FINANCIAL SECTION Nissan Annual Report 2004 100 Millions of yen Automobile and Sales Consolidated Fiscal year 2002  (For the year ended Mar. 31, 2003) Eliminations Financing total Operating activities Income before income taxes and minority interests ....................................................................................................... ¥634,818 ¥ 59,806 ¥694,624 Depreciation and amortization .......................................................................................................................................................... 213,569 157,556 371,125 Decrease (increase) in finance receivables ..................................................................................................................... 64,057 (391,414) (327,357) Others ................................................................................................................................................................................................................... (115,097) (47,917) (163,014) Net cash provided by (used in) operating activities ........................................................................................................ 797,347 (221,969) 575,378 Investing activities Proceeds from sales of investment securities including shares of subsidiaries ..................................... 39,816 13,842 53,658 Proceeds from sales of property, plant and equipment ............................................................................................... 94,828 3,871 98,699 Purchases of fixed assets .................................................................................................................................................................... (376,429) (1,500) (377,929) Purchases of leased vehicles ............................................................................................................................................................ (33,522) (450,182) (483,704) Proceeds from sales of leased vehicles ................................................................................................................................... 15,644 243,431 259,075 Others ................................................................................................................................................................................................................... (46,720) (18,453) (65,173) Net cash used in investing activities ............................................................................................................................................ (306,383) (208,991) (515,374) Financing activities (Decrease) increase in short-term borrowings ................................................................................................................... (369,506) 315,196 (54,310) (Decrease) increase in long-term borrowings ..................................................................................................................... (81,106) 91,044 9,938 Increase in bonds and debentures ................................................................................................................................................ 85,000 — 85,000 Proceeds from sales of treasury stock ...................................................................................................................................... 5,670 — 5,670 Others ................................................................................................................................................................................................................... (144,062) 25,000 (119,062) Net cash (used in) provided by financing activities ......................................................................................................... (504,004) 431,240 (72,764) Effect of exchange rate changes on cash and cash equivalents ................................................................................. 1,174 (520) 654 (Decrease) increase in cash and cash equivalents .................................................................................................................. (11,866) (240) (12,106) Cash and cash equivalents at beginning of the year .............................................................................................................. 272,742 6,911 279,653 Increase due to inclusion in consolidation ....................................................................................................................................... 2,297 — 2,297 Decrease due to exclusion from consolidation ............................................................................................................................ (27) — (27) Cash and cash equivalents at end of the year ............................................................................................................................. ¥263,146 ¥ 6,671 ¥269,817