CONSOLIDATED STATEMENTS OF OPERATIONS

Nissan Motor Co., Ltd. and Consolidated Subsidiaries
Years ended March 31, 1996, 1995 and 1994



Millions of yen Thousands of U.S. dollars
(Note 2)
1996 1995 1994 1996
Net sales ¥6,039,107 ¥5,834,123 ¥5,800,857 $56,972,708
Cost of sales 4,726,866 4,684,981 4,746,841 44,593,076
Gross profit 1,312,241 1,149,142 1,054,016 12,379,632
Selling, general and administrative expenses 1,269,006 1,251,859 1,196,335 11,971,755
Operating income (loss) 43,235 (102,717) (142,319) 407,877
Other income (expenses):

Interest income

13,981 17,471 34,412 131,896
Interest expense (119,830) (124,512) (142,045) (1,130,472)
Other, net (Note 9) (18,840) (16,236) 52,094 (177,735)

(124,689) (123,277) (55,539) (1,176,311)
Loss before translation adjustments, income taxes and equity in earnings of unconsolidated subsidiaries and affiliates, etc. (81,454) (225,994) (197,858) (768,434)
Translation adjustments - 46,249 96,527 -
Loss before income taxes and equity in earnings of unconsolidated subsidiaries and affiliates, etc. (81,454) (179,745) (101,331) (768,434)
Income taxes
(Note 10):

Current

8,426 11,875 6,883 79,491
Tax effect of timing differences 4,078 (8,974) (8,240) 38,471

12,504 2,901 (1,357) 117,962
Equity in earnings of unconsolidated subsidiaries and affiliates, etc. 5,540 16,592 13,059 52,264
Net loss (Note 14) ¥ (88,418) ¥(166,054) ¥ (86,915) $ (834,132)

See Notes to Consolidated Financial Statements.



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