Source: finance

21. SEGMENT INFORMATION

The Company and its consolidated subsidiaries are primarily engaged in the manufacture and sales of products in the automobile segment and in providing various financial services to users of the Company's products in the sales financing segment. These products, which are sold in Japan and overseas, principally in North America and Europe, include passenger cars, buses and trucks as well as the related components. Financial services include primarily leases and credits principally in Japan and North America.

Business segments

The business segment information for the Company and its consolidated subsidiaries for the years ended March 31, 2005, 2004 and 2003 is as follows:

<table>
  <tr>
    <th rowspan="2"> </th>
    <th colspan="2">Fiscal year 2004 (For the year ended Mar. 31, 2005)</th>
    <th rowspan="2">Eliminations</th>
    <th rowspan="2">Consolidated</th>
  </tr>
  <tr>
    <th>Automobile</th>
    <th>Sales Financing</th>
    <th>Total</th>
  </tr>
  <tr>
    <td>I. Sales and operating income</td>
    <td colspan="4"></td>
  </tr>
  <tr>
    <td>Sales to third parties</td>
    <td>¥8,177,841</td>
    <td>¥398,436</td>
    <td>¥8,576,277</td>
    <td>¥8,576,277</td>
  </tr>
  <tr>
    <td>Inter-segment sales and transfers</td>
    <td>23,742</td>
    <td>13,509</td>
    <td>37,251</td>
    <td>(37,251)</td>
  </tr>
  <tr>
    <td>Total sales</td>
    <td>8,201,583</td>
    <td>411,945</td>
    <td>8,613,528</td>
    <td>(37,251)</td>
    <td>8,576,277</td>
  </tr>
  <tr>
    <td>Operating expenses</td>
    <td>7,429,760</td>
    <td>338,388</td>
    <td>7,768,148</td>
    <td>(53,031)</td>
    <td>7,715,117</td>
  </tr>
  <tr>
    <td>Operating income</td>
    <td>¥771,823</td>
    <td>¥73,557</td>
    <td>¥845,380</td>
    <td>¥15,780</td>
    <td>¥861,160</td>
  </tr>
  <tr>
    <td>II. Assets, depreciation and capital expenditures</td>
    <td colspan="4"></td>
  </tr>
  <tr>
    <td>Total assets</td>
    <td>¥6,646,594</td>
    <td>¥4,596,322</td>
    <td>¥11,242,916</td>
    <td>(1,394,393)</td>
    <td>¥9,848,523</td>
  </tr>
  <tr>
    <td>Depreciation and amortization</td>
    <td>349,163</td>
    <td>176,763</td>
    <td>525,926</td>
    <td>—</td>
    <td>525,926</td>
  </tr>
  <tr>
    <td>Capital expenditures</td>
    <td>469,283</td>
    <td>582,408</td>
    <td>1,051,751</td>
    <td>—</td>
    <td>1,051,751</td>
  </tr>
</table>

<table>
  <tr>
    <th rowspan="2"> </th>
    <th colspan="2">Fiscal year 2004 (For the year ended Mar. 31, 2005)</th>
    <th rowspan="2">Eliminations</th>
    <th rowspan="2">Consolidated</th>
  </tr>
  <tr>
    <th>Automobile</th>
    <th>Sales Financing</th>
    <th>Total</th>
  </tr>
  <tr>
    <td>I. Sales and operating income</td>
    <td colspan="4"></td>
  </tr>
  <tr>
    <td>Sales to third parties</td>
    <td>$76,428,421</td>
    <td>$3,723,700</td>
    <td>$80,152,121</td>
    <td>$80,152,121</td>
  </tr>
  <tr>
    <td>Inter-segment sales and transfers</td>
    <td>221,889</td>
    <td>126,253</td>
    <td>348,142</td>
    <td>(348,142)</td>
  </tr>
  <tr>
    <td>Total sales</td>
    <td>76,650,310</td>
    <td>3,849,953</td>
    <td>80,500,263</td>
    <td>(348,142)</td>
    <td>80,152,121</td>
  </tr>
  <tr>
    <td>Operating expenses</td>
    <td>69,437,010</td>
    <td>3,162,504</td>
    <td>72,599,514</td>
    <td>(495,617)</td>
    <td>72,103,897</td>
  </tr>
  <tr>
    <td>Operating income</td>
    <td>$7,213,300</td>
    <td>$687,449</td>
    <td>$7,900,749</td>
    <td>$147,475</td>
    <td>$8,048,224</td>
  </tr>
  <tr>
    <td>II. Assets, depreciation and capital expenditures</td>
    <td colspan="4"></td>
  </tr>
  <tr>
    <td>Total assets</td>
    <td>$62,117,701</td>
    <td>$42,956,281</td>
    <td>$105,073,982</td>
    <td>(13,031,710)</td>
    <td>$92,042,272</td>
  </tr>
  <tr>
    <td>Depreciation and amortization</td>
    <td>3,263,206</td>
    <td>1,651,990</td>
    <td>4,915,196</td>
    <td>—</td>
    <td>4,915,196</td>
  </tr>
  <tr>
    <td>Capital expenditures</td>
    <td>4,385,823</td>
    <td>5,443,626</td>
    <td>9,829,449</td>
    <td>—</td>
    <td>9,829,449</td>
  </tr>
</table>

<table>
  <tr>
    <th rowspan="2"> </th>
    <th colspan="2">Sales</th>
    <th rowspan="2">Eliminations</th>
    <th rowspan="2">Consolidated</th>
  </tr>
  <tr>
    <th>Automobile</th>
    <th>Financing</th>
    <th>Total</th>
  </tr>
  <tr>
    <td>I. Sales and operating income</td>
    <td colspan="4"></td>
  </tr>
  <tr>
    <td>Sales to third parties</td>
    <td>¥7,072,982</td>
    <td>¥356,237</td>
    <td>¥7,429,219</td>
    <td>¥7,429,219</td>
  </tr>
  <tr>
    <td>Inter-segment sales and transfers</td>
    <td>22,916</td>
    <td>9,752</td>
    <td>32,668</td>
    <td>(32,668)</td>
  </tr>
  <tr>
    <td>Total sales</td>
    <td>7,095,898</td>
    <td>365,989</td>
    <td>7,461,887</td>
    <td>(32,668)</td>
    <td>7,429,219</td>
  </tr>
  <tr>
    <td>Operating expenses</td>
    <td>6,340,631</td>
    <td>301,179</td>
    <td>6,641,810</td>
    <td>(37,446)</td>
    <td>6,604,364</td>
  </tr>
  <tr>
    <td>Operating income</td>
    <td>¥755,267</td>
    <td>¥64,810</td>
    <td>¥820,077</td>
    <td>¥4,778</td>
    <td>¥824,855</td>
  </tr>
  <tr>
    <td>II. Assets, depreciation and capital expenditures</td>
    <td colspan="4"></td>
  </tr>
  <tr>
    <td>Total assets</td>
    <td>¥5,847,139</td>
    <td>¥3,479,171</td>
    <td>¥9,326,310</td>
    <td>(1,466,454)</td>
    <td>¥7,859,856</td>
  </tr>
  <tr>
    <td>Depreciation and amortization</td>
    <td>313,289</td>
    <td>147,748</td>
    <td>461,037</td>
    <td>—</td>
    <td>461,037</td>
  </tr>
  <tr>
    <td>Capital expenditures</td>
    <td>441,384</td>
    <td>463,616</td>
    <td>905,000</td>
    <td>—</td>
    <td>905,000</td>
  </tr>
</table>