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Tokyo, April 25, 2013
Mitsubishi Motors Corporation Announces Full-year Fiscal 2012 Operating Results and Forecasts for Full-year Fiscal 2013
Tokyo, April 25, 2013 - Mitsubishi Motors Corporation (MMC) today announced its full-year sales and financial results for the 2012 fiscal year ending March 31, 2013, together with its full-year forecasts for the 2013 fiscal year.
 
 
Full-year fiscal 2012 results
 
1. Performance overview
 
MMC posted a consolidated net sales of 1,815.1 billion yen for the fiscal year 2012 (April 1, 2012 through March 31, 2013), a 0% or 7.8 billion yen increase over the previous fiscal year. The increase was mainly due to an increase in wholesale volume.
 
MMC posted an operating income of 67.4 billion yen, a 6% or 3.7 billion yen increase over the last fiscal year. The increase was due mainly to higher sales volume, improvements in the model mix and reductions in materials and other costs which together overcame such negative factors as increases in new model advertising and other selling costs as well as costs related to the minicar recall issued in December last year.
 
MMC posted an ordinary income of 93.9 billion yen, a 54% or 33.0 billion yen increase, and posted a net income for the term of 38.0 billion yen, a 59% or 14.1 billion yen increase over the previous fiscal year.
 
2. Sales volume
 
Global retail sales volume for the fiscal year 2012 totaled 987,000 units, a 1% or 14,000 units decrease over the last fiscal year. Sales volumes by region were as follows:
 
In Japan, MMC posted a cumulative sales volume of 134,000 units, a 12% or 18,000 units decrease year-on-year. Despite registered vehicles maintaining a sales volume at about the same level as the last fiscal year, minicar sales lagged, including the eK Wagon which is coming to the end of its current model life cycle.
 
In North America, MMC posted a cumulative sales volume of 85,000 units, a 20% or 21,000 units decrease over the last fiscal year. Although United States sales of the Outlander Sport (RVR or ASX in other markets), which went into local production last July increased over the previous year, the decrease was due mainly to a drop in sales in the United States of the Eclipse, Eclipse Spyder, and the Endeavor following the termination of these U.S. market models in August 2011.
 
In Europe, MMC posted a cumulative sales volume of 181,000 units, a 17% or 37,000 units decrease over the previous fiscal year. Brisk sales in the Russian market helped by factors such as the introduction of the new Outlander model last July were not sufficient to counter a significant decrease in year-on-year sales in western Europe where overall demand remained sluggish.
 
In Asia & Other Regions, MMC posted a cumulative sales volume of 587,000 units, a 12% or 62,000 units increase over the last fiscal year. Although sales volume decreased in regions such as North Asia, the overall volume increase stemmed mainly from strong sales in ASEAN bloc countries led by Thailand where the Mirage has fuelled a major increase in sales since its March 2012 release, in addition to increased sales in regions such as Central and South America, the Middle East, and Africa.
 
Forecasts for full-year fiscal 2013
 
1. Sales volume forecasts
 
For the 2013 fiscal year (April 1, 2013 through March 31, 2014), MMC forecasts a global sales volume of 1,169,000 units, an 18% or 182,000 units increase over fiscal year 2012 upon consideration of factors including, but not limited to:
  • Introduction of new minicar models in Japan (eK Wagon, eK Custom)
  • Ramp-up of global rollout of global strategic models (Mirage/Space Star, Outlander)
  • Addition of models to be produced locally in the emerging countries.
 
By region, MMC forecasts the following sales volume:
  • Japan: 148,000 units (an increase of 14,000 units, or 10% year-on-year)
  • North America: 100,000 units (an increase of 15,000 units, or 18% year-on year)
  • Europe: 212,000 units (an increase of 31,000 units, or 17% year-on-year)
  • Asia & Other Regions: 709,000 units (an increase of 122,000 units, or 12% year-on-year)
 
2. Operating results forecasts
 
For the 2013 fiscal year MMC expects increases in profit-impacting factors such as new model advertising and other selling costs as well as product development and other expenditures essential for future growth of the company; however, MMC will overcome these factors by working to boost both net sales and profits through achievement of global sales volume increase, together with continuous efforts to reduce material costs and other expenses.
 
On this basis, MMC makes the following financial forecasts for fiscal year 2013:
  • Net sales: 2,270.0 billion yen (an increase of 454.9 billion yen or 25% year-on year)
  • Operating income: 100.0 billion yen (an increase of 32.6 billion yen or 48% year-on-year)
  • Ordinary income: 90.0 billion yen (a decrease of 3.9 billion yen or 4% year-on-year)
  • Net income: 50.0 billion yen (an increase of 12.0 billion yen or 32% year-on-year)
 

Note on forward-looking statements
All statements herein, other than historical facts, contain forward-looking statements and are based on Mitsubishi Motors Corporation'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; and
  • Regional and/or global socioeconomic changes.

Potential risks and uncertainties are not limited to the above and Mitsubishi Motors Corporation is not under any obligation to update the information in this news release to reflect any developments or events in the future.

If you are interested in investing in Mitsubishi Motors Corporation, you are requested to make a final investment decision at your own risk, taking the foregoing into consideration. Please note that neither Mitsubishi Motors Corporation nor any third party providing information shall be responsible for any damage you may suffer due to investment in Mitsubishi Motors Corporation based on the information shown in this news release.

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