Mazda 2009 Annual Report Download - page 44

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accounting standards accounted for 9.0%. The consolidated net sales breakdown showed a ¥680.1 billion
(26.2%) decline in overseas sales, to ¥1,915.6 billion, and a ¥259.8 billion (29.5%) decline in domestic sales, to
¥620.3 billion.
By product, vehicle sales were down ¥696.1 billion (27.0%), to ¥1,882.2 billion, from the yen’s appreciation
against major currencies in addition to the decline in sales volume. Sales of parts for overseas production
declined ¥19.6 billion (18.1%), to ¥89.1 billion, while sales of parts were down ¥13.6 billion (4.7%), to ¥272.8
billion. Other sales, which also reflect changes in accounting policies, were ¥210.6 billion (41.9%) lower,
at ¥291.9 billion.
Operating Income
Operating income declined ¥190.5 billion, for a ¥28.4 billion operating loss.
The major components of this decline were ¥86.5 billion from lower sales volume and a deteriorated model mix, a
¥102.0 billion negative foreign exchange impact from the yen’s sharp appreciation since the onset of the financial
crisis and ¥44.0 billion in higher costs for raw materials. With the deterioration in the sales environment from the
second half of 2008, sales volume declined in all markets except China. Although there was an impact from higher
raw material costs, this was offset by ¥44.0 billion in cost reductions from accelerated Cost Innovation initiatives. In
addition, marketing expenses were reduced by ¥6.5 billion as an emergency measure with regard to selling expenses.
Net Income
Net other expenses grew ¥3.9 billion, to ¥23.0 billion, which included a ¥28.3 billion impairment loss from tooling
at overseas subsidiaries. As a result, income before income taxes declined ¥194.5 billion, to a ¥51.3 billion loss.
Income taxes were ¥30.0 billion lower, at ¥20.6 billion, and minority interests in consolidated subsidiaries
declined ¥1.2 billion, to a ¥0.5 billion loss. As a result, consolidated net income declined ¥163.3 billion, to a net
loss of ¥71.5 billion. Net income per share of common stock decreased ¥117.34, to a ¥52.13 loss, from income
of ¥65.21 in the March 2008 fiscal year.
Dividend
Mazda’s policy is to set a dividend that reflects each year’s earnings and operating environment, and to pay a
stable dividend while striving to increase the amount. An interim dividend in the amount of ¥3.0 per share was
paid, but given the results for the March 2009 fiscal year and the recent drastic weakening in the operating envi-
ronment it was deemed necessary to forgo the payment of a year-end dividend. As a result, the full-year
dividend was ¥3.0 per share.
1,104 1,149 1,177 1,240
810 913 983
859
294 264 257
1,116
896
220
290
Domestic (Thousands of units)
Overseas (Thousands of units)
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Management’s Discussion and Analysis
42                      