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INTEGRATED REPORT 2020 For the year ended March 31, 2020 Contents Message from the CEO . 2 Contribution to Local Economy Message from the CFO . 4 through Business Activities . 31 New Mid-Term Business Plan. 6 Business and Financial Condition . 32 Introducing Our New Models . 10 Overview of Operations by Region . 32 Mitsubishi Motors’ History . 12 Consolidated Financial Summary . 36 Major Successive Models . 14 Operational Review . 37 Sales and Production Data . 16 Business-related risks . 38 Sustainability Management . 18 Consolidated Financial Statements . 42 Corporate Governance . 20 Consolidated Subsidiaries and Affiliates . 48 Management . 24 Principal Production Facilities . 50 The New Environmental Plan Package . 27 Investor Information . 51 Safety and Quality . 30 System for Disclosing Information Extremely high Extremely This z Integrated Report Report • Financial and non-financial information with a direct connection to the Company’s management strategy ・Focus on information that is integral and concise Stakeholders’ Concern Stakeholders’ z Sustainability Report • Sustainability (ESG) information • Focus on information that is comprehensive and continuous y Sustainability Report High https://www.mitsubishi-motors.com/en/sustainability/report/ High Impact on Management Extremely high y Global Website: “Investors” https://www.mitsubishi-motors.com/en/investors/ Forward-looking Statements Mitsubishi Motors Corporation’s current plans, strategies, beliefs, performance outlook and other statements in this annual report that are not historical facts are forward-looking statements. These forward-looking statements are based on management’s beliefs and assumptions drawn from current expectations, estimates, forecasts and projections. These expectations, estimates, forecasts and projections are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those indicated in any forward-looking statement. Mitsubishi Motors Corporation, therefore, cautions readers not to place undue reliance on forward-looking statements. Furthermore, any forward-looking statements are subject to change as a result of new information, future events or other developments. 2 MITSUBISHI MOTORS CORPORATION ECLIPSE CROSS PHEV Integrated Report 2020 01 Message from the CEO By accelerating selection and concentration in our areas of strength and profitability, we will focus our unwavering resolve on turning operating performance around and achieving sustainable growth. My heart goes out to all who have been affected by need to accelerate selection and concentration on COVID-19. I would also like to express my deep-felt the areas where we have strengths and can generate gratitude to those who have worked hard to keep the profits. To this end, we have unveiled a new mid-term medical system going and stem the pandemic’s spread. business plan, “Small but Beautiful,” to guide us to fiscal 2022. Specific points of focus are: Mitsubishi Motors launched its previous mid-term 1. steadily implementing structural reforms, business plan, “Drive for Growth,” in fiscal 2017. While 2. enhancing growth based on the ASEAN region, maintaining a focus on core regions and products, 3. augmenting our strengths in environmental this plan also set its sights on increasing sales volume technologies and in the mega-markets of Europe, North America and 4. providing customers with reliable and attractive China. To meet this goal, we reinforced our products products by further advancing our genetic, 4WD and sales networks and enhanced human resources. and off-road performance. As a result, by fiscal 2019 fixed costs were around 30% higher than fiscal 2015 levels. Although we First, we will position the next two years as a succeeded in boosting sales volume in those mega- period for reducing fixed costs through structural markets, earnings growth fell below expectations, reforms. Thereafter, we will gradually pursue selection and we were unable to sustain profits due to the and concentration by rolling out regional and product rise in fixed costs. In addition, COVID-19 caused a strategies. From fiscal 2022, we expect to begin major upheaval in our operating environment and steadily seeing the effects of improved profitability. surrounding society. This period will segue into further sustainable growth Against this backdrop, Mitsubishi Motors proposes from fiscal 2023. to bolster earnings by pursuing business development Our regional strategy is to start by concentrating in a manner that emphasizes contribution to all management resources on regions that drive growth, stakeholders and society. To do so, we recognize the such as our mainstay—the ASEAN region. We will roll 02 MITSUBISHI MOTORS CORPORATION out products generated in the ASEAN region into other achieving structural reforms based on selection and areas, such as Oceania, South Asia, South America, concentration and building a solid foundation to turn the Middle East and Africa, positioning these regions operating performance around to be the topmost as our second pillar of growth. Meanwhile, low levels priority of our current mid-term business plan. For the of profitability persist in some regions, which we have foreseeable future, we will concentrate on ensuring cited as regions for improving profitability. There, we the stability of our financial underpinnings. After we are building structures to ensure steady earnings. pass through this difficult period, we will endeavor to On the product front, we will integrate our respond to all stakeholders’ expectations by restoring proprietary technologies with those of our alliance corporate value. I ask for your ongoing support as we partners to enhance our lineup of environment- undertake this task. friendly vehicles and our array of products for future Beginning this fiscal year, we have produced this rollout in the ASEAN region. In technology, we will report as an “integrated report,” aimed at conveying pursue concentration and selection in development to stakeholders Mitsubishi Motors’ management categories centered on the ASEAN region and strategies and financial information, as well as leverage new technologies from the alliance. non-financial information related to environmental Through these strategies, we will expand and and social areas. I hope this report will aid your deepen collaboration leveraging the alliance. At the understanding of the Mitsubishi Motors Group. same time, we will further strengthen operations with Mitsubishi Corporation on both the production and sales fronts and pursue a stronger partnership in China with the Guangzhou Automobile Group. Although we are operating under extremely Takao Kato difficult conditions, to secure stable future earnings, Member of the Board we consider focusing our unwavering resolve on Representative Executive Officer, CEO Integrated Report 2020 03 Message from the CFO We will conduct structural reforms to earn the trust of our stakeholders. Koji Ikeya Representative Executive Officer, CFO Fiscal 2019 in Review an ordinary loss of ¥3.8 billion, mainly as the result of In fiscal 2019, automobile demand was lackluster amid deterioration in the share of profit or loss of entities mounting concerns about a worldwide economic accounted for using the equity method. In addition, slowdown. In the fourth quarter, the COVID-19 pan- we recorded a ¥25.8 billion loss attributable to owners demic paralyzed economic activity in various coun- of the parent, mainly due to the reversal of deferred tries. Sales volume, which typically increases in all tax assets. regions toward the end of the fiscal year, decelerated sharply. As a result, global sales volume declined 9% Initiatives in Fiscal 2020 year on year, to 1,127,000 units. In fiscal 2020, we will undertake groupwide initiatives In addition to sluggish sales volume, fixed costs targeting cost reforms, which are one pillar of our had risen due to an omni-directional sales expansion structural reforms. Based on a policy of selection and strategy under our previous mid-term business plan, concentration, we will invest in necessary regions and “Drive for Growth.” Net sales consequently decreased products. At the same time, we will institute a thor- to ¥2,270.3 billion, and operating profit fell to ¥12.8 ough revision of fixed costs, which have been rising. billion (operating profit margin of 0.6%). We posted Under our mid-term business plan, “Small but Operating Performance and Forecast Capital Expenditures (Billions of yen, thousands of units) (Billions of yen) FY2019 (Actual) FY2020 (Forecast) 160 137.7 Sales volume (retail) 1,127 845 120 103.9 Net sales 2,270.3 1,480.0 99.9 100.0 80 68.0 69.0 Operating (loss) profit 12.8 (140.0) 58.1 40 Ordinary (loss) profit (3.8) (160.0) Profit (loss) attributable 0 (25.8) (360.0) to owners of the parent (FY) 2014 2015 2016 2017 2018 2019 2020 Target 04 MITSUBISHI MOTORS CORPORATION Beautiful,” we will suspend production and close our demand as economic activity steadily begins to re- plant at Pajero Manufacturing Co., Ltd., a Japanese commence in individual countries. production subsidiary, and freeze the launch of new Under these circumstances, we expect sales vol- products for Europe. Our forecast for fiscal 2020 ume in fiscal 2020 to amount to 845,000 vehicles, incorporates these and other expenses related to our down 25% from the fiscal 2019 figure. This forecast various structural reforms. includes the impact of COVID-19, concentrated on the On the financial front,
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