Mitsubishi 2002 Annual Report Download - page 51

Download and view the complete annual report

Please find page 51 of the 2002 Mitsubishi annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 70

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70

49
As of April 1, 2000, MMC and its consolidated subsidiaries assessed their intent to hold their investments in securities
and classified their investments as “held-to-maturity securities” or “other securities” and accounted for the securities at
March 31, 2001 in accordance with the new standard referred to above. As a result of the adoption of this standard, securi-
ties in current assets decreased by ¥51,475 million and investment securities increased by ¥51,475 million at April 1, 2000.
The effect of the adoption of this new standard for financial instruments was to increase loss before income taxes and
minority interests by ¥9,680 million for the year ended March 31, 2001.
(d) Accounting standard for foreign currency transactions
A revised accounting standard for foreign currency transactions became effective April 1, 2000. As a result of translating
the long-term foreign loans receivable using the foreign exchange rate at the balance sheet date, foreign exchange loss
and loss before income taxes and minority interests increased by ¥224 million. Translation adjustments were classified in
“Assets” in the consolidated balance sheet at March 31, 2000. Since the year ended March 31, 2001, they are included in
“Stockholders’ equity” and “Minority interests.”
4. U.S. Dollar Amounts
The U.S. dollar amounts in the accompanying consolidated financial statements are included, solely for convenience, at
¥133.25=U.S.$1.00, the exchange rate prevailing on March 31, 2002. The translation should not be construed as a repre-
sentation that the yen amounts represent or have been, or could be, converted into U.S. dollars at that or any other rate.
5. Accounts and Loans Receivable Sold to Others
The outstanding balances of notes and accounts receivable sold to others without recourse which have been deducted
from the respective accounts amounted to ¥95,985 million ($720,338 thousand) and ¥99,201 million as of March 31, 2002
and 2001, respectively. Such amounts deducted from short-term and long-term loans receivable were ¥838,353 million
($6,291,580 thousand) and ¥493,562 million as of March 31, 2002 and 2001, respectively.
6. Inventories
Inventories at March 31, 2002 and 2001 consisted of the following:
(In thousands of
(In millions of yen) U.S. dollars)
March 31, 2002 2001 2002
Finished products ¥188,456 ¥225,577 $1,414,304
Raw materials 39,010 38,903 292,758
Work in process 76,950 86,326 577,486
¥304,418 ¥350,807 $2,284,563