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NISSAN'S FINANCIAL RESULTS FOR THE FIRST HALF OF FISCAL 1994 (NON-CONSOLIDATED); NET LOSS OF 32.8 BILLION YEN ($310 MILLION)

 TOKYO, Oct. 29 /PRNewswire/ -- Nissan Motor Co., Ltd. (OTC: NSANY; Tokyo Stock Exchange: 7201) today announced its non- consolidated financial results for the first half (April 1, 1993- Sept. 30, 1993) of fiscal 1994 ending March 31, 1994.
 In the period under review, a rapid and sharp appreciation of the yen, decreased sales in Japan and sluggish demand in overseas markets except the U.S., which is showing gradual recovery, posed a continued difficult operating environment for all Japanese automobile manufacturers.
 Non-consolidated net sales declined 6.7 percent from the corresponding period of the last fiscal year to 1,781.8 billion yen ($16.8 billion), reflecting a 10.2-percent decline in unit vehicle sales and the sharp appreciation of the yen. Although the company's rationalization efforts partially offset the impact of slumping sales and appreciation of the yen, operating income and recurring income resulted in a below break-even level. At the net income level, Nissan recorded a loss of 32.8 billion yen ($310 million). Nissan suspended payment of its interim cash dividend for the current fiscal year, but will pay a year-end cash dividend of 7.0 yen per share ($0.066 or $0.132 per ADR), as in the previous fiscal year.
 Total domestic sales rose 2.6 percent to 1,041.8 billion yen ($9.8 billion). Vehicle sales in Japan totaled 564,826 units, up 3.3 percent from the first half of the previous fiscal year. Domestic sales of passenger cars rose 6.7 percent to 487,419 units, compared with 456,666 units in the corresponding period of last year. Export sales declined 17.3 percent, to 740.1 billion yen ($7.0 billion) compared to the same period of last fiscal year. This is due primarily to the appreciation of the yen and a considerable 26.4-percent drop in unit export vehicle sales, which is partially attributed to the expansion of overseas production. In the first half, overseas production increased 22.3 percent to 503,526 units compared to 411,601 units in the year-ago period.
 Commenting on the company's results for the first half of fiscal 1994, Nissan Executive Managing Director Heiichi Hamaoka said, "We suffered decreases both in sales and income due to the rapid and sharp rise of the yen as well as the sluggish demand in Japanese and overseas markets, which led to a significant decline in production and sales volumes. However, we expect that we will be able to break even at the operating income level in the second half of the current fiscal year by stepping up cost-cutting measures and extensive rationalization efforts. The Japanese automobile industry is facing a very difficult business environment due to the yen appreciation and the steep decline in vehicle demand in domestic and overseas markets except in the U.S. In order to deal with such difficulties. Nissan has been vigorously carrying out various restructuring measures. We believe that steady implementation and acceleration of this restructuring program will return Nissan to profitability soon."
 NOTES: -- The accompanying financial data has been prepared in accordance with accounting principles and practices generally accepted in Japan.
 -- Yen amounts have been translated into U.S. dollars, for convenience only, at 106 Yen equals $1, the approximate exchange rate on Sept. 30, 1993.
 -- Two common shares equal one ADR.
 NON-CONSOLIDATED FINANCIAL RESULTS
 (For the first half of fiscal years ending/ended
 March 31, 1994 and 1993)
 (millions of yen) ($ in millions (A))
 (except per-share ammounts) (except per-share
 April-Sept. April-Sept Pct. amounts)
 1993 1992 Change April-Sept. 1993
 Net Sales 1,781,844 1,910,809 -6.7 $ 16,810
 Operating loss (1) -38,588 -17,276 --- ($364)
 Recurring loss (2) -28,930 14,240 --- ($273)
 Net loss -32,838 -21,992 --- ($310)
 Net loss per share
 (yen) (3)(4) -13.07 -8.76 --- ($0.123)
 (1) -- After enterprise tax, which is accounted as "Income and other
 taxes" in the corresponding statement in Nissan's semi-annual
 report.
 (2) -- Before special gains/losses and income and other taxes.
 (3) -- Computed based on number of shares of common stock
 outstanding as of Sept. 30, 1993 and 1992, as follows:
 Sept. 30, 1993 -- 2,512,012 thousand
 Sept. 30, 1992 -- 2,511,928 thousand
 (4) -- Two shares equal one ADR.
 DIVIDENDS
 April-Sept. April-Sept.
 1993 1992
 Interim cash dividends
 per share (yen) --- ---
 FINANCIAL CONDITION
 ($ in millions (A))
 (except per-share
 amounts)
 Sept. 30 Sept. 30 Sept. 30
 1993 1992 1993
 Total assets (millions of yen) 3,498,958 3,628,363 $33,009
 Shareholders' equity (millions
 of yen) 1,556,131 1,599,560 $14,680
 Equity ratio (percent) 44.5 44.1 ---
 Shareholders' equity per
 share (yen) 619.48 636.79 $5.84
 NOTE: The difference between aggregate market value and
 carrying value is as follows:
 Marketable Securities belonging to current and
 fixed assets: 623,039 million yen $588
 Future trading: ---
 Option trading: ---
 FISCAL YEAR 1994 (Ending March 31, 1994)
 RESULTS FORECAST (NON-CONSOLIDATED)
 (millions of yen) ($ in millions (A))
 (except per-share ammounts) (except per-share
 amounts)
 Net sales 3,650,000 $34,434
 Recurring income 0 0
 Net income 0 0
 Cash dividends per share (yen) 7 $0.066
 VEHICLE PRODUCTION
 (For the first half of fiscal years ending/ended March 31,
 1994 and 1993)
 April-Sept. April-Sept Pct.
 1993 1992 Change
 Worldwide production (units) 1,404,135 1,448,019 -3.0
 Domestic 900,609 1,036,418 -13.1
 Overseas 503,526 411,601 22.3
 NON-CONSOLIDATED SALES BY PRODUCT LINE
 (For the first half of fiscal years ending/ended March 31,
 1994 and 1993)
 April-Sept. April-Sept Pct.
 1993 1992 Change
 Vehicle sales (units)
 Total vehicle
 sales 900,914 1,003,711 -10.2
 Domestic 564,826 546,778 3.3
 Export 336,088 456,933 -26.4
 Passenger cars 754,281 827,070 -8.8
 Domestic 487,419 456,656 6.7
 Export 266,852 370,414 -28.0
 Commercial
 vehicles 146,633 176,641 -17.0
 Domestic 77,407 90,122 -14.1
 Export 69,226 86,519 -20.0
 April-Sept. April-Sept Pct. ($ in millions (A))
 1993 1992 Change April-Sept. 1993
 Net sales (millions of yen)
 Total net sales 1,781,844 1,910,809 -6.7 $16,810
 Domestic 1,041,774 1,015,733 2.6 $9,828
 Export 740,069 895,075 -17.3 $6,982
 Vehicles 1,380,506 1,500,932 -8.0 $13,024
 Domestic 904,440 868,169 4.2 $8,533
 Export 476,066 632,763 -24.8 $4,491
 Production parts &
 components for
 overseas
 production 183,668 169,107 8.6 1,732
 Domestic --- --- --- ---
 Export 183,668 169,107 8.6 1,732
 Automotive parts 181,576 194,468 -6.6 1,713
 Domestic 120,248 125,151 -3.9 1,134
 Export 61,328 69,317 -11.5 579
 Forklifts & marine
 products 19,761 20,585 -4.0 186
 Domestic 8,376 9,313 -10.1 79
 Export 11,385 11,272 1.0 107
 Textile machinery 8,208 14,687 -44.1 78
 Domestic 586 2,072 -71.7 6
 Export 7,621 12,615 -39.6 72
 Aerospace equipment 8,122 11,027 -26.3 77
 Domestic 8,122 11,027 -26.3 77
 Export --- --- --- ---
 NOTE: (A) -- Yen amounts have been translated into U.S. dollars for convenience only, at 106 yen equals $1, the approximate exchange rate on Sept. 30, 1993.
 -0- 10/29/93
 /CONTACT: Seth Petok, 212-765-3990 (New York), Debra Sanchez-Fair, 310-719-5958 (Los Angeles), or T. Matsushita, 813-5565-2146 (Tokyo), all of Nissan/
 (NSAN)


CO: Nissan Motor Co., Ltd. ST: IN: AUT SU: ERN

KE-SB -- DEFR02 -- 8292 10/29/93 02:01 EDT
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Date:Oct 29, 1993
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