MIRA
INFORM REPORT
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Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
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Name : |
MITSUBISHI MOTORS CORPORATION |
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Registered Office : |
Daiichi Tamachi Bldg., 5-33-8, Shiba, Minato-ku, Tokyo, 108-8410 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
22.04.1970 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
development,
production and sale of general and small-sized passenger vehicles,
mini-vehicles, sport utility vehicles (SUVs), trucks and automobile parts, as
well as the inspection and maintenance of new vehicles |
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No. of Employees : |
30777 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small defense
allocation (1% of GDP) helped Japan develop a technologically advanced economy.
Two notable characteristics of the post-war economy were the close interlocking
structures of manufacturers, suppliers, and distributors, known as keiretsu,
and the guarantee of lifetime employment for a substantial portion of the urban
labor force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and third-place India, which edged out Japan in 2011. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan
further into recession. Government stimulus spending helped the economy recover
in late 2009 and 2010, but the economy contracted again in 2011 as the massive
9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies
remain tight because Japan has temporarily shut down almost all of its nuclear
power plants after the Fukushima Daiichi nuclear reactors were crippled by the
earthquake and resulting tsunami. Estimates of the direct costs of the damage -
rebuilding homes, factories, and infrastructure - range from $235 billion to
$310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko
NODA has proposed opening the agricultural and services sectors to greater
foreign competition and boosting exports through membership in the US-led
Trans-Pacific Partnership trade talks and by pursuing free-trade agreements
with the EU and others, but debate continues on restructuring the economy and
reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent
deflation, reliance on exports to drive growth, and an aging and shrinking
population are other major long-term challenges for the economy.
|
Source
: CIA |
Company name & address
MITSUBISHI MOTORS
CORPORATION
Daiichi Tamachi Bldg.
5-33-8, Shiba, Minato-ku
Tokyo, 108-8410
Japan
Tel: 81-3-34561111
Fax: 81-3-68525511
Web: www.mitsubishi-motors.com
Synthesis
Employees: 30,777
Company Type: Public Parent
Corporate Family: 74
Companies
Traded: Tokyo Stock Exchange: 7211
Incorporation Date:
22-Apr-1970
Auditor: Ernst & Young ShinNihon LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales: 22,888.4 1
Net Income: 303.0
Total Assets: 16,038.1 2
Market Value: 6,569.3 (01-Mar-2013)
Business Description
MITSUBISHI MOTORS CORPORATION is engaged in the development, production and sale of general and small-sized passenger vehicles, mini-vehicles, sport utility vehicles (SUVs), trucks and automobile parts, as well as the inspection and maintenance of new vehicles. In addition, the Company is also engaged in the financing business including automobile leasing and sales finance. On April 1, 2012, the Company merged with a wholly owned subsidiary. On December 14, 2012, the Company completed the selling of a 100% stake of Netherlands Car B.V., to VD Leegte Beheer B.V. For the nine months ended 31 December 2012, MITSUBISHI MOTORS CORPORATION revenues decreased 1% to Y1.283T. Net income applicable to common stockholders increased 27% to Y17.34B. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income reflects The Automobile Business segment income increase from Y3.73B to Y39.05B.
Industry
Industry Auto and Truck Manufacturers
ANZSIC 2006: 231 - Motor
Vehicle and Motor Vehicle Part Manufacturing
NACE 2002: 3410 - Manufacture
of motor vehicles
NAICS 2002: 336111 -
Automobile Manufacturing
UK SIC 2003: 3410 - Manufacture
of motor vehicles
UK SIC 2007: 2910 - Manufacture
of motor vehicles
US SIC 1987: 3711 - Motor
Vehicles and Passenger Car Bodies
Key Executives
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Name |
Title |
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Yoichi Yokozawa |
President and Chief Executive Officer |
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President, Representative Director |
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Vice President, Manager of Business Planning & Finance
Supervision, Representative Director |
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Vice President, Manager of 1st Overseas Sales Supervision,
Representative Director |
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Vice President, Manager of Product Strategy & Industrialization
Supervision, Representative Director |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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2 |
31-Aug-2012 |
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2 |
17-Dec-2012 |
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1 |
MITSUBISHI
MOTORS CORP Announces Reorganization of Subsidiaries - Nikkan Jidosha Shimbun |
18-Sep-2012 |
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1 |
12-Oct-2012 |
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3 |
Mitsubishi
Motors Corp Recalls 14,700 Electric Cars Globally Over Brakes-Reuters |
24-Jan-2013 |
* number of significant developments within
the last 12 months
news
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Title |
Date |
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Mitsubishi's
Unveils New Triton Single-Cab For Business Needs |
28-Mar-2013 |
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Mitsubishi
Triton Now Available As Single Cab |
28-Mar-2013 |
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2nd UPDATE:
Asian Shares Down As Europe Woes Persist |
28-Mar-2013 |
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MARKET
COMMENT: Nikkei Down 1.6% As Yen Picks Up; Volume Low |
27-Mar-2013 |
|
Nikkei
falls as exporters and financials weigh, GS Yuasa tumbles |
27-Mar-2013 |
|
Dreamliner
battery maker's shares plunge in Tokyo |
27-Mar-2013 |
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
Location
Daiichi Tamachi Bldg.
5-33-8, Shiba, Minato-ku
Tokyo, 108-8410
Japan
Tel: 81-3-34561111
Fax: 81-3-68525511
Web: www.mitsubishi-motors.com
Quote Symbol - Exchange
7211 - Tokyo Stock
Exchange
Sales JPY(mil): 1,807,293.0
Assets JPY(mil): 1,321,306.0
Employees: 30,777
Fiscal Year End: 31-Mar-2012
Industry: Auto and Truck Manufacturers
Incorporation Date: 22-Apr-1970
Company Type: Public Parent
Quoted Status: Quoted
President and
Chief Executive Officer:
Yoichi Yokozawa
Industry Codes
ANZSIC 2006 Codes:
231 - Motor Vehicle and Motor Vehicle Part Manufacturing
6230 - Non-Depository Financing
6611 - Passenger Car Rental and Hiring
NACE 2002 Codes:
3410 - Manufacture of motor vehicles
7110 - Renting of automobiles
6522 - Other credit granting
NAICS 2002 Codes:
336111 - Automobile Manufacturing
522298 - All Other Nondepository Credit Intermediation
532112 - Passenger Car Leasing
336312 - Gasoline Engine and Engine Parts Manufacturing
US SIC 1987:
3711 - Motor Vehicles and Passenger Car Bodies
7515 - Passenger Car Leasing
6153 - Short-Term Business Credit Institutions, Except
Agricultural
3714 - Motor Vehicle Parts and Accessories
UK SIC 2003:
3410 - Manufacture of motor vehicles
7110 - Renting of automobiles
6522 - Other credit granting
UK SIC 2007:
2910 - Manufacture of motor vehicles
6492 - Other credit granting
7711 - Renting and leasing of cars and light motor vehicles
Business
Description
MITSUBISHI MOTORS
CORPORATION is engaged in the development, production and sale of general and
small-sized passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
trucks and automobile parts, as well as the inspection and maintenance of new
vehicles. In addition, the Company is also engaged in the financing business
including automobile leasing and sales finance. On April 1, 2012, the Company
merged with a wholly owned subsidiary. On December 14, 2012, the Company
completed the selling of a 100% stake of Netherlands Car B.V., to VD Leegte
Beheer B.V. For the nine months ended 31 December 2012, MITSUBISHI MOTORS
CORPORATION revenues decreased 1% to Y1.283T. Net income applicable to common
stockholders increased 27% to Y17.34B. Revenues reflect a decrease in demand
for the Company's products and services due to unfavorable market conditions.
Net income reflects The Automobile Business segment income increase from Y3.73B
to Y39.05B.
More Business
Descriptions
Manufacture of motor vehicles
Motor Vehicles, Associated Components & Industrial Engines Mfr
Motor vehicles and car bodies
Mitsubishi Motors
Corporation (Mitsubishi) is engaged in the development, production and selling
of passenger vehicles and their parts and components, as well as providing
sales financial services. The company along with its subsidiaries and
affiliates, develops, manufactures, purchases, sells, imports and exports
general and small-sized passenger vehicles, mini-vehicles, sport utility
vehicles (SUVs), vans, trucks and automobile parts. It is also engaged in
maintenance and checking of the new vehicles, leasing services and provision of
automobile sales financing. In addition, the company develops designs,
manufactures, assembles, sells and purchases agricultural machinery and
industrial engines. Mitsubishi conducts its business operations under two
reportable segments, namely, Automobiles and Financial Services. The
Automobiles segment designs, develops, manufactures, assembles, sells,
purchases and imports the industrial engines and machinery related to
agricultural. This segments specializes in passenger car. The products include
recreational vehicles, engines, high performance cars, ultra-low emission
vehicles (ULEV), electric, light commercial vehicles and fuel-cell. This
segment consists of many brands such as Galant, Eclipse Spyder, Endeavor, Town
box / Minicab, Pajero Mini, Outlander and other brands like Triton, eK-Wagon,
Colt, i minicar and Delica. For the fiscal year ended March 2012, this segment
reported revenue of JPY1,796,894m, which accounted for 99.4% of the total
revenue of the company. The company’s financial services segment is managed
by Mitsubishi Motors Credit of America (US) and Diamond Finance Corporation.
Under the segment, the company offers financial services such as auto leasing
and financing as well as insurance services with respect to property damage
insurance and automobile damage insurance. Its major product is sales-finance
products. For the fiscal year ended March 2011, the Financial Services segment
reported revenue of JPY10,398m, which accounted for 0.6% of the total revenue
of the company. As of March 2012, the company operates with 54 consolidated
subsidiaries, two equity method non-consolidated subsidiaries and 24 equited
method affiliates. Mitsubishi markets its products in over 160 countries across
the world. It has seven car manufacturing facilities located in five countries
as well as more than 12 business partner’s facilities in about 11 countries.
Furthermore, it has seven engine / transmission / parts manufacturing
facilities located in four countries as well as five research and development /
design facilities are located in four countries. Geographically, the company
classifies its operations into four reportable segments, namely, Japan; North
America; Europe; Asia; Oceania and Others. For the fiscal year ended March
2012, Japan segment accounted for 19.8% of Mitsubishi’s total revenue,
followed by, Europe with 26.3%; Asia with 21.9%; Others with 12.3%; North
America with 10.8% and Oceania with 9%. In August, the company started the
production and sales of Pajero Sport SUV model in Bangladesh. In September
2011, PROTON Holdings Berhad (PROTON) and Mitsubishi Motors Corporation (MMC)
announced that they intends to form a strategic collaboration to further
strengthen their competitiveness in the global marketplace. In the same month,
Nissan and Mitsubishi Motors agreed to expand their scope of OEM supply
agreements in the Japanese Market. In April 2012, the company announced its
intention to unveil its next-generation Outlander SUV for the first time in
Asia at the 2012 Beijing International Automotive Exhibition.
Mitsubishi Motors
Corporation (Mitsubishi) is a Japan-based automobile manufacturing company. It
is active in developing, producing, purchasing, selling, importing and
exporting of general and small-sized passenger vehicles, mini-vehicles, sport
utility vehicles (SUVs), vans, trucks and automobile parts. The company also
designs and manufactures agricultural machinery and industrial engines.
Additionally, it is into providing financial services such as leasing,
automobile sales financing and automobile damage insurance agency services. The
company operates seven car manufacturing facilities located in five countries,
seven engine parts manufacturing facilities in four countries, and five
research and development facilities in four countries, as well as more than 12
business partner’s facilities in about 11 countries.The company launched the
zero-emission i-MiEV battery-powered electric vehicle few years ago, as part of
a corporate mission to offer its consumers more environmentally friendly modes
of transportation. Mitsubishi operates with over 54 subsidiaries and 24
affiliates within and outside Japan. The company sells its products in more
than 160 countries across the world. Mitsubishi is headquartered in Tokyo,
Japan.The company reported revenues of (Yen) JPY 1,807,293.00 million during the
fiscal year ended March 2012, a decrease of 1.16% from 2011. The operating
profit of the company was JPY 42,895.00 million during the fiscal year 2012, an
increase of 47.91% over 2011. The net profit of the company was JPY 23,929.00
million during the fiscal year 2012, an increase of 53.11% over 2011.
Established 1970,
Mitsubishi Motors Corporation is one of the fastest growing Japanese
automakers. The company's vehicles include the Montero, Endeavor, Outlander,
Lancer, Eclipse and Galant. The company has a strong German-American alliance
partner in DaimlerChrysler and an international management team. Mitsubishi
Motors manufactures, finances, distributes and markets Mitsubishi brand coupes,
convertibles, sedans and sport utility vehicles through a network dealers
worldwide. It has also added minicars, pick-up trucks and cargo vans to its
vehicle offerings. The company has manufacturing facilities in the United
States, Europe, Africa, India and Latin America. The company employs more than
43,000 people worldwide. Mitsubishi Motors Corporation is headquartered in
Tokyo.
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Strategic Initiatives
Partnerships
Toyota Tsusho
Corporation developed a new floor mat using plant-based bio-polyethylene
(bio-PE) fiber which could be added in its proprietary plant-based "Green
Plastic" product line. In September 2011, the company and PROTON Holdings
Berhad announced their plans to enter into a strategic collaboration to produce
engines in Malaysia jointly. In September 2011, the company and Motor Co., Ltd.
the company’s subsidiary in Thailand agreed to start joint testing of
i-MiEV new-generation electric vehicle with PTT Public Company Limited (PTT) in
Thailand. In August 2011, Mitsubishi, ROLF Import, the company’s exclusive
distributor for the Russian market, and the Government of the Kaluga Region entered
into a collaboration to improve the natural environment of the Kaluga region.
In July 2011, the company and Nissan Motor Co., Ltd.
In October 2011,
the company started the production of the North American version of it’s
i-MiEV new-generation electric vehicle at its Mizushima Plant. In August 2011,
the company started the local production of its new-model Pajero Sport SUV in
Bangladesh.Strategic collaborationsThe company would benefit from its new
strategic collaborations. In December 2011, the company in collaboration with
EIDAIKAKO Co., Ltd., MRC Pylen Co.
It has entered
into agreements with the following regions: Castile and Leon, Valencia, the
Basque Country, Murcia, Madrid, Andalusia, Catalonia and Extremadura. It is
also cooperating with other administrations at the national, regional,
provincial and local levels. Iberdrola also entered into collaboration
agreements with the main car manufacturers, such as Peugeot, Mitsubishi and
Opel. It is also a participant in demonstrative and innovative projects, among
which the highlight is Green eMotion, a four-year initiative set up by the
European Commission to promote electrical mobility; the Cenit Verde project
along with Seat, which focuses on developing Spanish technology for this mode
of transport; and Merge, which studies the impact of integrating these cars
into the current and future distribution networks. About charging managers
Recharging managers, a newly created role in the electricity sector, are agents
that consume energy themselves and are authorised to resell it to their
customers for charging electric vehicles.
Sales and Distribution
• Mitsubishi
Electric: Validation of a system that can effectively utilize rechargeable EV
batteries and used rechargeable batteries.Mar 12, 2012Iberdrola Installs Over
100 Charging Stations For Electric Vehicles In SpainIberdrola, S.A., under its
Green Mobility Plan, installed over 100 charge points in various Spanish cities
and plans to significantly increase the number of stations it manages in the coming
years.In the framework of its commitment to developing this kind of mobility,
the company plans to launch new commercial charging solutions for electric
vehicles, adapted to the various segments in the market: corporate fleets, car
parks and private individuals. Iberdrola recently completed the process to
qualify as a charging manager for electric vehicles, having officially notified
the Ministry of Industry, Tourism and Trade of its plans to carry out this
activity. This new step taken by the company is part of its decisive commitment
to this technology as something that is necessary in protecting and caring for
the environment, promoting clean energies and sustainable development.
Iberdrola said that its Green Mobility Solution, which was launched in 2010,
provides customers with the possibility to buy an electric vehicle, a 100%
renewable energy supply and the systems and services required to charge the
vehicle.
For the fiscal
year ended March 2012, Japan segment accounted for 19.8% of Mitsubishi’s
total revenue, followed by, Europe with 26.3%; Asia with 21.9%; Others with
12.3%; North America with 10.8% and Oceania with 9%. In August, the company
started the production and sales of Pajero Sport SUV model in Bangladesh. In
September 2011, PROTON Holdings Berhad (PROTON) and Mitsubishi Motors
Corporation (MMC) announced that they intends to form a strategic collaboration
to further strengthen their competitiveness in the global marketplace. In the
same month, Nissan and Mitsubishi Motors agreed to expand their scope of OEM
supply agreements in the Japanese Market. In April 2012, the company announced
its intention to unveil its next-generation Outlander SUV for the first time in
Asia at the 2012 Beijing International Automotive Exhibition.GlobalData uses a
range of research techniques to gather and verify its information and analysis.
It is forecast
that the sales of hybrid vehicles could reach 7.9 million in 2030. Various
automobile manufacturers, such as Chrysler, Volkswagen, BMW, and Mercedes, among
others, are involved in research projects related to hybrid vehicles, working
to revamp their fleet; Ford conducts research related to direct injection,
turbo and variable valve;. Toyota continues to focus on its plans to make
hybrids available across its fleet; GM is strengthening its product line up
with the reintroduction of electric vehicle with its plug-in hybrid Volt; and
Nissan is also leaning on electric vehicle introduction. Thus, with
unconventional and hybrid vehicles likely to become the mainstay in the future
automobile market, the company could find huge opportunities to garner higher
market share and increase its revenue.Capacity ExpansionThe company
accomplished capacity expansion initiatives to cater to the rising demand for
its products in the major markets it serves. In July 2012, the company started
the production of the Outlander Sport 1 compact crossover at Mitsubishi Motors
North America's 2 (MMNA) plant in Normal, Illinois, the US.
Overview
Mitsubishi Motors
Corporation (Mitsubishi) is an automotive manufacturing company based in Japan.
The company provides small-sized passenger vehicles, mini-vehicles, sport
utility vehicles (SUVs), vans, trucks and automobile parts. It serves
substantial customer base in 160 countries throughout the world. Global market
presence and research and development operations are its key strengths.
However, product recalls is a major issue for the company to resolve.
Nevertheless, the company has growth opportunities through emerging markets and
strategic combinations. However, increasing competitive risks could be
detrimental to its operations, if the company fails to evaluate them properly.
Strengths
Broad Product and Brand Portfolio
The company’s
broad product portfolio in the automobile industry helps it to attract and
serve a wide customer base. Mitsubishi develops, produces and sells of
passenger vehicles and their parts and components. Its product line includes
general and small-sized passenger vehicles, mini-vehicles, sport utility
vehicles (SUVs), vans, and trucks. It also manufactures parts, industrial
engines and agricultural machinery. It produces and sells its automobiles under
various brands such as Galant, Eclipse Spyder, Lancer, Endeavor, Town box /
Minicab, Pajero Mini, Outlander and other brands like Triton, eK-Wagon, Colt, i
minicar and Delica. Further, the company also provides auto leasing and
financing services through its Mitsubishi Motors Credit of America (US) and
Diamond Finance Corp. A broad product and brand portfolio helps the company
cater to a diversified customer base, which in turn mitigates the various risks
associated with the overdependence on a particular product segment.
Global Diversity
Wide geographic
presence helps Mitsubishi cater to a diversified customer base and generate
higher revenues. The company sells its products in more than 160 countries
worldwide. It operates seven car manufacturing facilities in five countries,
eight engine parts manufacturing facilities in five countries and 12 business
partners’ car manufacturing facilities in 11 countries and regions.
Additionally, Mitsubishi operates through 54 consolidated subsidiaries, two
equity method subsidiaries and 24equity method affiliates. For the fiscal year
ended 2012, the company’s retail sales volume totaled 1,001,000 units, with
152,000 units from Japan, 106,000 units from North America, 218,000 units from
Europe and 525,000 units from Asia and Other regions. For the fiscal year ended
2012, the company generated 26.27% from Europe, 21.87% from Asia, 19.76% from
Japan, 12.33% from others, 10.8% from North America and 8.97% from Oceania.
Such wide geographic acts as an easy way for the expansion plans of the
company, as wider reach in terms of geography would mean reaping more benefits.
Strong Research and Development Base
Mitsubishi has
strong research and development infrastructure. It has a strong focus on
research and development activities. It has six research and development and
design facilities in three countries. Mitsubishi’s research and development
continuously focuses on enhancing distinctive the company’s technologies and
further developing environmental technologies. The latest technologies
developed by the company include S-AWC (Super All Wheel Control), Twin Clutch
SST (Twin Clutch Sport Shift Transmission) and MIVEC (Mitsubishi Innovative
Valve timing Electronic Control system). For the fiscal l year ended 2012, the
company spent JPY34,996m on its research and development activities. Various
new products launched by the company in 2011, include new MINICAB-MiEV
Commercial Electric Vehicle in Japan, Next-generation MIVEC engine and improved
"Auto Stop&Go" Idle-stop system, new Delica D:3 Minivan and Delica
Van Light Commercial Vehicle in Japan, the i-MiEV new-generation electric
vehicle in two trim levels and Delica D:2 New Compact Minivan. In 2012, the
company intends to launch new models such as expand roll out of new Mirage, new
Outlander, PHEV based on the new Outlander and Mini-truck EV. The company
intends to launch seven models of EV/PHEV/HEV vehicles during 2014-2016. Such
strong research and development focus enables the company to offer best in
engine, control, transmission and other vehicle technologies and maintain
competitive position.
Weaknesses
Decreased Sales
from Japan
Mitsubishi
recorded decreased sales in its domestic market (Japan) in 2011, compared to
the other geographies in which it operates. In Japan, net sales accounted for
JPY1,515.2 billion, a decrease of 42.1 billion yen or 3% over fiscal 2010. This
decrease was due to lower unit sales and impact of the strong yen. Mitsubishi
could overcome the market challenges such as expected low economic growth rate
and increased number of imported cars in Korea, through the launch of new
products. The company intends to improve its sales in the domestic market
through the launch of diverse new cars and stronger sales prowess.
Product Recalls
Product recalls,
apart from draining the profits, will affect the reputation of the company and
can result in loss of market share. Mitsubishi intends to recall several of its
products driven by different issues. In July 2012, the company will voluntarily
recall a total of 93,584 minivehicles equipped with turbo engines because of
possible engine trouble. In January 2012, the company recalled around almost
300,000 kei-class small cars in Japan due to engine oil leaks. Such product
recalls will affect the company’s brand image and adversely affect its sales.
Opportunities
Fuel Efficient Vehicles
The company is one
of the major manufacturer of product related to electrical energy generation
and management, and engine ignition, therefore the company could find increased
opportunities in the area of fuel efficient vehicles which feature advanced
technologies such as hybrids, clean diesel engines, flexible-fuel ethanol
vehicles and a turbocharged direct injection system. According to Energy
Information Administration (US Government), the sale of unconventional vehicles
(hybrid) accounts for 40% of the total Light Duty Vehicles (LDV) sales. The
total sale of hybrid vehicles is estimated to increase from 2.3% of new LDV
sales in 2007 to 20.6%, and 39.6% by 2015 and 2030, respectively. It is
forecast that the sales of hybrid vehicles could reach 7.9 million in 2030.
Various automobile manufacturers, such as Chrysler, Volkswagen, BMW, and
Mercedes, among others, are involved in research projects related to hybrid
vehicles, working to revamp their fleet; Ford conducts research related to
direct injection, turbo and variable valve;. Toyota continues to focus on its
plans to make hybrids available across its fleet; GM is strengthening its
product line up with the reintroduction of electric vehicle with its plug-in
hybrid Volt; and Nissan is also leaning on electric vehicle introduction. Thus,
with unconventional and hybrid vehicles likely to become the mainstay in the
future automobile market, the company could find huge opportunities to garner
higher market share and increase its revenue.
Strategic Collaborations
The company would
benefit from its new strategic collaborations. In December 2011, the company in
collaboration with EIDAIKAKO Co., Ltd., MRC Pylen Co., Ltd. and Toyota Tsusho
Corporation developed a new floor mat using plant-based bio-polyethylene
(bio-PE) fiber which could be added in its proprietary plant-based "Green
Plastic" product line. In September 2011, the company and PROTON Holdings
Berhad announced their plans to enter into a strategic collaboration to produce
engines in Malaysia jointly. In September 2011, the company and Motor Co., Ltd.
expanded their OEM supply agreements in the Japanese market. In September 2011,
Mitsubishi and Mitsubishi Motors Thailand Co., Ltd. and the company’s
subsidiary in Thailand agreed to start joint testing of i-MiEV new-generation
electric vehicle with PTT Public Company Limited (PTT) in Thailand. In August
2011, Mitsubishi, ROLF Import, the company’s exclusive distributor for the
Russian market, and the Government of the Kaluga Region entered into a
collaboration to improve the natural environment of the Kaluga region. In July
2011, the company and Nissan Motor Co., Ltd. entered into an agreement to
manufacture the current generation Nissan Navara, a one-ton pickup truck, at the
company’s plant in the Laem Chabang Industrial Estate in Thailand. The
production is scheduled to commence in 2012. In June 2011, NMKV Co., Ltd, a new
joint venture formed by the company and Nissan Motor Co., Ltd. announced to
develop minicars for the Japanese market. The company’s new initiative would
enable it to catch the market trends and avail several new growth avenues
Capacity Expansion
The company
accomplished capacity expansion initiatives to cater to the rising demand for
its products in the major markets it serves. In July 2012, the company started
the production of the Outlander Sport 1 compact crossover at Mitsubishi Motors
North America's 2 (MMNA) plant in Normal, Illinois, the US. The company’s
joint venture assembly plant, PCMA Rus started a full-scale production in July
2012. In April 2012, the company started the full production of its all-new
Mirage "global compact car" it’s Laem Chabang Plant in Thailand. In
April 2012, the company began the operation of "M-tech Labo,1" a
smart grid demonstration system which utilizes rechargeable batteries in
Electric Vehicles for electric-demand leveling of factory facilities. The
company started the production and sales of its Outlander Sport during the
first half of 2012. In October 2011, the company started the production of the
North American version of it’s i-MiEV new-generation electric vehicle at its
Mizushima Plant. In August 2011, the company started the local production of
its new-model Pajero Sport SUV in Bangladesh.
Threats
Natural and other Disasters
The company’s
key market and manufacturing base is Japan which is prone to several natural
disasters like earthquakes, typhoons, tsunamis, and volcanic activities. The
company maintains production and other facilities in Japan and other parts of
the world. The occurrence of disasters, such as earthquakes, typhoons, fires
and infectious diseases, in these areas could result in the suspension or other
serious interruption of the company’s operations. Such events could interrupt
the company's manufacturing activities, damage equipment, disrupt access to
water and electricity, and cause many problems that could have significant
effect on business and operating results. The threat is higher from the
frequency of earthquakes. Even then, the precautionary measures employed may
not be successful in major disasters. The company needs to scatter its
operations over relatively safer geographical locations to ensure uninterrupted
business operations.
Competitive Pressures
The automotive
industry is highly competitive. Intense competition and overcapacity of
automotive industry have already led to the price wars among the players. This
resulted in increased necessity of sales incentives and sales promotion
efforts. Sales incentives could potentially reduce selling prices of new
vehicles. The use of sales incentives may result in low resale values in the
used car market and that of vehicles returned at the end of leases. The decline
in residual values could affect adversely the car and lease assets held as
collateral in the sales-finance unit. Its key competitors include Isuzu Motors,
Kia Motors, Honda Motor Co and Toyota Motor. Such intense competition could
hamper the growth prospects of the company.
Emissions Control
Japan has
emissions regulations for motorcycles, which is applicable to all types of
engine displacement. Some aspects of these regulations, such as standards for
hydro-carbon levels and durability, are stricter than the current European
regulations, namely the Euro3 regulations. The Ministry of Land, Infrastructure
and Transport (MLIT) introduced the Worldwide Harmonized Motorcycle Emissions
Certification Procedure (WMTC) and its applicable standards in 2010. It will
apply to new models from October 1, 2012. In the US, emissions regulations for
off-road motorcycles and ATVs were introduced in 2006. The EPA adopted the
current California emissions standards for on-road motorcycles on a national
basis, two years behind California. The new regulations include fuel permeation
requirements rather than traditional evaporative emission standards. The EPA
introduced more stringent exhaust standards and new evaporative emission
standards for fuel tanks and fuel lines that are used in small non-road
engines. Europe maintains emissions regulations (Euro3) for motorcycles, and
the 'Motor Cycle (& Moped) Whole Vehicle Type Approval (WVTA)', a uniform
certification system for two and three-wheeled motor vehicles. The Euro3
regulations are the most stringent class standard for motorcycles. Euro3 regulations
have been in effect from January 2006. The European Commission introduced a
recast proposal of WVTA which contains Euro4, Euro5 and Euro6 stage
regulations. The company could face increased challenges due to the imposition
of new emission and safety standards in various countries.
|
|
Helpful |
Harmful |
|
Internal Origin |
Strengths |
Weaknesses |
|
External Origin |
Opportunities |
Threats |
|
Corporate Family |
Corporate
Structure News: |
|
|
MITSUBISHI
MOTORS CORPORATION |
|
MITSUBISHI MOTORS CORPORATION |
|
|
|
|
|
Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Tokyo |
Japan |
Auto and Truck Manufacturers |
22,888.4 |
30,777 |
|
|
Facility |
Okazaki, Aichi |
Japan |
Auto and Truck Manufacturers |
|
7,300 |
|
|
Division |
Okazaki, Aichi |
Japan |
Auto and Truck Manufacturers |
|
7,000 |
|
|
Subsidiary |
Phathumthanee |
Thailand |
Auto and Truck Manufacturers |
2,089.5 |
4,000 |
|
|
Facility |
Kawasaki, Kanagawa Nakahara Ku |
Japan |
Aerospace and Defense |
|
4,000 |
|
|
Subsidiary |
Born |
Netherlands |
Auto and Truck Manufacturers |
940.7 |
1,590 |
|
|
Subsidiary |
Cypress, CA |
United States |
Auto and Truck Manufacturers |
|
1,590 |
|
|
Subsidiary |
Cypress, CA |
United States |
Consumer Financial Services |
|
150 |
|
|
Subsidiary |
Swedesboro, NJ |
United States |
Retail (Specialty) |
75.8 |
100 |
|
|
Subsidiary |
Columbus, OH |
United States |
Retail (Specialty) |
65.7 |
100 |
|
|
Subsidiary |
Jacksonville, FL |
United States |
Retail (Specialty) |
30.0 |
52 |
|
|
Branch |
Swedesboro, NJ |
United States |
Auto and Truck Manufacturers |
63.6 |
50 |
|
|
Subsidiary |
Charlotte, NC |
United States |
Retail (Specialty) |
27.5 |
40 |
|
|
Branch |
Lithia Springs, GA |
United States |
Auto and Truck Manufacturers |
41.6 |
35 |
|
|
Subsidiary |
Cincinnati, OH |
United States |
Retail (Specialty) |
22.4 |
34 |
|
|
Branch |
Irving, TX |
United States |
Auto and Truck Manufacturers |
67.5 |
30 |
|
|
Subsidiary |
Vancouver, WA |
United States |
Retail (Specialty) |
23.8 |
30 |
|
|
Branch |
Swedesboro, NJ |
United States |
Auto and Truck Manufacturers |
21.6 |
17 |
|
|
Branch |
Cypress, CA |
United States |
Auto and Truck Manufacturers |
19.5 |
17 |
|
|
Branch |
Arlington, VA |
United States |
Auto and Truck Manufacturers |
19.2 |
17 |
|
|
Branch |
Melbourne, FL |
United States |
Auto and Truck Manufacturers |
17.0 |
17 |
|
|
Branch |
Oxnard, CA |
United States |
Auto and Truck Manufacturers |
19.5 |
1 |
|
|
Branch |
Baltimore, MD |
United States |
Auto and Truck Manufacturers |
1.1 |
1 |
|
|
Subsidiary |
Normal, IL |
United States |
Auto and Truck Manufacturers |
|
1,500 |
|
|
Subsidiary |
Cainta |
Philippines |
Auto and Truck Parts |
590.0 |
1,355 |
|
|
Subsidiary |
Metro Manila |
Philippines |
Auto and Truck Parts |
91.8 |
700 |
|
|
Subsidiary |
Kurashiki, Okayama |
Japan |
Fabricated Plastic and Rubber |
|
700 |
|
|
Subsidiary |
Chonburi |
Thailand |
Auto and Truck Parts |
|
565 |
|
|
Subsidiary |
Moscow |
Russian Federation |
Auto and Truck Manufacturers |
266.0 |
540 |
|
|
Facility |
Shiga |
Japan |
Aerospace and Defense |
|
520 |
|
|
Subsidiary |
Born |
Netherlands |
Auto and Truck Parts |
493.8 |
400 |
|
|
Subsidiary |
Hattersheim |
Germany |
Retail (Specialty) |
838.4 |
131 |
|
|
Subsidiary |
Trebur, Hessen |
Germany |
Auto and Truck Parts |
|
45 |
|
|
Subsidiary |
Saint Ouen l'Âumone |
France |
Auto and Truck Manufacturers |
231.4 |
34 |
|
|
Subsidiary |
Cirencester |
United Kingdom |
Retail (Specialty) |
466.4 |
351 |
|
|
Subsidiary |
Melksham |
United Kingdom |
Retail (Specialty) |
|
|
|
|
Subsidiary |
Cirencester |
United Kingdom |
Retail (Specialty) |
|
|
|
|
Subsidiary |
Clovelly Park, SA |
Australia |
Auto and Truck Manufacturers |
1,545.7 |
300 |
|
|
Subsidiary |
Schiphol |
Netherlands |
Business Services |
|
200 |
|
|
Subsidiary |
Rüsselsheim |
Germany |
Auto and Truck Manufacturers |
798.5 |
130 |
|
|
Subsidiary |
Okazaki, Aichi |
Japan |
Business Services |
6.9 |
109 |
|
|
Subsidiary |
Alcobendas, Madrid |
Spain |
Auto and Truck Manufacturers |
201.8 |
97 |
|
|
Subsidiary |
Alcobendas, Madrid |
Spain |
Business Services |
17.0 |
59 |
|
|
Subsidiary |
Trebur |
Germany |
Auto and Truck Manufacturers |
|
60 |
|
|
Subsidiary |
Lisboa |
Portugal |
Auto and Truck Manufacturers |
85.8 |
56 |
|
|
Univex -
Comércio De Automóveis, Sociedade Unipessoal, LDA |
Subsidiary |
Lisboa, Lisboa |
Portugal |
Retail (Specialty) |
12.5 |
48 |
|
Subsidiary |
Amstelveen |
Netherlands |
Auto and Truck Manufacturers |
166.1 |
52 |
|
|
Subsidiary |
Porirua |
New Zealand |
Auto and Truck Parts |
25.7 |
50 |
|
|
Subsidiary |
Trebur, Hessen |
Germany |
Personal Services |
|
50 |
|
|
Subsidiary |
Okazaki, Aichi |
Japan |
Engineering Consultants |
193.0 |
38 |
|
|
Subsidiary |
Toa Baja |
Puerto Rico |
Auto and Truck Parts |
179.4 |
38 |
|
|
Subsidiary |
Bornem |
Belgium |
Auto and Truck Manufacturers |
174.9 |
36 |
|
|
Subsidiary |
Glostrup |
Denmark |
Auto and Truck Manufacturers |
|
31 |
|
|
Subsidiary |
Jakarta, Timur |
Indonesia |
Business Services |
|
25 |
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Auto and Truck Manufacturers |
452.1 |
|
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Retail (Specialty) |
333.2 |
|
|
|
Subsidiary |
Fukushima, Fukushima |
Japan |
Auto and Truck Manufacturers |
285.3 |
|
|
|
Subsidiary |
Sapporo, Hokkaido |
Japan |
Retail (Specialty) |
169.8 |
|
|
|
Subsidiary |
Kurashiki, Okayama |
Japan |
Auto and Truck Manufacturers |
116.3 |
|
|
|
Subsidiary |
Saitama, Saitama |
Japan |
Recreational Activities |
67.5 |
|
|
|
Subsidiary |
Kyoto, Kyoto |
Japan |
Construction Services |
45.7 |
|
|
|
Branch |
Konan, Aichi |
Japan |
Auto and Truck Manufacturers |
|
|
|
|
Subsidiary |
Gifu |
Japan |
Auto and Truck Parts |
|
|
|
|
Branch |
Beijing, Beijing |
China |
Business Services |
|
|
|
|
Subsidiary |
Born, Limburg |
Netherlands |
Consumer Financial Services |
|
|
|
|
Subsidiary |
Mississauga, ON |
Canada |
Auto and Truck Manufacturers |
|
|
|
|
Branch |
Okazaki, Aichi |
Japan |
Auto and Truck Manufacturers |
|
|
|
|
Subsidiary |
Ann Arbor, MI |
United States |
Business Services |
|
|
|
|
Subsidiary |
Niigata |
Japan |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Kawasaki, Kanagawa |
Japan |
Miscellaneous Transportation |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Business Services |
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Fuji Heavy Industries Ltd. |
Tokyo, Japan |
27,123 |
Public |
|
Honda Motor Co Ltd |
Tokyo, Japan |
187,094 |
Public |
|
ISUZU MOTORS LIMITED |
Tokyo, Japan |
24,656 |
Public |
|
Kia Motors Corporation |
Seoul, Korea, Republic of |
32,690 |
Public |
|
Mazda Motor Corporation |
Aki-Gun, Japan |
37,617 |
Public |
|
Nissan Motor Co., Ltd. |
Yokohama-Shi, Japan |
157,365 |
Public |
|
Renault SA |
Boulogne-Billancourt, France |
128,322 |
Public |
|
SUZUKI MOTOR CORPORATION |
Hamamatsu-Shi, Japan |
54,484 |
Public |
|
TOYOTA MOTOR CORPORATION |
Toyota-Shi, Japan |
325,905 |
Public |
Executive report
|
Board
of Directors |
|
|
|
|
||||||||||
|
Chairman of the Board, Representative
Director |
Chairman |
|
||||||||||
|
|||||||||||||
|
Managing Director, Manager of Production
Supervision |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, Manager of CSR &
Management & Accounting Supervision |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Manager of Quality Supervision, Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Vice President, Manager of 1st Overseas
Sales Supervision, Representative Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Vice President, Manager of Business
Planning & Finance Supervision, Representative Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
President, Representative Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Manager of Development Supervision,
Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, Manager of Domestic
Sales Supervision |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Vice President, Manager of Product
Strategy & Industrialization Supervision, Representative Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
President and Chief Executive Officer |
Chief Executive Officer |
|
|||||||||
|
President, Representative Director |
President |
|
|||||||||
|
||||||||||||
|
Managing Director, Manager of Production
Supervision |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director, Manager of CSR &
Management & Accounting Supervision |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director, Manager of Domestic
Sales Supervision |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Vice President, Manager of Business
Planning & Finance Supervision, Representative Director |
Finance Executive |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Chief Director
of Finance, Manager of Finance Supervision Office |
Finance Executive |
|
|
||||||||
|
Statutory Auditor |
Accounting Executive |
GW |
|
||||||||
|
Statutory Auditor |
Accounting Executive |
GW |
|
||||||||
|
Statutory Auditor |
Accounting Executive |
GW |
|
||||||||
|
Statutory Auditor |
Accounting Executive |
GW |
|
||||||||
|
Statutory Auditor |
Accounting Executive |
GW |
|
||||||||
|
Vice President, Manager of 1st Overseas
Sales Supervision, Representative Director |
Sales Executive |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Chief Director
of Domestic Sales |
Sales Executive |
|
|
||||||||
|
Vice President, Manager of Product
Strategy & Industrialization Supervision, Representative Director |
Product Management Executive |
|
|
||||||||
|
||||||||||||
|
Manager of Quality Supervision, Director |
Quality Executive |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, Chief Director of EV
Business |
Other |
|
|
||||||||
|
Managing Executive Officer, Manager of
Global & After Sales Business Supervision |
Other |
|
|
||||||||
|
Executive Officer, Chief Director of
Administration |
Other |
|
|
||||||||
|
Executive Officer, Chief Director of North
Asia |
Other |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Chief Director of
Business Planning, Manager of Logistic Reform Supervision Office |
Other |
|
|
||||||||
|
Executive Officer, Manager of 2nd Overseas
Sales Supervision |
Other |
|
|
||||||||
|
Executive Officer, Chairman & CEO of
Subsidiary |
Other |
|
|
||||||||
|
Managing Executive Officer, President of
Subsidiary |
Other |
|
|
||||||||
|
Senior Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, Chief Director of North
America |
Other |
|
|
||||||||
|
Managing Executive Officer, Chief Director
of Accouting |
Other |
|
|
||||||||
|
Director of Consolidated Accounting |
Other |
|
|
||||||||
|
Managing Executive Officer, Chief Director
of CSR Promotion |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, Chief Director of
Global Small Project Promotion |
Other |
|
|
||||||||
|
Executive Officer, Chief Director of
Product Strategy |
Other |
|
|
||||||||
|
Executive Officer, Leader of China
Production Project Team in Main Northern Asia Unit |
Other |
|
|
||||||||
|
Executive Officer, Manager of Purchasing
Supervision |
Other |
|
|
||||||||
|
Executive Officer, Chief Director of Asia
& ASEAN, Director of 1st Asia & ASEAN |
Other |
|
|
||||||||
|
Executive Officer, Manager of Mizushima
Manufacturing Center |
Other |
|
|
||||||||
Significant Developments
Mitsubishi Motors Corp Recalls 14,700 Electric Cars Globally Over Brakes-Reuters Jan 24, 2013 reported that Mitsubishi Motors Corp said it would recall about 14,700 electric vehicles (EV) globally due to a brake problem unique to the electric-motor powered cars in one of the biggest callbacks involving the new generation of eco-friendly cars. Mitsubishi Motors said that in Japan it would recall nearly 3,400 i-MiEV electric vehicles, as well as more than 2,400 MINICAB-MiEV vehicles. Overseas, mostly in Europe, it said it was recalling about 8,900 i-MiEV vehicles. Some of those are sold as PSA Peugeot Citroen's iOn and C-Zero, though Mitsubishi declined to say how many.
MITSUBISHI MOTORS CORP to Recall Oil Seal in Light Automobiles Dec 19, 2012
MITSUBISHI MOTORS CORP announced that it has decided to recall crankshaft oil seals in eight kinds of light automobiles (1,216,466 in total) produced by the Company, from December 19, 2012. This is because the oil seal part may show lower retention strength and could slip off and lead to engine oil leakage and halt the engine, when exchanged to a spare oil seal made of different materials. The Company will add a plate that prevents the seal from slipping off, and exchange the seal for a new one in some cases.
MITSUBISHI MOTORS CORP Completes Divestiture of Subsidiary; Expects Extraordinary Loss for Q3 of FY 2013 Dec 17, 2012
MITSUBISHI MOTORS CORP announced that it has completed the selling of 550,950 shares (a 100% stake) of Netherlands Car B.V., to VD Leegte Beheer B.V., at the price of EUR 1, on December 14, 2012. The Company is expecting an extraordinary loss of approximately JPY 25.1 billion due to this development, for the third quarter of fiscal year ending March 2013.
MITSUBISHI MOTORS CORP Amends Consolidated Mid-year Outlook for FY 2013 Oct 24, 2012
MITSUBISHI MOTORS CORP announced that it has lowered the consolidated mid-year outlook for revenue from JPY 920,000 million to JPY 860,000 million, but has raised the consolidated mid-year outlook for operating profit from JPY 30,000 million to JPY 30,800 million, ordinary profit from JPY 26,000 million to JPY 31,600 million, net profit from JPY 20,000 million to JPY 30,100 million and earning per share from JPY 3.61 to JPY 5.41 for the fiscal year ending March 31, 2013. The positive profit outlook is mainly due to reversal of loss in exchange rate.
MITSUBISHI MOTORS CORP, Mitsubishi Corp and Guangzhou Automobile Group Co Ltd Establish China-based Joint Venture Oct 12, 2012
MITSUBISHI MOTORS CORP announced that it has established a joint venture, GAC Mitsubishi Motors Co., LTD., which is engaged in the manufacture and sale of automobiles in Hunan, China, with Mitsubishi Corp and Guangzhou Automobile Group Co Ltd on September 25, 2012. MITSUBISHI MOTORS CORP, Mitsubishi Corp and Guangzhou Automobile Group Co Ltd hold a 33% stake, a 17% stake and a 50% stake in the joint venture, respectively.
MITSUBISHI MOTORS CORP Announces Reorganization of Subsidiaries - Nikkan Jidosha Shimbun Sep 18, 2012
Nikkan Jidosha Shimbun reported that MITSUBISHI MOTORS CORP has decided to transfer the automobile part sale business of a Yokohama-based subsidiary and the Mitsubishi automobile product design and development business of a Tokyo-based subsidiary, Mitsubishi Automotive Accessories & Products Co.,Ltd, to MITSUBISHI MOTORS and other subsidiaries, effective December 1, 2012. After the business transfer, the two wholly owned subsidiaries will be dissolved.
Guangzhou Automobile Group Co Ltd Announces Sale Of 50% Equity Interest In Gac Mitsubishi To Mitsubishi Motors Corporation And Mitsubishi Corporation Sep 05, 2012
Guangzhou Automobile Group Co Ltd announced that the Company, Mitsubishi Motors Corporation and Mitsubishi Corporation officially signed the Equity Transfer Agreement on September 5, 2012, pursuant to which, Mitsubishi Motors Corporation and Mitsubishi Corporation collectively acquired 50% equity interest in GAC Mitsubishi. Upon the completion of such transfer of equity, the Company, Mitsubishi Motors Corporation and Mitsubishi Corporation will hold 50%, 33% and 17% equity interest in GAC Mitsubishi respectively.
MITSUBISHI MOTORS CORP Announces Appeal of Lawsuit Aug 31, 2012
Mitsubishi Motors Corporation announced that it has received the verdict of the lawsuit which MASRIA Co., Ltd filed against the Company on July 3, 2012. MASRIA demanded USD 900 million in damage for selling store contract delay. The court has rejected the plaintiff's claim. MASRIA appealed the lawsuit on July 21, 2012.
R&I Affirms MITSUBISHI MOTORS CORP's Rating at "BB"; Changes Rating Outlook to Positive Aug 27, 2012
Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on MITSUBISHI MOTORS CORP at "BB" and changed the rating outlook from stable to positive.
Mitsubishi Motors Corporation Amends Consolidated Mid-year and Full-year Guidance for FY 2013 Jul 30, 2012
Mitsubishi Motors Corporation announced that it has reaffirmed the consolidated mid-year forecast for revenue of JPY 920,000 million, raised the guidance for operating profit from JPY 22,000 million to JPY 30,000 million, ordinary profit from JPY 18,000 million to JPY 26,000 million, net profit from JPY 9,000 million to JPY 20,000 million and earning per share from JPY 1.63 to JPY 3.61 for the fiscal year ending March 31, 2013. The Company has reaffirmed the consolidated full-year forecast for revenue of JPY 1,980,000 million, raised the guidance for operating profit from JPY 70,000 million to JPY 80,000 million, ordinary profit from JPY 52,000 million to JPY 62,000 million, but lowered the guidance for net profit from JPY 25,000 million to JPY 13,000 million and earning per share from JPY 4.51 to JPY 2.35 for the fiscal year ending March 31, 2013. The Company lowered the consolidated full-year guidance for net profit due to the sale of shares of subsidiary.
Mitsubishi Motors Corporation to Sell Subsidiary to VDL Groep B.V. Jul 11, 2012
Mitsubishi Motors Corporation announced that it has decided to sell all the stake of a subsidiary, Netherlands Car B.V., engaged in manufacturing of automobile and parts, which is 550,950 shares, to VDL Groep B.V., effective in the middle of December 2012. Mitsubishi Motors Corporation and Mitsubishi Motors Europe B.V. currently hold an 85% stake (468,308 shares) and a 15% stake (82,642 shares) in Netherlands Car B.V. respectively.
Peugeot SA (PSA Peugeot Citroen) And Mitsubishi Motors Corporation Announce the Start of Full Scale Production at Their Kaluga Plant in Russia Jul 04, 2012
Peugeot SA (PSA Peugeot Citroen) and Mitsubishi Motors Corporation
announced that they have started full scale production at their Kaluga Plant in
Russia, and the production of the first model of the Peugeot 408, will start in
July 2012. This will be followed by Mitsubishi's all-new Outlander SUV to be
produced from November 2012. Later on the range of models to be assembled at
the plant will be extended with Citroen.
Mitsubishi Motors Corporation Announces Verdict of Lawsuit Jul 04, 2012
Mitsubishi Motors Corporation announced that it has received the verdict
of the lawsuit which MASRIA Co., Ltd filed against the Company on July 3, 2012.
The court has rejected the plaintiff's claim.
Mitsubishi Motors Corporation Amends Consolidated Full-year Forecast for
FY 2012; Expects Extraordinary Loss for FY 2012 Apr 20, 2012
Mitsubishi Motors Corporation announced that it has lowered the consolidated full-year forecast for revenue from JPY 1,820,000 million to JPY 1,807,300 million, but raised the forecast for operating profit from JPY 50,000 million to JPY 63,700 million, ordinary profit from JPY 40,000 million to JPY 60,900 million, net profit from JPY 20,000 million to JPY 23,900 million and earning per share from JPY 3.61 to JPY 4.32 for the fiscal year ended March 31, 2012. The Company lowered the consolidated full-year outlook for revenue due to decreased sales amount, but raised the outlook for operating profit, ordinary profit and net profit due to decreased costs. The Company also expects JPY 12.3 billion extraordinary loss on impairment of production equipment for the fiscal year ended March 31, 2012.
Annual income statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
22,888.4 |
21,338.2 |
15,554.1 |
19,640.6 |
23,465.0 |
|
Revenue |
22,888.4 |
21,338.2 |
15,554.1 |
19,640.6 |
23,465.0 |
|
Total Revenue |
22,888.4 |
21,338.2 |
15,554.1 |
19,640.6 |
23,465.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
18,835.4 |
17,958.4 |
13,036.6 |
16,551.0 |
19,201.2 |
|
Cost of Revenue, Total |
18,835.4 |
17,958.4 |
13,036.6 |
16,551.0 |
19,201.2 |
|
Gross Profit |
4,053.0 |
3,379.8 |
2,517.5 |
3,089.5 |
4,263.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
1,108.2 |
1,007.2 |
775.7 |
1,055.0 |
1,085.9 |
|
Labor & Related Expense |
793.7 |
713.9 |
660.7 |
717.8 |
693.5 |
|
Advertising Expense |
789.2 |
744.5 |
561.8 |
784.0 |
1,109.3 |
|
Total Selling/General/Administrative Expenses |
2,691.1 |
2,465.6 |
1,998.1 |
2,556.8 |
2,888.7 |
|
Research & Development |
443.2 |
322.8 |
241.9 |
356.4 |
302.6 |
|
Depreciation |
112.3 |
121.3 |
127.7 |
137.2 |
122.4 |
|
Depreciation/Amortization |
112.3 |
121.3 |
127.7 |
137.2 |
122.4 |
|
Litigation |
10.8 |
28.3 |
18.9 |
35.0 |
45.1 |
|
Impairment-Assets Held for Use |
232.9 |
46.4 |
15.9 |
308.4 |
208.1 |
|
Impairment-Assets Held for Sale |
- |
- |
- |
0.0 |
4.4 |
|
Other Unusual Expense (Income) |
19.5 |
56.9 |
34.6 |
83.8 |
157.5 |
|
Unusual Expense (Income) |
263.2 |
131.6 |
69.4 |
427.2 |
415.1 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
22,345.1 |
20,999.7 |
15,473.7 |
20,028.7 |
22,930.0 |
|
|
|
|
|
|
|
|
Operating Income |
543.2 |
338.4 |
80.4 |
-388.1 |
535.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-173.6 |
-154.2 |
-144.2 |
-144.8 |
-179.1 |
|
Interest Expense, Net Non-Operating |
-173.6 |
-154.2 |
-144.2 |
-144.8 |
-179.1 |
|
Interest Income -
Non-Operating |
44.4 |
21.2 |
15.3 |
56.7 |
75.3 |
|
Investment Income -
Non-Operating |
118.3 |
178.7 |
156.0 |
-38.4 |
3.4 |
|
Interest/Investment Income - Non-Operating |
162.7 |
199.9 |
171.3 |
18.3 |
78.7 |
|
Interest Income (Expense) - Net Non-Operating Total |
-10.8 |
45.7 |
27.1 |
-126.5 |
-100.3 |
|
Gain (Loss) on Sale of Assets |
8.2 |
3.9 |
34.1 |
5.2 |
-1.1 |
|
Other Non-Operating Income (Expense) |
-13.5 |
-32.9 |
-16.9 |
-25.2 |
-12.2 |
|
Other, Net |
-13.5 |
-32.9 |
-16.9 |
-25.2 |
-12.2 |
|
Income Before Tax |
527.1 |
355.1 |
124.7 |
-534.5 |
421.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
193.0 |
132.3 |
46.2 |
11.1 |
109.3 |
|
Income After Tax |
334.1 |
222.8 |
78.6 |
-545.6 |
312.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-31.0 |
-40.4 |
-27.4 |
-0.5 |
-8.3 |
|
Net Income Before Extraord Items |
303.0 |
182.4 |
51.2 |
-546.1 |
303.7 |
|
Net Income |
303.0 |
182.4 |
51.2 |
-546.1 |
303.7 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
-0.1 |
0.0 |
0.0 |
-0.1 |
|
Total Adjustments to Net Income |
0.0 |
-0.1 |
0.0 |
0.0 |
-0.1 |
|
Income Available to Common Excl Extraord Items |
303.0 |
182.3 |
51.2 |
-546.2 |
303.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
303.0 |
182.3 |
51.2 |
-546.2 |
303.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
5,537.9 |
5,537.9 |
5,537.9 |
5,537.8 |
5,509.3 |
|
Basic EPS Excl Extraord Items |
0.05 |
0.03 |
0.01 |
-0.10 |
0.06 |
|
Basic/Primary EPS Incl Extraord Items |
0.05 |
0.03 |
0.01 |
-0.10 |
0.06 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
303.0 |
182.3 |
51.2 |
-546.2 |
303.7 |
|
Diluted Weighted Average Shares |
9,959.1 |
9,418.5 |
9,418.5 |
5,537.8 |
9,107.7 |
|
Diluted EPS Excl Extraord Items |
0.03 |
0.02 |
0.01 |
-0.10 |
0.03 |
|
Diluted EPS Incl Extraord Items |
0.03 |
0.02 |
0.01 |
-0.10 |
0.03 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
173.6 |
154.2 |
144.2 |
144.8 |
179.1 |
|
Depreciation, Supplemental |
718.6 |
768.6 |
773.1 |
840.0 |
655.0 |
|
Total Special Items |
255.7 |
128.0 |
35.5 |
423.7 |
418.2 |
|
Normalized Income Before Tax |
782.8 |
483.1 |
160.2 |
-110.8 |
839.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
93.4 |
47.6 |
13.1 |
147.7 |
107.9 |
|
Inc Tax Ex Impact of Sp Items |
286.4 |
179.9 |
59.2 |
158.7 |
217.2 |
|
Normalized Income After Tax |
496.4 |
303.2 |
101.0 |
-269.6 |
622.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
465.4 |
262.7 |
73.6 |
-270.2 |
613.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.08 |
0.05 |
0.01 |
-0.05 |
0.11 |
|
Diluted Normalized EPS |
0.05 |
0.03 |
0.01 |
-0.05 |
0.07 |
|
Amort of Acquisition Costs, Supplemental |
0.7 |
0.2 |
0.2 |
1.8 |
1.9 |
|
Advertising Expense, Supplemental |
789.2 |
744.5 |
561.8 |
784.0 |
1,109.3 |
|
Research & Development Exp, Supplemental |
443.2 |
322.8 |
241.9 |
356.4 |
302.6 |
|
Reported Operating Profit |
806.4 |
470.0 |
149.8 |
39.1 |
950.1 |
|
Reported Ordinary Profit |
771.3 |
454.5 |
139.7 |
-148.5 |
750.0 |
|
Normalized EBIT |
806.4 |
470.0 |
149.8 |
39.1 |
950.1 |
|
Normalized EBITDA |
1,525.7 |
1,238.9 |
923.1 |
880.9 |
1,607.1 |
|
Current Tax - Total |
168.5 |
- |
- |
- |
- |
|
Current Tax - Total |
168.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
24.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
24.5 |
- |
- |
- |
- |
|
Income Tax - Total |
193.0 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
52.9 |
50.3 |
47.0 |
47.7 |
41.3 |
|
Service Cost - Domestic |
99.0 |
95.8 |
84.0 |
86.3 |
81.1 |
|
Prior Service Cost - Domestic |
-22.4 |
-0.9 |
-6.4 |
2.6 |
6.1 |
|
Expected Return on Assets - Domestic |
-41.8 |
-37.8 |
-30.6 |
-36.2 |
-35.7 |
|
Actuarial Gains and Losses - Domestic |
52.4 |
40.4 |
52.1 |
30.9 |
20.4 |
|
Other Pension, Net - Domestic |
- |
- |
0.0 |
1.0 |
16.4 |
|
Domestic Pension Plan Expense |
140.1 |
147.8 |
146.1 |
132.2 |
129.6 |
|
Total Pension Expense |
140.1 |
147.8 |
146.1 |
132.2 |
129.6 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Discount Rate - Foreign |
3.50% |
4.60% |
4.70% |
3.70% |
5.10% |
|
Expected Rate of Return - Domestic |
0.70% |
0.70% |
0.70% |
0.80% |
0.80% |
|
Expected Rate of Return - Foreign |
5.00% |
5.00% |
5.00% |
4.90% |
4.90% |
|
Total Plan Interest Cost |
52.9 |
50.3 |
47.0 |
47.7 |
41.3 |
|
Total Plan Service Cost |
99.0 |
95.8 |
84.0 |
86.3 |
81.1 |
|
Total Plan Expected Return |
-41.8 |
-37.8 |
-30.6 |
-36.2 |
-35.7 |
|
Total Plan Other Expense |
- |
- |
0.0 |
1.0 |
16.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
3,782.6 |
3,826.0 |
2,828.8 |
1,699.3 |
3,575.6 |
|
Short Term Investments |
- |
- |
- |
0.0 |
57.8 |
|
Cash and Short Term Investments |
3,782.6 |
3,826.0 |
2,828.8 |
1,699.3 |
3,633.4 |
|
Accounts Receivable -
Trade, Gross |
1,774.4 |
1,380.7 |
1,299.1 |
907.2 |
1,748.9 |
|
Provision for Doubtful
Accounts |
-88.2 |
-123.2 |
-111.8 |
-76.2 |
-109.5 |
|
Trade Accounts Receivable - Net |
1,686.2 |
1,257.5 |
1,187.3 |
831.0 |
1,639.4 |
|
Notes Receivable - Short Term |
324.2 |
307.6 |
236.9 |
309.8 |
147.9 |
|
Other Receivables |
109.1 |
84.7 |
2.7 |
6.2 |
1.1 |
|
Total Receivables, Net |
2,119.6 |
1,649.8 |
1,426.9 |
1,146.9 |
1,788.5 |
|
Inventories - Finished Goods |
1,441.9 |
1,537.8 |
1,232.5 |
1,120.4 |
1,758.2 |
|
Inventories - Work In Progress |
243.8 |
293.3 |
276.6 |
194.1 |
734.0 |
|
Inventories - Raw Materials |
589.7 |
452.8 |
458.6 |
600.3 |
518.3 |
|
Total Inventory |
2,275.4 |
2,283.9 |
1,967.8 |
1,914.7 |
3,010.4 |
|
Deferred Income Tax - Current Asset |
23.8 |
38.8 |
21.5 |
14.2 |
10.4 |
|
Other Current Assets |
1,013.5 |
1,088.8 |
958.3 |
701.6 |
1,243.6 |
|
Other Current Assets, Total |
1,037.3 |
1,127.6 |
979.8 |
715.8 |
1,254.1 |
|
Total Current Assets |
9,214.9 |
8,887.3 |
7,203.3 |
5,476.8 |
9,686.3 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
4,572.9 |
4,627.9 |
4,368.9 |
4,454.1 |
4,555.7 |
|
Goodwill, Net |
- |
- |
0.8 |
1.0 |
2.5 |
|
Intangibles, Net |
141.6 |
143.1 |
132.2 |
165.4 |
317.2 |
|
LT Investment - Affiliate Companies |
626.0 |
649.6 |
582.4 |
- |
- |
|
LT Investments - Other |
409.2 |
407.1 |
259.4 |
553.3 |
763.5 |
|
Long Term Investments |
1,035.2 |
1,056.7 |
841.8 |
553.3 |
763.5 |
|
Note Receivable - Long Term |
713.5 |
713.7 |
555.9 |
335.6 |
274.5 |
|
Deferred Income Tax - Long Term Asset |
107.9 |
110.9 |
64.9 |
83.1 |
98.9 |
|
Other Long Term Assets |
252.1 |
296.7 |
302.4 |
452.4 |
470.5 |
|
Other Long Term Assets, Total |
360.0 |
407.6 |
367.3 |
535.5 |
569.3 |
|
Total Assets |
16,038.1 |
15,836.2 |
13,470.2 |
11,521.7 |
16,169.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
3,852.1 |
3,361.4 |
2,836.3 |
1,575.4 |
4,257.1 |
|
Payable/Accrued |
1,204.3 |
1,172.3 |
1,082.9 |
1,160.0 |
1,793.4 |
|
Notes Payable/Short Term Debt |
1,059.8 |
1,514.2 |
1,346.9 |
1,818.7 |
2,206.2 |
|
Current Portion - Long Term Debt/Capital Leases |
1,257.5 |
1,203.2 |
2,152.5 |
773.7 |
770.6 |
|
Income Taxes Payable |
106.7 |
108.8 |
32.8 |
50.6 |
81.5 |
|
Deferred Income Tax - Current Liability |
2.9 |
0.1 |
0.0 |
0.0 |
32.3 |
|
Other Current Liabilities |
1,055.3 |
1,092.9 |
824.2 |
899.7 |
1,216.0 |
|
Other Current liabilities, Total |
1,164.9 |
1,201.8 |
857.0 |
950.3 |
1,329.9 |
|
Total Current Liabilities |
8,538.6 |
8,452.9 |
8,275.6 |
6,278.1 |
10,357.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,959.0 |
2,147.6 |
783.1 |
1,060.8 |
578.8 |
|
Capital Lease Obligations |
84.7 |
97.6 |
117.1 |
133.6 |
0.0 |
|
Total Long Term Debt |
2,043.7 |
2,245.2 |
900.2 |
1,194.5 |
578.8 |
|
Total Debt |
4,360.9 |
4,962.6 |
4,399.5 |
3,786.8 |
3,555.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
327.4 |
333.6 |
222.1 |
187.8 |
281.0 |
|
Deferred Income Tax |
327.4 |
333.6 |
222.1 |
187.8 |
281.0 |
|
Minority Interest |
104.7 |
112.4 |
110.2 |
96.9 |
113.7 |
|
Pension Benefits - Underfunded |
1,329.3 |
1,301.1 |
1,148.1 |
1,085.8 |
1,047.2 |
|
Other Long Term Liabilities |
575.0 |
510.0 |
414.9 |
517.6 |
608.4 |
|
Other Liabilities, Total |
1,904.3 |
1,811.0 |
1,563.0 |
1,603.4 |
1,655.6 |
|
Total Liabilities |
12,918.7 |
12,955.2 |
11,071.0 |
9,360.6 |
12,986.3 |
|
|
|
|
|
|
|
|
Convertible Preferred Stock - Non Redeemable |
5,311.6 |
5,279.9 |
4,683.2 |
4,430.4 |
4,396.4 |
|
Preferred Stock - Non Redeemable, Net |
5,311.6 |
5,279.9 |
4,683.2 |
4,430.4 |
4,396.4 |
|
Common Stock |
5,323.3 |
5,291.5 |
4,693.5 |
4,440.1 |
4,406.0 |
|
Common Stock |
5,323.3 |
5,291.5 |
4,693.5 |
4,440.1 |
4,406.0 |
|
Additional Paid-In Capital |
2,596.0 |
2,580.5 |
2,288.8 |
2,165.3 |
2,148.6 |
|
Retained Earnings (Accumulated Deficit) |
-8,812.6 |
-9,051.6 |
-8,197.6 |
-7,803.5 |
-7,057.1 |
|
Treasury Stock - Common |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Unrealized Gain (Loss) |
164.6 |
163.1 |
57.8 |
20.0 |
139.0 |
|
Translation Adjustment |
-1,463.1 |
-1,382.1 |
-1,126.2 |
-1,091.1 |
-849.8 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-1,463.2 |
-1,382.1 |
-1,126.2 |
-1,091.1 |
-849.8 |
|
Total Equity |
3,119.4 |
2,881.0 |
2,399.3 |
2,161.1 |
3,182.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
16,038.1 |
15,836.2 |
13,470.3 |
11,521.7 |
16,169.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
5,537.9 |
5,537.9 |
5,537.9 |
5,537.8 |
5,537.8 |
|
Total Common Shares Outstanding |
5,537.9 |
5,537.9 |
5,537.9 |
5,537.8 |
5,537.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Shares Outstanding - Preferred Stock Issue 2 |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Preferred Stock Outstanding |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Treasury Shares - Preferred Issue 2 |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
30,777 |
30,709 |
31,003 |
31,905 |
33,202 |
|
Number of Common Shareholders |
369,866 |
390,179 |
411,513 |
418,409 |
427,293 |
|
Total Long Term Debt, Supplemental |
3,435.4 |
3,475.5 |
2,856.3 |
1,759.3 |
1,349.4 |
|
Long Term Debt Maturing within 1 Year |
1,476.4 |
1,327.8 |
2,073.2 |
698.5 |
770.6 |
|
Long Term Debt Maturing in Year 2 |
1,458.5 |
702.6 |
567.0 |
661.6 |
550.2 |
|
Long Term Debt Maturing in Year 3 |
291.0 |
1,221.5 |
112.8 |
395.0 |
20.9 |
|
Long Term Debt Maturing in Year 4 |
174.8 |
116.2 |
55.9 |
3.1 |
3.8 |
|
Long Term Debt Maturing in Year 5 |
32.2 |
102.5 |
36.5 |
0.8 |
2.8 |
|
Long Term Debt Maturing in 2-3 Years |
1,749.4 |
1,924.1 |
679.8 |
1,056.6 |
571.1 |
|
Long Term Debt Maturing in 4-5 Years |
207.0 |
218.7 |
92.4 |
3.9 |
6.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
2.5 |
4.8 |
10.9 |
0.4 |
1.1 |
|
Total Capital Leases, Supplemental |
135.9 |
161.1 |
196.3 |
208.8 |
- |
|
Capital Lease Payments Due in Year 1 |
51.2 |
63.5 |
79.2 |
75.2 |
- |
|
Capital Lease Payments Due in Year 2 |
40.7 |
39.7 |
42.7 |
61.5 |
- |
|
Capital Lease Payments Due in Year 3 |
22.8 |
32.0 |
32.4 |
29.2 |
- |
|
Capital Lease Payments Due in Year 4 |
15.7 |
13.9 |
24.9 |
19.6 |
- |
|
Capital Lease Payments Due in Year 5 |
4.2 |
7.3 |
9.0 |
11.6 |
- |
|
Capital Lease Payments Due in 2-3 Years |
63.4 |
71.7 |
75.1 |
90.7 |
- |
|
Capital Lease Payments Due in 4-5 Years |
19.9 |
21.3 |
33.9 |
31.1 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
1.4 |
4.6 |
8.1 |
11.8 |
- |
|
Pension Obligation - Domestic |
2,130.9 |
2,080.9 |
1,837.2 |
1,803.5 |
1,850.4 |
|
Plan Assets - Domestic |
752.1 |
719.2 |
616.7 |
481.6 |
674.4 |
|
Funded Status - Domestic |
-1,378.7 |
-1,361.8 |
-1,220.5 |
-1,321.9 |
-1,176.1 |
|
Total Funded Status |
-1,378.7 |
-1,361.8 |
-1,220.5 |
-1,321.9 |
-1,176.1 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Discount Rate - Foreign |
3.50% |
4.60% |
4.70% |
3.70% |
5.10% |
|
Expected Rate of Return - Domestic |
0.70% |
0.70% |
0.70% |
0.80% |
0.80% |
|
Expected Rate of Return - Foreign |
5.00% |
5.00% |
5.00% |
4.90% |
4.90% |
|
Prepaid Benefits - Domestic |
107.9 |
92.0 |
74.9 |
60.7 |
69.0 |
|
Accrued Liabilities - Domestic |
-1,318.2 |
-1,290.1 |
-1,138.2 |
-1,076.3 |
-1,037.8 |
|
Other Assets, Net - Domestic |
168.4 |
163.7 |
157.2 |
306.2 |
207.3 |
|
Net Assets Recognized on Balance Sheet |
-1,041.9 |
-1,034.4 |
-906.2 |
-709.4 |
-761.5 |
|
Total Plan Obligations |
2,130.9 |
2,080.9 |
1,837.2 |
1,803.5 |
1,850.4 |
|
Total Plan Assets |
752.1 |
719.2 |
616.7 |
481.6 |
674.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
527.1 |
355.0 |
124.7 |
-534.6 |
421.3 |
|
Depreciation |
718.6 |
768.6 |
773.1 |
840.0 |
655.0 |
|
Depreciation/Depletion |
718.6 |
768.6 |
773.1 |
840.0 |
655.0 |
|
Amortization of Acquisition Costs |
0.7 |
0.2 |
0.2 |
1.8 |
1.9 |
|
Amortization |
0.7 |
0.2 |
0.2 |
1.8 |
1.9 |
|
Unusual Items |
229.8 |
78.1 |
5.7 |
391.0 |
261.2 |
|
Equity in Net Earnings (Loss) |
-75.1 |
-69.0 |
-48.9 |
-3.7 |
-38.9 |
|
Other Non-Cash Items |
105.6 |
163.5 |
150.2 |
79.4 |
-24.3 |
|
Non-Cash Items |
260.3 |
172.6 |
107.0 |
466.8 |
197.9 |
|
Accounts Receivable |
-462.1 |
2.2 |
-301.0 |
628.4 |
46.8 |
|
Inventories |
-60.2 |
-72.0 |
130.3 |
568.0 |
463.3 |
|
Other Assets |
-31.3 |
-226.2 |
-167.8 |
-162.9 |
274.4 |
|
Accounts Payable |
540.8 |
222.2 |
1,157.3 |
-2,279.3 |
-211.0 |
|
Other Liabilities |
- |
- |
- |
- |
0.0 |
|
Other Operating Cash Flow |
18.1 |
-11.3 |
-740.1 |
-450.4 |
-202.5 |
|
Changes in Working Capital |
5.3 |
-85.0 |
78.7 |
-1,696.2 |
371.1 |
|
Cash from Operating Activities |
1,512.0 |
1,211.4 |
1,083.7 |
-922.3 |
1,647.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-917.6 |
-621.6 |
-476.4 |
-907.8 |
-757.8 |
|
Capital Expenditures |
-917.6 |
-621.6 |
-476.4 |
-907.8 |
-757.8 |
|
Sale of Fixed Assets |
106.4 |
115.2 |
150.0 |
166.1 |
249.8 |
|
Sale/Maturity of Investment |
0.3 |
0.0 |
2.8 |
4.4 |
23.1 |
|
Investment, Net |
-0.1 |
5.8 |
132.0 |
-136.5 |
48.3 |
|
Purchase of Investments |
0.0 |
0.0 |
0.0 |
-5.6 |
-11.8 |
|
Other Investing Cash Flow |
-63.8 |
-113.1 |
-48.6 |
-63.8 |
20.9 |
|
Other Investing Cash Flow Items, Total |
42.8 |
7.8 |
236.2 |
-35.5 |
330.3 |
|
Cash from Investing Activities |
-874.7 |
-613.7 |
-240.2 |
-943.3 |
-427.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-93.1 |
-114.2 |
-95.9 |
-84.8 |
-8.8 |
|
Financing Cash Flow Items |
-93.1 |
-114.2 |
-95.9 |
-84.8 |
-8.8 |
|
Short Term Debt, Net |
-434.7 |
30.1 |
-561.2 |
-280.0 |
4.4 |
|
Long Term Debt Issued |
1,061.0 |
2,412.0 |
1,848.5 |
1,138.8 |
39.7 |
|
Long Term Debt
Reduction |
-1,199.1 |
-2,269.1 |
-859.1 |
-823.6 |
-1,195.4 |
|
Long Term Debt, Net |
-138.1 |
142.9 |
989.4 |
315.3 |
-1,155.6 |
|
Issuance (Retirement) of Debt, Net |
-572.7 |
173.0 |
428.2 |
35.3 |
-1,151.2 |
|
Cash from Financing Activities |
-665.9 |
58.8 |
332.3 |
-49.6 |
-1,160.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-40.6 |
-39.5 |
-6.3 |
-137.3 |
-89.1 |
|
Net Change in Cash |
-69.3 |
617.0 |
1,169.4 |
-2,052.4 |
-29.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
4,007.8 |
3,076.0 |
1,665.2 |
3,591.6 |
3,186.9 |
|
Net Cash - Ending Balance |
3,938.6 |
3,693.1 |
2,834.6 |
1,539.2 |
3,157.4 |
|
Cash Interest Paid |
176.9 |
154.0 |
146.3 |
144.6 |
192.1 |
|
Cash Taxes Paid |
171.4 |
94.3 |
53.9 |
66.9 |
81.4 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
22,888.4 |
21,338.2 |
15,554.1 |
19,640.6 |
23,465.0 |
|
Total Revenue |
22,888.4 |
21,338.2 |
15,554.1 |
19,640.6 |
23,465.0 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Cost of finished goods sold |
18,835.4 |
17,958.4 |
13,036.6 |
16,551.0 |
19,201.2 |
|
Reversal-Installment |
- |
- |
- |
0.0 |
0.0 |
|
Promotional Expenses |
- |
- |
- |
- |
1,109.3 |
|
Advertising& Promotional Expenses |
789.2 |
744.5 |
561.8 |
784.0 |
- |
|
Other Selling/General/Admin. Expense |
0.0 |
- |
- |
- |
- |
|
Transportation Exp. |
559.9 |
500.8 |
263.7 |
443.2 |
389.4 |
|
Doubt Debt Allow |
-20.5 |
0.0 |
7.0 |
0.0 |
0.0 |
|
Directors'' compensations, salaries and |
743.8 |
660.2 |
610.7 |
666.6 |
650.0 |
|
Accrued Retirement Allow. |
49.9 |
53.7 |
50.0 |
51.2 |
43.5 |
|
Depreciaiton |
112.3 |
121.3 |
127.7 |
137.2 |
122.4 |
|
Research & Develop |
443.2 |
322.8 |
241.9 |
356.4 |
302.6 |
|
Other SGA |
568.7 |
506.4 |
505.0 |
611.9 |
696.5 |
|
SP Rev. closure of sub. fee in Australia |
- |
- |
0.0 |
-18.9 |
0.0 |
|
SP Moving income |
- |
- |
0.0 |
-5.6 |
0.0 |
|
SP Reversal G on allow.doubt.accounts |
- |
-7.6 |
0.0 |
-4.6 |
-19.7 |
|
SP Other Special Gains |
-0.5 |
-2.9 |
-5.8 |
-8.4 |
-13.6 |
|
SP Fixed Asset Retired |
26.0 |
11.7 |
13.6 |
34.8 |
21.6 |
|
SP Impairment Loss |
206.9 |
34.7 |
2.3 |
273.6 |
186.5 |
|
SP Early Retirement |
- |
0.2 |
12.6 |
87.9 |
6.4 |
|
SP Environment improvement expenses |
0.1 |
0.1 |
21.0 |
0.0 |
- |
|
SP L on adj. for change of acct. asset |
- |
35.4 |
0.0 |
- |
- |
|
SP Loss on disaster |
19.3 |
27.6 |
0.0 |
- |
- |
|
SP Reval.-Inv. Security |
- |
- |
- |
0.0 |
4.4 |
|
SP Factory closure loss in Australia |
- |
- |
- |
0.0 |
128.1 |
|
SP Other Special Loss |
0.6 |
4.2 |
6.9 |
33.3 |
56.3 |
|
NOP Litigation |
10.8 |
28.3 |
18.9 |
35.0 |
45.1 |
|
Total Operating Expense |
22,345.1 |
20,999.7 |
15,473.7 |
20,028.7 |
22,930.0 |
|
|
|
|
|
|
|
|
NOP Interest Income |
44.4 |
21.2 |
15.3 |
56.7 |
75.3 |
|
Gain on sales of subsidiaries and affili |
5.1 |
- |
- |
- |
- |
|
NOP Dividend Income |
12.6 |
7.0 |
7.4 |
7.8 |
9.0 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Exchange Gain |
30.6 |
102.7 |
98.2 |
0.0 |
- |
|
NOP Equity in Affiliate |
75.1 |
69.0 |
48.9 |
3.7 |
38.9 |
|
NOP Other Income |
7.0 |
9.4 |
13.3 |
7.5 |
10.2 |
|
NOP Interest Expenses |
-173.6 |
-154.2 |
-144.2 |
-144.8 |
-179.1 |
|
NOP Exchange Loss |
- |
- |
0.0 |
-50.8 |
-86.8 |
|
NOP Other Expenses |
-20.5 |
-42.2 |
-30.2 |
-32.7 |
-22.4 |
|
SP Gain-Fix Asset Sold |
6.2 |
5.2 |
21.6 |
6.4 |
7.2 |
|
SP Gain-Inv Sec Sold |
- |
0.0 |
1.5 |
0.9 |
1.7 |
|
SP Rev. G on liquidation of affiliates |
- |
0.0 |
12.6 |
0.0 |
- |
|
SP Liquidaiton investment fund |
- |
- |
- |
0.0 |
40.7 |
|
SP G on sales of subsidiaries and affili |
- |
0.0 |
- |
- |
- |
|
SP Loss-Fix Asset Sold |
-3.1 |
-1.3 |
-0.1 |
-1.1 |
-8.4 |
|
Net Income Before Taxes |
527.1 |
355.1 |
124.7 |
-534.5 |
421.3 |
|
|
|
|
|
|
|
|
Total income taxes |
193.0 |
132.3 |
46.2 |
11.1 |
109.3 |
|
Net Income After Taxes |
334.1 |
222.8 |
78.6 |
-545.6 |
312.1 |
|
|
|
|
|
|
|
|
Minority interests in income |
-31.0 |
-40.4 |
-27.4 |
-0.5 |
-8.3 |
|
Net Income Before Extra. Items |
303.0 |
182.4 |
51.2 |
-546.1 |
303.7 |
|
Net Income |
303.0 |
182.4 |
51.2 |
-546.1 |
303.7 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Rounding Adjustment |
- |
-0.1 |
0.0 |
0.0 |
-0.1 |
|
Income Available to Com Excl ExtraOrd |
303.0 |
182.3 |
51.2 |
-546.2 |
303.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
303.0 |
182.3 |
51.2 |
-546.2 |
303.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
5,537.9 |
5,537.9 |
5,537.9 |
5,537.8 |
5,509.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.05 |
0.03 |
0.01 |
-0.10 |
0.06 |
|
Basic EPS Including ExtraOrdinary Item |
0.05 |
0.03 |
0.01 |
-0.10 |
0.06 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
303.0 |
182.3 |
51.2 |
-546.2 |
303.7 |
|
Diluted Weighted Average Shares |
9,959.1 |
9,418.5 |
9,418.5 |
5,537.8 |
9,107.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.03 |
0.02 |
0.01 |
-0.10 |
0.03 |
|
Diluted EPS Including ExtraOrd Items |
0.03 |
0.02 |
0.01 |
-0.10 |
0.03 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
782.8 |
483.1 |
160.2 |
-110.8 |
839.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
286.4 |
179.9 |
59.2 |
158.7 |
217.2 |
|
Normalized Income After Taxes |
496.4 |
303.2 |
101.0 |
-269.6 |
622.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
465.4 |
262.7 |
73.6 |
-270.2 |
613.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.08 |
0.05 |
0.01 |
-0.05 |
0.11 |
|
Diluted Normalized EPS |
0.05 |
0.03 |
0.01 |
-0.05 |
0.07 |
|
Research & Development Exp. |
443.2 |
322.8 |
241.9 |
356.4 |
302.6 |
|
Promotional Expense |
- |
- |
- |
- |
1,109.3 |
|
Advertising& Promotional Expenses |
789.2 |
744.5 |
561.8 |
784.0 |
- |
|
Interest Expense |
173.6 |
154.2 |
144.2 |
144.8 |
179.1 |
|
Amortization of Goodwill - footnote |
0.7 |
- |
- |
- |
- |
|
Amort of goodwill |
- |
0.2 |
0.2 |
1.8 |
1.9 |
|
Dep. of Tangible Assets-Current Portion |
718.6 |
- |
- |
- |
- |
|
Depreciation |
- |
768.6 |
773.1 |
840.0 |
655.0 |
|
Income taxes-current |
168.5 |
- |
- |
- |
- |
|
Current Tax - Total |
168.5 |
- |
- |
- |
- |
|
Income taxes-deferred |
24.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
24.5 |
- |
- |
- |
- |
|
Income Tax - Total |
193.0 |
- |
- |
- |
- |
|
Reported operating profit |
806.4 |
470.0 |
149.8 |
39.1 |
950.1 |
|
Reported ordinary profit |
771.3 |
454.5 |
139.7 |
-148.5 |
750.0 |
|
Service cost |
99.0 |
95.8 |
84.0 |
86.3 |
81.1 |
|
Interest cost |
52.9 |
50.3 |
47.0 |
47.7 |
41.3 |
|
Expected return on plan asset |
-41.8 |
-37.8 |
-30.6 |
-36.2 |
-35.7 |
|
Actuarial G/L |
52.4 |
40.4 |
52.1 |
30.9 |
20.4 |
|
Prior service cost |
-22.4 |
-0.9 |
-6.4 |
2.6 |
6.1 |
|
Other |
- |
- |
0.0 |
1.0 |
16.4 |
|
Domestic Pension Plan Expense |
140.1 |
147.8 |
146.1 |
132.2 |
129.6 |
|
Total Pension Expense |
140.1 |
147.8 |
146.1 |
132.2 |
129.6 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.50% |
- |
- |
- |
- |
|
Discount rate (domestic) |
- |
1.50% |
1.50% |
1.50% |
1.50% |
|
Discount Rate(MIN)-Retirement Cost(Forei |
3.50% |
- |
- |
- |
- |
|
Discount rate (foreign) |
- |
4.60% |
4.70% |
3.70% |
5.10% |
|
Expected return on assets(MIN)-Retiremen |
0.70% |
- |
- |
- |
- |
|
Plan asset exp rate of return (domestic) |
- |
0.70% |
0.70% |
0.80% |
0.80% |
|
Expected Return on Assets(MIN)-Retiremen |
5.00% |
- |
- |
- |
- |
|
Plan asset exp rate of return (foreign) |
- |
5.00% |
5.00% |
4.90% |
4.90% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
3,782.6 |
3,826.0 |
2,828.8 |
1,699.3 |
3,575.6 |
|
Notes and accounts receivable-trade |
1,774.4 |
1,380.7 |
1,299.1 |
907.2 |
1,748.9 |
|
Finance receivables |
324.2 |
307.6 |
236.9 |
309.8 |
147.9 |
|
Securities |
- |
- |
- |
0.0 |
57.8 |
|
Inventories - merchandise&finished good |
1,441.9 |
1,537.8 |
1,232.5 |
1,120.4 |
1,758.2 |
|
Inventories - work-in-process |
243.8 |
293.3 |
276.6 |
194.1 |
734.0 |
|
Raw materials&supplies |
589.7 |
452.8 |
458.6 |
600.3 |
518.3 |
|
Short-term loans receivable |
109.1 |
84.7 |
2.7 |
6.2 |
1.1 |
|
Defer Tax Asset |
23.8 |
38.8 |
21.5 |
14.2 |
10.4 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Current |
1,013.5 |
1,088.8 |
958.3 |
701.6 |
1,243.6 |
|
Doubt Debt Allow |
-88.2 |
-123.2 |
-111.8 |
-76.2 |
-109.5 |
|
Total Current Assets |
9,214.9 |
8,887.3 |
7,203.3 |
5,476.8 |
9,686.3 |
|
|
|
|
|
|
|
|
Other Total PPE |
0.0 |
- |
- |
- |
- |
|
Buildings and structures, net |
941.7 |
1,031.1 |
920.6 |
1,000.9 |
1,071.8 |
|
Machinery, equipment and vehicles, net |
1,373.0 |
1,539.3 |
1,490.4 |
1,657.3 |
1,806.3 |
|
Tools, furniture and fixtures, net |
557.8 |
740.9 |
847.1 |
726.7 |
563.3 |
|
Land |
1,203.8 |
1,220.6 |
1,022.8 |
977.0 |
993.5 |
|
Constr in Progr |
496.6 |
96.0 |
88.1 |
92.4 |
120.8 |
|
Other PPE |
- |
- |
- |
0.0 |
0.0 |
|
Goodwill |
- |
- |
0.8 |
1.0 |
2.5 |
|
Other Intangible |
- |
- |
132.2 |
165.4 |
317.2 |
|
Total intangible assets |
141.6 |
143.1 |
- |
- |
- |
|
Long-term finance receivables |
654.5 |
645.3 |
483.7 |
243.0 |
56.1 |
|
Other LT inv. |
409.2 |
- |
- |
- |
- |
|
Inv Securities |
- |
407.1 |
259.4 |
553.3 |
763.5 |
|
Invt Secs Noncons, Asc, Affd Cos |
470.5 |
- |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
155.5 |
- |
- |
- |
- |
|
Equity secs.-nonconsol affil.&sub. |
- |
474.1 |
434.3 |
- |
- |
|
Long-term loans receivable |
58.9 |
68.4 |
72.2 |
92.6 |
112.5 |
|
Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Long Term Assets |
379.0 |
- |
- |
- |
- |
|
Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
LT Retained Rcvb |
- |
- |
- |
0.0 |
106.0 |
|
Deferred tax assets |
107.9 |
110.9 |
64.9 |
83.1 |
98.9 |
|
Other Asset |
- |
432.1 |
432.3 |
577.2 |
616.6 |
|
Inv't partnership-nonconsol.affil.&subs |
- |
175.5 |
148.1 |
- |
- |
|
Doubt Debt Allow |
-127.0 |
-135.4 |
-129.9 |
-124.8 |
-146.2 |
|
Adjustment |
- |
- |
- |
- |
0.0 |
|
Total Assets |
16,038.1 |
15,836.2 |
13,470.2 |
11,521.7 |
16,169.2 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
3,852.1 |
3,361.4 |
2,836.3 |
1,575.4 |
4,257.1 |
|
Short-term loans payable |
1,059.8 |
1,514.2 |
1,346.9 |
1,818.7 |
2,206.2 |
|
Current portion of long-term loans payab |
1,206.3 |
1,139.6 |
2,071.1 |
439.3 |
526.9 |
|
Curr Bond |
- |
0.0 |
2.1 |
259.2 |
243.7 |
|
Lease liab. |
51.2 |
63.5 |
79.2 |
75.2 |
0.0 |
|
Rounding adjustment Liability |
0.1 |
- |
- |
- |
- |
|
Accounts payable-other and accrued expen |
1,204.3 |
1,172.3 |
1,082.9 |
1,160.0 |
1,793.4 |
|
Income Tax Pybl. |
106.7 |
108.8 |
32.8 |
50.6 |
81.5 |
|
Deferred tax liabilities |
2.9 |
0.1 |
0.0 |
0.0 |
32.3 |
|
Product Guaranty |
300.5 |
340.4 |
281.8 |
360.0 |
505.6 |
|
Other Current |
754.8 |
752.5 |
542.4 |
539.7 |
710.5 |
|
Total Current Liabilities |
8,538.6 |
8,452.9 |
8,275.6 |
6,278.1 |
10,357.3 |
|
|
|
|
|
|
|
|
Corporate Debt |
- |
- |
0.0 |
2.0 |
259.2 |
|
Long-term loans payable |
1,959.0 |
2,147.6 |
783.1 |
1,058.8 |
319.5 |
|
Lease liab. |
84.7 |
97.6 |
117.1 |
133.6 |
0.0 |
|
Total Long Term Debt |
2,043.7 |
2,245.2 |
900.2 |
1,194.5 |
578.8 |
|
|
|
|
|
|
|
|
Defer Tax Liab |
327.4 |
333.6 |
222.1 |
187.8 |
281.0 |
|
Accrued Retirem. |
1,318.2 |
1,290.1 |
1,138.2 |
1,076.3 |
1,037.8 |
|
Provision for directors'' retirement ben |
11.1 |
11.0 |
9.9 |
9.4 |
9.4 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Other LT Liab |
575.0 |
510.0 |
414.9 |
517.6 |
608.4 |
|
Minority Int. |
104.7 |
112.4 |
110.2 |
96.9 |
113.7 |
|
Total Liabilities |
12,918.7 |
12,955.2 |
11,071.0 |
9,360.6 |
12,986.3 |
|
|
|
|
|
|
|
|
Common Stock |
5,323.3 |
5,291.5 |
4,693.5 |
4,440.1 |
4,406.0 |
|
Preferred Stock |
5,311.6 |
5,279.9 |
4,683.2 |
4,430.4 |
4,396.4 |
|
Total capital surpluses |
2,596.0 |
2,580.5 |
2,288.8 |
2,165.3 |
2,148.6 |
|
Total retained earnings |
-8,812.6 |
-9,051.6 |
-8,197.6 |
-7,803.5 |
-7,057.1 |
|
Valuation difference on available-for-sa |
137.5 |
126.3 |
58.8 |
12.0 |
107.3 |
|
Deferred hedge |
27.1 |
36.9 |
-1.0 |
8.0 |
31.7 |
|
Currency Adjustm |
-1,463.1 |
-1,382.1 |
-1,126.2 |
-1,091.1 |
-849.8 |
|
Treasury Stock |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Total Equity |
3,119.4 |
2,881.0 |
2,399.3 |
2,161.1 |
3,182.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
16,038.1 |
15,836.2 |
13,470.3 |
11,521.7 |
16,169.2 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
5,537.9 |
5,537.9 |
5,537.9 |
5,537.8 |
5,537.8 |
|
Total Common Shares Outstanding |
5,537.9 |
5,537.9 |
5,537.9 |
5,537.8 |
5,537.8 |
|
T/S-Common Stock |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
S/O-Preferred Stock B-total |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Preferred Shares Outstanding |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
T/S-Preferred Stock B-total |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Full-Time Employees |
30,777 |
30,709 |
31,003 |
31,905 |
33,202 |
|
Total Number of Shareholders |
369,866 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
390,179 |
411,513 |
418,409 |
427,293 |
|
Division And End Of Current Period Remai |
1,206.3 |
- |
- |
- |
- |
|
Division And End Of Current Period Remai |
51.0 |
- |
- |
- |
- |
|
Division And End Of Current Period Remai |
141.8 |
- |
- |
- |
- |
|
Division And End Of Current Period Remai |
77.3 |
- |
- |
- |
- |
|
LT Debt & Bonds Maturing Within 1 Year |
- |
1,327.8 |
2,073.2 |
698.5 |
770.6 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
1,458.5 |
- |
- |
- |
- |
|
LT Debt & Bonds Maturing Within 2 Year |
- |
702.6 |
567.0 |
661.6 |
550.2 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
291.0 |
- |
- |
- |
- |
|
LT Debt & Bonds Maturing Within 3 Year |
- |
1,221.5 |
112.8 |
395.0 |
20.9 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
174.8 |
- |
- |
- |
- |
|
LT Debt & Bonds Maturing Within 4 Year |
- |
116.2 |
55.9 |
3.1 |
3.8 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
32.2 |
- |
- |
- |
- |
|
LT Debt & Bonds Maturing Within 5 Year |
- |
102.5 |
36.5 |
0.8 |
2.8 |
|
Loans Payable Remaining |
2.5 |
- |
- |
- |
- |
|
LT Debt & Bonds Remaining Maturities |
- |
4.8 |
10.9 |
0.4 |
1.1 |
|
Total Long Term Debt, Supplemental |
3,435.4 |
3,475.5 |
2,856.3 |
1,759.3 |
1,349.4 |
|
Capital Lease payments due within 1yr |
51.2 |
63.5 |
79.2 |
75.2 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
40.7 |
- |
- |
- |
- |
|
Capital Lease payments due within 2yr |
- |
39.7 |
42.7 |
61.5 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
22.8 |
- |
- |
- |
- |
|
Capital Lease payments due within 3yr |
- |
32.0 |
32.4 |
29.2 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
15.7 |
- |
- |
- |
- |
|
Capital Lease payments due within 4yr |
- |
13.9 |
24.9 |
19.6 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
4.2 |
- |
- |
- |
- |
|
Capital Lease payments due within 5yr |
- |
7.3 |
9.0 |
11.6 |
- |
|
Capital Lease Remaining |
1.4 |
- |
- |
- |
- |
|
Capital Lease Remaining maturities |
- |
4.6 |
8.1 |
11.8 |
- |
|
Total Capital Leases |
135.9 |
161.1 |
196.3 |
208.8 |
- |
|
Pension obligation |
2,130.9 |
2,080.9 |
1,837.2 |
1,803.5 |
1,850.4 |
|
Fair value of plan asset |
752.1 |
719.2 |
616.7 |
481.6 |
674.4 |
|
Funded status |
-1,378.7 |
-1,361.8 |
-1,220.5 |
-1,321.9 |
-1,176.1 |
|
Total Funded Status |
-1,378.7 |
-1,361.8 |
-1,220.5 |
-1,321.9 |
-1,176.1 |
|
Discount rate (domestic) |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Discount rate (foreign) |
3.50% |
4.60% |
4.70% |
3.70% |
5.10% |
|
Expected rate of return (domestic) |
0.70% |
0.70% |
0.70% |
0.80% |
0.80% |
|
Expected rate of return (foreign) |
5.00% |
5.00% |
5.00% |
4.90% |
4.90% |
|
Unrecog. actuarial G/L |
298.6 |
223.5 |
217.6 |
273.9 |
174.1 |
|
Unrecog. prior service cost |
-130.2 |
-59.8 |
-60.5 |
32.3 |
33.2 |
|
Prepaid pension |
107.9 |
92.0 |
74.9 |
60.7 |
69.0 |
|
Reserve for accrued retirement benefits |
-1,318.2 |
-1,290.1 |
-1,138.2 |
-1,076.3 |
-1,037.8 |
|
Net Assets Recognized on Balance Sheet |
-1,041.9 |
-1,034.4 |
-906.2 |
-709.4 |
-761.5 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Income Before Tax |
527.1 |
355.0 |
124.7 |
-534.6 |
421.3 |
|
Depreciation |
718.6 |
768.6 |
773.1 |
840.0 |
655.0 |
|
Imparment Loss |
206.9 |
34.7 |
2.3 |
273.6 |
186.5 |
|
Amort.-Goodwill |
0.7 |
0.2 |
0.2 |
1.8 |
1.9 |
|
Increase (decrease) in allowance for dou |
-35.1 |
4.4 |
-5.9 |
-31.8 |
-128.3 |
|
Increase (decrease) in provision for ret |
21.7 |
8.5 |
-0.6 |
24.3 |
21.7 |
|
Interest & Dividend |
-57.0 |
-28.2 |
-22.7 |
-64.5 |
-84.3 |
|
Interest Expenses |
173.6 |
154.2 |
144.2 |
144.8 |
179.1 |
|
Foreign exchange losses (gains) |
2.5 |
24.5 |
35.2 |
0.0 |
-12.6 |
|
Equity in (earnings) losses of affiliate |
-75.1 |
-69.0 |
-48.9 |
-3.7 |
-38.9 |
|
Loss (gain) on sales and retirement of n |
22.9 |
7.8 |
-7.9 |
29.5 |
22.8 |
|
L on adj. for changes of acct. asset |
- |
35.4 |
0.0 |
- |
- |
|
Subsidiary Eq&Inv't secs Sold |
- |
- |
-1.5 |
0.0 |
-0.6 |
|
Reval.-Inv. Security |
- |
- |
0.2 |
0.0 |
4.4 |
|
Liquidation investment fund |
- |
- |
- |
0.0 |
-40.7 |
|
Early retirement |
- |
0.2 |
12.6 |
87.9 |
88.8 |
|
Decrease (increase) in notes and account |
-462.1 |
2.2 |
-301.0 |
628.4 |
46.8 |
|
Decrease (increase) in inventories |
-60.2 |
-72.0 |
130.3 |
568.0 |
463.3 |
|
Finance Receivables |
-31.3 |
-226.2 |
-167.8 |
-162.9 |
274.4 |
|
Payable Reserves |
- |
- |
- |
- |
0.0 |
|
Increase (decrease) in notes and account |
540.8 |
222.2 |
1,157.3 |
-2,279.3 |
-211.0 |
|
Increase (decrease) in cash and cash equ |
0.0 |
- |
- |
- |
- |
|
Increase In Cash And Cash Equivalents Re |
0.0 |
- |
- |
- |
- |
|
Other, net |
246.8 |
184.1 |
-530.7 |
-86.9 |
52.9 |
|
Interest & Dividend |
119.6 |
57.8 |
30.0 |
85.7 |
100.4 |
|
Interest Paid |
-176.9 |
-154.0 |
-146.3 |
-144.6 |
-192.1 |
|
Compensation Paid |
- |
- |
0.0 |
-158.2 |
-48.5 |
|
Joint contract production compensation |
- |
- |
- |
- |
0.0 |
|
Early Retirement benefit paid |
- |
-4.9 |
-39.1 |
-79.5 |
-33.8 |
|
Pension transfer paid |
- |
- |
- |
- |
0.0 |
|
Taxes Paid |
-171.4 |
-94.3 |
-53.9 |
-66.9 |
-81.4 |
|
Cash from Change in Consolidation |
- |
- |
- |
6.6 |
0.0 |
|
Rounding Adjustment |
- |
0.0 |
- |
0.0 |
- |
|
Cash from Operating Activities |
1,512.0 |
1,211.4 |
1,083.7 |
-922.3 |
1,647.2 |
|
|
|
|
|
|
|
|
Decrease (increase) in time deposits |
-0.1 |
5.8 |
132.0 |
-136.5 |
48.3 |
|
Purchase of property, plant and equipmen |
-917.6 |
-621.6 |
-476.4 |
-907.8 |
-757.8 |
|
Proceeds from sales of property, plant a |
106.4 |
115.2 |
150.0 |
166.1 |
249.8 |
|
Inv.Sec Bought |
0.0 |
0.0 |
0.0 |
-5.6 |
-11.8 |
|
Inv Sec Sold |
0.3 |
0.0 |
2.8 |
4.4 |
23.1 |
|
Consolidated Subsidiary Stock Sold |
- |
- |
- |
- |
0.0 |
|
Purchase affiliate contribution |
- |
- |
- |
- |
0.0 |
|
Decrease (increase) in short-term loans |
-46.5 |
-76.0 |
3.8 |
-10.2 |
22.9 |
|
Payments of long-term loans receivable |
0.0 |
0.0 |
-0.1 |
-8.1 |
-15.2 |
|
Collection of long-term loans receivable |
3.4 |
3.7 |
4.4 |
7.1 |
9.4 |
|
Liquidation investment fund |
- |
- |
- |
0.0 |
44.0 |
|
Other, net |
-20.6 |
-40.8 |
-56.6 |
-52.7 |
-40.2 |
|
Cash from Investing Activities |
-874.7 |
-613.7 |
-240.2 |
-943.3 |
-427.5 |
|
|
|
|
|
|
|
|
Increase (decrease) in short-term loans |
-434.7 |
30.1 |
-561.2 |
-280.0 |
4.4 |
|
Proceeds from long-term loans payable |
1,061.0 |
2,412.0 |
1,848.5 |
1,138.8 |
39.7 |
|
Repayment of long-term loans payable |
-1,199.1 |
-2,266.8 |
-583.6 |
-596.8 |
-1,119.3 |
|
Corp Debt Repaid |
- |
-2.3 |
-275.4 |
-226.8 |
-76.1 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Minority Dividend |
-38.2 |
-35.3 |
-18.0 |
-5.8 |
-0.9 |
|
Other, net |
-55.0 |
-78.9 |
-77.9 |
-79.0 |
-8.0 |
|
Cash from Financing Activities |
-665.9 |
58.8 |
332.3 |
-49.6 |
-1,160.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-40.6 |
-39.5 |
-6.3 |
-137.3 |
-89.1 |
|
Net Change in Cash |
-69.3 |
617.0 |
1,169.4 |
-2,052.4 |
-29.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
4,007.8 |
3,076.0 |
1,665.2 |
3,591.6 |
3,186.9 |
|
Net Cash - Ending Balance |
3,938.6 |
3,693.1 |
2,834.6 |
1,539.2 |
3,157.4 |
|
Cash Interest Paid |
176.9 |
154.0 |
146.3 |
144.6 |
192.1 |
|
Cash Taxes Paid |
171.4 |
94.3 |
53.9 |
66.9 |
81.4 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.