Nissan Annual Report 20046
PERFORMANCE
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.
Sales performance
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.
Financial performance
• 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.
Nissan 180 commitments
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.
• 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.
PERFORMANCE
The recovery story is complete