-
Consolidated Financial ResultsFor the Fiscal Year Ended March
31, 2013
Prepared in Conformity with Generally Accepted Accounting
Principles in JapanEnglish Translation from the Original
Japanese-Language Document
April 26, 2013Company Name : Mazda Motor Corporation (Tokyo
Stock Exchange / Code No. 7261)URL :
http://www.mazda.co.jpRepresentative Person : Takashi Yamanouchi,
Representative Director and PresidentContact Person : Shinji Maeda,
General Manager, Accounting Department, Financial Services
Division
Phone 082-282-1111General Meeting of the Shareholders :
Scheduled for June 25, 2013Payment of Dividends : -Filing of Yuka
Shoken Hokokusho ,
annual securities report : Scheduled for June 26,
2013Supplementary Material : YesBriefing Session : Yes (Intended
for securities analysts, institutional investors and media)
(In Japanese yen rounded to millions, except amounts per
share)1. Consolidated Financial Highlights (April 1, 2012 through
March 31, 2013)
(1) Consolidated Financial Results(Percentage indicates change
from the previous fiscal year)
Net Sales Operating Income/(Loss) Ordinary Income/(Loss) Net
Income/(Loss)millions of yen % millions of yen % millions of yen %
millions of yen %
FY2013FY2012Note: Comprehensive income/(loss) FY2013 millions of
yen ( %)
FY2012 millions of yen ( %)
Net Income/(Loss) Net Income Ordinary Income/(Loss) Operating
Income/Per Share to Total Assets (Loss) to Sales
yen yen % % %FY2013FY2012Reference: Equity in net income of
affiliates (for the fiscal years ended March 31) FY2013 millions of
yen
FY2012 millions of yen
(2) Consolidated Financial Position
millions of yen millions of yen % yenAs of Mar. 31, 2013As of
Mar. 31, 2012Reference: Equity (as of March 31) FY2013 millions of
yen
FY2012 millions of yen
(3) Consolidated Cash FlowsCash Flows from Cash Flows from Cash
Flows from Ending Cash &
Operating Activities Investing Activities Financing Activities
Cash Equivalentsmillions of yen millions of yen millions of yen
millions of yen
FY2013FY2012
2. Dividends
yen yen yen yen yen millions of yen % %FY2012FY2013FY2014
(Forecast)
3. Consolidated Financial Forecast (April 1, 2013 through March
31, 2014)(Percentage indicates change from the previous term)
FY2014 millions of yen % millions of yen % millions of yen %
millions of yen % yenFirst HalfFull Year
28,412(104,511)
10,0909,552
Per Share (Diluted)
9.4 292.21,120,000 45,000 21,000
Net Sales OperatingIncome/(Loss) Ordinary Income/(Loss)
-
Full Year
Net Income/(Loss) PerShare
468,854
Dividends PayoutRatio
(Consolidated)
Ratio of Dividends toEquity
(Consolidated)
0.00
97,000
Total Amount ofAnnual Dividends
Dividends per Share
1st.Qtr. 2nd.Qtr. 3rd.Qtr. Year-End
70,000
-2,205,2702,033,058 (12.6)
8.5 53,936 -(38,718) -
33,087 -(36,817) -
34,304 -(107,733)
Total Assets Equity Equity Ratio
Net Income/(Loss)
193.22,480,000
11.48(57.80)
-
120,00012.5 122.5
Return on Equity
104.1
--
Equity per Share
10,000
166.04156.85
444,875477,307
-7.1
(24.0)1.7
(2.0)2.4
(1.9)
1,978,5671,915,943
513,226474,429
25.124.5
49,033(9,098)
(40,287)(70,317)
(57,181)236,462
0.000.00
---
0.000.000.00
0.00
3.3523.42
--
---
--
74.1
496,312
0.000.00
---
-
*Notes
(1) Changes in Significant Subsidiaries during the period
(changes in specified subsidiaries resulting in the changein scope
of consolidation): None
Newly added subsidiaries: None Excluded subsidiaries: None
(2) Changes in accounting policies/ Changes in accounting
estimates / Restatement:
1) Changes in accounting policies with accompanying revision of
accounting standards Yes2) Voluntary changes in accounting policies
except 1) None3) Changes in accounting estimates Yes4) Restatement
None
Note: Please refer to "4.Consolidated Financial Statements
(5)Footnotes to the Consolidated Financial Statements" on page 19
ofthe attachment.
(3) Number of Outstanding Shares (Common Stock)
1) Outstanding shares at period-end (including treasury stock)
As of March 31, 2013 sharesAs of March 31, 2012 shares
2) Treasury stock at period-end As of March 31, 2013 sharesAs of
March 31, 2012 shares
3) Average number of outstanding shares during the period Year
ended March 31, 2013 sharesYear ended March 31, 2012 shares
(Reference)Unconsolidated Financial Highlights (April 1, 2012
through March 31, 2013)(1) Unconsolidated Financial Results
(Percentage indicates change from the previous fiscal year)Net
Sales Operating Income/(Loss) Ordinary Income/(Loss) Net
Income/(Loss)
millions of yen % millions of yen % millions of yen % millions
of yen %FY2013FY2012
Net Income/(Loss) Net Income/(Loss)Per Share Per Share
(Diluted)
yen yenFY2013FY2012
(2) Unconsolidated Financial PositionEquity
Per Sharemillions of yen millions of yen % yen
As of Mar. 31, 2013As of Mar. 31, 2012Reference: Equity (as of
March 31) FY2013 millions of yen
FY2012 millions of yen
Note on Progress in Audit Procedures by Independent AuditorsThis
document is out of the scope of the audit procedures based on the
Financial Instruments and Exchange Act.The audit procedures for the
financial statements under this Act have not been completed as of
the timing of disclosure of this document.
Cautionary Statements with Respect to Forward-Looking
StatementsThe financial forecast and other descriptions of the
future presented in this document are an outlook based on our
judgments and projections.The judgments and projections are based
on information presently available. As such, the financial forecast
and future descriptions are subjectto uncertainties and risks, and
are not contemplated to ensure the fulfillment thereof.Accordingly,
the actual financial performance may vary significantly due to
various factors.For detail such as precondition of the financial
forecast, please refer to "1.Financial Results and Financial
Position - (1)Analysis of FinancialResults" on page 2 of the
attachment.
2,989,171,5331,863,949,680
-- 11,107
(13.4) (55,747) -
Equity Ratio
-48,443(57,503) - (139,523)
28.6166.65166.70
10,201,538
2,999,377,3992,999,377,399
10,211,948
1,781,1851,743,567
498,145498,559
1,538,578
498,300498,139
Total Assets Equity
1,694,765 10.2 73,288 -
28.0
3.72(74.85)
--
-
AttachmentTable of Contents
1. Financial Results and Financial PositionP. 2(1) Analysis of
Financial ResultsP. 2(2) Analysis on the Financial PositionP. 5(3)
Dividend Policy..P. 6(4) Risks.P. 6
2. Mazda Group of Companies.P. 7
3. Management PolicyP. 8(1) Basic Policy of Corporate
Management.P. 8(2) Target Business IndicatorsP. 8(3) Issues to be
Addressed and the Mid- and Long-term Corporate Business Strategy.P.
10(4) Other Important Items for the Company's Business
Management..P. 10
4. Consolidated Financial Statements.P. 11(1) Consolidated
Balance Sheet.P. 11(2) Consolidated Statements of Operations and
Comprehensive Income..P. 13(3) Consolidated Statement of EquityP.
16(4) Consolidated Statement of Cash FlowsP. 17(5) Footnotes to the
Consolidated Financial StatementsP. 19
Note on the Assumptions as Going Concern..........P.
19Significant Accounting Policies in Preparing the Consolidated
Financial StatementsP. 19Changes in Accounting Policies / Changes
in Accounting estimates / RestatementP. 22Changes in Financial
Statement PresentationP. 22Segment Information..P. 23Information on
Amounts Per Share of Common Stock.P. 25Significant Subsequent
Events.P. 25
5. Unconsolidated Financial Statements..P. 26(1) Unconsolidated
Balance Sheet..P. 26(2) Unconsolidated Statement of Operations.P.
28(3) Unconsolidated Statement of EquityP. 29(4) Footnotes to the
Unconsolidated Financial Statements..P. 31
Note on the Assumptions as Going Concern..P. 31
6. Other..P. 31(1) Production and Sales Information.P. 31
(References)Financial Summary (Consolidated) For the Fiscal Year
Ended March 2013Financial Summary (Unconsolidated) For the Fiscal
Year Ended March 2013
1
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1. Financial Results and Financial Position(1) Analysis of
Financial Results
(Financial Results for the Fiscal Year Ended March 31,
2013)Economic and business environment surrounding Mazda Group for
the fiscal year ended March 31, 2013 wasas follows. Overall, a
sense of economic stagnation was deepened. Although U.S. economy is
in the trend ofrecovery, its pace of recovery is slow and the
economic stagnation in European countries has been prolonged.And
also, in emerging countries, the pace of economic expansion has
slowed down, while some countriesshowed signs of picking-up. In
Japan, reconstruction demand following the Great East Japan
Earthquake isexpected to prop up the economy and the improvement in
export environment with the correction of yenappreciation is
expected to lead to economic recovery. But the outlook for the
economy remains uncertainaffected by concern about downturn in
overseas economy.Under such situation, Mazda Group is stepping up
its efforts to improve earnings structure by steadyimplementation
of key measures based on Structural Reform Plan and introduction of
the new models withthe new generation technology, SKYACTIV
TECHNOLOGY (hereinafter referred to as SKYACTIV),which thoroughly
improves the base technologies of vehicles core performance, to the
major markets in series.
Retail volume by market for the fiscal year ended March 31, 2013
was as follows. In Japan, the retail volumeincreased by 5.2%
year-over-year to 216 thousand units; mainly due to the strong
sales of "Mazda CX-5" andall-new Mazda Atenza. On the other hand,
in overseas, in North America, retail volume remained almost
flatfrom the previous year to 372 thousand units. In Europe, retail
volume decreased by 6.2% year-over-year to172 thousand units, while
the sales of CX-5 continue to be strong. In China, retail volume
decreased by21.5% year-over-year to 175 thousand units, while the
sales are in the trend of recovery. In other areas, retailvolume
increased by 13.5% year-over-year to 300 thousand units through
high level of sales maintained inAustralia and ASEAN countries. As
a result, the global retail volume in total was 1,235 thousand
units, down1.0% from the prior fiscal year.
Financial performance on the consolidated basis for the fiscal
year ended March 31, 2013 was as follows.Net sales amounted to
2,205.3 billion, increased by 172.2 billion year-over-year or 8.5%
from the prior fiscalyear, owing to the increase in wholesale
volume and the product mix improvement. Operating resultsamounted
to a profit of 53.9 billion, owing to the improvement in volume,
products mix and cost.(Consolidated operating result in the last
fiscal year was a loss of 38.7 billion.) Ordinary results amounted
to aprofit of 33.1 billion. (Consolidated ordinary result in the
last fiscal year was a loss of 36.8 billion.) Netresults amounted
to a profit of 34.3 billion. (Consolidated net result in the last
fiscal year was a loss of 107.7billion.)
Financial results by reportable segment were as follows.In
Japan, net sales increased by 148.6 billion (up 8.5%)
year-over-year to 1,893.6 billion and segmentincome (operating
income) increased by 126.8 billion to 108.4 billion. In North
America, net sales increasedby 78.3 billion (up 13.7%)
year-over-year to 650 billion and segment loss (operating loss)
increased by 8.6billion to 48.9 billion. In Europe, net sales
decreased by 5.7 billion (down 1.6%) year-over-year to 354.8billion
and segment income (operating income) decreased by 2.5 billion to
3.1 billion. In other areas, netsales increased by 124.4 billion
(up 42.3%) year-over-year to 418.7 billion and segment income
(operatingincome) increased by 6.8 billion to 16.8 billion.
Business overview of Mazda Group by activity for the fiscal year
ended March 31, 2013 was as follows.In terms of products, since
November last year, we have launched the all-new Mazda Atenza
(called Mazda6in overseas markets) in the major markets as the
second of Mazda's new generation of products, whichincorporate both
the full range of SKYACTIV and the new KODO-Soul of Motion design
theme. The
2
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all-new Atenza is a flagship model, which delivers responsive,
high-quality, sporty driving along withoutstanding fuel economy,
environmental and safety performance. With regard to the engines of
all-newAtenza, in addition to SKYACTIV-D 2.2 clean diesel engine
which CX-5 received high praise for, newlydeveloped SKYACTIV-G 2.5
gasoline engine which satisfies both of ample torque and a superbly
quietcabin is newly added to the line-up. In addition, the all-new
Atenza features "i-ACTIVSENSE", a series ofadvanced safety
technologies, and the real-world fuel economy is further improved
with i-stop, Mazda'sidling stop system, and i-ELOOP, which is the
world's first brake energy regeneration system in a
passengervehicle to use a capacitor to store electricity.And also,
we launched the freshened versions of Mazda CX-9 and Mazda Premacy
(called Mazda5 inoverseas markets) to the markets in series. The
facelifted CX-9 carries over the utility and dynamic
drivingperformance of the previous model while adopting Mazdas new
KODO design theme for even sportierstyling and stronger presence.
In addition, the major 2WD model grades of the facelifted Premacy
featuretwo SKYACTIV, a highly efficient direct injection SKYACTIV-G
2.0 gasoline engine and a highlyefficient six-speed SKYACTIV-DRIVE
automatic transmission, which contribute to further evolution of
thehigh-quality and more comfortable ride while achieving an
outstanding fuel economy.In November last year, CX-5, which is the
first model to adopt the full suite of SKYACTIV, won the2012-2013
Car of the Year Japan. The last Mazda to be named the Car of the
Year Japan was the MazdaRoadster in 2005. The CX-5 is the fourth
Mazda to win the award.
In the sales area, CX-5 has maintained a high level of sales
since its launch in February last year and was thebest selling SUV
in 2012 in Japan. The mix of clean diesel engine models accounted
for about 80%, exceedingour initial forecast. And also, in
Australia where we have continued strong sales trend, we marked
record highsales of 104,000 units and share of 9.3% in 2012 and
Mazda3 (called Mazda Axela in Japan) was the bestselling model two
years in a row.
In R&D area, we incorporated "i-ACTIVSENSE" technologies
into the all-new Atenza. Thei-ACTIVSENSE is a series of Mazda's
advanced safety technologies designed to aid the driver
inrecognizing hazards, avoiding collisions and reducing the
severity of accidents. The i-ACTIVSENSEincludes systems which
automatically apply the brakes in an emergency, sound an alarm if
the vehicle drifts outof its lane, and prevent the car from taking
off if the driver mistakenly steps on the accelerator instead of
thebrake. At Mazda, the research and development of safety
technology is based upon the company's safetyphilosophy, Mazda
Proactive Safety, which aims to minimize the risk of an accident by
maximizing therange of conditions in which the driver can safely
operate the vehicle. Mazda's i-ACTIVSENSE is anumbrella term
covering a series of advanced safety technologies, developed in
line with Mazda ProactiveSafety, which make use of detection
devices such as milliwave radars and cameras. They includes
activesafety technologies that support safe driving by helping the
driver to recognize potential hazards, and pre-crashsafety
technologies which help to avert collisions or reduce their
severity in situations where its difficult toavoid an accident. The
ultimate goal of Mazda Proactive Safety is the realization of a
collision-freeautomotive society. In pursuit of this ideal Mazda
will continue to expand its research and development ofsafety
technologies in order to provide all customers with both driving
pleasure and outstanding environmentaland safety performance.
In the production area, Mazda is in the way of advancing an
approach to reinforce business in emergingcountries and establish
global production footprints. In May last year, Thailand plant
increased the productioncapacity of pickup trucks by 20,000 units
per year to meet the increased global demand for all-new
pickuptrucks. In Russia, we established a joint venture company
with Sollers. Following the production of CX-5from last October, we
started to produce the all-new Mazda6 in Russia. In China, we
obtained an approval torestructure the joint venture company to
optimize our business structure and operational system. The
3
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restructuring went into effect in last November. And also, we
decided to construct a transmission plant with anannual production
capacity of approximately 400,000 units in Thailand in order to
respond to increasingdemand for models featuring SKYACTIV and to
strengthen its global production footprints. Operations atthe new
plant will commence in the first half of the fiscal year ending
March 2016. In Malaysia, we establisheda joint venture company with
Bermaz and started local production (consignment production) of
CX-5,following the local production of Mazda3.With regard to the
construction of new plant in Mexico, we are making smooth progress
to start operations inthe fourth quarter of the fiscal year ending
March 2014. Although annual production capacity will
beapproximately 140,000 units at the beginning of the operations,
we are planning to further increase theproduction capacity up to
230,000 units in the fiscal year ending March 2016 in order to meet
the increasingdemand for SKYACTIV models that are successful
globally; in addition to production of a Toyota brandvehicle based
on Mazda2 (called Mazda Demio in Japan) that we will produce
approximately 50,000 units atour Mexico plant starting from the
summer of 2015.
With regard to the promotion of global alliances, in January
this year, we signed the agreement on cooperationwith Fiat. Through
this contractual agreement, we will produce an open-top two-seater
sports car for Fiats AlfaRomeo brand. The new Alfa Romeo roadster
will be developed based on the FR architecture of the
nextgeneration Roadster (called Mazda MX-5 in overseas markets) and
will be produced at our Hiroshima plantin Japan, starting from
2015. And also, we are supplying Nissan Motor Co., Ltd. with the
freshened version ofPremacy on an OEM basis, just like previous
model. This is the first time SKYACTIV is supplied toanother
company.
(Financial Forecast for the Year Ending March 31, 2014)With the
protracted problem of the European sovereign debt crisis and the
outlook for economic trends inemerging counties, the overall
operating environment is expected to remain unclear, while the
correction of yenappreciation is expected to improve corporate
performance. Under such situation, Mazda Group aims toimprove the
profitability through steadily carrying out Structural Reform
Plan.Consolidated financial forecast for next fiscal year ending
March 2014 is as follows.
Our global retail volume for next fiscal year is projected to be
1,335 thousand units, up 8.1% year-over-year.Looking at retail
volume projection by market, the retail volume in Japan is
projected to increase by 1.7%year-to-year to 220 thousand units.
The retail volume in North America is projected to be at 415
thousand units(up 11.4%), 200 thousand units in Europe (up 16.6%),
200 thousand units in China (up 14.5%) and 300thousand units in
other markets (up 0.1%). The exchange rate assumption is 90 to the
US dollar and 120 tothe Euro.As for the consolidated financial
performance for next fiscal year, sales revenue is projected at
2,480 billion, up12.5% year-over-year. Operating income and net
income are projected at 120 billion (up 122.5%) and 70billion (up
104.1%), respectively.
Consolidated Financial Forecast for the Year Ending March 31,
2014 (April 1, 2013 through March 31, 2014)First Half vs. Prior
Year Full Year vs. Prior Year
Sales 1,120 billion yen 9.4 % 2,480 billion yen 12.5 %
Operating Income 45 292.2 120 122.5
Ordinary Income 21 4,661.9 97 193.2
Net Income 10 74.1 70 104.1
4
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Note: The forecast stated above is based on managements judgment
and views in the light of information presently available.By
nature, such forecasts are subject to risks and uncertainties, and
are not contemplated to ensure the fulfillment thereof.Therefore,
we advise against making an investment decision by solely relying
on this forecast. Variables that could affect theactual financial
results include, but are not limited to, the economic environments
surrounding our business areas andfluctuations in yen-to-dollar and
other exchange rates.
(2) Analysis on the Financial Position(Analysis on Assets,
Liabilities, and Equity)As of March 31, 2013, total assets amounted
to 1,978.6 billion, an increase of 62.6 billion compared to theend
of the last fiscal year, mainly reflecting increases in cash and
time deposits as well as inventories. Totalliabilities amounted to
1,465.3 billion, an increase of 23.8 billion compared to the end of
the last fiscal year,mainly reflecting an increase in account
payable, while interest-bearing debt decreased by 59.1 billion
fromthe previous year.Equity amounted to 513.2 billion, an increase
of 38.8 billion compared to the end of the last fiscal year.Equity
ratio increased by 0.6 percentage points from the end of the last
fiscal year to 25.1%. Equity ratio afterthe recognition of equity
credit attributes of the Subordinated Loan was 26.9%.
(Analysis on Cash Flows)Cash and cash equivalent as of March 31,
2013 amounted to 444.9 billion, a decrease of 32.4 billioncompared
to the end of the last fiscal year.Net cash provided by operating
activities was 49.0 billion. (For the previous fiscal year, net
cash used inoperating activities was 9.1 billion.) Net cash used in
investing activities was 40.3 billion, mainly reflectingcapital
expenditure for the acquisition of tangible fixed assets and
intangible fixed assets of 76.0 billion andthe proceeds from sales
of investments in subsidiaries and tangible fixed assets of 35.9
billion. (For theprevious fiscal year, net cash used in investing
activities was 70.3 billion.) As a result, consolidated free
cashflow (net of operating and investing activities) was positive
8.7 billion. (For the previous fiscal year,consolidated free cash
flow was negative 79.4 billion.) Also, net cash used in financing
activities amounted to57.2 billion, mainly reflecting the
redemption of bond and payment of long-term loans payable. (For
theprevious fiscal year, net cash provided by financing activities
was 236.5 billion.)After deducting cash and cash equivalents from
financial debt, net financial debt totaled 274.1 billion, and
thenet debt-to-equity ratio was at 55.2%. (Net-debt-to-equity ratio
after the recognition of equity credit attributesof the
Subordinated Loan was at 45.0%)
(Trends of cash flow data)As of /
Year Ended
March 31, 2009
As of /
Year Ended
March 31, 2010
As of /
Year Ended
March 31, 2011
As of /
Year Ended
March 31, 2012
As of /
Year Ended
March 31, 2013
Equity Ratio (1)Equity Ratio (2)
22.9%-
26.1%-
24.2%-
24.5%26.3%
25.1%26.9%
Fair Value Equity Ratio 11.9% 23.9% 18.3% 22.6% 42.5%Cash Flow
to Total Debt Ratio - 6.5 45.2 - 14.7Interest Coverage Ratio - 8.1
1.3 - 3.6
Equity Ratio (1): Equity/Total AssetsEquity Ratio (2): Equity
(after the recognition of equity credit attributes of the
Subordinated Loan) / Total AssetsFair Value Equity Ratio: Gross
Market Capitalization/Total AssetsCash Flow to Total Debt: Total
Debt/Operating Cash FlowInterest Coverage Ratio: Operating Cash
Flow/Interest Payments1) All indicators are calculated on the basis
of consolidated financial values.2) Gross Market Capitalization is
calculated based on the total number of outstanding shares
excluding treasury stock.3) Cash flows from operating activities
are used as Cash Flow for calculation purpose.4) Total Debt
includes all debts that interests are paid on among debts booked in
consolidated balance sheet.
5
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(3) Dividend PolicyOur policy on distribution of earnings is to
declare dividends by carefully considering each fiscal years
financialresults and business environment. As our retained earnings
carried forward are still negative as of the end of thefiscal year
ended March 31, 2013, while we reported a net profit in that fiscal
year, we have decided to forgo thepayment of year-end dividends for
the fiscal year ended March 31, 2013.In addition, we are expecting
that retained earnings carried forward of Mazda Motor
Corporation(Unconsolidated) will be still negative, and therefore
payment of dividends is to be suspended for the next fiscalyear
ending March 31. 2014. We really regret the necessity of this
decision and ask for shareholdersunderstanding.
(4) RisksNo significant changes from the descriptions of
business risks presented in Mazdas Yuka Shoken Hokokusho(annual
securities report) for the last fiscal year and the latest
Shihannki Hokokusho (quarterly securitiesreport). Please see Mazdas
Yuka Shoken Hokokusho and Shihannki Hokokusho from the URL
below.(Japanese only)
Mazda
Website:http://www.mazda.co.jp/corporate/investors/library/s_report/
6
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2. Mazda Group of Companies
(Japan) (North America) (Europe) (Other areas)
S) Mazda Autozam, Inc. S) Mazda Motor S) Mazda Motors S) Mazda
AustraliaS) Kanto Mazda Co., Ltd. of America, Inc. (Deutschland)
GmbH Pty. Ltd.S) Tokai Mazda Hanbai Co., Ltd. S) Mazda Canada, Inc.
S) Mazda Motor E) FAW Mazda MotorS) Kansai Mazda Co., Ltd. and
others Logistics Europe N.V. Sales Co., Ltd.S) Kyusyu Mazda Co.,
Ltd. S) Mazda Motor Rus, OOO and others
and others and others
S) Mazda Parts Co., Ltd. S) Mazda Motor E) Mazda Sollers E)
AutoAllianceS) Mazda Chuhan, Co., Ltd. Manufacturing de
Manufacturing Rus LLC (Thailand) Co., Ltd.S) MALOX Co., Ltd. Mexico
S. A. de C. V. E) Changan MazdaS) Mazda Engineering and Automobile
Co., Ltd.
Technology Co., Ltd. E) Changan Ford MazdaE) SMM Auto Finance,
Inc. Engine Co., Ltd.
and others S) Compania ColombianaAutomotriz S.A.
S) Mazda PowertrainManufacturing
S) Kurashiki Kako Co., Ltd. (Thailand) Co., Ltd.E) Japan Climate
Systems Corp.
and others S) Consolidated subsidiariesE) Equity method-applied
affiliates
Flows of automobiles and automotive partsFlows of services
Mazda group of companies consists of Mazda Motor Corporation, 56
consolidated subsidiaries and 15 equity method-applied affiliates
(as of March 31, 2013) and is mainly engaged in the manufacturing
and sales of automobiles andautomotive parts as well as in other
automobile-related businesses.
In Japan, Mazda Motor Corporation manufactures automobiles.
Mazda Motor Corporation, Kurashiki Kako Co., Ltd. andother
companies manufacture automotive parts. In overseas, AutoAlliance
(Thailand) Co., Ltd. and other companiesmanufacture automobiles and
automotive parts. The automobiles and automotive parts manufactured
by our group ofcompanies are sold to customers by our sales
companies. In Japan, Mazda Autozam, Inc., Kanto Mazda Co., Ltd. and
othercompanies sell our automobiles and automotive parts to
customers. To certain corporate customers, Mazda MotorCorporation
directly sells our automobiles. In overseas, the sales companies
that sell our automobiles and automotive partsto customers include
Mazda Motor of America, Inc. in North America, Mazda Motors
(Deutschland) GmbH in Europe,and Mazda Australia Pty. Ltd. in Other
areas, among other companies.
The following diagram approximately illustrates the roles, and
the relations with segments, of Mazda Motor Corporationand its main
related companies in conducting the group's business. The segments
shown are identical to those discussed inthe applicable section of
the footnotes to the consolidated financial statements.
Domestic Automotive PartsManufacturers
Customers
Other Automobile-RelatedBusiness Companies
Domestic Sales Companies
Mazda MotorCorporation
Foreign Sales Companies
Foreign Automobile Manufacturers
7
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3. Management Policy(1) Basic Policy of Corporate Management
Mazdas Corporate Vision is comprised of three factors: Vision
(corporate objectives) along with astatement of Mission (roles and
responsibilities) and Value (the values Mazda seeks to produce).
Theseprinciples help express what Mazda and Mazdas employees aim
for, their roles and responsibilities, and thesense of worth with
which they seek to achieve these aims. Through the realization of
this Corporate Vision,we aim to consistently augment corporate
value, which we view as leading to meeting the expectations of
ourstakeholders including shareholders, customers, suppliers,
employees and the community and also leadingto realizing
sustainable development of society and of Mazda.
Vision: To create new value, excite and delight our customers
through the best automotive products andservices.
Mission: With passion, pride and speed, we actively communicate
with our customers to deliver insightfulautomotive products and
services that exceed their expectations.
Value: We value integrity, customer focus, creativity, efficient
and nimble actions and respect highlymotivated people and team
spirit. We positively support environmental matters, safety and
society.Guided by these values, we provide superior rewards to all
people associated with Mazda.
(2) Target Business IndicatorsIn February 2012, we announced a
Structural Reform Plan to strengthen our Framework for Medium-
andLong-term Initiatives, in order to respond to harsh external
environment and ensure future growth. Since theannouncement of the
plan, we have forcefully advanced the structural reforms using
SKYACTIV as thelinchpin.Although it is expected that the harsh
external environment may be continued, we will maintain the
currentmomentum and further advance/accelerate the Structural
Reform Plan so that we can go up to the next stage.The principal
measures set forth in the Structural Reform Plan and its progress
are as follows.
1. Business innovation by SKYACTIVWe are launching new vehicles
equipped with the new generation technology, SKYACTIV, in
series,which delivers the ultimate improvement of the base
technology of the vehicles. With such base technology,we are
combining electric device technologies step by step, which we call
Building Block Strategy.SKYACTIV has received excellent feedback
from various quarters and high reputation since theintroduction to
the markets, which continuously improve the brand value. The Mazda
CX-5, which is thefirst model fully equipped with SKYACTIV,
received high praise because of its styling based on MazdasKODO new
design theme as well as the vehicle dynamics that combine driving
performance and fueleconomy at the same time. In November last
year, the CX-5 won the 2012-2013 Car of the Year Japan.On the sales
front, the CX-5 became a big hit, significantly contributing to
minimizing incentives as wellas improving residual value and
profit. And also, starting in Japan, we globally launched the
all-newMazda Atenza as the second of Mazda's new generation of
products, which incorporate both the fullrange of SKYACTIV and the
KODO new design theme. Sales of the CX-5 have been exceeding
ourinitial sale plan since its launch. Especially, SKYACTIV-D clean
diesel engine models, just as CX-5,have received high praise,
creating a new market for clean diesel in Japan.Using SKYACTIV, we
will advance product strength, the brand, and design, while
building a coststructure that can respond to a strong yen
environment. This will also drive technological innovation as
wellas our business innovation itself.
8
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2. Accelerate further cost improvement through Monotsukuri
InnovationWe are accelerating further cost improvement actions
through Monotsukuri Innovation, improvingvehicles performance at
the same time.Cost improvement of new generation products, starting
with CX-5 and continuing with the all-newAtenza is proceeding
according to the plan. In addition to the improvement in product
marketability, weare also steadily making progress in vehicle
development that is profitable even in the strong yenenvironment.
We also reinforce our business structure against exchange
fluctuations by promoting optimumglobal procurements and expanding
sourcing in foreign currencies continuously.
3. Reinforce business in emerging countries and establish global
production footprintsTo aim at the increase in retail volume in
emerging markets, we have achieved steady results of increase
insales and expansion of production bases in the markets. At the
same time, we have accelerated our actionsto establish global
production footprints.In Russia, we established a joint venture
company with Sollers. Following the production of CX-5 fromlast
October, we started to produce the all-new Mazda6 in Russia. In
China, to meet market needs andstrengthen business through
optimizing business structure and operational system, we
restructured the jointventure company. In Thailand, in addition to
the expansion of the production capacity at vehicle plant,
wedecided to construct a transmission plant in order to meet the
increasing demand for SKYACTIV modelsand to establish stronger
global production footprints. In Malaysia, we established a joint
venture companywith Bermaz and started local production
(consignment production) of CX-5, following the localproduction of
Mazda3. The construction of our plant in Mexico is also progressing
smoothly. We decidedto further increase production capacity from
the original 140,000 to 230,000 units in order to produce aToyota
brand vehicle and to meet the increasing demand for SKYACTIV models
that are successfulglobally.We will steadily promote the
establishment of well-balanced production footprints globally,
whilemaintaining domestic production at a certain level.
4. Promote Global AllianceIn order to strengthen the Mazda
brand, we are proactively pursuing an alliance strategy to build
appropriateand complimentary relationships in individual products,
technologies, and regions.Following the licensing of hybrid system
technology from Toyota Motor Corporation, we will start
theproduction of a Toyota brand vehicle at our Mexico plant from
the summer of 2015. In addition, we signedthe agreement on
cooperation with Fiat. Through this contractual agreement, we will
produce an open-toptwo-seater sports car at our Hiroshima plant in
Japan. And also, we are supplying Nissan Motor Co., Ltd.with the
SKYACTIV equipped model on an OEM basis. Through this OEM supply,
we aim to improveour business efficiency. And we are planning to
start the sales of light automobiles with 3 rows of seats,which
SUZUKI MOTOR CORPORTAION will supply in Indonesia.
The business indices in the fiscal year ending March 2016, which
we announced in Structural ReformPlan to strengthen our Framework
for Medium- and Long-term Initiatives, are as follows.
Outlook of business indices in the Fiscal Year ending March
2016- Global sales volume: 1.7 million units- Consolidated
operating profit: 150 billion yen- ROS (Consolidated operating
return on sales): 6% or more
9
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Please note that business indicators and other descriptions of
the future are based on certain assumptionsjudged by Mazda Group as
of March 31, 2013. Such description may differ from the actual
results andthe achievement of such description is not guaranteed in
any way.
(3) Issues to be Addressed and the Mid- and Long-term Corporate
Business StrategyUnder the uncertain economic situation, including
the prolonged economic stagnation in European countries
andstagnation of economic growth in emerging counties, we will
actively continue and strengthen the measures toimprove the cost
structure and invest in manufacturing and sales bases in Mexico and
ASEAN countries, etc.and environmental and safety technologies. In
the medium- and long-term, as stated in (2) Target
BusinessIndicators, we will advance Structural Reform Plan using
SKYACTIV to reinforce Framework forMedium- and Long-term
Initiatives and push through fundamental structural reforms so that
Mazda Group canrealize a steady growth in the future and
profitability even in an environment with strong yen.
(4) Other Important Items for the Companys Business
ManagementMazda formed a global partnership with the Ford Motor
Company in 1979, and since then both companies havefurther
developed and strengthened their cooperative relationship. An
agreement was concluded in 1996 tofurther bolster that relationship
with an increase in Fords equity in Mazdas total shares outstanding
to 33.4%.On November 19, 2008, Ford sold a portion of its
shareholding, reducing its stake in Mazda to 13.8%.Subsequently,
Mazda carried out a capital increase by means of public offering;
the payment date was October21, 2009. Mazda also carried out a
capital increase by means of third-party allotment; the payment
date wasNovember 12, 2009. As a consequence of these capital
increases, Fords shareholding was reduced to 11.0% ofMazdas total
shares outstanding. On November 19, 2010, Ford sold a part of its
stake in Mazda. As aconsequence, Ford owned 3.5% of Mazdas
outstanding shares. Further, Mazda carried out a capital increase
bymeans of public offering; the payment date was March 12, 2012.
Mazda also carried out a capital increase bymeans of third-party
allotment; the payment date was March 27, 2012. Though Fords stake
in Mazda decreasedto 2.1% as a result of aforementioned capital
increase, Ford is still one of Mazdas largest shareholders and,
assuch, the two companies have agreed to continue their strategic
partnership. The two companies will continue tocollaborate on areas
of mutual benefit, such as key joint ventures, joint projects, and
exchange of technologyinformation.
10
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4. Consolidated Financial Statements(1) Consolidated Balance
Sheet
(Millions of Yen)
As of
ASSETS
Current Assets:
228,442 301,133166,008 171,770
Securities 249,874 144,871Inventories 216,190 265,687Deferred
tax assets 45,997 59,999Other 84,643 85,019Allowance for doubtful
receivables (1,457) (1,002)
989,697 1,027,477
Fixed Assets:
Tangible fixed assets:142,094 139,035157,070 156,150
Tools, furniture, and fixtures (net) 18,518 19,605Land 426,700
409,926Leased assets (net) 8,391 5,245Construction in progress
31,319 54,307
144 123784,236 784,391
18,463 18,3362,273 2,121
20,736 20,457
Investments and other fixed assets:93,358 120,806
Long-term loans receivable 5,411 5,552Deferred tax assets 6,035
5,155
20,781 19,311(3,787) (4,058)
(524) (524)121,274 146,242926,246 951,090
Total Assets 1,915,943 1,978,567
FY2012March 31, 2012
FY2013March 31, 2013
Total fixed assets
Other
Investment valuation allowanceTotal investments and other fixed
assets
Buildings and structures (net)
Total intangible fixed assets
Allowance for doubtful receivables
Other (net)Total tangible fixed assets
Intangible fixed assets:
Investment securities
Cash and time depositsTrade notes and accounts receivable
Total current assets
Software
Machinery and vehicles (net)
Other
11
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(Millions of Yen)
As ofLIABILITIES
Current Liabilities:Trade notes and accounts payable 244,405
279,642Short-term loans payable 65,842 97,833Long-term loans
payable due within one year 41,439 91,518Bonds due within one year
45,100 10,100Lease obligations 7,702 2,652Income taxes payable
8,684 11,454Other accounts payable 23,040 22,146Accrued expenses
119,346 145,706Reserve for warranty expenses 33,178 28,626Other
34,063 69,235
Total current liabilities 622,799 758,912
Fixed Liabilities:Bonds 50,650 40,550Long-term loans payable
563,043 473,115Lease obligations 4,309 3,215Deferred tax liability
related to land revaluation 79,774 75,209Employees' and executive
officers' severance and retirement benefits 76,150 69,790Reserve
for loss from business of affiliates 7,671 6,957Reserve for
environmental measures 1,494 1,577Other 35,624 36,016
Total fixed liabilities 818,715 706,429Total Liabilities
1,441,514 1,465,341
EQUITY
Capital and Retained Earnings:Common stock 258,957
258,957Capital surplus 242,649 242,649Retained earnings (88,715)
(46,299)Treasury stock (2,190) (2,192)
Total capital and retained earnings 410,701 453,115
Accumulated Other Comprehensive Income/(Loss):Net unrealized
gain/(loss) on available-for-sales securities (160) 409Net
gain/(loss) on derivative instruments (3,529) (15,064)Land
revaluation 143,108 135,565Foreign currency translation adjustments
(76,833) (72,200)Pension adjustments recognized by foreign
consolidated subsidiaries (4,433) (5,513)
Total accumulated other comprehensive income/(loss) 58,153
43,197Stock Acquisition Rights 259 6Minority Interests in
Consolidated Subsidiaries 5,316 16,908
Total Equity 474,429 513,226Total Liabilities and Equity
1,915,943 1,978,567
FY2012March 31, 2012
FY2013March 31, 2013
12
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(2) Consolidated Statements of Operations and Comprehensive
IncomeConsolidated Statement of Operations
(Millions of Yen)
For the years ended
Net sales 2,033,058 2,205,270
Costs of sales 1,662,592 1,729,296
Gross profit on sales 370,466 475,974
409,184 422,038
Operating income/(loss) (38,718) 53,936
2,244 2,659284 289
Rental income 1,885 2,088Equity in net income of affiliates
9,552 10,090Foreign exchange gain 2,929 -Other 2,593 2,880
Total 19,487 18,006
Interest expense 11,451 14,062Loss on sale of receivables 983
813Foreign exchange loss - 19,538Other 5,152 4,442
Total 17,586 38,855
Ordinary income/(loss) (36,817) 33,087
185 508Gain on sales of subsidiaries and affiliates' stocks -
9,574State subsidy - 2,746Reversal of investment valuation
allowance 495 -Other 458 921
Total 1,138 13,749
3,455 3,3337,171 2,795
Reserve for environmental measures 19 60Loss on disaster 3,731
-Loss on abolishment of retirement benefit plan 1,044 -Business
restructuring costs 4,079 1,212Other 84 335
Total 19,583 7,735
Income/(loss) before income taxes (55,262) 39,101
March 31, 2012
Interest incomeDividend income
Non-operating expenses
Selling, general and administrative expenses
Non-operating income
FY2013March 31, 2013
Extraordinary losses
Extraordinary profitsGain on sale of tangible fixed assets
Loss on retirement and sale of tangible fixed assetsLoss on
impairment of fixed assets
FY2012
13
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(Millions of Yen)
For the years ended March 31, 2012FY2013
March 31, 2013FY2012
Current 15,755 16,231Prior years (2,158) -Deferred 38,759
(11,606)
Total 52,356 4,625
Income/(loss) before minority interests (107,618) 34,476
115 172
Net income/(loss) (107,733) 34,304
Income taxes
Minority interests in consolidated subsidiaries
14
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Consolidated Statement of Comprehensive Income(Millions of
Yen)
For the years ended
Income/(loss) before minority interests (107,618) 34,476
Other comprehensive income/(loss)Net unrealized gain/(loss) on
available-for-sale securities 8 542Net gain/(loss) on derivative
instruments (719) (11,366)
11,250 -Foreign currency translation adjustments (1,494)
(4,497)
(2,106) (1,080)
(3,832) 10,337
Total 3,107 (6,064)
Comprehensive income/(loss) (104,511) 28,412
Comprehensive income/(loss) attributable to:Owners of the parent
(104,871) 26,891Minority interests 360 1,521
Share of other comprehensive income/(loss) ofequity
method-applied affiliates
Revaluation reserve for land
Pension adjustments recognized by foreignconsolidated
subsidiaries
FY2012March 31, 2012
FY2013March 31, 2013
15
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(3) Consolidated Statement of Equity
(Millions of yen)
Years ended
March 31, 2011 186,500 170,192 15,082 (2,189) 369,585 59,227 460
1,267 430,539
Issuance of new common stock 72,457 72,457 - - 144,914 - - -
144,914
Net loss - - (107,733) - (107,733) - - - (107,733)
Land revaluation - - 3,936 - 3,936 7,314 - - 11,250
Treasury stock - - - (1) (1) - - - (1)
Net unrealized gain onavailable-for-sale securities - - - - - 7
- - 7
Net loss on derivative instruments - - - - - (688) - - (688)
Adjustments from translation offoreign currency financial
statements - - - - - (5,600) - - (5,600)
Pension adjustments recognizedby foreign consolidated
subsidiaries - - - - - (2,107) - - (2,107)
Stock acquisition rights from grantingof share-based payment - -
- - - - (201) - (201)
Minority interests inconsolidated subsidiaries - - - - - - -
4,049 4,049
March 31, 2012 258,957 242,649 (88,715) (2,190) 410,701 58,153
259 5,316 474,429
Net income - - 34,304 - 34,304 - - - 34,304
Land revaluation - - 7,543 - 7,543 (7,543) - - -
Change of scope of consolidation - - 569 - 569 - - - 569
Treasury stock - - - (2) (2) - - - (2)
Net unrealized gain onavailable-for-sale securities - - - - -
569 - - 569
Net loss on derivative instruments - - - - - (11,535) - -
(11,535)
Adjustments from translation offoreign currency financial
statements - - - - - 4,633 - - 4,633
Pension adjustments recognizedby foreign consolidated
subsidiaries - - - - - (1,080) - - (1,080)
Stock acquisition rights from grantingof share-based payment - -
- - - - (253) - (253)
Minority interests inconsolidated subsidiaries - - - - - - -
11,592 11,592
March 31, 2013 258,957 242,649 (46,299) (2,192) 453,115 43,197 6
16,908 513,226
Capital and retained earnings
Commonstock
Capitalsurplus
Retainedearnings
Treasurystock
EquityAccumulated
othercomprehensiveincome/(loss)
Stockacquisition
rights
Minorityinterest in
consolidatedsubsidiaries
TotalTotal
16
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(4) Consolidated Statement of Cash Flows(Millions of Yen)
For the years ended
Cash flows from operating activities:Income/(loss) before income
taxes (55,262) 39,101Adjustments to reconcile income/(loss) before
income taxes to net cash
provided by/(used in) operating activities:Depreciation and
amortization 68,791 59,954Loss on impairment of fixed assets 7,171
2,795Allowance for doubtful receivables (245) 113Investment
valuation allowance (495) -Reserve for warranty expenses (9,378)
(4,552)Employees' and executive officers' severance and retirement
benefits (2,134) (5,739)Reserve for loss from business of
affiliates (2,327) (714)Reserve for environmental measures 19
60Interest and dividend income (2,528) (2,948)Interest expense
11,451 14,062Equity in net loss/(income) of affiliates (9,552)
(10,090)Loss/(gain) on retirement and sale of tangible fixed assets
3,270 2,721Loss/(gain) on sale of investment securities 36
(329)Loss/(gain) on sales of subsidiaries and affiliates' stocks -
(9,574)State subsidy - (2,746)Decrease/(increase) in trade notes
and accounts receivable (15,709) (4,532)Decrease/(increase) in
inventories (28,185) (37,187)Increase/(decrease) in trade notes and
accounts payable 37,551 33,994Increase/(decrease) in other current
liabilities 2,142 21,716Other 7,581 (20,686)
Subtotal 12,197 75,419Interest and dividends received 3,112
3,075Interest paid (11,267) (13,678)Income taxes refunded/(paid)
(13,140) (15,783)
Net cash provided by/(used in) operating activities (9,098)
49,033Cash flows from investing activities:
Payments into time deposits (1,000) (3,644)Proceeds from
withdrawal of time deposits - 3,574Purchase of investment
securities (12) (5,097)Proceeds from sale and redemption of
investment securities 600 1,166Acquisition of tangible fixed assets
(61,724) (69,899)Proceeds from sale of tangible fixed assets 1,412
16,065Proceeds from state subsidy - 2,746Acquisition of intangible
fixed assets (8,160) (6,110)Decrease/(increase) in short-term loans
receivable (1,321) 1,317Long-term loans receivable made (319)
(467)Collections of long-term loans receivable 219 345Proceeds from
sales of investments in subsidiaries resulting in
change in scope of consolidation - 19,804Other (12) (87)
Net cash used in investing activities (70,317) (40,287)
FY2012
March 31, 2012FY2013
March 31, 2013
17
-
(Millions of Yen)
For the years endedFY2012
March 31, 2012FY2013
March 31, 2013
Cash flows from financing activities:Increase/(decrease) in
short-term loans payable (9,983) 25,683Proceeds from long-term
loans payable 227,550 2,680Repayment of long-term loans payable
(96,492) (41,647)Redemption of bonds (20,100) (45,100)Proceeds from
issuance of common stock 144,656 -Payment of lease obligations
(12,858) (7,980)Proceeds from stock issuance to minority
shareholders 3,691 9,364Cash dividends paid to minority
shareholders (1) (15)Treasury stock transactions (1) (2)Other -
(164)
Net cash provided by/(used in) financing activities 236,462
(57,181)(2,589) 15,041
Net increase/(decrease) in cash and cash equivalents 154,458
(33,394)Cash and cash equivalents at beginning of the period
322,849 477,307Increase/(decrease) in cash and cash equivalents
resulting from
change of scope of consolidation - 962
Cash and cash equivalents at end of the period 477,307
444,875
Effects of exchange rate fluctuations on cash and cash
equivalents
18
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(5) Footnotes to the Consolidated Financial Statements
(Note on the Assumptions as Going Concern)There are no matters
to be discussed.
(Significant Accounting Policies in Preparing the Consolidated
Financial Statements)
1. Consolidation Scope and Application of Equity Method1)
Consolidated Subsidiaries 56
Overseas 33 Mazda Motor of America, Inc.Mazda Motors
(Deutschland) GmbH and others
Domestic 23 15 dealers and 8 others
2) Equity Method-Applied Affiliates 15
Overseas 6 AutoAlliance (Thailand) Co., Ltd.Changan Mazda
Automobile Co., Ltd. and others
Domestic 9 2 automotive parts sales companies and 7 others
2. Changes in Consolidation Scope and Application of Equity
MethodThe changes in Consolidation Scope and Application of Equity
Method are as follow.1) Consolidated Subsidiaries
(Newly added) 4Overseas 4 (increased in materiality)
Logistics Alliance (Thailand) Co., Ltd.Kurashiki Kako (Dalian)
Co., Ltd.
(newly founded)Mazda Malaysia Sdn. Bhd.Mazda Powertrain
Manufacturing (Thailand) Co., Ltd.
(Excluded) 4Overseas 2 (decrease in the ratio of voting right
with an allocation of
new shares to a third party)MAZDA SOLLERS Manufacturing Rus LLC
(Note: its companyname was changed from Mazda Motor Manufacturing
Rus, OOO)
(liquidation)Mazda America Real Estate LLC
Domestic 2 (transfer of stocks)Toyo Advanced Technologies Co.,
Ltd.Microtechno Corporation
2) Equity Method-Applied Affiliates(Newly added) 3
Overseas 2 (new joint venture companies)MAZDA SOLLERS
Manufacturing Rus LLCChangan Mazda Automobile Co., Ltd.
Domestic 1 (decrease in the ratio of voting right)Toyo Advanced
Technologies Co., Ltd.
(Excluded) 1
Overseas 1 (restructuring)Changan Ford Mazda Automobile Co.,
Ltd.
19
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3. Accounting Periods of Consolidated SubsidiariesThe year-end
consolidated balance sheet date is March 31. Among the consolidated
subsidiaries, the followingsubsidiaries have a year-end balance
sheet date (in its statutory financial statements) different from
theyear-end consolidated balance sheet date.
(Company name) (Balance sheet date)Compania Colombiana
Automotriz S.A. December 31 (Note 1)Vehiculos Mazda de Venezuela
C.A. December 31 (Note 1)Mazda Motor (China) Co., Ltd. December 31
(Note 2)Mazda South East Asia, Ltd. December 31 (Note 2)Mazda Motor
de Mexico, S. de R.L de C.V. December 31 (Note 1)Mazda Servicios de
Mexico, S. de R.L de C.V. December 31 (Note 1)Mazda Motor
Manufacturing de Mexico S.A.de C.V. December 31 (Note 1)Mazda Motor
Operaciones de Mexico S.A.de C.V. December 31 (Note 1)Mazda Motor
Rus, OOO December 31 (Note 1)Mazda Motor do Brasil Ltda December 31
(Note 2)Logistics Alliance (Thailand) Co., Ltd. December 31 (Note
2)Kurashiki Kako (Dalian) Co., Ltd. December 31 (Note 2)Mazda
Malaysia Sdn. Bhd. December 31 (Note 2)Mazda Powertrain
Manufacturing (Thailand) Co., Ltd. December 31 (Note 2)
(Note 1) In preparing the consolidated financial statements,
special purpose financial statements prepared forconsolidation as
of the consolidated balance sheet date are used.
(Note 2) In preparing the consolidated financial statements,
adjustments necessary in consolidation were madefor material
transactions that occurred between the balance sheet dates (in its
statutory financial statements) ofthese subsidiaries and the
consolidated balance sheet date.
4. Accounting Policies
1) Valuation Standards and Methods of Significant Assets
a) SecuritiesAvailable-for-sale securities
With available fair value: Recorded at fair value estimated
based on quoted market prices on thebalance sheet date, with
unrealized gains and losses excluded fromincome and reported in a
separate component of equity net of tax. Thebases of cost are on a
historical cost basis mainly based on a movingaverage method.
Without available fair value: Recorded at cost on a historical
cost basis mainly on a moving averagemethod.
b) Derivative instruments: Mainly a fair value method.
c) Inventories: For inventories that are held for the purpose of
sales in the normalcourse
of business, inventories are recorded mainly on a historical
cost basisbased on an average method. (The carrying value in the
consolidatedbalance sheet is determined by the lower of cost or net
realizable value.)
2) Depreciation and Amortization Methods of Significant Fixed
Assets
a) Tangible Fixed Assets (excluding leased assets)Mainly a
straight-line method over the estimated useful lives of the assets
with an assumed residual value atone yen (i.e. memorandum
value).
b) Intangible Fixed Assets (excluding leased
assets)Straight-line method with periods of useful life estimated
by a method equivalent to the provisions ofJapanese income tax law.
Software for internal use is amortized on a straight-line basis
over the period ofinternal use, i.e., 5 years.
c) Leased assets
20
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For finance leases which do not transfer ownership, depreciation
or amortization expense is recognized on astraight-line basis over
the lease period. For leases with a guaranteed minimum residual
value, the contractedresidual value is considered to be the
residual value for financial accounting purposes. For other leases,
theresidual value is zero.
3) Standards for Recognition of Reserves
a) Allowance for doubtful receivablesAllowance for doubtful
receivables provides for the losses from bad debt. The amount
estimated to beuncollectible is recognized. For receivables at an
ordinary risk, the amount is estimated based on the pastdefault
ratio. For receivables at a high risk and receivables from debtors
under bankruptcy proceedings, theamount is estimated based on the
financial standing of the debtor.
b) Investment valuation allowanceInvestment valuation allowance
provides for losses from investments. The amount is estimated in
light ofthe financial standings of the investee companies.
c) Reserve for warranty expensesReserve for warranty expenses
provides for after-sales expenses of products (vehicles). The
amount isestimated per product warranty provisions and actual costs
incurred in the past, taking future prospects
intoconsideration.
d) Employees and executive officers severance and retirement
benefitsEmployees and executive officers severance and retirement
benefits provide for the costs of severance andretirement benefits
to employees and executive officers. For employees severance and
retirement benefits,the amount estimated to have been incurred as
of the end of the current fiscal year is recognized based onthe
estimated amount of liabilities for severance and retirement
benefits and the estimated fair value of thepension plan assets at
the end of the current fiscal year. The recognition of prior
service cost is deferred on astraight-line basis over a period
equal to or less than the average remaining service period of
employees atthe time such cost is incurred (mainly 12 years). The
recognition of actuarial differences is also deferred onthe
straight-line basis over a period equal to or less than the average
remaining service period of employeesat the time such gains or
losses are realized (mainly 13 years). The amortization of net
gains or losses startsfrom the fiscal year immediately following
the year in which such gains or losses arise. For executiveofficers
retirement benefits, the liability is provided for the amount that
would be required by the internalcorporate policy if all the
eligible executive officers retired at the balance sheet date.
e) Reserve for loss from business of affiliatesReserve for loss
from business of affiliates provides for losses from affiliates
businesses. The amount ofloss estimated to be incurred by Mazda
Motor Corporation is recognized.
f) Reserve for environmental measuresReserve for environmental
measures provides for expenditure aimed at environmental measures.
Theamount of future expenditure estimated as of the end of the
current fiscal year is recognized.
4) Foreign Currency TranslationReceivables and payables
denominated in foreign currencies are translated into Japanese yen
at the exchangerate on the fiscal year end; gains and losses in
foreign currency translation are included in the income of
thecurrent period. Balance sheets of consolidated foreign
subsidiaries are translated into Japanese yen at the rateson the
fiscal year ends of the subsidiaries accounting periods except for
equity accounts, which are translated atthe historical rates.
Income statements of consolidated foreign subsidiaries are
translated at average rates of thesubsidiaries fiscal years, with
the translation differences prorated and included in the equity as
foreign currencytranslation adjustments and minority interests.
5) Accounting for Hedging ActivitiesFull-deferral hedge
accounting is mainly applied. Also, for certain interest rate swap
contracts that are used ashedges and meet certain hedging criteria,
the net amount to be paid or received under the interest rate
swapcontract is added to or deducted from the interest on the
assets or liabilities for which the interest rate swapcontract was
executed.
21
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6) Amortization of GoodwillGoodwill is amortized on a
straight-line basis over a period (primarily 5 years) during which
each investment isexpected to generate benefits.
7) Cash and Cash Equivalents in the Consolidated Statement of
Cash FlowsCash and cash equivalents consist of cash on hand, bank
deposits that can be readily withdrawn, and short-term,highly
liquid investments with maturities of three months or less at the
time of acquisition that presentinsignificant risk of changes in
value.
8) Othersa) Accounting for Consumption Taxes
Tax-excluded methodIn addition, any non-deductible consumption
taxes associated with asset purchases are recorded as anexpense
during the current fiscal year.
a) Adoption of Consolidated taxation systemConsolidated taxation
system with domestic subsidiaries has been adopted since the
current consolidatedfiscal year.
(Changes in accounting policies / Changes in accounting
estimates / Restatement)(Changes in accounting estimates)Useful
lives and residual values of tangible fixed assets of Mazda were
estimated by a method equivalent to theprovisions of Japanese
Corporation Tax Law until last Fiscal Year ended March 31, 2012.The
use of machinery and equipment, tools, furniture and fixtures was
investigated as the utility of productionfacility is broadened in
line with the introduction of the next generation models equipped
with SKYACTIV,manufactured by flexible production system led by
Monotsukuri (Manufacturing) Innovation and the increase
ininvestment in associated production facility.As a result of the
above mentioned research, useful lives for most of the tangible
fixed assets turned out to belonger. The effect of the change in
useful lives was recognized prospectively from the Fiscal Year
ended March 31,2013. Also, residual values for all of the tangible
fixed assets were revised as it will be one yen (i.e.
memorandumvalue) at the end of the useful lives.By the above
mentioned changes in useful lives, operating income for the Fiscal
Year ended March 31, 2013increased by 5,114 million, ordinary
income and income before income taxes increased by 5,269
million,respectively.
(Changes in accounting policies which are difficult to
distinguish from changes in accounting estimates)From the Fiscal
Year ended March 31, 2013, domestic consolidated subsidiaries
changed the depreciation methoddue to the revision of Japanese
Corporation Tax Law for depreciable assets acquired on or after
April 1, 2012. Theeffect of this change on the consolidated
statement of operations for the Fiscal Year ended March 31, 2013
isimmaterial.
(Changes in Financial Statement Presentation)(Consolidated
Statement of Operations)The amounts of Extraordinary profits-Gain
on reversal of subscription rights to shares and
Extraordinaryprofits-Compensation for the exercise of eminent
domain for the previous fiscal year are included inExtraordinary
profits-Other for the fiscal year ended March 31, 2013 due to
decrease in materiality. For thepurpose of reflecting this change
in financial statement presentation, we reclassified Consolidated
FinancialStatements for the fiscal year ended March 31, 2012.As a
result of this change, 201 million presented as Extraordinary
profits-Gain on reversal of subscription rightsto shares and 257
million presented as Extraordinary profits-Compensation for the
exercise of eminent domainfor the fiscal year ended March 31, 2012
were reclassified to Extraordinary profits-Other of 458
million.
22
-
(Segment Information)1) Overview of Reportable Segments
2) Measurement of Sales, Income or Loss, Assets, and Other Items
by Reportable Segments
3) Sales, Income or Loss, Assets, and Other Items by Reportable
Segments
(For the fiscal year ended March 31, 2012) (Millions of
Yen)Reportable Segments
North Other Adjustment ConsolidatedYear Ended March 31, 2012
Japan America Europe areas Total (Note 1) (Note 2)Net sales:
Outside customers 824,383 568,340 347,299 293,036 2,033,058 -
2,033,058Inter-segment 920,594 3,305 13,142 1,190 938,231 (938,231)
-
Total 1,744,977 571,645 360,441 294,226 2,971,289 (938,231)
2,033,058Segment income/(loss) (18,417) (40,277) 5,627 10,072
(42,995) 4,277 (38,718)Segment assets 1,750,262 162,676 161,487
126,532 2,200,957 (285,014) 1,915,943Other items
Depreciation and amortization 64,035 863 2,684 621 68,203 -
68,203Amortization of goodwill 33 450 102 3 588 - 588
9,615 29,421 - 42,953 81,989 - 81,989
64,758 11,660 621 1,001 78,040 - 78,040
Notes: 1. Notes on Adjustment:(1) The adjustment on segment
income/(loss) are eliminations of inter-segment transactions.(2)
The adjustment on segment assets are mainly eliminations of
inter-segment receivables and payables.
2. Segment income/(loss) is reconciled with the operating income
in the consolidated statement of operations for thefiscal year
ended March 31, 2012.
Investments in equity method-applied affiliates
Increase in tangibleand intangible fixed assets
The reportable segments of Mazda Group consist of business
components for which separate financial statements areavailable.
The reportable segments are the subject of periodical review by
board of directors' meetings for the purpose ofmaking decisions on
the distribution of corporate resources and evaluating business
performance.
Mazda Group is primarily engaged in the manufacture and sale of
automobiles. Businesses in the Japan are managed byMazda Motor
Corporation. Businesses in North America are managed by Mazda Motor
of America, Inc. and Mazda MotorCorporation. And business in Europe
regions are managed by Mazda Motor Europe GmbH and Mazda Motor
Corporation.Areas other than Japan, North America and Europe are
defined as Other areas, regarding it as one management
unit.Business deployment in countries in Other areas are managed in
an integrated manner by Mazda Motor Corporation.
Accordingly, Mazda Group consists of regional segments based on
a system of managing production and sale. As such,Japan, North
America, Europe and Other areas are designated as four reportable
segments.
The accounting treatment of reportable segments are the same as
that described under "Significant Accounting Policies inPreparing
the Consolidated Financial Statements."
From the fiscal year ended March 31, 2013, Mazda has changed its
useful lives for most of tangible fixed assets andresidual values
for all of the tangible fixed assets. As a results, segment income
of "Japan" for the fiscal year ended March31, 2013 increased by
5,114 million yen.In addition, from the fiscal year ended March 31,
2013, domestic consolidated subsidiaries grouped in "Japan"
segmenthave changed the depreciation method due to the revision of
Japanese Corporation Tax Law. The effect of this change onsegment
income for the fiscal year ended March 31, 2013 was immaterial.In
detail, please refer to "Changes in accounting policies / Changes
in accounting estimates / Restatement" on Page 22.
23
-
(For the fiscal year ended March 31, 2013) (Millions of
Yen)Reportable Segments
North Other Adjustment ConsolidatedYear Ended March 31, 2013
Japan America Europe areas Total (Note 1) (Note 2)Net sales:
Outside customers 795,919 647,382 344,434 417,535 2,205,270 -
2,205,270Inter-segment 1,097,663 2,598 10,348 1,123 1,111,732
(1,111,732) -
Total 1,893,582 649,980 354,782 418,658 3,317,002 (1,111,732)
2,205,270Segment income/(loss) 108,389 (48,877) 3,122 16,839 79,473
(25,537) 53,936Segment assets 1,775,831 309,211 162,047 176,543
2,423,632 (445,065) 1,978,567Other items
Depreciation and amortization 55,899 847 2,220 748 59,714 -
59,714Amortization of goodwill 14 226 - - 240 - 240
15,573 35,635 2,280 55,558 109,046 - 109,046
56,043 19,520 633 994 77,190 - 77,190
Notes: 1. Notes on Adjustment:(1) The adjustment on segment
income/(loss) are eliminations of inter-segment transactions.(2)
The adjustment on segment assets are mainly eliminations of
inter-segment receivables and payables.
2. Segment income/(loss) is reconciled with the operating income
in the consolidated statement of operations for thefiscal year
ended March 31, 2013.
Investments in equity method-applied affiliates
Increase in tangibleand intangible fixed assets
24
-
(Information on Amounts Per Share of Common Stock)
Equity per share of common stock (Yen) 156.85 166.04Net
income/(loss) per share of common stock: Basic (Yen) (57.80)
11.48
Diluted (Yen) - -
Note1: The calculation basis of Net income/(loss) per share of
common stock is as follows.
Net income/(loss) per common stock:Net income/(loss) (Millions
of Yen) (107,733) 34,304Amount not attribute to common stock
shareholders (Millions of Yen) - -Net income/(loss) related to
common stock (Millions of Yen) (107,733) 34,304
1,863,949 2,989,171
-
(Note) Stock acquisition rights (stock option) resolved at the
general meeting of shareholders on June 25, 2008.On June 27, 2012,
we acquired a part of the stock acquisition rights with no
compensation on rightholders' consent and cancelled them.
- Number of stock acquisition rights cancelled 1,802 units-
Number of common shares underlying the share option
for the cancelled stocks 1,802,000 shares
Note2: The calculation basis of Equity per share of common stock
is as follows.
Total Equity (Millions of Yen) 474,429 513,226Amount deducted
from total equity (Millions of Yen) 5,575 16,914
(of which Stock Acquisition Rights) (259) (6)(of which Minority
Interests) (5,316) (16,908)
Equity related to common stock (Millions of Yen) 468,854
496,312
2,989,175 2,989,165
(Significant Subsequent Events)None
Number of common stock used in the calculation of equity per
share (Thousandsof shares)
FY2012(as of March 31,
2012)
FY2013(as of March 31,
2013)
FY2012(April 1, 2011 toMarch 31, 2012)
FY2013(April 1, 2012 toMarch 31, 2013)
For the fiscal year ended March 31, 2012, although potentially
dilutive securities exist, since net loss was recorded,diluted
information is not presented. For the fiscal year ended March 31,
2013, since there are no dilutive potentialsecurities that have
dilutive effects, diluted information is not presented.
FY2012(April 1, 2011 toMarch 31, 2012)
FY2013(April 1, 2012 toMarch 31, 2013)
(Note)
Average number of shares outstanding during the period(Thousands
of shares)
Outline of dilutive potential securities, which undergo
important changes fromthe end of previous fiscal year and are not
used to calculate net income pershare because they do not have
dilutive effects
25
-
5. Unconsolidated Financial Statements(1) Unconsolidated Balance
Sheet
As of
ASSETS
Current Assets:
Cash and time deposits 129,776 183,151Accounts receivable -
Trade 210,617 249,089Securities 247,000 143,000Finished Products
26,355 32,555Work in process 54,523 61,735Raw material and Supplies
6,229 5,130Prepaid expenses 2,224 2,458Deferred tax assets 35,761
41,913Accounts receivable - Other 53,642 57,671Short-term loans
receivable 106,035 116,462Other 10,467 11,828Allowance for doubtful
receivables (394) (328)
Total current assets 882,234 904,664
Fixed Assets:
Tangible fixed assets:Buildings (net) 83,613 81,960Structures
(net) 15,567 14,478Machinery and equipment (net) 134,039
135,290Transportation equipment (net) 1,246 1,277Tools, furniture
and fixtures (net) 15,121 16,047Land 305,921 291,145Leased assets
(net) 6,942 3,803Construction in progress 25,247 26,514
Total tangible fixed assets 587,697 570,514Intangible fixed
assets:
Software 15,375 15,195Leased assets (net) 19 10
Total intangible fixed assets 15,394 15,205Investments and other
fixed assets:
Investment securities 3,084 3,351Investment securities for
affiliates 219,696 243,644Investments 3 3Investment for affiliates
23,213 34,635Long-term loans receivable 1,467 1,467Long-term loans
receivable for employees - 1Long-term loans receivable for
affiliates 2,604 2,604Claims in bankruptcy, rehabilitation and
others 989 989Long-term prepaid expenses 4,470 2,722Deferred tax
assets 2,647 1,191Other 3,680 3,982Allowance for doubtful
receivables (3,100) (3,276)Investment valuation allowance (511)
(511)
Total investments and other fixed assets 258,243 290,802Total
fixed assets 861,333 876,521
Total Assets 1,743,567 1,781,185
FY2013March 31, 2012 March 31, 2013
(Millions of Yen)
FY2012
26
-
As ofLIABILITIES
Current Liabilities:Trade notes payable 553 830Accounts payable
- Trade 195,095 219,282Bonds due within one year 45,000
10,000Long-term loans payable due within one year 38,599
89,824Lease obligations 4,080 2,008Accounts payable - Other 10,467
77,922Accrued expenses 48,791 56,097Income tax payable 559
4,352Unearned revenue 579 632Deferred revenue 173 271Deposit
received 16,779 23,920Reserve for warranty expenses 33,032
28,307Forward exchange contracts 10,067 41,750
Total current liabilities 403,774 555,195
Fixed Liabilities:Bonds 50,000 40,000Long-term loans payable
556,088 466,264Lease obligations 3,297 2,075Deferred tax liability
related to land revaluation 79,774 75,209Employees' and executive
officers' severance and retirement benefits 53,767 48,493Reserve
for loss from business of subsidiaries and affiliates 86,054
82,765Reserve for environmental measures 1,454 1,514Guaranty money
received 3,389 3,562Asset retirement obligations 4,844 6,784Other
2,566 1,179
Total fixed liabilities 841,233 727,845Total Liabilities
1,245,007 1,283,040
EQUITY
Capital and Retained Earnings:Common stock 258,957
258,957Capital surplus
Capital reserve 168,847 168,847Other capital surplus 73,802
73,802
Total capital surplus 242,649 242,649Retained earnings
Other earned surplusUnappropriated retained earnings (140,785)
(122,135)
Total retained earnings (140,785) (122,135)Treasury stock
(2,185) (2,187)
Total capital and retained earnings 358,636 377,284
Valuation and Translation Adjustments:Net unrealized gain/(loss)
on available-for-sale securities 61 168Net gain/(loss) on
derivative instruments (3,505) (14,878)Land revaluation 143,108
135,565
Total valuation and translation adjustments 139,664 120,855Stock
Acquisition Rights 259 6
Total Equity 498,559 498,145Total Liabilities and Equity
1,743,567 1,781,185
(Millions of Yen)
FY2012March 31, 2012
FY2013March 31, 2013
27
-
(2) Unconsolidated Statement of Operations
For the years ended
Net sales 1,538,578 1,694,765
Costs of sales 1,370,328 1,399,325
Gross profit on sales 168,250 295,440
Selling, general and administrative expenses 223,997 222,152
Operating income/(loss) (55,747) 73,288
Non-operating incomeInterest income 1,802 1,755Interest income
of securities 206 316Dividends income 1,521 1,264Rental income
4,998 5,102Foreign exchange gain 3,040 -Other 778 1,009
Total 12,347 9,446
Non-operating expensesInterest expense 8,318 11,094Interest paid
on bonds 1,587 1,167Foreign exchange loss - 18,129Stock issuance
cost 422 -Other 3,776 3,901
Total 14,103 34,291
Ordinary income/(loss) (57,503) 48,443
Extraordinary profitsGain on sale of tangible fixed assets 70
163Gain on sale of investment securities - 8,738Gain on sale of
stock for subsidiaries and affiliates 10 18,915Gain on reversal of
subscription rights to shares 201 253State Subsidy -
2,379Compensation for the exercise of eminent domain - 43
Total 282 30,491
Extraordinary lossesLoss on sale of tangible fixed assets 440
110Loss on retirement of tangible fixed assets 2,171 2,518Loss on
impairment of fixed assets 6,701 2,031Loss on sale of investment
securities 36 -Valuation loss on investments 1 -Reserve for loss
from business of subsidiaries and affiliates 45,553 65,905Reserve
for environmental measures 17 60Loss on disaster 3,654 -
Total 58,573 70,624
Income/(loss) before income taxes (115,794) 8,310
Income taxesCurrent 1,459 (377)Prior years (2,048) -Deferred
24,318 (2,420)
Total 23,729 (2,797)
Net income/(loss) (139,523) 11,107
(Millions of Yen)
FY2013March 31, 2013
FY2012March 31, 2012
28
-
(3) Unconsolidated Statement of Equity
Mil.yen Mil.yen Mil.yen Mil.yen Mil.yen Mil.yen
Balance at March 31, 2011Changes during the period:
Issuance of new common stock
Net changes during the periodBalance at March 31, 2012
Mil.yen Mil.yen Mil.yen Mil.yen Mil.yen Mil.yen
Balance at March 31, 2011
Changes during the period:Issuance of new common stock
Acquisition of treasury stockRe-issuance of treasury stock
Net changes during the periodBalance at March 31, 2012
* breakdown of other earned surplus
Mil.yen Mil.yen Mil.yen
Balance at March 31, 2011Changes during the period:
Net changes during the periodBalance at March 31, 2012
(In Japanese yen rounded to millions)
(8,152) (127,435) (135,587)- (140,785) (140,785)
Reversal for land revaluation 3,936 3,936Net income/(loss)
(139,523) (139,523)
Transfer from reserve(deduction of fixed assets) (8,152) 8,152
-
Reserve fordeduction offixed assets
Unappropriatedretainedearnings
Otherearnedsurplus
8,152 (13,351) (5,198)
61 (3,505) 143,108 139,664 259 498,559
6,440
18 (690) 7,314 6,641 (201) 15,767
Net changes in accounts other thancapital and retained earnings
18 (690) 7,314 6,641 (201)
Net income/(loss) - (139,523)- (1)- 0
Reversal for land revaluation - 3,936
133,023 460 482,792
- 144,914
on derivativesecurities instruments
44 (2,815) 135,794
Valuation and Translation AdjustmentsStock
acquisitionrights
TotalEquity
Net unrealized NetLand
revaluation
TotalValuation and
translationadjustments
gain/(loss) on gain/(loss)available-for-sale
258,957 168,847 73,802 (140,785) (2,185) 358,63672,457 72,457
(0) (135,587) (1) 9,327
Acquisition of treasury stock (1) (1)Re-issuance of treasury
stock (0) 0 0
Reversal for land revaluation 3,936 3,936Net income/(loss)
(139,523) (139,523)
144,91472,457 72,457
earned Retained earningssurplus*
186,500 96,390 73,802 (5,198) (2,184) 349,309
Capital and Retained Earnings
Common stock
Capital surplus RetainedearningsTreasury stock
Total
Capital reserve Other capitalsurplus
Other Capital and
29
-
Mil.yen Mil.yen Mil.yen Mil.yen Mil.yen Mil.yen
Balance at March 31, 2012Changes during the period:
Issuance of new common stock
Net changes during the periodBalance at March 31, 2013
Mil.yen Mil.yen Mil.yen Mil.yen Mil.yen Mil.yen
Balance at March 31, 2012
Changes during the period:Issuance of new common stock
Acquisition of treasury stockRe-issuance of treasury stock
Net changes during the periodBalance at March 31, 2013
(In Japanese yen rounded to millions)
168 (14,878) 135,565 120,855 6 498,145
(19,062)
107 (11,373) (7,543) (18,809) (253) (414)
Net changes in accounts other thancapital and retained earnings
107 (11,373) (7,543) (18,809) (253)
Net income/(loss) - 11,107- (2)- 0
Reversal for land revaluation - 7,543
139,664 259 498,559
- -
on derivativesecurities instruments
61 (3,505) 143,108
Valuation and Translation AdjustmentsStock
acquisitionrights
TotalEquity
Net unrealized NetLand
revaluation
TotalValuation and
translationadjustments
gain/(loss) on gain/(loss)available-for-sale
258,957 168,847 73,802 (122,135) (2,187) 377,284
Re-issuance of treasury stock (0) 0 0- - (0) 18,650 (2)
18,648
Net income/(loss) 11,107 11,107Acquisition of treasury stock (2)
(2)
Reversal for land revaluation 7,543 7,543
258,957 168,847 73,802
-
Capital and Retained Earnings
Common stock
Capital surplus RetainedearningsTreasury stock
Total
Capital reserveUnappropriated
retainedearnings
Other capitalsurplus
Capital andRetained earnings
(140,785) (2,185) 358,636
30
-
(4) Footnotes to the Unconsolidated Financial Statements(Note on
the Assumptions as Going Concern)There are no matters to be
discussed.
6. Other
(1) Production and Sales Informationa) Production Volume
units units unitsJapan Passenger cars 831,025 863,626 32,601
Trucks 15,549 15,503 (46)
Total 846,574 879,129 32,555Note: Production volume figures do
not include those Mazda-brand vehicles produced by the
following
joint venture assembly plants with Ford Motor Company (that are
equity method-applied affiliates):
AutoAlliance International, Inc. 39,546 units 37,563 units
(1,983) unitsAutoAlliance (Thailand) Co., Ltd. 75,630 units 115,815
units 40,185 units
b) Sales by Reportable Segment
millions of yen millions of yen millions of yen824,383 795,919
(28,464)
568,340 647,382 79,042347,299 344,434 (2,865)293,036 417,535
124,499
2,033,058 2,205,270 172,212Note: Inter-segment transactions are
eliminated from the sales figures shown in the above table.
c) Sales by Product Type
units millions of yen units millions of yen units millions of
yen1,016,430 1,510,789 1,053,262 1,753,850 36,832 243,061
- 93,113 - 55,938 - (37,175)- 200,107 - 189,749 - (10,358)-
229,049 - 205,733 - (23,316)- 2,033,058 - 2,205,270 - 172,212
< Wholesales Volume by Market >
units units unitsVehicles Japan 226,242 225,683 (559)
North America 361,917 370,263 8,346Europe 170,771 157,608
(13,163)Other 257,500 299,708 42,208
790,188 827,579 37,391Total 1,016,430 1,053,262 36,832
Overseas Total
FY2012Year Ended March 31, 2012
Year Ended March 31, 2012
Japan
North America
FY2012Year Ended March 31, 2012
Increase / (Decrease)
EuropeOther areas
FY2012Year Ended March 31, 2012
Year Ended March 31, 2013
Vehicles
Parts
Year Ended March 31, 2013
FY2013Year Ended March 31, 2013
FY2013Year Ended March 31, 2013
Increase / (Decrease)
Increase / (Decrease)
Increase / (Decrease)
Increase / (Decrease)
FY2013Year Ended March 31, 2013
Year Ended March 31, 2012FY2012
FY2013
FY2013
Knockdown Parts (Overseas)
FY2012
Total
TotalOther
31
-
Financial Summary (Consolidated) April 26, 2013For the Fiscal
Year Ended March 31, 2013 Mazda Motor Corporation
(In 100 millions of yen)(In thousands of units)(Upper left:
return on sales)
% % %
1 5,602 3.5 1,425 1,520 1,201 1,734 5,880 5.0 5,900 0.3
2 14,729 (17.5) 3,641 3,649 3,916 4,967 16,173 9.8 18,900
16.9
Net sales 3 20,331 (12.6) 5,066 5,169 5,117 6,701 22,053 8.5
24,800 12.5(1.9%) 0.4% 1.9% 1.6% 5.1% 2.4% 4.8%
Operating income/(loss) 4 (387) - 18 97 81 343 539 - 1,200
-(1.8%) (1.8%) 1.8% 4.1% 1.7% 1.5% 3.9%
Ordinary income/(loss) 5 (368) - (89) 93 210 117 331 - 970
-(2.7%) (1.9%) 3.3% 4.5% 1.3% 1.8% 3.5%
6 (553) - (97) 170 228 90 391 - 880 -(5.3%) (1.3%) 2.4% 3.9%
1.3% 1.6% 2.8%
Net income/(loss) 7 (1,077) - (65) 122 199 87 343 - 700 -
Japan 8 (184) 63 256 191 574 1,084
North America 9 (403) (107) (153) (123) (106) (489)
Europe 10 56 9 (6) 19 9 31
Other areas 11 101 41 45 56 26 168
Operating profit changes
Volume & mix 12 242 (7) 97 6 338 499
Exchange rate 13 (79) (32) 95 200 184 560
Cost improvement 14 93 78 101 95 367 157
Marketing expense 15 (43) 14 10 (49) (68) (183)
Other 16 36 29 105 (65) 105 (372)
Total 17 249 82 408 187 926 661
JPY / USD 79 80 79 81 92 83 90
JPY / EUR 109 103 98 105 122 107 120
JPY / USD 79 78 79 82 80 79 88
JPY / EUR 111 103 104 103 102 103 117
Capital investment 20 780 151 188 193 240 772 1,300
Depreciation and amortization 21 688 152 146 151 151 600 580
R&D cost 22 917 218 209 224 248 899 1,000
Total assets 23 19,159 18,717 18,146 19,141 19,786
Equity 24 4,744 4,792 4,864 4,897 5,132
Financial debt 25 7,781 7,660 7,447 7,661 7,190
Net financial debt 26 3,008 3,265 3,243 3,451 2,741
27 (794) (203) 7 (280) 563 87
Domestic 28 206 (0.2) 51 59 40 66 216 5.2 220 1.7
North America 29 372 8.5 90 92 88 102 372 0.2 415 11.4
Europe 30 183 (13.6) 44 41 34 53 172 (6.2) 200 16.6
China 31 223 (5.6) 46 44 39 46 175 (21.5) 200 14.5
Other 32 263 (4.7) 69 77 79 75 300 13.5 300 0.1
Overseas 33 1,041 (2.4) 249 254 240 276 1,019 (2.2) 1,115
9.5
Global retail volume 34 1,247 (2.0) 300 313 280 342 1,235 (1.0)
1,335 8.1
Domestic production volume 35 847 (2.4) 207 205 221 246 879 3.8
960 9.2
36 37,617 37,745
Note: Global retail volume refers to the total retail units of
Mazda-brand vehicles sold on a global basis.
Number of employees(excluding dispatches)
Operating income/(loss) bysegment (geographic area)
Transaction rate
Income/(loss) beforeincome taxes
19
Overseas
(Apr.'13-Mar.'14)
Domestic
Average ratefor the period 18
Free cash flow(Operating C/F & Investing C/F)
Fiscal YearEnded Mar. 2012
FY 2014Full Year Forecast
(Apr.'11-Mar.'12)
Fiscal YearEnded Mar.2013(Apr.'12-Mar.'13)
1st. Qtr. 2nd. Qtr. 3rd. Qtr. 4th. Qtr.
-
Financial Summary (Unconsolidated)For the Fiscal Year Ended
March 31, 2013 April 26, 2013
Mazda Motor Corporation(In 100 millions of yen)(In thousands of
units)(Upper left: return on sales)
% %
Domestic 1 3,738 11.0 4,002 7.1
Export 2 11,648 (19.1) 12,946 11.1
Net sales 3 15,386 (13.4) 16,948 10.2(3.6%) 4.3%
Operating income/(Loss) 4 (557) - 733 -(3.7%) 2.9%
Ordinary income/(Loss) 5 (575) - 484 -(7.5%) 0.5%
Income/(loss) before taxes 6 (1,158) - 83 -(9.1%) 0.7%
Net income/(loss) 7 (1,395) - 111 -79Yen/US$ 83Yen/US$
Average rate for the period 8 109Yen/EUR 107Yen/EUR
Capital investment 9 552 487
Depreciation & amortization 10 559 482
R & D cost 11 887 876
Total assets 12 17,436 17,812
Equity 13 4,986 4,981
Financial debt 14 6,971 6,102
Net financial debt 15 3,213 2,850
Domestic 16 234 10.8 229 (2.0)
North America 17 353 0.8 379 7.6
Europe 18 176 (17.5) 166 (5.7)
Others 19 211 (22.3) 225 6.4
Wholesales (units) 20 974 (6.9) 999 2.6
Domestic production units 21 847 (2.4) 879 3.8
22 20,863 20,566
Fiscal YearEnded March 2012
Fiscal YearEnded March 2013
Number of employees(excluding dispatchees)