Translation

May 8, 2024

Consolidated Financial Resultsfor FY 2023 Full Year (April 1, 2023 through March 31, 2024)[Japan GAAP]
Company name: Mitsubishi Motors Corporation
Listing:
Prime Market, the Tokyo Stock Exchange
Stock code:
7211
URL:
https://www.mitsubishi-motors.co.jp/
Representative: Takao Kato, Representative Executive Officer, President andChief Executive Officer
Contact:
Keiko Sasaki, Vice President and General Manager, IR Office,Corporate Strategy Management Div.
TEL: +81-3-3456-1111 (from overseas)
Scheduled date of ordinary general shareholders’ meeting: June 20, 2024
Scheduled date to file Securities Report: June 21, 2024
Scheduled date to deliver cash dividends: June 21, 2024
Earnings supplementary explanatory documents: Yes
Earnings presentation: Yes

1. Consolidated performance for the full year 2023 (April 1, 2023 to March 31,
2024)(Figures less than one million yen are rounded, unless otherwise noted)(1) Consolidated operating results
Net sales(Percentages indicate year-on-year changes)
Net income
Ordinary income
attributable to ownersof the parent

Operating income

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

FY2023

2,789,589

13.5

190,9710.2

209,040

14.8

154,709(8.3)

FY2022

2,458,141

20.6

190,495118.1

182,02280.3

168,730

127.9

Note: Comprehensive income

FY2023 : ¥ 232,786million (14.8%)

Net income
per share-basic

Net income pershare-diluted

FY2022 : ¥ 202,703million (89.9%)

Return on
equityRatio ofordinary
income to total
assetsRatio ofoperatingincome to sales

Yen

Yen

%

%

%

FY2023103.97103.96

17.1

9.0

6.8

FY2022113.38113.36

24.0

8.8

7.7

Reference: Equity income (loss) from affiliates

FY2023 : ¥ 5,259million

FY2022 : ¥ (12,209)million(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

March 31, 2024

2,454,470

1,044,456

41.2

679.45

March 31, 2023

2,201,524

830,37636.4

538.28

As ofReference: Net assets excluding share subscription rights and non-controlling interests
As of March 31, 2024: ¥ 1,010,213million
As of March 31, 2023: ¥ 801,139million

(3) Consolidated cash flows

FY2023

Cash flows
fromoperating activities
Millions of Yen
140,806

Cash flows
from
Investing activities
Millions of Yen(138,865)

FY2022

173,576(53,145)

Millions of Yen
37,674

Cash & cash
equivalents
at end of period
Millions of Yen
674,204(61,865)595,930

Cash flows fromfinancing activities

2. Cash dividends
Cash dividend per shareFirst
quarter

Secondquarter

Third
quarter

Fiscal
year
end

Yen

Yen

Yen

Yen

Yen

FY2022

—

0.00

—

5.00

FY2023—5.00—

FY2024—

7.50—

RecordDate(Forecast)

AnnualTotalannualcash
dividends

Ratio ofdividends
to netassetsDividend
payoutratio(Consolidat
ed)(Consolidat
ed)

%

%

5.00

Millionsof Yen
7,447

4.4

1.1

5.00

10.00

14,894

9.6

1.6

7.50

15.00

15.5

3. Consolidated earnings forecasts for fiscal year 2024 (from April 1, 2024 toMarch 31, 2025)

Net sales

Full year(Percentages indicate changes over the same period in the previous fiscal year)
Net income
Net income
Operating income Ordinary income attributable to owners per shareof the parent

Millions of yen%

Millions ofyen%Millions ofyen%Millions of yen%

Yen

2,880,000

3.2

190,000(0.5)

190,000(9.1)

144,000

(6.9)

96.85

Note
(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries
resulting in the change in scope of consolidation): No(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards: No(ii) Changes in accounting policies due to other reasons: No(iii) Changes in accounting estimates: No(iv) Restatement: No(3)Number of shares issued and outstanding (common stocks)(i) Total number of shares issued and outstanding at the end of the period(including treasury stock)
As of March 31, 2024:
1,490,282,496 shares
As of March 31, 2023:
1,490,282,496 shares(ii) Number of shares of treasury stock at the end of the period
As of March 31, 2024:
3,474,193 shares
As of March 31, 2023:
1,956,603 shares(iii) Average number of shares during the period (cumulative from the beginningof the fiscal year)
As of March 31, 2024:
1,488,016,489 shares
As of March 31, 2023:
1,488,218,402 shares

Note: The number of treasury shares at the end of each period includes shares of the Company held by the BIP
Trust Account (2,668,506 shares as of March 31, 2024 and 1,103,450 shares as of March 31, 2023). The
shares of the Company held by the BIP Trust Account is included in the number of treasury sharesdeducted in the calculation of average number of shares during each period(1,451,630 shares as of March
31, 2024 and 1,108,328 shares as of March 31, 2023).

Reference: Overview of the Unconsolidated Financial Results

1.

Unconsolidated Results for FY2023 (from April 1, 2023 to March 31, 2024)(1) Unconsolidated operating results
Net sales(Percentages indicate year-on-year changes)
Operating income

Ordinary income

Net income

Millions ofyen%Millions ofyen%Millions ofyen%

FY2023

2,348,961

14.8

102,035(7.1)

190,792(3.1)

166,108 (12.1)

FY2022

2,045,567

26.7

109,832220.0

196,864277.9

189,066 370.9

Net income
per share-basic

Millions ofyen

Net income pershare-diluted

Yen

Yen

FY2023111.63111.62

FY2022127.04127.02(2) Unconsolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

March 31, 2024

1,361,425

657,49148.3

442.20March 31, 2023

1,226,610

506,99941.3

340.63

As ofReference: Net assets excluding share subscription rights and non-controlling interests
As of March 31, 2024:¥ 657,467million
As of March 31, 2023:¥ 506,970 million%

* This Financial Results report is out of scope of review by certified public accountants or an
audit firm.
* Proper use of earnings forecasts, and other special matters:(Note for the description about financial forecasts)
This material contains forward-looking statements, based on judgments and estimates thathave been made on the basis of currently available information. By nature, such statements
are subject to uncertainty and risk. Therefore, you are advised that the final results might besignificantly different from the aforementioned statements due to changes in economic
environments related to our business, market trends, fluctuations in interest rates andexchange rates, changes in laws, regulations and government policies, etc.
Potential risks and uncertainties are not limited to the above and Mitsubishi Motors
Corporation (MMC) is not under any obligation to update the information in this material toreflect any developments or events in the future.
If you are interested in investing in MMC, you are requested to make a final investment
decision at your own risk, taking the foregoing into consideration. Please note that neither
MMC nor any third party providing information shall be responsible for any damage you may
suffer due to investment in MMC based on the information shown in this material.
(How to obtain additional information materials / details of the earnings release conference)
Additional information materials are disclosed on the MMC web site on the same day as
publication of the results. In addition, an audio recording of the earnings release conference
held on the same day will, together with the materials used for the conference, be postedon the MMC website promptly following the conference.
1. Overview of Financial Results, etc.
(1) Overview of Financial Results
In the 2H/FY23, inventory shortages caused by semiconductor and shipping constrains
were almost resolved, and the competitive environment began to normalize. Overall, thebusiness environment surrounding us has been challenging due to a sharp decline in the
total demand for automobiles in some ASEAN countries.
Considering this situation, we reviewed all costs and focused on improving the quality ofsales or “net revenue strategy.” However, results fell slightly short of the revised full-year
operating profit forecast.
As a result, the number of vehicles sold for the full fiscal year was 815,000 units globally,
down 2% from the previous fiscal year, and consolidated net sales for the full fiscal year
rose 13% year on year to 2,789.6 billion yen.
Weak overall demand in some countries in ASEAN, intensified competition due to relaxed
restrictions on vehicle supply, and worsening material and transportation costs werecounteracted by improved selling prices accompanying improved sales quality andfavorable exchange rates and this helped to increase consolidated operating profit to
191.0 billion yen for the full fiscal year (an increase of 0.5 billion yen year on year).
Consolidated ordinary profit was 209.0 billion yen (an increase of 27.0 billion yen year onyear) and net income attributable to the owners of the parent company was 154.7 billion
yen (a decrease of 14.0 billion yen year on year).
(2) Overview of Financial Position
Total assets at the end of fiscal year 2023 amounted to 2,454.5 billion yen (an increaseof 253.0 billion yen from the end of fiscal year 2022). Cash and deposits amounted to674.2 billion yen (an increase of 78.2 billion yen from the end of fiscal year 2022). Total
liabilities amounted to 1,410.0 billion yen (an increase of 38.9 billion yen from the end of
fiscal year 2022). Of total liabilities, the interest-bearing debt balance was 492.4 billion
yen (an increase of 64.1 billion yen from the end of fiscal year 2022). Net assets
amounted to 1,044.5 billion yen (an increase of 214.1 billion yen from the end of fiscal
year 2022).

(3) Overview of Cash Flow
The balance of cash and cash equivalents at the end of the fiscal year 2023 increased by
78.3 billion yen from 595.5 billion yen at the end of the previous fiscal year to 674.2 billion
yen. The status of each cash flow for the fiscal year 2023 and their factors are as follows:(Cash flows from operating activities)
Net cash provided by operating activities was 140.8billion yen, a decrease of 32.8 billion
yen from 173.6 billion yen provided in the previous fiscal year. This was primarily due todecreases in trade payables.
(Cash flows from investing activities)
Net cash used in investing activities was 138.9 billion yen, an increase of 85.8 billion yen
from 53.1 billion yen used in the previous fiscal year. This was primarily due to a decreasein proceeds from sales of property, plant and equipment and an increase in purchases ofproperty, plant and equipment compared with the previous year.
(Cash flows from financing activities)
Net cash provided by financing activities was 37.7 billion yen, an increase of 99.6 billion
yen from 61.9 billion yen used in the previous fiscal year. This was primarily due to anincrease in long-term debt.
Trends in key cash flow ratios
FY2019 FY2020 FY2021 FY2022 FY2023
Ratio of shareholders’ equity (%)

39.9

27.4

31.5

36.4

41.2

Ratio of market value to assets (%)

23.5

25.2

25.5

35.3

30.6

Debt repayment coverage (years)

15.9(11.6)

4.1

2.5

3.5

Interest coverage ratio (%)

4.8

(8.0)

23.2

47.9

24.0

Definitions:
Ratio of shareholders’ equity: Shareholders’ equity / total assets
Ratio of market value to assets: Total market value of shares / total assets
Debt repayment coverage: Interest bearing liabilities / cash flows from operating
activities
Interest coverage ratio: Cash flows from operating activities / interest expenses paid
(Note 1) All figures are calculated based on consolidated financial data.
(Note 2) Total market value of shares is the closing market share price at the end of theperiod multiplied by the number of outstanding shares (excluding treasury shares) at theend of the period.
(Note 3) Cash flows from operating activities are used.
(Note 4) Interest bearing liabilities indicate all liabilities listed on the consolidated balance
sheet for which interest is paid.

(4) Financial Forecast
Forecast for the fiscal year 2024
FY2023 was the first year of our mid-term plan, “Challenge 2025”. This is the starting point
for the major change from the past, including reviewing our regional portfolio-including
the withdrawal from the China and Russia markets, launching new models including OEM
supply from alliance partners, reviewing our product mix, and launchings our first HEV
model.
We faced difficulties in dealing with the combination of a transitional period for replacing
vehicle generations and the economic downturn in the ASEAN region.
However, we made steady progress in our “net revenue strategy”. The” Delica Mini” and“Triton”, which embody “Mitsubishi Motors-ness”, rang the bell, and the HEV model that
we have been developing for the past few years became a hit. As a result, we were able togenerate a certain level of revenue and gain a sense of momentum toward our future
growth.
For FY2024, the external environment remains unstable due to heightened geopoliticalrisks and concerns about economic downturns in various countries. In addition, theautomotive sector is experiencing a completely different trend from just six months ago,
as demand for BEV has temporarily reached a plateau and HEV and PHEV have increased
their presence.
Changes in the world are extremely rapid and violent, but we view these changes as anopportunity and will implement our initiatives for further growth in FY2024.
The outlook for the fiscal year 2024 (ending March 31, 2025) is as follows:
FY 2024 Full–year
Net sales

2,880 billion yen

Operating profit

190 billion yen

Ordinary profit

190 billion yen

Profit attributable to owners of parent

144 billion yen

The forecast for consolidated retail sales volume is as follows: (1,000 units)
RegionFY 2024 Forecast
FY 2023 Results
Japan
112
111
North America
185163Europe
68
57
Asia
290
262
Others
240
222
Total
895
815
* This material contains forward-looking statements, based on judgments and estimatesthat have been made on the basis of currently available information. By nature, suchstatements are subject to uncertainty and risk. Therefore, you are advised that the final
results might be significantly different from the aforementioned statements due tochanges in economic environments related to our business, market trends, fluctuations ininterest rates and exchange rates, changes in laws, regulations, and government policies,
etc.
Potential risks and uncertainties are not limited to the above and Mitsubishi Motors is notunder any obligation to update the information in this presentation to reflect any
developments or events in the future. If you are interested in investing in Mitsubishi Motors,
you are requested to make a final investment decision at your own risk, taking theforegoing into consideration. Please note that neither Mitsubishi Motors nor any third
party providing information shall be responsible for any damage you may suffer due toinvestment in Mitsubishi Motors based on the information shown in this presentation.

2. Basic policy on accounting standards
In consideration of possibilities that these consolidated financial statements may besubject to trend analysis and/or comparison with other companies’ financial statements,
the MMC Group’s policy is to produce its consolidated financial statements according toJapanese accounting standards.
The MMC Group’s policy regarding harmonization with IFRS is to apply appropriate
measures based on consideration of domestic and overseas economic situation(s).

3. Consolidated financial statements(1)

Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits

595,961

674,234

Notes and accounts receivable –trade, and contract assets

184,633

151,006

Finance receivables

226,042

240,517

Merchandise and finished goods

259,848

317,485

Work in process

24,835

24,684

Raw materials and supplies

66,901

69,717

Short-term loans receivable

1,022

7,027

Other

121,481

144,510

Allowance for doubtful accounts(5,766)(1,333)

1,474,959

1,627,849

Buildings and structures, net

86,28892,079Machinery, equipment and vehicles,net

134,524

187,469

Total current assets
Non-current assets
Property, plant and equipment

Tools, furniture and fixtures, net

56,044

66,496

Land

116,734

122,506

Construction in progress

61,011

29,583

Total property, plant and equipment

454,603498,135

Intangible assets

40,00344,904

Investment securities

95,361

104,094

Long-term loans receivable

2,760

5,013

Retirement benefit asset

4,045

17,224

Deferred tax assets

74,02986,313

Other

59,66075,445

Allowance for doubtful accounts(3,898)(4,511)

Total investments and other assets

231,959

283,579

Total non-current assets

726,565826,620

2,201,524

2,454,470

Investments and other assets

Total assets1

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations operating

369,495

337,434

92,009102,141

Short-term borrowings

31,33068,053

Commercial papers
Current portion of long-termborrowings

47,50043,50073,098

224,612

3,519

3,719

233,874

232,510

Income taxes payable

13,5109,540

Provision for product warranties

54,60568,048Provision for contingent loss

10,504-

Lease obligations
Accounts payable - other and accrued
expenses

Other

77,93985,641

1,007,389

1,175,202

Long-term borrowings

248,048

127,781

Lease obligations

24,785

24,690Total current liabilities
Non-current liabilities

Deferred tax liabilities

320

203

Retirement benefit liability

36,68820,367

Other

53,91561,768

Total non-current liabilities

363,758

234,811

1,371,148

1,410,014

Capital stock

284,382

284,382

Capital surplus

199,620

199,585

Retained earnings

338,424478,239(989)(1,688)821,438

960,518

977

2,045

(35)

(739)

(5,438)35,454(15,802)

12,933(20,298)

49,69429

23

Non-controlling interests

29,20834,219Total net assets

830,376

1,044,456

2,201,524

2,454,470

Total liabilities
Net assets
Shareholders' equity

Treasury shares
Total shareholders' equity
Accumulated other comprehensive
incomeValuation difference on available-forsale securities
Deferred gains or losses on hedges
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Total accumulated othercomprehensive income
Share acquisition rights

Total liabilities and net assets2

(2)Consolidated statements of income and Consolidated statements ofcomprehensive income

Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales

2,458,141

2,789,589

Cost of sales

1,935,341

2,220,743

522,799568,846

51,53563,00972,747

93,593

(605)

(159)

74,711

81,438Gross profit
Selling, general and administrative
expenses
Advertising and promotion expenses
Freightage expenses
Provision of allowance for doubtful
accounts
Remuneration, salaries and allowances
for directors (and other officers)
Retirement benefit expenses
Depreciation
Research and development expenses

3,982

4,444

14,516

16,69061,02557,64254,39061,215332,304

377,874

190,495

190,971

Interest income

7,623

13,412

Dividend income

677

580

5,421

12,888

Other
Total selling, general andadministrative expenses
Operating profit (loss)
Non-operating income

Foreign exchange gains
Share of profit of entities accounted
for using equity method
Other

-

5,259

2,603

2,268

Total non-operating income

16,326

34,409Interest expenses

3,559

6,054

Litigation expenses

4,306

5,422

706

692

12,209

-

4,017

4,171

Non-operating expenses

Financing expenses
Share of loss of entities accounted forusing equity method
Other
Total non-operating expenses
Ordinary profit (loss)

24,79916,340

182,022

209,040

27,271

481

24

97

Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Gain on liquidation of subsidiaries
Other
Total extraordinary income

3

-

824

398

103

27,693

1,506

(Millions of yen)
Fiscal year ended
March 31, 2023
Extraordinary losses
Loss on retirement of non-current
assetsLoss on sales of non-current assets

Fiscal year ended
March 31, 2024

1,941

3,348

1,713

119

Impairment loss

5,015

1,294

Loss related to the Russian business

19,928

1,313

Loss related to the Chinese business

10,50423,002

Other

2,483

635

Total extraordinary losses

41,586

29,714

Profit (loss) before income taxes

168,129

180,832

Income taxes – current

36,41027,577

Income taxes – deferred(44,642)(7,307)

Total income taxes(8,232)

20,270

Profit (loss)
Profit (loss) attributable to non-controllinginterests
Profit (loss) attributable to owners ofparent176,361

160,562

7,630

5,852

168,730

154,709

Consolidated statements ofcomprehensive income(Millions of yen)
Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2023
Profit (loss)

176,361

160,562

Valuation difference on available-forsale securities

(134)

1,067

Deferred gains or losses on hedges

(10)

(732)

Foreign currency translation
adjustment

20,77338,388Remeasurements of defined benefit
plans, net of tax(1,670)28,720Share of other comprehensive incomeof entities accounted for using equity
method

7,384

4,781

Total other comprehensive income

26,342

72,224Comprehensive income

202,703

232,786

Comprehensive income attributable toowners of parent

194,190

224,703

Comprehensive income attributable tonon-controlling interests

8,512

8,083

Other comprehensive income

Comprehensive income attributable to:

4

(3)

Consolidated statements of changes in net assets(Millions of yen)
Shareholders’ equity

For the fiscal year ended
March 31, 2023

Capital stock

Capital surplus

284,382

199,837

Balance at beginningof current period
Changes of items during
periodProfit (loss) attributable toowners of parent
Purchase of treasury shares
Disposal of treasury shares
Exercise of share acquisitionrightsNet changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end ofcurrent period

Retainedearnings
169,694

Treasury shares

Total
shareholders'equity(1,382)652,531

168,730

168,730(216)

284,382

(0)
7

(0)
7

385

169

(216)

168,730

393

168,906

199,620

338,424(989)

821,438

Accumulated other comprehensive income
Valuationdifferenceonavailablefor-salesecurities

Balance at beginningof current period
Changes of items
during period
Profit (loss)
attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesExercise of stockacquisition rights
Net changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period

1,111Deferred
gains orlosses onhedges(31)

Foreigncurrencytranslation
adjustment(32,571)

Total
Share
Remeasurem
accumulatedacquisition
ents ofotherrightsdefinedcomprehensive
benefit plansincome(14,267)(45,759)

195

Noncontrollinginterests

Total net
assets23,334

630,301

168,730
(0)
7
169
(134)

(3)

27,133(1,534)25,460

(166)

5,874

31,168(134)(3)

27,133(1,534)25,460

(166)

5,874

200,075977(35)(5,438)(15,802)(20,298)

29

29,208830,3765

(Millions of yen)
Shareholders’ equity

For the fiscal year ended
March 31, 2024

Retainedearnings

Capital stock

Capital surplus

284,382

199,620

Balance at beginningof current period
Changes of items during
periodDividends of surplus
Profit (loss) attributable toowners of parent
Purchase of treasury shares
Disposal of treasury shares
Exercise of share acquisitionrightsNet changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end ofcurrent period

Treasury shares

Total
shareholders'equity(989)

821,438

338,424(14,894)(14,894)

154,709

154,709
(785)
43

(785)
43

41

6

(35)

284,382(35)

139,815(699)

139,080

199,585

478,239(1,688)960,518

Accumulated other comprehensive income
Valuationdifferenceonavailablefor-salesecurities

Balance at beginningof current period
Changes of items
during period

977

Deferred
gains orlosses onhedges(35)

Foreigncurrencytranslation
adjustment(5,438)

Total
Remeasurem
accumulated
ents ofother
definedcomprehensive
benefit plansincome(15,802)(20,298)

Share
acquisitionrights29

Noncontrollinginterests

Total net
assets

29,208830,376

Dividends of surplus
Profit (loss)
attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesExercise of stockacquisition rights
Net changes of
items other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period(14,894)
154,709
(785)
43
6
1,067

(704)

40,89328,73669,993(5)

5,011

74,999

1,067

(704)

40,89328,73669,993(5)

5,011

214,079

2,045

(739)

35,454

12,93349,69423

34,2191,044,4566

(4)Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Cash flows from operating activities
Profit (loss) before income taxes

168,129

180,832

Depreciation

60,132

67,737

Impairment loss

5,015

1,294

Loss related to the Russian business

19,928

1,313

Loss related to the Chinese business

10,50423,002

Loss (gain) on liquidation of subsidiaries
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in retirement benefit liability

-

(824)

(3,632)(4,258)

8,003

3,560

Interest and dividend income(8,300)(13,993)

Interest expenses

3,559

6,054

Foreign exchange losses (gains)Share of loss (profit) of entities accounted forusing equity method
Loss (gain) on sales and retirement of noncurrent assets
Decrease (increase) in notes and accounts
receivable - trade
Decrease(increase) in financial receivables(5,354)(7,861)

12,209(5,259)(23,616)

2,987(59,282)

43,597(3,496)(14,335)

Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable- tradeIncrease (decrease) in accounts payable - other,and accrued expenses
Other, net(38,739)(25,751)

63,702(58,946)

6,639

1,119

(19,341)(41,426)

Subtotal

196,058

158,843

Interest and dividend income received

13,447

18,833

Interest expenses paid

(3,620)(5,877)

Income taxes paid

(32,309)(30,992)

Net cash provided by (used in) operating activities

173,576

140,806(71,041)(113,964)

36,3891,768(8,601)(12,881)

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Purchase of intangible assets
Other, net(9,891)(13,788)

Net cash provided by (used in) investing activities(53,145)(138,865)7

(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Cash flows from financing activities
Increase (decrease) in short-term loans payable

8,797

34,768

Increase (decrease) in commercial papers

4,500(4,000)

Proceeds from long-term loans payable

238,541

117,602

Repayments of long-term loans payable(306,549)(87,436)(16)(14,845)

Dividends paid to non-controlling interests(2,633)(3,104)

Other, net(4,504)(5,310)Net cash provided by (used in) financing activities(61,865)

37,674

Effect of exchange rate change on cash and cash
equivalents

25,89038,658Net increase (decrease) in cash and cash equivalents

84,45678,274

Cash and cash equivalents at beginning of period

511,473595,930

Cash and cash equivalents at end of period

595,930

674,204

Cash dividends paid

8

(5)

Notes to consolidated financial statements

Notes on the going concern assumption
There is no item to be reported.
Additional information(Stock compensation plan)
Based on the resolution of the Compensation Committee meeting held on December 15,
2020, MMC has introduced a stock compensation plan (hereinafter the “Plan”) that utilizes
trusts as an incentive plan for its Executive Officers and Corporate Officers, etc. (hereinafterreferred to as “Executive Officers, etc.”)(1) Outline of the transaction
The Plan adopts a structure called the Board Incentive Plan Trust (hereinafter the “Trust”).
Through the Trust, MMC will deliver MMC shares or pay money equivalent to the converted
value of such shares to Executive Officers, etc., according to their position and degree ofachievement of performance targets.
(2) Treasury shares remaining in the Trust
The MMC’s shares remaining in the Trust are recorded as treasury shares in the net assets
section at the book value of the Trust (excluding the amount of incidental expenses). The
book value of the treasury shares as of March 31, 2024, is 981 million yen, and the numberof shares is 2,668,506 shares.

9

Segment information(1) Segment Information
FY 2023 (from April 1, 2023 to March 31, 2024)
1. Overview of reportable segments
The reportable segments of the Group are components for which discrete financial
information is available, and for which operating results are regularly reviewed by MMC’s
decision making bodies including the Board of Directors to determine resource allocation to
the segments and to assess their performance.
The main business of the Group is automobile business, involving development, design,
manufacturing and sales of automobiles and component parts. In addition, as financial
service business, we engage in sales finance and leasing services for Group products(Including property sales associated with the expiration and cancellation of leasetransactions).
Accordingly, based on the types of products and services offered, the Group determined“automobile business” and “financial service business” as two reportable segments.
2. Calculation method of net sales, profit or loss, assets and other items by reportablesegment
The accounting method for the reportable segments is the same as “Material basis ofpreparation of the consolidated financial statements”.
Inter-segment sales and adjustments are based on the prices in arm’s-lengthtransactions.
3. Net sales and income (loss), assets and other items for each reportable segment(Millions of yen)
Automobiles

Financialservices

Total

Adjustment(Note 1)

Grand total(Note 2)

Net sales(1) External customers
Revenue fromcontracts withcustomers

2,754,761

12,7782,767,539-

2,767,539

Other income

539

21,51122,050-22,050Subtotal

2,755,300

34,2892,789,589-

2,789,589(2) Intersegment
sales & transfers

16,2583,666

19,925(19,925)-

Total

2,771,559

37,9562,809,515(19,925)

2,789,589

Segment profit (loss)

187,918

4,427

192,345(1,373)

190,971

2,142,655

339,290

2,481,945(27,475)

2,454,470

Depreciation (Note 3)

62,3205,416

67,737-67,737

Investment in equity
method affiliates

108,048-

108,048-

108,048

Increase in property,
plant and equipment
and intangible assets(Note 3)102,042

12,742

114,784-

114,784

Segment assets
Other items

Notes: 1. Adjustment represents the elimination of intersegment transactions.
2. Segment income (loss) agrees to the amount of operating income (loss) presented in the consolidated
statement of income.
3. Depreciation, increase in property, plant and equipment and intangible assets include the long-term
prepaid expenses and depreciation.
10

(2) Related Information
FY 2023 (from April 1, 2023 to March 31, 2024)
1. Information by product and service
Information by product and service is omitted as this information is defined as theinformation by reportable segment.
2. Information by geographic region
1) Net sales
Net sales to external customers, classified by the geographic location of the externalcustomers(Millions of yen)
Japan

North
America

EuropeAsia

Oceania

Other

Total

587,483

710,708219,377

537,039

318,946

393,984

2,767,539

Other income

21,616

391

-

-

42

-

22,050

Total

609,100

711,099

219,377

537,039

318,988393,9842,789,589

Net sales
Net sales toexternalcustomers
Revenue fromcontracts withcustomers

Note:

Main countries and regions outside Japan are grouped as follows:(1) North America.............The United States, Canada, Mexico(2) Europe.........................Germany, Spain, the Netherlands, France(3) Asia..............................Indonesia, Thailand, the Philippines, Vietnam(4) Oceania........................Australia, New Zealand(5) Other............................U.A.E., Brazil

11

Supplementary information
Net sales and operating income (loss) classified by the geographic location of MMC andits consolidated subsidiaries(Millions of yen)
Japan

North
America

EuropeAsia

Oceania

Other

Total

Revenue fromcontracts withcustomers

1,040,863

700,226

214,628

473,065

318,945

19,8102,767,539

Other income

21,616

391

-

-

42

-

22,050Subtotal

1,062,480

700,617214,628

473,065

318,987

19,8102,789,589(2) intersegment sales

1,374,555

1,848

1,045

724,177

4-

2,101,631(2,101,631)

Total

2,437,036

702,466

215,673 1,197,242

318,992

19,8104,891,221(2,101,631) 2,789,589

116,577

24,088

11,552719

201,153

Adjustment

Grand
total

Net sales(1) Externalcustomers

Operating profit(loss)

2,281

45,933

Note: Main countries and regions outside Japan are grouped as follows:(1) North America..............The United States, Mexico, Puerto Rico
(2) Europe..........................The Netherlands(3) Asia...............................Thailand, Indonesia, the Philippines, Vietnam(4) Oceania.........................Australia, New Zealand(5) Other.............................U.A.E.

12- 2,767,539-

22,050- 2,789,589(10,182)-

190,971

Per share information(Yen)
For the fiscal year ended March 31, 2024
(from April 1, 2023 to March 31, 2024)
Net assets per share

679.45

Net income(loss) per share - basic

103.97

Net income per share – diluted

103.96

Note: 1. In the calculation of basic earnings per share and diluted earnings per share, the shares of the Company
held by the BIP Trust Account is included in the number of treasury shares. Therefore, the number of
those shares is deducted in calculating the number of common shares outstanding at the end of the year
(2,668,506 shares) and the number of weighted average common shares outstanding during the year
(1,451,630 shares).
2. Basis for calculating net income per share – The basis is shown below.
(Millions of yen)
For the fiscal year ended
March 31, 2024
(from April 1, 2023
to March 31, 2024)
Net income per share – basic
Net income(loss) attributable to owners of the parent
Gain not attributable to ordinary shareholders
Net income(loss) attributable to owners of the parent
related to common stock
Average number of shares of common stock
outstanding during the period (Unit: Thousands ofshares)154,709
154,709
1,488,016

Net income per share – diluted
Adjustment to Net income attributable to owners of
the parent
Increase in number of shares of common stock (Unit:
Thousands of shares)(Subscription rights to shares)
Overview of dilutive shares not included in thecalculation of diluted earnings per share due to theabsence of dilutive effect, which had significant
changes from the previous consolidated fiscal year

Significant subsequent event
There is no item to be reported.

13

89
(89)
-