Mitsubishi 2003 Annual Report Download - page 42

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40
ANNUAL REPORT 2003 POWER TO CHANGE
Financial Services
Automobiles
NET INCOME (Loss) INTEREST-BEARING DEBT
00 01
(FY) (FY)
02 00 01 02
100
0
–100
–200
–300
1,500
1,000
500
0
(¥ billion) (¥ billion)
Other Income and Expenses / Pre-Tax Income
Net financial expenses totaled ¥26.6 billion, an increase of ¥4.7 billion relative to the previous year, principally due to interest
expenses incurred by consolidated overseas subsidiaries within the bridge period. Equity in income of affiliates almost halved,
to ¥2.4 billion, principally as a result of the conversion of Automobile Facility Partners (USA), Mizushima Industries Co., Ltd. and
Suiryo Plastics Co., Ltd. into fully consolidated subsidiaries during the year.
Among other non-operating income and expense items, MMC posted a gain on the sale of investment securities in Hyundai
Motor Company and others of ¥14.0 billion, and a gain on the sale of shares in subsidiaries of ¥6.6 billion (principally attribut-
able to the sale of shares in MFTBC after the spin-off of truck and bus operations). Set against these gains, MMC posted a
valuation loss on shares of Mitsubishi Tokyo Financial Group, Inc. and other investment securities of ¥10.4 billion, an extraor-
dinary 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 a loss on disposal of property, plant and equipment of ¥6.9 billion. As a
result, net non-operating losses totaled ¥14.0 billion. Income before income taxes and minority interests amounted to ¥42.2
billion, an increase of ¥74.1 billion relative to the previous year.
Net Income
After the deduction of income taxes totaling ¥3.0 billion (comprised of corporation, resident’s and enterprise taxes) and
minority interests totaling ¥1.8 billion, net income increased by 3.3 times to ¥37.4 billion. Net income per share amounted to
¥25.35, an increase of ¥17.69 relative to the previous year. On a fully diluted basis, the corresponding figures were net income
per share of ¥23.43 and a year-on-year increase of ¥16.01.