Suzuki 2002 Annual Report Download

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ANNUAL REPORT
2002

Table of contents

  • Page 1
    ANNUAL REPORT 2002

  • Page 2
    ... Suzuki Motor Corporation designs and manufactures passenger cars, commercial Vehicles, motorcycles, All terrain vehicles (ATVs), outboard motors, generators, general purpose engines and other products. The company continuously and vigorously promotes technical cooperation through numerous joint...

  • Page 3
    ... introduced new models -- Chevrolet Cruze, which was jointly developed with General Motors Corporation; MR wagon, a mini passenger car designed with novel thinking to create room for 4 adults to sit comfortably and to offer a pleasant driving experience; and Alto Lapin, a new mini passenger car with...

  • Page 4
    ...amounts) SUZUKI MOTOR CORPORATION AND CONSOLIDATED SUBSIDIARIES Years ended March 31, 2002 and 2001 Net sales ...Net income ...Net income per share: Primary ...Fully diluted ...Cash dividends per share ...Shareholders' equity ...Total current assets ...Total assets ...Depreciation and amortization...

  • Page 5
    ... March 31, 2002, millions of yen) Other sales Motorcycle sales 44,487 2.7% 312,466 18.7% Other Sales Sales in Asia 97,602 6% 136,801 8% 315,461 19% Automobile sales 1,311,296 78.6% Sales in Japan 786,911 47% Sales in Europe 331,473 20% Sales in North America 3 SUZUKI MOTOR CORPORATION

  • Page 6
    ... Chevrolet Cruze, which was developed jointly with General Motors, was marketed to strengthen small and subcompact vehicle sales. As for mini vehicles, MR wagon and Alto Lapin were newly introduced, to enhance our product lineup so that we may respond to a wider range of user demands. GRAND ESCUDO...

  • Page 7
    ..., and volume has grown. As for individual products, sales of the Grand Vitara XL-7, Suzuki's flagship SUV which was launched in the previous fiscal year, have trended strong in North America and other areas. At the 2002 Geneva Motor Show, we introduced a sedan version of the Liana and a fullmodel...

  • Page 8
    ...-to-250cc class models of Toyokawa Plant Motorcycles and outboard motors assembling plant GrassTracker 250, Big Boy 250 and Sky Wave 250 following the previous year, and the introduction of new products such as the Sky Wave 250 Type S, 250SB, GSX250FX and VanVan 200. In this class, Suzuki marked...

  • Page 9
    ... of America Corporation (SMAC). The production of the Eiger 400 series started in full from May 20 this year. We plan to move forth with further local procurement and thus heighten our cost competitiveness. Burgman 650 V-Strom 1000 GSX-R Series QuadSport Z400 VINSON 500 (right) EIGER 400 (left...

  • Page 10
    ... motors, 2002 new models DF4 and DF5, in October 2001. Suzuki's 4stroke outboard motor lineup is now greatly enhanced, with models ranging from the DF4 (2.9 kW, 4ps) to the DF140 (103.0 kW, 140ps). Suzuki outboard motors provide power for a wide range of boats Power Products The number of Suzuki...

  • Page 11
    ... highly profitable motorcycle business. Based on this basic agreement, we started mutual OEM supply from January 2002. Marine, Power Products, and others * New products introduced to our lineup of welfare, elderly care and marine products included an electric wheelchair MC2000S/MC3000S, a Senior Car...

  • Page 12
    ...of America Corporation (SMAC), the All Terrain Vehicle (ATV) production plant we have been building in the state of Georgia, U.S.A., has started operation on May 2002. Marine Products * Suzuki reached basic agreement on November 2001 for OEM supply of 4stroke outboard motors (6 models: 9.9 ps, 15 ps...

  • Page 13
    ...of key areas: Suzuki and GM further strengthen strategic alliance. The jointly developed compact car, code named YGM-1and first announced at the 1999 Tokyo Motor Show, made its Japanese debut in October 2001 with the name of "Chevrolet Cruze". Production of the Cruze began at Suzuki's Kosai Plant in...

  • Page 14
    .... The main businesses are the manufacturing and distribution of motorcycles, automobiles, marine & power products and houses, further developing the businesses of logistics and other services related to the respective operations. The position of the group companies in relation to the business...

  • Page 15
    ... Suzuki Motor Sales Tokyo Inc. American Suzuki Motor Corp. and other 92 companies (Companies an equity method is applied to) Suzuki Motor Czech s.r.o. and other 1 company Distribution companies: (Consolidated subsidiaries) Suzuki House Co., Ltd. Suzuki Marine Co., Ltd. Manufacturing & distribution...

  • Page 16
    ... OF CASH FLOWS ...NOTES TO CONSOLIDATED FINANCIAL STATEMENTS...REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ...NON-CONSOLIDATED FINANCIAL STATEMENTS OF 2002 NON-CONSOLIDATED BALANCE SHEETS ...NON-CONSOLIDATED STATEMENTS OF INCOME ...15 16 18 19 21 22 37 38 40 SUZUKI MOTOR CORPORATION  14 

  • Page 17
    FIVE-YEAR SUMMARY SUZUKI MOTOR CORPORATION CONSOLIDATED Millions of yen (except per share amounts) Thousands of U.S. dollars (except per share amounts) Years ended March 31 2002 ¥1,668,251 22,392 41.40 41.16 8.50 620,004 773,040 1,347,718 75,083 2001 ¥1,600,253 20,248 40.41 40.24 8.50 593,770 ...

  • Page 18
    CONSOLIDATED FINANCIAL STATEMENTS OF 2002 CONSOLIDATED BALANCE SHEETS As of March 31, 2002 and 2001 SUZUKI MOTOR CORPORATION AND CONSOLIDATED SUBSIDIARIES Millions of yen Thousands of U.S. dollars 2002 2001 2002 ASSETS Current assets: Cash and time deposits(Note 8) ...Marketable securities (...

  • Page 19
    ...Shareholders' equity (Note 10): Common stock: Authorized-1,500,000,000 shares Issued, par value ¥50 per share as of March 31, 2002-541,082,074 ...as of March 31, 2001-540,731,723 ...Additional paid-in capital ...Consolidated...(213,029) (407) 4,652,938 $10,114,213  17  SUZUKI MOTOR CORPORATION

  • Page 20
    ...SUZUKI MOTOR CORPORATION AND CONSOLIDATED SUBSIDIARIES Millions of yen Thousands of U.S. dollars 2002 ¥1,668,251 1,220,336 447,914 389,454 58,460 2001 ¥1,600,253 1,203,675 396,577 345,849 50,727 2002 $12,519,708 9,158,251 3,361,456 2,922,732 438,724 Net sales ...Cost of sales ...Gross profit...

  • Page 21
    ... STATEMENTS OF SHAREHOLDERS' EQUITY Years ended March 31, 2002 and 2001 SUZUKI MOTOR CORPORATION AND CONSOLIDATED SUBSIDIARIES Thousands of shares of common stock Millions of yen Common stock Additional paid-in capital Consolidated retained earnings Treasury stock at cost Balance as of...

  • Page 22
    ... STATEMENTS OF SHAREHOLDERS' EQUITY Thousands of shares of common stock Thousands of U.S. dollars Common stock Additional paid-in capital Consolidated retained earnings Treasury stock at cost Balance as of March 31, 2001 Net income ...Cash dividends ...Directors' and corporate auditors' bonuses...

  • Page 23
    ... FLOWS Years ended March 31, 2002 and 2001 Millions of yen Thousands of U.S. dollars SUZUKI MOTOR CORPORATION AND CONSOLIDATED SUBSIDIARIES 2002 2001 2002 Cash flows from operating activities Income before income taxes etc...Â¥ 39,328 Depreciation and amortization expenses ...75,083 Equity in...

  • Page 24
    ...statements The accompanying consolidated financial statements of SUZUKI MOTOR CORPORATION (the Company) have been prepared on the basis of generally accepted accounting principles and practices in Japan, and from the consolidated financial statements filed with the Ministry of Finance as required by...

  • Page 25
    ... of the foreign subsidiaries and affiliates are translated into Japanese yen at the exchange rates prevailing at the balance sheet date. The shareholders' equity at the beginning of the year is translated into Japanese yen at the historical rates. Profit and loss accounts for the year are translated...

  • Page 26
    ... accrued at the balance sheet date based on the internal rule concerning payment of directors' retirement benefits is appropriated. (j)Revenue recognition Sales of products are generally recognized in the accounts as delivery is made. (k)Amounts per share Primary net income per share is computed...

  • Page 27
    ... cost (1) Stocks (2) Bonds (3) Others Sub Total Total $184,805 16,420 - $201,226 $ 80,053 120,052 38 $200,144 $401,371 $306,321 16,639 - $322,960 $ 68,868 118,880 31 $187,781 $510,742 $121,515 218 - $121,734 $ (11,184) (1,171) (7) $ (12,362) $109,371  25  SUZUKI MOTOR CORPORATION

  • Page 28
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (b) Other securities sold during 2002 and 2001 Millions of yen Thousands of U.S. dollars 2002 Amounts sold ...Gains from sales of the other securities ...Losses from sales of the other securities ...(c) Major securities not revalued by the market ¥9,961 ...

  • Page 29
    ... consisted of the following. The annual interest rates of short-term bank loans as of March 31, 2002 were 0.35 percent to 11.25 percent. Millions of yen Thousands of U.S. dollars 2002 Short-term bank loans Secured ...Unsecured ... 2001 2002 ¥ 2,658 107,653 ¥110,312 ¥ 5,487 138,741 ¥144,228...

  • Page 30
    ...to the new shares issued to General Motors of Canada Limited on January 18, 2001. The zero coupon convertible bonds are convertible into common stock at the options of holders at the conversion price of ¥2,000 per share. If the outstanding convertible bonds were fully converted as of March 31, 2002...

  • Page 31
    ... 37,880 (33,647) 80,895 88,132 (36) $236,206 Remarks:1) The amount of employees' contribution to Employees' Pension Fund is deducted. 2) The retirement benefit cost of subsidiaries where simplified methods are adopted is accounted for "a. Service cost".  29  SUZUKI MOTOR CORPORATION

  • Page 32
    ... basis b. Discount rate : 2002 2.50% 2001 3.00% : 2002 4.00% - 4.80% 2001 4.00% - 5.14% : mainly 15 years To be amortized by straight line method with the employees' average remaining service years at the time when the difference was caused. c. Assumed return of investment ratio d. Number of years...

  • Page 33
    ...435 238 ¥ 170 2002 $9,863 (7,050) 2,812 1,369 2,559 3,928 1,548 $1,466 Millions of yen Thousands of U.S. dollars 2002 ¥915 (680) 235 164 181 345 193 ¥143 2001 ¥848 (570) 277 174 255 430 168 ¥143 2002 $6,872 (5,105) 1,767 1,233 1,360 2,594 1,452 $1,075  31  SUZUKI MOTOR CORPORATION

  • Page 34
    ...¥100 2002 $244 201 $446 10. Shareholders' equity On January 18, 2001, the Company issued 51,561,000 new shares to General Motors of Canada Limited in the amount of ¥58,109 million by third-party allotment. Under the Commercial Code of Japan, at least 50 per cent. of the issue price of new shares...

  • Page 35
    ...Information (a)Business segment Millions of yen 2002 Motorcycle Net sales: Outside customers ...Inter-area ...Operating expenses ...Operating...yen corporate assets Consolidated 316,831 1,668,251 - 1,668,251 1,609,791 58,460 1,347,718 75,083 79,523 Elimination and 2001 Motorcycle Net sales: ...

  • Page 36
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (b)Geographical segment Millions of yen 2002 Elimination and Japan Net sales: Outside customers ...Inter-area ...Operating expenses ...Operating income ...Assets ... Europe North America Other areas*1 corporate assets Consolidated ¥1,066,639 370,363 ...

  • Page 37
    ... ordinary general meeting of shareholders of the Company held on June 27, 2002: Millions of yen Thousands of U.S. dollars Year-end cash dividends of ¥4.50 per share ...Bonuses for directors and corporate auditors ... ¥2,434 200 ¥2,634 $18,271 1,500 $19,772  35  SUZUKI MOTOR CORPORATION

  • Page 38
    ... is planned to be amortized in full in the following consolidation fiscal year ending March 2003. Company profile of Maruti Company name Operation Head office location Representative Capital Net sales Employee Outline of undertaking rights issue Number of shares undertaken Rights issue price Total...

  • Page 39
    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Board of Directors of Suzuki Motor Corporation We have examined the accompanying consolidated balance sheets of Suzuki Motor Corporation and consolidated subsidiaries as of March 31, 2002 and 2001, the related consolidated statements of income, ...

  • Page 40
    NON-CONSOLIDATED FINANCIAL STATEMENTS OF 2002 NON-CONSOLIDATED BALANCE SHEETS As of March 31st, 2002 and 2001 Millions of yen Thousands of U.S. dollars SUZUKI MOTOR CORPORATION 2002 ASSETS Current assets: Cash and time deposits ...Marketable securities ...Treasury stock ...Receivables: Trade ...

  • Page 41
    ...912 136,456 816,112 Shareholders' equity Common stock: Authorized - 1,500,000,000 shares Issued, par value ¥50 per share as of March 31st, 2002 - 541,082,074 ...as of March 31st, 2001 - 540,731,723 ...Additional...,063 1,609,277 64,243 (407) 3,580,139 $7,720,149  39  SUZUKI MOTOR CORPORATION

  • Page 42
    ..., 2002 and 2001 SUZUKI MOTOR CORPORATION Millions of yen Thousands of U.S. dollars 2002 Net sales ...Cost of sales ...Gross profit ...¥1,320,218 1,026,515 293,703 2001 ¥1,294,651 1,042,030 252,620 2002 $ 9,907,833 7,703,680 2,204,153 Selling, general and administrative expenses ...Operating...

  • Page 43
    ... Kingdom Suzuki Motor Poland Ltd. Warszawa, Poland American Suzuki Motor Corp. California, U.S.A. Suzuki Manufacturing of American Corporation Georgia, U.S.A. Suzuki Canada Inc. Ontario, Canada Maruti Udyog Ltd. New Delhi, India Suzuki Motorcycles Pakistan Ltd. Karachi, Pakistan Pak Suzuki Motor Co...

  • Page 44
    300 TAKATSUKA, HAMAMATSU, JAPAN ANNUAL REPORT 2002 99999-E2062-202 Printed in Japan