Mazda 2008 Annual Report Download - page 59

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Research and development
Spending on research and development rose ¥6.8 billion, to ¥114.4 billion. Under the banner of Mazda’s “Zoom-
Zoom” brand message, we are strengthening our efforts to develop environmental and safety technologies
based on the long-term technology development vision of “Sustainable Zoom-Zoom.” This means developing
products that customers will find attractive, while at the same time striving to achieve a sustainable automobile
society.
In November 2007, Mazda agreed to participate in Norway’s national HyNor project by providing hydrogen-
powered rotary engine (RE) vehicles that we have been selling on a lease basis in Japan. We intend to succes-
sively 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 trials of its advanced safety vehicle (ASV), the Mazda ASV-4, in the
Hiroshima area in March 2008, with the aim of reducing traffic accidents based on the Ministry of Land,
Infrastructure, Transport and Tourism’s Advanced Safety Vehicle Promotion Plan. By conducting these trials
in the same area as the Intelligent Transport System experiments that have been carried out since the
beginning of the year, Mazda also intends to evaluate the compatibility of road-to-vehicle and vehicle-to-vehicle
communication systems.
FINANCIAL POSITION
Total assets as of March 31, 2008, stood at ¥1,985.6 billion, which was ¥77.8 billion higher than as of the
previous year-end. Cash and cash equivalents decreased ¥18.6 billion, to ¥223.9 billion. Inventories grew ¥5.3
billion, to ¥287.7 billion, reflecting sales growth. Net property, plant and equipment increased ¥41.2 billion, to
¥898.4 billion, reflecting the on-balance-sheet treatment of lease assets (please refer to page 71 to 73 “New
Accounting Standards”) and growth in capital expenditures that outpaced depreciation.
The total of short- and long-term interest-bearing debt grew ¥30.3 billion, to ¥505.0 billion. This was primarily
the result of the on-balance-sheet treatment of lease assets, and was partially offset by repayments. Net
interest-bearing debt, which deducts the ¥223.9 billion in cash and cash equivalents outstanding as of the fiscal
year-end, increased ¥48.9 billion, to ¥281.1 billion, resulting in a 2.0 percentage point rise in the net debt-to-
equity ratio, to 51%.
45.6
67.9 72.1
79.6 75.5
37.9 40.0
45.8 47.0
66.5
Capital expenditures (Billions of yen)
Depreciation and amortization (Billions of yen)
    
(Years ended
March 31)

87.8
3.0 3.4 3.3 3.3 3.3
90.8
107.6 114.4
95.7
Research and development costs (Billions of yen)
Share of net sales (%)
* Excluding the effect of a change in
fiscal years at overseas subsidiaires.
    
(Years ended
March 31)


                     