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Performance through Innovation
Annual Report 2008
Year ended March 31, 2008
Mazda Motor Corporation Annual Report 2008
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


Table of contents

  • Page 1
    Annual Report 2008 Year ended March 31, 2008 r e P an m r fo ce t h g u o hr In n io t a v o n

  • Page 2
    ... 1920, Mazda Motor Corporation is an automobile manufacturer headquartered in Hiroshima Prefecture in western Japan. Since its establishment, Mazda has worked to provide products and services that customers will enjoy, including vehicles that utilize the rotary engine. Mazda's new-generation models...

  • Page 3
    ... to increase brand value through a global, unified brand strategy Major Products lineup 30 Review of Operations Japan north America europe China other Markets 40 Forward-Looking Statements Statements made in this annual report with respect to Mazda's plans, strategies and future performance...

  • Page 4
    ... (2.2) points ( ) indicates minus notes: 1. The translation of the Japanese yen amounts into u.S. dollars is presented solely for the convenience of readers, using the prevailing exchange rate at March 31, 2008, of ¥100 to uS$1. 2. To conform with March 2007 fiscal year figures, and the current...

  • Page 5
    ... ratio Net sales (Billions of yen) +7.0% 3,475.8 3,247.5 2,919.8 2,574.7 2,695.6 Consolidated dividend payout ratio -2.2 6.0 5.0 points 6.0 Cash ... 87.8 45.6 Years ended March 31 2004 2005 2006 2007 2008 Years ended March 31 2004 2005 2006 2007 2008 MAZDA AnnuAl RePoRT 20 08 3

  • Page 6
    At a Glance Years ended March 31 Net sales 2004* 2005 Billions of yen 2006 2007 2008 % change 2008 vs 2007 Japan North America Europe Other areas Total ¥ 846.2 772.7 515.1 440.7 2,574.7 ¥ 845.6 761.7 634.2 454.1 2,695.6 ¥ 887.7 844.0 668.9 519.2 2,919.8 ¥ 887.3 1,017.9 789.1 553.2 3,...

  • Page 7
    ... parts exported for the overseas production of Mazda vehicles. Global sales volume (March 2008 fiscal year) Global production (March 2008 fiscal year) [ Other ] 20.0% [ Japan ] 18.8% [ Overseas ] 21.0% [ Domestic ] 79.0% [ China ] 7.4% [ Europe ] 24.0% [ North America ] 29.8% Global...

  • Page 8
    ... and Cost Innovation, as a means of achieving Mazda's long-term vision. Four main areas-brand, product and technology, supply and manufacturing, and people-are being developed to support the long-term vision and achieve the numerical targets set by the MAP. March 2011 fiscal year Profit margin...

  • Page 9
    ..., increasing manufacturing capacity for completed vehicles at domestic assembly plants and for engines. Development of new technologies for the major advances being sought in the next generation of products, scheduled for release from 2011, is also accelerating. By promoting Monotsukuri Innovation...

  • Page 10
    To Our Shareholders Representative Director, Chairman of the Board, President and Ceo Hisakazu Imaki 8 MAZDA AnnuAl RePoRT 20 08

  • Page 11
    ... this goal. During the March 2008 fiscal year, the first year under the Mazda Advancement Plan, Mazda introduced highly acclaimed new models of the Mazda2 and Mazda6 in major markets and successfully achieved product-led growth. As a result, we achieved sales and profit growth for the seventh...

  • Page 12
    ... against the backdrop of high international commodity prices. There was also 123.4 a trend of declining consumer sentiment, with a drop in housing investment and weak unit sales of new cars. The effect of these factors was further exacerbated by exchange 82.9 70.2 rate fluctuations, leading to...

  • Page 13
    Global sales volume (Thousands of units) 3 . What are the factors behind this solid start in the first year of the Mazda Advancement Plan? 1,363 I consider the main factor to be the fact that we were able to achieve product-led growth again this year. The new Mazda2 was named the "2008 World Car ...

  • Page 14
    ...build highly competitive products even at Mazda's scale of operations. The final policy area is people, as human resources are the driving force of growth. We are now pursuing three initiatives to build on the programs we have implemented to date. As a basis for human resource development, important...

  • Page 15
    ...? The March 2009 fiscal year is shaping up to be a very difficult year for Mazda. In addition to unstable exchange rate trends, prices for raw materials are significantly higher than anticipated. on top of that, the main markets of Japan, north America and europe are MAZDA AnnuAl RePoRT 20 08 13

  • Page 16
    ...strength." For example, meeting increasingly diversified customer needs means increasing parts and models, which leads to increased costs in the manufacturing process. If we don't Plant operating ratio (Year ended March 31, 2008) have both the development strength to create true Mazda cars and the...

  • Page 17
    ... at the same time continuing to invest for the future. I ask for the continued support and understanding of shareholders and investors in the future. * Hynor: A state project in norway to build a hydrogen energy infrastructure in that country. Please refer to P.42. MAZDA AnnuAl RePoRT 20 08 15

  • Page 18
    ... Innovation Monotsukuri Innovation is the cornerstone of Mazda's growth strategy for the long term. For us, Monotsukuri means creating products that deliver new value, and includes concept building, technological development, and manufacturing and supplying vehicles. 16 MAZDA AnnuAl RePoRT 20 08

  • Page 19
    ... the development-production process. by pursuing optimal specifications for each model in each market. Traditionally, dedicated development was done for each new model, and then specialized manufacturing lines were built to produce each one of them. This, however, required many specialized parts and...

  • Page 20
    ... and did our best to predict what kind of products and technologies would be required, to move forward using integrated planning covering automobiles, systems and parts. I realize this is very difficult, but it pays off. Specifically, this means first clearly distinguishing between what can be used...

  • Page 21
    ... important element in raising the value of the entire value chain, from development and manufacturing to sales and service. Q5. What is the status of progress made under the "Sustainable Zoom-Zoom" strategy and how is Mazda approaching environmental issues? We announced the "Sustainable Zoom-Zoom...

  • Page 22
    ... account of the production process through integrated planning. For example, the development of a new platform-the frame of the car with the engine and transmission attached- requires a large investment. Currently, Mazda has four main platforms, for B-class, C-class, C/D-class, and sports cars. With...

  • Page 23
    ... not only Mazda's vehicle assembly lines, but also in-house parts manufacturing and parts manufacturing at suppliers. By synchronizing all manufacturing activities according to a schedule based on customer orders, we aim to deliver the product to the customer with a reduced lead time, significantly...

  • Page 24
    ...is that when problems come to light, to address them one at a time and make steady improvements. For example, Integrated Scheduled Production involving suppliers and subcontractors means that manufacturing proceeds under a coordinated plan covering all stages from materials to final assembly, across...

  • Page 25
    ... number of machines by 30%. In the fall of 2007, in order to increase production of the new Mazda2, which has proven to be a popular vehicle in markets worldwide, we were able to meet the wishes of customers for greater fuel economy by adding a small I4 engine with just one month of preparation time...

  • Page 26
    ...to front-line dealers. While developing a global, unified brand strategy, we are also pushing forward with marketing and sales activities tailored to the needs of customers in each region. The "Zoom-Zoom" Brand Message To strengthen emotional ties with our customers and establish Mazda as a leading...

  • Page 27
    .... It is important to understand how to best reflect the "voice of the customer" obtained from markets in the product development process. Mazda has research and development centers in its key regions to ensure customer Spreading the "Zoom-Zoom" brand message to a global audience At Mazda, we are...

  • Page 28
    ... been very popular around the world. The new Mazda6 is being positioned as Mazda's global flagship model to drive its growth strategy, and it also holds the key to enhancing brand value. Developed under the theme of "Zoom-Zoom evolution," the new Mazda6 offers dramatic improvements on the original...

  • Page 29
    ... safest Japanese cars when traveling at medium and high speeds. Another special feature is CF net. This puts the controls for the audio system, air-conditioning and trip computer on the steering wheel so that they can be operated without taking the hands off the wheel and with minimal change in line...

  • Page 30
    ..., creates a sense of openness. effortless driving performance and a comfortable interior make driving the Mazda MPV a time of luxury. * Direct Injection Spark Ignition MAZDA5 (Japanese name: Mazda Premacy) A DISI engine and electronically controlled 5-speed automatic transmission provide both...

  • Page 31
    ... engine technology. The driving excitement starts the instant you take off, and builds as you maneuver the car. The Mazda RX-8 has a four-door, four-seat configuration on a sports car base. It evolved without compromise to be loved by sports car enthusiasts around the world. MAZDA AnnuAl RePoRT...

  • Page 32
    ... 0.2 percentage points, to 4.8%. This domestic result can be viewed as the result of our product-led growth strategy and reinforced sales strength. In terms of products, 2004 Years ended March 31 2005 2006 2007 2008 Source: Japan Automobile Manufacturers Association 30 MAZDA AnnuAl RePoRT 20...

  • Page 33
    ... Financial Services, Inc. (PRIMuS), offering customers "a new way of buying a car." Mazda also acquired a 40% stake in PRIMuS in March 2008 as a means of further strengthening its auto financing business. Going forward, we will offer more attractive financing plans while at the same time working...

  • Page 34
    ... smaller, more fuelefficient cars. The Mazda CX-9 demonstrated the strength of the Mazda brand, winning two of north America's most prestigious awards- the "2008 north American Truck of the Year" as well as Motor Trend magazine's "2008 Sport/utility of the Year." The Canadian market grew by 3.7%, to...

  • Page 35
    ... market reaped the benefits of strategies and initiatives in place since 2002. In terms of products, the development of vehicles tailored to the needs of north American customers ensured the Mazda CX-7 and Mazda CX-9 met the needs of the demanding crossover segment customers. The sales network...

  • Page 36
    ...every month, the March 2008 fiscal year saw 63% sales growth, to 58,000 units. This sales growth has been underpinned by a strong sales network and a unified brand strategy. market saw limited growth (0.4%) due to declining consumer confidence triggered by the subprime credit crisis and high prices...

  • Page 37
    ... these companies. These directly operated sales companies also make it possible to fully convey Mazda's brand value directly to customers by providing "Zoom-Zoom" products and services that exceed customer expectations. In addition, the Mazda is active in a further 14 countries in the region through...

  • Page 38
    ... the same three companies, commenced mass production of the Mazda2. The nanjing plant is an integrated facility with lines for stamping, body assembly, painting and final assembly, and has million units, driven by strong economic growth. The passenger car market, in which Mazda participates, also...

  • Page 39
    ... latest manufacturing and production technologies to address environmental considerations and create a favorable work environment for employees as well. Mazda has two sales channels in China-FAW Mazda Motor Sales Co., ltd., and the Changan Mazda sales network. The expansion of the dealer network is...

  • Page 40
    ...market share of 16.5%. The main factor behind Mazda's success in these two markets is the basic strategy of "Brand @ Retail," which means providing customers with an outstanding sales and service ownership experience. This entails building a framework for close cooperation between Mazda, the markets...

  • Page 41
    ... in developing the dealer network. In addition, Mazda2 was named the "South Africa 2008 Car of the Year," further enhancing the Mazda brand. In Thailand, higher fuel prices and intensified competition are creating an increasingly difficult sales environment, especially for pickup trucks, the main...

  • Page 42
    ... policy of providing an enjoyable driving experience and superior environmental safety to all customers who purchase our cars, Mazda announced a set of initiatives in June 2008 for the reduction of Co2 emissions. The plan is to raise the average fuel economy of all Mazda vehicles sold globally...

  • Page 43
    ... of parts to/from several vendors/subcontractors to Mazda's milk-run system and promote modal shift from truck transport to rail transport * VoC: Volatile organic Compounds Reference Information Emission Standards in Major Markets Passenger vehicles 2005 2006 2007 2008 2009 2010 2011 2012...

  • Page 44
    ... levels. Developing new clean diesel engines for 2011 In 2011, Mazda plans to develop new clean diesel engines that are even more advanced than current versions, to comply with "Tier2/Bin5" emission standards in the u.S. and Japan's fiscal 2009 emission standards. 42 MAZDA AnnuAl RePoRT 20 08

  • Page 45
    ... fiscal year Mazda successfully developed a carbon-neutral* plant-derived injection-moldable resin material that can be used for automobile interior components. We were also the first in the world to develop a 100% plant-derived, highly durable biofabric that can be used for car seats and door trim...

  • Page 46
    ... behind Mazda's new Mazda6 is Japan's first domestic car to feature a "rear vehicle monitoring system." When traveling at high speeds, this system uses radar to detect when a vehicle is approaching from the rear on left or right, and alerts the driver via an leD light and alarm when changing lanes...

  • Page 47
    ... developing, implementing and promoting the use of technologies for advanced safety vehicles. *2. Three companies participated in the Hiroshima-area public road trials: Mitsubishi Motors Corp., Kawasaki Heavy Industries, ltd., and Mazda. The Mazda ASV-4 advanced safety vehicle MAZDA AnnuAl RePoRT...

  • Page 48
    ... meetings are held to formulate and discuss important Companywide policies and measures and receive reports necessary for the management of the business. other advisory bodies that assist the president with decision making have also been established. Mazda has introduced an executive officer system...

  • Page 49
    ...of its internal audits of Mazda and Group companies, and internal control and financial control promotion departments report on plans and the progress of those plans to reinforce financial and internal control systems at Mazda and Group companies. Corporate auditors also provide information obtained...

  • Page 50
    ... and other information throughout the Mazda Group. In addition, a dedicated department was established within the Financial Services Division in January 2008 to propose and promote financial controls, with the aim of creating an appropriate financial reporting process. working together to ensure...

  • Page 51
    ... Auditors and Executive Officers (As of July 1, 2008) Directors Hisakazu Imaki Representative Director and Chairman of the Board Philip G. ... Director Corporate Auditors Junichi Yamamoto (Full time) Shigeki Wakamatsu (Full time) Kenichi Komatsu Ichiro Sakai Isao Akaoka MAZDA AnnuAl RePoRT 20 ...

  • Page 52
    ...James J. O'Sullivan President and Ceo, Mazda Motor of America, Inc. (Mazda north American operations) Toshinori Kusuhashi General Manager, Hiroshima Plant Akira Marumoto In charge of Corporate Planning, Product Planning and Financial Services; Assistant to the officer in charge of Cost Innovation...

  • Page 53
    ... and Analysis Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Assurance by Key Management Report of Independent Certified Public Accountants MAZDA AnnuAl RePoRT 20 08 51

  • Page 54
    ... of Consolidated Financial Statements Mazda Motor Corporation and Consolidated Subsidiaries Year ended March 31, 2008, 2007, 2006, 2005, 2004 and 2003 2008 2008/2007 2007 2007/2006 For the year*2: Net sales Domestic Overseas North America Europe Other areas Cost of sales Selling, general and...

  • Page 55
    ...219,050 36,184 $19,855,660 5,541,540 5,049,790 2,810,850 U.S. dollars*1 ¥ 51.53 5.00 284.28 % 36.9 % 66.7 % 29.1 % ¥...points 1.3 points 7.2 points 3.1% 18.7% 15.1% 0.7 points 2.4 points 2.7 points 2.4% 16.3% 12.4% 0.3 points 3.1 points 1.3 points 2.1% 13.2% 11.1% MAZDA AnnuAl RePoRT 2008...

  • Page 56
    ... corporate goods and consumer prices rose against the backdrop of high international commodity prices. There was also a trend of declining consumer sentiment, with a drop in housing investment and weak unit sales of new cars. The effect of these factors was further exacerbated by exchange rate...

  • Page 57
    ... the new Mazda2, weak overall demand led to a 1.9% sales decline in Japan, to 256,000 units. North American sales rose 6.8%, to 406,000 units, on the sustained popularity of the Mazda3 combined with strong sales of the Mazda CX-9. The Mazda CX-7 and a new Mazda2 were introduced in Europe, and sales...

  • Page 58
    ... venture's vehicle assembly plant also commenced mass production of the Mazda2 in October 2007. In addition, a new Ford joint venture passenger vehicle plant is being built at AutoAlliance (Thailand) Co., Ltd., as planned, with manufacturing of small passenger vehicles scheduled to start during 2009...

  • Page 59
    ... that we have been selling on a lease basis in Japan. We intend to successively deliver a total of 30 Mazda RX-8 hydrogen RE vehicles to HyNor from the summer of 2008, which will represent our first overseas deliveries of hydrogen-powered rotary engine vehicles. In addition, Mazda began public road...

  • Page 60
    ... sales volumes and the model mix are expected to improve with the introduction of new models, we expect these gains to be more than offset by the adverse external factors of a strong yen and rises in raw material prices. Our exchange rate assumptions for the year are ¥100/U.S. dollar and ¥150/euro...

  • Page 61
    ... current time. 1. Economic Conditions Impacting the Mazda Group The Mazda Group sells products in Japan and around the world, including in North America, Europe and Asia. An economic downturn or declining demand in these markets could adversely affect Mazda's business results and financial position...

  • Page 62
    ... affect the Mazda Group's business results and financial position. 7. International Business Activities In addition to Japan, the Mazda Group sells its products and carries out business activities in markets around the world, including the United States and Europe, as well as developing and emerging...

  • Page 63
    ... order to maintain competitiveness, the Mazda Group is working to accumulate and protect technologies and expertise that help it to develop unique products. At the same time, the Group is taking steps to prevent the infringement of third-party intellectual property rights. Nonetheless, in the event...

  • Page 64
    Consolidated Balance Sheets Mazda Motor Corporation and Consolidated Subsidiaries March 31, 2008 and 2007 Millions of yen ASSETS 2008 2007 Thousands of U.S. dollars (Note 1) 2008 Current assets: Cash and cash equivalents Short-term investments Trade notes and accounts receivable Inventories (Note...

  • Page 65
    ... benefits (Note 9) Directors' and corporate auditors' retirement benefits Other long-term liabilities Total long-term liabilities Contingent liabilities (Note 10) Equity: Paid-in capital and retained earnings: Common stock: Authorized: 3,000,000,000 shares Issued: 1,418,509 thousand shares in 2008...

  • Page 66
    Consolidated Statements of Income Mazda Motor Corporation and Consolidated Subsidiaries Years ended March 31, 2008, 2007 and 2006 Millions of yen 2008 2007 2006 Thousands of U.S dollars (Note 1) 2008 Net sales Cost and expenses: Cost of sales Selling, general and administrative expenses ¥3,475,...

  • Page 67
    ...of Mazda Motor Corporation Shares of common stock in thousands Paid-in capital and retained earnings Common Capital Retained stock surplus earnings Valuation and translation adjustments Stock acquisition rights Minority interests in consolidated subsidiaries Treasury stock Total equity Balance at...

  • Page 68
    ... Reserve for warranty expenses Adoption of revised accounting standard for leases Employees' severance and retirement benefits Interest and dividend income Interest expense Equity in net income of unconsolidated subsidiaries and affiliated companies Loss on sale/disposition of property, plant and...

  • Page 69
    ... descriptions from the consolidated financial statements of Mazda Motor Corporation (the "Company") prepared in accordance with Japanese GAAP and filed with the appropriate Local Finance Bureau of the Ministry of Finance as required by the Financial Instruments and Exchange Law (formerly Securities...

  • Page 70
    ... in accordance with Japanese income tax law. Intangible fixed assets (except for leased properties) Intangible fixed assets are amortized principally on the straight-line method over useful lives of the assets determined in accordance with Japanese income tax law. 68 MAZDA AnnuAl RePoRT 2008

  • Page 71
    ...the amount that would be required if all the executive officers retired at the balance sheet date. As discussed in Note 9, in connection with the enactment of the Defined Benefit Corporate Pension Law, as of July 31, 2005, the Mazda Social Welfare Pension Fund, which the Company and certain Domestic...

  • Page 72
    ... 31, 2008, 2007 and 2006, research and development costs were ¥114,400 million ($1,144,000 thousand), ¥107,553 million and ¥95,730 million, respectively. Derivatives and hedge accounting Derivative financial instruments are mainly stated at fair value and changes in the fair value are recognized...

  • Page 73
    ... statement of cash flows, all payments of lease fees were included in the cash flows from operating activities. Commencing in the year ended March 31, 2008, however, those portions that constitute payment of lease obligations are included in the cash flows from financing activities. MAZDA AnnuAl...

  • Page 74
    ... for directors and corporate auditors in the form of retirement benefits. As of March 31, 2008, the balance of directors' and corporate auditors' retirement benefits recognized by certain consolidated domestic subsidiaries amounted to ¥631 million ($6,310 thousand). 72 MAZDA AnnuAl RePoRT 2008

  • Page 75
    ...retirement benefits to directors and corporate auditors; the amount that would be required by the internal corporate policy if all the directors and corporate auditors retired on the balance sheet date was recognized. As part of management reform, however, by the resolution of the general meeting of...

  • Page 76
    ... were as follows: Millions of yen Book value Non-listed equity securities ¥17,100 5. INVENTORIES Inventories at March 31, 2008 and 2007 were as follows: Millions of yen 2008 2007 Thousands of U.S. dollars 2008 As of March 31 Finished products Work in process Raw materials and supplies ¥242...

  • Page 77
    ... of lease obligations at March 31, 2008 were as follows: Year ending March 31 Millions of yen Thousands of U.S. dollars 2009 2010 2011 2012 2013 Thereafter ¥13,089 10,546 5,683 3,798 1,215 1,263 ¥35,594 $130,890 105,460 56,830 37,980 12,150 12,630 $355,940 MAZDA AnnuAl RePoRT 2008 75

  • Page 78
    ...benefits to be paid at the future retirement dates is allocated equally to each service year using the estimated number of total service years. Employees of Japanese companies are compulsorily included in the Welfare Pension Insurance Scheme operated by the government. Employers are legally required...

  • Page 79
    ...EqUITY The Corporate Law ("the Law") became effective on May 1, 2006, replacing the Commercial Code ("the Code"). Under Japanese laws and regulations, the entire amount paid for new shares is required to be designated as common stock. However, a company may, by a resolution of the Board of Directors...

  • Page 80
    ... companies Valuation allowances Unrealized profits from intercompany transactions Prior year income taxes Tax credit Other Effective tax rate 40.4% (2.4) (1.7) - 2.1 (3.3) 0.2 35.3% 40.4% (2.1) (2.1) - 2.8 (3.8) 1.1 36.3% 40.4% (3.1) 1.0 (6.6) 8.7 - 1.4 41.8% 78 MAZDA AnnuAl RePoRT 2008

  • Page 81
    ... 31, 2008. Also, prior year income taxes recorded in the year ended March 31, 2007 are primarily for the taxes that the Company expects to pay on transactions between the Company and its domestic dealerships. The Company bears part of the expenses that its dealerships incur for sales and promotional...

  • Page 82
    ...of interest rate changes. The policies for derivative transactions of the Company and its consolidated subsidiaries are determined by the Company's president or chief financial officer. Derivative contracts are concluded under the directions of the Company's Financial Services Division in accordance...

  • Page 83
    ...forward exchange rates at that date. 16. LEASES As discussed in the earlier section of accounting changes, commencing in the year ended March 31, 2008, the Domestic Companies adopted early the new accounting standard for leases to recognize leased property and lease obligations on the balance sheet...

  • Page 84
    ... Method: Segmentation by geographic adjacency b) Principal countries or regions belonging to each segment North America ...U.S.A. and Canada Europe ...Germany, U.K. and Belgium Other areas ...Australia and Colombia 2) As discussed in the accounting for share-based payment section of the adoption of...

  • Page 85
    ...: Segmentation by geographic adjacency b) Principal countries or regions belonging to each segment North America ...U.S.A. and Canada Europe ...Germany, U.K. and Russia Other areas ...Australia, China and Colombia 18. RELATED PARTY TRANSACTIONS The Company issued guarantees of loans and letters of...

  • Page 86
    ... the financial statements and other financial information included in the company's annual report for the year ended March 31, 2008 are presented fairly, in all material respects, in conformity with the generally accepted accounting principles in Japan. President and Chief Executive Officer Senior...

  • Page 87
    ... solely for convenience. Our audit also included the translation of yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 1 to the consolidated financial statements. Hiroshima, Japan June 25, 2008 MAZDA AnnuAl RePoRT 2008 85

  • Page 88
    ... (As of March 31, 2008) RESEARCH AND DEVELOPMENT SITES Hiroshima Head Office, Mazda R&D Center Yokohama, Mazda Motor of America (U.S.), Mazda Motor Europe (Germany), China Engineering Support Center MANUFACTURING SITES Japan Hiroshima Plant (Head Office, Ujina), Hofu Plant (Nishinoura, Nakanoseki...

  • Page 89
    ...806,800 shares Japanese financial institutions 32.7% 463,832,615 shares Foreign institutions and others 50.0% 709,622,069 shares Note: Ownership does not take into account Mazda's 9,171,789 shares of treasury stock. SHARE PRICE AND TRADING VOLUME (Tokyo Stock Exchange, First Section) Share price...

  • Page 90
    Mazda Motor Corporation This report was produced from soy ink. Printed in Japan