Mitsubishi 2004 Annual Report Download - page 29

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27
Asia and the rest of the world
Overall sales to Asia and the rest of the world increased slightly to 681,000 units. MMC experienced growth in sales in
Asia, primarily in China, while recording a decline in sales to Malaysia.
Sales in value terms rose 3.0% to ¥635.4 billion. Operating profit fell ¥7.3 billion to ¥62.3 billion.
FINANCIAL POSITION
Assets
Total assets as of the fiscal 2003 year-end stood at ¥2,029.0 billion, down ¥396.3 billion as of the previous fiscal year-
end. Current assets fell ¥91.3 billion to ¥869.4 billion. Principal factors were a decrease of ¥45.9 billion in U.S.-based
finance subsidiary buyback vehicles and ¥50.0 billion reversal of deferred tax assets (¥107.9 billion including reversal of
deferred tax assets—fixed).
Fixed assets fell ¥305.0 billion and stood at ¥1,159.6 billion as of the fiscal year-end. Major components were
property, plant and equipment, net, which fell ¥124.7 billion, including ¥86.0 billion in lease vehicles held by MMC’s
U.S.-based finance subsidiary, investments in securities, which declined ¥73.5 billion, and reversal of deferred tax assets
totaling ¥57.9 billion.
Liabilities
Total liabilities as of March 31, 2004 stood at ¥1,983.3 billion, a decrease of ¥144.4 billion as compared with the pre-
vious fiscal year-end. Current liabilities declined ¥78.6 billion to ¥1,567.1 billion, while long-term liabilities fell ¥65.8
billion to ¥416.2 billion.
Interest-bearing debt as of the fiscal year-end climbed ¥54.0 billion to ¥1,062.6 billion. Excluding cash and
deposits, net interest-bearing debt stood at ¥889.1 billion, a decrease of ¥37.8 billion.
Stockholders’ Equity
As of the fiscal year-end, total stockholders’ equity amounted to ¥30.0 billion, a decline of ¥250.3 billion. This is mainly
attributed to the net loss of ¥215.4 billion recorded for the period.
As a result, the equity ratio fell 10.1 percentage points from 11.6% to 1.5%. Stockholders’ equity per share was
¥20.20, a drop of ¥168.75 from the previous fiscal year-end figure of ¥188.95.
CASH FLOWS
Net cash used in operating activities totaled ¥1.4 billion, a turnaround of ¥19.0 billion from net cash provided by oper-
ating activities in the previous fiscal year. Major components were net loss before income taxes and minority interests
and decrease in trade notes and accounts payable.
Net cash provided by investing activities amounted to ¥46.8 billion, a year-on-year increase of ¥29.3 billion. For
the fiscal year under review, proceeds from sales of property, plant and equipment and proceeds from sales of
investment in securities exceeded purchase of property, plant and equipment.
Net cash provided by financing activities totaled ¥56.7 billion, an increase of ¥88.7 billion compared with the
previous fiscal year. This was mainly due to proceeds from issuance of long-term debt.
As a result of all these factors, the year-end balance of cash and cash equivalents amounted to ¥181.9 billion, an
increase of ¥97.4 billion, or 115.2%, as of the end of the previous fiscal year.