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
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Nissan Motor Co., Ltd. and Consolidated Subsidiaries
Fiscal years 2004, 2003 and 2002
FINANCIAL SECTION
Nissan Annual Report 2004 75