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Millions of yen
Thousands of
U.S. dollars*1
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2014
For the year*2:
Net sales ¥2,692,238 ¥2,205,270 ¥2,033,058 ¥2,325,689 ¥2,163,949 ¥2,535,902 ¥3,475,789 ¥3,247,485 ¥2,919,823 ¥2,695,564 ¥2,916,130 $26,138,233
Domestic 655,716 588,042 560,216 541,490 574,982 620,336 880,132 887,327 887,662 845,620 846,231 6,366,175
Overseas 2,036,522 1,617,228 1,472,842 1,784,199 1,588,967 1,915,566 2,595,657 2,360,158 2,032,161 1,849,944 2,069,899 19,772,058
North America 834,803 651,165 575,633 631,327 574,640 697,600 1,015,315 1,017,874 843,988 761,684 936,718 8,104,883
Europe 534,937 347,918 347,346 427,398 477,337 653,382 888,555 789,135 668,941 634,233 659,813 5,193,563
Other areas 666,782 618,145 549,863 725,474 536,990 564,584 691,787 553,149 519,232 454,027 473,368 6,473,612
Cost of sales 1,993,643 1,729,296 1,662,592 1,863,678 1,710,699 2,021,851 2,485,905 2,322,644 2,110,934 1,972,574 2,165,160 19,355,757
Selling, general and administrative expenses 516,474 422,038 409,184 438,176 443,792 542,432 827,737 766,309 685,454 640,043 680,796 5,014,311
Operating income/(loss) 182,121 53,936 (38,718) 23,835 9,458 (28,381) 162,147 158,532 123,435 82,947 70,174 1,768,165
Income/(loss) before income taxes 97,409 39,101 (55,262) 16,081 (7,265) (51,339) 143,117 118,450 117,468 73,847 54,072 945,718
Net income/(loss) 135,699 34,304 (107,733) (60,042) (6,478) (71,489) 91,835 73,744 66,711 45,772 33,901 1,317,466
Capital expenditures*3133,216 77,190 78,040 44,722 29,837 81,838 75,518 79,641 72,070 67,881 45,644 1,293,359
Depreciation and amortization*457,656 59,954 68,791 71,576 76,428 84,043 74,217 47,045 45,805 40,036 37,900 559,767
Research and development costs 99,363 89,930 91,716 90,961 85,206 95,967 114,400 107,553 95,730 90,841 87,807 964,689
Free cash flow*516,322 8,746 (79,415) 1,627 67,394 (129,244) 10,209 20,995 33,611 35,900 49,128 158,466
At the year-end:
Total assets ¥2,246,036 ¥1,978,567 ¥1,915,943 ¥1,771,767 ¥1,947,769 ¥1,800,981 ¥1,985,566 ¥1,907,752 ¥1,788,659 ¥1,767,846 ¥1,795,573 $21,806,175
Net assets*6676,837 513,226 474,429 430,539 509,815 414,731 554,154 479,882 407,208 275,841 230,937 6,571,233
Interest-bearing debt 742,735 718,983 778,085 693,000 722,128 753,355 504,979 474,684 455,409 528,145 630,360 7,211,019
Net interest-bearing debt 262,981 274,108 300,778 370,151 375,825 532,631 281,085 232,179 246,751 313,506 358,129 2,553,214
Average number of shares outstanding
(in thousands) 2,989,149 2,989,171 1,863,949 1,770,198 1,519,652 1,371,456 1,408,368 1,402,315 1,294,533 1,216,245 1,217,692
Number of employees 40,892 37,745 37,617 38,117 38,987 39,852 39,364 38,004 36,626 35,680 35,627
Yen U.S. dollars*1
Amounts per share of common stock:
Net income/(loss)*7¥ 45.40 ¥ 11.48 ¥ (57.80) ¥ (33.92) ¥ (4.26) ¥ (52.13) ¥ 65.21 ¥ 52.59 ¥ 51.53 ¥ 37.63 ¥ 27.84 $0.44
Cash dividends applicable to the year*81.00 — — — 3.00 3.00 6.00 6.00 5.00 3.00 2.00 0.01
Net assets*9221.04 166.04 156.85 242.24 286.92 314.98 391.82 336.45 284.28 220.22 182.91 2.15
%
Operating income ratio 6.8% 2.4% (1.9)% 1.0 % 0.4 % (1.1)% 4.7% 4.9% 4.2% 3.1% 2.4%
Return on equity (ROE)*10 23.5 7.1 (24.0) (12.8) (1.4) (14.8) 17.9 16.9 20.0 18.7 16.3
Equity ratio*10 29.4*11 25.1 24.5 24.2 26.1 22.9 27.8 24.8 22.3 15.1 12.4
Notes: 1. The translation of the Japanese yen amounts into U.S. dollars is presented solely for the convenience of readers outside of Japan, using the prevailing exchange rate on March 31, 2014, of ¥103 to US$1.
2. Results information for the March 2004 and 2011 fiscal years include 15-month results for certain overseas subsidiaries that changed their fiscal year-end.
3. Capital expenditures are calculated on an accrual basis.
4. Amortization expenses are not included for the March 2007 fiscal year and preceding fiscal years.
5. Free cash flow represents the sum of net cash flows from operating activities and from investing activities.
6. Prior-year amounts have been reclassified to conform to figures for the March 2007 fiscal year and subsequent fiscal years presentation to include minority interests.
7. The computations of net income/(loss) per share of common stock are based on the average number of shares outstanding during each fiscal year.
8. Cash dividends per share represent actual amounts applicable to the respective years.
9. The amounts of net assets used in the calculation of net assets per share exclude minority interests (and, from the March 2007 fiscal year, stock acquisition rights).
10. The amounts of net assets exclude minority interests (and, from the March 2007 fiscal year, stock acquisition rights).
11. Percentage after consideration of the equity credit attributes of the subordinated loan is 31.0%.
Eleven-Year Summary of Consolidated Financial Statements Mazda Motor Corporation and Consolidated Subsidiaries
Years ended March 31
36
Mazda Annual Report 2014
CONTENTS
Foundations Underpinning
Sustainable Growth
Financial Section
Review of Operations
Message from Management
Introduction
Brand Value Management