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2
ANNUAL REPORT 2003 POWER TO CHANGE
In fiscal 2002, ended March 31, 2003, we successfully completed the second year of our Turnaround. We accelerated our cost-reduction
and efficiency-improvement measures, deriving benefits that far exceeded our initial expectations. In fact, we have already achieved all
cost-reduction targets set for the Turnaround’s three-year period. The result was a substantial increase in our operating profit and an all-
time high net income. More importantly, Mitsubishi Motors Corporation (MMC) delivered top-line growth for the first time since 1997. And
we are again producing exciting and attractive cars for our customers as exemplified by the new COLT launched in November 2002.
RESULTS FOR YEAR ENDED MARCH 2003
Consolidated net sales totaled ¥3,884.9 billion ($32.3 billion). Excluding the effect of a change in the accounting period of overseas
subsidiaries, this result represented an increase of 8% over the previous year, and marked the first year-on-year sales growth in five
years. Operating profit doubled, reaching ¥82.8 billion ($689 million) while ordinary income nearly quadrupled to ¥54.3 billion ($452
million). Net income tripled to ¥37.4 billion ($311 million), our best result ever.
In Japan, our passenger car retail sales volume fell to 354,000 units in fiscal 2002. Nevertheless, buoyed by the successful introduc-
tion of the COLT, sales in Japan were 17% higher in the second half of fiscal 2002 than in the first half. In Europe, we overcame market
contraction to maintain our market share of 1.1%, with sales volumes remaining largely stable. In North America, we posted our fourth
consecutive year of higher sales, with volume rising to 360,000 units. Our unit sales in Asia and the rest of the world climbed 7% to
646,000 units. This constituted another record figure for us in this dynamic growth region. Our total overseas passenger car sales topped
1.2 million units in fiscal 2002 for the first time in our history.
Total unit sales of truck and buses in fiscal year 2002 amounted to 153,000, representing an increase of 8% over the preceding year.
Of this, 65,000 trucks and buses were sold in Japan, while overseas sales stood at 88,000 units. In Japan, Mitsubishi Fuso remained the
market leader for the 10th consecutive year with a market share of 30.5% for trucks and 36.0% for busses. During the same period, net
TO OUR SHAREHOLDERS
Fiscal 2002 was a banner year for
MMC. Our bottom line was the
highest it has ever been, while
sales grew for the first time in five
years. Our new passenger cars
delivered stellar sales. As our
Turnaround continues, it is gratifying
to see the progress we are making
both quantitatively and qualitatively.
Rolf Eckrodt, President & CEO