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ANNUAL REPORT 2002
ISUZU MOTORS LIMITED
Year ended March 31, 2002

Table of contents

  • Page 1
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 Year ended March 31, 2002

  • Page 2
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 PROF ILE * Isuzu Motors Limited announced in May 2001 a medium-term business plan, the Isuzu V Plan. The company has been implementing every initiative in the plan to strengthen competitiveness and restore corporate value while fine-tuning the plan so as to ...

  • Page 3
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 F INANCIAL HIGHLIGHTS Millions of Yen Years ended March 31 2002 2001 2000 Thousands of U.S. Dollars 2002 For the Year: Net sales ...Net loss ...At Year-End: Total assets ...Shareholders' equity ...¥1,324,144 61,084 ¥1,891,492 94,108 Yen ¥1,597,701 (42,...

  • Page 4
    ... MOTORS LIMITED ANNUAL REPORT 2002 PRESIDENT'S M ESSAG E In May 2001, we formulated the Isuzu V Plan, a new mid-term business plan, covering the three-year period through March 2004. The plan aims at far-reaching reforms of our business and corporate structure that will restore enterprise value...

  • Page 5
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 from the current 50% level to more than 90%. In terms of specifics, we will transfer heavy-duty truck production from the Kawasaki Plant to the Fujisawa Plant. Engine production will be transferred to the Tochigi Plant. This consolidation process is ...

  • Page 6
    ... be achieved alongside the introduction of new models. At the end of the first half of the fiscal year under review, Isuzu devised the Isuzu V Plan Advance, as a means of front-loading execution of key measures, with a focus on North American operations. This approach recognized the criticality of...

  • Page 7
    ...fall of 2003. This will translate into a one-time extraordinary profit of about ¥10,000 million in the fiscal year ending March 2003. Following the approval of the 100th ordinary annual general meeting of shareholders in June, the company introduced an executive officer system as a part of actions...

  • Page 8
    ... MOTORS LIMITED ANNUAL REPORT 2002 2002 V PLAN ADVANC E In May 2001, Isuzu formulated its mid-term business plan, the Isuzu V Plan. Subsequently, Isuzu drew up the V Plan Advance to enable the company to respond rapidly to the drastic changes occurring in its operating environment. At the same time...

  • Page 9
    ... MOTORS LIMITED ANNUAL REPORT 2002 BR EAKDOW N [ THE V PLAN ] Isuzu formulated its mid-term business plan, the Isuzu V Plan, to radically reform its business organization and corporate structure, restore corporate value and bolster competitiveness. Realign Group-affiliated companies: We will review...

  • Page 10
    ... of Zero Emissions. PRODUCT DEVELOPMENT ENVIRONMENT COMMITTEE Isuzu has state-of-the-art diesel engine technology and manufacturing plants in Europe, the U.S., Japan and elsewhere in Asia. Testifying to this is that Isuzu's Duramax 6600 (DMAX diesel engine) placed in the U.S. Ward's 10 Best Engines...

  • Page 11
    ...significantly lower environmental loads. development through production. All four of the company's domestic plants are also ISO 14001 certified. Overseas, Subaru-Isuzu Automotive Inc. (SIA) in the U.S., Isuzu Motors Polska Sp. zo. o. (ISPOL) in Poland, Isuzu Engine Manufacturing Co., (Thailand) Ltd...

  • Page 12
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 OFF ICERS DIRECTORS (All Directors concurrently act as Executive Officers) EXECUTIVE OFFICERS President & Representative Director Yoshinori Ida Senior Executive Officers Goro Miyazaki Ryuuichi Ohgi Minoru Matsushima Executive Vice Presidents & ...

  • Page 13
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 F INANCIAL SECTION Contents Five -Year Summary ...Financial Review ...Consolidated Balance Sheets ...Consolidated Statements of Operations ...Consolidated Statements of Shareholders' Equity ...Consolidated Statements of Cash Flows ...Notes to Consolidated ...

  • Page 14
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 Five-Year Summary Years ended March 31 Consolidated Five-Year Summary Millions of Yen 2002 2001 2000 1999 1998 Thousands of U.S. Dollars 2002 For the Year: Net sales ...Cost of sales ...Gross profit ...Selling, general and administrative expenses ......

  • Page 15
    ... MOTORS LIMITED ANNUAL REPORT 2002 Financial Review Financial Targets Under the Isuzu V Plan, the company's medium-term management plan that runs through March 2004, Isuzu is targeting an approximate ¥350 billion reduction in total consolidated assets to ¥1,110 billion, and a decrease of roughly...

  • Page 16
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 Segment Information By Type of Business Despite falling demand for commercial vehicles amid a sluggish Japanese economy and lower combined domestic and export unit sales resulting from intense competition in the U.S., sales to third parties in the automotive ...

  • Page 17
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 Financial Position Total consolidated assets as of March 31, 2002 stood at ¥1,324,144 million, a decrease of ¥567,347 million from a year earlier. This reduction reflects the streamlining of inventories, efforts to accelerate recovery of trade receivables ...

  • Page 18
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 Consolidated Balance Sheets As of March 31, 2002, 2001 and 2000 Millions of Yen Thousands of U.S. Dollars 2000 2002 Assets Current Assets: Cash and cash equivalents (Note 3) ...Short-term investments ...Receivables: Notes and accounts (Note 4) ...Less: ...

  • Page 19
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 Millions of Yen Thousands of U.S. Dollars 2000 2002 Liabilities and Shareholders' Equity Current Liabilities: Bank loans ...Current portion of bonds...Commercial paper ...Notes and accounts payable ...Accrued expenses ...Accrued income taxes (Note 6) ......

  • Page 20
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 Consolidated Statements of Operations For the years ended March 31, 2002, 2001 and 2000 Millions of Yen 2002 2001 2000 Thousands of U.S. Dollars 2002 Net Sales ...Cost of Sales ...Gross Profit ...Selling, General and Administrative Expenses (Notes 6, 11) ...

  • Page 21
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 Consolidated Statements of Shareholders' Equity For the years ended March 31, 2002, 2001, 2000 and 1999 Millions of Yen 2002 2001 2000 1999 Thousands of U.S. Dollars 2002 Common Stock: Balance at beginning of the year ...Add: Capital increase ...Balance at...

  • Page 22
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 Consolidated Statements of Cash Flows For the years ended March 31, 2002, 2001 and 2000 Millions of Yen 2002 2001 2000 Thousands of U.S. Dollars 2002 Cash Flows from Operating Activities Loss before income taxes and minority interests ...Depreciation and ...

  • Page 23
    ... for financial instruments requires that securities be classified into three categories: trading, held-to-maturity, or other securities from the fiscal year 2001, and other securities with a market value are stated at fair value from the fiscal year 2002. The difference between the acquisition cost...

  • Page 24
    ...the time of severance and years of service. Liabilities for employees' retirement benefits are provided at the discounted present value of the benefit obligations, less the fair value of the plan assets, calculated by the projected benefit cost method until the year ended March 31, 2000. The Company...

  • Page 25
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 3. Investments The fair values of securities as of March 31, 2002 were as follows: Millions of Yen Acquisition costs Carrying value Unrealized gain (loss) Acquisition costs Thousands of U.S. Dollars Carrying value Unrealized gain (loss) Unrealized gain: ...

  • Page 26
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 The annual maturities of long-term debt at March 31, 2002 are as follows: Millions of Yen Thousands of U.S. Dollars (3) Actuarial assumptions used to determine costs and obligations for retirement. 2002 Discount rate ...Expected rate of return on plan assets...

  • Page 27
    ... only consolidated subsidiary performing leasing business, was excluded from the consolidated financial statements in fiscal 2002 due to the sale of IFCO. (2) Operating leases were as follows (a) As a lessee Future payment obligations of operating lease expenses as of March 31, 2002 and 2001 are as...

  • Page 28
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 (b) As a lessor Future income from operating lease commitments as of March 31, 2002 and 2001 was as follows: Thousands of U.S. Dollars 2002 Millions of Yen 2002 2001 Portion due within one year ...Thereafter ... ¥42 82 ¥1,766 641 $318 621 11. Segment ...

  • Page 29
    ISUZU MOTORS LIMITED ANNUAL REPORT 2002 (2) The geographical segment information for the Company and its consolidated subsidiaries for the years ended March 31, 2002 and 2001 were as follows: Japan Year ended March 31, 2002 North America Other Total Eliminations Consolidated Millions of Yen Sales...

  • Page 30
    ... Motors Limited We have examined the consolidated balance sheets of Isuzu Motors Limited and its consolidated subsidiaries as of March 31, 2002, 2001 and 2000, and the related consolidated statements of operations, stockholders' equity and cash flows for each of the three years in the period ended...

  • Page 31
    ...6590-8951 Isuzu Technical Center of Asia Co., Ltd. Address: 6 Floor, Isuzu Building, 38 Kor., Moo 9, Poochaosamingprai Road, Samrong-Tai Phrapradaeng Samutprakan 10130, Thailand Tel: 66-2-394-2541 th General Motors Isuzu Commercial Truck, LLC Address: 13340 183rd Street, Cerritos, California 90702...

  • Page 32
    ... 137-8081, Japan Number of Shareholders 62,517 Major Shareholders (% of total) General Motors Corporation The Dai-Ichi Kangyo Bank, Ltd. The Industrial Bank of Japan Asahi Life Mutual Insurance Company ITOCHU Corporation Japan Trustee Services Bank, Ltd. The Tokio Marine and Fire Insurance Co., Ltd...

  • Page 33

  • Page 34
    ISUZU MOTORS LIMITED 26 -1, Minami-oi 6-chome, Shinagawa-ku, Tokyo 140-8722, Japan Tel: 03- 5471-1141 Facsimile: 03- 5471-1043 http://www.isuzu.co.jp Printed in Japan on recycled paper