12 09-12 mitsubishi results-q2-2

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12 09-12 mitsubishi results-q2-2

  1. 1. 0FY2012 First Half Results new OutlanderMitsubishi Motors Corporation October 30, 2012
  2. 2. 1Summary of FY2012 First Half Results and FY2012 Forecast Shuichi Aoto Managing Director Head Officer of the Headquarters CSR, Corporate Affairs, Controlling & Accounting Group Headquarters
  3. 3. 2 FY2012 1H Results Summary (vs. FY2011 1H Actual) Despite Continuously Strong Yen and Deepening of European Debt Crises, P/L Developing According to Plan (100 million yen/000 units) Jul 30 FY11 1H FY12 1H Change FY12 1H Actual Actual Forecast Net Sales 9,075 8,600 - 475 9,200 Operating Income 342 308 - 34 300 Ordinary Income 233 316 + 83 260 Net Income 106 301 + 195 200 Sales Volume 519 478 - 41 504 (Retail) Sales Volume 530 536 +6 552 (wholesale) (OEM, etc) (36) (45) (+ 9) (44)Note: Sales volume of FY2012 1H refers to preliminary results.
  4. 4. 3 FY2012 1H Regional Sales Volume (vs. FY2011 1H Actual) Japan North America Europe Asia & others Total FY12 1H Actual vs. FY11 1H Actual -9 - 18 - 27 + 13 - 41 (- 12%) (- 29%) (- 23%) (+ 5%) (- 8%) (000 units, Retail base) ’12 1H 504 Forecast 287 519 478 282 KD & 88 269 PPC (17%) 86 (18%) Middle 37 32 East & Africa Latin 49 117 America 48 96 32 Australia 431 Built-up 392 Russia & NZ 33 Vehicles (83%) (82%) 74 & others 43 90 72 47 63 61 Central ASEAN 99 130 Canada Europe 14 44 Minicars 44 & 15 43 37 Mexico 14 Western 7 46 Europe 60 NorthRegistered 26 U.S. 39 52 39 Vehicles 28 29 Asia FY11 1H FY12 1H FY11 1H FY12 1H FY11 1H FY12 1H FY11 1H FY12 1H FY11 1H FY12 1H Actual Actual Actual Actual Actual Actual Actual Actual Actual ActualNote: Sales volume of FY2012 1H refers to preliminary results.
  5. 5. 4Analysis of Operating Income (vs. FY2011 1H Actual) (100 million yen) FY11 1H - 34 FY12 1H Actual ActualBy region: Japan - 23 North - 16 +xxx -9America - 81 Europe ± 0 Vol/Mix - 44 + 187 Others Others + 30 Sales Expenses - 87 Forex booking rate, Forex Combined in yen 308 342 FY11 FY12 impact of raw material price USD 80 79 / cost reduction EUR 116 101 Main items: 86 81 -Indirect labor cost - 28 AUD -R&D expenses - 53 THB 2.64 2.54 and others
  6. 6. 5Ordinary and Net Income (vs. FY2011 1H Actual) (100 million yen) FY11 1H FY12 1H Change Actual Actual Operating Income 342 308 - 34 Non-operating - 109 +8 + 117 Income Ordinary Income 233 316 + 83 Extraordinary Income & Tax - 127 - 15 + 112 +118 -5 Net Income 106 301 + 195
  7. 7. 6Balance Sheet (vs. end of FY2011) (100 million yen) Mar. 2012 Sep. 2012 Change Total Assets 13,213 12,574 - 639 Cash & cash deposits 3,116 3,149 + 33 Accounts receivable 1,462 1,125 - 337 Inventory 1,875 1,959 + 84 Total Liabilities 10,557 9,852 - 705 Accounts payable 3,174 2,812 - 362 Interest-bearing debt 3,481 3,155 - 326 Net Assets 2,656 2,722 + 66
  8. 8. 7 FY2012 Regional Sales Volume Forecast (vs. Jul 30 FY12 Forecast) Japan North America Europe Asia & others Total Oct 30 FY12 Forecast vs. Jul 30 FY12 Forecast - 11 -7 -8 - 20 - 46 (- 7%) (- 8%) (- 4%) (- 3%) (- 4%)(000 units, Retail base) 1,090 1,044 622 602 2H 586 566 Forecast 335 320 208 200 167 156 112 1102H 93 93 504 478 1H Actual 93 86 287 282 46 43 961H 74 63 90 47 43 Jul 30 Oct 30 Jul 30 Oct 30 Jul 30 Oct 30 Jul 30 Oct 30 Jul 30 Oct 30 FY12 FY12 FY12 FY12 FY12 FY12 FY12 FY12 FY12 FY12 Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
  9. 9. 8FY2012 Results Forecast Summary (vs. Jul 30 Forecast) Countering Drop in Wholesale Volume with Materials, Costs, and Other Expense Reductions, July 30 Profit Forecasts Left Unchanged (100 million yen/000 units) FY12 FY12 【Referense】 Jul 30 Forecast Oct 30 Forecast FY11 ActualNet Sales 19,800 18,300 18,073Operating Income 800 800 637Ordinary Income 620 620 609Net Income 130 130 239Sales Volume (Retail) 1,090 1,044 1,001Sales Volume (wholesale) 1,209 1,128 1,072 (OEM, etc.) (91) (77) (87) Breakdown of change (vs. Jul 30 forecast) 1H 2H FY12 ・Vol/Mix - 180 ・Sales Expenses + 50Assumed Forex Rate USD: 78 79 78 79 ・Forex + 20 EUR: 97 101 100 100 ・Combined impact of raw + 100 AUD: 80 81 80 81 material price/ Cost reduction THB: 2.55 2.54 2.65 2.59 ・Indirect labor cost and others + 10
  10. 10. 9 new OutlanderOsamu Masuko President
  11. 11. 10Adapting to the Changing Operating Environment The 2012 Fiscal Year is the Year to “Plant the Seeds for Expanding Profits” Heading Into the Last Year of JUMP2013 Concerns Decrease in Profit and Competitiveness due to Strong Yen Continuing Long-Term Countermeasures Increase production capacity in growing emerging markets Reduce costs by increasing local parts procurement Reduce effect of foreign exchange fluctuations Concentrate efforts on expanding sales in growing emerging markets
  12. 12. 11Increase Production Capacity in Emerging Markets Increase of Production Capacity that Reduce Costs As Well As Effects from Foreign Exchange Fluctuations • Thailand : Third Factory goes online and starts production of Mirage in April. Capacity to be further increased. • Indonesia : New factory begins production of Outlander Sport (July) • India : Production of Pajero Sport (September) • Russia : Production of Russian-market Outlander (November) • China : New JV with GAC* to produce ASX (October) • the Netherlands: Stock to be transferred, to cease production within the year* Guangzhou Automobile Group Co., Ltd.
  13. 13. 12Ratio of Overseas Production Overseas Production to Climb over 60% via Local Production in Emerging Markets (000 units) Domestic Mature Markets Emerging 49% Markets (56%) Overseas 44% 46% 61%Note: MMC internal count basis. This differs from the JAMA count method which counts KD (knock-down) units built outside of Japan as “domestic” production. MMC counts these KD units built in factories outside of Japan as “overseas” production,
  14. 14. 13New Product Rollout Global Rollout of the New Mirage Sales Take Off in Thailand Thailand (March): 42,000 Orders Taken (as of Oct. 29) Japan (August): 12,000 Orders Taken (as of Oct. 29) FY11/4Q FY12/1Q FY12/2Q FY12/3Q FY12/4Q Thailand (Launched March) Indonesia (Launched September) Philippines (Launch in November) Malaysia (Launch in November) Japan (Launched August) Australia Europe
  15. 15. 14New Product Rollout Global Rollout of the new Outlander Sales Take Off in Russia Russia (July): 12,000 Orders Taken (as of Oct. 29) FY12/1Q FY12/2Q FY12/3Q FY12/4Q Russia Launched July Local Production from November Europe Launched September Japan Launched October Australia Launch in November China Launch in January
  16. 16. 15New Product Rollout in 2H FY2012 Bolstering Eco-friendly Vehicle Lineup Planned for January 2013 launch Powered by EV-derived Plug-in Hybrid EV System The world’s first plug-in hybrid SUV Planned for January 2013 launch Environmental performance, motive performance, quietness and smooth ride inherent to EVs combined with a load capacity on par with the MINICAB TRUCK base vehicle MINICAB-MiEV TRUCK Introduction planned for December 2012
  17. 17. 16Status of Operations in China Carefully Reassessing Sales Plan Closely Observing Happenings in China from September Sales Volume (000 units) 80 63 60 Beijing 30 42 40 20 2H Mitsubishi Motors Sales (China) Co. Ltd. (BU Import Sales) 20 33 22 1H GAC Mitsubishi Motors Co., Ltd. 0 Shanghai FY11 10/30 長沙 Changsha FY12 Plan Fuzhou China is an important market expected to maintain Southeast (Fujian) Motor Co., Ltd. growth in the mid- and long-term New Joint Venture (GAC Mitsubishi Motors Co., Ltd.) Holdings: GAC Group 50%, Mitsubishi Motors 33%, Mitsubishi Corporation 17% • New JV with GAC*, started operations in September • Production of ASX from end of October • Sale of locally-produced ASX slated for mid-December • Production of Pajero Sport planned Pajero Sport* Guangzhou Automobile Group Co., Ltd. ASX
  18. 18. 17Sales Expansion in Emerging Markets Sales Volume Overall Demand Thailand (000 units) Thailand (000 units) 300 Expanding sales of the Mirage, Triton, 15 Overall Demand 250 and Pajero Sport Sales Volume 200 10 Work to double 2012 sales plan to 150 150,000 units 5 100 50 Boosted exports, plan for 160% YoY 0 0 exports (240,000 units) for FY2012 FY07 FY08 FY09 FY10 FY11 FY12 Sales Volume Overall Demand (000 units) (000 units) 300 Indonesia 15 Indonesia 250 Expand sales of locally-produced 200 10 Outlander Sport 150 Boost Mirage sales 5 100 50 Work to reach 90,000 units sold in 0 0 FY2012 FY07 FY08 FY09 FY10 FY11 FY12 Sales Volume Overall Demand (000 units) (000 units) Russia 300 Russia 15 250 Increase sales mainly through locally- 200 10 produced Outlander 150 Work to reach 90,000 units sold in 5 100 FY2012 50 0 0 FY07 FY08 FY09 FY10 FY11 FY12 Data: IHS Automotive July 2012 and in-house research
  19. 19. 18 FY2012 2H Regional Sales Volume Forecast (vs. FY2012 1H Actual) Japan North America Europe Asia & others Total FY12 2H Forecast vs. FY12 1H Actual + 30 ±0 + 20 + 38 + 88 (+ 46%) (± 0%) (+ 23%) (+ 14%) (+ 18%) (000 units, Retail base) 566 320 83 478 (15%) 282 42 Middle KD & 86 East & PPC (18%) Africa 32 43 Latin 49 America 37 110 Australia 483 & NZ 32 392 (85%) 93 90 Built-up Vehicles (82%) Russia & others 54 163 63 42 Central 44 ASEAN 130 43 43 Europe 8 Minicars 37 Canada 7 & 14 17 WesternRegistered 51 Mexico Europe 39 48 North Vehicles 26 U.S. 29 26 Asia 39 35 FY12 1H FY12 2H FY12 1H FY12 2H FY12 1H FY12 2H FY12 1H FY12 2H FY12 1H FY12 2H Actual Forecast Actual Forecast Actual Forecast Actual Forecast Actual ForecastNote: Sales volume of FY2012 1H refers to preliminary results.
  20. 20. 19Summary FY2012 1H Consolidated Results Despite Continuously Strong Yen and Deepening of European Debt Crises, P/L Developing According to Plan Retail Volume 478,000 units, 8% down YoY Wholesale Volume 536,000 units, 1% up YoY Net Sales 860.0 billion yen, 5% down YoY Profit/Loss Operating Income: 30.8 billion JPY, down 10% (-3.4 billion JPY) (Gains from cost reductions overcome by strong yen) Net Income: 30.1 billion JPY, up 184% YoY (+19.5 billion JPY) FY2012 Full-year Forecasts Aim for Increases in Net Sales, Operating Profit, and Sales Volume with Global Rollout of New Vehicles Retail Volume 1,044,000 units, up 4% YoY Wholesale Volume 1,128,000 units, up 5% YoY Net Sales 1,830.0 billion yen, 1% up YoY Profit/Loss Operating Income: 80.0 billion JPY, up 26% Net Income: 13.0 billion JPY, down 46% YoY
  21. 21. 20 Attachmentsi-MiEV Evolution at the Pikes Peak International Hill Climb
  22. 22. 21 FY2012 1H Regional Sales Volume (vs. Jul 30 FY2012 1H Forecast) Japan North America Europe Asia & others Total FY12 1H Actual vs. Jul 30 FY12 1H Forecast - 11 - 4 -6 -5 - 26 (- 15%) (- 8%) (- 6%) (- 2%) (- 5%) (000 units, Retail base) 504 478 287 282 147 142 265 239 2Q 96 90 74 63 50 47 44 2Q 44 43 140 140 239 239 33 1Q 24 20 1Q 46 46 30 30 23 23 Jul 30 FY12 1H Jul 30 FY12 1H Jul 30 FY12 1H Jul 30 FY12 1H Jul 30 FY12 1H FY12 1H Actual FY12 1H Actual FY12 1H Actual FY12 1H Actual FY12 1H Actual Forecast Forecast Forecast Forecast ForecastNote: Sales volume of FY2012 1H refers to preliminary results.
  23. 23. 22 FY2012 1H Regional Sales Volume (vs. FY2011 1H Actual) Japan North America Europe Asia & others Total 《前年同期実績対比増減》 FY12 1H Actual vs. FY11 1H Actual -9 - 18 - 27 + 13 - 41 (- 12%) (- 29%) (- 23%) (+ 5%) (- 8%) (000 units, Retail base) 519 478 282 269 252 2Q 131 239 117 142 90 72 53 63 61 44 267 239 2Q 38 43 138 140 1Q 33 30 20 64 1Q 46 34 30 31 23 FY11 1H FY12 1H FY11 1H FY12 1H FY11 1H FY12 1H FY11 1H FY12 1H FY11 1H FY12 1H Actual Actual Actual Actual Actual Actual Actual Actual Actual ActualNote: Sales volume of FY2012 1H refers to preliminary results.
  24. 24. 23FY2012 1H Regional Results (vs. FY2011 1H Actual) (100 million yen) FY11 1H FY12 1H Change Actual Actual Revenue 9,075 8,600 -475 Japan 1,634 1,549 -85 North America 971 798 -173 Europe 2,542 2,109 -433 Asia & Others 3,928 4,144 +216 Operating Income 342 308 -34 Japan 10 -84 -94 North America -120 -131 -11 Europe -88 -89 -1 Asia & Others 540 612 +72
  25. 25. 24 FY2012 1H Results Summary (by quarter) (100 million yen/000 units) FY12 1Q FY12 2Q   FY12 1H (’12/4-6) (’12/7-9)   (’12/4-9)   Net Sales 4,193 4,407 8,600 Operating Income 149 159 308 Ordinary Income 142 174 316 Net Income 200 101 301 Sales Volume (Retail) 239 239 478 Sales Volume (Wholesale) 258 278 536  (OEM, etc) (22) (23) (45)Note: Sales volume of FY2012 1H refers to preliminary results.
  26. 26. 25 FY2012 Regional Sales Volume Forecast (vs. Jul 30 FY12 Forecast) Japan North America Europe Asia & others Total Oct 30 FY12 Forecast vs. Jul 30 FY12 Forecast - 11 -7 -8 - 20 - 46 (- 7%) (- 8%) (- 4%) (- 3%) (- 4%) (000 units, Retail base) 1,090 1,044 622 KD & 194 602 PPC (18%) 169 Middle (16%) East & 74 Africa 74 Latin 90 America 92 Australia & NZ 72 69 208 200 Built-up 896 875 Vehicles 167 (82%) (84%) 156 Russia 280 & others 97 98 ASEAN 293 Minicars 84 79 93 86 Central Canada Europe 16 15 & Mexico 31 31 WesternRegistered 95 North 106 83 77 U.S. 62 Europe 87 Asia Vehicles 55 74 Jul 30 Oct 30 Jul 30 Oct 30 Jul 30 Oct 30 Jul 30 Oct 30 Jul 30 Oct 30 FY12 FY12 FY12 FY12 FY12 FY12 FY12 FY12 FY12 FY12 Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
  27. 27. 26 FY2012 Regional Sales Volume Forecast (vs. FY2011 Actual) Japan North America Europe Asia & others Total Oct 30 FY12 Forecast vs. FY11 Actual +4 - 20 - 18 + 77 + 43 (+ 3%) (- 19%) (- 8%) (+ 15%) (+ 4%) (000 units, Retail base) 1,044 1,001 602 169 KD & 175 (16%) PPC (17%) 525 74 Middle East & Africa 66 92 Latin America 93 69 218 Built-up 200 Australia Vehicles 826 875 & NZ 67 (83%) (84%) 152 156 Russia & others 83 106 98 293 Central ASEAN 200 Minicars 91 79 Canada 86 Europe 26 & Mexico 31 15 31 WesternRegistered Europe 109 87 North 99 Vehicles 61 77 U.S. 75 55 Asia 74 FY11 Oct 30 FY11 Oct 30 FY11 Oct 30 FY11 Oct 30 FY11 Oct 30 Actual FY12 Actual FY12 Actual FY12 Actual FY12 Actual FY12 Forecast Forecast Forecast Forecast Forecast
  28. 28. 27 FY2012 Regional Sales Volume Forecast (vs. FY2011 Actual) Japan North America Europe Asia & others Total Oct 30 FY12 Forecast vs. FY11 Actual +4 - 20 - 18 + 77 + 43 (+ 3%) (- 19%) (- 8%) (+ 15%) (+ 4%)(000 units, Retail base) 1,001 1,044 602 525 2H 482 566 Forecast 218 256 320 200 152 156 101 106 110 519 478 1H Actual2H 80 93 86 45 269 282 43 1171H 72 63 61 90 43 FY11 Oct 30 FY11 Oct 30 FY11 Oct 30 FY11 Oct 30 FY11 Oct 30 Actual FY12 Actual FY12 Actual FY12 Actual FY12 Actual FY12 Forecast Forecast Forecast Forecast Forecast
  29. 29. 28Analysis of Operating Income (FY2012 Forecast vs. FY2011 Actual) (100 million yen) FY11 Oct 30 Actual +163 FY12 ForecastBy region:Japan - 10North + 20 - 267America - 10 - 100 +390EuropeOthers +280 +280 Sales - 140 Others Expenses Forex Combined Vol/Mix impact of raw material price Forex booking rate, / cost reduction in yen FY11 FY12 Main items: 800 637 USD 79 79 -R&D expenses - 140 EUR 111 100 -Indirect labor cost - 60 AUD 83 81 - Domestic subsidiaries /Parts and others - 67 THB 2.59 2.59
  30. 30. 29FY2012 Regional Forecast (vs. FY2011 Actual and Jul 30 FY2012 Forecast) (100 million yen) FY11 FY12 FY12 Actual Jul 30 Forecast Oct 30 Forecast Revenue 18,073 19,800 18,300 Japan 3,571 4,050 3,600 North America 1,952 1,700 1,500 Europe 4,748 4,450 4,000 Asia & Others 7,802 9,600 9,200 Operating Income 637 800 800 Japan 68 70 -50 North America -262 -260 -230 Europe -156 -350 -260 Asia & Others 987 1,340 1,340
  31. 31. 30Outlander Launched in Japan October 25 New Outlander: Concept (1) Safety: Outstanding Safety achieved through advanced safety features and high-performance 4WD, featuring e-Assist, a combination of three advanced capabilities for safe and comfortable driving: • Impact damage-reducing automatic brake system • Lane departure warning system • Radar-based cruise-control system (2) Eco: Outstanding fuel efficiency and environmental performance through new fuel-saving technologies and weight reduction • Eco Support System increases vehicle efficiency • Top-level fuel efficiency*1 (2WD: 15.2km/L, 4WD: 14.4km/L)*2 (3) Quality: Increased level of quality in all aspects, including exterior, interior, and ride*1: For a 7-seater 2.0/2.4L SUV. As of October 2012, in-house research.*2: Measured by the Japanese Government’s JC08 mode, an official method to measure fuel efficiency.
  32. 32. 31Outlander PHEV MITSUBISHI Plug-in Hybrid EV System • Target EV Cruising Range : more than 55km • Target Combined Cruising Range : more than 880km • Target Fuel Efficiency : more than 61km/L System Structure 1.EV Components ・ Drive Battery ・ F/R Electric Motors ・ F/R Inverters 2.IC* Engine/Fuel Tank 3.Generator *Internal Combustion
  33. 33. 32Rollout Plan for Electric-powered Models FY2009 FY2010 FY2011 FY2012 Fleet Sales From Jul. 2009 Sales to Individuals From Apr. 2010 Roll out of G and M trim levels i-MiEV From Jul. 2011Japan 『MINICAB-MiEV TRUCK』 MINICAB-MiEV Mini commercial EV From Dec. 2011 Mini-truck EV PHEV Units Sold : 1.4K Units Sold : 2.6K Units Sold : 5K Outlander PHEV RHD vehicles (Hong Kong, England, etc.) From Fall 2009 Europe (LHD markets incl.) / OEM to PSA Peugeot CitroënOverseas From Oct. 2010 N. America From Nov. 2011 i-MiEV for Europe Units Sold : 0.2K Units Sold : 5.6K Units Sold : 11K i-MiEV for North America
  34. 34. 33All statements herein, other than historical facts, contain forward-lookingstatements and are based on MMC’s current forecasts, expectations, targets, plans,and evaluations. Any forecasted value is calculated or obtained based on certainassumptions. Forward-looking statements involve inherent risks and uncertainties.A number of significant factors could therefore cause actual results to differ fromthose 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 underany obligation to update the information in this presentation to reflect anydevelopments or events in the future.If you are interested in investing in Mitsubishi Motors, you are requested to make afinal investment decision at your own risk, taking the foregoing into consideration.Please note that neither Mitsubishi Motors nor any third party providing informationshall be responsible for any damage you may suffer due to investment in MitsubishiMotors based on the information shown in this presentation.

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