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85
MITSUBISHI MOTORS CORPORATION ANNUAL REPORT 2006
The Board of Directors
Mitsubishi Motors Corporation
We have audited the accompanying consolidated balance sheets of Mitsubishi Motors Corporation (the “Company”)
and consolidated subsidiaries as of March 31, 2006 and 2005, and the related consolidated statements of operations,
stockholders’ equity, and cash flows for the years then ended, all expressed in yen. These financial statements are
the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated
financial position of the Company and consolidated subsidiaries at March 31, 2006 and 2005, and the consolidated
results of their operations and their cash flows for the years then ended in conformity with accounting principles
generally accepted in Japan.
Further Information
(1) As described in Note 1, Going Concern, the Company recorded large net consolidated losses of ¥215,424
million and ¥474,785 million in fiscal years (“FY”) 2003 and 2004. In FY2005, the MMC group has
also recorded a net loss of ¥92,166 million ($784,596 thousand). As a result, significant doubt arises
as to the Company’s ability to continue as a going concern. Management’s plans and other measures to
rectify this situation are described in Note 1. The consolidated financial statements have been prepared on
the basis of going concern and the effect of any significant doubt as to going concern is not reflected.
(2) As described in Note 3, Changes in Accounting Policies, the accounting standard for impairment of fixed
assets, which was effective this fiscal year, was adopted for the year ended March 31, 2006.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended
March 31, 2006 are presented solely for convenience. Our audit also included the translation of yen amounts into
U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 5.
Tokyo, Japan
June 23, 2006
Report of Independent Auditors
Report of Independent Auditors