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ANNUAL REPORT 2011

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DISCOVERING OUR POTENTIAL
Performance

A MESSAGE FROM THE CFO

It is my pleasure to greet you in delivering our annual report for the year ended March 2011. I would like to review our performance for the past fiscal year and discuss our capital structure policy.

Net income in the year ended March 2011 was ¥463.2 billion. We therefore came close to beating our record performance of ¥470.9 billion in the year ended March 2008. And this outcome was achieved despite the negative impact of heavy rains in Australia in the latter half of the fiscal year on our mainstay coking coal operations. Fortunately, resource prices rose strongly, driven by robust economies in emerging markets. Another contributor was healthy growth in non-resource businesses. One standout was our automobile operations in Asia.

Regarding our capital structure policy, our basic policy is to sustain growth and maximize corporate value by balancing earnings growth, capital efficiency and financial soundness. For this, we will continue to make investments to drive growth, while maintaining our financial soundness. Total Mitsubishi Corporation shareholders’ equity at March 31, 2011 was ¥3,284.4 billion. That was a record level and represented a ¥321.9 billion increase from March 31, 2010.

One indicator of our financial soundness is the net debt-to-equity ratio. This key indicator improved by 0.1 of a point from March 31, 2010 to 0.9 at March 31, 2011. A highlight of the past year was the issuance of foreign currency-denominated straight bonds in September 2010. This was the first time we have issued such bonds in 25 years, demonstrating how we are diversifying our fund procurement channels. These and other steps have strengthened our financial base further. This will be an important factor supporting further investment and business activities going forward.

Given our investment plans and steady increase in retained earnings, we plan to manage the company with an awareness of capital efficiency and financial discipline. We are determined to meet the expectations of shareholders and other stakeholders in this way.Given our investment plans and steady increase in retained earnings, we plan to manage the company with an awareness of capital efficiency and financial discipline. We are determined to meet the expectations of shareholders and other stakeholders in this way.

As CFO of Mitsubishi Corporation, my aim is to achieve an optimal capital structure. This will be achieved by further buttressing our financial base, which will support our ability to create sustainable corporate value.

Ryoichi Ueda Member of the Board,Senior Executive Vice President,Chief Financial Officer

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