Mitsubishi 2001 Annual Report Download - page 63

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MITSUBISHI MOTORS CORPORATION Annual Report 2001 [61]
(c) Overseas sales
Overseas sales, which include export sales of MMC and its domestic consolidated subsidiaries and sales (other than
exports to Japan) of the foreign consolidated subsidiaries for the years ended March 31, 2001 and 2000 are summa-
rized as follows:
In thousands of
In millions of yen U.S. dollars
2001 2000 2001
Overseas sales
North America ¥ 911,481 ¥765,327 $ 7,356,586
Europe 404,920 518,306 3,268,119
Asia 312,038 238,975 2,518,467
Other areas 354,847 371,322 2,863,979
Total ¥1,983,287 ¥1,893,931 $16,007,159
Consolidated sales ¥3,276,716 ¥3,334,974 $26,446,457
Overseas sales as a percentage of consolidated sales
North America 27.8% 22.9%
Europe 12.4 15.5
Asia 9.5 7.2
Other areas 10.8 11.1
Total 60.5 56.8
[14. Derivatives]
MMC and its consolidated subsidiaries utilize derivative financial instruments for the purpose of hedging their
exposure to adverse fluctuations in foreign currency exchange rates and interest rates such as forward foreign
exchange contracts and interest rate swaps in the normal course of business, but they do not enter into such
transactions for speculative or trading purposes.
MMC and its consolidated subsidiaries are exposed to the risk of credit loss in the event of nonperformance by
the counterparties to the derivatives, but any such loss would not be material because the Company enters into
transactions only with financial institutions with high credit ratings. The notional amounts of the derivative finan-
cial instruments do not necessarily represent the amounts exchanged by the parties and, therefore, are not a direct
measure of the Company’s risk exposure in connection with derivatives.
Summarized below are the notional amounts and the estimated fair value of the derivative positions outstand-
ing at March 31, 2001:
In millions of yen In thousands of U.S. dollars
Notional Fair Unrealized Notional Fair Unrealized
amount value gain (loss) amount value gain (loss)
Forward foreign
exchange contracts:
Sell:
US $ ¥10,422 ¥10,740 ¥(317) $84,116 $86,683 $(2,559)
£ stg ——— — ——
Total ¥10,422 ¥10,740 ¥(317) $84,116 $86,683 $(2,559)