DaimlerChrysler-Mitsubishi alliance
Encyclopedia
The DaimlerChrysler-Mitsubishi alliance refers to the 69 month period during which U.S.-German
automaker
DaimlerChrysler AG (DCX) held a controlling stake in Mitsubishi Motors Corporation (MMC). First established on March 27, 2000 with the signing of a letter of intent
, it was initiated by Jürgen E. Schrempp
, the chairman of DCX, who was attempting to build what he called a "Welt AG" (global corporation) which would have as widespread a presence across worldwide automotive markets as its rivals. The merger with the Chrysler Corporation had increased Daimler-Benz
's share of the North America
n market, and Mitsubishi Motors offered a gateway to Asia
.
The deal was to prove costly for both DaimlerChrysler shareholder
s and for Schrempp personally, whose part in the deal contributed to his eventual replacement at the helm of DCX in 2006.
needed a full range of products beyond the luxury vehicle market in which Mercedes-Benz
competed, and began looking for a partner as soon as he became chairman in 1994. The Chrysler Corporation
was targeted in 1995, and on January 12, 1998 he met with Chrysler chairman Bob Eaton with the intent of negotiating a merger/takeover. Following its completion in May that year, Schrempp then turned to Asia.
However, DaimlerChrysler's first steps came to nothing. It considered but ultimately declined to invest in Nissan prior to the Japanese company's alliance with Renault
, and it was rumoured that they also courted Honda
that same year. Schrempp, who had given a speech in Tokyo
in early 1999 where he predicted DCX's market share in Asia would increase from 1.3 to over 10 percent, began to come under pressure to deliver on his promises.
Mitsubishi Motors was DaimlerChrysler's third choice partner, but in 1999 MMC chairman Katsuhiko Kawasoe
rebuffed their initial approach. However, in the aftermath of the 1997 East Asian financial crisis MMC was saddled with ¥
1.7 trillion of debt, and some outside analysts were suggesting that the company should give priority to becoming a takeover or merger target. Kawasoe rejected this, preferring to present Mitsubishi as an equal partner to potential suitors, adding that Mitsubishi would continue to follow their longstanding approach of establishing ventures without capital tie-ups. But eventually a deal was struck: DCX would purchase a controlling 34 percent stake in the company for ¥450 billion (€
2.1 billion). This would ostensibly preserve Mitsubishi's "independence", as only three out of the company's ten board members would be elected by the new largest shareholder, although DaimlerChrysler did now possess a veto power over boardroom decisions. For DCX, the benefit would come from increased market share without MMC's debts appearing on their balance sheet
.
ed for repairs. Mitsubishi's shares fell by 13 percent as these revelations became public, and over the summer, further investigations took a similar toll on the company's stock. By the end of August, following a second police raid, the total number of vehicles recalled had reached one million, while the share price had fallen by almost 30 percent. As a result of the collapse in the value of Mitsubishi, DaimlerChrysler renegotiated a €200 million reduction price of its stock purchase, while Kawasoe was forced to step down as chairman.
The following month, DaimlerChrysler approached Volvo
about acquiring the Swedish
automaker
's 3.3 percent stake in Mitsubishi. Volvo had planned on forming a joint venture with MMC for bus
and truck
manufacturing as part of a deal originally negotiated in 1999, until the involvement of DaimlerChrysler, a rival in the commercial vehicle
marketplace, led Volvo to ultimately withdraw. The €760 million sale was concluded in April 2001, taking DCX's share to 37.3 percent.
Olivier Boulay
, then the head of DaimlerChrysler's Japanese design studio
in Yokohama
, was recruited by Mitsubishi in May 2001. Answering directly to Rolf Eckrodt
, the DCX-appointed Chief Operating Officer
, Boulay's appointment was part of the "Turnaround Plan" initiated by Eckrodt and new Chief Executive Takashi Sonobe, where Mitsubishi tried to move away from an engineering
-led approach to development
. Despite the new initiatives and increased investment, Mitsubishi Motors announced a revised profit forecast in April 2001, and their downward projections were confirmed in May when the company reported a net loss for the year of ¥278 billion.
During 2001 and 2002 DaimlerChrysler and Mitsubishi began to co-operate more closely on longer-term ventures. A €244 million plant would be built at Kölleda
in Germany
to manufacture engines for the new Z-car platform
, while in concert with Hyundai
they established the Global Engine Manufacturing Alliance
, a joint venture with an annual capacity of two million powerplants in five factories across the globe. There was also extensive platform sharing, cross-supply agreements, and manufacturing subcontracts.
ous economy in Japan dragged down the company's domestic performance in 2003, while the same year the after effects of a disastrous credit scheme in the U.S. saw Mitsubishi Motors North America
suffer a US$
454 million loss. By 2004 the automaker owed ¥1.14 trillion, and a ¥700 billion rescue plan was put to shareholders in April. Other companies within the keiretsu
of Mitsubishi which owned 23 percent of MMC were committed to the plan, and the Japan Development Bank had also been approached for support.
However, at DaimlerChrysler there was dissent against the idea of further investment; only weeks before Schrempp had endured calls for his resignation from shareholders. In the face of this and his the boardroom's opposition, DCX refused to pledge further funds, and formally stated that it would no longer financially support its partner. Japan's finance minister
, Nobuteru Ishihara
, commented that the decision "could affect the future of the company", while corporate analysts were more forthright, calling it "a disaster" and claiming that "[Mitsubishi] will vanish if it continues this way."
An alternative rescue package was formulated by May 2004, involving a ¥450 billion investment in newly issued stock by U.S. bank
JPMorgan Chase, Tokyo
-based private investment fund Phoenix Capital and other Mitsubishi Group companies. The deal was announced as MMC reported a loss for the year of ¥215 billion. Further negotiations, and the involvement of the China Motor Corporation
, boosted this figure to ¥546 billion by June, in return for 11,000 redundancies and cuts to corporate pensions, salaries and bonuses. As a result of the new investment, DaimlerChrysler's own stake was diluted.
Profitability remained out of reach for Mitsubishi, and enlarged losses in 2005 were forecast by the company. The company's stock price slid 41 percent in 2004 to approximately one quarter the value of when DaimlerChrysler first became involved.
sold the shares on for US$80 million profit.
New major stockholder Phoenix Capital followed suit the following month, selling all but 50 million of its 575 million shares to JPMorgan
on December 9, 2005, and once again the investment bank offloaded their purchase within a few days for tens of millions of dollars in profit. In both cases, the eventual buyers were part of the Mitsubishi
keiretsu, returning MMC to Japanese ownership.
, net profit/loss
, and asset
s before, during, and immediately after the period when DaimlerChrysler held a share.
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
automaker
Automaker
The automotive industry designs, develops, manufactures, markets, and sells motor vehicles, and is one of the world's most important economic sectors by revenue....
DaimlerChrysler AG (DCX) held a controlling stake in Mitsubishi Motors Corporation (MMC). First established on March 27, 2000 with the signing of a letter of intent
Letter of intent
A letter of intent is a document outlining an agreement between two or more parties before the agreement is finalized. The concept is similar to a heads of agreement...
, it was initiated by Jürgen E. Schrempp
Jürgen E. Schrempp
Jürgen Erich Schrempp was until December 31, 2005, the CEO of DaimlerChrysler, a German-American car and truck manufacturer. Following a decision of the board taken on July 28, 2005, he was succeeded on January 1, 2006, by Chrysler frontman Dieter Zetsche...
, the chairman of DCX, who was attempting to build what he called a "Welt AG" (global corporation) which would have as widespread a presence across worldwide automotive markets as its rivals. The merger with the Chrysler Corporation had increased Daimler-Benz
Daimler-Benz
Daimler-Benz AG was a German manufacturer of automobiles, motor vehicles, and internal combustion engines; founded in 1926. An Agreement of Mutual Interest - which was valid until year 2000 - was signed on 1 May 1924 between Karl Benz's Benz & Cie., and Daimler Motoren Gesellschaft, which had...
's share of the North America
North America
North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas...
n market, and Mitsubishi Motors offered a gateway to Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
.
The deal was to prove costly for both DaimlerChrysler shareholder
Shareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
s and for Schrempp personally, whose part in the deal contributed to his eventual replacement at the helm of DCX in 2006.
Background
Jürgen Schrempp was one of the primary architects of the "Welt AG" plan, developed by Daimler-Benz to increase its presence in the American and Asian markets, and to improve its profitability. Schrempp believed that a modern automakerAutomaker
The automotive industry designs, develops, manufactures, markets, and sells motor vehicles, and is one of the world's most important economic sectors by revenue....
needed a full range of products beyond the luxury vehicle market in which Mercedes-Benz
Mercedes-Benz
Mercedes-Benz is a German manufacturer of automobiles, buses, coaches, and trucks. Mercedes-Benz is a division of its parent company, Daimler AG...
competed, and began looking for a partner as soon as he became chairman in 1994. The Chrysler Corporation
Chrysler
Chrysler Group LLC is a multinational automaker headquartered in Auburn Hills, Michigan, USA. Chrysler was first organized as the Chrysler Corporation in 1925....
was targeted in 1995, and on January 12, 1998 he met with Chrysler chairman Bob Eaton with the intent of negotiating a merger/takeover. Following its completion in May that year, Schrempp then turned to Asia.
However, DaimlerChrysler's first steps came to nothing. It considered but ultimately declined to invest in Nissan prior to the Japanese company's alliance with Renault
Renault
Renault S.A. is a French automaker producing cars, vans, and in the past, autorail vehicles, trucks, tractors, vans and also buses/coaches. Its alliance with Nissan makes it the world's third largest automaker...
, and it was rumoured that they also courted Honda
Honda
is a Japanese public multinational corporation primarily known as a manufacturer of automobiles and motorcycles.Honda has been the world's largest motorcycle manufacturer since 1959, as well as the world's largest manufacturer of internal combustion engines measured by volume, producing more than...
that same year. Schrempp, who had given a speech in Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
in early 1999 where he predicted DCX's market share in Asia would increase from 1.3 to over 10 percent, began to come under pressure to deliver on his promises.
Mitsubishi Motors was DaimlerChrysler's third choice partner, but in 1999 MMC chairman Katsuhiko Kawasoe
Katsuhiko Kawasoe
is a former President and Chief Executive Officer of Mitsubishi Motors.After working in the Accounting, Personnel Planning, and Labor Relations departments, he was appointed Executive Vice President of Mitsubishi Motor Manufacturing of America, General Manager of the Nagoya production plant, and...
rebuffed their initial approach. However, in the aftermath of the 1997 East Asian financial crisis MMC was saddled with ¥
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
1.7 trillion of debt, and some outside analysts were suggesting that the company should give priority to becoming a takeover or merger target. Kawasoe rejected this, preferring to present Mitsubishi as an equal partner to potential suitors, adding that Mitsubishi would continue to follow their longstanding approach of establishing ventures without capital tie-ups. But eventually a deal was struck: DCX would purchase a controlling 34 percent stake in the company for ¥450 billion (€
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
2.1 billion). This would ostensibly preserve Mitsubishi's "independence", as only three out of the company's ten board members would be elected by the new largest shareholder, although DaimlerChrysler did now possess a veto power over boardroom decisions. For DCX, the benefit would come from increased market share without MMC's debts appearing on their balance sheet
Balance sheet
In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership or a company. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A...
.
Recall cover up
Shortly after the deal was finalised, Mitsubishi became embroiled in accusations that it had covered up complaints from customers about defects in their vehicles. A police raid on its headquarters in July 2000 uncovered hidden documents stashed in a locker, and soon after over 500,000 vehicles were recallProduct recall
A product recall is a request to return to the maker a batch or an entire production run of a product, usually due to the discovery of safety issues. The recall is an effort to limit liability for corporate negligence and to improve or avoid damage to publicity...
ed for repairs. Mitsubishi's shares fell by 13 percent as these revelations became public, and over the summer, further investigations took a similar toll on the company's stock. By the end of August, following a second police raid, the total number of vehicles recalled had reached one million, while the share price had fallen by almost 30 percent. As a result of the collapse in the value of Mitsubishi, DaimlerChrysler renegotiated a €200 million reduction price of its stock purchase, while Kawasoe was forced to step down as chairman.
Increasing control
Mitsubishi's difficulties contributed to a sharp fall in the DaimlerChrysler group's profits, and following the recall of a further 1.5 million cars in February 2001, including almost a million in the U.S., the German parent moved quickly to restructure; approximately 10,000 Mitsubishi employees would be axed and one of its four assembly plants would be closed.The following month, DaimlerChrysler approached Volvo
Volvo
AB Volvo is a Swedish builder of commercial vehicles, including trucks, buses and construction equipment. Volvo also supplies marine and industrial drive systems, aerospace components and financial services...
about acquiring the Swedish
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
automaker
Automaker
The automotive industry designs, develops, manufactures, markets, and sells motor vehicles, and is one of the world's most important economic sectors by revenue....
's 3.3 percent stake in Mitsubishi. Volvo had planned on forming a joint venture with MMC for bus
Bus
A bus is a road vehicle designed to carry passengers. Buses can have a capacity as high as 300 passengers. The most common type of bus is the single-decker bus, with larger loads carried by double-decker buses and articulated buses, and smaller loads carried by midibuses and minibuses; coaches are...
and truck
Truck
A truck or lorry is a motor vehicle designed to transport cargo. Trucks vary greatly in size, power, and configuration, with the smallest being mechanically similar to an automobile...
manufacturing as part of a deal originally negotiated in 1999, until the involvement of DaimlerChrysler, a rival in the commercial vehicle
Commercial vehicle
A commercial vehicle is a type of motor vehicle that may be used for transporting goods or passengers. The European Union defines "commercial motor vehicle" as any motorised road vehicle, which by its type of construction and equipment is designed for, and capable of transporting, whether for...
marketplace, led Volvo to ultimately withdraw. The €760 million sale was concluded in April 2001, taking DCX's share to 37.3 percent.
Olivier Boulay
Olivier Boulay
Olivier Boulay is an automobile designer. Starting from 2009, he is the head of Daimler's Advanced Design Centre in Beijing, China....
, then the head of DaimlerChrysler's Japanese design studio
Design studio
A Design Studio or Drawing Office is a workplace for Designers and Artisans engaged in conceiving, designing and developing new products or objects...
in Yokohama
Yokohama
is the capital city of Kanagawa Prefecture and the second largest city in Japan by population after Tokyo and most populous municipality of Japan. It lies on Tokyo Bay, south of Tokyo, in the Kantō region of the main island of Honshu...
, was recruited by Mitsubishi in May 2001. Answering directly to Rolf Eckrodt
Rolf Eckrodt
Rolf Eckrodt is a German automotive engineer and executive, who started his career with Daimler-Benz in 1966 and was CEO of the Mitsubishi Motors Corporation from 2001-2005.-Career:Mr...
, the DCX-appointed Chief Operating Officer
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
, Boulay's appointment was part of the "Turnaround Plan" initiated by Eckrodt and new Chief Executive Takashi Sonobe, where Mitsubishi tried to move away from an engineering
Engineering
Engineering is the discipline, art, skill and profession of acquiring and applying scientific, mathematical, economic, social, and practical knowledge, in order to design and build structures, machines, devices, systems, materials and processes that safely realize improvements to the lives of...
-led approach to development
New product development
In business and engineering, new product development is the term used to describe the complete process of bringing a new product to market. A product is a set of benefits offered for exchange and can be tangible or intangible...
. Despite the new initiatives and increased investment, Mitsubishi Motors announced a revised profit forecast in April 2001, and their downward projections were confirmed in May when the company reported a net loss for the year of ¥278 billion.
During 2001 and 2002 DaimlerChrysler and Mitsubishi began to co-operate more closely on longer-term ventures. A €244 million plant would be built at Kölleda
Kölleda
Kölleda is a town in the district of Sömmerda, in Thuringia, Germany. It is situated 10 km east of Sömmerda, and 24 km north of Weimar....
in Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
to manufacture engines for the new Z-car platform
Mitsubishi Z platform
The Mitsubishi Z platform is a small-car platform jointly developed by DaimlerChrysler and Mitsubishi Motors since 2001 and used in the Mitsubishi Colt first introduced in 2003...
, while in concert with Hyundai
Hyundai Motor Company
Hyundai Motor Company is a Korean multinational automaker based in Seoul, South Korea which, along with Kia, comprises the Hyundai Kia Automotive Group, the world's fourth largest automaker as of 2009. As of 2011, it is the world's fastest growing automaker for two years running...
they established the Global Engine Manufacturing Alliance
Global Engine Manufacturing Alliance
The Global Engine Manufacturing Alliance LLC, or GEMA, is a manufacturing arm of Global Engine Alliance LLC, which was a joint venture of Chrysler, Mitsubishi Motors, and Hyundai Motor Company for developing a line of shared engines...
, a joint venture with an annual capacity of two million powerplants in five factories across the globe. There was also extensive platform sharing, cross-supply agreements, and manufacturing subcontracts.
Unravelling ties
Despite DaimlerChrysler's involvement, debts at Mitsubishi continued to accumulate. A torporTorpor
Torpor, sometimes called temporary hibernation is a state of decreased physiological activity in an animal, usually characterized by a reduced body temperature and rate of metabolism. Animals that go through torpor include birds and some mammals such as mice and bats...
ous economy in Japan dragged down the company's domestic performance in 2003, while the same year the after effects of a disastrous credit scheme in the U.S. saw Mitsubishi Motors North America
Mitsubishi Motors North America
Mitsubishi Motors North America, Inc. is the North American operation of Mitsubishi Motors Corporation, overseeing sales, manufacturing, finance, and research and development functions...
suffer a US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
454 million loss. By 2004 the automaker owed ¥1.14 trillion, and a ¥700 billion rescue plan was put to shareholders in April. Other companies within the keiretsu
Keiretsu
A is a set of companies with interlocking business relationships and shareholdings. It is a type of business group. The keiretsu has maintained dominance over the Japanese economy for the greater half of the twentieth century....
of Mitsubishi which owned 23 percent of MMC were committed to the plan, and the Japan Development Bank had also been approached for support.
However, at DaimlerChrysler there was dissent against the idea of further investment; only weeks before Schrempp had endured calls for his resignation from shareholders. In the face of this and his the boardroom's opposition, DCX refused to pledge further funds, and formally stated that it would no longer financially support its partner. Japan's finance minister
Finance minister
The finance minister is a cabinet position in a government.A minister of finance has many different jobs in a government. He or she helps form the government budget, stimulate the economy, and control finances...
, Nobuteru Ishihara
Nobuteru Ishihara
is a Japanese politician.He was born in Zushi, Kanagawa, the son of author Shintaro Ishihara . He attended Keio Gijuku High School and graduated from the literature faculty of Keio University in 1981...
, commented that the decision "could affect the future of the company", while corporate analysts were more forthright, calling it "a disaster" and claiming that "[Mitsubishi] will vanish if it continues this way."
An alternative rescue package was formulated by May 2004, involving a ¥450 billion investment in newly issued stock by U.S. bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
JPMorgan Chase, Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
-based private investment fund Phoenix Capital and other Mitsubishi Group companies. The deal was announced as MMC reported a loss for the year of ¥215 billion. Further negotiations, and the involvement of the China Motor Corporation
China Motor Corporation
China Motor Corporation is an automobile manufacturer based in Taipei, Taiwan. It was founded in June 1969, and signed a technology sharing contract with Mitsubishi Motors the following year. On December 12 1973 they opened their first manufacturing facility, in Yangmei...
, boosted this figure to ¥546 billion by June, in return for 11,000 redundancies and cuts to corporate pensions, salaries and bonuses. As a result of the new investment, DaimlerChrysler's own stake was diluted.
Profitability remained out of reach for Mitsubishi, and enlarged losses in 2005 were forecast by the company. The company's stock price slid 41 percent in 2004 to approximately one quarter the value of when DaimlerChrysler first became involved.
Divorce
Following DaimlerChrysler's decision to cease further investment in its Japanese partner, Rolf Eckrodt stepped down as chairman and CEO of Mitsubishi, and retired from DCX in April 2004. Soon after, Chrysler's Chief Operating Officer Wolfgang Bernhard also parted ways with the German parent over its continuing troubles and falling profits, while the merger with MMC was now routinely being referred to by the media as a "debacle". A third attempt to recapitalize Mitsubishi in January 2005 led to ¥540 billion of further investment, and DaimlerChrysler's now owned only a 12.4 percent stake. Finally, on November 11, 2005, the remaining stock was sold for US$1.1 billion. Three days later the buyer, investment bank Goldman SachsGoldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
sold the shares on for US$80 million profit.
New major stockholder Phoenix Capital followed suit the following month, selling all but 50 million of its 575 million shares to JPMorgan
JPMorgan Chase & Co.
JPMorgan Chase & Co. is an American multinational banking corporation of securities, investments and retail. It is the largest bank in the United States by assets and market capitalization.It is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is...
on December 9, 2005, and once again the investment bank offloaded their purchase within a few days for tens of millions of dollars in profit. In both cases, the eventual buyers were part of the Mitsubishi
Mitsubishi
The Mitsubishi Group , Mitsubishi Group of Companies, or Mitsubishi Companies is a Japanese multinational conglomerate company that consists of a range of autonomous businesses which share the Mitsubishi brand, trademark and legacy...
keiretsu, returning MMC to Japanese ownership.
Corporate performance
Mitsubishi Motors' revenueRevenue
In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover....
, net profit/loss
Net profit
Net profit or net revenue is a measure of the profitability of a venture after accounting for all costs. In a survey of nearly 200 senior marketing managers, 91 percent responded that they found the "net profit" metric very useful...
, and asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s before, during, and immediately after the period when DaimlerChrysler held a share.
| Fiscal year | Revenue | Profit/Loss | Assets |
|---|---|---|---|
| 1998 | ¥3,512.6 billion | ¥5.7 billion | n/a |
| 1999 | ¥3,335.0 bn | -¥23.3 bn | ¥2,784.1 bn |
| 2000 | ¥3,276.7 bn | -¥278.1 bn | ¥2,981.7 bn |
| 2001 | ¥3,200.7 bn | ¥11.2 bn | ¥2,894.6 bn |
| 2002 | ¥3,884.9 bn | ¥37.4 bn | ¥2,425.4 bn |
| 2003 | ¥2,519.4 bn | -¥215.4 bn | ¥2,029.0 bn |
| 2004 | ¥2,122.6 bn | -¥474.8 bn | ¥1,589.3 bn |
| 2005 | ¥2,120.1 bn | -¥92.2 bn | ¥1,557.6 bn |
| 2006 | ¥2,202.9 bn | ¥8.7 bn | ¥1,778.7 bn |