Financial Results (Presentation)

0
FY2011 Third Quarter Financial Results
Mitsubishi Motors Corporation
February 2, 2012
1
FY2011 3Q Results Summary (9-month cumulative, vs. FY10 3Q Actual)
Achieved an Increase in Profits Despite a Severe Operating
Environment Characterized by the Strong Yen, Thai Floods
(100 million yen/000 units)
【Reference】
Oct 28
Change
FY11
Forecast
FY10 3Q
FY11 3Q
(Apr-Dec ’10)
Actual
(Apr-Dec ’11)
Actual
13,109
12,931
-178
18,200
Operating Income
130
385
＋255
500
Ordinary Income
114
289
＋175
400
Net Income
-22
136
＋158
200
Sales Volume (retail)
721
755
＋34
1,032
Sales Volume (wholesale)
784
769
-15
1,094
Revenue
Note: Sales volume is counted by the “New Calculation Method”. (see p.13） Sales volume of FY2011 3Q refers to preliminary results.
FY2011 3Q Results Summary
2
(by quarter)
(100 million yen/000 units)
FY11 1Q
FY11 2Q
FY11 3Q
(Apr-Jun ’11)
(Jul-Sep ’11)
4,319
4,756
Operating Income
122
220
43
Ordinary Income
103
130
43
Revenue
Net Income
Sales Volume
(retail)
Sales Volume
(wholesale)
Forex Rate
USD:
EUR:
AUD:
(Oct-Dec ’11)
FY11 3Q
Cumulative
(Apr-Dec ’11) (progress)
3,856 12,931
【Reference】
Oct 28
FY11
Forecast
( 71% )
18,200
385
( 77% )
500
56
289
( 72% )
400
63
30
136
( 68% )
200
267
252
236
755
( 73% )
1,032
252
278
239
769
( 70% )
1,094
Actual
82
118
88
Actual
79
113
84
Plan Actual
76
78
103
106
78
79
Actual
79
113
84
Note: Sales volume is counted by the “New Calculation Method”. (see p.13） Sales volume of FY2011 3Q refers to preliminary results.
Plan
78
110
82
Effects from the Flooding in Thailand
One-month Halt in Production Resumed in November
Aim to Make Up for 3Q Production Losses in 4Q
◇ MMTh* is an important manufacturing and sales hub for the Triton
pickup among other models
◇ As MMTh’s plant is located to the southeast of Bangkok, plant
facilities were not directly damaged from the flooding
◇ Production was temporarily halted in mid-October due to
disruption in local parts supply
◇ Production was restarted on November 14, at near-full production,
will ramp up production to make up for production losses in 4Q
・ Production losses during halt (about 1 month): 23K units
・ Increase in 4Q production goal: 15K units
¾ MMC is taking all steps to make up for the production
losses of 8K units within FY2011
*MMTh: Mitsubishi Motors (Thailand) Co, Ltd. (100% subsidiary of MMC)
・ Head Office: Located to the north of Bangkok in Phathumthani Province
・ Laem Chabang Plant: Southeast of Bangkok in Chonburi Province. 200K units produced in FY2010
3
4
FY2011 3Q Regional Sales Volume (9-month cumulative, vs. FY10 3Q Actual)
Japan
Japan
North
North America
America
Europe
Europe
Asia
Asia &
& others
others
Total
Total
FY11 3Q Actual vs. FY10 3Q Actual (Cumulative)
- 16
+ 16
+ 16
(- 13%)
(+ 24%)
+ 18
+ 34
(+ 5%)
(+ 5%)
(+ 10%)
(000 units, Retail base)
721
378
158
119
Minicars
Registered
Vehicles
74
45
103
63
40
FY10 3Q FY11 3Q
Actual
Actual
Canada
&
Mexico
U.S.
66
24
42
82
23
59
FY10 3Q FY11 3Q
Actual
Actual
174
Russia
& others
48
68
Central
Europe
25
21
Western
Europe
85
85
FY10 3Q FY11 3Q
Actual
Actual
Middle
East &
Africa
71
Latin
America
64
Australia
& NZ
51
396
KD &
PPC （17%）
126
755
135
（18%）
18%）
50
73
50
ASEAN
116
145
North
Asia
76
78
FY10 3Q FY11 3Q
Actual
Actual
Note: Sales volume is counted by the “New Calculation Method”. (see p.13） Sales volume of FY2011 3Q refers to preliminary results.
Built-up
Vehicles
595
（83%）
620
（82%）
82%）
FY10 3Q FY11 3Q
Actual Actual
Analysis of Operating Income (9-month cumulative, vs. FY10 3Q Actual)
5
(100 million yen)
FY10 3Q
FY11 3Q
＋255
（’10/ 4-12）
（’11/ 4-12）
Actual
Actual
By region:
+166
- 33
Japan
North America + 20
Europe
+158
Asia & Others
-108
+61
+49
- 58
Sales
Expenses
Forex
+206
Others
Combined
impact of raw
material price
/ cost reduction
385
Forex booking rate, in
yen
FY10
Vol/Mix
130
FY11
USD
87
79
EUR
113
113
AUD
80
84
Main items:
-R&D expenses
- 32
-Indirect labor cost - 76
and others
6
Ordinary and Net Income (9-month cumulative, vs. FY10 3Q Actual)
(100 million yen)
Operating Income
Non-operating
Income
Ordinary Income
Extraordinary Income
& Tax
Net Income
FY10 3Q
FY11 3Q
(Apr-Dec’10)
Actual
(Apr-Dec’11)
Actual
130
385
+255
- 16
- 96
- 80
114
289
+175
- 136
- 153
- 17
- 22
136
+158
Change
Balance Sheet
7
(vs. end of FY10)
(100 million yen)
Mar. 2011
Dec. 2011
Change
13,125
12,481
- 644
Cash & cash deposits
3,171
2,773
- 398
Accounts receivable
1,144
969
- 175
Inventory
1,893
2,080
+ 187
PP&E
3,836
3,710
- 126
Total Liabilities
10,644
10,148
- 496
Accounts payable
2,786
2,807
+ 21
Interest-bearing debt
3,979
3,620
- 359
2,481
2,333
- 148
Total Assets
Net Assets
8
FY2011 Regional Sales Volume Forecast (vs. Oct 28 FY11 Forecast)
Japan
Japan
North
North America
America
Europe
Europe
Asia
Asia &
& others
others
Total
Total
Feb 2 FY11 Forecast vs. Oct 28 FY11 Forecast
-4
-5
(- 3%)
(- 4%)
-8
(- 3%)
-2
- 19
(-)
(- 2%)
(000 units, Retail base)
1,032 1,013
533 531
230 222
158 154
2H
Plan
86
51
31
1H
Actual
72
72
113
4Q
Plan
3Q
Actual
1H
Actual
111
50
61
106
24
21
48
135
2H
Plan
264
4Q
258
Plan
236
Actual
519 519
Actual
513
3Q
127
57
1H
117 117
269 269
Actual
1H
61
Oct 28
Feb 2
Oct 28
Feb 2
Oct 28
Feb 2
Oct 28
Feb 2
FY11
FY11
FY11
FY11
FY11
FY11
FY11
FY11
Forecast Forecast
Forecast Forecast
Forecast Forecast
Forecast Forecast
Note: Sales volume is counted by the “New Calculation Method”. (see p.13） Sales volume of FY2011 3Q refers to preliminary results.
Oct 28
Feb 2
FY11
FY11
Forecast Forecast
FY2011 Results Forecast Summary
9
(vs. Oct 28 FY11 Forecast)
Continue to Push Forward in Achieving FY2011 Initial Operating
Profit Goal of 50 Billion Yen
(100 million yen/000 units)
FY11
FY11
【Reference】
Jun 13
Forecast
FY11
Oct 28
Forecast
Feb 2
Forecast
FY10
Actual
19,500
18,200
18,200
18,285
Operating Income
500
500
500
403
Ordinary Income
400
400
400
389
Net Income
200
200
200
156
Sales Volume (Retail)
1,075
1,032
1,013
987
Sales Volume (wholesale)
1,173
1,094
1,080
1,098
Revenue
Forex Rate
USD:
EUR:
AUD:
FY11
80
113
83
Note: Sales volume is counted by the “New Calculation Method”. (see p.13）
1H 2H FY11
80 76
78
116 103
110
86
78
82
4Q
76
98
78
FY11
78
110
82
Breakdown of change
(vs. Oct 28 forecast)
・Cost reduction
・Forex
・Parts sales
and others
+10
+20
- 30
10
Summary
„ FY2011 3Q Results (9-month cumulative)
Achieved an Increase in Profits Despite a Severe Operating
Environment Characterized by the Strong Yen, Thai Floods
¾ Retail Sales Volume
•
755K units, 5% up YoY (ASEAN, EU, N. America main contributors)
¾ Wholesale Sales Volume
•
769K units, 2% down YoY (ASEAN up but Japan and Middle East/Africa down)
¾ Revenue
•
1,293.1 billion yen, down 1% YoY (affected by production halt in Thailand )
¾ Profit/Loss
•
Operating Profit: 38.5 billion yen, about 300% (25.5 billion yen) up YoY
Offset strong yen with cost reductions and improving model mix)
•
Net Profit: 13.6 billion yen, 15.8 billion yen up YoY=turnaround to net profitability
„ FY 2011 Full-year Forecasts
Continue to Push Forward in Achieving FY2011 Initial Operating
Profit Goal of 50 Billion Yen
¾Sales plan revised (Retail: 1,013K units, Wholesale: 1,080K units) to reflect market trends
¾Initial FY2011operating profit goal of 50 billion yen remains even with revisions to sales
volume and forex rate forecasts
11
12
Additional Information
13
Change in Sales Volume Calculation
Outline
Outline
„ New calculation method (from FY2011)
・Retail volume: Count only MMC-brand products
Change “Russia/Ukraine” to “Russia & Others” (Russia, Ukraine, Kazakhstan)
・Wholesale Volume: Include OEM sales in count
„ Former calculation method
・Retail Volume: Included non-MMC brand products.
・Wholesale Volume: OEM sales were not included.
FY2010 3Q (cumulative)
Former method
Volume Adjustment
New Method
(000 Units)
Retail Volume
807
ー
86
＝
721
Wholesale Volume
746
＋
38
＝
784
14
FY2011 3Q Regional Sales Volume (by quarter, vs. FY10 3Q Actual)
Japan
Japan
North
North America
America
Europe
Europe
Asia
Asia &
& others
others
Total
Total
FY11 3Q Actual vs. FY10 3Q Actual (Cumulative)
- 16
(- 13%)
+ 16
(+ 24%)
+ 16
(+ 10%)
+ 18
(+ 5%)
+ 34
(+ 5%)
(000 units, Retail base)
721
378
158
119
3Q
30
2Q
51
1Q
38
60
103
31
38
34
FY10 3Q FY11 3Q
Actual
Actual
66
23
22
21
82
21
30
31
FY10 3Q FY11 3Q
Actual
Actual
52
46
174
132
57
121
396
755
236
3Q
252
2Q
230 267
1Q
245
127
131
246
53
64
FY10 3Q FY11 3Q
Actual
Actual
125 138
FY10 3Q FY11 3Q
Actual
Actual
Note: Sales volume is counted by the “New Calculation Method”. (see p.13） Sales volume of FY2011 3Q refers to preliminary results.
FY10 3Q FY11 3Q
Actual
Actual
FY2011 3Q Regional Results (9-month cumulative, vs. FY10 3Q Actual)
15
(100 million yen)
FY10 3Q
FY11 3Q
（’10/4-12）
（’11/4-12）
A ctual
C hange
A ctual
13,109
12,931
-178
Japan
2,595
2,510
-85
North America
1,435
1,418
-17
Europe
3,468
5,611
3,465
5,538
-3
-73
130
385
+255
17
-20
-37
North America
-223
-209
+14
Europe
-230
566
-114
728
+116
+162
Revenue
Asia & Others
Operating Income
Japan
Asia & Others
FY2011 Regional Sales Volume Forecast
Japan
Japan
North
North America
America
Europe
Europe
Feb 2 FY11 Forecast vs. FY10 Actual
- 10
+ 12
(- 6%)
(+ 13%)
16
(vs. FY10 Actual)
Asia
Asia &
& others
others
+4
+ 20
(+ 2%)
Total
Total
+ 26
(+ 4%)
(+ 3%)
(000 units, Retail base)
987
511
218 222
Russia
& others
164 154
Minicars
Registered
Vehicles
104
90
60
64
FY10
Actual
Feb 2
FY11
Forecast
94
106
31
Canada
&
Mexico
32
U.S.
62
75
FY10
Actual
Feb 2
FY11
Forecast
Central
Europe
Western
Europe
Note: Sales volume is counted by the “New Calculation Method”. (see p.13）
64
32
83
26
122 113
FY10
Actual
Feb 2
FY11
Forecast
Middle
East &
Africa
94
Latin
America
85
64
167 （177
18%）
18%）
KD &
PPC （17%）
98
Australia
& NZ
68
ASEAN
162
North
Asia
531
1,013
68
820
Built-up
Vehicles （83%）
836
（82%）
82%）
198
102 103
FY10
Actual
Feb 2
FY11
Forecast
FY10
Actual
Feb 2
FY11
Forecast
FY2011 Regional Sales Volume Forecast
Japan
Japan
North
North America
America
Feb 2 FY11 Forecast vs. FY10 Actual
- 10
+ 12
(- 6%)
(+ 13%)
Europe
Europe
+4
(+ 2%)
17
(vs. FY10 Actual)
Asia
Asia &
& others
others
+ 20
(+ 4%)
Total
Total
+ 26
(+ 3%)
(000 units, Retail base)
987 1,013
511
511
218 222
265
164 154
2H
75
82
89
FY10
Actual
72
Feb 2
FY11
Forecast
494
2H
Plan
262
120 105
94
51
1H
531
106
1H
45
98
43
61
FY10
Actual
Feb 2
FY11
Forecast
Note: Sales volume is counted by the “New Calculation Method”. (see p.13）
FY10
Actual
117
Feb 2
FY11
Forecast
246 269
FY10
Actual
Feb 2
FY11
Forecast
476 519 Actual
FY10
Actual
Feb 2
FY11
Forecast
FY2011 Regional Sales Volume Forecast
Japan
Japan
North
North America
America
Europe
Europe
18
(vs. Oct 28 FY11 Forecast)
Asia
Asia &
& others
others
Total
Total
Feb 2 FY11 Forecast vs. Oct 28 FY11 Forecast
-4
-5
(- 3%)
-8
(- 4%)
-2
(- 3%)
- 19
(-)
(- 2%)
(000 units, Retail base)
1,032 1,013
230 222
Russia
& others
158 154
Minicars
Registered
Vehicles
94
64
90
64
Oct 28
Feb 2
FY11
FY11
Forecast Forecast
111 106
Canada
&
33
31
Mexico
U.S.
78
Central
Europe
Western
Europe
75
Oct 28
Feb 2
FY11
FY11
Forecast Forecast
Note: Sales volume is counted by the “New Calculation Method”. (see p.13）
89
27
83
26
114 113
Oct 28
Feb 2
FY11
FY11
Forecast Forecast
533
531
Middle
East &
Africa
69
64
Latin
America
99
98
Australia
& NZ
69
68
ASEAN
189 198
North
Asia
107 103
Oct 28
Feb 2
FY11
FY11
Forecast Forecast
181 177
KD &
PPC （18％）
（18％）
18％）
851 836
Built-up
Vehicles （82％）
（82％）
82％）
Oct 28
Feb 2
FY11
FY11
Forecast Forecast
FY2011 Regional Forecast
19
(vs. FY10 Actual and Past Forecasts)
(100 million yen)
FY10
FY11
FY11
FY11
Actual
Jun 13
Forecast
Oct 28
Forecast
Feb 2
Forecast
18,285
19,500
18,200
18,200
Japan
3,633
3,700
3,700
3,700
North America
1,898
1,900
1,800
1,800
Europe
4,900
5,100
4,600
4,600
Asia & Others
7,854
8,800
8,100
8,100
403
500
500
500
51
70
90
50
North America
- 279
- 330
- 310
- 290
Europe
- 264
- 170
- 210
- 220
895
930
930
960
Revenue
Operating income
Japan
Asia & Others
Analysis of Operating Income
20
(vs. FY10 Actual)
(100 million yen)
FY10
Actual
Feb 2
FY11
Forecast
＋97
By region:
±0
Japan
±0
North America + 20
Europe
+130
Asia & Others
+ 60
+
210
+210
Sales
Expenses
+
270
+270
- 223
- 160
Others
Forex
Vol/Mix
403
Forex booking rate, in
yen
FY10 FY11
USD
85
78
EUR
113
110
AUD
81
82
Combined
impact of raw
material price
/ cost reduction
500
Main items:
- R&D expenses
- Indirect labor cost
and others
- 136
- 87
Development of New MIVEC Engine and New AS&G
New MIVEC Engine
Auto Stop & Go Idling Stop System
＋
1.8/2.0L MIVEC*1 Engine
22
12
14%
Increase
in
Fuel
Efficiency
for
the
below
four
models
*
12-14% Increase in Fuel Efficiency for the below four models*
Japan-market Galant Fortis
(Lancer/Lancer EX)
Japan-market
Galant Fortis Sportback
(Lancer Sportback)
Japan-market RVR
Japan-market Delica D:5
(ASX/Outlander Sport)
(2WD)
*1 MIVEC : Mitsubishi Innovative Valve timing Electronic Control system *2 at Japanese 10-15 mode
21
22
Main Vehicles Eligible for Japan’s Eco-car Tax Reduction and Eco-car Subsidies*
Japanese Eco
-car Tax Reduction at Purchase of 50
-100%
Eco-car
50-100%
Eco
-car Subsidies:
Subsidies: ¥100,000
¥100,000 (¥70,000
(¥70,000 for minicars)
minicars)
Eco-car
Government Subsidies for
“Clean Energy” Vehicles
Electric
Electric Vehicle
Vehicle
th Extra Budget must pass and be enacted
Precondition:FY2011 4th
75%
100
%
Reduction
Reduction
Cool Very (2WD)
Clean
Clean Diesel
Diesel Passenger
Passenger Vehicle
Vehicle
G (2WD)
S (2WD)
Very (2WD)
20M (2WD)
50 %
CHAMONIX (4WD)
Reduction
3.2ℓ “Clean Diesel” Engine
SUPER EXCEED
(2WD)
*All data as of February 2, 2012.
SPORT (2WD)
M (2WD/5MT)
Introduction of MIRAGE Global Strategic Vehicle
„ MIRAGE concept
• Compact / Affordable / High fuel efficiency
• To be introduced in both emerging markets expected to
grow, and advanced markets where demand for smaller
vehicles is growing
• Entry model in Mitsubishi Motors’ lineup
- Compact car that can comfortably seat five adults
• New 1.0-liter & 1.2-liter 3-cylinder engines with:
- Variable valve timing (MIVEC*1)
- Idling-stop system (AS&G*2)
- Regenerative braking system
- Low aerodynamic drag and lightweight body
MMC’s Global Strategic Vehicle
„ Production sites
• New Third Factory at MMTh (Thailand)
• Working toward local production in China
„ Product Launch
• MIRAGE to be launched in Thailand first
• Other global markets: To be exported from Thailand
*1
*2
MIVEC : Mitsubishi Innovative Valve timing Electronic Control system
AS&G : Auto Stop & Go
New Third Factory In Thailand
(as of December 2011)
23
24
Expansion of Electric Vehicle Rollout
FY2009
FY2010
FY2011 Sales Plan: 19K units
Units Sold: 1.6K
Units Sold: 8.2K
(Japan:7K units, Overseas:12K units)
Fleet Sales
From Apr. 2010
Japan
From Jul. 2009
Sales to Individuals
Roll out of G and M trim levels
From Jul. 2011
MINICAB-MiEV
From Dec. 2011
Mini commercial EV
Units Sold : 1.4K
Units Sold : 2.6K
RHD vehicles (Hong Kong, England, etc.)
Overseas
From Fall 2009
Europe (LHD markets incl.)
OEM to PSA Peugeot Citroën
From Oct. 2010
i-MiEV for Europe
i-MiEV for North America
From Nov. 2011
N. America
Units Sold : 0.2K
Units Sold : 5.6K
Activities for Popularization of Electric Vehicles
25
Great Improvements to Japanese-market
Well-equipped and longer-range G model
¥1.88 million*1 entry-level M model
・Range/charge
： 180km (JC08 cycle)
・Rated battery capacity ： 16.0kWh
・Motor maximum output ： 47kW ［64PS］
・Battery charging time
Home charging
： 7 hours (100%)
Quick-charging
： 30 min. (80%)
・MSRP
： ¥3,800,000
Subsidies
： ¥960,000
・Range/charge
： 120km (JC08 cycle)
・Rated battery capacity ： 10.5kWh
・Motor maximum output： 30kW ［41PS］
・Battery charging time
： 4.5 hours (100%)
Home charging
Quick-charging*2 ： 15 min. (80%)
： ¥2,600,000
・MSRP
： ¥720,000
Subsidies
■Mitsubishi Multi-entertainment System (car navigation)
■Keyless operation system ■Driver/passenger heated seats
■Leather-wrapped steering wheel and shifter knob
*1: Japanese “Clean “Vehicle” subsidies included. *2 Factory option on the M model.
Introduction of the MINICAB-MiEV Mini Commercial EV in Japanese-Market
The EV goes to work.
Two versions of the MINICABMiEV are offered, each with
different battery capacities.
¥2.02 million*1 16.0kWh version
・Range/charge
： 150km (JC08 cycle)
¥1.73 million*1 10.5kWh version
・Range/charge
： 100km (JC08 cycle)
・Rated battery capacity ： 16.0kWh
・Rated battery capacity ： 10.5kWh
・Motor maximum output ： 30kW ［41PS］
・Motor maximum output： 30kW ［41PS］
・Battery charging time
・Battery charging time
Regular charging
： 7 hours (100%)
Home charging
Quick-charging*2
： 35 min. (80%)
Quick-charging*2 ： 15 min. (80%)
・MSRP
Subsidies
： ¥2,950,000*
,000 3
：
¥960,000
・MSRP
Subsidies
*1: Japanese “Clean “Vehicle” subsidies included. *2 Factory option on the M model.*3: Two-seater version
： 4.5 hours (100%)
： ¥2,400,000*
2,400,000 3
：
¥670,000
26
27
Making EVs an External Power Supply
POWER
SUPPLY
• AC Power Supply EZ already on sale.
• 1500W power supply unit to go on sale this fiscal year.
AC Power Supply EZ
Heavy-duty power supply unit
(100W max)
(currently under development)
On sale now!
Mobile
Phones
Laptop
Computers
Hot Water
Pots
Rice
Cookers
Washing
Machines
LED Lamps
Electric Fans
Electric Shavers
Vacuum
Cleaners
AC Power Supply EZ
Televisions
Hair Dryers
Supplemental
Battery
EV Drive
Battery
28
The MITSUBISHI Concept PX-MiEV II Eco-SUV
MITSUBISHI Plug-in Hybrid EV System
PHEV displayed at the 2011 Tokyo
Motor Show
• Target EV Cruising Range
• Target Combined Cruising Range
• Target Fuel Efficiency
: more than 50km
: more than 800km
: more than 60km/L
System Structure
1.EV Components
・ Drive Battery
・ F/R Electric Motors
・ F/R Inverters
2.IC* Engine/Fuel Tank
3.Generator
*Internal Combustion
29
30
All statements herein, other than historical facts, contain forward-looking
statements and are based on MMC’s current forecasts, expectations, targets, plans,
and evaluations. Any forecasted value is calculated or obtained based on certain
assumptions. Forward-looking statements involve inherent risks and uncertainties.
A number of significant factors could therefore cause actual results to differ from
those contained in any forward-looking statement. Significant risk factors include:
•Feasibility of each target and initiative as laid out in this presentation;
•Fluctuations in interest rates, exchange rates and oil prices;
•Changes in laws, regulations and government policies; and
•Regional and/or global socioeconomic changes.
Potential risks and uncertainties are not limited to the above and MMC is not under
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 the foregoing into consideration.
Please note that neither Mitsubishi Motors nor any third party providing information
shall be responsible for any damage you may suffer due to investment in Mitsubishi
Motors based on the information shown in this presentation.