|
Tokyo, May 28-Mitsubishi Motors Corporation today announced its consolidated
financial results for the 1997 fiscal year (1 April 1997 - 31 March 1998).
- Sales for the 1997 fiscal year were 3,735,228 million yen, an increase
of 1.7% on the 3,672,085 million yen for fiscal 1996.
- Ordinary loss was 54,520 million yen.
- Net loss was 101,846 million yen.
FINANCIAL HIGHLIGHTS
(1 April 1997 - 31 March 1998)
|
Millions of yen
|
|
1997FY
|
1996FY
|
% Change
|
|
Sales
|
3,735,228
|
3,672,085
|
1.7
|
|
Operating profit
|
3,197
|
45,660
|
-93.0
|
|
Ordinary profit
|
- 54,520
|
9,524
|
---
|
|
Net income
|
- 101,846
|
11,599
|
---
|
|
Earnings per share
|
- 110.49yen
|
12.59yen
|
---
|
CONSOLIDATED STATEMENT OF OPERATIONS
(1 April 1997 - 31 March 1998)
|
Millions of yen
|
|
1997FY
|
1996FY
|
% Change
|
|
Sales
|
3,735,228
|
3,672,085
|
1.7
|
|
Cost of sales
|
3,050,216
|
2,994,885
|
|
|
Gross profit before provision for unrealized profit
on installment sales
|
685,012
|
677,199
|
- 1.2
|
|
Provision for unrealized profit on installment
|
3,170
|
839
|
|
|
Gross profit
|
688,182
|
678,039
|
|
|
Selling, general and administrative expenses
|
684,985
|
632,378
|
|
|
Operating profit
|
3,197
|
45,660
|
- 93.0
|
|
Non-operating income
|
25,151
|
32,810
|
|
|
Non-operating expenses
|
82,870
|
68,947
|
|
|
Ordinary profit
|
- 54,520
|
9,524
|
---
|
|
Extraordinary gain
|
10,312
|
10,810
|
|
|
Extraordinary loss
|
46,905
|
6,366
|
|
|
Income before income taxes
|
- 91,113
|
13,968
|
---
|
|
Income taxes
|
6,081
|
14,451
|
|
|
Minority interests
|
* 1,135
|
* 4,686
|
|
|
Amortization of consolidation adjustments
|
** 5,532
|
** - 2,889
|
|
|
Equity in unconsolidated subsidiaries and affiliates
|
** - 254
|
* 10,286
|
|
|
Net income
|
- 101,846
|
11,599
|
---
|
Note: *indicates an addition , **indicates a deduction
CONSOLIDATED STATEMENT OF RETAINED
EARNINGS
|
Millions of yen
|
|
1997FY
|
1996FY
|
|
|
Balance at beginning of yeaer
|
236,531
|
235,117
|
|
|
Increase in retained earnings
|
---
|
2,077
|
|
|
Decrease in retained earnings
|
35,530
|
12,263
|
|
|
(Transfer to legal reserve)
|
(662)
|
(660)
|
|
|
(Cash dividends paid)
|
(6,452)
|
(6,444)
|
|
|
(Directors and statutory auditor
bonuses)
|
(172)
|
(166)
|
|
|
(Other)
|
(28,243)
|
(4,991)
|
|
|
Net income
|
- 101,846
|
11,599
|
|
|
Balance at end of year
|
99,153
|
236,531
|
|
CONSOLIDATED BALANCE SHEET
| ASSETS |
Millions of yen
|
|
3/31/1998
|
3/31/1997
|
Change
|
|
Current Assets
|
(1,582,839)
|
(1,532,974)
|
(49,865)
|
|
Cash on hand and in banks
|
97,310
|
67,111
|
30,199
|
|
Notes and accounts receivable
|
652,465
|
754,530
|
- 102,065
|
|
Marketable securities
|
64,299
|
76,653
|
- 12,354
|
|
Inventories
|
537,816
|
458,210
|
79,606
|
|
Prepaid expenses
|
5,566
|
4,630
|
936
|
|
Short-term loans receivable
|
130,150
|
91,769
|
38,381
|
|
Other current assets
|
96,776
|
80,172
|
16,604
|
|
Deferred taxes
|
13,171
|
13,218
|
- 47
|
|
Allowance for doubtful accounts
|
- 14,716
|
- 13,321
|
- 1,395
|
|
Fixed Assets
|
(1,707,101)
|
(1,645,786)
|
(61,315)
|
|
Tangible fixed assets
|
1,314,124
|
1,213,614
|
100,510
|
|
Intangible fixed assets
|
6,204
|
6,370
|
- 166
|
|
Other investments
|
400,978
|
436,477
|
- 35,499
|
|
Allowance for doubtful accounts
|
- 14,206
|
- 10,675
|
- 3,531
|
|
Consolidation adjustments
|
28,096
|
11,249
|
16,847
|
|
Translation adjustments
|
52,489
|
43,229
|
9,260
|
|
TOTAL ASSETS
|
3,370,526
|
3,233,239
|
137,287
|
CONSOLIDATED BALANCE SHEET
| LIABILITIES
& Shareolders' Equity |
Millions of yen
|
|
3/31/1998
|
3/31/1997
|
Change
|
|
Current Liabilities
|
(2,159,715)
|
(1,884,698)
|
(275,017)
|
|
Notes and accounts payable
|
522,267
|
583,630
|
- 61,363
|
|
Short-term loans payable
|
1,086,463
|
988,140
|
98,323
|
|
Commercial paper
|
198,965
|
---
|
198,965
|
|
Unrealized profit on installment sales
|
1,044
|
1,630
|
- 586
|
|
Other accounts payable
|
138,196
|
124,051
|
14,145
|
|
Income taxes payable
|
2,638
|
6,038
|
- 3,400
|
|
Enterprise taxes payable
|
2,333
|
5,051
|
- 2,718
|
|
Accrued expenses
|
69,743
|
68,520
|
1,223
|
|
Warranty claims allowance
|
26,383
|
25,006
|
1,377
|
|
Other current liabilities
|
111,678
|
82,628
|
29,050
|
|
Fixed Liabilities
|
(841,589)
|
(846,455)
|
(- 4,866)
|
|
Bonds
|
431,358
|
380,835
|
50,523
|
|
Long-term loans payable
|
296,508
|
340,476
|
- 43,968
|
|
Accrued severance indemnities
|
92,340
|
89,887
|
2,453
|
|
Other fixed liabilities
|
21,382
|
35,257
|
- 13,875
|
|
Minority Interests
|
19,474
|
15,628
|
3,846
|
|
TOTAL LIABILITIES
|
3,020,779
|
2,746,782
|
273,997
|
|
Shareholders' equity
|
|
Capital
|
136,224
|
136,221
|
3
|
|
Capital surplus
|
105,339
|
105,337
|
2
|
|
Legal reserve
|
9,029
|
8,367
|
662
|
|
Retained earnings
|
99,153
|
236,531
|
- 137,378
|
|
TOTAL SHAREHOLDERS' EQUITY
|
349,747
|
486,457
|
- 136,710
|
|
TOTAL LIABILITIES & SHAREHOLDERS'
EQUITY
|
3,370,526
|
3,233,239
|
137,287
|
SEGMENT INFORMATION
(1) Business segment information
No segment information by business is given because MMC and its
consolidated subsidiaries are engaged only in the manufacture and
sales of motor vehicles.
(2) Geographical segment information
|
In millions of yen
|
1997FY
|
Japan
|
North America
|
Europe
|
Asia
|
Others
|
Total
|
Corporate & Eliminations
|
Consolidated
|
|
|
Sales to third parties
|
2,409729
|
696,481
|
237,665
|
104,861
|
286,491
|
3,735,228
|
---
|
3,735,228
|
|
Interarea sales and transfers
|
519,210
|
10,819
|
3,518
|
62,318
|
44,179
|
640,046
|
- 640,046
|
---
|
|
|
Total sales
|
2,928,940
|
707,300
|
241,183
|
167,180
|
330,670
|
4,375,275
|
- 640,046
|
3,735,228
|
|
Operating expenses
|
2,944,355
|
690,430
|
248,909
|
166,008
|
317,963
|
4,367,668
|
- 635,637
|
3,732,031
|
|
|
Operating income (loss)
|
- 15,415
|
16,870
|
- 7,726
|
1,171
|
12,706
|
7,606
|
- 4,409
|
3,197
|
|
|
Total assets
|
2,382,565
|
731,836
|
199,646
|
117,958
|
157,697
|
3,589,705
|
- 219,178
|
3,370,526
|
|
|
Note: 1.
|
National and regional groupings
are by geographical proximity
|
|
2.
|
Main countries and regions outside
Japan grouped as follows
|
|
(1) North America: |
United States of America
|
|
(2) Europe: |
Holland
|
|
(3) Asia: |
Thailand, Philippines
|
|
(4) Other: |
Australia, New Zealand, Puerto Rico, U.A.E.
|
|
3.
|
The corporate assets given in
the Corporate & Eliminations column amount to 80,586 million
yen, and comprise consolidated adjustment accounts and translation
adjustment accounts.
|
In millions of yen
|
1996FY
|
Japan
|
Foreign
|
Total
|
Corporate & Eliminations
|
Consolidated
|
|
|
Sales to third parties
|
2,639,055
|
1,033,029
|
3,672,085
|
---
|
3,672,085
|
|
Inter-area sales and transfers
|
383,177
|
20,432
|
403,609
|
- 403,609
|
---
|
|
|
Total sales
|
3,022,233
|
1,053,461
|
4,075,695
|
- 403,609
|
3,672,085
|
|
Operating expenses
|
2,953,335
|
1,070,509
|
4,023,844
|
- 397,420
|
3,626,424
|
|
|
Operating income(loss)
|
68,898
|
- 17,047
|
51,850
|
- 6,189
|
45,660
|
|
|
Total assets
|
2,394,428
|
994,900
|
3,389,328
|
- 156,088
|
3,233,239
|
|
|
Note:
|
The corporate assets given in
the Corporate & Eliminations column amount to 54,478 million
yen, and comprise consolidated adjustment accounts and translation
adjustment accounts
|
(3) Overseas sales 1997FY
In millions of yen
|
|
North America
|
Europe
|
Asia
|
Other
|
Total
|
|
|
Overseas sales
|
747,706
|
471,924
|
396,020
|
489,765
|
2,105,418
|
|
Consolidated sales
|
|
|
|
|
3,735,228
|
|
Proportion of overseas sales
in consolidated sales
|
20.0%
|
12.6%
|
10.6%
|
13.1%
|
56.4%
|
|
|
Note: 1.
|
National and regional groupings
are by geographical proximity
|
|
2.
|
Main countries and regions outside
Japan grouped as follows
|
|
(1) North America: |
United States of America
|
|
(2) Europe: |
Holland
|
|
(3) Asia: |
Thailand, Philippines
|
|
(4) Other: |
Australia, New Zealand, Puerto Rico, U.A.E.
|
|
3.
|
Overseas sales include export
sales of MMC and its consolidated subsidiaries and sales (other
than exports to Japan) of its foreign consolidated subsidiaries.
|
Overseas sales 1996FY
Overseas sales for MMC and its consolidated subsidiaries in fiscal
1996 totaled 1,755,840 million yen or 47.8% of the consolidated
net sales of 3,672,085 million yen.
|
|
Note:
|
Overseas sales include export sales of MMC and
its consolidated subsidiaries and sales (other than exports to
Japan) of its foreign consolidated subsidiaries.
|
|
