November 20, 2000

Nissan files financial statements for first half fiscal year 2000

Tokyo (November 20)- Nissan Motor Co., Ltd. filed today its financial results for the first half of fiscal year ended September 30, 2000.
For the period, the company reported a consolidated operating profit of 134.4 billion Yen ($1.24 billion, Euro 1.41 billion) with net sales of 3,018.3 billion Yen ($27.95 billion, Euro 31.61 billion), a decrease of 0.9% compared to the previous period last fiscal year. Consolidated operating income was 4.5% of net sales compared to 1.9% in fiscal year 1999. The negative impact of foreign exchange was 90 billion yen for the period. The average exchange rate for the dollar came to 107.2 Yen in first half fiscal year 2000 compared to 117.4 Yen in first half of fiscal year 1999 and the Euro came to 102.7 Yen compared to 129.4 Yen for first half of last fiscal year.

The company announced a consolidated net profit after tax of 172.0 billion Yen ($1.59 billion, Euro 1.80 billion) with extraordinary profits of 42.9 billion Yen ($ 0.40 billion, Euro 0.45 billion ).

The results filed today represent the best financial performance of the company in a decade. The results were made possible through the swift and strong implementation of the Nissan Revival Plan that the company announced on October 18, 1999.

Consolidated Financial Results:

1. Unit Sales
Nissan's global vehicle sales of passenger cars and light commercial vehicles for first half of fiscal year 2000 reached 1,337,000 units compared to 1,265,000 units in the first half of fiscal year 1999. Domestic sales totaled 335,000 units, a drop of 9.4% from the first half of fiscal year 1999. Sales in North America (USA and Canada) rose 12.2% to 406,000 units from the same period last year . In Europe, sales increased 4.0% to 289,000 units from the first half of the prior year. Other global markets totaled 307,000 units, up 20% from 255,000 units in first half fiscal year 1999.

2. Net Sales
Consolidated net sales for the half year came to 3,018.3 billion Yen ($27.95 billion, Euro 31.61 billion), a slight drop of 0.9% from the first half of fiscal year 1999. Despite an increase in total unit sales of 5.7% compared to the first half of fiscal year 1999, net sales remained relatively flat mainly due to the negative impact of the appreciation of the Yen, particularly in respect to the US$ and Euro .

3. Operating Income
Consolidated operating profit rose to 134.4 billion Yen ($1.24 billion, Euro 1.41 billion) representing 4.5% of sales compared to 1.9% for the first half of fiscal year 1999. The significant increase in operating income is attributable to the positive impact of cost reductions and increased sales of profitable units worldwide.

4. Ordinary Income
Consolidated ordinary profit came to 130.7 billion Yen ($1.21 billion, Euro 1.37 billion) more than double compared to the first half of the prior year. This improvement is the result of significantly restored operating profit and lower non-operating expenses such as interest on outstanding debt as a result of lower net automotive indebtedness and more efficient financial management.

5. Income before taxes
Consolidated net income before taxes totaled 173.6 billion Yen ($1.61 billion, Euro 1.82 billion) compared to a loss of 347.1 billion Yen in the first half of fiscal year 1999. This represents an increase of 520.7 billion Yen ($ 4.82 billion, Euro 5.45 billion) compared to the first half fiscal year 1999. The company recognized 42.9 billion yen ($0.40 billion, Euro 0.45 billion) in extraordinary gains.

6. Income taxes
Current income taxes for the period came to 38.6 billion Yen ($0.36 billion, Euro 0.40 billion) and the company recognized a total of 55.7 billion Yen ($ 0.52 billion, Euro 0.58 billion) in deferred tax assets. The company continues to retain tax benefits deferred to future years.

7. Net income
Consolidated net income after tax was 172.0 billion Yen ($1.59 billion, Euro 1.80 billion) compared to a loss of 323.5 billion Yen for the same period fiscal year 1999.

8. Indebtedness and Financial Condition
Consolidated net financial indebtedness of the automotive business was 1,100.0 billion Yen ($10.19 billion, Euro 11.52 billion), down from 1,380.0 billion Yen from the first half of fiscal year 1999. The total net indebtedness including the sales finance companies reached 2,460.0 billion Yen ($22.78 billion, Euro 25.76 billion).
Consolidated shareholder's equity at the end of September 30, 2000, totaled 762.0 billion Yen ($7.06 billion, Euro 7.98 billion), a decrease of 167.4 billion Yen ($ 1.55 billion, Euro 1.75 billion) compared to 929.4 billion Yen as of March 31, 2000.

9. Outlook
For the balance of fiscal year 2000, a number of economic and market risks remain. The Yen and Pound Sterling may continue to trade at relatively higher rates compared to the Euro. Pricing for raw materials and precious metals may increase. And the North American market may experience a more than anticipated slowdown in the coming months.
The company also recognizes opportunities for remainder of the fiscal year. The dollar's level versus the Yen has been so far above fiscal year 2000's business plan assumption. Nissan will continue to leverage the Alliance with Renault in the areas of purchasing, powertrain exchanges and platform co-development as the companies build international growth. The company will also continue with its swift and forceful implementation of the Nissan Revival Plan.
After thoroughly assessing these risks and opportunities, on October 30, 2000, Nissan revised its consolidated financial forecast for the full year to an operating profit of 220 billion Yen, an ordinary profit of 200 billion Yen and a net profit of 250 billion Yen.

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Note: Amounts expressed in US$ and Euro in this press release have been translated for convenience only at 108 Yen = 1 US$ and 95.5 Yen = 1 Euro, the approximate rate of exchange on September 30, 2000.

CONSOLIDATED FINANCIAL RESULTS
(For the first half of fiscal years ending/ended March 31,2001 and 2000)

(1) There have been changes of accounting method during the year.
(2) Change(%) means the rates of increase or decrease of net sales,operating income and ordinary income from the same piriod of the previous year.

SEGMENT INFORMATION
(For the first half of fiscal year ending March 31, 2001)

APPLICATION OF CONSOLIDATION AND THE EQUITY METHOD

The number of consolidated subsidiaries: 335

JATCO Trans Technology Ltd.
Nissan Shatai Co., Ltd.
Yokohama Nissan Motor Co., Ltd.
Nissan North America, Inc.
Nissan Europe N.V.
Nissan Mexicana, S.A. de C.V.
and other 329 companies

The number of subsidiaries and affiliates consolidated by the equity method: 60

Nissan Diesel Motor Co., Ltd.
Calsonic Kansei Corporation
Unisia Jecs Corp.
Yulon Motor Co., Ltd.
Siam Nissan Automobile Co., Ltd.
and other 55 companies

Companies newly consolidated in the first half of fiscal year ended March 31, 2001: 11

Nissan Forklift Tokyo Co.,Ltd. and 5 Forklift companies
and other 5 companies

Companies excluded from consolidation in the first half of fiscal year: 18

Nissan Satio Aomori Co.,Ltd.
Nic Co.,Ltd.
and other 16 companies

Companies newly consolidated by the equity method in the first half of fiscal year: 1

Nissan Parts gunma Co.,Ltd.

Companies excluded from consolidation by the equity method in the first half of fiscal year: 14

Ikeda Bussan Co.,Ltd.
Yorozu Corporation
Ichikoh Industries Co.,Ltd.
Nissan Forklift Tokyo Co.,Ltd. and 6 Forklift companies
and other 4 companies

NON-CONSOLIDATED FINANCIAL RESULTS
(For the first half of fiscal years ending/ended March 31, 2001 and 2000)

DIVIDENDS

	Apr.-Sep.00	Apr.-Sep.99
Interim dividends per share (yen)	0	0

September 30, 2000 --- 3,977,294 thousand
September 30, 1999 --- 3,977,294 thousand

FORECAST OF FISCAL YEAR ENDING MARCH 31, 2001

	Full-year
Net sales	-
Ordinary income	-
Net income	-
Cash dividends per share (yen)	-