Thousands of Millions of yen U.S. dollars  (Note 3) 2004 2003 2002 2004 For the years ended Mar. 31, 2005 Mar. 31, 2004 Mar. 31, 2003 Mar. 31, 2005 Common stock Balance at beginning of the year (2004—4,520,715,112 shares; 2003—4,520,715,112 shares; 2002—4,517,045,210 shares) ¥ 605,814 ¥ 605,814 ¥ 604,556 $ 5,661,813 Conversion of convertible bonds (2002—3,669,902 shares) — — 1,258 — Balance at end of the year (2004—4,520,715,112 shares; 2003—4,520,715,112 shares; 2002—4,520,715,112 shares) ¥ 605,814 ¥ 605,814 ¥ 605,814 $ 5,661,813 Capital surplus Balance at beginning of the year ¥ 804,470 ¥ 804,470 ¥ 803,212 $ 7,518,411 Conversion of convertible bonds — — 1,258 — Balance at end of the year ¥ 804,470 ¥ 804,470 ¥ 804,470 $ 7,518,411 Retained earnings Balance at beginning of the year ¥1,286,299 ¥ 878,655 ¥ 430,751 $12,021,486 Net income 512,281 503,667 495,165 4,787,673 Cash dividends paid (94,236) (74,594) (50,800) (880,710) Bonuses to directors and statutory auditors (404) (410) (407) (3,776) Other  (Note 14) 11,159 (21,019) 3,946 104,290 Balance at end of the year ¥1,715,099 ¥1,286,299 ¥ 878,655 $16,028,963 Unrealized holding gain on securities Balance at beginning of the year ¥ 4,392 ¥  1,831 ¥ 4,406 $ 41,047 Net change during the year 2,963 2,561 (2,575) 27,691 Balance at end of the year ¥ 7,355 ¥  4,392 ¥ 1,831 $ 68,738 Translation adjustments Balance at beginning of the year ¥ (431,744) ¥ (320,276) ¥ (221,973) $ (4,034,991) Net change during the year 31,645 (111,468) (98,303) 295,748 Balance at end of the year ¥ (400,099) ¥ (431,744) ¥ (320,276) $ (3,739,243) Treasury common stock Balance at end of the year (122,116,426 shares, 54,512,876 shares and 173,987 shares at April 1, 2004, 2003  and 2002, respectively) ¥ (245,237) ¥ (162,190) ¥ (130) $ (2,291,934) Net change during the year (19,119,147 shares, 67,603,550 shares  and 54,338,889 shares for the years ended  March 31, 2005, 2004 and 2003, respectively) (21,652) (83,047) (162,060) (202,355) Balance at end of the year (141,235,573 shares, 122,116,426 shares  and 54,512,876 shares at March 31, 2005,  2004 and 2003, respectively) ¥ (266,889) ¥ (245,237) ¥ (162,190) $ (2,494,289) Total shareholders’ equity ¥2,465,750 ¥2,023,994 ¥1,808,304 $23,044,393 CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY Nissan Motor Co., Ltd. and Consolidated Subsidiaries Fiscal years 2004, 2003 and 2002 FINANCIAL SECTION See notes to consolidated financial statements. Nissan Annual Report 2004 75