PERFORMANCE PERFORMANCE The recovery story is complete Sales performance Financial performance Nissan 180 commitments Fiscal 2004 was a tough year, full of both anticipated and unexpected risks, but Nissan lived up to all the challenges. We had a record year in revenues, operating profit, net income, sales volume and production. Global sales came to 3,388,000 units, which exceeded our forecast of 3,380,000 units. This record level represents an increase of 10.8 percent, or 331,000 units, over fiscal 2003, and is 281,000 units more than the previous record level set in 1990. In fiscal 2004, we released nine all-new models globally. Along with record sales, we achieved a global production record. Nissan’s manufacturing plants turned out 3,378,000 units, or 293,000 units more than the previous record. • Consolidated net revenues came to 8 trillion ¥576.3 billion, up 15.4 percent from last year. • Consolidated operating profit improved by 4.4 percent to a record ¥861.2 billion. As a percentage of net revenue, our operating profit margin came to 10.0 percent. • Net income reached ¥512.3 billion, an increase of ¥8.6 billion. • We committed to an 8 percent operating profit margin, and our margin has been at or above 10 percent for every year of NISSAN 180.  • We committed to zero debt, and today we have more than ¥200 billion in net cash under the new and more demanding accounting standards. • Our only remaining commitment is to achieve one million additional sales. Even here we are in reasonably good shape. At the midpoint of the measurement period we are at 1,809,000 units, which is a slight advance compared to our commitment to reach 3,597,000 units by the end of September 2005. Fiscal 2004 marked the end of our NISSAN 180 business plan. Obviously, NISSAN 180 cannot be closed completely until the end of September 2005, but we know that we have already delivered two of the plan’s three critical commitments. Nissan Annual Report 2004 6