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11 03-13 mazda results-q2-1

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  • 1. FISCAL YEAR MARCH 2014 FIRST HALF FINANCIAL RESULTS New Mazda Axela (Overseas name: New Mazda3) Mazda Motor Corporation October 31, 2013 1
  • 2. PRESENTATION OUTLINE Highlights Fiscal Year March 2014 First Half Results Fiscal Year March 2014 Forecast Progress of Structural Reform Plan Summary 2
  • 3. HIGHLIGHTS 3
  • 4. HIGHLIGHTS (1) – FIRST HALF RESULTS Achieved revenue growth and a substantial profit increase in all profit categories through sales expansion of vehicles equipped with SKYACTIV Revenue was ¥1,254.3 billion. Operating profit was ¥74 billion. Net income was ¥25 billion Global sales volume was 631,000 units Globally successful CX-5 and new Mazda6/Atenza have driven the sales Introduced new Mazda3/Axela in North America 4
  • 5. HIGHLIGHTS (2) – FULL YEAR FORECAST Forecast global sales volume of 1,335,000 units Upward revision of full year forecast: operating profit of ¥160 billion and net income of ¥100 billion Introduce new Mazda3/Axela in major markets including Europe, Japan and Australia, following North America Steady progress of the Structural Reform Plan 5
  • 6. FISCAL YEAR MARCH 2014 FIRST HALF RESULTS 6
  • 7. FY MARCH 2014 FINANCIAL METRICS (Billion yen) First Half FY March FY March 2014 2013 Revenue Operating profit Ordinary profit Profit before tax Net income Change from Prior Year April Plan 1,254.3 1,023.5 230.8 134.3 74.0 36.3 33.9 25.0 11.5 0.4 7.3 5.7 62.5 35.9 26.6 19.3 29.0 15.3 16.9 15.0 Operating ROS 5.9 % 1.1 % 4.8 pts 1.9 pts EPS (Yen) 8.4 1.9 6.5 5.1 Exchange Rates (Yen) US Dollar Euro 99 130 79 101 20 29 9 10 7
  • 8. GLOBAL SALES VOLUME (000) Global sales volume Japan North America Europe China Other Markets Total <Breakdown> USA Australia ASEAN First Half FY March FY March 2014 2013 Change from Prior April Year Plan 111 199 97 79 145 631 110 182 85 90 146 613 1 17 12 (11) (1) 18 5 (5) 4 (3) 3 4 142 52 39 127 51 49 15 1 (10) 0 0 (7) 8
  • 9. GLOBAL Globally successful CX-5 and new Mazda6/Atenza have driven sales growth Improved net revenue by Sales Method Innovation that promotes products and brand New Mazda3/Axela to be introduced in the second half will further accelerate the business growth by SKYACTIV First Half Sales Volume (000) 613 631 96 CX-5 141 84 600 3% Mazda6/Atenza (New) 122 73 49 400 193 Mazda3/Axela 161 240 Other 207 200 0 FY March 2013 FY March 2014 9
  • 10. JAPAN Sales were 111,000 units, up year on year despite 2% reduction of the total industry sales New Atenza (000) First Half Sales Volume 110 100 1% 111 Share gained 0.1 point to 4.3% SKYACTIV models have driven the sales - Added CX-5 2.5L model and limited version - New Atenza also maintained strong sales 50 0 FY March 2013 - Premacy and Biante that are equipped with SKYACTIV TECHNOLOGY are also successful FY March 2014 10
  • 11. NORTH AMERICA Sales were 199,000 units, up 9% year on year New Mazda3 (North American Model) (000) 200 First Half Sales Volume 182 9% Canada, other 55 199 Canada, other 57 100 USA 127 0 FY March 2013 USA 142 FY March 2014 USA: 142,000 units, year-onyear growth of 12% surpassing the industry’s 9% increase, with retail sales attaining 16% improvement - Continue to improve brand value by holding down fleet sales - CX-5 sales grew 69% year on year to 43,000 units - New Mazda6 sales also steadily increased 11
  • 12. EUROPE Sales were 97,000 units, up 14% year on year while the industry was down 2% New Mazda6 (European Model) (000) 100 First Half Sales Volume 85 14% 97 Key markets, especially Germany and UK, enjoyed strong sales - Germany: 22,000 units, up 18% year on year 50 0 CX-5 and new Mazda6, significantly grew their segment shares owing to CX-5 availability improvement and new Mazda6 full-scale launch - UK: 17,000 units, up 30% year on year FY March 2013 FY March 2014 12
  • 13. CHINA Sales were 79,000 units Started sales of locally produced CX-5 and received orders for 10,000 units as of the end of September CX-5 (Chinese Model) (000) 100 First Half Sales Volume 90 79 (12)% 50 Implemented mass-market advertising to communicate SKYACTIV TECHNOLOGY on the occasion of CX-5 launch Increased the number of outlets to 408, up 12 from the end of March 2013 (As of the end of Sep. 2013) 0 FY March 2013 FY March 2014 13
  • 14. OTHER MARKETS Sales were 145,000 units CX-5 (Australian Model) (000) 150 First Half Sales Volume 146 Other 46 145 (0)% 100 Australia 51 50 ASEAN 49 0 FY March 2013 Other 54 Australia: Remained strong with 52,000 units and 8.9% share - Mazda ranked 3rd in overall sales by brand - CX-5 and Mazda2 achieved highest sales in their respective segments while Mazda3 attained 2nd position ASEAN: - All markets except Thailand Australia achieved year on year increase 52 - Malaysia recorded the highest ASEAN ever sales and share, reflecting 39 sales increase of locallyFY March 2014 produced CX-5 14
  • 15. OPERATING PROFIT CHANGE FY March 2014 First Half vs. FY March 2013 First Half Cost Improvement Marketing + 10.7 Expense Exchange + 60.3 (Billion yen) 100 Improvement (Deterioration) Other (12.4) FY March 2014 74.0 Effects of CX-5 and new Mazda6 (17.4) Investment for the future 50 Vol. & Mix + 21.3 FY March 2013 11.5 US Dollar Euro Other +19.3 +18.7 +22.3 0 Change from prior year + 62.5 15
  • 16. FISCAL YEAR MARCH 2014 FORECAST 16
  • 17. FY MARCH 2014 FINANCIAL METRICS FY March 2014 (Billion yen) Revenue Operating profit Ordinary profit Profit before tax Net income Change from First Half Second Half Full Year 1,254.3 1,395.7 2,650.0 444.7 170.0 74.0 36.3 33.9 25.0 86.0 86.7 78.1 75.0 160.0 123.0 112.0 100.0 106.1 89.9 72.9 65.7 40.0 26.0 24.0 30.0 6.2 % 6.0 % Prior Year 3.6 pts April Plan Operating ROS 5.9 % 1.2 pts EPS (Yen) 8.4 25.1 33.5 22.0 10.1 Exchange Rates (Yen) US Dollar 99 Euro 130 95 125 97 128 14 21 7 8 17
  • 18. GLOBAL SALES VOLUME (000) Global sales volume Japan North America Europe China Other Markets Total <Breakdown> USA Australia ASEAN First Half FY March 2014 Second Full Half Year Change from Prior April Year Plan 111 199 97 79 145 631 114 216 103 121 150 704 225 415 200 200 295 1,335 9 43 28 25 (5) 100 5 0 0 0 (5) 0 142 52 39 158 54 46 300 106 85 27 2 (16) 0 0 (16) 18
  • 19. OPERATING PROFIT CHANGE FY March 2014 Full Year vs. FY March 2013 Full Year Strengthen sales globally Cost Improvement Marketing Expense + 15.7 Exchange (Billion yen) 200 Sales increase and mix improvement of SKYACTIV products + 90.0 (Deterioration) Other FY March 2014 (20.4) 160.0 (41.2) 150 Vol. & Mix Investment for the future + 62.0 100 Improvement FY March 2013 53.9 US Dollar +32.2 +31.1 Euro Other +26.7 50 Change from prior year + 106.1 0 19
  • 20. OPERATING PROFIT CHANGE FY March 2014 Full Year vs. April Plan Improvement (Billion yen) (Deterioration) 200 150 Cost Exchange Improvement Marketing Expense + 0.0 + 34.0 April Plan 120.0 Vol. & Mix (2.1) Other October Plan 160.0 (4.0) + 12.1 100 50 US Dollar +15.2 +10.4 Euro Other +8.4 Change from April Plan + 40.0 0 20
  • 21. FY MARCH 2014 SECOND HALF GLOBAL SALES INITIATIVES Introduce our top-selling model, new Mazda3/Axela, in key markets and start full-scale sales Expand sales of locally produced CX-5 - Add a 2.5L model in China - Introduce Malaysia-produced CX-5 in Thailand Enhance advertising activities to improve brand image Accelerate volume growth to achieve medium- and long-term outlook 21
  • 22. PROGRESS OF STRUCTURAL REFORM PLAN 22
  • 23. BUSINESS INNOVATION BY SKYACTIV TECHNOLOGY – SALES REINFORCEMENT Roll-out Brand Campaigns Further global penetration of brand value, such as “Be a driver” in Japan, “Game Changer” in North America Thoroughly implement inside-out activities Share among Mazda group members the design philosophy and product values of Mazda models to fully communicate product values to customers Promote sales at right price By promoting product values, holding-down incentives, and reducing fleet sales, realize net revenue improvement and high residual values Enhance brand loyalty Extend good customer care exceeding their expectations throughout their ownership period 23
  • 24. REINFORCE BUSINESS IN EMERGING COUNTRIES AND ESTABLISH GLOBAL PRODUCTION FOOTPRINT Progress on the new plant in Mexico - Completed plant construction. Progressing on track for production start in the fourth quarter - Decided to build a new engine machining factory - Plan to ship vehicles to North America, Central and South America and Europe utilizing FTAs. Further increase capacity for SKYACTIV models - Made a decision to expand production capacity of SKYACTIV-G and SKYACTIV-D, and SKYACTIV transmissions in Japan Reinforce business in the ASEAN region - Decided to sell Mazda models in all 10 ASEAN countries - Started to export CX-5 from Malaysia to Thailand 24
  • 25. SUMMARY <First Half Results> Sales, revenue and profits in all categories exceeded forecast at the beginning of the fiscal year SKYACTIV models including CX-5 and new Mazda6/Atenza continue global sales momentum <Full Year Forecast> Revised forecast upward: operating profit of ¥160 billion and net income of ¥100 billion Introduce new Mazda3/Axela in major markets including Europe, Japan and Australia, following North America Steady progress of the Structural Reform Plan 25
  • 26. 26
  • 27. APPENDIX 27
  • 28. CASH FLOW AND NET DEBT (Billion yen) First Quarter FY March 2014 Second Quarter Change from First Half Prior FY End Cash Flow (7.1) (24.4) (31.5) 14.8 (24.8) (10.0) 7.7 (49.2) (41.5) Cash and Cash Equivalents 399.7 394.2 394.2 (50.7) Net Debt 304.6 315.8 315.8 (41.7) - From operating activities - From investing activities - Free Cash Flow - Net Debt-to-equity Ratio 59 / 49* % 58 / 48* % 58 / 48* % (3) / (3)* pts Equity Ratio 27 / 28* % 28 / 29* % 28 / 29* % 3 / 2* pts *Reflecting “equity credit attributes” of the subordinated loan. 28
  • 29. REVENUE BY GEOGRAPHIC AREA (Billion yen) 670.1 615.9 113.2 600 506.6 516.9 97.9 106.7 511.7 121.6 Other 100.3 Europe 300 89.4 67.8 70.8 109.3 114.7 84.2 209.0 194.7 North America 152.2 Japan 197.2 204.5 1Q 2Q 638.4 126.4 183.9 141.3 144.9 226.3 205.2 230.2 4Q 1Q 2Q 167.9 0 3Q FY March 2013 FY March 2014 29
  • 30. REVENUE BY PRODUCT (Billion yen) 670.1 53.6 50.4 600 506.6 516.9 55.0 48.7 46.5 47.6 638.4 56.0 51.8 55.3 514.7 527.1 1Q 2Q 48.5 Parts 49.4 511.7 Other 615.9 45.2 300 Vehicle/ Parts for overseas production 566.1 405.1 420.6 418.0 1Q 2Q 3Q 0 FY March 2013 4Q FY March 2014 30
  • 31. REVENUE CHANGE FY March 2014 First Half vs. FY March 2013 First Half 30% (Billion yen) FY March 2014 1,254.3 FY March 2013 1,023.5 Japan Overseas 20% 1% 6% 23% 16% 10% 7% 0% Total Volume & Mix Exchange 31
  • 32. REVENUE CHANGE FY March 2014 Second Quarter vs. FY March 2013 Second Quarter 30% (Billion yen) FY March 2014 638.4 FY March 2013 516.9 Japan 2% Overseas 6% 20% 24% 16% 10% 8% 0% Total Volume & Mix Exchange 32
  • 33. FY MARCH 2014 FINANCIAL METRICS Second Quarter (Billion yen) FY March 2014 Revenue Operating profit Ordinary profit Profit before tax Net income FY March 2013 Change from Prior Year 638.4 516.9 121.5 37.5 27.9 25.7 19.5 9.7 9.3 17.0 12.2 27.8 18.6 8.7 7.3 Operating ROS 5.9 % 1.9 % 4.0 pts EPS (Yen) 6.5 4.1 2.4 Exchange rate (Yen) US Dollar Euro 99 131 79 98 20 33 33
  • 34. GLOBAL SALES VOLUME AND CONSOLIDATED WHOLESALES Second Quarter (000) FY March 2014 Change from FY March 2013 Prior Year Global Sales Volume Japan North America Europe China Other Markets Total 61 104 51 42 72 330 59 92 41 44 77 313 2 12 10 (2) (5) 17 Consolidated Wholesales Japan North America Europe China Other Markets Total 62 87 46 2 72 269 61 86 36 0 72 255 1 1 10 2 0 14 34
  • 35. OPERATING PROFIT CHANGE FY March 2014 Second Quarter vs. FY March 2013 Second Quarter (Billion yen) Exchange + 31.1 Improvement Cost Improvement Marketing Expense + 5.6 (Deterioration) Other 50 (11.3) FY March 2014 37.5 (10.7) Vol. & Mix + 13.1 25 FY March 2013 9.7 0 Change from Prior Year + 27.8 35
  • 36. GLOBAL SALES VOLUME AND CONSOLIDATED WHOLESALES (000) FY March 2014 First Second Full Half Half Year Change from Prior Year First Second Full Half Half Year Change from April Plan Full Year Global Sales Volume Japan 111 North America 199 Europe 97 China 79 Other Markets 145 Total 631 114 216 103 121 150 704 225 415 200 200 295 1,335 1 17 12 (11) (1) 18 8 26 16 36 (4) 82 9 43 28 25 (5) 100 5 0 0 0 (5) 0 Consolidated Wholesales Japan 116 North America 178 Europe 85 China 3 Other Markets 142 Total 524 116 225 109 7 149 606 232 403 194 10 291 1,130 1 3 17 1 0 22 5 30 19 5 (4) 55 6 33 36 6 (4) 77 4 7 3 (4) 0 10 36
  • 37. KEY DATA 140.0 (Billion yen) 100 Full Year Full Year 89.9 77.2 Full Year 60.0 58.0 48.7 50 First Half 100.0 33.9 First Half First Half 29.8 42.7 49.4 26.8 0 (FY March) 2013 2014 Capital Spending 2013 2014 Depreciation 2013 2014 R&D cost 37
  • 38. DISCLAIMER The projections and future strategies shown in this presentation are based on various uncertainties including without limitation the conditions of the world economy in the future, the trend of the automotive industry and the risk of exchange-rate fluctuations. So, please be aware that Mazda's actual performance may differ substantially from the projections. If you are interested in investing in Mazda, you are requested to make a final investment decision at your own risk, taking the foregoing into consideration. Please note that neither Mazda nor any third party providing information shall be responsible for any damage you may suffer due to investment in Mazda based on the information shown in this presentation. 38