Nissan officially out of debt.

[boingo82]

May 21, 2003


NISSAN FILES FINANCIAL STATEMENTS FOR FISCAL YEAR 2002



Tokyo (May 21) -- Nissan filed today its complete consolidated financial results for the fiscal year ended March 31, 2003. The financial results filed today are strictly in line with those the company pre-announced on April 23, 2003.

The results were delivered during the first year of NISSAN 180, the company?s three-year plan aimed to establish sustainable, profitable growth. The plan has three commitments: to achieve 1 million additional sales units worldwide by the end of fiscal year 2004, compared to fiscal year 2001; to achieve an 8% operating margin; and to achieve zero net automotive debt, using constant accounting standards. Two of the three commitments -- the operating margin commitment and debt elimination -- have been realized in the first year of the plan.

Consolidated financial results:

Unit sales

Nissan sold 2,771,000 vehicles worldwide in fiscal year 2002, an increase of 6.7% from fiscal year 2001 sales of 2,597,000 units. Fiscal year 2002 sales and market share increased in each region except Europe.

Sales revenues

Consolidated sales revenues reached 6,828.6 billion yen (US $55.97 billion, euro 57.87 billion), up 10.2% from the prior year.

Operating income

Consolidated operating profit improved by 50.7% ? from 489.2 billion yen in fiscal year 2001 to a record 737.2 billion yen (US $6.04 billion, euro 6.25 billion) in fiscal year 2002. As a percentage of net sales, the operating profit margin reached 10.8%, which is the highest operating profit margin in the global automotive industry.

Ordinary income

Consolidated ordinary profit came to 710.1 billion yen (US $5.82 billion, euro 6.02 billion), up from 414.7 billion yen in the prior year.

Income before taxes

Consolidated net income before taxes totaled 694.6 billion yen (US $5.69 billion, euro 5.89 billion) compared to 364.2 billion yen in fiscal year 2001.

Income taxes

Current and deferred income taxes for the period came to 198.7 billion yen (US $1.63 billion, euro 1.68 billion).

Net income

Consolidated net income after tax totaled 495.2 billion yen (US $4.06 billion, euro 4.20 billion), a 33% improvement compared to 372.3 billion yen for fiscal year 2001.

Indebtedness

The company?s net automotive debt has been totally eliminated, down from 431.7 billion yen at the beginning of fiscal year 2002. At the end of fiscal year 2002, Nissan?s net automotive cash position is 8.6 billion yen (US $70 million, euro 73 million) at constant accounting standards.

Shareholder's equity

Consolidated shareholder's equity as of March 31, 2003, totaled 1,808.3 billion yen (US $14.82 billion, euro 15.32 billion), an increase of 187.5 billion yen compared to 1,620.8 billion yen as of March 31, 2002.

Outlook

Nissan reiterated its forecast for the fiscal year ending March 31, 2004, as issued on April 23, 2003. Full-year consolidated net sales are expected to reach 7.45 trillion yen (US $62.08 billion, euro 57.31 billion), an increase of 9.1% from fiscal year 2002. Operating profit is expected to be 820 billion yen (US $6.83 billion, euro 6.31 billion), an increase of 11.2%. Ordinary profit is expected to be 781 billion yen (US $6.51 billion, euro 6.01 billion), an increase of 10.0%. The company expects to achieve a net profit of 495 billion yen (US $4.13 billion, euro 3.81 billion), with the expectation of a return to normal tax treatment in Japan. Net cash generated by operations is estimated at 100 billion yen (US $833 million, euro 769 million) even after the 120 billion yen investment to buy the 50% stake in Dong Feng.

Note: Amounts expressed in U.S. dollars and euro in this press release have been translated for the convenience of the reader only at the rates of 122 yen/dollar and 118 yen/euro, the average exchange rates for the full fiscal year ending March 31, 2003. Forecast amounts are translated at the exchange rates of 120 yen/dollar and 130 yen/euro.

[Maximadave]

wow...I was part of that 2.7 million cars sold:o

[Rufes1]

hopefully this means a higher quality of cars made, price reduction and increase in the production line..

Damn good that they are outa debt... i'd hate to see nissan go down