FY2015 Third Quarter Financial Results

Transcription

1 FY2015 Third Quarter Financial Results Mitsubishi Motors Corporation February 3, 2016

2 FY2015 Third Quarter Financial Results All-new Pajero Sport 1

3 FY Q Results Summary (vs. FY Q) Increase in Net Sales and Operating Income Yea-on-Year (billion yen) FY14 1-3Q (Apr Dec 2014) FY15 1-3Q (Apr Dec 2015) Increase/ Decrease Amount % Net Sales 1, , % Operating Income (Margin) (6.3%) (6.1%) % Ordinary Income (Margin) Net Income (Margin) * (7.6%) 98.6 (6.2%) (6.4%) 76.7 (4.6%) % % Extraordinary loss from terminating the production in the U.S. : 15.3 billion yen * Net income attributable to owners of the Parent 2

4 FY Q Sales Volume Results by Region (Retail, vs. FY Q) Despite Increases in the United States and Western Europe, Sales Volume Decreased in Russia and China Resulted in Overall Decrease Japan North America Europe Asia Others Total FY15 1-3Q vs. FY14 1-3Q (- 16%) (+ 19%) -14 (- 8%) -15 (- 6%) + 7 (+ 4%) -19 (- 2%) (thousand units) North Asia Australia & NZ Registered Vehicles Mini cars FY14 3Q FY15 3Q U.S. Canada & Mexico FY14 3Q FY15 3Q Western Europe & others Russia & others Note: Sales volume of FY Q refers to preliminary results FY14 3Q FY15 3Q ASEAN 164 FY14 3Q 163 FY15 3Q Latin America Middle East & Africa FY14 3Q 100 FY15 3Q FY14 3Q FY15 3Q 3

5 Analysis of Increase/Decrease of Operating Income (vs. FY Q) Increased Operating Income Achieved by Vol/Mix and Cost Reduction Efforts Vol/Mix by region Japan -1.3 North America +6.8 Europe +6.5 Asia -3.5 Others FY14 1-3Q (Apr 2014-Dec 2014) Forex effect by main currency Forex rate(yen) FY FY15 Effect (billion yen) USD EUR AUD THB GBP RUB Vol/Mix Sales Expenses -5.1 Forex Others R&D expenses -3.4 Costs on quality measures in market Indirect labor cost and others Combined impact of raw material price / cost reduction* Others *the amount includes increase of expenses for product improvement (billion yen) FY15 1-3Q (Apr 2015-Dec 2015) 4

6 FY2015 Full-year Forecasts Mirage 5

7 FY2015 Sales Volume Forecasts by Region (Retail, vs. FY2014) No Change to Global Sales Volume from the Previous Forecast Japan North America Europe Asia Others Total FY15 (Forecasts) vs. FY (- 13%) (+ 15%) -27 (- 12%) -7 (- 2%) -6 (- 2%) -37 (- 3%) (thousand units) 1,053 Previous Forecasts 342 1,090 1, Registered Vehicles Mini cars FY FY15 Forecast U.S. Canada & Mexico FY FY15 Forecast Western Europe & others Russia & others FY FY15 Forecast North Asia ASEAN FY FY15 Forecast Australia & NZ Latin America Middle East & Africa FY FY15 Forecast FY14 FY15 Forecast 6

8 FY2015 Forecasts Summary (vs. FY2014 ) No Change to Profits from the Previous Forecast (billion yen) FY2014 (Apr Mar 2015) FY2015 (Apr Mar 2016) Forecasts Increase/Decrease Amount % Net Sales 2, , % Operating Income (Margin) Ordinary Income (Margin) Net Income* (Margin) (6.2%) (7.0%) (5.4%) * Net income attributable to owners of the Parent (5.5%) (5.8%) (4.4%) % % % FY15 Forecasts (Announced on Oct 27) 2, (5.5%) (5.7%) (4.4%) Breakdown of change Vol/Mix Sales Expenses -4.0 Forex Combined impact of raw material price/ Cost reduction R&D expenses Indirect labor cost Costs on quality measures in market and others

9 MMC Future Product Lineup 8

10 Introduction 9

11 1. Market Environment 10

12 Market Environment SUV Market Forecast Globally, SUV segment will show the highest growth rate. By class, medium- and small-sized SUVs will have large markets with small-sized cars showing the highest growth rate. Demand forecast by SUV class Approx. 20% Increase Large Pajero Pajero Sport Medium Outlander Small Approx. 60% increase (MMC forecasts) RVR 11

13 Market Environment Measures to Reduce Global Warming COP21 December 2015: Climate Goal to limit global temperature rise to less than 2 degrees Celsius Trends of CO2 Regulations on Automobiles Per Country Following the trends in advanced countries, emerging countries are also tightening regulations on CO 2 emissions; increasing competition through furthering tax incentives and other measures. Regulations in each country are expected to be tightened more after Company Average CO 2 (g/km) USA EU Japan China 130g/km India 95g/km ATTN) Converted into CO 2 value expect for EU (CY) 12

14 Market Environment EV/PHEV Market Forecast In 2020, EV+PHEV market will be about 5 times bigger than in Demand Forecast of EV/PHEVs Approx. 5 times PHEV EV (MMC Forecast) 13

15 2. Future Product Lineup Concentrating on What We Do Best Optimum Distribution of R&D Resources 14

16 Basic Plan Concentrating on What We Do Best Optimum Distribution of R&D Resources 1) Enhancement of SUV product lineup SUV Pickup Large Medium Pajero Pajero Sport Outlander Continue with the current model Full-model Change in FY2015 Next generation model to be launched in FY2018 Triton Delica D:5 MPV Full-model Change in FY2014 Next generation model to be launched in FY2017 Small New Small SUV RVR* * ASX or Outlander Sport in some markets New model to be launched in FY2017 Next generation model to be launched in FY2019 Small MPV New model to be launched in FY

17 SUVBasic Plan Concentrating on What We Do Best Optimum Distribution of R&D Resources 2)Enhancement of EV/PHEV product lineup Outlander New Small SUV P H E V P H E V RVR/ASX/Outlander Sport E V Mitsubishi ex Concept 16

18 Basic Plan Concentrating on What We Do Best Optimum Distribution of R&D Resources Concentrate R&D resources into medium/small SUVs and EV/PHEVs markets where total demand is expected to grow 3) End in-house development of the next-generation Lancer 4) Current Pajero to continue - The current model Pajero continues to be produced and sold with refinements. - All-new Pajero Sport (full-model change in 2015) has improved marketability high enough to cover demands for Pajero, and its sales are expanding. - The next-generation Pajero will be investigated at the timing of development of the next-generation Pajero Sport. 17

19 3. MMC Product Lineup in FY

20 Global Product Lineup (MMC production models as of FY2020) 14 new models to be launched between FY2017 and FY2020 Complete product lineup by FY2020 SUV Pickup Pajero Triton/L200 Pajero Sport Outlander New Small SUV RVR EV/ PHEV Outlander PHEV New Small SUV PHEV RVR-EV Minicar-EV (TBC) Minicab MiEV MPV Delica D:5 Small MPV Passenger Car Mirage Attrage Minicar Commercial Vehicle ek Wagon ek Space Colt L300 : Models to be newly launched by FY

21 Production Volume Ratio Per Platform Consolidate into 4 major platforms Rate of Production Volume per platform Other FR frame Triton /L200 Pajero Sport 75% FY % FY2014 Over 90% Midsize FF Com pact FF Mini FF FY2020 Plan Outlander Outlander PHEV Small MPV ek Wagon New Small SUV New Small SUV PHEV RVR RVR-EV ek Space FF: Front engine Front drive FR: Front engine Rear drive Delica D:5 Mirage Attrage Minicar -EV (TBC) 20

22 Final: Our Mission 21

23 To benefit the global community through SUVs and EV/PHEVs 22

24 Summary FY Q Results Increase in Net Sales and Operating Income Yea-on-Year Retail Volume Wholesale Volume Net Sales Operating Income Ordinary Income Net Income * 787,000 units, 2% down 914,000 units, 4% down 1,662.0 billion yen, 5% up billion yen, 1% up billion yen, 11% down 76.7 billion yen, 22% down FY2015 Full Year Forecasts No Change to Profits from the Previous Forecast Retail Volume 1,053,000 units, 3% down Wholesale Volume 1,240,000 units, 4% down Net Sales 2,260.0 billion yen, 4% up Operating Income billion yen, 8% down Ordinary Income Net Income * Net income attributable to owners of the Parent * billion yen, 14% down billion yen, 15% down 23

25 Appendix ek Wagon 24

26 FY2015 Results Summary (by quarter) (billion yen/ thousand units) FY15 1Q (Apr-Jun) FY15 2Q (Jul-Sep) FY15 3Q (Oct-Dec) FY15 1-3Q (Apr-Dec) Net Sales ,662.0 Operating Income Ordinary Income Net Income Sales Volume (retail) Sales Volume (wholesale) Forex Rate (yen) USD EUR AUD THB

27 FY Q Financial Results by Region (vs. FY Q) FY14 1-3Q (Apr 2014-Dec 2014) FY15 1-3Q (Apr 2015-Dec 2015) (billion yen) Increase/ Decrease Net Sales 1, , Japan North America Europe Asia Others Operating Income Japan North America Europe Asia Others

28 Analysis of Increase/Decrease of FY2015 Operating Income Forecast (vs. FY2014 ) Vol/Mix by region Japan -0.5 North America Europe Asia -9.0 Others Forex effect by main currency Forex rate(yen) FY FY15 Effect (billion yen) USD EUR AUD THB GBP RUB Vol/Mix Sales Expenses Others R&D expenses -7.4 Indirect labor cost -4.0 Costs on quality measures in market and others Forex Combined impact of raw material price / cost reduction* Others (billion yen) *the amount includes increase of expenses for product improvement FY14 (Apr 2014-Mar 2015) FY15 (Apr 2015-Mar 2016) Forecast 27

29 FY2015 Financial Forecasts by Region (vs. FY2014 ) FY2014 FY2015 Forecast (billion yen) Increase/ Decrease Net Sales 2, , Japan North America Europe Asia Others Operating Income Japan North America Europe Asia Others

30 Capital expenditure / Depreciation / R&D expense (billion yen) FY Q FY Q FY2015 (Apr 2014-Dec 2014) (Apr Dec 2015) (Apr 2015-Mar 2016) Forecast Capital expenditure (YoY) 44.7 (+1%) 46.6 (+4%) 75.0 (+10%) Depreciation (YoY) 38.8 (-1%) 39.9 (+3%) 57.0 (+7%) R&D expense (YoY) 54.1 (+12%) 57.5 (+6%) 82.0 (+10%) 29

31 MMC History MMC History in SUVs Cross-country SUV and cross-over SUV 1997 EVOLUTION st -generation PAJERO nd -generation PAJERO rd - generation PAJERO th -genration PAJERO 1996 CHALLENGER 2008 PAJERO SPORT 2015 PAJERO SPORT 1994 MINI 1998 MINI 2008 MINI Jr io OUTLANDER PHEV 2001 AIRTREK 2005 OUTLANDER 2012 OUTLANDER 2010 RVR 30

32 MMC History MMC History in EV/PHEVs Lead Ni-Cd LiB 1971 MINICA VAN EV 1995 MITSUBISHI HEV 2009 i-miev 2013 OUTLANDER PHEV 1966 Start EV R&D 1991 LANCER VAN EV 1999 FTO EV 2013 MINICAB-MiEV TRUCK 2011 MINICAB-MiEV VAN 31

33 Design Concept DYNAMIC SHIELD DESIGN CONCEPT 32

34 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. 33

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