1. Annual Report Nissan Motor Llin Lu ACG 2021 Section 080

2. Executive Summary  Nissan Motor had a increase in their sales from the year 2003 to 2004. They continue to become great in the automotive industry by offering great products and service.  http://www.nissannews.com/corporate/cor pover/ar2004e.pdf http://www.nissannews.com/corporate/cor pover/ar2004e.pdf http://www.nissannews.com/corporate/cor pover/ar2004e.pdf

3. Part A. Introduction  Chief Executive Officer: Carlos Ghosn  Home Office: 2 Takara-Cho, Kanagawa-ku Yokohama-shi, Kanagawa 220-8623, Japan  Ending Fiscal Period: March 31, 2004  Nissan Motor sells automobiles.  The main geographic are of activity is in the U.S.A. and Japan.

4. Part A. Audit Report  Auditors: Shinji Ichishima, Keishi Imamura, Hiroyasu Kan, Hiroshi Moriyama, Haruo Murakami  Nissan is moving towards a more profitable industry. They are one of the leading industries in automobiles.

5. Part A. Stock Market Information  Current Stock Price: $22.67 2005 Q1Q2Q3Q4 High22.6020.5023.0022.95 Low20.5019.9020.1020.49

6. Part A. Stock Market Information  Dividend Per Share: 0.20  Date of Dividend: Feb. 10, 2006  The Stockholders should hold on to their stocks until there is a change in increase of the price. It hasn’t changed much during the past year.

7. Part B. Industry Situation and Company Plans  The sale of Nissan has grown over the last fiscal period and they are a profitable market in the industry of automobiles. Some of the plans ahead is to continue improvement in reliable automotives and lead in the global automotive industry.

8. Part C. Income Statement  Nissan Motor uses a multi-step format Millions of Yen Millions of Yen 20042003 Gross Profit 2,225,0082,119,047 Income From Operations 861,160824,855 Net Income 512,281503,667

9. Part C. Income Statement  From the year 2003 to 2004, there is an increase in gross profit, income from operations, and net income.

10. Part C. Balance Sheet AssetsLiabilities Stockholders Equity 20037,859,8565,732,0772,023,994 20049,848,5237,126,0722,465,750 Millions of Yen In 2004, there is an increase in all accounts, but Stockholders Equity change the least, as oppose to Assets and Liabilities

11. Part C. Statement of Cash Flows  Cash flow from operations is more than net income in 2003, but in 2004, net income is more than cash flow from operations.  Nissan Motor has an increase in their investment through property, land, equipment, and other assets.  There primary source of finance are sales of lease vehicles and sales of property, plant, and equipment.  Cash has indeed increase over the past two years.

12. Part D. Accounting Policies  They are consider Assets.  Basis of Presentation  Principles of consolidation and accounting for investments in unconsolidated subsidiaries and affiliates  Foreign Currency Translation  Cash Equivalents  Inventories  Short-term investments and investment securities  Property, plant, equipment and depreciation  Leases  Retirement benefits  Income Taxes  Research and development costs  Revenue Recognition  Derivative financial instruments  Appropriation of retained earnings  New Accounting Standards

13. Part E. Financial Analysis Liquidity Ratios 20032004 Working Capital 664,4821,164,680 Current Ratio 1.2 times 1.3 times Receivable Turnover 3.0 times 2.8 times Avg. Days Sales Uncollected 121.3 days 129.4 days Inventory Turnover 9.8 times 10.2 times Avg. Days Inventory on Hand 37.2 days 35.8 days Ratios in Millions of Yen

14. Part E. Financial Analysis Profitability Ratios 20032004 Profit Margin 6.78%5.97% Asset Turnover 0.98 times 0.97 times Return on Assets 6.62%5.79% Return on Equity 26.29%22.82% Ratios in Millions of Yen

15. Part E. Financial Analysis Solvency Ratio 20032004 Debt to Equity 2.9 times 3.0 times Ratio in Millions of Yen

16. Part E. Financial Analysis Market Strength Ratios 20032004 Price/Earnings per Share 131.9 times 103.0 times Dividend Yield 0.0080.010