FINANCIAL SECTION Nissan Annual Report 2004 99 Millions of yen Automobile and Sales Consolidated Fiscal year 2003  (For the year ended Mar. 31, 2004) Eliminations Financing total Operating activities Income before income taxes and minority interests ................................................................................................... ¥ 671,513 ¥ 64,984 ¥736,497 Depreciation and amortization ...................................................................................................................................................... 313,146 147,891 461,037 Increase in finance receivables .................................................................................................................................................... (154) (462,956) (463,110) Others ............................................................................................................................................................................................................... 57,936 5,057 62,993 Net cash provided by (used in) operating activities .................................................................................................... 1,042,441 (245,024) 797,417 Investing activities Proceeds from sales of investment securities including shares of subsidiaries ................................. 40,488 34 40,522 Proceeds from sales of property, plant and equipment ........................................................................................... 53,827 105 53,932 Purchases of fixed assets ................................................................................................................................................................ (422,326) (6,061) (428,387) Purchases of leased vehicles ........................................................................................................................................................ (19,295) (457,318) (476,613) Proceeds from sales of leased vehicles ............................................................................................................................... 20,857 170,248 191,105 Others ............................................................................................................................................................................................................... (101,534) (35,151) (136,685) Net cash used in investing activities ........................................................................................................................................ (427,983) (328,143) (756,126) Financing activities (Decrease) increase in short-term borrowings ............................................................................................................... (306,969) 169,394 (137,575) (Decrease) increase in long-term borrowings ................................................................................................................. (244,774) 371,473 126,699 Increase in bonds and debentures ............................................................................................................................................ 120,000 30,000 150,000 Others ............................................................................................................................................................................................................... (253,031) 167 (252,864) Net cash (used in) provided by financing activities ..................................................................................................... (684,774) 571,034 (113,740) Effect of exchange rate changes on cash and cash equivalents ............................................................................. (2,095) (509) (2,604) Decrease in cash and cash equivalents ........................................................................................................................................ (72,411) (2,642) (75,053) Cash and cash equivalents at beginning of the year .......................................................................................................... 263,146 6,671 269,817 Increase due to inclusion in consolidation ................................................................................................................................... 310 — 310 Decrease due to exclusion from consolidation ........................................................................................................................ (910) — (910) Cash and cash equivalents at end of the year ......................................................................................................................... ¥ 190,135 ¥ 4,029 ¥194,164