Mitsubishi 2004 Annual Report Download - page 58

Download and view the complete annual report

Please find page 58 of the 2004 Mitsubishi annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 74

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74

56
As a result of the synchronization of the fiscal year-end of overseas consolidated subsidiaries as explained in Note 3, net sales
for the year ended March 31, 2003 included fifteen months net sales in respect of certain overseas subsidiaries. The impact of
the additional three month bridge period, January 2003 to March 2003, on the net sales in ‘North America’ segment, ‘Europe’
segment, ‘Asia’ segment and ‘Other areas’ segment amounted to ¥207,982 million, ¥149,625 million, ¥21,081 million and
¥54,675 million, respectively. The impact of this bridge period on the operating (loss) profit in ‘North America’ segment,
‘Europe’ segment, ‘Asia’ segment, ‘Other areas’ segment and ‘Interarea’ segment amounted to an increase (decrease) of ¥(8,989)
million, ¥(3,700) million, ¥2,803 million, ¥799 million and ¥(942) million, respectively.
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 3, operating profit decreased by ¥237 million in the ‘North America’ segment in the year
ended March 31, 2003. Total assets also increased by ¥4,195 million in the ‘North America’ segment at March 31, 2003.
(c) Overseas sales
As explained above, geographical segments for the year ended March 31, 2004 have been classified based on geographical prox-
imity and on the proximity of business activity, whereas in the year ended March 31, 2003, geographical segments were
classified solely on the basis of geographical proximity.
As a result, overseas sales in the ‘North America’ segment increased by ¥33,308 million ($315,154 thousand) and overseas
sales in the ‘Other areas’ segment decreased by the same amount in the year ended March 31, 2004, compared to the amounts
which would have been disclosed using the previous years’ classifications.
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 year ended March 31, 2004 and 2003 are summarized as follows:
In millions of yen In thousands of
U.S. dollars
2004 2003 2004
Overseas sales:
North America ¥ 600,770 ¥1,217,176 $ 5,684,266
Europe 661,967 752,462 6,263,293
Asia 304,429 355,508 2,880,400
Other areas 330,974 450,810 3,131,559
Total 1,898,141 2,775,958 17,959,520
Consolidated sales ¥2,519,449 ¥3,884,874 $23,838,109
Overseas sales as a percentage of consolidated sales:
North America 23.8% 31.3%
Europe 26.3 19.4
Asia 12.1 9.2
Other areas 13.1 11.6
Total 75.3 71.5