Mitsubishi 2014 Annual Report Download - page 32

Geographical Segment Information
 Japan
Net sales totaled ¥1,744.4 billion, an increase of ¥299.8 billion
or 21% over fiscal 2012 due to higher unit sales. Operating
income came in at ¥68.4 billion, an increase of ¥59.1 billion or
639% over fiscal 2012 due to the correction in the high value of
the Japanese yen and to the positive results of cost reductions.
 North America
Net sales totaled ¥267.3 billion, an increase of ¥92.2 billion or
53% over fiscal 2012 driven mainly by higher unit sales and the
correction in the high value of the yen. Operating income came
in at ¥2.7 billion.
 Europe
Net sales came in at ¥128.7 billion, an increase of ¥7.9 billion
or 7%, over fiscal 2012 mainly due to the correction in the
high value of the Japanese yen and to increased unit sales of
higher-priced models. Operating income, however, came in at
¥8.2 billion, down ¥3.1 billion or 27% on fiscal 2012 due to an
increase in costs and other factors.
 Asia and Other Regions
Net sales came in at ¥856.2 billion, an increase of ¥5.5 billion
or 1% over fiscal 2012 driven mainly by higher unit sales in the
ASEAN region. Operating income, however, came in at ¥48.0
billion, down ¥7.7 billion or 14% on fiscal 2012 due to higher
sales costs and a drop in unit sales of high-margin models.
Note: In the geographical segment information, Japan includes Mitsubishi Motors
and its domestic consolidated subsidiaries. Explanations of overseas operat-
ing performance are provided for overseas consolidated subsidiaries in their
respective regions. Information on the “Overview of Operations by Region”
on pages 16–21 are principally divided according to the location of external
customers. As a result, values are different.
Analysis of Financial Position
Analysis of Assets, Liabilities, Net Assets, and Cash Flows
Assets at the end of the period totaled ¥1,543.9 billion, an
increase of ¥91.1 billion over the end of fiscal 2012. Liabilities
20132012201120102009
Total Assets
(Billions of yen)
(FY)
1,258.7 1,312.5 1,321.3
1,452.8
1,543.9
20132012201120102009
Interest-Bearing Debt
(Billions of yen)
(FY)
392.7 397.9
348.1 346.6
222.4
20132012201120102009
Net Assets
(Billions of yen)
(FY)
234.5 248.1 265.6
351.2
550.0
totaled ¥993.9 billion, a reduction of ¥107.7 billion compared to
the end of fiscal 2012. Net assets totaled ¥550.0 billion, an in-
crease of ¥198.8 billion over the figure for the end of fiscal 2012.
Cash flows from operating activities came to a net inflow of
¥210.4 billion. This compared to a net inflow of ¥172.2 billion
in fiscal 2012.
Cash flows from investing activities came to a net outflow of
¥81.4 billion, due to disbursements related to the acquisition of
tangible fixed assets. This compared to a net outflow of ¥114.3
billion in fiscal 2012.
Cash flows from financing activities came to a net outflow
of ¥82.1 billion due to disbursements related to repayments of
long-term borrowings. This compared to a net outflow of ¥8.3
billion in fiscal 2012.
As a result, the balance of cash and cash equivalents at the
end of fiscal 2013 stood at ¥411.7 billion. This compared to a
balance of ¥361.2 billion at the end of fiscal 2012.
Cash Flow Indicators
(FY) 2008 2009 2010 2011 2012 2013
Shareholders’ equity ratio (%)* 18.8 17.8 18.2 19.5 23.4 35.0
Shareholders’ equity ratio*
(fair value basis) 60.8 55.9 43.0 39.4 41.0 68.8
Cash flows/Interest-bearing
debt ratio — 3.9 3.8 2.9 2.1 1.1
Interest coverage ratio — 7.4 7.9 8.5 15.9 22.3
* The shareholders’ equity ratio is shareholders’ equity divided by total assets
(Minority interests excluded from shareholders’ equity from the year ended
March 31, 2007).
The shareholders’ equity ratio (fair value basis) is market capitalization
divided by total assets.
The cash flows/interest-bearing debt ratio is interest-bearing debt divided
by cash flow.
The interest coverage ratio is cash flow divided by interest paid.
Notes:
1. Each indicator is calculated from consolidated financial figures.
2. Market capitalization is calculated based on the number of issued shares
excluding treasury stock.
3. Cash flow refers to operating cash flow.
4. Interest-bearing debt includes all liabilities recorded on the balance sheet
for which interest is paid.
MITSUBISHI MOTORS CORPORATION
Annual Report 2014
30