 2004) Interest rate swaps: Receive/floating and pay/fixed ...Receive/fixed and pay/floating ...Receive/floating and pay/floating ...Options: Caps sold...(Premium)...Caps purchased ...(Premium)...Total ... ¥187,454 186...

  • Page 74
    ... Japan and overseas, principally in North America and Europe, include passenger cars, buses and trucks as well as the related components. Financial services include primarily leases and credits principally in Japan and North America. Business segments The business segment information for the Company...

  • Page 75
    ...2003, the Company and its domestic consolidated subsidiaries changed their method of accounting for noncancelable lease transactions which transfer substantially all risks and rewards associated with the ownership of assets, from accounting for them as operating leases, to finance leases. The effect...

  • Page 76
    ... set forth the summarized financial statements by business segment for the years ended March 31, 2004, 2003 and 2002. Amounts for the sales financing segment represent the aggregate of the figures for the sales financing subsidiaries in Japan, the United States, Canada and Mexico. Amounts for the...

  • Page 77
    ...2,245,967 Property, plant and equipment, net ...2,223,124 766,210 Investment securities ...256,515 10,531 Other assets ...311,542 81,204 Total assets ...¥4,245,271 ¥3,103,912 Short-term borrowings and current portion of long-term debt ...¥ (653,588) ¥1,968,810 Notes and accounts payable ...1,015...

  • Page 78
    ...,054 890,736 1,067,790 Internal loans to sales financing companies ...- - - Long-term borrowings per the balance sheet ...177,054 890,736 1,067,790 Lease obligation...Total interest bearing debt ...Cash and cash equivalents ...Net interest bearing debt...Debt for Canton Plant included in the above...

  • Page 79
    ...Fiscal year 2003 (For the year ended Mar. 31, 2004) Net sales...Cost of sales ...Gross profit ...Operating income...Operating income as a percentage of net sales ...Net financial cost ...Income before income taxes and minority interests ...Net income ...Total net financial cost ...Interest on lease...

  • Page 80
    ... including shares of subsidiaries ...Proceeds from sales of property, plant and equipment ...Purchases of fixed assets...Purchases of leased vehicles ...Proceeds from sales of leases vehicles ...Others ...Net cash used in investing activities ...Financing activities (Decrease) increase in short-term...

  • Page 81
    ...) in finance receivables ...Others ...Net cash provided by (used in) operating activities ...Investing activities Proceeds from sales of investment securities including shares of subsidiaries ...Proceeds from sales of property, plant and equipment ...Purchases of fixed assets ...Purchases of leased...

  • Page 82
    ...) in finance receivables ...Others ...Net cash provided by (used in) operating activities ...Investing activities Proceeds from sales of investment securities including shares of subsidiaries ...Proceeds from sales of property, plant and equipment ...Purchases of fixed assets ...Purchases of leased...

  • Page 83
    ...: Fiscal year 2003 (For the year ended Mar. 31, 2004) Other foreign Europe countries Total Eliminations Millions of yen Japan North America Consolidated Sales to third parties ...Inter-area sales and transfers .. Total sales...Operating expenses ...Operating income ...Total assets ... ¥2,559...

  • Page 84
    ...028 Japan North America Fiscal year 2001 (For the year ended Mar. 31, 2002) Other foreign Europe countries Total Eliminations Millions of yen Consolidated Sales to third parties ...Inter-area sales and transfers ...Total sales ...Operating expenses ...Operating income ...Total assets... ¥2,370...

  • Page 85
    ... 280-21 of the Commercial Code of Japan and a resolution approved at the annual general meeting of the shareholders held on June 19, 2003, the Board of Directors of the Company resolved on April 7, 2004 to grant stock subscription rights free of charge to certain employees of the Company and certain...

  • Page 86
    ... balance sheets of Nissan Motor Co., Ltd. and consolidated subsidiaries as of March 31, 2004 and 2003, and the related consolidated statements of income, shareholders' equity, and cash flows for each of the three years in the period ended March 31, 2004, all expressed in yen. These financial...

  • Page 87
    ... dollars(Note 1) (except per share amounts) 2003 Mar. 31, 2004 Net sales Operating income Net income (loss) Net income (loss) per share(Note 2) Cash dividends paid(Note 3-4) Shareholders' equity Total assets Long-term debt Depreciation and amortization Number of employees ¥3,480,290 245,836 80...

  • Page 88
    ...Corporation Nissan Technical Center North America, Inc. Nissan Motor Insurance Corporation Nissan Forklift Co., North America Canada Nissan Canada, Inc. Nissan Canada Finance Inc. Tokyo Nagoya, Aichi Tokyo Tokyo Osaka Yokohama, Kanagawa Finance and accounting support Sales of automobiles and parts...

  • Page 89
    ...) Ltd. Hong Kong Automobile sales HK$16 100.00 Dubai, UAE Automobile sales Dh2 100.00 Rosslyn Managing South African subsidiaries; automobile manufacturing and sales R39 99.40 Other consolidated subsidiaries Total consolidated subsidiaries 143 companies 186 companies Nissan Annual Report 2003 87

  • Page 90
    ... and affiliates accounted for by the equity method as of Mar. 31, 2004 Company Location Principal Business Capital (millions) Nissan share*(%) Japan Calsonic Kansei Corporation Nissan Diesel Motor Co., Ltd. Kinugawa Rubber Industrial Co., Ltd. China Dongfeng Motor Co., Ltd. Taiwan Yulon Nissan...

  • Page 91
    ... JAPAN Nissan Motor Co., Ltd. Corporate Media Relations Global Communications and Investor Relations Division 17-1, Ginza 6-chome, Chuo-ku Tokyo 104-8023, Japan phone: +81(0)3-5565-2141 fax: +81(0)3-3546-2669 NORTH AMERICA Nissan North America, Inc. Corporate Communications 18501 South Figueroa...

  • Page 92
    2004-07-12000 Printed in Japan