fy2009 first half results - mitsubishi motors · 2009-10-30 · 3 +179 -208 +248-969 +171 254-325...

0

FY2009 First Half ResultsFY2009 First Half Results

Mitsubishi Motors CorporationOctober 29, 2009

1

FY08 1HActual

FY09　1HActual Change 　　　Apr 27

　　FY09 1H　　Forecast

-6,410

-579

6,000

-350

-400

-450

-551

-492

Unit Volume (Retail) 603 445 -158 427

12,140

254

209

Net Income 128 -364

Revenue 5,730

Operating Income -325

Ordinary Income -342

Even in a difficult business climate, results are progressing according to forecast

(100 million yen/000 un

FY2009 1H Results Summary (vs. FY2008 1H Actual)

its)

Notes: Unit volume figures exclude OEM volume. Unit volume of FY2009 1H refers to preliminary results.

2FY2009 1H Regional Unit Sales Volume (vs. FY2008 1H Actual)

-6（-8%）

-158（-26%）

1818

6060

1919

8989

5656

6060

7676

3434

606033

5353

9933

4444

229229

340340（（7676％）％）

4949 503503（（8383％）％）

2929

1177

168168282811

100100（（1717％）％）

2288

7777

2828

5555

8383

4499

3333105105（（2424％）％）

2929

2929

4646

7171

8282

4747445445

-25（-35%）

-75（-44%）

-52（-18%）

89

45

101

192427

1313

5151

Asia & Others TotalJapan North America Europe

(000 units, Retail base)

US

CanadaMexico ASEAN

Built-upvehicles

KD/PPC

Registered vehicles

Minicars

Western Europe

Central Europe

& others

Russia,Ukraine

NorthAsia

Australia/NZ

Middle East/Africa

LatinAmerica

FY09 1H Actual vs. FY08 1H Actual

FY091H

FY081H

FY091H

FY081H

FY091H

FY081H

FY091H

FY081H

FY091H

FY081H


’09 1H Forecast

3

+179 -208

+248

-969

+171

254

-325

　 -579FY08 1H Actual

FY09 1H Actual

Analysis of Operating Income (vs. FY2008 1H Actual)

Others

Sales Exp.

ForexVol/Mix Cost Reduction

Breakdown of Main Items:- Indirect labor cost- Lower depreciation

expenses fromasset impairmentlosses (U.S.)taken in FY08

- Lower R&D expenses*& Others

+149 +33

+66

By region:JapanNorth AmericaEurope　Others

-51-82

-470-366

Forex booking rate,in yen

USDEURAUD　

’09 1H95

13375

’08 1H10616498

*- R&D-related indirect labor costs are

booked under “Indirect labor costs”- Impact of changes in R&D expenses,

Indirect Labor Costs included, was11.7 billion yen.

(100 million yen)

4

FY08 1H FY09 1H Change　 Actual Actual 　

Operating Income 254 -325 -579

Non-operatingIncome -45 -17 +28

Ordinary Income 209 -342 -551

Extraordinary Income& Tax -81 -22 +59

Net Income 128 -364 -492

Main items:- Extraordinary

profit/loss- Corporate tax,

etc.

Main items:- Interest

income/exp.- Forex gains

-5742

0

-22

FY 2009 1H Non-operating and Extraordinary Income (vs. FY2008 1H Actual)

(100 million yen)

5

Mar. 2009 Sep. 2009 Change

Total Assets 11,380 11,036 -344Cash & cash deposits 1,678 1,721 +43

Property, plant &equipment 4,399 4,206 -193

Accounts payable 1,556 1,868 +312

Interest-bearing debt 3,534 3,775 +241

Accounts receivable 896 849 -47

Inventory 1,891 1,784 -107

Total Liabilities 9,150 9,180 +30

Accrued liability/exp. 1,146 857 -289

Net Assets 2,230 1,856 -374

Balance Sheet(100 million yen)

6

195195

9292

213213

432432

932932

9393

117766

448383

993232

427427

505505

444455

484877

8989

106106

4545

4747

4646

4747110101

111212

9393

8833

192192

240240

222299

254254

1H

2H

118800

7777

103103

-15（-8%）

±0（±0%）

+51（+12%）

-37（-17%）

+1（+1%）

2H

1H

Oct 29Forecast

Apr 27Forecast

FY2009 Regional Unit Sales Volume Forecast (vs. Apr 27 Forecast)

Oct 29 FY09 Forecast vs. Apr 27 Forecast



Oct 29Forecast

Apr 27Forecast

Oct 29Forecast

Apr 27Forecast

Oct 29Forecast

Apr 27Forecast

Oct 29Forecast

Apr 27Forecast


7FY2009 Regional Unit Sales Volume Forecast (2H vs. 1H)

Japan

North America

Europe

Asia & Others

445487

254

83

47

103

229

93

46

77

FY09 1H Actual

FY09 2H Forecast


・ Boost competitiveness of locally produced models + 25

42,000 vehicles added to 1H retail unit volumeInitial full-year global sales plan of 932,000 units unchanged

• Lag in recovery in Russia, the Ukraine

• Weakening of effect of stimulus measures in Europe

- 10

• Expansion of models that qualify for eco-car tax reductions and subsidies.

• Introduction of a new compact SUV model

+ 26

8FY2008 Results Forecast Summary (vs. Apr 27 Forecast) (100 million

yen/000 units)

FY09Apr 27 Forecast

FY09Oct 29 Forecast 　　

　　　　　　　

　　　【Reference】FY08

Actual

15,000

Ordinary Income 150 150 -149

300

19,736

39

-549

1, 066

Net Income 50 50

Unit Volume (Retail) 932 932

Revenue 15,000Operating Income 300

Notes: Unit volume figures exclude OEM volume.

Assumed Forex RateUSD:EUR:AUD:

92116

60

1H　 2H 　 FY09 95 　 88 91

133 130 13175 　 78 77

　　

Breakdown of change(vs. Apr. 27 forecast)- Forex 　　 +270- Price　　 -260- Others -10

Forecasts left unchanged in push to return to net profit for term

9Summary

FY2009 1H results

• Retail unit volume down in Japan, North America, Europe and Asia & Others at 445,000 vehicles (26% down YoY)• Thorough inventory reductions brought a 48% YoY drop in wholesale volume, curbed to 306,000 units• Net sales fell due to lower unit sales volumes and impact of the strong yen (53% down YoY)• Results bottomed out in 1Q and rebounded in 2Q although 1H income levels (operating, ordinary, net incomes)

are all in the red• Actual results mostly in line with 1H forecasts announced in April

Even in a difficult business climate, results are progressing according to forecast

FY09 full-year forecasts

Forecasts left unchanged in push to return to net profit for term— Will boost cost reductions to match sales / Push sales in recovering markets —

• Retail unit sales plan left unchanged at original figure of 932,000 units (1H: 445,000; 2H: 487,000)• With inventory reductions almost completed, will start 2-shift operation at main plants in Japan and Thailand and

work to boost sales in recovering markets• Will boost cost and expenses reductions beyond those envisaged at beginning of term• Full-year 30 billion yen operating profit and 5 billion yen net profit targets left unchanged

10

New compact SUV

Additional Information

11FY2009 1H Regional Unit Sales Volume (vs. Apr 27 Forecast)

2Q

3377

5522

8989

3131

4545

22222323

2121

9393

4444

5050 4949

192192

9898

9494 112112

427427

222244

220033 213213

4646

7777

4646

25251Q

101101

5511

222299

111177

444455

223232 2Q

1Q

-12（-14%）

+17（+4%）

+1（+3%）

-8（-8%）

+36（+19%）



FY09 1H Actual vs. FY09 1H Forecast

FY09 1H Actual

FY09 1HForecast

FY09 1H Actual

FY09 1HForecast

FY09 1H Actual

FY09 1HForecast

FY09 1H Actual

FY09 1HForecast

FY09 1HForecast

FY09 1H Actual


12FY2009 1H Regional Unit Sales Volume (vs. FY2008 1H Actual)

3131

7777

4646

1Q

2Q

21214949

112112213213

4646

2525

9393111177

222299

223232

444455

4444

3939

8383

4444

3636

7171

3535 9292

168168

7676

146146

135135

281281

313313

290290

603603

1Q

2Q

-6(-8%)

-75(-44%)

-25(-35%)

-158(-26%)

-52(-18%)

FY091H

FY081H

FY091H

FY081H

FY091H

FY081H

FY091H

FY081H

FY091H

FY081H


FY09 1H Actual vs. FY08 1H Actual



13

FY08 1H FY09 1H ChangeActual Actual

Revenue 12,140 5,730 -6,410Japan 2,000 1,658 -342

North America 1,524 769 -755

Europe 4,397 988 -3,409

Asia & Others 4,219 2,315 -1,904

Operating Income 254 -325 -579Japan -95 -116 -21

North America -145 -167 -22

Europe 165 -63 -228

Asia & Others 329 21 -308

(100 million yen)

FY2009 First Half Regional Results (vs. FY2008 1H Actual)

14FY2009 First Half Results Summary (by quarter)

(100 million yen/000 units)

FY09 1Q(’09/4-6)

FY09 2Q(‘09/7-9)

　 FY09 1H　(’09/4-9)

　　

3,139 5,730

-325

-342

Net Income -264 -100 -364

Unit Volume (Retail) 213 232 445

-29

-64

2,591

-296

-278

Revenue

Operating IncomeOrdinary Income


15FY2009 Regional Unit Sales Volume Forecast (vs. FY2008 Actual)

161688

111919

272722

507507

1,1,006666

9393

176176

483483

932932

660303

446363

444455

487487

8383

8855

7171

4848

4646

4747 161688

110044

9393

8383282811

222626

222299

254254

1H

2H

180180

7777

103103

+12（+7%）

-134（-13%）

-24（-5%）

-96（-35%）

-26（-22%）

1H

2H

FY09 Forecast on Oct 29 vs. FY2008 Actual




FY09Forecast Oct 29

FY08 Actual

FY09Forecast Oct 29

FY08 Actual

FY09Forecast Oct 29

FY08 Actual

FY09Forecast Oct 29

FY08 Actual

FY09Forecast Oct 29

FY08 Actual

16FY2009 Regional Unit Sales Volume Forecast (vs. FY2008 Actual)

110606 119119

3636

272272

110505

507507

1,0661,066

131300

5454

168168

114114

8484

6262

8484

3535119119

137137

729729（（7878％）％）

203203（（2222％）％）

55773366

111111

6969 9494

2525

5757

108108

7272

5959

9696

148148

932932483483

176176

9393

118080 874874（（8282％）％）

192192（（1818％）％）

+12（+7%）

-134（-13%）

-24（-5%）

-96（-35%）

-26（-22%）


FY09 Forecast on Oct 29 vs. FY2008 Actual



FY09Forecast Oct 29

FY08 Actual

FY09Forecast Oct 29

FY08 Actual

FY09Forecast Oct 29

FY08 Actual

FY09Forecast Oct 29

FY08 Actual

FY09Forecast Oct 29

FY08 Actual

US

CanadaMexico

ASEAN

Built-upvehicles

KD/PPC

Registered vehicles

Minicars

Central Europe

& others

Russia,Ukraine

NorthAsia

Australia/NZ

LatinAmerica

USWestern Europe North

Asia

Middle East/

Africa

17

39 300

-780

+240-440

　 +261

+680PricePrice--260260

Analysis of Operating Income (FY2009 Forecast vs. FY2008 Actual)

(100 million yen)

FY08Actual

10/29FY09

Forecast

Vol/Mix

Forex

Sales Exp.

Cost Reduction

Others

Breakdown of Main Items:- Indirect labor cost- Lower depreciation expenses from asset impairment charges(U.S.) taken in FY08

- Reduced shipping　costs - Cost-cutting efforts in 　offices & factories, etc.

By region:JapanNorth AmericaEurope　Others

Forex booking rate,in yen

USDEURAUD　

-40-85

-295-360

+330 +70

+60

+101

FY08　FY09101 　　 91144　　 131　81　　　77　

+561

18FY2009 Regional Forecast (vs. FY2008 Actual and Apr 27 FY09 Forecast)

FY08 FY09 FY09Actual Apr 27 Forecast Oct 29 Forecast

Revenue 19,736 15,000 15,000- Japan 3,984 4,400 4,100

- North America 2,322 1,700 1,850

- Europe 6,317 3,600 2,700

- Asia & Others 7,113 5,300 6,350

Operating Income 39 300 300- Japan -151 190 120

- North America -396 -250 -260

- Europe 53 -20 0

- Asia & Others 533 380 440

(100 million yen)

192H Product Competitiveness Boost: Japan & N. America

Oct Nov Dec Jan 2010 Feb Mar

Japan

North America

Expand models that qualify for eco-car tax reductions and subsidies from 10 to 15

Launch new compact SUV(February)

U.S. : Introduced Lancer Sportback (September)　　

Outlander facelift (November)

202H Product Competitiveness Boost: Europe, Asia & Others

Oct Nov Dec Jan 2010 Feb Mar

Europe

Asia & Others

Outlander facelift (November)

L200 facelift (January 2010)

Thailand: Add new Lancer* including E85 compliant version to lineup (October)

Brazil: Add FFV version of L200 Triton (October)

China: Start local production of new Lancer* (November)

Philippines: Start local production of new Lancer* (January 2010)

Boost competitiveness of locally produced model (*called “Lancer EX”)

Outlander facelift (October)　　

Australia: Launch New Challenger (December)　

21Commitment to Electric Vehicles (EVs)

Aug 2009: EV Business Office establishedSet up new EV Business Office reporting directly to president

Oct 2009: Concept cars unveiled (at Tokyo Motor Show) 　　　　　　　　

　　　　　　　Mitsubishi Concept PX-MiEV

i-MiEV CARGO

Sep 2009: Enter EV agreement with PSAWill develop EV for Europe derived from i-MiEV

PSA to sell EV under both Peugeot and Citroën brands

EV to be brought to market by end of 2010 (Expected start of production: October 2010)

22

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.

fy2009 first half results - mitsubishi motors · 2009-10-30 · 3 +179 -208 +248-969 +171 254-325...

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