Nissan's Global Light Commercial Vehicles (LCV) business has had an excellent record since the formation of the LCV Business Unit (BU) in 2004. Identified as one of the main drivers of growth by Nissan at that time, the BU has lived up to and exceeded every initial expectation till FY 2007. Its success can be explained by Nissan's commitment towards its customers across diverse regions in providing them with the products that they need and can rely on in their business and personal endeavours.

Beginning from the third quarter of 2008, the world has been in the midst of a grave and unforeseen economic crisis which has had a negative impact on the ongoing growth prospects of businesses worldwide. The drop in consumer spend and confidence has had an impact on automotive sales worldwide. In addition in the case of Nissan, the strong yen has compounded the challenge before us.

Given the scale of the present downturn it was imperative that we take certain steps to deal with the changed situation while remaining committed to our basic corporate values. In light of this, Nissan's President and CEO Carlos Ghosn has just announced a suspension of the GT 2012 mid term business plan and several other measures directed at streamlining the business during this period. At the same time the measures are aimed at ensuring Nissan's ability to respond to business opportunities as they emerge after this period of fierce crisis. In the new context, the LCV BU is called to contribute with a careful management of the free cash and other key business levers, but the mid term growth vision remains unchanged: becoming a leading player in the global LCV market.

Over the last five years we have invested in the research and manufacture of new products and have formed several key alliances with strategic partners to deliver wider choice and best products to our customers worldwide. We have also gained the expertise to build a global production blueprint meant to maximise our efficiency. By sourcing talents and resources worldwide we have invested in the process of building a truly globalised company which can remain responsive to customer needs across regions and create tangible and lasting value for them. These achievements coupled with our in house talent, skills and experience will stand us in good stead in the days ahead.