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Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell | AMEX:MBC | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:1227L Mitsubishi Corporation 14 May 2003 May 14, 2003 Mitsubishi Corporation Results for Fiscal 2003 (Year Ended March 2003), and Outlook for Fiscal 2004 (US GAAP) Major indices Year ending Year ended Year ended Mar.31,2004 Mar.31,2003 Increase or decrease Mar.31,2002 Crude oil (USD/BBL) 24.0 25.9 -1.9 ( -7.3%) 22.0 Foreign exchange (YEN/USD) 115.0 122.0 -7.0 (6% Yen appreciation) 125.0 Interest (%)TIBOR 0.10 0.09 0.01 ( +11% ) 0.09 Consolidated Income For the fiscal For the fiscal Outlook for the fiscal year year ended year ended Mar.2003 ending Mar.2004 Mar.31,2002 (Billions of Yen) (UNAUDITED) Gain (loss) on a Gain (loss) on a year earlier year earlier Operating transactions 13,230.7 13,328.7 98.0 a 14,300.0 971.3 Gross profit 643.9 718.6 74.7 b 775.0 56.4 (+11.6%) (+7.8%) Selling, general & (542.8) (595.4) (52.6) c (645.0) (49.6) administrative expenses Provision for (32.9) (22.6) 10.3 d (10.0) 12.6 doubtful receivables Operating income 68.2 100.6 32.4 120.0 19.4 l (+47.6%) (+19.3%) Interest expense - net (11.8) (14.0) (2.2) (20.0) (6.0) Dividends 36.3 28.2 (8.1) 25.0 (3.2) Gain on marketable 34.9 (43.1) (78.0) f securities and investments - net Gain (loss) on (8.5) (5.6) 2.9 g 25.0 79.0 property and equipment - net Other expenses (19.6) (5.3) 14.3 h Income from consolidated 99.5 60.8 (38.7) 150.0 89.2 m operations before income taxes (-38.9%) (+146.7%) Income taxes (45.9) (38.3) 7.6 (80.0) (41.7) Minority interests in (2.1) (8.0) (5.9) (15.0) (7.0) net income Equity in earnings of 8.8 39.7 30.9 i 45.0 5.3 affiliated companies - net Cumulative effect of 0 8.1 8.1 j 0 (8.1) a change in accounting principle - net Net income 60.3 62.3 2.0 100.0 37.7 n (+3.2%) (+60.5%) (For Reference) Core earnings 134.4 177.1 42.7 180.0 2.9 capabilities (*1) (*1) Core earnings capabilities = Operating income (before the deduction of provision for doubtful receivables) + Interest expense-net + Dividends + Equity in earnings of affiliated companies - net Assets and Liabilities Mar.31,2002 Mar.31,2003 Mar.31,2004 (UNAUDITED) Increase or Increase or decrease decrease Total assets 8,146.3 8,097.9 (48.4) 8,000.0 (97.9) (Current assets) 3,979.9 3,922.1 (57.8) 3,900.0 (22.1) (Investments and 2,705.5 2,510.0 (195.5) 2,400.0 (110.0) non-current receivables) (Property and equipment 1,460.9 1,665.8 204.9 1,700.0 34.2 and other assets) Total shareholders' equity 1,029.9 937.1 (92.8) 1,000.0 62.9 (For Reference) Interest bearing 4,239.8 3,912.9 (326.9) 3,800.0 (112.9) liabilities (*2) Debt-to-equity ratio (Gross) 4.1 4.2 0.1 3.8 (0.4) Debt-to-equity ratio (Net) 3.7 3.8 0.1 3.4 (0.4) (*2) Interest bearing liabilities do not include notes and bills discounted and impact of adopting FAS 133. Cash Flows Mar.31,2002 Mar.31,2003 Operating activities 161.6 270.3 Reflects strong cash flows from metal resources and food-related businesses, among others. Investing activities 38.1 (24.4) Reflects outflows by the acquisition of airplane leasing assets. Free Cash Flow 199.7 245.9 Financing activities (129.6) (282.7) Strong cash flows from operating activities were used to reduce debt. Increase/decrease of cash and 80.3 (46.4) cash equivalents (For Reference) *1 Core earnings capabilities: The sum of recurring profit and expense items. This yardstick is used to measure Mitsubishi Corporation's ability to generate earnings. *2 Interest-bearing liabilities: The portion of interest-bearing liabilities on the balance sheet representing funds procured that Mitsubishi Corporation is obliged to repay. Summary of Fiscal 2003 Results Overview (1) Operating income reaches Y 100 billion Operating income jumped about 50% to Y 100.6 billion on a 12% rise in gross profit, resulting from an upswing in overseas automobile operations and expansion in metal resources and food-related fields, as well as a decrease in provision for doubtful receivables. This was the first time in a decade, since fiscal 1993 at the end of the Japanese bubble, that operating income has exceeded Y 100 billion. (2) Posted record core earnings MC posted record core earnings of Y 177.1 billion, up 32%. This reflected the high operating income and a sharp increase in net equity in earnings of affiliated companies resulting from the absence of the prior-year one-time write-off of an impairment loss on equity method goodwill in Lawson, Inc. and a recovery in earnings at overseas automobile operations. (3) Year on year increase in consolidated net income While MC failed to achieve its original Y 85 billion target due to large write- offs of marketable securities available for sale, stemming from a stock market decline, the consolidated net income rose Y 2.0 billion to Y 62.3 billion, the third-highest level behind fiscal 2001 and fiscal 1991. Major Year-on Year Changes a. Operating transactions ( Increased Y 98.0 billion ) The overall increase of Y 98.0 billion resulted from a recovery in market conditions for petrochemical products and expansion in the food-related fields. However, metals transactions decreased, as steel products operations were transferred to a new company Metal One (accounting for the three-months period from January through March 2003). In addition, lower volumes of crude oil and petroleum products brought down transactions in the energy business. b. Gross profit ( Increased Y 74.7 billion ) The sharp 12% increase of Y 74.7 billion reflected the recovery in overseas automobile operations and strong performances by subsidiaries involved in metal resources. The expansion of food-related operations through M&As and the consolidation of subsidiaries wholesaling food products to convenience stores also boosted gross profit. c. SG&A expenses (Increased Y 52.6 billion ) These expenses rose 10% due to the consolidation of new subsidiaries in food-related operations. The increase was also due to higher early retirement and pension expenses. d. Provision for doubtful receivables (Decreased Y 10.3 billion ) The Y 10.3 billion improvement mainly reflects the absence of the large bad debts in fiscal 2002 that stemmed from the withdrawal from North American metal- related subsidiaries. e. Net financial income ( Decreased Y 10.3 billion ) Reflected a slight increase in net interest expenses and lower dividends due to the absence of higher dividends at energy-related businesses in the previous fiscal year. f. Gain on marketable securities and investments Y net(Decreased Y 78.0 billion) Write-off of marketable securities (available for sale) : Increased Y 25.5 billion (-Y 40.4 ss - -Y 14.9 ) Write-off related losses on non-performing assets : Increased Y 13.1 billion (-Y 38.8 ss - -Y 25.7 ) (Losses on sale and write-down losses) Gain on contribution to pension trust : Decreased Y 8.2 billion (+18.0 -- +26.2) Other gains on sales of shares, etc. : Decreased Y 31.2 billion (+18.1 -- +49.3) g. Loss on property and equipment (Decreased Y 2.9 billion ) Improvement resulted from gains on sales of parent company-owned leased office buildings and the absence of impairment losses on real estate overseas recorded in fiscal 2002. h. Sundry - net (Increased Y 14.3 billion ) Reflects lower loss related to lawsuit concerning graphite electrode trading. i. Equity in earnings of affiliated companies -- net (Increased Y 30.9 billion) Large increase resulted from the absence of a one-time write-off in the prior fiscal year of an impairment loss on equity method goodwill in Lawson, Inc. and improving results in overseas automobile operations. j. Cumulative effect of a change in accountable principle -- net (Increased Y 8.1 billion ) Resulted from recognizing of the aggregate unamortized amount of negative goodwill and equity method goodwill based on a new accounting standard that was adopted effective from fiscal 2003. As a result, the companies recognized a gain for the cumulative effect of an accounting change. Outlook for the fiscal year ending March 2004 Overview Under MC2003, its current three-year management plan, MC has been actively reshaping its business portfolio under the banner of the Portfolio Management Strategy and reallocating resources to fields where growth is expected. These actions have yielded a steady increase in MCfs core earnings, essentially operating income and net equity in earnings of affiliated companies. Although MC is unlikely to hit its MC2003 target of consolidated net income of Y 120 billion due to increasing pension expenses and other factors, the company is targeting its first ever net income in the Y 100 billion range in the last year of MC2003. Main Points k. Operating transactions/gross profit... Y 14.3 trillion/Y 775.0 billion Operating transactions are projected to increase approximately Y 970 billion to Y 14.3 trillion. The consolidation of steel products subsidiary Metal One is expected to boost operating transactions by Y 1.25 trillion, but a stronger yen will partly offset this. Gross profit is projected to increase Y 56.4 billion to Y 775.0 billion, boosted Y 49.0 billion by consolidation of Metal One and by higher earnings in the nursing care rental products subsidiary. l. Operating income... Y 120.0 billion MC projects a Y 50.0 billion increase in SG&A expenses due to increasing pension expenses at the parent company, as well as expenses resulting from the consolidation of Metal One and other new subsidiaries. However, this is expected to be outweighed by a higher rate of increase in gross profit, leading to higher operating income. MC also expects to see a reduction in doubtful receivables and thus a decline in provision for doubtful receivables due to past write-offs. These factors underpin an expected approximate Y 20.0 billion increase in operating income to Y 120.0 billion. m. Income from consolidated operations before income taxes... Y 150.0 billion The higher estimated operating income, combined with an expected sharp decrease in write-offs of marketable securities, are projected to result in an approximate Y 90.0 billion increase in income from consolidated operations before income taxes to Y 150.0 billion. n. Net income... Y 100.0 billion Net income is forecast to climb roughly Y 38.0 billion to Y 100 billion due to the higher income from consolidated operations before income taxes and an expected increase in already-strong net equity in earnings of affiliated companies. Forward-looking Statements Earnings forecasts and other forward-looking statements in this release are managementfs current views and beliefs in accordance with data currently available, and are subject to a number of risks, uncertainties and other factors that may cause actual results to differ materially from those projected. This information is provided by RNS The company news service from the London Stock Exchange MORE TO FOLLOW FR SFAFILSDSEFI
1 Year Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell Chart |
1 Month Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell Chart |
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