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ANNUAL REPORT 2003
Year ended March 31, 2003
POWER TO CHANGE
Turnaround – Moving Ahead

Table of contents

  • Page 1
    ANNUAL REPORT 2003 Year ended March 31, 2003 POWER TO CHANGE Turnaround - Moving Ahead

  • Page 2
    ...SHAREHOLDERS SPECIAL FEATURE-MANAGEMENT TALKS INTERVIEW WITH ROLF ECKRODT FEATURE PRODUCT DEVELOPMENT QUALITY MANUFACTURING DOMESTIC OPERATIONS NORTH AMERICAN OPERATIONS EUROPEAN OPERATIONS CHINESE OPERATIONS NEW PRODUCTS ENVIRONMENT MOTOR SPORTS SPIN-OFF OF TRUCK & BUS OPERATIONS OPERATIONAL REVIEW...

  • Page 3
    FINANCIAL HIGHLIGHTS Mitsubishi Motors Corporation and Consolidated Subsidiaries In thousands of U.S. dollars In millions of yen FY2002 For the year : Net sales Operating profit (loss) Income (loss) before income taxes and minority interests Net income (loss) At year-end : Total assets Total ...

  • Page 4
    ... high net income. More importantly, Mitsubishi Motors Corporation (MMC) delivered top-line growth for the first time since 1997. And we are again producing exciting and attractive cars for our customers as exemplified by the new COLT launched in November 2002. RESULTS FOR YEAR ENDED MARCH 2003...

  • Page 5
    ... MMC. In January 2003, we spun off our commercial vehicle operations to form Mitsubishi FUSO Truck and Bus Corporation (MFTBC). This enables MFTBC to directly tie up with the world's leading truck manufacturer DaimlerChrysler (DC) and thus increases its global competitiveness. For our part, the spin...

  • Page 6
    ..., is providing our customers with excellent products and services. But this is dependent on our people having the right skills, so let me explain more about our actions in the crucial area of Human Resources (HR). To develop, nurture and motivate people personnel systems are critically important to...

  • Page 7
    ... our case means providing customers with the best cars. In this challenge, each of our employees around the world is one member of a huge team. MMC is fortunate to have many international teammates of various nationalities working together and creating the new MMC. 5 MITSUBISHI MOTORS CORPORATION

  • Page 8
    ...-class small car. For instance, the quality finish of the interior separates the COLT from other cars of its class. During design development, besides canvassing opinions from inside the company, we also assembled consumer focus groups to provide design feedback. This was another high-value aspect...

  • Page 9
    ...engineering, marketing personnel responsible for brands, and people from product planning, production and sales. The team worked together continuously on the project for about 30 months. We were determined not to make any compromises in our quest to make a better car for customers. We worked hard to...

  • Page 10
    ... Control Department QUALITY CERTIFICATIONS? We aim to finish the certification process across the entire company for the 2000 version of ISO 9001 by the end of 2003. This will help to upgrade and standardize our quality control systems and procedures throughout MMC. All of our manufacturing plants...

  • Page 11
    ... those working on the shop floor to the rest of the organization. The results can be seen in the success of the new COLT and GRANDIS models. Everybody working in the production process at MMC is individually responsible for guaranteeing product quality. 9 MITSUBISHI MOTORS CORPORATION CORPORATION

  • Page 12
    ... annually at plants located in the United States, South Korea and Japan. In addition, we are building a new plant for smaller gasoline engines together with DaimlerChrysler in Germany. ANNUAL REPORT 2003 POWER TO CHANGE Koichi Kaku, General Manager of Production Engineering Control Department 10

  • Page 13
    ... specification checks performed on the line. Basically, we will be able to follow the creation of an individually tailored vehicle through the manufacturing process. This means that we can produce the exact vehicle that the customer wants every time. 11 MITSUBISHI MOTORS CORPORATION CORPORATION

  • Page 14
    ... measures how pleased customers are with the quality of the overall service provided. This achievement will translate into increased customer loyalty and make the Mitsubishi brand more powerful. WHAT PROGRESS HAS BEEN MADE WITH SALES NETWORK RECONSTRUCTION IN JAPAN? In January 2003, we implemented...

  • Page 15
    ... of high-quality after-sales service anytime, anywhere in Japan. With the introduction of the COLT in Japan, we have also launched a new system called Customer Free Choice. This system caters to customer needs more precisely by allowing consumers to order a car to their own, original specification...

  • Page 16
    ... 2003 specify the target local manufacturing ratio for North America at 60%. HOW HAS THE MMC PASSENGER CAR ORGANIZATION IN NORTH AMERICA BEEN STRENGTHENED? In January 2003, we established a new company, Mitsubishi Motors North America, Inc. (MMNA), to coordinate all sales, production, financing...

  • Page 17
    ..., we have lowered the number of credit offers we make in certain types of sales finance products such as "balloon" deals. Third, we have tightened our credit extension criteria. To do this, we have conducted internal studies within Mitsubishi Motors Credit of America, Inc. (MMCA) and issued guidance...

  • Page 18
    ...IPF in Italy produces the PAJERO iO (PAJERO PININ in Europe). MME also imports the PAJERO, CHALLENGER (PAJERO SPORT in Europe), MIRAGE (COLT in Europe), CHARIOT GRANDIS (SPACE WAGON in Europe), and GALANT models from Japan. From Thailand, MME sources the STRADA (L200 in Europe) pickup truck. HOW IS...

  • Page 19
    ... 2002 in Russia. We expect revised sales policies and a consistent level of service quality across Europe to contribute to improved sales growth going forward. WHAT ARE MMC'S PLANS FOR LAUNCHING NEW MODELS IN EUROPE? MME will launch 14 new cars between 2003 and 2007, all showcasing Mitsubishi Motors...

  • Page 20
    ... enabled Mitsubishi to be the topselling local passenger car brand in Taiwan for five years in a row from 1997. Hideyasu Tagaya, Executive Officer (left) Kenichi Miki, Executive General Manager, Asia, Latin America, Middle East & Africa Office (right) WHAT IS THE STRATEGY FOR MMC BRAND DEVELOPMENT...

  • Page 21
    ... Mitsubishi-derived vehicles through the DC alliance, in addition to a local dealership network. By the end of March 2003, we had already established 50 such sales outlets in China in addition to the more than 100 dealerships of our main local partners. 19 MITSUBISHI MOTORS CORPORATION CORPORATION

  • Page 22
    .... Outlander Specifications for the U.S. 2WD/4WD Length: 4550mm Width: 1750mm Height: 1605mm 2.4L SOHC16-Valve Max.Power: 140HP/5000rpm Specifications for Japan 2WD/4WD Length: 3870mm Width: 1680mm Height: 1550mm MIVEC 1.3L, MIVEC 1.5L Max.Power: 66kW/5600rpm Colt ANNUAL REPORT 2003 POWER TO...

  • Page 23
    ... Specifications for Japan Full-time 4WD Length: 4490mm Width: 1770mm Height: 1450mm 2.0L DOHC 16V I/C T/C Max.Power: 206kW/6500rpm Specifications for the U.S. 2WD/4WD Length: 4830mm Width: 1870mm Height: 1770mm V6 3.8L ECI-MULTI Max.Power: 215HP/3750rpm Endeavor 21 MITSUBISHI MOTORS CORPORATION

  • Page 24
    ... All new MMC passenger car models (COLT, LANCER CARGO, and GRANDIS) introduced in Japan since 2002 have been designated as ULEVs. ENVIRONMENTAL MANAGEMENT DfE (Design for Environment) The DfE system ensures that reduced environmental impact is built into new products at the earliest concept stages...

  • Page 25
    ... for certification in fiscal 2000. All new passenger car models (COLT, LANCER CARGO, and GRANDIS) introduced in Japan in 2002-2003 are designated as ULEVs. About 80% of all the gasoline-engine vehicles that MMC sold in Japan in fiscal 2002 were LEVs. Fuel-cell vehicles (FCVs) MMC is working on FCV...

  • Page 26
    ...successful history in two fields of motor sports - the World Rally Championship (WRC) and Cross Country Raid (CC). Over many years, MMC has built a reputation for success as a winning team in both sprint and endurance rallies. In the WRC, it holds the record for the most number of continuous Drivers...

  • Page 27
    DAKAR RALLY VICTORY Mitsubishi Motors Results 1997 1998 1999 2000 2001 2002 2003 1 Kenjiro Shinozuka 2 Jean-Pierre Fontenay 3 Bruno Saby 3 Bruno Saby 4 Kenjiro Shinozuka 6 Hiroshi Masuoka 5 Carlos Sousa 3 Kenjiro Shinozuka 6 Jean-Pierre Fontenay 4 Jean-Pierre Fontenay 5 Carlos Sousa 6 ...

  • Page 28
    ...-OFF OF TRUCK & BUS OPERATIONS In January 2003, MMC spun off its truck and bus operations to form an independent company, Mitsubishi Fuso Truck and Bus Corporation (MFTBC). In March 2003, MMC sold 58% of its shares in MFTBC to DC and 10 Mitsubishi group companies. MMC now owns a 42% share in MFTBC...

  • Page 29
    ... on the development of technologies designed to comply with the various exhaust gas and other environmental regulations being introduced in Europe and Japan. Mitsubishi FUSO trucks are well-positioned to maintain their competitiveness in Japan and global markets. 27 MITSUBISHI MOTORS CORPORATION

  • Page 30
    ... as a stylish sports version of the eK-WAGON, a model that has set new standards in the mini car segment. The R-model of this new, sportier model houses an intercooler turbo engine beneath its simple yet stylish exterior. Combined with a highly functional, sporty interior, this model is the equal of...

  • Page 31
    ... stemmed partly from the new LANCER, launched in July 2001, which contributed its first full year of sales. Sales commenced in Canada in September 2002. Mitsubishi Motors North America, Inc. (MMNA), the new regional operating company established in January 2003, posted total passenger car sales in...

  • Page 32
    ...cars and small commercial vehicles within all EU and EFTA nations) dropped 3% year-on-year in calendar year 2002 to 16.18 million units. MMC's passenger car sales in Europe declined 5% to 203,000 units as the company focused on profitable models. Sales of approximately 45,000 units of the SPACE STAR...

  • Page 33
    ... in December 2003. This plant will manufacture gasoline engines for MMC's small compact cars sold in Europe, as well as for DC smart. ASIA AND OCEANIA CHINA Total market sales in China soared 38% year-on-year in 2002 to 3.28 million units. MMC recorded local sales of 92,000 units, an increase of 109...

  • Page 34
    .... Sales of Mitsubishi's FUSO-branded regular trucks climbed 5% to 22,000 units, while sales of small trucks dropped 1% to 38,000 units. Total truck sales were up 1% at 61,000 units. Bus sales rose 6% to 4,000 units. Total truck & bus sales increased 1% to 65,000 units. ANNUAL REPORT 2003 POWER TO...

  • Page 35
    ... of Mitsubishi's FUSO-branded commercial vehicles in fiscal 2002 jumped 31% year-on-year to 37,000 units. NORTH AMERICA Because of the economic slowdown in the U.S., MMC's truck sales dropped 13% to 4,000 units. EUROPE Due to the stagnant economy in Portugal, which is one of the company's major...

  • Page 36
    KEY POINTS OF THE TURNAROUND PLAN TURNAROUND PLAN TARGETS ACHIEVEMENTS BY END OF FY2002 TARGET ACTUAL (¥ billions) MATERIAL COST REDUCTION FY2001: ¥60 ... margin of 4.5% BUSINESS TARGETS Operating profit margin 2.1% 2.5% 2.1% 1.3% FY01 FY02 FY03 ANNUAL REPORT 2003 POWER TO CHANGE 34

  • Page 37
    ... W. WALKER Executive Vice President Car Product Operations Group Headquarters EIJI IWAKUNI Executive Vice President Domestic Sales & Marketing Headquarters KEIICHIRO HASHIMOTO Executive Vice President Chief Financial Officer MANFRED BISCHOFF * (Serving concurrently as Management Board Member of...

  • Page 38
    ... BALANCE SHEETS CONSOLIDATED STATEMENTS OF OPERATIONS CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF CASH FLOWS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 37 38 44 46 47 48 49 71 ANNUAL REPORT 2003 POWER TO CHANGE 36

  • Page 39
    ...figures for overseas subsidiaries have been incorporated. 3. The assets and liabilities of truck and bus operations are not reflected in each account because these operations were spun off and subsequently became an equity-method affiliate of MMC on March 14, 2003. 37 MITSUBISHI MOTORS CORPORATION

  • Page 40
    ... North America, Europe, Asia and the rest of the world contributed to overall growth in sales in the Passenger Car Division of 25.4%, to ¥3,160.6 billion. Sales of commercial vehicles increased 3.2% in Japan. Combined with brisk export sales, this resulted in total sales in the Truck & Bus Division...

  • Page 41
    ...UNIT SALES (Retail Sales) (1,000 units) NET SALES (Â¥ billion) OPERATING PROFIT (Loss) (Â¥ billion) 2,000 4,000 100 1,500 3,000 50 1,000 2,000 0 500 1,000 -50 0 (FY) 0 -100 00 01 02 (FY) 00 01 02 (FY) 00 01 02 Truck & Bus Passenger Car 39 MITSUBISHI MOTORS CORPORATION

  • Page 42
    ... loss on shares of Mitsubishi Tokyo Financial Group, Inc. and other investment securities of ¥10.4 billion, an extraordinary loss of ¥11.2 billion associated with changes in accounting procedure for lease transactions between a subsidiary and a financial services subsidiary in North America, and...

  • Page 43
    ... to North America and Asia. Total sales in the Passenger Car Division increased by 6,000 units to 1,563,000 units in volume terms, and in value terms by 27.2% to ¥3,085.5 billion. Operating profit in this division increased by 2.9 times to ¥115.8 billion. Sales in Japan of trucks and buses were on...

  • Page 44
    ... listing of sales finance receivables, which are assets of financial services operations. The new classification reflects the importance of these assets. Previously, they were included within short-term loans and long-term loans. As of March 31, 2003, long-term sales finance receivables amounted...

  • Page 45
    ... of sales finance receivables from a component of loans to operating receivables. Offsetting this, pre-tax net income and depreciation and amortization both increased, generating improved positive cash flows. Net cash provided by investing activities amounted to ¥17.5 billion. The sale of shares in...

  • Page 46
    CONSOLIDATED BALANCE SHEETS Mitsubishi Motors Corporation and Consolidated Subsidiaries Years ended March 31, 2003 and 2002 (In thousands of U.S. dollars) (Note 4) 2003 Assets Current assets: Cash and cash equivalents Trade notes and accounts receivable (Notes 5 and 9) Finance receivables (Notes 5 ...

  • Page 47
    ...securities Translation adjustments Treasury stock - 361 shares at March 31, 2002 4,745 shares at March 31, 2003 Total stockholders' equity (In millions of yen) 2003 2002 (In thousands of U.S. dollars) (Note 4) 2003 ¥ 411... ¥2,425,352 ¥2,894,560 $20,177,637 45 MITSUBISHI MOTORS CORPORATION

  • Page 48
    ... STATEMENTS OF OPERATIONS Mitsubishi Motors Corporation and Consolidated Subsidiaries Years ended March 31, 2003 and 2002 (In thousands of U.S. dollars) (Note 4) 2003 (In millions of yen) 2003 2002 Net sales Cost of sales Reversal of deferred profit on installment sales Gross profit Selling...

  • Page 49
    ... OF STOCKHOLDERS' EQUITY Mitsubishi Motors Corporation and Consolidated Subsidiaries Years ended March 31, 2003 and 2002 (In thousands of U.S. dollars) (Note 4) 2003 (In millions of yen) 2003 2002 Common stock: Balance at beginning of year Issuance of common stock Balance at end of year Capital...

  • Page 50
    ..., plant and equipment Decrease in investment in securities Proceed from sales of stock due to spin off of truck and bus business Loans made Collection of loans receivable Purchase of minority interests Other Net cash provided by (used in) investing activities Financing activities: Increase in...

  • Page 51
    ... Financial Services Agency as required by the Securities and Exchange Law of Japan. The accompanying consolidated financial statements have been prepared from the accounts maintained by MMC and its consolidated subsidiaries in accordance with the provisions set forth in the Japanese Commercial Code...

  • Page 52
    ... to future costs relating to after sales service. (i) Retirement benefits Accrued retirement benefits for employees at March 31, 2003 and 2002 have been provided mainly at an amount calculated based on the retirement benefit obligation and the fair value of the pension plan assets as adjusted for...

  • Page 53
    ... 31. In the year ended March, 2003, as part of this change, Mitsubishi Motors Australia Ltd. and 11 other overseas subsidiaries formally changed their local fiscal year-end to March 31. Mitsubishi Motors North America Inc., and 49 other overseas subsidiaries prepared their financial statements for...

  • Page 54
    .... 4, "Implementation Guidance for Accounting Standard for Earnings per Share" which were issued by the Financial Accounting Standards Foundation from the year ended 31 March, 2003. (b) Accounting for sales incentives In May 2000, the Emerging Issues Task Force reached a final consensus on EITF 00-14...

  • Page 55
    ...AND EQUIPMENT Property, plant and equipment at March 31, 2003 and 2002 consisted of the following: (In millions of yen) 2003 2002 (In thousands of U.S. dollars) 2003 March 31, Land Buildings and structures Machinery and equipment Construction in progress ¥ 186,411 340,287 1,537,859 48,642 2,113...

  • Page 56
    ...thousands of U.S. dollars) 2003 Net Acquisition Carrying unrealized cost amount gain Other securities: Securities with market value Securities without market value Total other securities $248,336 179,052 $427,388 $700,191 $451,847 179,052 - $879,243 $451,847 ANNUAL REPORT 2003 POWER TO CHANGE 54

  • Page 57
    ... March 31, 2003 and 2002 consisted of the following: (In millions of yen) 2003 2002 (In thousands of U.S. dollars) 2003 March 31, Loans, principally from banks Commercial paper ¥556,100 76,333 ¥632,434 ¥678,852 79,939 ¥758,791 $4,626,456 635,050 $5,261,514 55 MITSUBISHI MOTORS CORPORATION

  • Page 58
    .... The conversion price is subject to adjustment in certain cases including stock splits. The maturities of long-term debt were as follows: Year ending March 31, (In millions of yen) (In thousands of U.S. dollars) 2004 2005 2006 2007 2008 Thereafter Total ANNUAL REPORT 2003 POWER TO CHANGE ¥107...

  • Page 59
    ...long-term debt Guarantees ¥159,638 620 ¥275,047 1,007 $1,328,103 5,158 In addition, the following groups of assets were pledged as collateral for unused credit limits of ¥2 million ($17 thousand) under a collateral agreement with The Bank of Tokyo-Mitsubishi at March 31, 2003. (In millions of...

  • Page 60
    ... 194 ¥2,583 $10,715 9,151 1,613 $21,489 MMC had unused lines of credit of ¥156,500 million ($1,301,997 thousand) and ¥170,000 million at March 31, 2003 and 2002, respectively. 10. STOCKHOLDERS' EQUITY The Commercial Code of Japan (the "Code") provides that an amount equal to at least 10% of the...

  • Page 61
    ... years ended March 31, 2003 and 2002. Income taxes of the foreign consolidated subsidiaries are calculated based generally on the tax rates applicable in their countries of incorporation. A system for the preparation and filing of consolidated tax returns was introduced in Japan in fiscal 2002. MMC...

  • Page 62
    ... reasons: Year ended March 31, 2003 2002 Statutory income tax rate for MMC Income (loss) at subsidiaries Increase (decrease) in valuation allowance Income from affiliated companies Amortization of consolidation goodwill Increase by tax effect of subsidiaries in North America Expenses not deductible...

  • Page 63
    ...yen) 2003 2002 (In thousands of U.S. dollars) 2003 Year ended March 31, Net sales: Automobiles Financial services Total Intersegment Consolidated Operating profit (loss): Automobiles Financial services Total Intersegment Consolidated Total assets: Automobiles Financial services Total Corporate and...

  • Page 64
    ... MMC and its consolidated subsidiaries for the years ended March 31, 2003 and 2002 are summarized as follows: (In millions of yen) 2003 2002 (In thousands of U.S. dollars) 2003 Year ended March 31, Net sales: Japan North America Europe Asia Other areas Total Interarea Consolidated Operating profit...

  • Page 65
    ... America" segment at March 31, 2003. As a result of the change in accounting for sales in foreign currencies and related forward foreign exchange contracts qualified as hedges as explained in Note 2, operating profit increased by ¥12,299 million in "Japan" segment in the year ended March 31, 2002...

  • Page 66
    15. EARNINGS AND EQUITY PER SHARE Net income and equity per share for the years ended March 31, 2003 and 2002 are summarized as follows: (In yen) March 31, 2003 2002 (In U.S. dollars) 2003 Net income per share Basic Diluted Stockholders' equity per share ¥ 25.35 23.43 ¥188.95 ¥ 7.66 7.42 ¥184....

  • Page 67
    ...'s policy with appropriate approval of board meeting and Chief Financial Officer of each consolidated subsidiary. Summarized below are the notional amounts and the estimated fair values of the derivative positions, except for those accounted for as hedges, outstanding at March 31, 2003 and 2002...

  • Page 68
    ... 2003 Fair value Unrealized gain (loss) Notional amount 2002 Fair value Unrealized gain (loss) March 31, Currency options: Sell US $ call Euro call Buy: US $ put Euro put 9,550 (212) 50,587 (894) Total 376 (518) ¥(988) (In thousands of U.S. dollars) 2003 Notional Fair Unrealized amount value...

  • Page 69
    ... amount value gain (loss) Interest rate swaps: Pay-fixed, receive-floating Total $690,000 $(20,491) $(20,491) $(20,491) 17. LEASES As lessee MMC and its consolidated subsidiaries lease certain property, plant and equipment. For the years ended March 31, 2003 and 2002, finance leases, except...

  • Page 70
    ... with the Welfare Pension Insurance Law of Japan. These contributory and noncontributory plans are funded in accordance with the funding requirements set forth in the applicable government regulations. Additional early retirement benefit is paid in certain cases upon employees' retirement. In...

  • Page 71
    ...employees' defined benefit plans at March 31, 2003 and 2002 are summarized as follows: (In millions of yen) 2003 2002 (In thousands of U.S. dollars) 2003 March 31, Retirement benefit obligation Pension plan assets at fair value Unfunded status Unrecognized actuarial loss Unrecognized prior service...

  • Page 72
    ... of the following: (In millions of yen) 2003 2002 (In thousands of U.S. dollars) 2003 Year ended March 31, Cash and bank deposits Time deposits with maturities of three months or more Short-term investments maturing within three months from the acquisition dates Cash and cash equivalents ¥81,728...

  • Page 73
    ...fairly, in all material respects, the consolidated financial position of Mitsubishi Motors Corporation and its consolidated subsidiaries at March 31, 2003 and 2002, and the consolidated results of its operations and its cash flows for the years then ended in conformity with accounting principles and...

  • Page 74
    ...b Kyoto Plant-Kyoto (Engines & Transmissions) 1, Uzumasa Tatsumi-cho, Ukyo-ku, Kyoto 616-8501, Japan Telephone: +81-75-864-8000 b Kyoto Plant-Shiga (Engines) 2-1, Kosunacho, Kosei-cho, Koga-gun, Shiga 520-3212, Japan Telephone: +81-748-75-3131 Engineering centers Works ANNUAL REPORT 2003 POWER TO...

  • Page 75
    ... OF COMPANIES Japan Mitsubishi Motors Training Center Co., Ltd. (MTC) Pajero Manufacturing Co., Ltd. (PMC) Mitsubishi Automotive Techno-Service Co., Ltd. (MATS) Mitsubishi Automotive Engineering Co., Ltd. (MAE) Mitsubishi Automotive Logistics Co., Ltd. (MALS) Mitsubishi Auto Credit-Lease Corporation...

  • Page 76
    ... outstanding: 1,483,438,934 shares NUMBER OF SHAREHOLDERS 45,316 NUMBER OF EMPLOYEES 45,275 (Consolidated Basis) SECURITIES TRADED All stock exchanges in Japan: Tokyo, Osaka, Nagoya, Fukuoka and Sapporo TRANSFER AGENT AND REGISTER The Mitsubishi Trust & Banking Corporation Nagatacho 2-11-1, Sanno...

  • Page 77
    POWER TO CHANGE MITSUBISHI MOTORS ANNUAL REPORT 2003

  • Page 78
    2-16-4, Konan, Minato-ku, Tokyo, 108-8410, Japan IR Office Tel: +81-3-6719-4206 Fax: +81-3-6719-0014 http://www.mitsubishi-motors.co.jp Printed in Japan on recycled paper