Mitsubishi 2000 Annual Report Download - page 41

Financial review
39
6.7% on the previous year. A major drop in export shipments to
Asian markets resulted in sales income of ¥115.2 billion, 23.7%
down on the previous year.
Cost of sales
Cost of sales in fiscal 1999 was ¥2,790 billion, a decrease of 0.9%
on the previous year Selling, general and administrative expenses
were ¥523.5 billion, a decrease of 18.5%. As a result, the
Company reported operating income of ¥22.5 billion, a major de-
crease on the profit of ¥55.9 billion of the previous year.
Non-operating profit and loss
Non-operating income in fiscal 1999 was ¥42.8 billion, a 68.2%
increase over the previous year. Non-operating expenses de-
creased by 19.3% to ¥61.9 billion, however, resulting in an ordi-
nary loss of ¥3.8 billion.
Extraordinary items
Extraordinary loss included ¥4.1 billion in restructuring costs by
subsidiaries both domestic and abroad. As a result, net loss for the
year was ¥23.3 billion, down over the previous fiscal year. The in-
terest and depreciation costs relating to leased vehicles at MMC's
finance subsidiary in the United States that were classified as
General Administration costs and interest paid are now included
in cost of sales. This has reduced operating profit by ¥21.9 billion
compared with the previous fiscal year.
Segment performance (business)
Sales from the passenger car business for the current fiscal year
were ¥3,262.4 billion, with operating income of ¥23.4 billion.
Revenues from the financial services business were ¥84.9 billion,
with operating income of ¥0.5 billion.
Segment performance (geographical)
Sales in Japan were ¥2,459.4 billion, a decrease of ¥216.5 billion
over the previous fiscal year. Operating profit was ¥2.8 billion, a
decrease of ¥5.1 billion fiscal 1998. Impacting factors include the
significant appreciation of the yen against the US dollar and the
Euro.
Sales in the United States were ¥736.1 billion, a decrease of
¥31.3 billion over the previous year. Operating profit stood at
¥17.5 billion, a decrease of ¥21.9 billion over fiscal 1998. This
decrease was the result of a change in classification of expenses
amounting to ¥21.9 billion at the Company's financing services
subsidiary, this change having no effect on ordinary or net profit.
Sales in Europe were ¥504.1 billion, an increase of ¥64.7 bil-
lion over the previous year. Operating loss was ¥1.8 billion, a de-
cline of ¥5.1 billion over fiscal 1998.
Operating income
Operating profit margin
71.9
2.0%
45.7
1.2%
3.2
0.1%
55.9
FY '95 '96 '97 '98
1.6%
(¥ billion) (%)
0
40
80
120
0.0
2.0
3.0
1.0
22.5
'99
0.7%
Operating income
Selling general and administrative expenses
15.4% 17.2% 18.3% 18.3%
FY '95 '96 '97 '98
545 632 685 643
(¥ billion) (%)
0
200
400
600
800
Sales ratio
Total
0
5
10
15
20
378
167
417
215
452
233
414
229
15.7%
'99
523
338
185
Sales outside Japan
Net sales
(¥ billion)
Sales in Japan
Total
FY
0
1,000
2,000
3,000
4,000
1,551
1,986
3,537
1,756
1,916
3,672
2,105
1,630
3,735
2,030
1,483
3,513
'95 '96 '97 '98
1,894
1,441
3,335
'99
Net income
Net income per share
12.7
13.84
11.6
12.59
-101.8
-110.49
FY '95 '96 '97 '98
5.7
6.15
(¥)(¥ billion)
0
5
10
15
–100 –100
0
5
10
15
'99
-23.3
-24.87
Net income and net income per share