Mitsubishi 1999 Annual Report Download - page 2

Consolidated summary
Mitsubishi Motors Corporation and its Consolidated Subsidaries.
1990 1991 1992 1993
Years ended March 31 (in millions of yen)
Net Sales ¥ 2,360,702 ¥ 2,797,770 ¥ 3,087,136 ¥ 3,180,430
Operating income 63,270 89,725 86,802 77,091
Ordinary income (loss) 50,228 55,750 60,541 50,225
Net income (loss) 21,133 25,852 29,514 25,832
Per share of common stock (in yen):
Net income (loss): (in yen)
Basic ¥ 26.59 ¥ 30.28 ¥ 34.56 ¥ 30.25
Fully diluted – – – –
Cash dividends 5.50 6.50 7.00 7.00
At March 31 (in millions of yen)
Total assets ¥ 1,771,504 ¥ 2,039,608 ¥ 2,284,928 ¥ 2,388,753
Property, plant and equipment 485,166 625,420 722,444 805,106
Stockholders' equity 336,801 357,672 382,260 401,475
Non-consolidated summary
Mitsubishi Motors Corporation
1990 1991 1992 1993
Years ended March 31 (in millions of yen)
Net Sales ¥ 2,025,715 ¥ 2,313,636 ¥ 2,554,055 ¥ 2,615,959
Operating income (loss) 48,774 65,822 56,186 57,493
Ordinary income (loss) 41,419 50,214 50,540 46,567
Net income (loss) 20,242 25,208 27,023 20,232
Per share of common stock (in yen):
Net income (loss): (in yen)
Basic ¥ 25.47 ¥ 29.52 ¥ 31.65 ¥ 23.69
Fully diluted – – – –
Cash dividends 5.50 6.50 7.00 7.00
At March 31 (in millions of yen)
Total assets ¥ 1,352,076 ¥ 1,554,119 ¥ 1,667,680 ¥ 1,731,985
Property, plant and equipment 331,941 395,545 462,220 491,010
Stockholders' equity 324,164 344,135 365,041 379,140
Note 1 :U.S.dollar amounts in this annual report are translated from yen, for convenience only, at the rate of ¥120.55=U.S.$1, the exchange rate prevailing on March 31, 1999.
Note 2: Fully diluted net income per share for the year ended March 1998 is not available due to the loss for the period.
Note 1 :U.S.dollar amounts in this annual report are translated from yen, for convenience only, at the rate of ¥120.55=U.S.$1, the exchange rate prevailing on March 31, 1999.
Note 2: Certain amounts previously reported have been reclassified to conform to the current year. The principal reclassification are detailed in 1 (n) of Notes the Consolidated Statements.
Note 3: Fully diluted net income per share for the year ended March 1998 is not available due to the loss for the period.
The Japanese economy has floundered since the collapse of
the asset-driven bubble in 1990. Today, the birth pains con-
tinue as it shifts from a bureaucracy-managed pattern to
something more akin to the market-driven economies of the
United States and Europe.
In fiscal 1998, Mitsubishi Motors Corporation(MMC)
made good its pledge to turn the deficit incurred in fiscal
1997–the result of slack sales on the Japanese market and in-
creased costs–into a profit. This achievement is the result of
major reforms implemented under the RM2001 (Renewal
Mitsubishi) mid-term management plan, which provides the
blueprint for MMC's transformation into a sound and prof-
itable company at the earliest possible date.
Details of RM2001 and of the progress achieved to date
are given elsewhere in this report. In a nutshell, however,
RM2001's principal thrust is directed at major reductions in
costs, at the same time as charting strategies for bolstering its
production and sales organizations, for giving added impetus
to new model development, and for promoting the ongoing
evolution of the GDI(Gasoline Direct Injection) engine tech-
nology that has gained a significant competitive edge for the
company. Other reforms currently under consideration in-
clude: the setting up of a holding company; the outsourcing
of corporate functions; and greater management emphasis on
consolidated performance, on market-price accounting and
on earnings.
The reforms piloted by RM2001 extend beyond the
shores of Japan, while giving due consideration to differ-
ences in cultures and approaches encountered in all countries
where the company operates. "Customer satisfaction",
"Innovative and creative", "Fair and open", "Speedy and sim-
ple": these keywords epitomize the company's corporate
ideals in its operations worldwide.
MMC has a mission: To extend its global presence in the
auto industry. To be fair and open in all aspects of its busi-
ness. To continue to strengthen its financial base and achieve
sustainable profitability. The company is focused on this
mission so that it may earn maximum customer satisfaction,
create value and reward its stockholders and employees.
Contents
Highlights 1
Making it work, making it pay 2
Senior officers 5
RM2001 6
On the analyst's couch 8
Product & technology development 12
Environment 14
Models 20
Operational review 22
Financial review 32
Consolidated balance sheets 36
Consolidated statements of operations 38
Consolidated statements of stockholders' equity 39
Consolidated statements of cash flows 40
Notes to consolidated financial statements 42
Report of the independent public accountants 53
Corporate data 54
Financial summary 58
The report is printed on recycled and recyclable paper.