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65 MITSUBISHI MOTORS CORPORATION
MMC and its consolidated subsidiaries enter into derivative contracts neither for trading purpose, nor for anticipation of gain
from short-term market movements. Derivative transactions are appropriately approved by Chief Financial Officer, and MMC
approves those derivative transactions of consolidated subsidiaries, which are conducted in accordance with each subsidiary’s policy
with appropriate approval of board meeting and Chief Financial Officer of each consolidated subsidiary.
Summarized below are the notional amounts and the estimated fair values of the derivative positions, except for those accounted
for as hedges, outstanding at March 31, 2003 and 2002:
(In millions of yen)
2003 2002
Notional Fair Unrealized Notional Fair Unrealized
March 31, amount value gain (loss) amount value gain (loss)
Forward foreign exchange contracts:
Sell:
US $ ¥ 6,024 ¥ 6,072 ¥ (47) ¥ 72,701 ¥ 74,137 ¥(1,435)
Euro 18,728 20,049 (1,321) 112,754 118,833 (6,079)
£ stg 154 155 0 1,250 1,254 (4)
Canadian Dollar 1,976 2,117 (141) –––
Buy:
US $ –––46,115 46,416 300
Euro –– – 3,471 3,483 11
Total ¥(1,509) ¥(7,207)
(In thousands of U.S. dollars)
2003
Notional Fair Unrealized
March 31, amount value gain (loss)
Forward foreign exchange contracts:
Sell:
US $ $ 50,116 $ 50,516 $ (391)
Euro 155,807 166,797 (10,990)
£ stg 1,281 1,290 0
Canadian Dollar 16,439 17,612 (1,173)
Buy:
US $ –––
Euro –– –
Total $(12,554)