FORM
6-K

SECURITIES
AND EXCHANGE COMMISSION

WASHINGTON,
D. C. 20549




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REPORT
OF FOREIGN PRIVATE ISSUER

Pursuant
to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934

For
the month of April 2003

Commission
File Number: 000-12713




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NEC
CORPORATION

(Translation
of registrant's name into English)




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7-1,
Shiba 5-chome Minato-ku, Tokyo, Japan

(Address
of principal executive offices)




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Form 20-F  [ X ]      Form 40-F [     ]

Yes  [     ]      No [ X ]



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SIGNATURE



NEC
CORPORATION(Registrant)By:


/S/
    FUJIO OKADAFujio Okada
General Manager, Legal Divison




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April 24, 2003

Full Year Consolidated Financial Results
  for the Fiscal Year Ended March 31, 2003

Consolidated Financial Results

|                                                       |  |                                  |  |                                  |  |                   
|------------------------------------------------------ |  | -------------------------------- |  | -------------------------------- |  | ------------------
|                                                       |  | Fiscal Year Ended March 31, 2003 |  | Fiscal Year Ended March 31, 2002 |  | Increase(Decrease)
|                                                       |  |                                  |  |                                  |  |                   
|                                                       |  | In billions of yen               |  | In billions of yen               |  | %                 
|Net sales                                              |  | 4,695.0                          |  | 5,101.0                          |  | (8.0)             
|Operating income (loss)                                |  | 120.8                            |  | (55.5)                           |  | -                 
|Income (loss) before income taxes                      |  | 61.4                             |  | (461.1)                          |  | -                 
|Loss before cumulative effect of accounting change     |  | (24.5)                           |  | (309.4)                          |  | -                 
|Net loss                                               |  | (24.5)                           |  | (312.0)                          |  | -                 
|                                                       |  |                                  |  |                                  |  |                   
|                                                       |  | Yen                              |  | Yen                              |  | Yen               
|Per share of common stock:                             |  |                                  |  |                                  |  |                   
|Loss before cumulative effect
	  of accounting change: |  |                                  |  |                                  |  |                   
|Basic:                                                 |  | (14.85)                          |  | (187.06)                         |  | -                 
|Diluted:                                               |  | (14.85)                          |  | (187.06)                         |  | -                 
|Net  loss :                                            |  |                                  |  |                                  |  |                   
|Basic:                                                 |  | (14.85)                          |  | (188.63)                         |  | -                 
|Diluted:                                               |  | (14.85)                          |  | (188.63)                         |  | -                 
|                                                       |  |                                  |  |                                  |  |                   
|                                                       |  | In billions of yen               |  | In billions of yen               |  | %                 
|Total assets:                                          |  | 4,103.3                          |  | 5,010.8                          |  | (18.1)            
|                                                       |  |                                  |  |                                  |  |                   
|Number of employee:                                    |  | 145,807                          |  | 141,909                          |  | -                 
|                                                       |  |                                  |  |                                  |  |                   

(Notes)

1. The consolidated financial statements of NEC are prepared in accordance
	with accounting principles generally accepted in the United States, or U.S.
	GAAP
2. Number of consolidated subsidiaries and affiliated companies accounted
	for by the equity method:Fiscal year ended March 31, 2003
		Fiscal year ended March 31, 2002Consolidated subsidiaries
		183
		169Affiliated companies accounted for by the equity method
		17
		13



---



Background
to the Financial Results for the Fiscal Year Ended March 31, 2003



1.
Fundamental Management Policy

In the
fiscal year ended March 31, 2003, the severity of the market
conditions remained severe due mainly to weak communications
infrastructure equipment market and the slowdown in the domestic
information technology ("IT") investment, triggered by
the global effect of the long-term IT recession of the U.S.
Nevertheless, we are in an age where corporate, countries and local
government are implementing systems built on an Internet-based
infrastructure. Moreover, the spread of Internet broadband services
combined with higher performance personal computers ("PCs") and servers
are enabling data to be distributed and processed in great volumes.
This in turn makes it possible for consumer electronics products,
cars, game machines and other consumer devices to connect each other
through the Internet, and for mobile handsets to transmit and receive
high-quality moving and video, as well as precise positioning data.
In addition, it also becomes possible to track a product with
ultra-small chip and wireless functions, creating a ubiquitous
computing environment where people and things can be interconnected
constantly.  In this environment, NEC aims to provide a new level of
integrated solutions combining IT and network technologies.



2.
Mid- to Long-Term Business Strategy

In April
2000, NEC began its first phase of structural reforms and introduced
the in-house company system consisting of three in-house companies,
each operating in accordance with its own unique criteria to provide
solutions in the fields of IT, networks and electron devices.  As a
result of the structural reforms, NEC achieved, among other things,
the elimination of "back-scratching" among its internal
business units, conversion to solution-oriented operations, business
restructuring, integration and reorganization of NEC's
affiliated companies and the enhancement of corporate governance.
During these three years, however, the external environment underwent
serious changes stemming from intensified international price
competition due to the rise of Chinese corporations, the development
of network technology, the development of integrated technologies in
IT and network, and changes in the competitive structure of the
semiconductor industry.

NEC
responded to these business environmental changes by launching its
second phase of structural reforms in May 2002.  Recognizing the
differences of customer needs in its fields of operation and the
different approaches required to gain a competitive edge in these
fields, NEC divided its business domain into two main areas:
IT-Network Integrated Solutions and Semiconductor Solutions.  The aim
of this second phase is to realize a significant increase in the
corporate value of the NEC group by concentrating management
resources in each field of business.



1. IT-Network
	Integrated Solutions

On
April 1, 2003, former NEC Solutions and NEC Networks shifted from an
in-house company structure to a structure based on nine business
lines to promote open and flat operations and enhance IT-Network
Integrated Solutions. The Domestic Sales Business line is responsible
for sales in the rapidly growing IT-Network Integrated Solutions
market.  An executive officer has been appointed to implement an
effective integrated solutions system and enhance the development of
software and hardware in the area of IT-Network fusion technology.



1. Semiconductor
	Solutions

On
November 1, 2002, NEC separated its semiconductor business (except
general-purpose DRAMs) to the newly established NEC Electronics
Corporation ("NEC Electronics").  As a semiconductor solution
specialist, NEC Electronics is aiming to satisfy customer needs
through its differentiated technologies, focusing particularly on
system LSIs.  The purpose of this corporate separation has been to
maximize the corporate value as a semiconductor solution specialist
and to build a global company with a solid financial base by
implementing the fund raising that suits the investment-intensive
characteristics of the business.  As strategic partners, NEC and NEC
Electronics aim to capitalize on their synergies as strategic
partners on both business and technical level.



# 3.
Growth Strategy

NEC
is currently grappling with the challenge of how to increase its
shareholder equity.  The bursting of the IT bubble left IT
related companies across the globe recording huge losses.  NEC was no
exception; however, by decisively implementing structural reforms to
eliminate the negative business practices of the past, NEC has been
able to endure through the downturn, reinvigorate business, and make
a return to business profitability.  Nevertheless, factors such as
restructuring costs, stock market downturn, and loss in weight of
pension trusts assets have contributed to reducing NEC's
shareholder equity.

To
recover and increase shareholder equity, it is firstly imperative for
NEC to increase the profits obtained from ordinary business
activities.  Therefore, NEC intends to revitalize its business
structure and to carry forward with its new business strategy for
growth, to realize such strategy, and to implement innovative
management ideas.



First,
measures for business revitalization include continued enhancement of
innovations in production and supply-chain-management, as well as
improved profitability and financial condition through further
reductions in materials costs and reduction of assets.  These
measures will help to establish a healthy business from which profits
can be obtained even under deflationary economic conditions, thus
restoring business productivity.



Next,
the new emphasis on strategy for growth is based on two main
concepts, the first of which is providing services that integrate the
IT solution and network solution.  Overlaps in the fields of IT and
network have appeared due to the increasingly sophisticated use of
information systems and diversification of communications services.
NEC will strive to maximize its strength in both of these fields to
generate new demand.  Furthermore, NEC also aims to offer total
solutions by providing hardware and software building network
infrastructure, and developing and operating business application
software.



The
second concept is global business expansion.  One measure to achieve
this concept is to strengthen the IT solution business in four global
regions: Europe, China/Taiwan, Asia/Pacific, and North America, and
implement a flat business management in each region.  Another pillar
of global expansion is the mobile terminal area of the Network
Solutions business.  Based on a solid domestic foundation, NEC will
actively introduce its products in overseas market, focusing
particularly in Europe and China.



NEC
intends to adopt innovative management practices to realize the
foregoing concepts of strategy for growth.  By creating a new
management structure based on its business units, NEC aims to achieve
open and flat operations that concentrate on the market and
customers, making it possible to satisfy the increased market demands
accompanying development of fusion of IT and network technologies.
NEC's overall aim is to create a corporate spiritual climate
where the guiding principles are market and customer oriented, and
where customer satisfaction is the byword in all activities.  Through
these measures, NEC will achieve global excellence.



## 4.
Basic Policy and Implementation Status of Plan Regarding Corporate
Governance

NEC
believes that strong corporate governance is vital in maximizing its
corporate value, which embodies the company's value for its
shareholders, customers, and employees.  Recognizing this, NEC aims
to strengthen its corporate governance as follows, in accordance with
the three principles: (i) transparency and integrity of management,
(ii) clear accountability, and (iii) timely and fair disclosure.



1. Separation
	of supervision and execution

To
achieve fast decision-making and clearly delineate business
responsibilities, NEC established an executive officer system in
April 2000, and at the same time, reduced the number of board members
from 37 to 19 (14 as of March 31, 2003).



1. Addition
	of outside members to board of directors

To
strengthen the supervisory function of the board of directors, to
raise the management integrity, and to make the decision-making
process more transparent, NEC plans to increase the number of
independent board members to approximately five, with the aim of
creating a board structure in which one third of the members are
outside board members.  One outside board member assumed office in
fiscal 2002, bringing the total of outside board members as of March
31, 2003 to three.



1. Auditing
	system

The
corporate auditors are appointed at the shareholders meeting and
independently audit the legitimacy of the duties carried out by the
directors.  The board of corporate auditors consists of two full-time
corporate auditors and two outside auditors (as of March 31, 2003).



1. Management
	advisory committee

In
January 2001, the  Management Advisory Committee was established as
an advisory organization for top management.  The committee consists
of 11 members: five from outside, and six board members (as of March
31, 2003).  The committee was held four times in fiscal 2003 to
discuss the mid-term management strategy of NEC and other management
matters.



1. Compensation
	committee

In
January 2001, the Compensation Committee was established to debate
the appropriateness of remuneration, bonuses and stock options
provided to the directors and executive officers.  The Compensation
Committee consists of five members, including two outside members (as
of March 31, 2003).  The Compensation Committee was held twice in
fiscal 2003 to discuss revisions to directors' compensation
levels and the compensation system.



1. Disclosure
	of quarterly financial results

With
a view to emphasizing timely and fair disclosure, NEC started
publishing business results on a quarterly basis from fiscal 2002,
and endeavors to announce its financial results as soon as possible
following the close of each reporting period.



# 5.
Business Results

# 1.Overview of the fiscal year ended March 31, 2003 and outlook for
	the fiscal year ending March 31, 2004

Although
the world economy showed signs of a modest recovery especially in the
U.S. and Asia during the first half ended September 30, 2002,
uncertainty intensified in the second half ended March 31, 2003 due
mainly to the aggravation of the situation in Iraq. Regarding Japans
economy, exports mainly to the U.S. and Asia expanded in the first
half, and personal consumption made relatively steady progress,
leading the economy towards recovery. However, in the second half,
concerns over the slowdown of business conditions increased, as shown
by the fact that the favorable trend of exports began to slow down,
the stock prices fell as uncertainty grew regarding the future of the
world economy due to the disruptive situation in Iraq, and personal
consumption slowed down.  In the electronics industry, although
demand for systems integration (SI) services and digital consumer
products grew steadily, demand for PC and communication equipment
remained flat and the general weakness in the market continued.

Moreover,
the business environment surrounding NEC changed dramatically
including advancement of technology integration in the fields of IT
and network, the competitive structure of the semiconductor industry,
the intense price competition stemming from the rise of new Chinese
companies and the development of horizontal international
specialization system through providers of electronic manufacturing
services (EMS).

Consolidated
financial results

Consolidated
net sales for the fiscal year ended March 31, 2003 decreased by 8%,
to 4,695.0 billion yen, as compared with the previous fiscal year due
mainly to decrease in sales for network infrastructure equipment and
mobile terminals. Despite the decrease in consolidated net sales, as
a result of restructuring measures implemented in the previous fiscal
year that reduced fixed expenses and costs, NEC
recorded a consolidated operating income of 120.8 billion yen (an
increase of 176.4 billion yen as compared with the previous
fiscal year). Income before income taxes
was 61.4 billion yen (an improvement of 522.6 billion yen as compared
with the previous fiscal year). NEC incurred consolidated net loss of
 24.5 billion yen despite its 287.4 billion yen improvement as
compared with the previous fiscal year. This was mainly due to the
equity in losses of affiliated companies resulting from weak
operating results of semiconductor companies and the write down of deferred
income tax assets resulting from
the introduction of a corporate activity tax (gaikei hyojun kazei).



Regarding
the fiscal year ending March 31, 2004, although NEC anticipates
continuing difficult conditions for the telecommunications
infrastructure business, advancing forward with its mobile handset
business planned in overseas markets, NEC  is aiming to slightly
increase its consolidated net sales over the fiscal year ended March
31, 2003 to 4,800.0 billion yen. Due to strong achievements in
company-wide restructuring and reductions in material costs, NEC
plans an operating income of 45.0 billion yen for the first half
ending September 30, 2003 and 180.0 billion yen for the second half
ending March 31, 2004 respectively. Regarding consolidated net
income, NEC plans a net income of 3 billion yen for the first half
and 30.0 billion yen for the second half respectively.





- Consolidated -

|                              |                        | Comparison
				with the fiscal year ended
				March
				31, 2003:
|----------------------------- | ---------------------- | -----------------------------------------------------------------
|Net
			sales                  | 4,800.0	billion
			yen | +2%                                                              
|Operating
			income           | 180.0	billion
			yen   | Increased
			 by 59.2 billion yen                                
|Income
			before income taxes | 120.0	billion yen      | Increased
			 by 58.6 billion yen                                
|Net
			income                 | 30.0	billion
			yen    | Increased
			 by 54.5 billion yen                                



- Non-consolidated -

|                   |                        | Comparison
				with the fiscal year ended
				March
				31, 2003:
|------------------ | ---------------------- | -----------------------------------------------------------------
|Net
			sales       | 2,400.0	billion
			yen | -14%                                                             
|Ordinary
			income | 35.0	billion
			yen    | Increased
			 by 28.9 billion yen                                
|Net
			income      | 15.0	billion yen       | Increased
			 by 29.9 billion yen                                



## 2.Results by operating segments (including inter-segment transactions
	and  profit/ loss figures)

Sales
and segment profit or loss of NEC's main segments  were as follows
(figures in brackets denote increase or decrease from the previous
fiscal year):



IT
Solutions Business

Segment
profit:	105.8 billion yen (+30.4 billion yen)

Sales
for the IT Solutions business for the fiscal year ended March 31,
2003 were 2,082.6 billion yen, a decrease of 6% as compared with the
previous fiscal year. Sales of main product areas were as follows:

In
the area of SI services/software, sales increased by 4% to 541.7
billion yen over the previous fiscal year. This was mainly due to
steady growth in sales for SI services for governments and public
offices, and the electrical power and broadcast media industries that
were tackling the provision of broadband services and digitalization
of broadcasting. In the area of Internet services/support services,
sales increased by 4% to 350.3 billion yen over the previous fiscal
year due mainly to growth in sales for BIGLOBE's value-added services. In
the area of hardware, sales of servers, storage products and
workstations decreased by 18% to 363.1 billion yen over the previous
fiscal year, primarily due to decreased sales volumes as compared
with the previous fiscal year in which NEC had large scale orders.

Segment
profit of IT Solutions business increased by 30.4 billion yen to
105.8 billion yen as compared with the previous fiscal year, due
mainly to improved profitability resulting from structural reforms of
the PC business, and increased sales for SI services/software.



### Network
Solutions Business

Segment
profit:	34.2 billion yen (-19.1 billion yen)

Sales
for Network Solutions business decreased by 20% to 1,576.3 billion
yen compared to the previous fiscal year.

Regarding
sales by main product areas, sales for network infrastructure
decreased by 23% to 893.9 billion yen as compared with the previous
fiscal year due to continuing weakness in the global
telecommunications market. Sales for mobile terminals decreased by
24% to 439.2 billion yen compared to the previous fiscal year when
domestic shipments were favorable. With respect to sales in the
remaining business areas, an increase in shipments for domestic
airborne signal digital broadcasting equipment resulted in an
increase in sales of 13% to 243.2 billion yen as compared with the
previous fiscal year.



Despite
a decrease in overall sales and an adverse business environment,
segment profit of Network Solutions business was 34.2 billion yen, a
decrease of 19.1 billion yen as compared with the previous fiscal
year. The reduced sales were partially offset by a  reduction of
fixed expenses and costs, resulting from restructuring measures which
NEC had been implementing since the previous fiscal year.



### Electron
Devices Business

Segment
loss:	2.2 billion yen (improved by 145.8 billion yen)

Sales
for Electron Devices business for the fiscal year ended March 31,
2003 were 936.7 billion, an 11% increase as compared with the
previous fiscal year.

Regarding
sales by main product areas, sales for semiconductors increased by
10% to 706.7 billion yen as compared with the previous fiscal year
due to the steady growth especially in semiconductors for consumer
electronic products, mobile handsets and automobiles. In the area of
displays, although shipments increased for plasma display panels, (i)
the reduction in business for color liquid crystal displays ("LCDs")
for commodity PCs where there was rapid price decline and poor
profitability and (ii) the shift to LCDs used in industrial
applications resulted in sales of 97.9 billion yen, a 4 % decrease
compared to the previous fiscal year. Sales for electronic components
and others increased by 34% to 132.1 billion yen as compared with the
previous fiscal year, mainly due to the new consolidation of NEC
Tokin Corporation as a result of business integration of the NEC's
electronic components businesses into NEC Tokin Corporation.

Segment
loss of Electron Devices business was 2.2 billion yen, an improvement
of 145.8 billion yen as compared with the previous fiscal year.  This
was due to (i) the restructuring measures that reduced fixed
expenses, (ii) the strengthening of the profit base by withdrawal
from certain unprofitable product lines and shifting to high
value-added products, and (iii) an increase in shipments of
semiconductors and plasma display panels.



6.
Financial Condition

Net
cash provided by
operating activities for the fiscal year ended March 31, 2003
was 247.5 billion yen. Despite the consolidated net loss of 24.5
billion yen, this result was achieved through reductions in
inventories and accounts receivable by further promotion of asset
efficiency. This result was an improvement of 110.8 billion yen as
compared with the previous fiscal year, mainly due to a large
decrease in the consolidated net loss. Net
cash used in investment activities was 11.5 billion yen, a decrease
of 191.9 billion as compared with the previous fiscal year. This was
principally due to a decrease in expenditures relating to the
purchase of fixed assets as a result of selective and focused capital
expenditures, and an increase in proceeds from the sale of marketable
securities fading in importance of holding.

As
a result, the free cash flows (the total of cash flows from operating
activities and cash flows from investing activities) were cash in
flow of 235.9 billion yen, an
improvement of 302.8 billion yen as compared with  the previous
fiscal year.

Net
cash used in financing activities was 262.7 billion yen due to the
redemption of corporate bonds and a decrease in commercial paper.
Cash and cash equivalents amounted to 344.3 billion yen, a decrease
of 33.4 billion yen as compared with the end of the previous fiscal
year.



The
balance of interest-bearing debt amounted to 1,487.0 billion yen, a
decrease of 772.6 billion yen as compared with the end of the
previous fiscal year mainly due to the fact that  free cash flows
were improved and that NEC Leasing, Ltd. became NEC's affiliated
company accounted for by the equity method.  Debt equity ratio was
4.15 times (an increase of 0.15 points as compared with the end of
the previous fiscal year) mainly due to a decrease in shareholders'
equity due to an increase in the amount of minimum pension liability
adjustment resulting from the change in discount rate.



Each
Index

|                                                     | Fiscal
				Year 2001 | Fiscal
				Year 2002 | Fiscal
				Year 2003
|---------------------------------------------------- | -------------------- | -------------------- | --------------------
|Shareholders'
				equity ratio                       | 19.0%                | 11.3%                | 8.7%                
|Shareholders'
				equity ratio on market value basis | 68.6%                | 35.5%                | 15.7%               
|Redemption
				years                                 | 5.1 years            | 14.4 years           | 7.6
				years       
|Interest
				coverage ratio                          | 5.6                  | 2.9                  | 8.2                 



Calculation
methods for each of the above indices:

Shareholders'
equity ratio:

Shareholders'
	equity at the end of each period / total assets at the end of each
	period

Shareholders'
equity ratio on market value basis:

Aggregated
	market value of shares at the end of each fiscal year / total assets
	at the end of each period

Redemption
years:

Interest-bearing debt / cash flows from operating activities

Interest
	coverage ratio:

The
	indices above were calculated based on consolidated financial
	figures.

(Note
1.)

On
April 1, 2001, NEC adopted SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities" and SFAS No. 138
"Accounting for Certain Derivative Instruments and Certain
Hedging Activities - an amendment of FASB statement No. 133."
 These statements require an entity to recognize all derivatives as
either assets or liabilities in the balance sheet and to measure
those instruments at fair value.  The cumulative effect from the
adoption of these standards is disclosed as "cumulative effect
of accounting change, net of tax" in the condensed consolidated
statements of operations.



(Note
2.)



For
the third quarter of the fiscal year ended March 31, 2003, as a
result of the establishment of NEC Electronics Corporation by
corporate separation, NEC Electron Devices no longer exists as NEC's
in-house company. Therefore, the segment name was changed from NEC
Electron Devices to Electron Devices business. The business structure
of Electron Devices business is the same as that of the former NEC
Electron Devices.  Additionally, from April 1, 2003, in line with
the termination of the in-house company system, the segment names of NEC
Solutions and NEC Networks have been changed as below.



|Previous
				segment name | New
				segment name          
|------------------------- | ------------------------------
|NEC
				Solutions         | IT
				Solutions business     
|NEC
				Networks          | Network
				Solutions business



*The
business structure of each segment remains the same as the former
in-house company structure.





Operating
income (loss) set forth above is a measure commonly used by companies
reporting in accordance with accounting principles generally accepted
in Japan.  Management believes this measure is useful to investors in
comparing NEC's results of operations to other Japanese
companies.  This measure, however, should not be construed as an
alternative to "income (loss) before income taxes" or
"net income (loss)" as determined in accordance with U.S.
GAAP.  Please refer to the condensed consolidated statement of
operations  for the calculation of the operating income (loss).



***





---

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

|(Millions of yen, millions of U.S.
	  dollars)                  
|----------------------------------------------------------------
|                                                                
|                                                                
|                                                                
|Net sales                                                       
|Cost of sales                                                   
|Selling, general and administrative
	  expenses                 
|Operating income (loss)                                         
|                                                                
|Non-operating income                                            
|Interest and dividends                                          
|Other                                                           
|Non-operating expenses                                          
|Interest                                                        
|Other                                                           
|                                                                
|Income (loss) before income
	  taxes                            
|                                                                
|Provision (benefit) for income
	  taxes                         
|Minority interest in income of consolidated subsidiaries        
|Equity in losses of affiliated
	  companies                     
|                                                                
|Loss before cumulative effect
	  of accounting change,net of tax
|                                                                
|Cumulative effect of accounting change, net of
	  tax           
|                                                                
|Net loss                                                        
|                                                                

(Note)

US dollar amounts are translated from yen, for convenience only, at the rate
  of US$1 = 118 yen.







CONDENSED CONSOLIDATED BALANCE SHEETS

|(Millions of yen, millions of U.S.dollars)                    
|--------------------------------------------------------------
|                                                              
|                                                              
|                                                              
|Current assets                                                
|Cash and cash equivalents                                     
|Notes and accounts receivable,
	  trade                       
|Current portion of investment in leases                       
|Inventories                                                   
|Other current assets                                          
|Long-term assets                                              
|                                                              
|Long-term receivables, trade                                  
|Investments and advances                                      
|Investment in leases                                          
|Property, plant and equipment                                 
|Other assets                                                  
|                                                              
|Total assets                                                  
|                                                              
|                                                              
|Current liabilities                                           
|                                                              
|Short-term borrowings and current
	  portion of long-term debt
|Notes and accounts payable, trade                             
|Other current liabilities                                     
|Long-term liabilities                                         
|                                                              
|Long-term debt                                                
|Accrued pension and severance costs                           
|Other                                                         
|Minority shareholders' equity in consolidated
	  subsidiaries 
|Preferred securities issued
	  by a subsidiary                
|                                                              
|Common stock                                                  
|Additional paid-in capital                                    
|Retained earnings                                             
|Accumulated other comprehensive income (loss)                 
|                                                              
|Total shareholders' equity                                    
|                                                              
|Total liabilities and shareholders'
	  equity                 
|                                                              





CONDENSED CONSOLIDATED BALANCE SHEETS ( SUPPLEMENTARY INFORMATION ) (UNAUDITED)

|(Millions of yen, millions of U.S.dollars)                    
|--------------------------------------------------------------
|                                                              
|                                                              
|                                                              
|Current assets                                                
|                                                              
|Cash and cash equivalents                                     
|Notes and accounts receivable, trade                          
|Inventories                                                   
|Other current assets                                          
|Long-term assets                                              
|                                                              
|Long-term receivables, trade                                  
|Investments and advances                                      
|Property, plant and equipment                                 
|Other assets                                                  
|                                                              
|Total assets                                                  
|                                                              
|                                                              
|Current liabilities                                           
|                                                              
|Short-term borrowings and current portion of
	  long-term debt
|Notes and accounts payable, trade                             
|Other current liabilities                                     
|Long-term liabilities                                         
|                                                              
|Long-term debt                                                
|Accrued pension and severance costs                           
|Other                                                         
|Minority shareholders' equity in consolidated
	  subsidiaries 
|Preferred securities issued by a subsidiary                   
|                                                              
|Common stock                                                  
|Additional paid-in capital                                    
|Retained earnings                                             
|Accumulated other comprehensive income (loss)                 
|                                                              
|Total shareholders' equity                                    
|                                                              
|Total liabilities and shareholders' equity                    
|                                                              

(Note)

In the condensed consolidated balance sheets at the end of March 31, 2002
  on this page, the investment in a leasing subsidiary is accounted for by the
  equity method.











CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

|(Millions of yen, millions of U.S.dollars)                                        
|----------------------------------------------------------------------------------
|                                                                                  
|                                                                                  
|                                                                                  
|I. Cash flows from operating activities:                                          
|Net loss                                                                          
|Adjustments to reconcile net loss to net cash
	  provided by operating activities:
|Depreciation                                                                      
|Equity in losses of affiliated companies, net
	  of dividends                     
|Decrease in notes and accounts receivable                                         
|Decrease in inventories                                                           
|Decrease in notes and accounts payable                                            
|Other, net                                                                        
|                                                                                  
|Net cash provided by operating activities                                         
|                                                                                  
|II. Cash flows from investing activities:                                         
|Proceeds from sales of fixed assets                                               
|Additions to fixed assets                                                         
|Proceeds from sales of marketable securities                                      
|Purchase of marketable securities                                                 
|Other, net                                                                        
|                                                                                  
|Net cash used in investing activities                                             
|                                                                                  
|Free cash flows (I + II)                                                          
|                                                                                  
|III. Cash flows from financing activities:                                        
|Net repayment of bonds and borrowings                                             
|Proceeds from preferred securities issued by
	  a subsidiary                      
|Dividends paid                                                                    
|Other, net                                                                        
|                                                                                  
|Net cash provided by (used in) financing activities                               
|                                                                                  
|Effect of exchange rate changes on cash and cash
	  equivalents                   
|                                                                                  
|Net decrease in cash and cash equivalents                                         
|                                                                                  
|Cash and cash equivalents at beginning of year                                    
|Cash and cash equivalents at end of year                                          
|                                                                                  







SEGMENT INFORMATION

1.Operating Segment Information

|(1) Net Sales (Including internal sales
	  to other segments)
|-------------------------------------------------------------
|(Millions of yen, millions of U.S.
	  dollars)               
|                                                             
|                                                             
|IT Solutions business                                        
|Network Solutions business                                   
|Electron Devices business                                    
|Others                                                       
|Eliminations                                                 
|Electronics business total                                   
|                                                             
|Leasing business                                             
|Eliminations                                                 
|Consolidated total                                           
|                                                             
|(2) Segment Profit or Loss                                   
|(Millions of yen, millions of U.S.
	  dollars)               
|                                                             
|                                                             
|IT Solutions business                                        
|Network Solutions business                                   
|Electron Devices business                                    
|Others                                                       
|Eliminations                                                 
|Unallocated corporate expenses*                              
|Electronics business total                                   
|                                                             
|Leasing business                                             
|Eliminations                                                 
|                                                             
|Other income                                                 
|Other expenses                                               
|Consolidated income(loss) before income taxes                
|                                                             

(Notes)

* Corporate expenses include general corporate expenses and research and development
  expenses at NEC Corporation which are not allocated to any operating segment.





|(3) Net Sales to External Customers(Unaudited)                                                   
|-------------------------------------------------------------------------------------------------
|(Billions of yen, millions of U.S.
	  dollars)                                                   
|                                                                                                 
|                                                                                                 
|IT Solutions business                                                                            
|Domestic                                                                                         
|Overseas                                                                                         
|Network Solutions business                                                                       
|Domestic                                                                                         
|Overseas                                                                                         
|Electron Devices business                                                                        
|Domestic                                                                                         
|Overseas                                                                                         
|Others                                                                                           
|Domestic                                                                                         
|Overseas                                                                                         
|Electronics business total                                                                       
|Domestic                                                                                         
|Overseas                                                                                         
|                                                                                                 
|Leasing business                                                                                 
|Domestic                                                                                         
|Overseas                                                                                         
|Consolidated total                                                                               
|Domestic                                                                                         
|Overseas                                                                                         
|                                                                                                 
|(4) Net Sales by Products and Services
	  (Including internal sales to other segments)(Unaudited)
|(Billions of yen, millions of U.S.
	  dollars)                                                   
|                                                                                                 
|                                                                                                 
|IT Solutions business                                                                            
|Systems Integration Services /Software                                                           
|Internet Services/Support Services                                                               
|Servers/Storage Products/Workstations                                                            
|Personal Products                                                                                
|Other Hardware                                                                                   
|Network Solutions business                                                                       
|Network Infrastructure                                                                           
|Mobile Terminals                                                                                 
|Other                                                                                            
|Electron Devices business                                                                        
|Semiconductors                                                                                   
|Displays                                                                                         
|Electronic Components                                                                            
|                                                                                                 







2. Geographic Segment Information

(1) Net Sales

|(Millions of yen, millions of U.S. dollars)
|-------------------------------------------
|                                           
|                                           
|Japan                                      
|Overseas                                   
|Consolidated                               
|                                           

(2) Geographic Profit or Loss

|                                                
|------------------------------------------------
|                                                
|Japan                                           
|Overseas                                        
|                                                
|Other income                                    
|Other expenses                                  
|Consolidated income(loss) before
	  income taxes
|                                                

3. Sales by Market (Unaudited)

|            
|------------
|            
|Japan       
|Overseas    
|Consolidated
|            







FINANCIAL INSTRUMENTS

(1) Fair value of derivative financial instruments

Contract or notional principal amounts, carrying amounts and estimated fair
  value are summarized as follows:-

|(Millions of yen)                                    
|-----------------------------------------------------
|                                                     
|                                                     
|                                                     
|                                                     
|                                                     
|Derivatives:                                         
|Forward exchange contracts:*                         
|Fiscal 2002                                          
|Purchase of foreign currency the equivalent
	  of yen
|Sale of foreign currency the equivalent of yen       
|Fiscal 2003                                          
|Purchase of foreign currency the equivalent
	  of yen
|Sale of foreign currency the equivalent of yen       
|                                                     
|Interest rate and currency swap agreements           

*Contract or notional amounts of forward exchange contracts are net amount
  of "sale" minus "purchase".





(2) Marketable securities

The cost, fair value and net unrealized holding gains/losses for marketable
  securities by major security type are summarized as follows:-

|(Millions of yen)               
|--------------------------------
|                                
|                                
|                                
|Available-for-sale:             
|Equity securities               
|Cost                            
|Fair value                      
|Net unrealized
	  holding gains 
|                                
|Debt securities                 
|Cost                            
|Fair value                      
|Net unrealized
	  holding losses
|                                

(3) Investments in affiliated companies

The carrying amount and market value of stocks of affiliated companies accounted
  for by the equity method which have quoted market values are summarized as follows:-

|(Millions of yen)
|-----------------
|                 
|                 
|                 
|Carrying amount  
|Market value     
|                 







LEASING ARRANGEMENTS

(1) Leasing of computer equipment

|(Millions of yen)
|-----------------
|                 
|                 
|                 
|Within one year  
|                 
|Over one year    
|                 

(2) Lease of facilities and equipment for company's use

|(Millions of yen)
|-----------------
|                 
|                 
|                 
|Within one year  
|                 
|Over one year    
|                 





PENSION AND SEVERANCE PLANS

NEC Corporation and the subsidiaries in Japan have severance indemnity plans
  and non-contributory defined benefit funded pension plans, or only severance
  indemnity plans, covering substantially all of their employees who meet eligibility
  requirements of the retirement regulations. Under the plans, employees whose
  service with the company is terminated are, under most circumstances, entitled
  to lump-sum severance indemnities and/or pension payments, determined by
  reference to current basic rate of pay, length of service and conditions under
  which the termination occurs. The funding policy is to make contributions that
  can be deducted for Japanese income tax purposes.

NEC Corporation and certain subsidiaries in Japan also have contributory defined
  benefit pension plans, covering substantially all of their employees, including
  the governmental welfare pension benefit plan (substitutional portion) which
  would otherwise be provided by the Japanese government. The pension benefits
  are determined based on years of service and the compensation amount as stipulated
  in the regulations. The contributions to the contributory and the-contributory
  pension plans are placed into trusted pension funds.

On April 1, 2002, the Defined Benefit Corporate Pension Law was enforced,
  and some contributory defined benefit plans of NEC Corporation and certain subsidiaries
  in Japan have received the approval of exemption from the obligation for benefits
  related to future employee service under the substitutional portion from the
  Japanese government. After approval, NEC Corporation and certain subsidiaries
  in Japan make pension insurance payments directly to the government instead
  of contributing to the plans for the substitutional portion.

The weighted-average
  assumptions used in the accounting for the plans are as follows:-



|                                                 | March 31, 2003 | March 31, 2002
|------------------------------------------------ | -------------- | --------------
|                                                
|Discount rate                                    | 3.0%           | 3.5%          
|Rate of increase in future compensation level    | 1.7% - 3.8%    | 1.7% - 3.8%   
|Expected long-term rate of return on plan assets | 4.0%           | 4.0%          





NET LOSS PER SHARE

A reconciliation of the numerator and the denominators of the
  basic and diluted per share computations for net loss is as follows:



|                                          |              | (Millions of yen)
|----------------------------------------- | ------------ | -----------------
|                                         
|                                          | Fiscal 2003  | Fiscal 2002      
|Net loss available to common shareholders | (JPY 24,558) | (JPY 312,020)    
|Effect of dilutive securities             | -            | -                
|                                         
|Diluted net loss                          | (JPY 24,558) | (JPY 312,020)    
|                                         



|                                                                                     |               | (Number of shares)
|------------------------------------------------------------------------------------ | ------------- | ------------------
|                                                                                    
|Weighted-average number of shares of common stock outstanding
		for the year         | 1,653,389,121 | 1,654,131,607     
|Effect of dilutive securities                                                        | -             | -                 
|                                                                                    
|Weighted-average number of shares of diluted common stock
		outstanding for the year | 1,653,389,121 | 1,654,131,607     
|                                                                                    

Net Loss Per Share:



|        |             | (Yen)       
|------- | ----------- | ------------
|       
|Basic   | (JPY 14.85) | (JPY 188.63)
|Diluted | (14.85)     | (188.63)    
|       

Securities that could potentially dilute basic EPS in the future
  that were not included in the fully diluted computation because they would have
  been antidilutive were as follows:



|                 |             | (Number of shares)
|---------------- | ----------- | ------------------
|                
|Convertible debt | 220,562,540 | 220,562,540       
|Stock options    | 966,000     | 608,000           
|                





CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

|(Millions of yen, millions of U.S.
	  dollars)          
|--------------------------------------------------------
|                                                        
|Three months ended March 31                             
|                                                        
|Net sales                                               
|Cost of sales                                           
|Selling, general and administrative expenses            
|Operating income                                        
|                                                        
|Non-operating income                                    
|Interest and dividends                                  
|Other                                                   
|Non-operating expenses                                  
|Interest                                                
|Other                                                   
|                                                        
|Income (loss) before income taxes                       
|                                                        
|Provision (benefit) for income taxes                    
|Minority interest in income of consolidated subsidiaries
|Equity in losses of affiliated companies                
|                                                        
|Net loss                                                
|                                                        





SEGMENT INFORMATION (UNAUDITED)

Operating Segment Information

|(1) Net Sales (Including internal sales
	  to other segments)
|-------------------------------------------------------------
|(Millions of yen, millions of U.S.
	  dollars)               
|                                                             
|Three months ended March 31                                  
|IT Solutions business                                        
|Network Solutions business                                   
|Electron Devices business                                    
|Others                                                       
|Eliminations                                                 
|Electronics business total                                   
|                                                             
|Leasing business                                             
|Eliminations                                                 
|Consolidated total                                           
|                                                             
|(2) Segment Profit or Loss                                   
|(Millions of yen, millions of U.S.
	  dollars)               
|                                                             
|Three months ended March 31                                  
|IT Solutions business                                        
|Network Solutions business                                   
|Electron Devices business                                    
|Others                                                       
|Eliminations                                                 
|Unallocated corporate expenses*                              
|Electronics business total                                   
|                                                             
|Leasing business                                             
|Eliminations                                                 
|                                                             
|Other income                                                 
|Other expenses                                               
|Consolidated income(loss) before income taxes                
|                                                             

(Notes)

* Corporate expenses include general corporate expenses and research and development
  expenses at NEC Corporation which are not allocated to any operating segment.





|(3) Net Sales to External Customers                                                   
|--------------------------------------------------------------------------------------
|(Billions of yen, millions of U.S.
	  dollars)                                        
|                                                                                      
|Three months ended March 31                                                           
|IT Solutions business                                                                 
|Domestic                                                                              
|Overseas                                                                              
|Network Solutions business                                                            
|Domestic                                                                              
|Overseas                                                                              
|Electron Devices business                                                             
|Domestic                                                                              
|Overseas                                                                              
|Others                                                                                
|Domestic                                                                              
|Overseas                                                                              
|Electronics business total                                                            
|Domestic                                                                              
|Overseas                                                                              
|                                                                                      
|Leasing business                                                                      
|Domestic                                                                              
|Overseas                                                                              
|Consolidated total                                                                    
|Domestic                                                                              
|Overseas                                                                              
|                                                                                      
|(4) Net Sales by Products and Services
	  (Including internal sales to other segments)
|(Billions of yen, millions of U.S.
	  dollars)                                        
|                                                                                      
|Three months ended March 31                                                           
|IT Solutions business                                                                 
|Systems Integration Services
	  /Software                                             
|Internet Services/Support Services                                                    
|Servers/Storage Products/Workstations                                                 
|Personal Products                                                                     
|Other Hardware                                                                        
|Network Solutions business                                                            
|Network Infrastructure                                                                
|Mobile Terminals                                                                      
|Other                                                                                 
|Electron Devices business                                                             
|Semiconductors                                                                        
|Displays                                                                              
|Electronic Components                                                                 
|                                                                                      



**CAUTIONARY
STATEMENTS:**

The
statements in this press release with respect to the plans,
strategies and forecasts of NEC Corporation and its consolidated
subsidiaries (collectively "NEC") are forward-looking
statements involving risks and uncertainties. NEC cautions you in advance
that actual results could differ materially from such
forward-looking statements due to several factors. The important
factors that could cause actual results to differ materially from
such statements include, but are not limited to, general economic
conditions in NEC's markets, which are primarily Japan, North
America, Asia and Europe; demand for, and competitive pricing
pressure on, NEC's products and services in the marketplace; NEC's
ability to continue to win acceptance of its products and services in
these highly competitive markets; and movements in currency exchange
rates, particularly the rate between the yen and the U.S. dollar.
Among other factors, a worsening of the world economy resulting from
the downturn in the IT and telecommunications industries, a worsening
of financial conditions in the world markets, and a deterioration in
the domestic and overseas stock markets, would cause actual results
to differ from the projected results forecast.

In
cases where the information contained in this press release falls
within the definition of "Material Information" under
Paragraph 2 of Article 166 of the Securities and Exchange Law of
Japan, if you (and directors or employees of your company if the
content of this press release comes to their knowledge in connection
with their duty) read this press release before the time of
"Publication" (which is defined under the Securities and
Exchange Law of Japan and its Enforcement Ordinance as twelve hours
after its release; i.e., approximately 3:30 am on April 25, 2003
(JST)), you (and directors or employees of your company if the
content of this press release comes to their knowledge in connection
with their duties) may be prohibited from purchasing, selling, or
making other transactions of shares of stock or other securities of
NEC before the time of Publication.



---

Media Contacts:
Chris Shimizu / Daniel Mathieson
Corporate Communication Division
NEC Corporation
TEL: +81-3-3798-6511
FAX: +81-3-3457-7249