Nissan Annual Report 2004 15
Share Performance in Fiscal 2004
Nissan’s share price began at ¥1,143 at the beginning 
of fiscal 2004 and ended the fiscal year at ¥1,099,
generating a negative return of 3.85 percent. Total
shareholder return (TSR) was -1.67 percent, while the
dividend yield came to 2.18 percent (¥24 per share dividend,
divided by the ¥1,099 closing price). Adverse movements 
in foreign exchange rates and commodity price hikes
adversely affected Nissan’s profitability, which was reflected
in the share price. In addition, specific events relating
directly to the company also had a negative impact. Later in
this report, corporate officers will explain what actions
Nissan has undertaken to ensure better performance.
Payout Policy
Nissan announced its NISSAN Value-Up three-year dividend
policy, covering the period from fiscal 2005 to fiscal 2007, at
the annual general meeting of shareholders on June 23,
2004. Nissan proposes a long-term dividend policy to
provide more visibility and improve transparency into the
ways in which Nissan rewards its shareholders. Nissan
believes that a long-term dividend policy reduces uncertainty
for investors who already own or are considering acquiring
Nissan stock. 
IR Activities
Under NISSAN Value-Up, the IR team’s performance will
be evaluated based on the price-earnings ratio (PER) and
volatility relative to our major competitors. PER is used to
measure how successfully the IR team manages market
expectations about Nissan in order to maintain the Nissan
share price close to an intrinsic value. The other measure,
volatility, is used to measure the risk investors perceive
when considering Nissan stock. If Nissan can successfully
reduce volatility, the minimum return required by investors
should decline. The IR team believes that a strengthening
of disclosure activities is required to improve both
measures. The team plans to disclose not only financial
results but also more forward-looking information about
Nissan fundamentals such as technology and product.
Such forward-looking information helps investors to
forecast future performance more precisely and reduces
uncertainty about the future. As a consequence, Nissan will
increase the number of investor conferences, events, and
teleconferences during fiscal 2005.
PERFORMANCE
FISCAL YEAR 2004 SHARE PERFORMANCE 
DESPITE NISSAN’S RECORD OPERATING RESULT IN FISCAL 2004, ITS STOCK PERFORMANCE RETURN WAS
NEGATIVE AND LOWER THAN THE TOPIX INDEX. THE INVESTOR RELATIONS TEAM WAS STRENGTHENED 
AT THE START OF FISCAL 2005 TO BETTER ADDRESS THE NEEDS OF INVESTORS AND ENHANCE THEIR
UNDERSTANDING OF NISSAN’S PERFORMANCE. INVESTORS WILL NOW BE ABLE TO GAIN A MORE IN-DEPTH
VIEW OF THE COMPANY’S OPERATIONS AND PERFORMANCE INDICATORS.
120
110
100
90
80 Apr.
2004 2005 
May June July Aug. Sept Oct. Nov Dec. Jan. Feb Mar.
TOPIX Transportation Equipment IndexNissan
TOPIX
Fiscal Year 2004 Share Performance
(Index: April 1, 2004=100)
400
300
200
100
0 ’01 ’02 ’03 ’04 ’05
TOPIX Transportation Equipment Index
Nissan
TOPIX
Five-Year Share Performance
(Index: April 3, 2000=100)