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Nissan Motor Co., Ltd.

Nissan Net Income Rises to 238.8 Billion Yen in FY04 First Half

Tokyo, Japan (ots/PRNewswire)

- Maintains Double-Digit Operating Profit Margin of 10.1%
Nissan Motor Co., Ltd., today announced financial results for the
first half of the fiscal year ending March 31, 2005. In the six
months through September, Nissan's net income after tax totalled
238.8 billion yen (US$2.17 billion, euro 1.79 billion), an increase
of 0.5% compared with last year.
"Many of the external risks we forecast at the beginning of the
year have materialised, including higher incentives, commodity prices
and interest rates," said Nissan President and CEO Carlos Ghosn.
"Despite this challenging environment, we still achieved strong
results for the first half due to robust sales in the US and
continuous improvement in our European operations."
Nissan's net consolidated revenue amounted to 4.008 trillion yen
(US $36.5 billion, euro 30.1billion), up 12.7% compared with the same
period last year. Operating profit in the first half totalled 403.4
billion yen (US$3.67 billion, euro 3.03 billion), up 0.6 % from the
same period a year ago, while the operating profit margin came to
10.1%. Ordinary profit amounted to 401.4 billion yen (US$3.66
billion, euro 3.02 billion), up 2.8%.
Globally, Nissan sold a total of 1,596,000 vehicles in the first
half of the fiscal year, an increase of 8.8% compared with last year.
In Japan, sales fell 4.9% to 368,000 units, including
mini-vehicles. In the US, sales grew 16.6% to 489,000 units. In
Europe, sales rose 6.6% to 285,000 units in the same period. Sales in
General Overseas Markets advanced 15.2% to 454,000 units, including
sales in China of 84,000 units.
Ghosn said Nissan would maintain its forecast for the full fiscal
year, despite the volatile and uncertain global environment.
"The business climate in the second half is likely to remain
severe as the risks are expected to continue," said Ghosn. "Despite
this outlook, we are maintaining our full-year forecast, supported by
strong business fundamentals and the release of nine all-new models
in key markets around the world."
Nissan forecasts full-year net revenue of 8.176 trillion yen,
operating profit of 860 billion yen, ordinary profit of 846 billion
yen and net profit of 510 billion yen.
The results for the first half include, for the first time, a 50%
proportional consolidation of Dongfeng Motor Co., Ltd., Nissan's
joint venture in China, and the full consolidation of Siam Nissan
Automobile Co., Ltd., in Thailand and Yulon Nissan Motor Co., Ltd.,
in Taiwan.
Other FY04 first-half financial highlights
Indebtedness:
Consolidated net automotive indebtedness amounted to 100.2 billion
yen (US$913 million, euro 753 million) in the first half, down from
278.1 billion yen on September 30, 2003.
Consolidated net debt for sales financing operations totalled
3.290 trillion yen (US$29.96 billion, euro 24.72 billion), up from
2.712 trillion yen on September 30, 2003, reflecting the significant
sales growth of the company.
Shareholder's equity:
Consolidated shareholder's equity totalled 2.257 trillion yen
(US$20.55 billion, euro 16.95 billion), an increase of 233 billion
yen compared to 2.024 trillion yen as of March 31, 2004.
Notes: Amounts in dollars and euros are translated for the
convenience of the reader at the foreign exchange rates of 109.8
yen/dollar and 133.1 yen/euro, the average rates for the first half
of the fiscal year ending March 31, 2005.

Contact:

Mia Nielsen/Keiko Tanaka, Tel: +81-3-5565-2141

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