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Annual Re ort 2008
Nissan: Enriching People’s Lives
pYear Ended March 31, 2008

Table of contents

  • Page 1
    Annual Report 2008 Year Ended March 31, 2008 Nissan: Enriching People's Lives

  • Page 2
    ... with Renault. *Our stakeholders include customers, shareholders, employees, dealers, suppliers, as well as the communities where we work and operate. 8 Performance Fiscal 2007 Performance Fiscal 2007 Financial Review Fiscal 2008 Outlook 00 10 12 16 This annual report presents financial results...

  • Page 3
    ... yen (except per share amounts and number of employees) Millions of U.S. dollars (Note 1) (except per share amounts) Mar. 31, 2004 2007 For the years ended Mar. 31, 2008 Mar. 31, 2007 2006 Mar. 31, 2006 2005 Mar. 31, 2005 2004 2003 2007 Mar. 31, 2008 Net sales Operating income Net income...

  • Page 4
    LETTER FROM THE PRESIDENT AND CEO picture by mattphoto.co.uk 2 Nissan Annual Report 2008

  • Page 5
    ... have with our customers and other stakeholders. The second commitment is for Nissan to become a global leader in zero-emission vehicles, along with Renault. We will launch all-electric cars in the United States and Japan in 2010, and we will mass-market them globally in 2012. Nissan will provide an...

  • Page 6
    ...have been strongly related to the automotive and finance industries. I covered the global car industry for a large New York bank before joining Renault's financial team. While serving as the finance services director at Renault, I worked on all of the company's M&A transactions, including Nissan, of...

  • Page 7
    ... in Mexico, to Renault's benefit. Now, we are sharing capacity, engineering, and development on the Alliance ultra-low-cost car in a new country for both of us-India. This reduces capital expenditures, which makes both companies leaner and more efficient. Investors putting their money into Nissan...

  • Page 8
    EXECUTIVES BOARD OF DIRECTORS AND AUDITORS Representative Board Members Carlos Ghosn President and CEO Toshiyuki Shiga Board Members Carlos Ghosn Toshiyuki Shiga Hiroto Saikawa Hiroto Saikawa Mitsuhiko Yamashita Carlos Tavares Hidetoshi Imazu Tadao Takahashi Shemaya Lévy Patrick Pélata ...

  • Page 9
    ...and Nissan sold a total of 6,160,046 vehicles in 2007, attaining a global market share of 9.1 percent and setting a new annual sales record. Cooperation and synergies The Alliance continues to grow through both its existing operations and significant new investments. In May 2008, Renault and Nissan...

  • Page 10
    PERFORMANCE 8 Nissan Annual Report 2008

  • Page 11
    Fiscal 2007 Performance "Solid in Tough Times" Fiscal 2007 Financial Review Fiscal 2008 Outlook "Sustainable Growth" PERFORMANCE Nissan Annual Report 2008 9

  • Page 12
    .... NISSAN Value-Up summary The NISSAN Value-Up business plan that began in fiscal 2005 set three key commitments for the company: 1. Top-level operating profit margin among global automakers from fiscal 2005 to 2007 2. Sales of 4.2 million in fiscal 2008 3. A 20 percent average return on invested...

  • Page 13
    ...Global Sales Volume (Units: thousands) Return on Invested Capital (Auto) 2005 2006 2007 9.2% 7.4% 7.3% 2005 2006 2007 3,569 3,483 3,770 2005 2006 2007 19.4% 15.3% 16.0% COP ROIC = (auto) [Fixed assets + net working capital] Note: Same scope of consolidation as P&L Nissan Annual Report 2008...

  • Page 14
    FISCAL 2007 FINANCIAL REVIEW Nissan reported increases during fiscal 2007 in revenue, operating profit and net income. In a challenging year for the entire automotive industry, our employees performed at high levels, keeping the company on track despite facing powerful headwinds. When comparing the...

  • Page 15
    FINANCIAL POSITION Balance sheet In fiscal 2007, Nissan's total consolidated assets decreased 3.7 percent to ¥11,939.5 billion. Current assets decreased 3.1 percent to ¥6,294.2 billion. The main reason was a ¥322.8 billion decrease in finance receivables, which was offset by a ¥112.3 billion ...

  • Page 16
    ..., R&I was listing Nissan's long-term credit rating as A, while S&P upgraded the company's rating from BBB to BBB+ on July 20, 2004. Investment policy Our capital expenditures totaled ¥428.9 billion, equal to 4.0 percent of net revenue, including funds used to launch eleven all-new models during the...

  • Page 17
    ...2006 2007 2008 (Forecast) 0 % of net revenue DIVIDEND (Dividend per share, in yen) 60 45 40 34 29 42 44 46 30 24 19 14 15 7 0 1999 2000 NRP 8 0 2001 2002 2003 NISSAN 180 2004 2005 2006 2007 2008 2009 2010 NISSAN Value-Up NISSAN GT 2012 (Plan) Nissan Annual Report 2008 15

  • Page 18
    ... • Infiniti FX in the U.S. • Maxima in the U.S. • Qashqai+2 in Europe • NP200 in GOM • Kix in Japan • Cube in Japan • Fairlady Z in Japan and the U.S. • Infiniti G37 convertible in the U.S. PERFORMANCE Financial outlook In fiscal 2008, the global auto industry will face even more...

  • Page 19
    ... E W P R O D U C T L A U N C H E S Europe Teana Qashqai+2 Japan Kix Cube Fairlady Z North America FX Maxima G37 Convertible PERFORMANCE General Overseas Markets NP200 G L O B A L R E TA I L S A L E S V O L U M E 3,900 (Units: thousands) 4,000 3,389 3,057 3,000 3,569 3,770 3,483 +3.5% 2,530...

  • Page 20
    ... Business Expansion "Capitalizing on a Changing Automotive Landscape" Carlos Tavares "Light Commercial Vehicles Take the Stage" Andy Palmer Market Expansion "Global Market Stretch-Expanding the Right Way" Colin Dodge Cost Leadership "Cost Leadership at Nissan" Hiroto Saikawa 18 Nissan Annual Report...

  • Page 21
    Nissan Annual Report 2008 19

  • Page 22
    ... and Japan in 2010, and then mass-market vehicles globally in 2012. • Five percent revenue growth on average over five years (fiscal 2008 to fiscal 2012): Revenue growth will be supported by a product NISSAN'S BUSINESS PLANS "Revive our company" "Complete revival on track for profitable growth...

  • Page 23
    ... to improving the quality of our products, sales and service and their perceived quality and attractiveness, we are determined to make the quality of our management the best in the industry. Management quality is monitored through the annual employee survey. "The power comes from inside" was our...

  • Page 24
    ... China Germany "JDP IQS" U.S. "Consumer Reports" Italy "QUATTRORUOTE" Sales & Service Quality Top-level customer service in Japan, the U.S., Europe and four main GOM regions Quality of Management Brazil Top-level industry norm South Africa "QUATRO RODAS" "PSI" 22 Nissan Annual Report 2008

  • Page 25
    ... upgrading our product planning process. Our target for enhancing perceived quality and attractiveness is to have more than half of our new models earning top ratings from customers. To achieve a top customer satisfaction rating in sales and service quality in Japan, the U.S., Europe and four main...

  • Page 26
    ..., clean diesels and fuel-cell vehicles. Our original hybrid vehicle, which will debut in North America and Japan in 2010, is another huge advance. While typical hybrids produce smooth, continuous power, our simpler system provides Nissan's dynamic driving performance and conserves fuel. Our clean...

  • Page 27
    .... Three key factors will ultimately determine our EV success and zero-emission leadership status. Continuously upgrading battery power, capacity and durability will contribute to the evolution of two of those factors-driving range and vehicle price. If we rated battery capacity around the year 2000...

  • Page 28
    .... In some cases a customer might prefer to purchase an energy package from a mobility service company, including a battery lease and access to the charging network. Beyond affordable mobility and zero-emission mobility, we have a growth engine in the luxury market. During NISSAN GT 2012, we will...

  • Page 29
    ... building production facilities in Morocco and Chennai, India. The Morocco plant will begin supplying mainland Europe with vehicles from 2010. This autumn we launch two vehicles in Russia, and plan to grow the network there and roll out the entire range by 2012. We are investing 118 million dollars...

  • Page 30
    ...-level vehicles will solve the former and solidly establish the brand. In fiscal 2012, we plan to be moving over 100,000 units annually and holding 5 percent of the market. In both Brazil and India we are essentially outsourcing segments of the Nissan business process to entities that are extremely...

  • Page 31
    ...Partner: Hover Scope: M&S operations LCV Mumbai Chakan Partner: Ashok Leyland Start of production: 2010 Alliance Ultra-Low-Cost Car Partner: Bajaj, Renault Scope: Alliance Ultra-Low-Cost Car Start of production: 2011 R&D Captive Center Chennai Partner: Renault From 2008 Nissan Annual Report 2008...

  • Page 32
    ... of our whole manufacturing and supply chain system. I would like to share with you our main challenges in this regard. The first is to radically increase our production volume per part or part number, which will provide significant cost efficiency to supplier operations. This volume increase will...

  • Page 33
    ... FY00-01 NRP FY02-04 NISSAN 180 FY05-07 NISSAN Value-Up FY08-12 NISSAN GT 2012 Alliance Component Productivity improvement 3-3-3 activity A-platform vehicle launched in 2010: 30% lower costs than current March (Micra) Supplier Trust Material optimization Nissan Annual Report 2008 31

  • Page 34
    ... Up the Pace" Toru Saito Infiniti "Going After Premium Status in Europe" Jim Wright General Overseas Markets China "The China Factor in GOM" Kimiyasu Nakamura Middle East, Africa, Latin America and the Caribbean "Gaining Momentum in the New New World" Gilles Normand 32 Nissan Annual Report 2008

  • Page 35
    Nissan Annual Report 2008 33

  • Page 36
    ... 2007, followed by the greater Tokyo metropolitan and Kinki regions in June 2008. They are sharing operational know-how and best practices of top-performing outlets. Cost structure reform is the third pillar of our plan. We have been revamping our sales network and production system since the Nissan...

  • Page 37
    ...will enhance the trust factor any strong brand requires. We are already seeing positive feedback on this in third-party quality surveys. We are primed to build on our past successes despite a challenging market environment in North America. REGIONAL HIGHLIGHTS Maxima Nissan Annual Report 2008 35

  • Page 38
    ... Russian sales network from 55 outlets in 2007 to 160 by 2012, and rapidly spreading east. Our Russian partners are strong, both financially and in their car retailing expertise. With the luxury market growing, we will also add Infiniti outlets in Moscow and St. Petersburg, and open new dealerships...

  • Page 39
    ...After Premium Status in Europe market segment concentrated in large metropolitan areas. Under our lean and centralized wholesale organization, those eighty sites will provide around 65 percent market coverage while offering our dealer-partners a stable business opportunity and a profitable return on...

  • Page 40
    ...year-Qashqai, Livina C-Gear, an all-new Teana, and X-TRAIL. To serve customers better, we are widening our sales network. By 2012, we will have 420 outlets for passenger vehicles, up 40 percent from 2007. We are also boosting production capacity to sustain our growth curve. DFL already has an annual...

  • Page 41
    ... GOM countries are under thirty. That translates into big families, so in 2007 we launched two models of our new Livina family of global cars in multiple markets. They have REGIONAL HIGHLIGHTS Turning Tide: GT-R revealed in Dubai Motor Show was the first outside Japan. Nissan Annual Report 2008...

  • Page 42
    ... Auditors' Report 42 44 45 47 48 53 54 55 92 95 96 FINANCIAL INFORMATION The English translation of financial section in the "Yukashoken-Houkokusho" for the year ended March 31, 2008. BASIS OF PRESENTATION The consolidated financial statements for the current fiscal year (from April 1, 2007 to...

  • Page 43
    Nissan Annual Report 2008 41

  • Page 44
    ... BALANCE SHEETS Prior Fiscal Year (As of March 31, 2007) Accounts Notes Amounts (Millions of yen) Ratio (%) Current Fiscal Year (As of March 31, 2008) Amounts (Millions of yen) Ratio (%) Assets I. Current assets 1. Cash on hand and in banks 2. Trade notes and accounts receivable 3. Sales finance...

  • Page 45
    ...31, 2007) Accounts Notes Amounts (Millions of yen) Ratio (%) Current Fiscal Year (As of March 31, 2008) Amounts (Millions of yen) Ratio (%) Liabilities I. Current liabilities 1. Trade notes and accounts payable 2. Short-term borrowings 3. Current portion of long-term borrowings 4. Commercial paper...

  • Page 46
    ... contribution plans 10. Loss on relocation of the headquarters of a subsidiary in North America 11. Special addition to retirement benefits 12. Directors' retirement benefits payable due to discontinuance of the benefits system 13. Other Income before income taxes and minority interests Corporate...

  • Page 47
    ... on general price level accounting Revaluation of land of foreign subsidiaries Unfunded retirement benefit obligation of foreign subsidiaries Total amount reclassified from Retained earnings to Valuation, translation adjustments and others 49,915 5,134 (19,385) 35,664 Nissan Annual Report 2008 45

  • Page 48
    ... price level accounting Land revaluation of foreign subsidiaries Unfunded retirement benefit obligation of foreign subsidiaries Translation adjustments Total valuation, translation adjustments and others Share subscription rights Minority interests Total net assets Balance at March 31, 2007...

  • Page 49
    ... in trade notes and accounts receivable (Increase) decrease in sales finance receivables Increase in inventories Increase in trade notes and accounts payable Amortization of net retirement benefit obligation at transition Retirement benefit expenses Retirement benefit payments made against related...

  • Page 50
    ... Industry Co., Ltd., JATCO Ltd., Calsonic Kansei Corporation and 4 other companies Logistics and services companies Nissan Trading Co., Ltd., Nissan Financial Services Co., Ltd., Autech Japan Co., Ltd., and 8 other companies • Foreign companies 114 Nissan North America, Inc., Nissan International...

  • Page 51
    ...2007 [ To March 31, 2008 ] 2. Equity method (1) Companies accounted for by the equity method 47 • Unconsolidated subsidiaries 32 (20 domestic and 12 foreign companies) Nissan Marine Co., Ltd., Nissan Industrial Equipment Co. and others Alliance Inspection Management Holdings and 5 other companies...

  • Page 52
    ...., Ltd. Calsonic Kansei (Shanghai) Corp. Calsonic Kansei (China) Holding Company 3. Accounting period of consolidated subsidiaries (1) The following consolidated companies close their books of account at: December 31: Nissan Mexicana, S.A. de C.A. NR Finance Mexico, S.A. de C.V. NR Finance Service...

  • Page 53
    ... directors' retirement benefits are provided at an amount to be required at the year-end according to internal regulations. (4) Foreign currency translation Receivables and payables denominated in foreign currencies are translated into yen at the rates of exchange in effect at the balance sheet...

  • Page 54
    ...-term investments with a maturity of three months or less when purchased which can easily be converted to cash and are subject to little risk of change in value. 7. Cash and cash equivalents in the consolidated statements of cash flows Same as the prior fiscal year. 52 Nissan Annual Report 2008

  • Page 55
    .... Accounting for Directors' Retirement Benefits Until the year ended March 31, certain subsidiaries expensed retirement benefits for directors and statutory auditors to income when general shareholders' meetings approved resolutions for the payment of those benefits. In April 2007, a new position...

  • Page 56
    ... directors and statutory auditors when they retire. Accordingly, the Company recognized the amount of expected payments for this purpose as a special loss and included the outstanding balance in "Other long-term liabilities" for the fiscal year ended March 31, 2008. 54 Nissan Annual Report 2008

  • Page 57
    ... FINANCIAL STATEMENTS (For consolidated balance sheets) Prior fiscal year (As of March 31, 2007) (Millions of yen) Current fiscal year (As of March 31, 2008) 1. *1 Accumulated depreciation of property, plant and equipment ¥4,349,349 The above amount includes accumulated depreciation of leased...

  • Page 58
    ..."Intangible fixed assets." 7. *5 Investments in unconsolidated subsidiaries and affiliates Investments in stock of unconsolidated subsidiaries and affiliates ¥430,064 (Investments in stock of joint ventures included:) ¥784 8. *6 Notes maturing at the end of the Company's current fiscal year Notes...

  • Page 59
    ... million and ¥1,753 million, respectively. 3. *3 The following loss on impairment of fixed assets was recorded for the current fiscal year. Usage Type Location Amount 2. *2 Gain and loss on sales of property, plant and equipment primarily resulted from the sale of land and buildings in the amount...

  • Page 60
    ... Type of shares Cut-off date Effective date Annual general meeting of the shareholders on June 20, 2007 Common stock 69,894 Retained earnings 17 March 31, 2007 June 21, 2007 Note: Total dividends have been adjusted by the portion of dividends paid to Renault. 58 Nissan Annual Report 2008

  • Page 61
    ... Type of shares Cut-off date Effective date Annual general meeting of the shareholders on June 25, 2008 Common stock 81,496 Retained earnings 20 March 31, 2008 June 26, 2008 Note: Total dividends have been adjusted by the portion of dividends paid to Renault. Nissan Annual Report 2008...

  • Page 62
    ... highly liquid investments readily convertible into cash held by foreign subsidiaries. 1.*1 Cash and cash equivalents as of the year end are reconciled to the accounts reported in the consolidated balance sheet as follows: As of March 31, 2008: Cash on hand and in banks ¥570,225 Time deposits with...

  • Page 63
    ... one year Due after ten years Types of securities Due within one year Due after ten years Bonds: Government bonds Corporate bonds Total ¥314 - ¥314 - - - - 59 ¥59 - - - Bonds: Government bonds Corporate bonds Total ¥77 - ¥77 - 179 ¥179 - 4 ¥4 - - - Nissan Annual Report 2008 61

  • Page 64
    ... rates on interest-bearing debt and market prices on commodity, but does not enter into such transactions for speculative or trading purposes. An internal management rule on financial market risk (the "Rule") prescribes that the Group's financial market risk is to be controlled by the Company...

  • Page 65
    ... the related documents which are retained on file in a central location. (3) Description of risks relating to derivative transactions 1) Market risk Same as the prior fiscal year. 2) Credit risk Same as the prior fiscal year. 3) Legal risk Same as the prior fiscal year. Nissan Annual Report 2008...

  • Page 66
    ...status of derivative transactions is reported on a daily basis to the corporate officer in charge of Finance Department and on an annual basis to the Board of Directors. Credit risk is monitored quantitatively using RF's rating system based principally on the counterparties' long-term credit ratings...

  • Page 67
    ...of March 31, 2007) Notional amounts Portion due after one year included herein Unrealized gain (loss) Notional amounts Current fiscal year (As of March 31, 2008) Portion due after one year included herein Unrealized gain (loss) Type Fair value Fair value Forward foreign exchange contracts: Sell...

  • Page 68
    ... gain (loss) Notional amounts Current fiscal year (As of March 31, 2008) Portion due after one year included herein Unrealized gain (loss) Type Fair value Fair value Swaps: Receive floating/ pay fixed Receive fixed/ pay floating Options Caps sold (Premium) Caps purchased (Premium) Total ¥460...

  • Page 69
    ... by the Company and certain domestic subsidiaries include lump-sum payment plans, defined-benefit corporate pension plans, welfare pension fund plans and tax-qualified plans. Certain employees may be entitled to additional special retirement benefits, depending on the conditions for the termination...

  • Page 70
    ...above, additional retirement benefit expenses of ¥34,297 million were accounted for as a special loss for the year ended March 31, 2007. 2. Service cost does not include the amounts contributed by employees with respect to welfare pension fund plans. 3. Amortization of prior service cost represents...

  • Page 71
    ... fiscal year Current fiscal year [ a. Attribution of retirement benefit obligation b. Discount rates c. Expected rate of return on plan assets d. Amortization period of prior service cost From April 1, 2006 To March 31, 2007 ] From April 1, 2007 [ To March 31, 2008 ] The straight-line method...

  • Page 72
    ...to April 25, 2007 From April 26, 2007 to June 23, 2014 The Company's employees: 456 Directors of the Company's subsidiaries: 72 Total: 528 Type and number of shares Grant date Vesting conditions Common stock 13,075,000 shares May 8, 2006 (1) Those who hold share subscription rights (hereinafter...

  • Page 73
    ... Options Calsonic Kansei Corporation 2005 Stock Options Category and number of people to whom stock options are granted The company's directors: The company's employees: Directors of the company's subsidiaries: 9 103 14 Total: Type and number of shares Grant date Vesting conditions Common stock...

  • Page 74
    ... Nissan Shatai Co., Ltd. 2002 Stock Options Nissan Shatai Co., Ltd. 2003 Stock Options Nissan Shatai Co., Ltd. 2004 Stock Options Exercise price (Yen) Average price per share upon exercise (Yen) Fair value per share at grant date (Yen) 317 - - 421 665 - 759 - - 72 Nissan Annual Report 2008

  • Page 75
    ... According to the estimation for the year ending March 31, 2008 of the Nissan Value Up dividend policy. 4. Risk-free interest rate is the yield on government bonds for the period that corresponds to the remaining life of the option. 4. Estimation of the number of stock options vested Because it is...

  • Page 76
    ... Type and number of shares Grant date Vesting conditions The Company's employees: Directors of the Company's subsidiaries: Total: Common stock 456 72 528 The Company's employees: 23 The Company's employees: 12 Common stock 13,075,000 shares 680,000 shares May 8, 2007 (1) Those who hold share...

  • Page 77
    ... Options Calsonic Kansei Corporation 2005 Stock Options Category and number of people to whom stock options are granted The company's directors: The company's employees: Directors of the company's subsidiaries: 9 103 14 Total: Type and number of shares Grant date Vesting conditions Common stock...

  • Page 78
    ... options that existed during the year ended March 31, 2008. The number of stock options is translated into the number of shares. 1) Number of stock options Company name The Company 2003 Stock Options The Company 2004 Stock Options The Company 2005 Stock Options Share subscription rights which are...

  • Page 79
    ...Company 2007 Stock Options [1st] The Company 2007 Stock Options [2nd] Exercise price (Yen) Average price per share upon exercise (Yen) Fair value per share at grant date (Yen) 932 1,202 1,119 1,526 1,333 1,205 1,258 - 1,288 - 1,284 - - 222.30 - 136.29 - 205.43 Nissan Annual Report 2008...

  • Page 80
    ...granted during the fiscal year ended March 31, 2008 was estimated as follows. 1) Technique of estimation used: Binomial model 2) Basic factors taken into account for the estimation: 2007 Stock Options [1st] 2007 Stock Options [2nd] Expected volatility of the share price Expected life of the option...

  • Page 81
    ..., 2007) Current fiscal year (As of March 31, 2008) Deferred tax assets: Net operating loss carry forwards Accrued retirement benefits Accrued warranty costs Other Total gross deferred tax assets Valuation allowance Total deferred tax assets Deferred tax liabilities: Reserves under Special Taxation...

  • Page 82
    ... parts for oversea production, etc. (2) Sales financing...credit, lease, etc. 3. Changes in accounting policies (1) Accounting standard for share-based payments Effective April 1, 2006, the Company adopted the Accounting Standard for Share-Based Payment (ASBJ Statement No. 8 issued on December 27...

  • Page 83
    ... Consolidated financial statements by business segment • The sales financing segment consists of Nissan Financial Services Co., Ltd. (Japan), Nissan Motor Acceptance Corporation (USA), NR Finance Mexico (Mexico), NR Wholesale Mexico (Mexico), ESARA, S.A. De C.V. (Mexico), Nissan Leasing (Thailand...

  • Page 84
    ... statements of income by business segment (Millions of yen) Prior fiscal year (From April 1, 2006 to March 31, 2007) Accounts Automobile & Eliminations Sales financing Consolidated total Net sales Cost of sales Gross profit Operating income as a percentage of net sales Operating income Financial...

  • Page 85
    ... production, etc. (2) Sales financing...credit, lease, etc. 3. Until the prior fiscal year, some of the Company's consolidated subsidiaries charged directors' retirement benefits to expense when so approved at the annual general meetings of shareholders. As stated in "Changes in accounting policies...

  • Page 86
    4. Consolidated financial statements by business segment • The Sales financing segment consists of Nissan Financial Services Co., Ltd. (Japan), Nissan Motor Acceptance Corporation (USA), NR Finance Mexico (Mexico) and 5 other companies and the sales finance operations of Nissan Canada Inc. (Canada...

  • Page 87
    ... statements of income by business segment (Millions of yen) Current fiscal year (From April 1, 2007 to March 31, 2008) Accounts Automobile & Eliminations Sales financing Consolidated total Net sales Cost of sales Gross profit Operating income as a percentage of net sales Operating income Financial...

  • Page 88
    ... Middle East, Central and South America excluding Mexico, and South Africa 3. Changes in accounting policies (1) Accounting standard for share-based payments Beginning with the year ended March 31, 2007, the Company adopts the Accounting Standard for Share-Based Payment (ASBJ Statement No. 8 issued...

  • Page 89
    ......France, The United Kingdom, Spain and other European countries (3) Other...Asia, Oceania, the Middle East, Central and South America excluding Mexico, and South Africa 3. Until the prior fiscal year, some of the Company's consolidated subsidiaries charged directors' retirement benefits to expense...

  • Page 90
    ... than Japan are as follows: (1) North America ...The United States, Canada, and Mexico (2) Europe...France, the United Kingdom, Spain and other European countries (3) Other...Asia, Oceania, the Middle East, Central and South America excluding Mexico, and South Africa 88 Nissan Annual Report 2008

  • Page 91
    ... to shares of common stock at year end (Millions of yen) The year-end number of common stock used for the calculation of net assets per share (Thousands) 3,876,994 331,757 2,711 329,046 3,545,237 3,849,443 344,479 1,714 342,765 3,504,964 4,111,418 4,074,721 Nissan Annual Report 2008 89

  • Page 92
    ... rights is 79,368 units) 5th share subscription rights (the number of share subscription rights is 6,800 units) 6th share subscription rights (the number of share subscription rights is 3,600 units) Refer to "Status of share subscription rights" for a summary. 90 Nissan Annual Report 2008

  • Page 93
    ...On June 19, 2007, the Company issued unsecured bonds. The terms and conditions of these bonds are summarized as follows: 1 Name 46th unsecured bonds Principal ¥65,000 million Interest rate 1.76% per annum Issue price ¥99.99 for a par value of ¥100 Maturity date June 20, 2012 Payment due date June...

  • Page 94
    ...Amount to be subscribed upon exercise (Yen) The total amount of stock issued (Millions of yen) Description Exercise period Stock to be issued Ratio of grant Euro-yen bonds with warrants due 2008 From March 14, 2004 To March 7, 2008 880 52,800 Common stock 100% 92 Nissan Annual Report 2008

  • Page 95
    ... - 499 10,000 Yen convertible bonds with share subscription rights due 2008 issued by subsidiaries Common stock - 509 10,000 Description Type of shares to be issued upon exercise of share subscription rights Issue price (Yen) Exercise price (Yen) Total exercise price (Millions of yen) Upon exercise...

  • Page 96
    Schedule of borrowings Category Balance at end of prior year Balance at end of current year Average interest rate (%) (Millions of yen) Maturity Short-term borrowings Current portion of long-term borrowings Commercial paper Current portion of lease obligations Long-term borrowings (excluding ...

  • Page 97
    ... a new accounting standard for presentation of net assets in the balance sheet. (2) As described in "Changes in Accounting Policies," effective the current fiscal year, 22 consolidated subsidiaries have been consolidated by using their financial statements as of the parent's fiscal year end prepared...

  • Page 98
    ... cash flows and the consolidated supplemental schedules of Nissan Motor Co., Ltd. included in "Financial Information" for the fiscal year from April 1, 2007 to March 31, 2008. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express...

  • Page 99
    ... Yamashita Research and Development TCSX (Total Customer Satisfaction Function) Executive Vice President Carlos Tavares Corporate Planning Product Planning Market Intelligence Brand Management Design Program Management LCV Business Infiniti Business Control Executive Vice President Asako Hoshino...

  • Page 100
    ...Nissan Motor Co., Ltd. 17-1, Ginza 6-chome, Chuo-ku Tokyo 104-8023, Japan Investor Relations Department Tel: 81 (0)3-5565-2334 Fax: 81 (0)3-3546-2669 E-mail: [email protected] Corporate Information Website http://www.nissan-global.com/ Investor Relations Website http://www.nissan-global...

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