Mitsubishi 2004 Annual Report Download - page 24

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22
OVERVIEW
Financial data provide a clear indication of a company’s performance and standing. Utilizing financial data, it is my role
as Chief Financial Officer (CFO) to ensure the Company’s optimal business structure, to accurately assess operating
conditions, and to work toward implementing MMC’s Business Revitalization Plan.
In fiscal 2003, MMC reported a substantial consolidated loss, impacted by a large write-off incurred by the
Company’s U.S.-based sales financing business, sluggish sales, and a reversal of deferred tax assets. As a result, MMC’s
consolidated stockholders’ equity fell to ¥30.0 billion as of the end of the fiscal year. Despite efforts to implement a
series of Turnaround initiatives, an extremely difficult business environment dictates MMC must pursue additional
restructuring measures if it is to continue as a going concern.
With this issue as a starting point in May 2004, MMC formulated its Business Revitalization Plan with the aim of
swiftly restoring credibility with all stakeholders including customers, suppliers, and stockholders, and establishing a
roadmap toward self revitalization.
MMC has announced funding of ¥1,000.0 billion is required over the next three years to ensure the Company’s
business revitalization. Of this amount, approximately half, ¥496.0 billion, has been raised through an increase in
capital as of mid-July 2004. Beginning with the CFO, it is management’s duty to ensure these funds are efficiently
applied and that the remaining ¥500.0 billion required is generated by the Company’s operating activities.
MESSAGE FROM THE CHIEF FINANCIAL OFFICER
MMC is committed to achieving the targets of its
Business Revitalization Plan, driven by the desire to
increase stockholder value.
HIIZU ICHIKAWA
Managing Director
Chief Financial Officer