|
Tokyo, May 29 --- Mitsubishi Motors Corporation today announced
its consolidated financial results for the 1996 fiscal year (April 1,
1996 -- March 31, 1997).
-
Sales for the 1996 fiscal year were 3,672,085 million Yen, an increase
of 3.8% on the 3,537,018 million Yen of fiscal 1995.
-
Ordinary profit was 9,524 million Yen, a decrease of 69.6% on the
31,305 million Yen of fiscal 1995.
-
Net income was 11,599 million Yen, a decrease of 8.9% on the 12,736
million Yen of fiscal 1995.
FINANCIAL HIGHLIGHTS
(April 1, 1996 -- March 31, 1997)
|
Millions of yen
|
|
1996FY
|
1995FY
|
% Change
|
|
Sales
|
3,672,085
|
3,537,018
|
3.8
|
|
Operating profit
|
45,660
|
71,911
|
-36.5
|
|
Ordinary profit
|
9,524
|
31,305
|
-69.6
|
|
Net income
|
11,599
|
12,736
|
-8.9
|
|
Earnings per share
|
12.59Yen
|
13.84Yen
|
---
|
CONSOLIDATED STATEMENT OF INCOME
(April 1, 1996 -- March 31, 1997)
|
Millions of yen
|
|
1996FY
|
1995FY
|
% Change
|
|
Sales
|
3,672,085
|
3,537,018
|
3.8
|
|
Cost of sales
|
2,994,885
|
2,920,660
|
|
|
Gross profit before provision for unrealized profit
on installment sales
|
677,199
|
616,357
|
9.9
|
|
Provision for unrealized profit on installment
|
839
|
123
|
|
|
Gross profit
|
678,039
|
616,481
|
|
|
Selling, general and administrative expenses
|
632,378
|
544,570
|
|
|
Operating profit
|
45,660
|
71,911
|
-36.5
|
|
Non-operating expenses
|
68,947
|
68,511
|
|
|
Ordinary profit
|
9,524
|
31,305
|
-69.6
|
|
Extraordinary gain
|
10,810
|
1,342
|
|
|
Extraordinary loss
|
6,366
|
5,084
|
|
|
Translation adjustments
|
---
|
-3,354
|
|
|
Income before income taxes
|
13,968
|
24,208
|
-42.3
|
|
Income taxes
|
14,451
|
13,556
|
|
|
Minority interests
|
4,686
|
1,897
|
|
|
Amortization of consolidation adjustments
|
-2,889
|
-2,860
|
|
|
Equity in unconsolidated subsidiaries and affiliates
|
10,286
|
3,048
|
|
|
Net income
|
11,599
|
12,736
|
-8.9
|
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
|
Millions of yen
|
|
1996FY
|
1995FY
|
% Change
|
|
Balance at beginning of yeaer
|
235,117
|
231,683
|
3.434
|
|
Increase in retained earnings
|
2,077
|
484
|
1,593
|
|
Decrease in retained earnings
|
12,263
|
7,262
|
5,001
|
|
(Transfer to legal reserve)
|
(660)
|
(659)
|
(1)
|
|
(Cash dividends paid)
|
(6,444)
|
(6,443)
|
(1)
|
|
(Directors and statutory auditor
bonuses)
|
(166)
|
(159)
|
(7)
|
|
(Other)
|
(4,991)
|
(---)
|
(4,991)
|
|
Net income
|
11,599
|
12,736
|
-1,137
|
|
Translation adjustments
|
---
|
-2,525
|
2,525
|
|
Balance at end of year
|
236,531
|
235,117
|
1,414
|
CONSOLIDATED BALANCE SHEET--ASSETS
| ASSETS |
Millions of yen
|
|
3/31/1997
|
3/31/1996
|
Change
|
|
Current Assets
|
(1,532,974)
|
(1,455,980)
|
(76,994)
|
|
Cash on hand and in banks
|
67,111
|
120,975
|
-53,864
|
|
Notes and accounts receivable
|
754,530
|
709,573
|
44,957
|
|
Marketable securities
|
76,653
|
65,948
|
10,705
|
|
Inventories
|
458,210
|
405,769
|
52,441
|
|
Prepaid expenses
|
4,630
|
4,424
|
206
|
|
Short-term loans receivable
|
91,769
|
58,549
|
33,220
|
|
Other current assets
|
80,172
|
91,902
|
-11,730
|
|
Deferred taxes
|
13,218
|
8,843
|
4,375
|
|
Allowance for doubtful accounts
|
-13,321
|
-10,007
|
-3,314
|
|
Fixed Assets
|
(1,645,786)
|
(1,498,523)
|
(147,263)
|
|
Tangible fixed assets
|
1,213,614
|
1,194,612
|
19,002
|
|
Intangible fixed assets
|
6,370
|
4,729
|
1,641
|
|
Other investments
|
436,477
|
308,239
|
128,238
|
|
Allowance for doubtful accounts
|
-10,675
|
-9,057
|
-1,618
|
|
Consolidation adjustments
|
11,249
|
13,313
|
-2,064
|
|
Translation adjustments
|
43,229
|
39,919
|
3,310
|
|
TOTAL ASSETS
|
3,233,239
|
3,007,736
|
225,503
|
CONSOLIDATED BALANCE SHEET--LIABILITIES AND CAPITAL
| LIABILITIES |
Millions of yen
|
|
3/31/1997
|
3/31/1996
|
Change
|
|
Current Liabilities
|
(1,884,698)
|
(1,814,433)
|
(70,265)
|
|
Notes and accounts payable
|
583,630
|
559,317
|
24,313
|
|
Short-term loans payable
|
988,140
|
967,412
|
20,728
|
|
Unrealized profit on installment sales
|
1,630
|
2,470
|
-840
|
|
Other accounts payable
|
124,051
|
117,189
|
6,862
|
|
Income taxes payable
|
6,038
|
6,247
|
-209
|
|
Enterprise taxes payable
|
5,051
|
3,460
|
1,591
|
|
Accrued expenses
|
68,520
|
62,384
|
6,136
|
|
Warranty claims allowance
|
25,006
|
25,058
|
-52
|
|
Other current liabilities
|
82,628
|
70,892
|
11,736
|
|
Fixed Liabilities
|
(846,455)
|
(693,297)
|
(153,158)
|
|
Bonds
|
380,835
|
281,822
|
99,013
|
|
Long-term loans payable
|
340,476
|
292,559
|
47,917
|
|
Accrued severance indemnities
|
89,887
|
87,358
|
2,529
|
|
Other fixed liabilities
|
35,257
|
31,556
|
3,701
|
|
Minority Interests
|
15,628
|
16,736
|
-1,108
|
|
TOTAL LIABILITIES
|
2,746,782
|
2,524,467
|
222,315
|
|
Shareholders Equity
|
|
Capital
|
136,221
|
135,664
|
557
|
|
Capital surplus
|
105,337
|
104,780
|
557
|
|
Legal reserve
|
8,367
|
7,706
|
661
|
|
Retained earnings
|
236,531
|
235,117
|
1,414
|
|
TOTAL SHAREHOLDERS' EQUITY
|
486,457
|
483,268
|
3,189
|
|
TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY
|
3,233,239
|
3,007,736
|
225,503
|
|
