Nissan 2004 Annual Report Download - page 2

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The second year of NISSAN 180 continued the ongoing
string of successes already seen in 2002: operating profit
rose by 11.9 percent over the previous year, to a record
¥825 billion. This is approximately ten times the operating
profit reported just four years ago. Net automotive debt is
well below forecast at ¥13.6 billion, while the target of 20
percent return on invested capital has been surpassed,
reaching a record 21.3 percent.
As it moves into the final year of the three-year NIS-
SAN 180 business plan, Nissan is firmly moving forward to
sustained, profitable growth. Ahead lies new challenges,
and the continued growth of the coming business plan
NISSAN Value-Up, which will continue to build on Nissan’s
increased strength around the globe.
All the while remembering the Nissan corporate vision of
“Enriching people’s lives.”
Vision
Nissan: Enriching people’s lives
Mission
Nissan provides unique and innovative automotive
products and services that deliver superior measurable
values to all stakeholders* in alliance with Renault.
*Our stakeholders include customers, shareholders, employees, dealers,
suppliers, as well as the communities where we work and operate.
This Annual Report contains forward-looking statements on Nissan’s future
plans and targets, and related operating investment, product planning and
production targets. Please note that there can be no assurance that these
targets and plans will actually be achieved. Achieving them will depend on
many factors, including not only Nissan’s activities and development, but on
the dynamics of the automobile industry worldwide and the global economy.
CONTENTS
1Financial Highlights
2Letter from the President and CEO
4Business Overview:
The Realization of Sustainable, Profitable Growth
10 Nissan Management Way: A Focus on Performance
12 Products: A Big Lineup
16 Design: Building the Brand with World-Leading Design
18 Technology: R&D Investment in the Future
22 Environment: Ongoing Environmental Protection
24 Safety: A Commitment to Greater Safety
26 Manufacturing: The Productivity Leader—Positively
29 Purchasing: World-Class Cost Performance
30 Marketing and Sales: Closer Ties to the Customer
35 Sales Financing: Integrated, Comprehensive Services
36 Corporate Citizenship: Investment in the Future
38 Alliance with Renault: Reinforcing the Ambitions
40 Motorsports: Putting Technology on the Line
41 Industrial Machinery and Marine Business: Drawing on Core Skills
42 Executives
44 Corporate Data
45 Financial Section
45 Consolidated Five-Year Summary
46 Financial Review
50 Consolidated Balance Sheets
52 Consolidated Statements of Income
53 Consolidated Statements of Shareholders’ Equity
54 Consolidated Statements of Cash Flows
55 Notes to Consolidated Financial Statements
84 Report of Independent Auditors
85 Non-Consolidated Five-Year Summary
86 Subsidiaries and Affiliates
On the cover: The full-size TITAN KING CAB