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Annual Report 2007
Nissan: Enriching People’s Lives
Year Ended March 31, 2007

Table of contents

  • Page 1
    Annual Report 2007 Year Ended March 31, 2007 Nissan: Enriching People's Lives

  • Page 2
    ...Reports 20 Regional Action Japan North America Europe General Overseas Markets 22 24 26 28 Sustainability Report http: //www.nissan-global.com/EN/ COMPANY/CSR/LIBRARY/SR/ Annual Report http: //www.nissan-global.com/EN/ IR/LIBRARY/AR/ 32 Investment for the Future Technology India 34 38 Profile...

  • Page 3
    ... shares outstanding as of March 31, 2007: 4,520,715,112. 3. Cash dividends during the full year by subsidiary companies to non-Nissan minority shareholders are not included. 4. Effective April 1, 2006, the Company adopted a new accounting standard for presentation of net assets in the balance sheet...

  • Page 4
    ... offset by our heavy investments for the future. In order to re-boost our profitability, we have implemented several measures in Japan, U.S., Europe, and South Africa to address various issues including production capacity, dealer networks, and human resources. Yet, it is important to understand how...

  • Page 5
    ... financial results, this is an engine of our profitable growth for the future. There is a direct correlation between customer satisfaction and profits. But sustaining profits means preparing for the future today. We are investing massively, especially in R&D. Since 1999, our annual R&D expenditures...

  • Page 6
    ...in its performance. But it should learn from past mistakes and never make them twice; this behavior is part of Nissan's DNA. We are committed to gaining the trust of the market and delivering superior performance. Carlos Ghosn President and Chief Executive Officer 4 Nissan Annual Report 2006-2007

  • Page 7
    ... Tavares EXECUTIVE COMMITTEE MEMBERS Carlos Ghosn Toshiyuki Shiga Itaru Koeda Hiroto Saikawa Mitsuhiko Yamashita Carlos Tavares Hidetoshi Imazu Junichi Endo Colin Dodge Hidetoshi Imazu Junichi Endo Colin Dodge EXECUTIVE COMMITTEE MEMBERS (As of June 20, 2007) Nissan Annual Report 2006-2007 5

  • Page 8
    ... between Renault and Nissan. To make the Alliance thrive, Nissan and Renault concentrate solely on opportunities with the potential to benefit both partners. One example is shared sales financing services in various markets, including Europe. If a project is not mutually advantageous, we...

  • Page 9
    ...with the Nissan Value-Up business plan, it is our most potent management tool. What does cross-functionality mean in everyday terms? The easiest way to understand the concept is to look at our cross-functional teams, or CFTs. A CFT is a group of Nissan employees formed from various regions, cultures...

  • Page 10
    ..., INTEGRAL TO OUR CARS AND HOW WE CREATE THEM. FROM ENTRY-LEVEL VEHICLES TO OUR TIER 1 LUXURY BRAND, INFINITI, SINGULAR PERFORMANCE IS A GIVEN. NISSAN'S PROFITABLE, COST-COMPETITIVE NATURE REFLECTS THAT, BRINGING US MORE CUSTOMERS WHO RECOGNIZE AND VALUE QUALITY. 8 Nissan Annual Report 2006-2007

  • Page 11
    PERFORMANCE » Performance Nissan Annual Report 2006-2007 9

  • Page 12
    ... Value-Up commitments Nissan Value-Up features three commitments: • To maintain the top level of operating profit margin among global automakers for each of the three years of the plan • To achieve global sales of 4.2 million units in fiscal 2008 • To achieve a 20 percent return on invested...

  • Page 13
    ... Operating Profit Margin Global Sales Volume (Units: 1000s) Return on Invested Capital (Auto) FY05 FY06 9.2% 7.4% FY05 FY06 3,569 3,483 FY05 FY06 ROIC (auto) = 19.4% 15.3% COP [Fixed assets + net working capital] * Same scope of consolidation as P&L Nissan Annual Report 2006-2007 11

  • Page 14
    ... have a new leadership team; with an Executive Committee expanded from seven to nine members to better cover our business priorities. We have also taken a number of business initiatives to improve profitability: • In Japan, we are restructuring our dealer network to focus more on the customer with...

  • Page 15
    ...Markets U.S. Altima Coupe G37 Coupe Rogue Infiniti EX Murano Global Retail Sales Volume (Units: 1000s) 3,700 +6.2% Retail Sales by Region (Units: 1000s) Japan 700 -5.4% U.S. 1,100 +6.3% Europe...013 540 541 544 1,168 1,111 983 *1 Including Mexico and Canada Nissan Annual Report 2006-2007 13

  • Page 16
    ...Together, we are building a plant in Chennai that will open in 2009, with a planned capacity of 400,000 units. In China, since 2003, we have invested $1.6 billion in our partnership with Dongfeng, with recent investments in a new engine plant and a new R&D center. 14 Nissan Annual Report 2006-2007

  • Page 17
    ... Nissan Value-Up we will pursue four major breakthroughs: Infiniti Global Top Tier Brand Light Commercial Vehicles (LCVs) (Thousand units) 500 (% of consolidated operating margin) 490 >8.0% 401 10 Russia '06 400 8 Europe '08 Middle East Ukraine '07 China '07 Korea '05 Taiwan North America...

  • Page 18
    ...PLAN "NISSAN VALUE-UP" COMPLETELY. In order to increase transparency and consistency, we have harmonized calendar year results for overseas subsidiaries, such as Europe and Mexico, with fiscal year results for Nissan Motor Co., Ltd. With the exception of some countries where fiscalperiod accounting...

  • Page 19
    ...consolidated companies that Nissan does not own outright, such as Calsonic Kansei, Aichi Kikai and Nissan Shatai, amounted to ¥24.5 billion. Net income reached ¥460.8 billion, versus ¥518.1 billion in fiscal 2005. FINANCIAL POSITION Balance sheet In fiscal 2006, Nissan's total consolidated assets...

  • Page 20
    ... general meeting of shareholders on June 20, 2007, the company proposed increasing its dividend to ¥34 per share in fiscal 2006, which was an increase from ¥29 in 2005. And we will maintain the dividend payment plan of ¥40 per share at the end of Nissan Value-Up in March 2008. Return on invested...

  • Page 21
    ... the IR team can manage market expectations about Nissan in order to maintain share price close to an intrinsic value. The other measure, volatility, is used to measure the risk perceived by investors in Nissan's stock. If Nissan can successfully reduce volatility, the minimum return required by...

  • Page 22
    ... IN THIS PURSUIT QUICKENS AND OUR LINEUP GAINS BRIGHT NEW FACETS, WE REALIZE THAT ONLY FOCUSED EXPANSION MAKES SENSE. THAT IS WHY, REGION BY REGION AND CUSTOMER BY CUSTOMER, NISSAN CONTINUES TO FLOURISH IN BOTH ESTABLISHED MARKETS AND FARFLUNG NEW TERRITORIES. Re 20 Nissan Annual Report 2006-2007

  • Page 23
    REGIONAL ACTION » gional Action Nissan Annual Report 2006-2007 21

  • Page 24
    ... activities to improve the cost structure of our sales companies. At the same time, we are committed to supporting the sales staff with better tools and methods. Maintaining stable sales and higher production in Japan is crucial for us to secure our competitiveness as a global manufacturing company...

  • Page 25
    ... Project (Optimize domestic outlet placement and investment) Low-cost operation Reduce indirect costs by leveraging our Business Center (BC) Shared Service Center (SSC) Unique outlets, Frontline innovations, Better area marketing Dualis Skyline Serena Nissan Annual Report 2006-2007 23

  • Page 26
    ...date, we were right. In two years, the U.S. market will have lost close to a million units. The introduction of our new small car, the Versa, was well timed as fuel prices are climbing. This product answers the needs of the marketplace, although admittedly the margins for that segment aren't as high...

  • Page 27
    ... moved its corporate headquarter in 2006 to Nashville, Tennessee. Customers see one product at the end of a complex design, manufacturing and sales process. For the customer to get the best product at the most competitive cost, NNA must operate as one team. Moving the sales, marketing, finance and...

  • Page 28
    ... sales staff in the stores, a higher quality and wider range of services for the customer and much better locations. In the four Nordic territories-Norway, Denmark, Sweden and Finland-we established a new regional business unit to replace previous importers, and restructured the dealer network...

  • Page 29
    ...people's perception of Nissan. The Qashqai is already picking up awards. For instance, it recently scored the maximum five stars in the European New Car Assessment Programme (Euro NCAP) adult occupant safety test. New X-TRAIL Navara Infiniti FX launch in Russia Nissan Annual Report 2006-2007 27

  • Page 30
    ... and Dongfeng Motor Co. Ltd. We were establishing the production site and the new management method, as well as our new sales network. We are now developing a secondgeneration three-year business plan for 2008 to 2010 based on that foundation. It is essential for 28 Nissan Annual Report 2006-2007

  • Page 31
    ... market to invest in offering new products here, and in the sales networks and services and so on. Many manufacturers are developing new services for customers. If we don't do the same, our sales volumes and customer support will shrink. In fiscal 2007 we have a target of 300,000 units for Nissan...

  • Page 32
    ... make a positive difference, giving us the cost benefits of the Renault-Nissan global sourcing network. Fiscal 2007 is shaping up nicely. This past January in Thailand we introduced a completely new truck, the Frontier Navara. It's doing extremely well- we've gotten lots of "conquest" sales, meaning...

  • Page 33
    ...also received four gold awards in South Africa for sales and service quality-one in every customer satisfaction category. The company is clearly investing more to secure growth. Last year we announced a 150 million dollars investment to introduce a full new product lineup in Brazil and Argentina. We...

  • Page 34
    ... R&D CENTER TO FOCUS OUR CREATIVE ENERGIES. WE ARE ALSO INVESTING BILLIONS IN PRODUCTION CAPACITY ABROAD, INCLUDING NEW PLANTS IN INDIA AND RUSSIA. DETERMINED TO BE A GLOBAL FORCE WITH A LOCAL PRESENCE, WE REGULARLY SOURCE PARTS AND SERVICES WHERE WE DO BUSINESS. Investment 32 Nissan Annual Report...

  • Page 35
    INVESTMENT FOR THE FUTURE » for the Future Nissan Annual Report 2006-2007 33

  • Page 36
    ... as hybrid and plug-in hybrid cars, fuel-cell vehicles and electric vehicles. During fiscal 2007, we will introduce an engine to world markets that incorporates our VVEL or Variable Valve Event & Lift system. VVEL optimizes valve timing and lift, which results in more efficient airflow through the...

  • Page 37
    ... clean diesel cars that satisfy the Post New Long-Term Emissions Regulations in Japan, Tier2 BIN5 in North America, Euro5 in Europe, and their equivalents. In North America, we will be launching a Nissan Maxima in 2010 powered by a clean-diesel engine co-developed by Nissan and Renault. In the...

  • Page 38
    ... in Japan until 2010. Our plan is to introduce a production version to the market in the early part of the decade, beginning in Japan. The three core technologies for any electrically powered vehicle are the motor, battery and inverter. To achieve the objective of the Nissan Green Program 2010 plan...

  • Page 39
    ... more value for our customers through developments in the four technological areas mentioned, and we believe this will in turn create greater value for our shareholders. SU-LEV clean diesel Passenger seat alcohol odor sensor in the anti drink-driving concept car Nissan Annual Report 2006-2007 37

  • Page 40
    ... units annually by 2011. While India isn't the most competitive market in terms of number of players, it is perhaps the world's most price-competitive one. It's a very protected market, and highly strategic because of this huge country's potential. Due to the high import taxes, you cannot import...

  • Page 41
    ...'ll be out for everything between ten and twenty thousand dollars. India is a similar game. Delhi Mumbai Nissan Motor India HQ Chennai The new production site in 2009 The signing of MOU with Mahindra & Mahindra, Renault and Nissan Geographic expansion - India Nissan Annual Report 2006-2007 39

  • Page 42
    » FINANCIAL SECTION FINANCIAL SECTION Financial Section 40 Nissan Annual Report 2006-2007

  • Page 43
    ... Summary Business and Other Risks Corporate Governance Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statement of Changes in Net Assets Consolidated Statements of Shareholders' Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Report...

  • Page 44
    ... Global unit sales (wholesale) Japan North America (Notes 1 and 2) Europe (Note 2) Others Notes; 1. Unit sales in Mexico are included in "North America". 2. In the annual reports for the fiscal year 2006, Sales and Production for Europe and Mexico are on January 2006 to March 2007. (In the annual...

  • Page 45
    ... have a significant effect on the Group's financial position and results of operations. (2) Risks Involved in International Activities and Overseas Expansion The Group's manufacturing and marketing activities outside Japan are conducted in the United States, Europe, and general overseas regions. The...

  • Page 46
    ... profitability and a sound and stable financial condition through strict risk management policies. However, the sales financing companies have a high exposure to interest-rate risk, residual value risk, and credit risk, any one of which may adversely affect the Group's financial position and results...

  • Page 47
    ... the status of its internal control systems (1) The Company's organization The Company's Board of Directors makes decisions on important business operations and supervises the execution of duties by the respective Directors. According to a resolution at the 108th annual meeting of shareholders held...

  • Page 48
    ...to the Company, report that directly to the Corporate Auditors. c. The Directors and the employees, whenever asked by the Corporate Auditors to report on the status of business activities, respond expeditiously. d. The Internal Audit Office delivers periodic reports on its audit plans and results to...

  • Page 49
    ... of returning profit to shareholders in a flexible manner. (9) Decision-making organization with respect to acquisition of own shares The Company stipulates in the Articles of Incorporation that the Company may, by resolution of the Board of Directors, acquire its own shares through market trading...

  • Page 50
    ...: Unconsolidated subsidiaries and affiliates Other Other assets Total investments and other assets 362,407 23,805 645,922 1,032,134 ¥12,402,208 351,667 51,719 616,978 1,020,364 ¥11,481,426 3,071,246 201,737 5,473,915 8,746,898 $105,103,458 Total assets 48 Nissan Annual Report 2006-2007

  • Page 51
    ...,136 (249,153) 3,087,983 ¥11,481,426 Less treasury stock, at cost; 422,762,529 shares in 2005 Total shareholders' equity Commitments and contingencies (Note 17) Total liabilities and shareholders' equity See notes to consolidated financial statements. - Nissan Annual Report 2006-2007 49

  • Page 52
    ...,162 809,041 793,233 Income taxes (Note 13): Current Deferred 274,463 (20,055) 254,408 (36,583) ¥ 518,050 179,226 78,837 258,063 (22,889) ¥ 512,281 Minority interests Net income (Note 18) (24,474) ¥ 460,796 See notes to consolidated financial statements. 50 Nissan Annual Report 2006-2007

  • Page 53
    ...stock stock merger dation method equity FY2006 2006 Mar. 31, 2007 ReclasAs sification previously (Note 2 As reported (d)) restated Net income Common stock Capital surplus Retained earnings Unrealized holding gain on securities Translation adjustments Treasury stock (Note 10) * Total shareholders...

  • Page 54
    ... 10) * Total shareholders' equity Unrealized holding gain on securities Unrealized gain from hedging instruments Adjustment for revaluation of the accounts of the consolidated subsidiaries based on general price level accounting Land revaluation of foreign subsidiaries Unfunded retirement benefit...

  • Page 55
    ... stock Balance at beginning of the year Net change during the year Balance at end of the year Total shareholders' equity See notes to consolidated financial statements. ¥ (266,889) 17,736 ¥ (249,153) ¥3,087,983 ¥ (245,237) (21,652) ¥ (266,889) ¥2,465,750 Nissan Annual Report 2006-2007...

  • Page 56
    ... Proceeds from sales of investment securities Long-term loans made Collection of long-term loans receivable Purchases of fixed assets Proceeds from sales of property, plant and equipment Purchases of leased vehicles Proceeds from sales of leased vehicles Purchase of subsidiaries' shares resulting in...

  • Page 57
    ... to income as incurred. (i) Retirement benefits Accrued retirement benefits and prepaid pension cost for employees have been recorded mainly at the amount calculated based on the retirement benefit obligation and the fair value of the pension plan assets as of balance sheet date, as adjusted for...

  • Page 58
    ... are carried at fair value. This change was made as a result of the implementation of a newly modified internal operating system with respect to forward foreign exchange contracts in order to achieve a better presentation of gain or loss related to open derivatives positions. The effect of this...

  • Page 59
    ...514,161 6. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment at March 31, 2007 and 2006 is summarized as follows: Millions of yen 2006 2005 Thousands of U.S. dollars 2006 Mar. 31, 2007 As of Mar. 31, 2007 Mar. 31, 2006 Land...Â¥ 733,651 Buildings and structures ...1,531,902 Machinery...

  • Page 60
    ... FINANCIAL SECTION The following table set forth the acquisition costs and related accumulated amortization of assets recorded under finance leases included in the above balances: Millions of yen 2006 2005 Mar. 31, 2007 Thousands of U.S. dollars 2006 Mar. 31, 2007 As of Mar. 31, 2006 Buildings...

  • Page 61
    ... Millions of yen Thousands of U.S. dollars Receivables ...¥1,378,786 Property, plant and equipment, at net book value ...1,057,988 Other assets ...445 ...¥2,437,219 $11,684,627 8,966,000 3,771 $20,654,398 In addition to the above, at March 31, 2007, finance receivables of ¥55,066 million ($466...

  • Page 62
    ... from the obligation for benefits related to future employee services and for the return of the past benefit obligation and related pension plan assets under the substitutional portion of the WPFP. The components of retirement benefit expenses for the years ended March 31, 2007, 2006 and 2005 are...

  • Page 63
    ...Number of shares at March 31, 2007 Shares issued: Common stock...Treasury stock: Common stock (Notes 1 and 2) ...Notes: 1. Details of the increase are as follows: Increase in stocks held by affiliates accounted for by the equity method Increase due to purchase of the stocks Increase due to purchase...

  • Page 64
    ...(Thousands of per share date U.S. dollars) (U.S. dollars) Resolution Type of shares Cut-off date Annual general meeting of the shareholders on June 20, 2007 (Note) Common stock ¥69,894 Note: Total dividends have been adjusted by the portion of dividends paid to Renault. Retained earnings ¥17...

  • Page 65
    ... Thousands of U.S. dollars 2006 Mar. 31, 2007 Dividend income ...Gain on sales of fixed assets...Loss on disposal of fixed assets ...Net gain on sales of investment securities ...Foreign exchange gain (loss) ...Amortization of net retirement benefit obligation at transition...Gain on return of the...

  • Page 66
    ......(451,404) Difference between cost of investments and their underlying net equity at fair value ...(78,917) Unrealized holding gain on securities ...(4,166) Other ...(182,082) Total deferred tax liabilities ...(716,569) Net deferred tax liabilities...Â¥ (34,190) 64 Nissan Annual Report 2006-2007

  • Page 67
    ...Motor Co., Ltd., which was newly consolidated as a result of the transfer of all its shares to the Company's consolidated subsidiary, Nissan China Investment Co., Ltd. during the year ended March 31, 2005: Millions of yen 2004 Mar. 31, 2005 For the year ended Current assets...Fixed assets ...Total...

  • Page 68
    » FINANCIAL SECTION 16. LEASE TRANSACTIONS a) Lessees' accounting Future minimum lease payments subsequent to March 31, 2007 for noncancelable operating leases are summarized as follows: Year ending Mar. 31, Millions of yen Thousands of U.S. dollars 2008 ...2009 and thereafter ...Total ... ¥ 7,...

  • Page 69
    ... number 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 any interim cash dividends paid. 19. SECURITIES a) Information regarding marketable securities classified...

  • Page 70
    ... Marketable other securities Millions of yen Thousands of U.S. dollars Unrealized gain (loss) Acquisition cost Carrying value Unrealized gain (loss) Fiscal year 2006 (As of Mar. 31, 2007) Acquisition cost Carrying value Securities whose carrying value exceeds their acquisition cost: Stock...

  • Page 71
    ...rating system based principally on the counterparties' long-term credit ratings and on their shareholders' equity. The Finance Department sets a maximum upper limit on positions with each of the counterparties for the Group and monitors the balances of open positions every day. Nissan Annual Report...

  • Page 72
    ... 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 2006-2007

  • Page 73
    ... gain (loss) Fiscal year 2006 (As of Mar. 31, 2007) Notional amount Fair value Interest rate swaps: Receive/floating and pay/fixed ...Receive/fixed and pay/floating ...Options: Caps sold...(Premium) ...Caps purchased ...(Premium) ...Total ... ¥203,495 ¥ 251,648 ¥460,851 (-) 460,851 (-) - 108...

  • Page 74
    ...financial services to users of the Company's products in the sales financing segment. These products, which are sold in 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...

  • Page 75
    ... 1, 2005, the Company and its domestic consolidated subsidiaries adopted a new accounting standard for the impairment of fixed assets. The effect of this change was to decrease total assets by ¥26,794 million and ¥33 million in the "Automobile" segment and "Sales Financing" segment, respectively...

  • Page 76
    ... and operations in Japan, the United States, Canada, Mexico and Thailand. Amounts for the automobile and Eliminations segment represent the differences between the consolidated totals and those for the sales financing segment. 1) Summarized consolidated balance sheets by business segment Millions of...

  • Page 77
    ......1,855,971 260,854 Unrealized holding gain on securities ...14,156 184 Translation adjustments ...(230,780) 26,467 Treasury stock ...(249,153) - Total shareholders' equity ...2,678,306 409,677 Total liabilities and shareholders' equity ...¥5,771,187 ¥5,710,239 Nissan Annual Report 2006-2007 75

  • Page 78
    ... loans to sales financing companies ...Long-term borrowings per the balance sheet ...Lease obligations...Internal Loans from Sales Financing ...Total interest-bearing debt ...Cash and cash equivalents ...Net interest-bearing debt (net cash and cash equivalents) ...Debt for Canton Plant included in...

  • Page 79
    ... 793,233 Net income...¥ 472,680 ¥ 39,601 ¥ 512,281 Total net financial cost ...¥ (10,371) ¥ (11) ¥ (10,382) Interest on lease obligations ...(4,097) (20) (4,117) Intersegment eliminations ...(12,524) - (12,524) Net financial cost for segment ...6,250 9 6,259 Nissan Annual Report 2006-2007 77

  • Page 80
    ... finance receivables...(22,914) Others ...(528,386) Net cash provided by operating activities ...517,860 Investing activities Proceeds from sales of investment securities including shares of subsidiaries...37,794 Proceeds from sales of property, plant and equipment...72,308 Purchases of fixed assets...

  • Page 81
    ... sales of investment securities including shares of subsidiaries ...Proceeds from sales of property, plant and equipment ...Purchases of fixed assets ...Purchases of leased vehicles ...Proceeds from sales of leased vehicles ...Others ...Net cash used in investing activities...Financing activities...

  • Page 82
    ... sales of investment securities including shares of subsidiaries ...Proceeds from sales of property, plant and equipment ...Purchases of fixed assets ...Purchases of leased vehicles ...Proceeds from sales of leased vehicles ...Others ...Net cash used in investing activities...Financing activities...

  • Page 83
    ... information for the Company and its consolidated subsidiaries for the years ended March 31, 2007, 2006 and 2005 is summarized as follows: Fiscal year 2006 (For the year ended Mar. 31, 2007) Japan North America Europe Other foreign countries Millions of yen Total Eliminations Consolidated Sales...

  • Page 84
    ... year 2006 (For the year ended Mar. 31, 2007) North America Europe Other foreign countries Total Millions of yen Overseas sales...¥4,410,531 Consolidated net sales... ¥2,023,772 ¥1,829,617 ¥ 8,263,920 10,468,583 Thousands of U.S. dollars Overseas sales...$37,377,381 $17,150,610 $15,505,229...

  • Page 85
    ... 22. SUBSEQUENT EVENT The Company issued the following bonds in yen without collateral for working capital on June 19, 2007: Millions of yen Thousands of U.S. dollars 1.76% bonds in yen due 2012 ...Â¥65,000 1.95% bonds in yen due 2014 ...35,000 $550,847 296,610 Nissan Annual Report 2006-2007 83

  • Page 86
    ... Public Accountants Hibiya Kokusai Bldg. 2-2-3, Uchisaiwai-cho Chiyoda-ku, Tokyo, Japan 100-0011 C.P.O. Box 1196, Tokyo, Japan 100-8641 Tel : 03 3503 1100 Fax: 03 3503 1197 The Board of Directors Nissan Motor Co., Ltd. We have audited the accompanying consolidated balance sheets of Nissan Motor...

  • Page 87
    ...the Company adopted a new accounting standard for presentation of net assets in the balance sheet and related implementation guidance. Under the new accounting standard, net assets represent aggregate of previous shareholders' equity and share subscription rights. Nissan Annual Report 2006-2007 85

  • Page 88
    ... Nissan Financial Services Co., Ltd. Autech Japan, Inc. Nissan Network Holdings Corporation Nissan Finance Co., Ltd. Aichi Nissan Motor Co., Ltd. Nissan Tokuhan Co., Ltd. Nissan Prince Tokyo Motor Sales Co., Ltd. Nissan Chuo Parts Sales Co., Ltd. US Nissan North America, Inc. Nissan Motor Acceptance...

  • Page 89
    ... 100.00 100.00 South Africa Nissan Motor Company South Africa (Pty) Ltd. Middle East Nissan Middle East F.Z.E. China Nissan Motor (China) Ltd. Dongfeng Motor Co., Ltd. Nissan China Investment Co., Ltd. Hong Kong Hubei Beijing Automobile sales Manufacture and sales of automobiles and parts Managing...

  • Page 90
    ... and affiliates accounted for by the equity method As of Mar. 31, 2007 Subsidiary and affiliate Japan Kinugawa Rubber Industrial Co., Ltd. France Renault Location Principal business Capital (millions) The company's shareholdings*(%) Chiba, Chiba Manufacture and sales of automotive parts...

  • Page 91
    ... Corporate Planning Product Planning Market Intelligence Brand Management Design Program Management LCV Business Infiniti Business Control Kimio Tomita (As of June 20, 2007) Executive Vice President Hidetoshi Imazu European Operations (MC-E) Manufacturing SCM Nissan Annual Report 2006-2007...

  • Page 92
    » CORPORATE DATA INFORMATION FOR FURTHER INFORMATION, PLEASE CONTACT Nissan Motor Co., Ltd. 17-1, Ginza 6-chome, Chuo-ku Tokyo 104-8023, Japan Investor Relations Global Communications and CSR Division Tel: 81 (0)3-5565-2334 Fax: 81 (0)3-3546-2669 Corporate Communications Global Communications ...

  • Page 93