02 15-14 mazda motors-results_q3_2013-1

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02 15-14 mazda motors-results_q3_2013-1

  1. 1. FISCAL YEAR MARCH 2014 THIRD QUARTER FINANCIAL RESULTS New Mazda Axela Sport XD Mazda Motor Corporation February 5, 2014 1
  2. 2. PRESENTATION OUTLINE Highlights Fiscal Year March 2014 Nine Month Results Fiscal Year March 2014 Full Year Forecast Progress of Structural Reform Plan Summary 2
  3. 3. HIGHLIGHTS 3
  4. 4. HIGHLIGHTS (1) – NINE MONTH RESULTS Achieved revenue growth and profit increase over prior year through increased sales of SKYACTIV models Revenue was ¥1,940.2 billion. Operating profit was ¥124.6 billion. Net income was ¥77.4 billion Global sales volume was 953,000 units Strong sales of CX-5 and Mazda6/Atenza continue New Mazda3/Axela selling well in the markets where it has been introduced 4
  5. 5. HIGHLIGHTS (2) – FULL YEAR FORECAST Forecast global sales volume of 1,325,000 units Upward revision of full year forecast: Operating profit of ¥180 billion and net income of ¥110 billion Production started at new plant in Mexico in January 2014 Steady progress of the Structural Reform Plan Plan to pay a year-end dividend of ¥1 per share Plan the consolidation of shares and a change in the number of shares per share unit 5
  6. 6. FISCAL YEAR MARCH 2014 NINE MONTH RESULTS 6
  7. 7. FY MARCH 2014 FINANCIAL METRICS FY March 2014 (Billion yen) Revenue Operating profit Ordinary profit Profit before tax Net income First Half Third Quarter Nine Month Nine Month Change from Prior Year YOY(%) Amount 1,254.3 685.9 1,940.2 405.0 26% 74.0 36.3 33.9 25.0 50.6 56.8 56.1 52.4 124.6 93.1 90.0 77.4 105.0 71.7 59.9 51.8 534% 335% 199% 203% Operating ROS 5.9 % 7.4 % 6.4% 5.1 pts EPS (Yen) 8.4 17.5 25.9 17.3 Exchange Rates (Yen) US Dollar 99 Euro 130 100 137 99 132 19 30 7
  8. 8. GLOBAL SALES VOLUME FY March 2014 (000) Global sales volume Japan North America Europe China Other Markets Total <Breakdown> USA Australia ASEAN First Half Third Quarter Nine Month Nine Month Change from Prior Year 111 199 97 79 145 631 51 90 47 62 72 322 162 289 144 141 217 953 Volume 12 19 25 12 (8) 60 142 52 39 64 24 19 206 76 58 11 (1) (20) YOY(%) 5% (1)% (25)% 8% 7% 21% 9% (4)% 7% 8
  9. 9. GLOBAL Sales of CX-5 and Mazda6/Atenza continued to be strong New Mazda3/Axela was successfully launched - Introduced to Europe and Japan, following North America SKYACTIV models received high accolades in Japan and overseas [Atenza] - Won RJC Car of the Year and the Car of the Year Japan Emotional Award [New Mazda3] - Nominated for Car of the Year in North America and Europe Sales mix of SKYACTIV models increased to 48% 9
  10. 10. JAPAN Sales were 162,000 units, up 8% year on year Share gained 0.1 point year on year to 4.2% New Axela Nine Month Sales Volume (000) 150 150 8% 162 Sales driven by SKYACTIV models - Received approx. 21,000 orders for new Axela in only two months since its launch - CX-5 was the top-selling SUV in Japan for two consecutive years 100 50 0 FY March 2013 FY March 2014 - Sales of Atenza and SKYACTIV-equipped minivans also remained strong 10
  11. 11. NORTH AMERICA Sales were 289,000 units, up 7% year on year New Mazda3 (North American Model) (000) 300 200 100 Nine Month Sales Volume 270 7% Canada, other 75 USA 195 289 Canada, other 83 USA 206 0 FY March 2013 FY March 2014 USA: 206,000 units, up 5% year on year, with retail sales improved 16% - CX-5 and Mazda6 enjoyed brisk sales. They also maintained a large sales mix of high grade models - New Mazda3 awarded ALG’s Residual Value Award for the Compact Car Segment Sales in Mexico hit an alltime high 11
  12. 12. EUROPE Sales were 144,000 units, up 21% year on year while overall demand was almost flat Key markets such as Germany, Russia, and UK enjoyed strong sales Mazda6 (European Model) Nine Month Sales Volume (000) 150 21% 144 - Germany: 33,000 units, up 20% year on year despite small drop in overall demand 100 - Russia:33,000 units, up 3.2% year on year. Locally produced SKYACTIV models drove the sales 50 - UK: 22,000 units, up 34% year on year thanks to strong sales of Mazda6 and CX-5 119 0 Introduction of new Mazda3 has begun in the third quarter, showing FY March 2013 FY March 2014 a brisk sales trend 12
  13. 13. CHINA Sales were 141,000 units, up 9% year on year Locally produced CX-5 drove the sales CX-5 (Chinese Model) Nine Month Sales Volume (000) 150 129 9% 141 Continued to enhance Mazda brand advertising focusing on SKYACTIV Increased the number of outlets to 432, up 36 from the end of March 2013 (As of the end of Dec. 2013) 100 50 0 FY March 2013 FY March 2014 13
  14. 14. OTHER MARKETS Sales were 217,000 units CX-5 (Australian Model) (000) 200 100 Nine Month Sales Volume 225 (4)% Other 70 Australia 77 ASEAN 78 217 Other 83 Australia 76 ASEAN 58 0 FY March 2013 FY March 2014 Australia: Sales remained strong with 76,000 units and 8.9% share - Mazda ranked third in overall sales by brand - CX-5 achieved the highest sales in its segment ASEAN: Malaysia recorded highest ever sales, partially offsetting the decline in Thailand Other markets: Record high sales were posted by Chile, Peru, and Saudi Arabia 14
  15. 15. OPERATING PROFIT CHANGE FY March 2014 Nine Month vs. FY March 2013 Nine Month Strengthen sales globally Cost Improvement Marketing + 13.1 Exchange Expense (Billion yen) Improvement (Deterioration) + 97.0 150 Sales increase and mix improvement of SKYACTIV models Other (23.3) FY March 2014 124.6 (27.6) 100 Vol. & Mix Investment for the future + 45.8 50 FY March 2013 19.6 US Dollar Euro Other +32.4 +32.6 +32.0 0 Change from prior year + 105.0 15
  16. 16. FISCAL YEAR MARCH 2014 FORECAST 16
  17. 17. FY MARCH 2014 FINANCIAL METRICS (Billion yen) Revenue Operating profit Ordinary profit Profit before tax Net income Operating ROS EPS (Yen) Full Year FY March FY March 2013 2014 Change from Prior October Year Forecast 2,205.3 2,680.0 474.7 30.0 53.9 33.1 39.1 34.3 180.0 132.0 123.0 110.0 126.1 98.9 83.9 75.7 20.0 9.0 11.0 10.0 2.4 % 6.7% 4.3 pts 0.7 pts 11.5 36.8 25.3 3.3 Exchange Rates (Yen) US Dollar 83 Euro 107 99 133 16 26 2 5 17
  18. 18. GLOBAL SALES VOLUME (000) Full Year FY March FY March 2013 2014 Global Sales Volume Japan North America Europe China Other Markets Total <Breakdown> USA Australia ASEAN Change from Prior October Year Forecast 216 372 172 175 300 1,235 238 402 200 200 285 1,325 22 30 28 25 (15) 90 13 (13) 0 0 (10) (10) 273 104 101 290 106 75 17 2 (26) (10) 0 (10) 18
  19. 19. OPERATING PROFIT CHANGE FY March 2014 Full Year vs. FY March 2013 Full Year Strengthen sales globally (Billion yen) 250 200 Sales increase and mix improvement of SKYACTIV models Cost Improvement Marketing Expense + 20.7 Exchange + 110.0 Improvement (Deterioration) Other (20.4) FY March 2014 180.0 (43.2) 150 Increase investment for the future Vol. & Mix + 59.0 100 FY March 2013 53.9 50 0 US Dollar Euro Other +38.0 +38.4 +33.6 Change from prior year + 126.1 19
  20. 20. OPERATING PROFIT CHANGE FY March 2014 Full Year vs. October Forecast Improvement (Billion yen) (Deterioration) 250 200 Oct. Forecast 160.0 150 100 Marketing Cost Expense Exchange Improvement + 0.0 + 5.0 + 20.0 Vol. & Mix Feb. Forecast Other 180.0 (2.0) (3.0) US Dollar Euro Other +5.8 +7.3 +6.9 50 0 Change from October Forecast + 20.0 20
  21. 21. GLOBAL SALES INITIATIVES IN THE FOURTH QUARTER <New Mazda3/Axela> Promote consistent sales at the right price in major countries by making an appeal for the product values, same as with CX-5 and Mazda6/Atenza Begin full-scale advertising in the United States. Start sales in Australia in February <By Region> China: Further increase CX-5 orders by activities to raise the profile of SKYACTIV models and continuous participation in regional motor shows Thailand: Bolster sales with the CX-5 that was introduced last fall and pre-orders of new Mazda3 that will be introduced in March 21
  22. 22. PROGRESS OF STRUCTURAL REFORM PLAN Business Innovation by SKYACTIV TECHNOLOGY  Promote sales at the right price  Minimize fleet sales  Maintain high residual value  Thoroughly implement inside-out activities Reinforce Business in Emerging Countries and Establish Global Production Footprint  Preparations for production at the plant in Mexico went smoothly and mass production of the new Mazda3 started as planned in January 2014  Enhance brand loyalty Accelerate Further Cost Improvement Through Monotsukuri Innovation  Achieved further cost improvement for new Mazda3/Axela  Enhance efficiency of R&D and facility investment Promote Global Alliances  Continue to pursue complementary alliances in the areas of products, technology and regions 22
  23. 23. SUMMARY 23
  24. 24. SUMMARY [Nine Month Results] Achieved revenue growth and profit increase over prior year through increased sales of SKYACTIV models Sales of new Mazda3/Axela are strong in the markets where it has been introduced and SKYACTIV models are driving sales globally [Full Year Forecast ] Upwardly revised forecast: Operating profit of ¥180 billion and net income of ¥110 billion Steady progress of the Structural Reform Plan Plan to pay a year-end dividend of ¥1 per share Plan the consolidation of shares and a change in the number of shares per share unit 24
  25. 25. RETURNS TO SHAREHOLDERS, CONSOLIDATION OF SHARES AND CHANGE IN THE NUMBER OF SHARES PER SHARE UNIT Returns to Shareholders Plan to pay a year-end dividend of ¥1 per share Aim to provide dividends on a stable basis and realize a future steady increase Consolidation of shares and Change in the number of shares per share unit Consolidate 5 common shares into 1 share Change the number of shares per share unit from 1,000 shares to 100 shares * To be submitted to the ordinary general meeting of shareholders scheduled in June 2014. Planned effective date is August 1, 2014. 25
  26. 26. 26
  27. 27. APPENDIX 27
  28. 28. CASH FLOW AND NET DEBT FY March 2014 (Billion yen) First Half Third Quarter Nine Month Change from Prior FY End Cash Flow 7.7 (49.2) (41.5) 35.4 (24.6) 10.8 43.1 (73.8) (30.7) Cash and Cash Equivalents 394.2 426.7 426.7 (18.2) Net Debt 315.8 304.5 304.5 (30.4) - From operating activities - From investing activities - Free Cash Flow - Net Debt-to-equity Ratio 58 / 48* % 51 / 43* % 51 / 43* % 4 / 2* pts Equity Ratio 28 / 29* % 29 / 30* % 29 / 30* % 4 / 3* pts *Reflecting “equity credit attributes” of the subordinated loan. 28
  29. 29. REVENUE BY GEOGRAPHIC AREA (Billion yen) 685.9 670.1 615.9 113.2 600 506.6 516.9 100.3 Europe 300 89.4 67.8 70.8 511.7 97.9 141.9 109.3 114.7 84.2 209.0 194.7 North 152.2 America 197.2 204.5 1Q 2Q 126.4 183.9 226.8 141.3 Japan 100.3 106.7 121.6 Other 638.4 144.9 226.3 205.2 230.2 216.9 4Q 1Q 2Q 3Q 167.9 0 3Q FY March 2013 FY March 2014 29
  30. 30. REVENUE BY PRODUCT (Billion yen) 685.9 670.1 53.6 50.4 600 506.6 516.9 55.0 48.7 46.5 47.6 638.4 50.2 56.0 59.4 51.8 55.3 514.7 527.1 1Q 2Q 48.5 Parts 49.4 511.7 Other 615.9 45.2 300 Vehicles/ Parts for 405.1 overseas production 566.1 420.6 418.0 2Q 3Q 576.3 0 1Q FY March 2013 4Q 3Q FY March 2014 30
  31. 31. REVENUE CHANGE FY March 2014 Nine Month vs. FY March 2013 Nine Month (Billion yen) 30% FY March 2014 1,940.2 FY March 2013 1,535.2 26% Japan 2% Overseas 8% 20% 16% 10% 10% 0% Total Vol. & Mix Exchange 31
  32. 32. REVENUE CHANGE FY March 2014 Third Quarter vs. FY March 2013 Third Quarter (Billion yen) 40% FY March 2014 685.9 FY March 2013 511.7 34% Japan 5% Overseas 12% 20% 17% 17% Vol. & Mix Exchange 0% Total 32
  33. 33. OPERATING PROFIT CHANGE FY March 2014 Third Quarter vs. FY March 2013 Third Quarter Improvement (Billion yen) Cost Improvement Marketing Exchange Expense + 2.4 + 36.7 75 (Deterioration) Other (10.9) 50 FY March 2014 50.6 (10.2) Vol. & Mix + 24.5 25 FY March 2013 8.1 0 Change from prior year + 42.5 33
  34. 34. CONSOLIDATED WHOLESALES FY March 2014 (000) Nine Month Third Quarter Nine Month Change from Prior Year 52 103 53 2 70 280 168 281 138 5 212 804 11 20 32 2 (7) 58 First Half Consolidated Wholesales Japan 116 North America 178 Europe 85 China 3 Other Markets 142 Total 524 34
  35. 35. 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 Oct. Forecast Full Year Global Sales Volume 111 199 97 79 145 631 North America Europe China Other Markets Total 127 203 103 121 140 694 238 402 200 200 285 1,325 1 17 12 (11) (1) 18 21 13 16 36 (14) 72 22 30 28 25 (15) 90 13 (13) 0 0 (10) (10) 116 178 85 3 142 524 Japan 129 212 109 7 139 596 245 390 194 10 281 1,120 1 3 17 1 0 22 18 17 19 5 (14) 45 19 20 36 6 (14) 67 13 (13) 0 0 (10) (10) Consolidated Wholesales Japan North America Europe China Other Markets Total * Volumes for FY March 2014 Second half and Full year are forecast 35
  36. 36. KEY DATA 140.0 (Billion yen) Full Year 50 Nine Month 100.0 Full Year 100 77.2 73.8 53.2 Full Year Nine Month 60.0 44.9 58.0 89.9 Nine Month 65.1 70.3 40.8 0 (FY March) 2013 2014 Capital Spending * Data for FY March 2014 full year are forecast 2013 2014 Depreciation 2013 2014 R&D cost 36
  37. 37. 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. 37

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