July 29, 2004


July 29, 2004 - Tokyo, Japan - Nissan Motor Co., Ltd., today announced financial results for the first quarter of the fiscal year ending March 31, 2005. In the April-to June quarter, Nissan's net consolidated revenue rose 15.4%, compared with the same period a year ago, to 1.905 trillion yen (US $17.4 billion, euro 14.2 billion). The announcement marks Nissan's first full quarterly reporting under new Japanese disclosure requirements established by the Tokyo Stock Exchange.

The company's operating profit totaled 186.3 billion yen (US $1.70 billion, euro 1.39 billion), up 5.8% from the same period a year ago, while its operating profit margin came to 9.8%. Net income after tax totaled 123.2 billion yen (US $1.12 billion, euro 0.92 billion), an increase of 4.5% compared with last year. Ordinary profit amounted to 179.6 billion yen (US $1.64 billion, euro 1.34 billion), up 2.6%.

The results 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., Nissan's newly formed company in Thailand.

Globally, Nissan sold a total of 769,000 vehicles in the first quarter of the fiscal year, an increase of 9.9% compared with last year, building on new products launched in the second half of fiscal year 2003. Nissan's product launches for the rest of this fiscal year include four new models in the U.S. and six in Japan.

Nissan has forecast full fiscal 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 forecast is based on exchange rates of 105 yen/dollar and 125 yen/euro.

Notes: Amounts in dollars and euros are translated for the convenience of the reader at the foreign exchange rates of 109.6 yen/dollar and 134.0 yen/euro, the average rates for the first quarter of the fiscal year ending March 31, 2005. The figures for the first quarter of fiscal year 2003, except for revenue, are unaudited and provided for the purpose of reference only.