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MITSUBISHI MOTORS CORPORATION
Annual Report 2005
YEAR ENDED MARCH 31, 2005

Table of contents

  • Page 1
    MITSUBISHI MOTORS CORPORATION Annual Report 2005 YEAR ENDED MARCH 31, 2005

  • Page 2
    ... Information Corporate Information Forward-looking Statements This annual report contains forward-looking statements about Mitsubishi Motors Corporation's plans, strategies, beliefs and performance that are not historical facts. These forward-looking statements are based on current expectations...

  • Page 3
    ... approach will lead customers to discover new value in their cars, giving them a richer and more rewarding motoring experience. Importance of continuity Mitsubishi Motors will continue to manufacture distinctive cars with the passion and conviction to overcome all challenges. Annual Report 2005 1

  • Page 4
    ...1. U.S. dollar amounts in the accompanying consolidated financial statements are converted, solely for convenience, at a rate of ¥107.39 = U.S.$1.00, the exchange rate prevailing on March 31, 2005. 2. In the year 2003, due to a change of accounting period at consolidated overseas subsidiaries, from...

  • Page 5
    ... The Mitsubishi Motors Revitalization Plan-Targets 693.0 ¥ billion Performance Targets Net Sales Japan North America Europe Asia and other areas Operating Profit (loss) Japan North America Europe Asia and other areas Net income (loss) Balance Sheet Forecasts Cash and cash equivalents Total assets...

  • Page 6
    ... so, we shored up shareholders' equity and restored financial soundness, and secured the funds required to finance our future business plans. We are now making concerted efforts to win back customer confidence, restore our corporate value, and once again make Mitsubishi Motors a firm that is held...

  • Page 7
    M I T S U B I S H I M O T O R S C O R P O R AT I O N To Our Shareholders and Stakeholders Takashi Nishioka Osamu Masuko Chairman of the Board President Annual Report 2005 5

  • Page 8
    ... of customers and the public at large. Question 2: You were appointed president of Mitsubishi Motors just as the company announced its new revitalization plan in January 2005. You come from a trading company, so what are your views on management of an automaker? At Mitsubishi Corporation, I was...

  • Page 9
    ... time developing a new risk management framework. Question 3: One key priority of the revitalization plan is to adjust administration to a proper scale. In essence, this means channeling management resources into operations that embody MMC's core strengths. What are Mitsubishi Motors' core strengths...

  • Page 10
    ... to recoup investments. Looking ahead, we will instead concentrate management resources on actively launching global strategic models. In the U.S., we expanded into business areas beyond our core business of car manufacturing. For instance, we entered the automobile sales financing business on our...

  • Page 11
    ... our entry into the local pickup truck market, a large market segment in the U.S. We expect these new models to boost dealer traffic and benefit sales of other products as well. Question 6: The new revitalization plan reflects the input of cross-functional teams (CFTs). What is your impression of...

  • Page 12
    ... in 2004, MMC raised a total of ¥284.2 billion in March 2005 through an allocation of shares mainly to three Mitsubishi group companies (Mitsubishi Heavy Industries, Ltd., Mitsubishi Corporation, and The Bank of Tokyo-Mitsubishi, Ltd.). As a result, shareholders' equity improved to ¥324.8 billion...

  • Page 13
    ... Board of Directors Advice and reports Business Revitalization Monitoring Committee Checking from an external perspective Mitsubishi Motors Revitalization Plan Measures implemented by each headquarters CSR Headquarters Corporate Planning, Corporate Affairs & Quality Affairs Group Headquarters...

  • Page 14
    ...start local production of new vehicles in various locations around the North America Europe China ASEAN Other regions Global Models Regional Models (including minicars) world. These include the new Triton one-ton pickup truck in Thailand, the new 380 luxury sports sedan in Australia, and a new...

  • Page 15
    ... MIVEC (Mitsubishi Innovative Valve timing Electronic Control) system. This next-generation engine delivers a sporty driving performance and an environmental Eclipse (North American specification) Fourth-generation model launched in North America in May 2005. performance that meets ongoing market...

  • Page 16
    ...future electric vehicles. Lancer Evolution IX (Japanese specification) The 12th model in a line of high-performance 4WD sedans that have become strongly connected with major motor sports events such as the FIA World Rally Championship (WRC). Grandis Sports Gear (Japanese specification) A new-style...

  • Page 17
    ... a rear mid-ship layout, which offers both the highest safety and comfort for a mini-car. Scheduled to go on sale in January 2006. Raider (North American specification) MMC's first model to be launched in North America's large pickup truck market. Rolled out in October 2005. Annual Report 2005 15

  • Page 18
    ... three key themes: "For Valued Customers and Our Community" Develop automobiles with improved fuel efficiency and low emissions, low-pollution vehicles, and easily recyclable vehicles with no hazardous substances with the aim of protecting the environment. "The Utmost Driving Pleasure" Develop...

  • Page 19
    ... day and 90% less at night. MIEV Business Strategies In-wheel motors Electric vehicle MIEV, the second test car, is equipped with new-type in-wheel motors, which deliver even more power, in all four wheels. (I) Free Layouts Putting the drivetrain system in a compact form inside the wheels makes...

  • Page 20
    ...with the eK WAGON launched in 2001, MMC introduced MMDS (Mitsubishi Motors Development System), a management system for assuring and Mitsuo Hashimoto Senior Executive Officer Corporate General Manager of Quality Affairs Office improving the quality of all manufacturing processes. This system, which...

  • Page 21
    ...centrally managed. Sharing this data throughout the company will enable us to handle problems and prevent recurrences faster. MMC also has a network of ten technical centers across Japan equipped with advanced repair and maintenance technology under the direct authority of the Quality Affairs Office...

  • Page 22
    ...in plant utilization is planned due to increased volumes from the launch of Outlander and i, and due to strategic business alliances with Nissan Motors Co., Ltd. and PSA Peugeot Citroën of France for OEM supply of vehicles such as minicars and SUVs. Quality Improvement Is Essential for Productivity...

  • Page 23
    ... Business Strategies ቨ Vehicle assembly plant Powertrain plant Country/Region Japan Name Major Products Colt, Colt Plus, and Grandis Outlander, Lancer, eK WAGON and Minicab Pajero Engines Engines Engines and transmissions Eclipse, Galant, and Endeavor Colt (European model) Engines...

  • Page 24
    ... playing a more vital role in the revitalization of MMC as it has became the Global Procurement Group Headquarters with a direct reporting line to the president, from April 2005. We are shifting from volume-based purchasing to quality-based purchasing, whereby we work closely together with suppliers...

  • Page 25
    ... as the inaugural year of a drive to promote after-sales services, MMC is committed to these services. Efforts will also be made to improve earnings by actively launching long-awaited new models. Fujio Cho Managing Director In Charge of Domestic Operations Group Headquarters Annual Report 2005 23

  • Page 26
    ...Reassurance Support Engine Oil Change Campaign Car Inspection with Extended Warrantees Two-year Warranty Program for Certified Used Mitsubishi Cars Mitsubishi Reassurance Insurance "Mitsubishi Assist 24" 24-hour roadside assistance for new vehicle purchasers Discounted oil changes for customers who...

  • Page 27
    ...-sales services to owners of Mitsubishi vehicles. Decisions will be made carefully, while keeping a close eye on future trends in sales volume. Business Strategies Dealerships are being renovated and redesigned based on a corporate identity design to create a favorable impression. Annual Report...

  • Page 28
    ... quality under an optimal global production network, we will leverage our strengths and focus on markets where we are competitive. I believe this will ultimately pave the way for long-term growth. Hiroshi Harunari Managing Director In Charge of Overseas Operations Group Headquarters 26 Annual...

  • Page 29
    ... Structure North American operations have been realigned in a structure which unifies production, sales and finance under a new management team. Rich Gilligan, former head of production, has been appointed CEO of Mitsubishi Motors North America, Inc. (MMNA), and new heads of each major business...

  • Page 30
    ... a major drive to expand sales in the mid-sized pickup truck market, a vast segment in North America. The launch of these appealing models is expected to increase dealer traffic and to help boost sales of existing models such as Galant Boasting the largest dimensions in the North American mid-size...

  • Page 31
    ...and a Strong Brand Image MMC aims to consistently generate earnings in Europe. The performance and attractiveness of Mitsubishi vehicles has won MMC high marks in European markets. These qualities have been refined over many years, such as in the FIA World Rally Championships (WRC) series, where MMC...

  • Page 32
    ... of local-brand vehicles manufactured by local partners, the brand image of Mitsubishi vehicles is extremely favorable. This reflects strong public support for the Mitsubishi Motors image of durability and reliability, in addition to the strong local presence of Mitsubishi group companies. MMC will...

  • Page 33
    ... in these countries. â- Triton Mega Cab A new one-ton pickup truck produced in Thailand (two-door model). Business Strategies In fiscal 2005, the company will launch the 380, a new local production model, with the aim of expanding sales and maintaining earnings. MMC also views Latin America, the...

  • Page 34
    ... sales company) Main Operations in ASEAN Region Country/Region Thailand The Philippines Indonesia Malaysia Vietnam Singapore Brunei Name ቪ Mitsubishi Motors (Thailand) Co.,Ltd. (MMTh) ቫ Mitsubishi Motors Philippines Corp. (MMPC) ቭ Asian Transmission Corp. (ATC) ቮ P.T. Krama Yudha Tiga...

  • Page 35
    ... Italy) are competing to return to the podium. In the related Production World Rally Championship (PWRC), in which few vehicle modifications from standard commercial specifications are allowed, the Lancer Motor Sports Dakar 2005 featured a 17-day rally staged over a course stretching approximately...

  • Page 36
    ... necessitated major changes in product development plans, which in turn led us to extend the deadlines for achievement of some performance targets contained in the Environmental Sustainability Plan. â- Environmental Management MMC is promoting DfE (Design for Environment), a system designed to...

  • Page 37
    ... 96% of all gasoline-engine vehicles sold by MMC in Japan in fiscal 2004 were LEV certified. Moreover, aiming to bring to market electric vehicles (EVs) in the next few years, MMC is working on developing a high-performance motor and battery system. In production processes, MMC is reducing emissions...

  • Page 38
    ...Guidance and advice Vice President (In charge of revitalization promotion) Quality audit President Managing Directors Meeting Quality Affairs Office CSR Promotion Office Each Business Unit Internal audit Internal audit Subsidiaries and Affiliates (in Japan and overseas) 36 Annual Report 2005

  • Page 39
    ... has a business partner relationship with MMC. MMC has appointed 2 outside statutory auditors. Corporate Governance Shigemitsu Miki is the chairman of The Bank of TokyoMitsubishi, Ltd., a major shareholder of MMC. Hiroshi Kan is a managing director of Mitsubishi Heavy Industries, Ltd., also a major...

  • Page 40
    ... and internal communications so as to create a framework that constantly reflects the views of society, provides internal feedback, and enhances the speed and transparency of disclosure. Yoshikazu Nakamura Executive Officer Corporate General Manager of CSR Promotion Office 38 Annual Report 2005

  • Page 41
    ..., 98% of all employees had signed such documents. Other Initiatives Help Lines to Promote Self-government In addition to the internal Employee Counseling Office established in 2000, in fiscal 2004 a system whereby employees can consult directly with an attorney without going through the company was...

  • Page 42
    ... Production Control Office Nagoya Plant Mizushima Plant Board of Auditors Managing Directors Meeting Powertrain Plant Global Procurement Group Headquarters Domestic Operations Group Headquarters Global Procurement Office Domestic Operations Office Domestic Sales Office North America Office Europe...

  • Page 43
    ...the Board Osamu Masuko* President Chief Business Ethics Officer Heki Kasugai* Executive Vice President Revitalization Promotion Officer In Charge of Corporate Planning, Corporate Affairs & Quality Affairs Group Headquarters Hiizu Ichikawa* Managing Director In Charge of Finance Group Headquarters...

  • Page 44
    ...of the Finance Group ...43 Financial Results and Discussion ...44 Consolidated Balance Sheets ...46 Consolidated Statements of Operations ...48 Consolidated Statements of Stockholders' Equity ...49 Consolidated Statements of Cash Flows ...50 Notes to Consolidated Financial Statements ...51 Report of...

  • Page 45
    ...to steer management in the right direction. Second, we are focused on the vital task of securing the funds required for the revitalization process, principally the capital needed to develop the new models that promise to be the main driver of restored profitability. The revitalization plan calls for...

  • Page 46
    ... contract related to Mitsubishi Fuso Truck & Bus Corp. shares; a provision of ¥29.5 billion for losses on restructuring; severance payments of ¥16.3 billion for early retirement; expenses of ¥25.2 billion for extraordinary measures (free vehicle inspection campaign in Japan); and stock issue...

  • Page 47
    ... these assets. Net cash provided by financing activities totaled ¥133.6 billion, ¥76.9 billion more than in the previous fiscal year. This was mainly due to proceeds from common and preferred stock issued and the issuance of long-term debt. These proceeds were partly used to repay commercial paper...

  • Page 48
    ...BALANCE SHEETS Mitsubishi Motors Corporation and Consolidated Subsidiaries As of March 31, 2005 and 2004 In millions of yen In thousands of U.S. dollars (Note 3) 2005 Assets Current assets: Cash and cash equivalents (Note 14) Trade notes and accounts receivable (Notes 4 and 9) Finance receivables...

  • Page 49
    ...Translation adjustments Treasury stock - 11,718 shares at March 31, 2004 54,250 shares at March 31, 2005 Total stockholders' equity Contingent liabilities (Note 11) Total liabilities, minority interests and stockholders' equity See accompanying notes to consolidated financial statements. ¥ 293,853...

  • Page 50
    ... CONSOLIDATED STATEMENTS OF OPERATIONS Mitsubishi Motors Corporation and Consolidated Subsidiaries For the years ended March 31, 2005 and 2004 In millions of yen 2005 2004 In thousands of U.S. dollars (Note 3) 2005 Net sales Cost of sales (Note 4) Reversal of deferred profit on installment sales...

  • Page 51
    ...Balance at end of year Translation adjustments: Balance at beginning of year Net change Balance at end of year Treasury stock: Balance at beginning of year Net change Balance at end of year Total stockholders' equity See accompanying notes to consolidated financial statements. ¥ - 263,096 263,096...

  • Page 52
    ... transferred receivables Change in trade notes and accounts payable Other Net cash provided by (used in) operating activities Investing activities: Increase in investments in term deposits Purchase of property, plant and equipment (Note 14) Proceeds from sales of property, plant and equipment (Note...

  • Page 53
    ... cutting, restoring customer trust, and across-the-board compliance. The new measures are in response to a potential marked slump in domestic sales that has surfaced following the recall problems at MMC and Mitsubishi Fuso Track & Bus Corporation. After announcing its Business Revitalization Plan...

  • Page 54
    ... ($74 million)) • Establish sustainable profitability in fiscal 2007 (net income of ¥41 billion ($381 million)) (4) Business strategy (i) Sales volume plans Sales plans in the Mitsubishi Motors Revitalization Plan have been drawn up for each region based on current market trends to set realistic...

  • Page 55
    ... structures in Malaysia and reorganizing its operations in Indonesia. MMC group is also strengthening its production base by boosting capacity in Thailand, which serves as an export hub to global markets. As for Australia, MMC group is on track to close its engine plant and downsize its assembly...

  • Page 56
    ... plan. (5) Corporate ideals and direction Through a process of exhaustive analysis and discussion between cross-functional teams composed mainly of younger employees and the departments concerned, the Corporate Revitalization Committee has looked in depth at a number of issues that MMC group faces...

  • Page 57
    ...the last year, MMC group had been shaken by a number of problems, however it has made a system that is able to change the profits structure more strongly and is sure to achieve its profit target. Now there is hope for funds. MMC group will start the new Mitsubishi Motors Revitalization Plan based on...

  • Page 58
    ...provided mainly at an amount calculated based on the retirement benefit obligation and the fair value of the pension plan assets, adjusted for unrecognized actuarial gains or losses and unrecognized prior service cost. The retirement benefit obligation is allocated to future years on a straight-line...

  • Page 59
    ... net income per share of common stock is computed based on the weighted average number of shares of common stock outstanding each year after giving effect to the dilutive potential of common stock to be issued upon the conversion of preferred stock and stock subscription rights. Financial Section...

  • Page 60
    ..., respectively. Following weakness in the North American economy, a higher probability was assigned to the higher end of the range of future credit losses relating to securitized finance receivables estimated in the finance company, Mitsubishi Motors Credit of America, Inc. An allowance for doubtful...

  • Page 61
    ...), respectively. Included in the above as at March 31, 2005 are idle assets of land, and buildings and structures with book values of ¥2,049 million ($19,088 thousand) and ¥439 million ($4,095 thousand), respectively. 7. INVESTMENTS Other securities at March 31, 2005 and 2004 were as follows: In...

  • Page 62
    .... After the write-down of the impaired amount, a new book acquisition cost is established. Losses recognized on the impairment of securities with market value totaled ¥2 million ($25 thousand) and ¥36 million for the years ended March 31, 2005 and 2004, respectively. Significant declines...

  • Page 63
    ...and accounts receivable Inventories Finance receivables Investments Property, plant and equipment, net Other ¥ 15,711 52,712 21,018 500 211,908 79,840 ¥381,691 ¥ 1,618 14,465 85,586 274 174,591 702 $ 146,299 490,849 195,720 4,664 1,973,262 743,458 $3,554,255 ¥277,238 Annual Report 2005 61

  • Page 64
    ... 2005 Buildings and structures Machinery and equipment Land ¥11,871 8,884 985 ¥21,741 ¥12,805 10,674 985 ¥24,465 $110,541 82,731 9,180 $202,453 The following groups of assets of the Mizushima plant were pledged as collateral for the debt from The Japan Bank for International Cooperation...

  • Page 65
    ...of U.S. dollars 2005 Buildings and structures Machinery and equipment Land ¥3,424 2,585 1,540 ¥7,549 ¥3,038 2,478 1,542 ¥7,060 $31,884 24,073 14,340 $70,298 The following groups of assets at the Suiryo Plastics plant were pledged as collateral for the debt from The Hyakujushi Bank, Ltd. and...

  • Page 66
    ... of yen 2005 2004 In thousands of U.S. dollars 2005 Sales promotion and advertising Freight Bad debts expense Salaries and wages Pension expenses Severance payments to directors and corporate auditors Depreciation Research and development Others Total 13. OTHER INCOME (LOSS), NET ¥132,727 19,757...

  • Page 67
    ... ($43,535 thousand) and ¥5,260 million, respectively. Purchase of property, plant and equipment within investing activities in the consolidated statements of cash flows for the years ended March 31, 2005 and 2004 includes payments for the acquisition of lease vehicles of ¥16,061 million ($149,558...

  • Page 68
    ... net book value Tools and equipment Others Total $291,235 $214,483 $ 76,751 50,030 22,652 27,378 $341,266 $237,136 $104,129 (b) Future minimum lease payments of such finance leases: In millions of yen 2005 2004 In thousands of U.S. dollars 2005 Due within 1 year Due after 1 year Total ¥ 7,350...

  • Page 69
    ...Quarters. MMC approves derivative transactions of consolidated subsidiaries as appropriate, and in accordance with policies established for each subsidiary which require the appropriate approval of Managing Directors in charge of Finance Group Head Quarters. Financial Section Annual Report 2005 67

  • Page 70
    ...) In millions of yen 2005 Notional amount Fair value Unrealized gain (loss) Notional amount Fair value 2004 Unrealized gain (loss) Currency options: Sell: U.S. $ call Buy: U.S. $ put Total - - - - - ¥46,234 - (457) 46,234 (457) ¥584 ¥(127) - - - 380 (77) ¥(204) 68 Annual Report 2005

  • Page 71
    ... amount Fair value 2004 Unrealized gain (loss) $20,177 29,404 $(151) 11 $(151) 11 $(140) Interest rate swaps: Pay-fixed, receive-floating Pay-floating, receive-fixed Total ¥129,869 61,428 ¥113 139 ¥113 ¥150,608 139 ¥252 14,241 ¥(1,215) ¥(1,215) 531 531 ¥ (683) Annual Report 2005 69

  • Page 72
    ...' employees' defined benefit plans at March 31, 2005 and 2004 is summarized as follows: In millions of yen 2005 2004 In thousands of U.S. dollars 2005 Retirement benefit obligation Pension plan assets at fair value Unfunded status Unrecognized actuarial losses Unrecognized prior service cost...

  • Page 73
    ... MMC's and its consolidated subsidiaries' employees' retirement defined benefit plans for the years ended March 31, 2005 and 2004 were as follows: In millions of yen 2005 2004 In thousands of U.S. dollars 2005 Service cost Interest cost Expected return on plan assets Amortization of actuarial loss...

  • Page 74
    ...thousands of U.S. dollars 2005 Current assets Investments and other assets Other current liabilities Non-current liabilities Net deferred tax assets ¥ 1,799 6,730 (100) (17,357) ¥ (8,927) ¥ 4,979 19,721 (273) (24,751) ¥ (323) $ 16,761 62,676 (936) (161,633) $ (83,132) 72 Annual Report 2005

  • Page 75
    .... SEGMENT INFORMATION (a) Business segments The business segment information for MMC and its consolidated subsidiaries for the years ended March 31, 2005 and 2004 is summarized as follows: In millions of yen 2005 2004 In thousands of U.S. dollars 2005 Net sales: Automobiles Financial services Total...

  • Page 76
    ... information for MMC and its consolidated subsidiaries for the years ended March 31, 2005 and 2004 is summarized as follows: In millions of yen 2005 2004 In thousands of U.S. dollars 2005 Net sales: Japan North America Europe Asia Other areas Total Interarea Consolidated Operating (loss) profit...

  • Page 77
    ... stock held: Concurrent board appointment: Business relationship: Main stockholder DaimlerChrysler AG Stuttgart, Germany Euro 2,633 million Manufacturing and sales of passenger cars and other transportation equipment Direct 12.9 1 person International alliances for research, development, production...

  • Page 78
    ...) (b) Affiliated company Mitsubishi Fuso Truck and Bus Corporation Tokyo, Japan ¥20,000 million Development, design, manufacture, assembly and sales of trucks and buses, and related parts and accessories 20.0 1 person Sales of engine and transmission parts % of voting stock held: Concurrent board...

  • Page 79
    M I T S U B I S H I M O T O R S C O R P O R AT I O N REPORT OF INDEPENDENT AUDITORS Financial Section Annual Report 2005 77

  • Page 80
    ...Automobile parts sales Automobile parts sales Automobile and parts manufacture, sales Sales of automobile accessories, air conditioners Automobile servicing Vehicle transportation contractor Design and testing of automobiles and parts Manufacture, sales of automobile parts MMC Share of Voting Rights...

  • Page 81
    ... Product development, design, testing, certification Automobile importing, manufacture, sales Automobile financing, leasing Automobile importing, sales Automobile importing, sales Holding company Automobile importing, sales Automobile importing, assembly, sales Procurement of funds, group company...

  • Page 82
    ...168,393 10,200 4 8 1 1 2 2 3 1 MAJOR SHAREHOLDERS Name Number of shares held (thousands) % of total Mitsubishi Heavy Industries, Ltd. Mitsubishi Corporation DaimlerChrysler AG Phoenix Capital Partners One, Inc. Phoenix Capital Partners Four, Inc. The Bank of Tokyo-Mitsubishi, Ltd. Phoenix Capital...

  • Page 83
    ...3131 PLANTS Shareholder Information Corporate Information NUMBER OF EMPLOYEES LISTED SECURITIES TRANSFER AGENT AND REGISTER ACCOUNTING AUDITOR 36,970 (Consolidated Basis) 12,094 (Non-consolidated Basis) Tokyo Stock Exchange and Osaka Securities Exchange The Mitsubishi Trust & Banking Corporation...

  • Page 84
    MITSUBISHI MOTORS CORPORATION 2-16-4, Konan, Minato-ku, Tokyo 108-8410, Japan Public Relations and Investor Relations Department Tel: +81-3-6719-4206 (IR) +81-3-6719-4274 (Corporate PR) Fax: +81-3-6719-0059 http://www.mitsubishi-motors.com Printed in Japan