Mazda 2008 Annual Report Download - page 58

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Net income
Net other expenses declined by ¥21.1 billion, to ¥19.0 billion. In addition to a ¥12.4 billion improvement in the
foreign exchange valuation loss, profit from equity-method investments rose ¥2.3 billion. As a result, pretax net
income rose ¥24.7 billion (20.8%), to ¥143.1 billion.
Income taxes rose ¥7.6 billion, to ¥50.6 billion, and minority interests in consolidated subsidiaries declined
¥1.0 billion, to ¥0.7 billion. As a result, consolidated net income grew ¥18.1 billion (24.5%), to ¥91.8 billion. Net
income per share of common stock increased ¥12.62, to ¥65.21, from ¥52.59 in the March 2007 fiscal year.
Record profits were achieved at all levels in the March 2008 fiscal year, which was also the seventh consecutive
year of revenue and profit growth.
Dividend
A year-end dividend of ¥3.0 per share was approved at the annual general meeting of shareholders held on
June 25, 2008. Combined with the interim dividend of ¥3.0 per share, this brought the full-year dividend to ¥6.0.
Mazda’s policy is to set the dividend by taking into account each year’s earnings and the operating environment,
and to pay a stable dividend while striving to increase the amount.
Capital expenditures
Although production capacity at the company’s two main plants—the Hiroshima plant and the Hofu plant—was
increased and investments for new models continued, capital expenditures for the year declined by ¥4.1 billion,
to ¥75.5 billion. Depreciation and amortization expenses rose ¥19.5 billion, to ¥66.5 billion, reflecting increases
in capital spending over recent years and accounting changes that included moving the treatment of lease
assets on balance sheet.
Production capacity was increased to accommodate the continuation of product-led growth, and during the
year annual domestic capacity surpassed the one million unit level. April 2007 saw the commencement of
engine mass production at Changan Ford Mazda Engine Co., Ltd., a joint venture between Mazda, Ford Motor
Company, and the Changan Automotive Group in Nanjing Province, China. This joint venture’s vehicle assembly plant
also commenced mass production of the Mazda2 in October 2007. In addition, a new Ford joint venture pas-
senger vehicle plant is being built at AutoAlliance (Thailand) Co., Ltd., as planned, with manufacturing of small
passenger vehicles scheduled to start during 2009.
785
1,076 1,104 1,149 1,177 1,240
810 913 983
859
291 294 264 257
290
Domestic (Thousands of units)
Overseas (Thousands of units)
* Excluding the effect of a change in
fiscal years at overseas subsidiaires.
*   
(Years ended
March 31)

2.0
7.2 8.0
9.7
11.4
9.2
3.0
6.0 6.0
5.0
Cash dividends applicable to the year (Yen)
Consolidated dividend payout ratio (%)
    
(Years ended
March 31)

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
                      