Mitsubishi 2001 Annual Report Download - page 47

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MITSUBISHI MOTORS CORPORATION Annual Report 2001 [45]
(Liabilities)
Trade notes and accounts payable increased by ¥150.1 billion, of which ¥54.4 billion was due to the last
day of the fiscal year falling on a holiday. Accounts payable and accrued expenses rose ¥106.8 billion.
With the application of new accounting standards related to retirement benefits, accrued retirement
benefits increased to ¥202.9 billion. Additionally, MMC opened an interest-free long-term loan account
of ¥57.5 billion subsequent to the inclusion of NedCar in its consolidated financial statements.
Efforts to reduce debt, on the other hand, resulted in a ¥146.6 billion decrease in interest-
bearing liabilities.
(Stockholders’ Equity)
Consolidated retained earnings dropped by ¥277.1 billion. MMC’s capital was increased by ¥202.4 billion
through the private placement of new shares to DC.
Cash Flows
Net cash provided by operating activities dropped ¥87.9 billion from the previous fiscal year due to an
increase of ¥127.3 billion in cash outlays. While MMC posted a loss before income taxes and minority
interests of ¥407.3 billion, the diminished cash flow was mainly due to a ¥109.2 billion increase in
accrued retirement benefits, a decrease in trade notes and accounts receivable, and an increase in
trade notes and accounts payable.
Net cash used in investment activities increased by ¥4.5 billion due to a ¥91.4 billion increase in
outlays. This was due in large part to a net ¥62.5 billion outgoing for the purchase of property, plant
and equipment and a net ¥18.7 billion in loans made.
Net cash used in financing activities decreased ¥147.8 billion to ¥14.6 billion. Funds raised from the
private placement of shares to DC were offset by, among other factors, a decrease in short-term bor-
rowings and a decline in commercial paper amounting to ¥140.9 billion. Accordingly, the year-end
balance of interest-bearing debt was ¥1,326.7 billion, a decrease of ¥146.6 billion from that of the
preceding fiscal year. Of this amount, the Financial Services segment accounted for ¥358.4 billion, an
increase of ¥106.5 billion relative to the previous year, due to increased North American sales. The
Automobiles segment accounted for ¥968.3 billion, a decrease of ¥253.1 billion. The year-end balance
of interest-bearing debt has been dropping steadily since fiscal 1998.