Mitsubishi Motors Announces 3Q FY2008 Financial Results & Full-year Forecasts

05.02.2009: Mitsubishi Motors Corporation (MMC) today announced its sales and financial results for the first nine months of the fiscal year ending March 31, 2009 and its full-year forecasts. 1. 3Q FY2008 results(1) Performance overview

Mitsubishi Motors Corporation (MMC) today announced its sales and financial results for the first nine months of the fiscal year ending March 31, 2009 and its full-year forecasts.

   1. 3Q FY2008 results


      (1) Performance overview

      Mitsubishi Motors reported that consolidated net sales in the first nine months of fiscal 2008 (April 1 through December 31, 2008) totaled one trillion 658.1 billion yen, a 15 percent decline of 289.2 billion yen over the same period last fiscal year (one trillion 947.3 billion yen). The drop in net sales stems principally from a drop in sales volume and the impact of the high yen exchange rate.

      Mitsubishi Motors posted an operating profit of 19.9 billion yen, 32.1 billion yen down on the same period last fiscal year. Gains from company-wide cost-cutting activities and reductions in fixed costs stemming from the restructuring implemented last year were outweighed by the impact of the higher yen, the drop in sales volume and increases in raw material costs.

      Mitsubishi Motors posted an ordinary income of 4.7 billion yen, a 34.6 billion year-on-year decline due mainly to the reduced operating profit, to the impact of fluctuations in foreign exchange rates and to a decline in investment profits at affiliated companies accounted using the equity method.

      Mitsubishi Motors slipped into the red in terms of net income reporting a net loss of 4.8 billion yen, a year-on-year decrease of 26.5 billion yen that was due mainly to the drop in operating income and despite gains stemming from lower tax expenses.

      (2) Sales volume
      Amid a worldwide drop in demand, global retail sales of Mitsubishi vehicles in the first nine months of fiscal 2008 totaled 848,000 vehicles, a 17 percent decrease of 168,000 units on the 1,016,000 sold in the same period in fiscal 2007.

      In Japan, MMC sold 122,000 vehicles, a 19 percent decrease of 29,000 units as gains stemming from the addition of minicars such as the new Toppo and the introduction of the Galant Fortis Sportback (Lancer Sportback in other markets) failed to offset the impact of the sharp drop in total sales volume that started in November.

      In North America, the company sold 97,000 vehicles in the nine months from April through December, a 22 pertcent decrease of 27,000 units over the same period last year. The sharp drop in total demand in the United States outweighed gains from strong sales of the Lancer and Outlander in Canada.

      In Europe, Mitsubishi Motors sold 232,000 vehicles, an eight percent year-on-year fall in volume of 22,000 units. The slowdown in sales in Western European countries became more pronounced in the summer and levels have remained sluggish since that time. This was compounded by the impact of the financial crisis beginning in early autumn, when sales began to fall in emerging countries including Russia and Ukraine, which had until recently served as the engine driving growth in the region.

      In Asia and other regions, MMC sold 397,000 vehicles, a 19 percent drop of 90,000 units over the same period last fiscal year. This stemmed from the fall in total demand for the region and despite gains of more than 20% posted in Indonesia, the Philippines and Brazil. The fluctuation in sales volume within the ASEAN block includes a 52,000 unit decrease stemming from the completion of the contract under which MMC supplied Proton of Malaysia with production parts and components for local assembly.

   2. FY08 full-year forecasts revised

      Mitsubishi Motors has revised the full-year forecasts for fiscal 2008 announced on October 30, 2008 to reflect its consolidated results for the first nine months and the prevailing sales climate. Expecting demand to fall further in its markets world-wide due to the impact of the global financial turmoil and the continuing economic slowdown, the company revises its full-year global retail volume forecast to 1,050,000 vehicles, a reduction of 178,000 units on the figure announced on October 30, 2008.

      The company revises its full-year net sales forecast to 2,010 billion yen, 350 billion yen lower than the October forecast, as a result of the revised sales volume and foreign exchange rate forecasts.

      The company forecasts an operating income for the year of 5 billion yen, 45 billion yen less than the October 30 figure, to allow for the expected drop in sales volume and for a further appreciation in the value of the yen. This forecast includes reductions in sales and marketing expenses as well as various cost reductions.

      The company revises downward its October 30 ordinary income forecast by 63 billion yen to 20 billion yen to allow for the lower operating income expected. This forecast factors in the negative impact of reevaluation of the company's loans to affiliates due to the appreciation of the yen.

      Mitsubishi Motors forecasts a full-year net loss of 60 billion yen as the drop in ordinary income is compounded by costs expected to be incurred in reevaluating of the company's production facilities in light of falling production volumes, as well as costs expected to be incurred in streamlining functions and reassessing staff levels in line with sales volume.

   3. Emergency countermeasures

      (1) Emergency measures
      a. Production adjustments to lower inventory levels
          * The company will reduce inventory levels by cutting its global production projection at the beginning of the fiscal year by 330,000 units.
      b. Cost cutting
          * Withdraw from the Dakar Rally.
          * Reconsider participation in and scale of participation in global motor shows
          * Further reduce remuneration to company officers and reduce salaries of managerial staff.
          * Seek further ways to reduce manufacturing costs; reassess even the most fundamental sales, marketing and other expenses.
      c. Strict screening of investment activities
          * Termination or postponement of plans to beef up production plants in Japan.
          * Reschedule start of production for mid-size SUV model at new plant in Russia.
      d. Employ human resources more effectively
          * Send administrative staff to sales companies to boost strength of sales force.
          * Streamline functions of and reassess staff levels at overseas affiliates.
      (2) Preparing for the future
      a. Continue investment in environmental technology
          * Bring i MiEV to Japanese market (summer 2009) and to left-hand drive markets overseas (post-2010).
          * Expand number of models fitted with idle-stop fuel-saving technology and the number of flexible-fuel vehicles in lineup.
          * Roll out global small car on world markets.
      b. Sales promotion initiatives in "focus" markets
          * China: Establish new sales company (April 2009)
          * Brazil: Start exporting on full-scale basis to markets in Latin America.
          * Thailand, Philippines, China: Begin production of new Lancer (end of 2009).
      c. Promote operational ties with other companies
          * Begin production of mid-sized passenger vehicle at Proton (Spring 2010).


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;
    - 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.

   

- Fumio Nishizaki-

Permanent-URL: http://www.automobilsport.com/mitsubishi-motors-3qfy2008-financial-results-full-year-forecasts-mmc-yen-net-sales---55369.html

05.02.2009 / MaP

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