Mitsubishi 2008 Annual Report Download

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paving the way for growth
annual report 2008
Year ended March 31, 2008

Table of contents

  • Page 1
    a n n ua l r e p o r t 2 0 0 8 Ye a r e n d e d M a r c h 3 1 , 2 0 0 8 p av i n g t h e way f o r g r o w t h

  • Page 2
    ...12 Management ...13 Special Feature II: Focus Markets ...14 Russia and Ukraine ...15 The Middle East ...17 Brazil ...19 China and India ...21 Regional Topics ...22 Japan ...22 North America ...24 Europe ...26 Asia, ASEAN and Other Regions ...28 Motor Sports ...31 Quality ...32 Corporate Governance...

  • Page 3
    ... exchange rate prevailing on March 31, 2008. 2. The assets and liabilities of truck and bus operations are not reflected in each account because these operations were spun off and subsequently became an equity-method affiliate of MMC on March 14, 2003. Furthermore, all remaining shares held by MMC...

  • Page 4
    02 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 a n n u a l r e p o r t 2 0 0 8

  • Page 5
    ... joint fleet testing with electric power company Lithium Energy Japan (December 2007) Europe and other areas: under consideration Shareholders: GS Yuasa Corporation, Mitsubishi Corporation and Mitsubishi Motors Corporation Business description: Development, manufacturing and sales of large...

  • Page 6
    04 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 a n n u a l r e p o r t 2 0 0 8

  • Page 7
    ... power transmission delivers vastly improved fuel economy over automatic transmissions. Because of its major contribution to reducing CO2 emissions, the Twin Clutch SST is planned for adoption in a broad range of production models going forward. Cutting-edge Base Technologies Alternative fuel...

  • Page 8
    ... apparent during the execution of the Mitsubishi Motors Revitalization Plan over the past three years. In Step Up 2010, our new mid-term business plan announced in February 2008 and running through fiscal year 2010, we aim to secure steady profits irrespective of changes in our external environment...

  • Page 9
    ... Plan The MMC group implemented the three-year Mitsubishi Motors Revitalization Plan to recover customer trust and to restore earnings. Our efforts were supported mainly by Mitsubishi Heavy Industries, Ltd., Mitsubishi Corporation and Bank of TokyoMitsubishi UFJ, Ltd., mainly in the form of capital...

  • Page 10
    ... year 2010. We recognize that these numerical targets will not be easy to achieve if the business environment remains challenging in terms of high raw materials prices, a strong yen and no prospects for market expansion in industrialized nations. Still, we are confident that we can meet the plan...

  • Page 11
    ... environmental technologies across all product groups, from SUVs and mid-sized vehicles to minicars and small cars, in accordance with customer needs in each market. As for specific products, we are launching the Lancer Sportback , which shares a mid-sized platform with the Outlander and Lancer...

  • Page 12
    ..., fixed expenses, equipment investment) Components procured Production local production (start production in 2011) ฀ Under consideration vehicles based on minicar-class commercial vehicles in Japan and overseas ฀ ฀ ฀ Environmental technologies Mitsubishi Heavy Industries Yuasa...

  • Page 13
    ... on electric vehicles, clean diesel engines and other environmentally friendly technologies. * S-AWC: An advanced vehicle dynamics control system that regulates drive torque and braking force at each wheel Financial Strategy In terms of financial strategy, MMC will efficiently procure funds needed...

  • Page 14
    ... and logistics to sales. When I was in charge of the production division, I initiated a program called the "Monozukuri Dojo." Monozukuri means craftsmanship and a dojo refers to a traditional training hall. Makoto Maeda Executive Vice President, Corporate General Manager of Step Up 2010 Office 12...

  • Page 15
    ...Officer Assistant to Managing Director and Corporate General Manager of Domestic Sales Innovation Office Masahide Konishi Senior Executive Officer Assistant to Managing Director Shiro Futaki Senior Executive Officer President & Chief Executive Officer, Manufacturing-Mitsubishi Motors North America...

  • Page 16
    ... mid-term business plan, Step Up 2010, MMC aims to build the foundations for growth. As part of this plan, among markets expected to see greater demand, MMC calls those where the strength of the Mitsubishi Motors brand can be leveraged "focus" markets. The company is working to strengthen its model...

  • Page 17
    ... company is expanding its dealer network, targeting 85 sales bases in the Ukraine by the end of 2010, up from 51 bases at the end of 2007. In April 2008, as in Russia, MMC began directly managing its operations in the Ukrainian market, which had previously been overseen by Mitsubishi Motors Europe...

  • Page 18
    16 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 a n n u a l r e p o r t 2 0 0 8

  • Page 19
    ... year 2008, MMC plans to combine its Dubai liaison office with Mitsubishi Motor Parts Sales of Gulf FZE (MMGF), located in Dubai, UAE. This merger will form Mitsubishi Motors Middle East & Africa FZE (tentative name), a sales company overseeing sales, marketing, parts, R&D and service functions...

  • Page 20
    18 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 a n n u a l r e p o r t 2 0 0 8

  • Page 21
    ... 27.8% year on year to 2.46 million units in 2007, surpassing the 2 million unit level for the first time in the nation's history, and thereby resulting in Establishing Mitsubishi Motors as a Premium Brand by Focusing on SUVs and Pickup Trucks In the Brazilian market, MMC sells imported built-up...

  • Page 22
    20 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 a n n u a l r e p o r t 2 0 0 8

  • Page 23
    ... Shareholder: Mitsubishi Corporation (China) Investment Co., Ltd. 100.0% Lingfa Car Technical Consulting (Shanghai) Ltd. R&D Center Capitalization: JPY 30 million Shareholder: MMC 100% 5 Shenyang Aerospace Mitsubishi Motors Engine Manufacturing Co., Ltd. South East (Fujian) Motor Corporation...

  • Page 24
    ... high profit margins, penetration of our profit-oriented sales policy, and benefits from the regional integration of consolidated sales companies. In fiscal year 2008, MMC is targeting Japanese retail sales of 207,000 units, down 5.5% from fiscal year 2007, factoring in weak total demand in Japan...

  • Page 25
    ...upgrading after-sales service products s Improving customer satisfaction by bolstering service capabilities s Construct a sales network with high operational efficiency s Create outlets that attract customers from a broader area Making the Sales System More Efficient In conjunction, MMC is working...

  • Page 26
    ... automated manual transmission "Twin Clutch SST" in June of fiscal year 2008. Plans are to launch the turbocharged Lancer Ralliart in autumn as part of a program to further strengthen the new Lancer series. In this way, the Lancer is fulfilling its role as a driver of the North American business...

  • Page 27
    Step Up 2010 Regional Strategies Strengthening of the Mitsubishi Motors brand over the medium and long terms Bolstering Lineup by Introducing New Models in the Lancer Series s Lancer Evolution SST model (June 2008) s Lancer Ralliart (autumn 2008) United States s Continuation of plan to energize ...

  • Page 28
    ... environmentally friendly technologies and thereby engender greater trust in the Mitsubishi Motors brand. Overview of Fiscal Year 2007 and Outlook for Fiscal Year 2008 Retail sales in the European market totaled 341,000 units in fiscal year 2007, rising 20.6% year on year. By country, sales...

  • Page 29
    ... in Western Europe, centered on MMC's historically successful SUV models, we are working to increase sales by supporting the reinforcement and expansion of sales networks. Moreover, to boost capacity utilization, we are transferring production of (1) the Outlander for the European market from the...

  • Page 30
    ... America, the Middle East and Africa rose 55,000 units on brisk sales of the Triton pickup truck and SUVs, including the Pajero. In the ASEAN region, retail sales volume rose 22,000 units, reflecting a recovery in the Indonesian market and year-on-year increases in key nations, including Thailand...

  • Page 31
    ....5 614.1 Outlander and other models starting from October 2008. Thailand Having positioned Thailand as a key production base in its global strategy, MMC has started production of a new SUV and is rolling out these vehicles globally. Additionally, a new engine plant has been built on a site adjacent...

  • Page 32
    ... s Establish centralized sales company overseeing the Middle East (second half of FY2008) Cover functions, including sales, marketing, parts, and service, and establish foundation for growth New Pajero Sport SUV (September 2008) Lancer Evolution in the Middle East (October 2008) Australia s Expand...

  • Page 33
    ...of the Mitsubishi Motors team. Lancer model (known in Japan as the Galant Fortis). The technological expertise accumulated through the firm's cross-country rally program will be applied to developing diesel engines, including MMC's new-generation clean diesel engine for production models. Meanwhile...

  • Page 34
    ... to be shared across the entire MMC Group, from development to production. This reduces the time required for quality improvements and for addressing customer concerns, including appropriate market responses. Enhancing Development and Manufacturing Quality MMC is working to enhance quality in order...

  • Page 35
    ...management as a key issue at parts makers who are suppliers. Aiming for Ever-higher Levels of Customer Satisfaction In November 2005, based on the Mitsubishi Motors Revitalization Plan, the company consolidated all operations regarding after-sales services into the Quality Affairs Office and worked...

  • Page 36
    ... governance and internal controls throughout the MMC group both in Japan and overseas. In fiscal year 2005, it established internal auditing divisions at all major overseas subsidiaries. In fiscal year 2007, the department used the regional integration of consolidated domestic sales companies...

  • Page 37
    ... business execution, in line with changes in the domestic or overseas environment, in a drive to further strengthen corporate governance. In April 2008, MMC augmented this Basic Policy with policies concerning financial reporting and the elimination of criminal or Internal Control Promotion...

  • Page 38
    ... of stakeholders. Accordingly, MMC maintains a high level of data security. In April 2006, MMC established an information security policy and internal rules that conform to ISO 27001. The company also provides employee education through regular training sessions, e-learning and other methods, in...

  • Page 39
    ... internal reporting, MMC is endeavoring to disseminate regulatory information within the company by holding briefings, including information in the company newsletter, and adopting other measures. In April 2007, MMC fully revised its "Business Ethics of Mitsubishi Motors Corporation"-MMC's corporate...

  • Page 40
    ... is not limited to business ethics but also includes matters broadly related to quality problems and corporate culture. Review of the Committee's Activities Since its Establishment Since the committee convened its first meeting in July 2004 through to June 2008, it has held a total of 47 meetings...

  • Page 41
    ...as part of its safe driving educational activities. Car School is a driving program in which the instructors think, learn and enjoy driving together with all the participants. Main Activities 1. Support for the next generation Mitsubishi Motors Hands-on Lesson Program In this program, MMC employees...

  • Page 42
    ... are taken into account in business operations including manufacturing and sales, and works to support society through external activities. Mitsubishi Motors Corporation Environmental Policy Basic Guidelines Mitsubishi Motors recognizes that protection of the global environment is a priority for...

  • Page 43
    ... Results and Discussion 42 Consolidated Balance Sheets 46 Consolidated Statements of Operations Consolidated Statements of Changes in Net Assets Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Report of Independent Auditors 48 49 50 51 81 aa nn nn uu aa...

  • Page 44
    ... sales, operating income, ordinary income and net income. This was due to an increased number of units sold outside Japan, as well as a favorable model mix and the effect of the yen's depreciation in terms of average exchange rates for the fiscal year. Fortis , and Lancer Evolution X . Total market...

  • Page 45
    ... statements. Segment Analysis Business Segment Information Automobiles In fiscal year 2007, sales in the automotive business rose 23.3% year on year to ¥2,657.5 billion. MMC recorded operating income of ¥95.8 billion, a ¥78.1 billion improvement over the previous fiscal year. Financial Services...

  • Page 46
    ... billion from a year ago to ¥328.1 billion. North America Sales in North America were ¥392.8 billion, a 7.4% decrease from the previous year, mainly as the result of a decrease in sales financial assets. The operating loss totaled ¥10.6 billion, down from ¥5.5 billion in operating income in the...

  • Page 47
    ... is a possibility that changes in the socioeconomic situation in Japan or any of these regions will impact MMC results. Leasing, financial services and sales incentives Overcapacity in the auto industry, and fierce competition, especially price competition in the North American market, has led to...

  • Page 48
    ...7 and 12) Trade notes and accounts receivable (Notes 3 and 7) Finance receivables (Notes 3 and 7) Inventories (Note 7) Short-term loans receivable Deferred tax assets (Note 16) Prepaid expenses and other current assets (Note 7) Allowance for doubtful accounts Total current assets 2008 2007 ¥ 360...

  • Page 49
    ... (Note 16) Accrued retirement benefits (Note 15) Other non-current liabilities Total liabilities Net assets: Stockholders' equity (Notes 8 and 19): Preferred stock: Authorized: 3,312,000 shares Issued or converted: 442,593 shares in 2007 437,593 shares in 2008 Common stock: Authorized: 9,958,285...

  • Page 50
    ... Statements of Operations Mitsubishi Motors Corporation and Consolidated Subsidiaries For the years ended March 31, 2008 and 2007 In millions of yen 2008 2007 In thousands of U.S. dollars (Note 2) 2008 Net sales Cost of sales Reversal of deferred profit on installment sales, net Gross profit...

  • Page 51
    ... Statements of Changes in Net Assets Mitsubishi Motors Corporation and Consolidated Subsidiaries For the years ended March 31, 2008 and 2007 In millions of yen 2008 2007 In thousands of U.S. dollars (Note 2) 2008 Stockholders' equity Preferred stock: Balance at beginning of year Preferred stock...

  • Page 52
    ... Statements of Cash Flows Mitsubishi Motors Corporation and Consolidated Subsidiaries For the years ended March 31, 2008 and 2007 In millions of yen 2008 2007 In thousands of U.S. dollars (Note 2) 2008 Operating activities: Net income Adjustments to reconcile net income to net cash provided...

  • Page 53
    Notes to Consolidated Financial Statements Mitsubishi Motors Corporation and Consolidated Subsidiaries 1. Significant Accounting Policies (a) Going concern The financial statements of the Mitsubishi Motors Corporation (MMC) group for the year ended March 31, 2007 included a note describing the ...

  • Page 54
    ...to future costs relating to claims. (j) Retirement benefits Accrued retirement benefits for employees at March 31, 2008 and 2007 are calculated based on the retirement benefits obligation and the fair value of the pension plan assets estimated at year end. Prior service cost is being amortized using...

  • Page 55
    ..., except for operating leases, are capitalized. (o) Derivative financial instruments MMC and its consolidated subsidiaries are exposed to risks arising from fluctuations in foreign currency exchange rates and interest rates. In order to manage those risks, MMC and its consolidated subsidiaries...

  • Page 56
    ...asset groups for the year ended March 31, 2008 and March 31, 2007: In millions of yen 2008 Location Application Assets Impairment loss amount In thousands of U.S. dollars Nagasaki, Nagasaki and Sapporo, Hokkaido and others (49 sites) Koufu, Yamanashi and Nagoya, Aichi and others (28 sites) Illinois...

  • Page 57
    ... production are grouped either by manufacturing plants or operational sites. Assets used in sales operations are generally grouped by operational sites. Assets leased to others and idle assets have their own asset groups. As a result of worsening market environment and other factors, the book value...

  • Page 58
    ... market value totaled ¥45 million ($455 thousand) and ¥334 million for the years ended March 31, 2008 and 2007, respectively. Investments in unconsolidated subsidiaries and affiliated companies, and investments in securities at March 31, 2008 and 2007 were as follows: In millions of yen 2008 2007...

  • Page 59
    ...28, 2009, and 3.3% Euro medium-term notes due July 15, 2008 were issued by MMC. (b) 5.7% to 6.0% bonds due 2008 through 2009 consist of notes issued by an overseas subsidiary, Mitsubishi Motors (Thailand) Company Limited. (The balances at March 31, 2008 and March 31, 2007 were B | 7,000,000 thousand...

  • Page 60
    ..., long-term debt and guarantees (excluding factory related groups of assets) at March 31, 2008 and 2007 consisted of the following: In millions of yen 2008 2007 In thousands of U.S. dollars 2008 Trade notes and accounts receivable Finance receivables Inventories Property, plant and equipment, net...

  • Page 61
    The following groups of assets of MMC, the Mizushima factory, were pledged as collateral for the loan from The Japan Bank for International Cooperation to EQUUS Leasing B.V., a counterparty of a consolidated subsidiary, Netherlands Car B.V., at March 31, 2008 and 2007, respectively. The amounts ...

  • Page 62
    ... series), and has 437,593 shares outstanding at March 31, 2008. The holders of each series of convertible preferred stock do not have voting rights, but the holders of Series A and G (except for Series B) are entitled to preferred stock dividends of ¥50,000 per share each year after April 2009. MMC...

  • Page 63
    ...years ended March 31, 2008 and 2007 consisted of the following: In millions of yen 2008 2007 In thousands of U.S. dollars 2008 Gain on sales of investments in securities Loss on sales and disposal of property, plant and equipment, net Reversal of allowance for doubtful accounts Gain from affiliates...

  • Page 64
    ...the consolidated statements of cash flows for the years ended March 31, 2008 and 2007 include payments for the acquisition of lease vehicles of ¥20,277 million ($202,393 thousand) and ¥16,799 million, respectively. Proceeds from sales of property, plant and equipment within investing activities in...

  • Page 65
    ...net book value Tools and equipment Others Total $246,130 101,481 $347,612 $148,371 44,989 $193,360 $179 163 $343 $ 97,579 56,328 $153,908 (b) Future minimum lease payments of such finance leases: In millions of yen 2008 2007 In thousands of U.S. dollars 2008 Due within 1 year Due after 1 year...

  • Page 66
    ... Instruments (a) Nature of and policy for derivative transactions MMC and its consolidated subsidiaries utilize derivative financial instruments, including forward foreign exchange contracts, cross currency swaps, interest rate swaps and interest rate options to manage their exposure to fluctuations...

  • Page 67
    ... fair values (based on the prices provided by counterparty financial institutions) of the derivative positions, other than those accounted under the special hedge provisions, at March 31, 2008 and 2007: Forward foreign exchange contracts In millions of yen 2008 Notional amount Fair value Unrealized...

  • Page 68
    ... cross currency swaps have maturities within one year. Interest rate options In millions of yen 2008 Notional amount Fair value Unrealized gain (loss) Notional amount Fair value 2007 Unrealized gain (loss) Interest rate options: Buy: Total ¥17,119 ¥18 ¥18 ¥18 ¥- ¥- ¥- ¥- In thousands...

  • Page 69
    ... rate swaps: Pay-fixed, receive-floating Total $35,990 $(628) $(628) $(628) In millions of yen 2008 2007 Within 1 year From 1 year to 3 Over 3 years Within 1 year From 1 year to 3 Over 3 years Pay-fixed, receive-floating Notional amount Average pay-fixed rate (%) Average receive-floating rate...

  • Page 70
    ... 21 years for the years ended March 31, 2008 and 2007. These periods are within the estimated average remaining service years of the employees. Unrecognized net obligations and assets at the date of initial application are amortized within one year. The retirement benefit obligation for MMC and its...

  • Page 71
    ... payment system is applied at March 31, 2008 and 2007. The effective tax rates reflected in the accompanying consolidated statements of operations for the year ended March 31, 2008 differ from the statutory tax rate for the following reasons: (%) 2008 2007 Statutory income tax rate for MMC Change...

  • Page 72
    ...yen 2008 2007 In thousands of U.S. dollars 2008 Deferred tax assets: Net operating loss carry forward Accrued retirement benefits Allowance for doubtful accounts Allowance for product warranties Accounts payable-warranties Fixed assets (incl. impairment losses) Others Less valuation allowance Total...

  • Page 73
    ... The business segment information for MMC and its consolidated subsidiaries for the years ended March 31, 2008 and 2007 is summarized as follows: In millions of yen 2008 2007 In thousands of U.S. dollars 2008 Net sales: Automobiles Financial services Total Intersegment Consolidated Operating income...

  • Page 74
    ... segment information for MMC and its consolidated subsidiaries for the years ended March 31, 2008 and 2007 is summarized as follows: In millions of yen 2008 2007 In thousands of U.S. dollars 2008 Net sales: Japan North America Europe Asia Other areas Total Interarea Consolidated Operating income...

  • Page 75
    ... outside Japan are grouped as follows: (1) North America ...The United States, Puerto Rico (2) Europe ...The Netherlands, Italy, Germany, Russia (3) Asia ...Thailand, Malaysia, Taiwan (4) Other ...Australia, New Zealand 3. Overseas sales are classified by the region of the wholesaler or end users...

  • Page 76
    ...: Account title: Balance at year end Main stockholder Mitsubishi Corporation Chiyoda-Ku, Tokyo, Japan ¥201,825 million Wholesale trading Direct 14.0 1 concurrent member, 3 permanently transferred to MMC Sales of passenger cars and import of materials for production Sales (see (i) below) ¥292,441...

  • Page 77
    ... year end Main stockholder Mitsubishi Corporation Chiyoda-Ku, Tokyo, Japan ¥199,228 million Wholesale trading Direct 14.1 1 concurrent member, 2 permanently transferred to MMC Sales of passenger cars and import of materials for production (1) Proceeds from sales of stocks(see (i) below) (2) Profit...

  • Page 78
    ... 31, 2008 Date of approval by shareholders: Grantees: Date of issue: Class and number of shares granted: Condition of settlement of rights: June 25, 2002 5 directors, 25 executive officers and 80 employees June 2, 2003 Common stock 1,994,000 Limited to director, executive officer, employee of the...

  • Page 79
    ... of approval by shareholders: Grantees: Date of issue: Class and number of shares granted: Condition of settlement of rights: June 25, 2002 5 directors, 25 executive officers and 80 employees June 2, 2003 Common stock 1,994,000 Limited to director, executive officer, employee of the company or its...

  • Page 80
    ...240 - 21. Business Combinations During the year ended March 31, 2008, in order to achieve "customer's of satisfaction to top level of the industry and the improvement of profit rate" and "Realization of an early stage profitability turnaround of domestic business", MMC reorganized its consolidated...

  • Page 81
    ... 2007 Corporate name before the business combination Surviving company: Non-surviving company: Fukushima Mitsubishi Motors Sales Co., Ltd. Iwate Mitsubishi Motors Sales Co., Ltd. Gunma Chuo Mitsubishi Motors Sales Co., Ltd. Tochigi Mitsubishi Motors Sales Co., Ltd. Surviving company: Non-surviving...

  • Page 82
    ...will be constructed in Kaluga state in Russia to start production in 2011. The annual production capacity of the plant will be 160,000 units and plans are to produce mid-range SUVs under Mitsubishi, Peugeot, and Citroen brands and mid-range models under Peugeot and Citroen brands. The MMC group will...

  • Page 83
    Report of Independent Auditors a n n ua l r e p o rt 2 0 0 8 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 81

  • Page 84
    ... Car B.V. (NedCar) Mitsubishi Motors Australia, Ltd. (MMAL) Mitsubishi Motors New Zealand Ltd. (MMNZ) Mitsubishi Motors (Thailand) Co., Ltd. (MMTH) MMTh Engine Co., Ltd. Mitsubishi Motors Philippines Corp. (MMPC) Asian Transmission Corp. (ATC) Mitsubishi Motor Parts Sales of Gulf FZE Note: MMC...

  • Page 85
    ...Auto sales financing, leasing, rentals Automobile importing, sales Manufacture and marketing of automobiles and parts 16.9 29.0 (29.0) 35.0 40.0 28.6 24.8 23.0 38.8 47.0 50.0 (50.0) 25.0 Business Lines Shipbuilding & ocean systems development, power systems, machinery & steel structures, aerospace...

  • Page 86
    ... Plant-Shiga 4 Powertrain Plant-Mizushima Major Products Outlander, Colt, Colt Plus, Grandis Lancer (Galant Fortis), i, eK Wagon, Minicab Pajero (Montero), Delica D:5 Engines Engines Engines, transmissions Eclipse, Galant, Endeavor, Eclipse Spyder Colt (European model) Triton, Pajero Sport, Lancer...

  • Page 87
    ... March 31, 2008 Company Name Head Office MITSUBISHI MOTORS CORPORATION 5-33-8, Shiba, Minato-ku, Tokyo 108-8410, Japan Telephone: +81-3-3456-1111 Established Capital Number of Employees Stock Listings Securities Code Share Trading Unit Number of Shares Outstanding Number of Shareholders April 22...

  • Page 88
    ...n at o - ku , To kyo 1 0 8 - 8 4 1 0 , J ap an P u b l i c R e l a t i o n s D e p ar t m en t Tel : + 8 1 - 3 - 6 8 5 2 - 4 20 6 (IR ) + 8 1 - 3 - 6 8 5 2 - 4 2 7 4 (Co r p o r at e PR ) Fax : + 8 1 - 3 - 6 8 5 2 - 5 4 0 5 htt p : / / w w w. m i t s u b i sh i- m o t o r s.co m P r int ed in Japan