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ANNUAL REPORT 2015
Year ended March 31, 2015
Realizing Sustainable Growth and
Enhanced Corporate Value

Table of contents

  • Page 1
    ANNUAL REPORT 2015 Year ended March 31, 2015 Realizing Sustainable Growth and Enhanced Corporate Value

  • Page 2
    ... a company that enjoys the trust and confidence of the community at large. To this end, Mitsubishi Motors will strive its utmost to tackle environmental issues, to raise the level of passenger and road safety and to address other issues of concern to car owners and the general public. Motors will...

  • Page 3
    ... ...72 Investor Information ...73 Accelerating Growth through the Introduction of Attractive New Products „ Overview of Operations by Region ...18 Forward-looking Statements This annual report contains forward-looking statements about Mitsubishi Motors Corporation's plans, strategies, beliefs...

  • Page 4
    ... manufacturers under a their brand name which provided royalty income. The "new calculation method" initiated in fiscal 2011 includes only MMCbranded units. Global Financial Crisis Maintained operating income amid the global financial crisis 2 MITSUBISHI MOTORS CORPORATION Annual Report 2015

  • Page 5
    ... (Numerical targets for fiscal 2016 were updated in April 2015.) Great East Japan Earthquake Flooding in Thailand Reached historic highs in operating income and net income despite the severe operating environment Entering a new stage of growth MITSUBISHI MOTORS CORPORATION Annual Report 2015 3

  • Page 6
    ... value, we will work to steadily meet the growing global need for eco-car and safety technologies and steadily increasing sales due to medium- to long-term growth in Asian markets. Osamu Masuko Chairman of the Board, CEO 4 MITSUBISHI MOTORS CORPORATION Annual Report 2015 Tetsuro Aikawa President...

  • Page 7
    ... On the product front, we began selling the new Triton pickup truck, produced in Thailand. Following the November 2014 launch in Thailand, we plan to export the model to around 150 countries. For the Outlander PHEV, in addition to favorable performance in Japan, sales were up significantly in Europe...

  • Page 8
    ... between executing our growth strategy and strengthening our financial base, we awarded dividends for the year of ¥16 per share. This figure includes a year-end dividend of ¥8.5 and an interim dividend of ¥7.5. Tetsuro Aikawa President, COO MITSUBISHI MOTORS CORPORATION Annual Report 2015 6

  • Page 9
    ... of yen) 1,047 143 97 202 344 261 FY2013 1,090 115 117 227 344 Change Sales Volume (Retail sales) (Thousands of units) 1,047 2,093.4 123.4 104.7 1,090 2,180.7 135.9 118.2 4% 4% 10% 13% Net Sales Operating Income 287 FY2014 Net Income MITSUBISHI MOTORS CORPORATION Annual Report 2015 7

  • Page 10
    .... Following the November 2014 launch of the new Triton, which enjoys a strong brand position in this region, we introduced the new Pajero Sport SUV in August 2015. We aim to bolster stales within this model, a strategic New Outlander PHEV 8 MITSUBISHI MOTORS CORPORATION Annual Report 2015

  • Page 11
    ...port this system, we have opened a new design studio in Europe. Located in Frankfurt, the new design studio will compete with our two design studios in Japan to create global designs that are distinctively Mitsubishi Motors. New Triton New Pajero Sport MITSUBISHI MOTORS CORPORATION Annual Report...

  • Page 12
    ...the new Pajero Sport and a full year of sales of the new Triton, which we launched in fiscal 2014. We also anticipate ongoing growth in overall demand in North Asia, helping to augment sales volume for Asia as a whole by 34,000 units, or 10%, to 378,000 units. In Europe, we expect sales in Russia to...

  • Page 13
    ... focused investments in emerging markets, on enhancing product attractiveness and environmental initiatives. Yutaka Tabata Managing Director, Head Officer of the Headquarters, Corporate Planning & Finance Group Headquarters In fiscal 2014, Mitsubishi Motors generated approximately ¥180.0 billion...

  • Page 14
    ... We commenced sales of the new Triton, developed to be the ultimate sport utility truck. We will roll out this model globally, and have plans in place to export it to some 150 countries. New Triton launch ceremony (Thailand) Laem Chabang Plant Mitsubishi Motors' largest production facility, this...

  • Page 15
    In November 2014, the Triton, a one-ton pickup truck produced at the Laem Chabang Plant of Mitsubishi Motors (Thailand) (MMTh), our sales and production company in Thailand, underwent a full model change for the first time in nine years, and we began selling this model in Thailand. We plan to export...

  • Page 16
    .... North American new Outlander Power output is supplied from the drive battery via a plug on the vehicle, providing a 100V AC power supply (1,500W) when out and about or in times of emergency. (Factory option, except on the G Premium Package) 14 MITSUBISHI MOTORS CORPORATION Annual Report 2015

  • Page 17
    ... in fiscal 2016. Sales of the new Outlander also commenced in Japan, launching in North America in August 2015 and will be gradually introduced globally. The front face of the Outlander PHEV, showing the new "Dynamic Shield" front design concept MITSUBISHI MOTORS CORPORATION Annual Report 2015 15

  • Page 18
    Special Feature: Accelerating Growth through the Introduction of Attractive New Products We have launched the mid-size SUV Pajero Sport, a new-generation model designed as a "stylish and comfortable off-road SUV." We plan to roll out the model to around 90 countries. New Pajero Sport The interior ...

  • Page 19
    Mitsubishi Motors' mid-size SUV, the Pajero Sport, made its global debut in August 2015 following a full model change. Sales are scheduled to begin in Thailand in autumn of 2015, gradually expanding to include Australia, the ASEAN region, the Middle East, Africa, Central and South America, Russia ...

  • Page 20
    ... M OTO R Outlander PHEV 11 Others 71 74 M S S IT UBI HI M OTO M Others 40 40 ITS UBIS HI M O Total 261 287 M S S IM IT BI Total 202 227 M ITSU BISH I M M SH SU IT UBI H M S S IT UBI M S T I B M SU IT M IT M M IT SU Outlander Pajero Triton/L200 18 MITSUBISHI MOTORS CORPORATION Annual Report 2015

  • Page 21
    ... HI M OT T T S I I B RS RVR/ASX/Outlander Mirage/Space Star eK Space R M O SU M Sport IS M SH SU O T TO RS I M I I B T T S I I B O H U R M O H U S S O M I M S S O T T I M I I B I IT UB RS O RS M OT SH SU M SH S IT UBI HI M OTO RS IT UBI HI M OTO RS MITSUBISHI MOTORS CORPORATION M S S M S S IT UBI HI...

  • Page 22
    ... 17.0 65.0 0.0 7.0 Japan North America Europe Asia Other Regions Total 0.9 (3.8) 37.2 59.8 29.3 123.4 2.0 0.5 39.1 56.6 37.7 135.9 0.0 7.0 17.0 65.0 36.0 125.0 100 50 59.8 56.6 29.3 0 (3.8) 37.7 36.0 -50 2013 (FY) 2014 2015 (Forecast) 20 MITSUBISHI MOTORS CORPORATION Annual Report 2015

  • Page 23
    ... 2014 2015 (Forecast) Sales Volume (Retail) (Thousands of units) Registered Vehicles Minicars 200 152 150 134 91 73 143 115 91 75 107 68 New Outlander PHEV 100 50 61 0 2011 (FY) 61 2012 52 2013 40 2014 39 2015 (Target) Delica D:5 eK Space MITSUBISHI MOTORS CORPORATION Annual Report...

  • Page 24
    ... 2013 2014 2015 (Forecast) -30 Sales Volume (Retail) (Thousands of units) United States Canada & Mexico 150 120 90 60 30 0 2011 (FY) 2012 2013 2014 2015 (Target) 117 106 85 31 28 75 57 97 31 82 35 128 37 New Outlander 91 66 Outlander Sport Mirage 22 MITSUBISHI MOTORS CORPORATION Annual...

  • Page 25
    ...) Sales Volume (Retail) (Thousands of units) Western Europe & others Russia & others 250 200 218 83 181 227 202 73 91 88 135 154 160 191 31 150 100 New Triton 50 0 2011 (FY) 93 111 2012 2013 2014 2015 (Target) ASX New Outlander PHEV MITSUBISHI MOTORS CORPORATION Annual Report 2015...

  • Page 26
    ... 2012 2013 2014 2015 (Forecast) Sales Volume (Retail) (Thousands of units) North Asia ASEAN 400 357 299 286 200 378 344 344 300 243 216 242 200 100 99 0 2011 (FY) 71 2012 101 2013 128 2014 136 2015 (Target) New Pajero Sport ASX New Triton 24 MITSUBISHI MOTORS CORPORATION Annual...

  • Page 27
    ... (Thousands of units) Australia & NZ Latin America Middle East & Africa 400 300 287 226 230 66 93 67 71 95 64 2012 296 107 113 101 82 2015 (Target) 261 81 103 77 2013 200 101 79 2014 New Triton/L200 100 0 2011 (FY) ASX Pajero/Montero MITSUBISHI MOTORS CORPORATION Annual Report 2015 25

  • Page 28
    ... Directors' Meetings Chairman President Executive Vice Presidents Quality Affairs Of ce and Departments Departments Quality Audit Internal Audit Guidance and Advice CSR Promotion Of ce Quality Audit Internal Audit Subsidiaries and Af liates 26 MITSUBISHI MOTORS CORPORATION Annual Report 2015

  • Page 29
    ... Gayu Uesugi Executive Vice President Chairman of the Board, CEO- Mitsubishi Motors North America Inc. Shuichi Aoto Managing Director (Cost Innovation) Chief Business Ethics Officer Head Officer of the Headquarters CSR, Corporate Affairs, Controlling & Accounting Group Headquarters In Charge...

  • Page 30
    ... Seibu Department Stores, Ltd. She has also served as Secretary General and Vice Chairperson of the Japan Association for the 2005 World Exposition, and Chairman of the Distribution Systems Research Institute. In 2010, she was appointed Chairman of the Japan Facility Management Promotion Association...

  • Page 31
    ...as tools for transporting people, places of comfort and tools of safety, but deriving this human-focused "utmost driving pleasure and safety" is about the emotions of the people in the cars. I think this philosophy is truly on point. MMC's market share is not large. For that very reason, the Company...

  • Page 32
    ... the Financial Instruments and Exchange Act (Development and evaluation of internal controls over financial reporting) Compliance with the Companies Act (Development of systems in line with basic policies) Thorough information management Increasing the scope of employees undergoing training and...

  • Page 33
    ... Business Ethics CSR Promotion Of ce Direction and Guidance on Specific Strategies Help Line External Attorneys Compliance Of cer Consult and Report Thorough Compliance with Business Ethics Compliance Department Various Consultations General Manager=Code Leader Help Line Employee Counseling Of...

  • Page 34
    ...promot32 MITSUBISHI MOTORS CORPORATION Annual Report 2015 ing the spread of electric vehicles. Each fiscal year, we set targets for these categories and undertake initiatives accordingly. Mitsubishi Motors Group Environmental Vision 2020 "Leading the EV* Era, Towards a Sustainable Future." Products...

  • Page 35
    ... ...42 Consolidated Statements of Comprehensive Income ...43 Consolidated Statements of Changes in Net Assets ...44 Consolidated Statements of Cash Flows ...47 Notes to Consolidated Financial Statements ...48 Independent Auditor's Report ...69 MITSUBISHI MOTORS CORPORATION Annual Report 2015 33

  • Page 36
    ...consolidated financial statements are converted, solely for convenience, at a rate of ¥120.17 = U.S.$1.00, the exchange rate prevailing on March 31, 2015. 2. On August 1, 2013, the Company conducted a 1-for-10 reverse share split on its common stock. Indicated figures for basic net income per share...

  • Page 37
    ... 52 United States 57 66 Western Europe & others 154 93 111 North Asia 71 95 103 101 40 101 128 Australia & NZ (FY) 64 77 79 2012 2013 2014 (FY) (FY) 2012 2013 2014 (FY) 2012 2013 2014 (FY) 2012 2013 2014 2012 2013 2014 MITSUBISHI MOTORS CORPORATION Annual Report 2015 35

  • Page 38
    ... of yen) Net Assets (Billions of yen) 397.9 1,543.9 1,452.8 1,312.5 1321.3 222.4 144.5 248.1 265.6 351.2 550.0 1,582.8 348.1 364.4 670.8 2010 (FY) 2011 2012 2013 2014 2010 (FY) 2011 2012 2013 2014 2010 (FY) 2011 2012 2013 2014 36 MITSUBISHI MOTORS CORPORATION Annual Report 2015

  • Page 39
    ... or of complying with any revision, strengthening of or additions to, these laws and regulations and this may seriously impact the operating results and/or financial standing of the MMC Group. MITSUBISHI MOTORS CORPORATION Annual Report 2015 37

  • Page 40
    ...of the MMC Group. Tie-ups and alliances The MMC Group engages in a variety of activities through operational tie-ups and alliances with auto manufacturers and other companies both in Japan and overseas for the purpose of conducting and expanding 38 MITSUBISHI MOTORS CORPORATION Annual Report 2015

  • Page 41
    ...products, or in the event that limitations in the legal system in certain countries in relation to the protection of intellectual property rights result in a fall in sales or in legal costs, or in the event that an unforeseen third party intellectual MITSUBISHI MOTORS CORPORATION Annual Report 2015...

  • Page 42
    ... 170,952 (56,282) 1,654,233 Net defined benefit asset (Note 17) Deferred tax assets (Note 18) Other (Note 7) Allowance for doubtful accounts (Note 15) Total investments and other assets, net Total assets ¥1,582,802 ¥1,543,890 $13,171,357 40 MITSUBISHI MOTORS CORPORATION Annual Report 2015

  • Page 43
    ...plans Total accumulated other comprehensive income Minority interests Total net assets Contingent liabilities (Note 9) Total liabilities and net assets See accompanying notes to consolidated financial statements. 2014 2015... 5,581,813 $13,171,357 MITSUBISHI MOTORS CORPORATION Annual Report 2015 41

  • Page 44
    ... Mitsubishi Motors Corporation and Consolidated Subsidiaries (In millions of yen) (In thousands of U.S. dollars) (Note 3) For the years ended March 31, 2015 Net sales Cost of sales Gross profit Selling, general and administrative expenses (Note 10) Operating income Interest and dividends income...

  • Page 45
    ... plans Share of other comprehensive income of associates accounted for using equity method Total other comprehensive income (Note 12) Comprehensive income Comprehensive income attributable to: Owners of the parent Minority interests See accompanying notes to consolidated financial statements. 2014...

  • Page 46
    ... Statements of Changes in Net Assets Mitsubishi Motors Corporation and Consolidated Subsidiaries (In millions of yen) For the year ended March 31, 2015 Shareholders' equity Capital stock Capital surplus Retained earnings Treasury stock Total shareholders' equity Balance at beginning of year...

  • Page 47
    ...year ended March 31, 2015 Shareholders' equity Capital stock Capital surplus Retained earnings Treasury stock Total shareholders' equity Balance at beginning of year Cumulative effects of changes in accounting policies (Note 2) Restated balance Changes of items during year: Dividends of surplus Net...

  • Page 48
    ... the year ended March 31, 2014 Shareholders' equity Capital stock Capital surplus Retained earnings Treasury stock Total shareholders' equity Balance at beginning of year Changes of items during the period Issuance of new shares Deficit disposition Transfer to capital surplus from capital stock Net...

  • Page 49
    ...gain) on sales and retirement of property, plant and equipment, net Loss (gain) on sales of investment securities Loss (gain) on sales of subsidiaries and affiliates' stocks Share issuance cost Decrease (increase) in notes and accounts receivable - trade Decrease (increase) in inventories Changes in...

  • Page 50
    ... Statements Mitsubishi Motors Corporation and Consolidated Subsidiaries 1. Significant Accounting Policies (a) Basis of preparation MMC and its domestic consolidated subsidiaries maintain their books of account in conformity with the generally accepted accounting principles in Japan. The financial...

  • Page 51
    ...benefit corporate pension plan to a defined contribution interest rate risk for loans. MMC and its consolidated subsidiaries do not utilize derivatives for speculation or trading purposes. Derivative financial instruments are recorded at fair value, MITSUBISHI MOTORS CORPORATION Annual Report 2015...

  • Page 52
    ...Okayama and others (3sites) Assets used in sales Buildings, land operations and others ¥ 539 Idle assets Production facilities Buildings, land and others Machinery and equipment, tools, furniture and fixture and others 2,032 4,330 ¥6,902 50 MITSUBISHI MOTORS CORPORATION Annual Report 2015

  • Page 53
    ... follows: Assets used in production are grouped either by manufacturing plants or by 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 the worsening market environment and...

  • Page 54
    ...factory related groups of assets) at March 31, 2015 and 2014 consisted of the following: (In thousands (In millions of yen) of U.S. dollars) March 31, 2015 2014 2015 Loans, principally from banks and insurance companies, due through 2023 at weighted average interest rates averaging 2.2% in 2015 and...

  • Page 55
    ... 2015 and 2014, respectively. (In thousands (In millions of yen) of U.S. dollars) March 31, 2015 2014 2015 Buildings and structures Machinery and equipment Land ¥2,357 2,363 1,540 ¥6,261 ¥2,466 2,497 1,540 ¥6,503 $19,621 19,671 12,815 $52,107 MITSUBISHI MOTORS CORPORATION Annual Report 2015...

  • Page 56
    ... General Meeting of Shareholders to be held on June 24, 2015 Common stock ¥8,359 $69,561 Retained earnings ¥8.5 $0.07 March 31, June 25, 2015 2015 Dividends with the cut-off date in the year ended March 31, 2014 and the effective date in the year ended March 31, 2015 Type of shares Total...

  • Page 57
    ...) For the years ended March 31, 2015 2014 2015 Equity in earnings of affiliates ¥ 10,613 ¥ 7,373 Foreign exchange gains 4,119 16,674 (losses) Share issuance cost - (12,639) Litigation expenses (1,356) (1,031) Gain (loss) on sales and retirement of property, plant and equipment, net (2,623) (4,038...

  • Page 58
    ... from sales of property, plant and equipment within investing activities in the consolidated statements of cash flows for the years ended March 31, 2015 and 2014 include proceeds from the sale of lease vehicles of ¥9,158 million ($76,213 thousand) and ¥10,184 million, respectively. Changes in...

  • Page 59
    ... only with highly rated financial institutions. Trade payables and bank borrowings are exposed to liquidity risk. Each group company manages these risks, by preparing cash flow projections and other similar tools. (c) Supplementary information about the fair value of financial instruments The...

  • Page 60
    ...) March 31, 2014 Carrying Fair value Difference amount Cash and bank deposits Notes and accounts receivable-trade Finance receivables Allowance for doubtful accounts (*1) Investment (*2) Total assets Notes and accounts payable-trade Electronically recorded obligations Short-term loans payable Long...

  • Page 61
    ... of time and the fair values are nearly equal to such carrying amounts. 2016 2017 2018 2019 2020 Thereafter Total (In thousands of U.S. dollars) March 31, 2015 Notes and Finance Bank accounts deposits receivable- receivables trade Long-term loans payable Long-term loans payable are classified by...

  • Page 62
    ...counterparty financial institutions. Interest rate options (In millions of yen) March 31, 2015 Unrealized Due more Fair value than 1 year gain (loss) Notional amount Interest rate options: Buy: Total ¥2,858 - ¥2,858 - ¥29 ¥29 ¥29 ¥29 60 MITSUBISHI MOTORS CORPORATION Annual Report 2015

  • Page 63
    ...2015, MMC has transferred from a (In thousands of U.S. dollars) March 31, 2015 Due more Notional Fair value amount than 1 year Hedged item Pay-fixed, receivefloating (recorded as fair value): Pay-fixed, receivefloating (special hedge provisions): Total Debt defined benefit corporate pension plan...

  • Page 64
    ...2015 year ended March 31, 2015 and 2014 were as follows: (In thousands (In millions of yen) of U.S. dollars) March 31, 2015 2014 2015 Prior service costs Actuarial losses Total ¥4,282 3,833 ¥8,115 ¥- - ¥- $35,634 31,901 $67,536 Funded retirement benefit obligation Plan assets at fair value...

  • Page 65
    ...and 2013: (In millions of yen) March 31, 2014 2013 Pension Plan assets Total amount of actuarial pension obligations and the minimum reserve based on the pension funding calculation Difference ¥27,789 ¥26,943 28,594 ¥ (805) ¥ 26,319 624 MITSUBISHI MOTORS CORPORATION Annual Report 2015 63

  • Page 66
    ... statutory tax rate used Balance at beginning of year Increase due to the acquisition of property, plant and equipment Discount accretion expense Decrease due to the settlement of asset retirement obligations Decrease due to change in estimate Others (*) Balance at end of year ¥5,247 ¥ 7,386...

  • Page 67
    ... agrees to the amount of operating income (loss) presented in the consolidated financial statements. (3) Depreciation and increase in property, plant and equipment and intangible assets include long-term prepaid expenses and amortization thereof. MITSUBISHI MOTORS CORPORATION Annual Report 2015 65

  • Page 68
    ..., 2014 2015 2015 (b) Information by geographic region (1) Net sales Net sales are classified by the geographical location of the customers. (In thousands (In millions of yen) of U.S. dollars) For the year ended March 31, 2015 2014 2015 Japan North America Europe Asia (Thailand) Oceania Other Total...

  • Page 69
    ... stock held: Relationship with the Related Party: Detail of transaction: Transaction amount: Account title: Balance at year end: Major shareholder Mitsubishi Corporation Chiyoda-Ku, Tokyo, Japan ¥204,447 million Wholesale trading Direct 10.07 Indirect 0.00 Sales of products; import of materials...

  • Page 70
    ...shares of common stock were consolidated into one share on August 1, 2013. Net income per share were calculated as if the consolidation of shares had been carried out on the beginning of the year ended March 31, 2014. 2. Diluted net income per share was not included for the year ended March 31, 2015...

  • Page 71
    Independent Auditor's Report MITSUBISHI MOTORS CORPORATION Annual Report 2015 69

  • Page 72
    ... Industries, Ltd. Japan Japan * 1 Figures in parentheses represent indirect shares. * 2 Specified subsidiaries. (Mitsubishi Motors North America, Inc. (MMNA), Mitsubishi Motors Australia, Ltd. (MMAL), Mitsubishi Motors (Thailand) Co., Ltd. (MMTh)) 70 MITSUBISHI MOTORS CORPORATION Annual Report...

  • Page 73
    ... (In millions) Business Lines Share of Voting Rights in MMC (%)*1 JPY 265,608 Energy & environment, commercial aviation & transportation systems, integrated defense & space systems, machinery, equipment & infrastructure and others 20.3 (7.7) MITSUBISHI MOTORS CORPORATION Annual Report 2015 71

  • Page 74
    ...Major Products Japan U.S.A. Russia Thailand Philippines China Taiwan Vietnam Outlander, Outlander PHEV, ASX (RVR) i-MiEV, Lancer (Galant Fortis), eK Wagon, ek Space, MINICAB-MiEV 3. Pajero Manufacturing Co., Ltd. Pajero (Montero), Delica D:5 4. Powertrain Plant-Kyoto Engines 5. Powertrain Plant...

  • Page 75
    Investor Information As of March 31, 2015 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 Listing Securities Code Share Trading Unit Number of Shares Outstanding Major ...

  • Page 76
    5-33-8, Shiba, Minato-ku, Tokyo 108-8410, Japan Public Relations Dept. Tel: +81-3-6852-4206 (IR) +81-3-6852-4274 (Corporate PR) Fax: +81-3-6852-5405 http: //www.mitsubishi-motors.com Printed in Japan