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63 MITSUBISHI MOTORS CORPORATION
As a result of the synchronization of fiscal year-end of overseas consolidated subsidiaries as explained in Note 2, net sales increased
by ¥207,982 million ($1,730,300 thousand) in “North America” segment, ¥149,625 million ($1,244,800 thousand) in “Europe” segment,
¥21,081 million ($175,382 thousand) in “Asia” segment and ¥54,675 million ($454,866 thousand) in the “Other areas” segment in the year
ended March 31, 2003. Operating profit decreased by ¥8,989 million ($74,784 thousand) in “North America” segment, ¥3,700 million
($30,782 thousand) in “Europe” segment, and increased by ¥2,803 million ($23,319 thousand) in “Asia” segment and ¥799 million ($6,647
thousand) in “Other areas” segment and decreased by ¥942 million ($7,837 thousand) in “Interarea” segments in the year ended March
31, 2003.
As a result of a change in the method of accounting for lease subvention income and expenses related to the North American
subsidiaries as explained in Note 2, operating profit decreased by ¥237 million ($1,972 thousand) in “North America” segment in the
year ended March 31, 2003. Total assets also increased by ¥4,195 million ($34,900 thousand) in “North 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.
As a result of the adoption of the new accounting standard for sales incentives as explained in Note 3, net sales decreased by
¥49,751 million with no effect on operating profit in “North America” segment in the year ended March 31, 2002.
(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, 2003 and 2002 are summarized as follows:
(In thousands of
(In millions of yen) U.S. dollars)
Year ended March 31, 2003 2002 2003
Overseas sales:
North America ¥1,217,176 ¥ 891,696 $10,126,256
Europe 752,462 540,690 6,260,083
Asia 355,508 261,359 2,957,637
Other areas 450,810 330,441 3,750,499
Total ¥2,775,958 ¥2,024,187 $23,094,493
Consolidated sales ¥3,884,874 ¥3,200,699 $32,320,083
Overseas sales as a percentage of consolidated sales:
North America 31.3% 27.8%
Europe 19.4 16.9
Asia 9.2 8.2
Other areas 11.6 10.3
Total 71.5 63.2