|Mitsubishi Motors Corporation Announces Fiscal 2011 Full-year Operating Results and Fiscal 2012 Forecasts
Mitsubishi Motors (JCN Newswire)
2012-04-26 Tokyo, Apr 26, 2012 - ( JCN Newswire ) - Mitsubishi Motors Corporation today announced its full-year sales and financial results for the fiscal year 2011 ending March 31, 2012, together with its full-year forecasts for fiscal year 2012.
Fiscal 2011 full-year results
1. Performance overview
Mitsubishi Motors posted a consolidated net sales of 1,807.3 billion yen for the fiscal year 2011, a 1% or 21.2 billion yen decrease over the previous fiscal year. This decrease was mainly due to drop in wholesale volume as well as the negative impact of the strong yen.
Mitsubishi Motors posted an operating profit of 63.7 billion yen for the fiscal year 2011, a 58% or 23.4 billion yen increase over the last fiscal year. Despite negative factors such as the high yen, the increase was made possible mainly due to improvements in model mix, together with other measures such as reductions in material and other costs.
Mitsubishi Motors posted an ordinary profit of 60.9 billion yen, a 56% or 22.0 billion yen increase, and posted a net profit of the term of 23.9 billion yen, a 53% or 8.3 billion yen improvement over the previous fiscal year.
2. Sales volume
Global retail sales volume for the fiscal year 2011 totaled 1,001,000 units, a 1% or 14,000-unit increase over the last fiscal year. Sales volumes by region were as follows:
- In Japan, although factors such as the restart of eco-car subsidies contributed to registered vehicle sales volume, posting a year-on-year increase, cumulative sales for the term came to 152,000 units, a 7% or 12,000-unit decrease over the last fiscal year due to slower minicar sales.
- In North America, Mitsubishi Motors posted a sales volume of 106,000 units, an increase of 13% or 12,000 units over the previous fiscal year. The factors contributing to this increase include higher sales in the United States which stemmed mainly from strong sales of the Outlander Sport (RVR or ASX in some markets).
- In Europe, although year-on-year sales in western European markets decreased due to slowing of total demand, the recovering Russian market offset this drop by producing a remarkable increase in sales volume; the result being a regional sales volume of 218,000 units, on par with the previous fiscal year.
- In Asia & Other Regions, Mitsubishi Motors posted a sales volume of 525,000 units, an increase of 3% or 14,000 units over the previous fiscal year. The growth was driven by strong sales in ASEAN bloc countries including Thailand and Indonesia along with firm sales in Central and South America, led by Brazil.
Forecasts for fiscal 2012
1. Sales volume
For the 2012 fiscal year, Mitsubishi Motors forecasts a global sales volume of 1,088,000 units, a 9% or 87,000-unit increase over fiscal year 2011. Mitsubishi Motors bases this forecast on expectations of increased sales volume through the sequential introduction of two new models (the new Mirage and the new Outlander) into global markets in addition to continued solid growth in emerging markets, led by ASEAN bloc countries and Russia.
By region, Mitsubishi Motors forecasts the following sales volumes:
- Japan: 167,000 units (an increase of 15,000 units, or 10% year-on-year)
- North America: 93,000 units (a decrease of 13,000 units, or 13% year-on-year)
- Europe: 221,000 units (an increase of 3,000 units, or 1% year-on-year)
- Asia & Other Regions: 607,000 units (an increase of 82,000 units, or 15% year-on-year)
2. Full-year financial forecast for the 2012 fiscal year
For FY2012 Mitsubishi Motors expects the strong yen, rise in oil prices and other external profit-impacting factors to be compounded by internal profit-impacting factors such as increases in development and other expenditures essential for the further growth of the company; however Mitsubishi Motors expects to counter these by working to boost both sales and profits by introducing the new models mentioned above into global markets, achieving a solid sales volume increase by boosting its sales structure in buoyant emerging markets including ASEAN bloc countries, and through continuous efforts to reduce material and other costs.
On this basis, MMC makes the following forecasts for FY2012:
- Net sales: 1,980 billion yen (an increase of 172.7 billion yen, or 10% year-on-year)
- Operating profit: 70 billion yen (an increase of 6.3 billion yen, or 10% year-on-year)
- Ordinary profit: 52 billion yen (a decrease of 8.9 billion yen, or 15% year-on-year)
- Net profit: 25 billion yen (an increase of 1.1 billion yen, or 5% year-on-year)
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 news release; Fluctuations in interest rates, exchange rates and oil prices; Changes in laws, regulations and government policies; anRegional 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 news release to reflect any developments or events in the future.
Mitsubishi Motors Corporation (TSE: 7211) was established in 1970 and is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The company also operates consumer financing services and provides this to its customer base. For more information, please visit www.mitsubishi-motors.com.