CONSOLIDATED STATEMENTS OF INCOME Nissan Motor Co., Ltd. and Consolidated Subsidiaries Fiscal years 2004, 2003 and 2002 See notes to consolidated financial statements. 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 Net sales  ¥8,576,277 ¥7,429,219 ¥6,828,588 $80,152,121 Cost of sales (Notes 6 and 11) 6,351,269 5,310,172 4,872,324 59,357,654 Gross profit 2,225,008 2,119,047 1,956,264 20,794,467 Selling, general and administrative  expenses  (Notes 6 and 11) 1,363,848 1,294,192 1,219,034 12,746,243 Operating income 861,160 824,855 737,230 8,048,224 Other income (expenses): Interest income 14,934 10,321 7,566 139,570 Interest expense (26,656) (27,290) (25,060) (249,121) Equity in earnings of unconsolidated  subsidiaries and affiliates 36,790 11,623 11,395 343,832 Other, net  (Note 12) (92,995) (83,012) (36,507) (869,112) (67,927) (88,358) (42,606) (634,831) Income before income taxes and  minority interests 793,233 736,497 694,624 7,413,393 Income taxes (Note 13) : Current 179,226 137,745 113,185 1,675,009 Deferred 78,837 81,295 85,513 736,794 258,063 219,040 198,698 2,411,803 Minority interests (22,889) (13,790) (761) (213,917) Net income (Note 18) ¥ 512,281 ¥ 503,667 ¥ 495,165 $ 4,787,673 Nissan Annual Report 2004 74 FINANCIAL SECTION