Mitsubishi 1999 Annual Report Download - page 36

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Financial review
34
Total assets
Total corporate assets at the end of March 1999 were ¥3,060.4 bil-
lion, a 9.2% reduction over the previous year. This was the result
of multi-faceted efforts to trim the company's asset portfolio.
Trade notes and accounts receivable totaled ¥597.5 billion, a
8.4% reduction of ¥54.9 billion over the previous year. The liquida-
tion of receivables accounted for ¥26.1 billion of this reduction.
Inventories stood at ¥380.7 billion, a major 29.2% reduction
of ¥157.1 billion on the year before. This decrease was the result
of determined reductions in finished product inventories.
Short- and long-term loans totaled ¥158.7 billion, a 49.5% re-
duction of ¥155.6 billion on the year before. This reduction in-
cludes ¥93.9 billion through liquidation, and ¥30.0 billion as the
result of appropriating long-term loans to funds for the purchase
of land for the company's new head office.
Property, plant and equipment at the end of March 1999 to-
taled ¥1,312.3 billion. Despite cut backs in capital expenditure,
this represented a decrease of 0.1% over the year before, and was
due primarily to unfavorable foreign exchange rates.
Stockholders' equity
Retained earnings at the end of March 1999 were ¥112.0 billion.
Assisted by a ¥5.7 billion increase in net income for the year, this
resulted in shareholders' equity of ¥353.6 billion. Stockholder eq-
uity ratio was 11.6%, an improvement of 1.2% over last year.
Capital expenditure
The company reported capital expenditure (leased vehicle assets
excluded) of ¥156.7 billion, a 13.5% decrease over the previous
year. Expenditure decreased in Japan, but installation of new plant
for production of the new Eclipse model in North America and the
new Space Star model in Europe saw increased capital expendi-
ture outside Japan.
Depreciation expenses
Depreciation expenses (leased vehicle assets excluded) were
¥127.7 billion, a 1.0% decrease on the previous year. Depreciation
expenses decreased in Japan, but increased elsewhere.
2,826.4 3,007.7 3,233.2 3,370.5 3,060.4
'94FY '95 '96 '97 '98
0
1,000
2,000
3,000
4,000
(¥ billion)
Total assets
479.2
17.0%
Stockolder's equity
Equity ratio
483.3
16.1%
486.5
15.0%
349.7
10.4%
353.6
'94FY '95 '96 '97 '98
11.6%
0
100
200
300
400
500
0
5
10
15
20
(¥ billion) (%)
Stockholders' equity
194.3 227.4 155.0 181.2 156.7
'94FY '95 '96 '97 '98
(¥ billion)
0
100
200
300
Total
Capital expenditure
Excluding Leased vehicles
106.6 152.2 109.9 129.0 127.7
'94 '95 '96 '97 '98
(¥ billion)
0
100
200
Total
Depreciation & amortization
Excluding Leased vehicles