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Mitsubishi Motors Announces FY2009 Full-year Results and FY2010 Forecasts

28.04.2010: Mitsubishi Motors Corporation today announced its full-year sales and financial results for the 2009 fiscal year ending March 31, 2010, together with forecasts for the 2010 fiscal year ending March 31, 2011. Fiscal year 2009 full-year results

Mitsubishi Motors Corporation today announced its full-year sales and financial results for the 2009 fiscal year ending March 31, 2010, together with forecasts for the 2010 fiscal year ending March 31, 2011.
 

 
Fiscal year 2009 full-year results

1. Fiscal 2009 Overview


The decline in demand for new cars following the global recession from the second half of fiscal 2008 started showing signs of recovery in the second half of fiscal 2009 with help of economic stimulatory measures introduced by national governments.

However, Mitsubishi Motors' consolidated net sales for fiscal 2009 totaled 1 trillion 445.6 billion yen, a 27 percent decrease of 528.0 billion yen over the previous fiscal year. Factors behind the drop in net sales include a significant fall in sales volume, particularly in the first half of fiscal 2009, and effects from the appreciation of the yen against other currencies.

Mitsubishi Motors posted an operating profit of 13.9 billion yen, 10.0 billion yen up over the previous fiscal year. Despite the impact of a decline in net sales, the appreciation in the value of the yen and other negative factors, the company managed to increase its operating profit through concerted efforts throughout the company to reduce costs and expenses.

Mitsubishi Motors posted an ordinary profit of 13.0 billion yen, 27.9 billion yen up on the previous fiscal year, and a net profit of 4.8 billion yen, 59.7 billion yen up on last year, thereby achieving its target announced at the start of the fiscal year of returning to net profitability for the full fiscal year.

 
2. Sales Volume

Global retail sales volume in fiscal year 2009 totaled 960,000 vehicles, a 10 percent decrease of 106,000 units on fiscal 2008.

In Japan Mitsubishi Motors sold 171,000 vehicles in fiscal year 2009, a 1 percent increase of 3,000 units year-on-year. Factors contributing to this rise in sales volume include eco-car tax reductions and subsidies that helped to push up demand over the full fiscal year, and the February launch of the all-new RVR compact crossover.

In North America the company sold 88,000 vehicles, a 26 percent decrease of 31,000 units over the last fiscal year. A year-on-year increase in sales in Canada failed to offset slower sales in the United States and Mexico.

In Europe Mitsubishi Motors sold 169,000 vehicles, a 38 percent decrease of 103,000 units over fiscal year 2008. The lag in recovery for the region as a whole was particularly marked in Russia and the Ukraine.

In Asia and Other Regions Mitsubishi Motors sold 532,000 vehicles, a 5 percent increase of 25,000 units over the previous fiscal year. A 64 percent year-on-year increase in unit sales in China together with significant increases in sales volume in other markets in the region including Taiwan, Thailand and the Philippines more than offset the drop in sales volume in Latin American and Middle Eastern countries.
 


Forecasts for fiscal 2010

1. Sales Volume


Mitsubishi Motors forecasts global sales volume of 1,121,000 vehicles for fiscal 2010, 17 percent or 161,000 units more than fiscal 2009. Factors the company bases this forecast on are the phased introduction of its new compact crossover in its world markets and an expected overall economic recovery in those markets.


By region Mitsubishi Motors forecasts the following sales volumes:


• Japan: 183,000 units, a 7 percent year-on-year increase of 12,000 units

• North America: 109,000 units, a 24 percent year-on-year increase of 21,000 units

• Europe: 196,000 units, a 16 percent year-on-year increase of 27,000 units

• Asia and Other Regions: 633,000 units, a 19 percent year-on-year increase of 101,000 units


 
2. Earnings


Mitsubishi Motors expects the business climate in fiscal 2010 to be marked by raw material price increases and by the yen continuing to trade high against other currencies.

However, on the back of a recovery in demand, the company will work to boost sales volume with the introduction of a new compact crossover model in its global markets together with the introduction of sales promotional measures carefully tailored to the characteristics of each individual market.

Mitsubishi Motors forecasts net sales of 1.9 trillion yen for fiscal year 2010, an increase of 454.4 billion yen on fiscal 2009. Through intensifying cost reductions and an expected increase in sales volume, Mitsubishi Motors forecasts an operating profit of 45.0 billion yen, a year-on-year increase of 31.1 billion yen; an ordinary profit of 30.0 billion yen, an increase of 17.0 billion yen; and a full-year net profit of 15.0 billion yen, 10.2 billion yen up on fiscal 2009.
 
 
Note on forward-looking statements


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 news release.

 

- Mitsubishi, Tokyo -

Permanent-URL: http://www.automobilsport.com/mitsubishi-motors-full-year-results-2010-forecasts---79512.html

28.04.2010 / MaP

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