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65
annual report 2008 mitsubishi motors corporation
(c) Control
MMC does not enter into derivative contracts for trading purposes or on the anticipation of gains from short-term market movements.
Derivative transactions are appropriately pre-approved by managing directors in charge of finance group head 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.
Summarized below are the notional amounts and the estimated 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 2007
Notional
amount Fair value
Unrealized
gain (loss)
Notional
amount Fair value
Unrealized
gain (loss)
Forward foreign exchange contracts:
Sell:
US $ ¥ 9,456 ¥ 8,846 ¥ 610 ¥14,330 ¥13,787 ¥ 543
Euro 37,885 38,200 (315) 59,951 57,008 2,943
£ stg 8,148 7,648 499 —— —
Australian $ 5,703 5,458 245 —— —
Japanese ¥ 48,764 49,884 (1,119) 13,880 13,095 785
Others 6,825 6,880 (54) —— —
Buy:
Japanese ¥ 171 175 3 11,630 11,628 (1)
Total ¥ (130) ¥4,270
In thousands of U.S. dollars
2008
Notional
amount Fair value
Unrealized
gain (loss)
Forward foreign exchange contracts:
Sell:
US $ $ 94,390 $ 88,299 $ 6,090
Euro 378,131 381,284 (3,153)
£ stg 81,329 76,339 4,990
Australian $ 56,927 54,481 2,446
Japanese ¥ 486,721 497,898 (11,176)
Others 68,129 68,670 (540)
Buy:
Japanese ¥ 1,711 1,749 37
Total $ (1,304)