Mitsubishi Motors Corporation · TSE:7211
Mitsubishi Motors — Q2 2023 Earnings Presentation
28 slides from Mitsubishi Motors's earnings presentation, Nov 2, 2023
Slide 1: FY2023 Second-Quarter Financial Results
MITSUBISHI MOTORS FY2023 Second-Quarter Financial Results October 30, 2023
Slide 2: Agenda
1. 1H/FY2023 Financial Results 2. FY2023 Financial Forecast 3. Business Highlights 2
Slide 3: 1H/FY2023 Financial Results Summary (vs. 1H/FY2022)
1H/FY2023 Financial Results Summary (vs. 1H/FY2022) First-Half (APR-SEP) Quarterly (Billion yen, k units) Variance FY2022 FY2023 1Q 2Q Amount Ratio Net Sales 1,158.2 1,330.8 +172.6 +15% 635.8 695.0 Operating Profit 84.6 104.2 +19.6 +23% 45.2 59.0 (OP Margin) (7.3%) (7.8%) (+0.5pp) (7.1%) (8.5%) Ordi
Slide 4: 1H/FY2023 Operating Profit Variance (vs. 1H/FY2022)
1H/FY2023 Operating Profit Variance (vs. 1H/FY2022) (Billion yen) Indirect labor cost -3.2 General -1.0 expenses, etc. Procurement cost reduction +4.1 ASEAN +0.1 Raw material -17.0 Australia/NZ -2.3 price, etc. FX rate (Yen) Effect Factory 1H/FY22 1H/FY23 (bill yen) Latin America, -2.4 expenses Midd
Slide 5: 2Q/FY2023 Operating Profit Variance (vs. 2Q/FY2022)
2Q/FY2023 Operating Profit Variance (vs. 2Q/FY2022) (Billion yen) ASEAN -3.0 Australia/NZ -0.2 FX rate (Yen) Effect 2Q/FY22 2Q/FY23 (bill yen) Latin America, Middle East/ +7.6 Procurement USD 137 144 +4.4 cost reduction +1.0 Africa, etc. EUR 140 157 +3.6 Raw material Japan +1.6 -2.8 THB 3.79 4.13 -8
Slide 6: 1H/FY2023 Sales Volume Results (vs. 1H/FY2022)
1H/FY2023 Sales Volume Results (vs. 1H/FY2022) Retail sales (k units) GLOBAL -37 (-9%) ASEAN -10 (-8%) Australia/NZ -10 (-21%) Latin America, Middle -17 (-21%) East/Africa, etc. Japan +4 (+9%) North America +18 (+29%) Europe -10 (-30%) China, others -12 (-44%) 1H/FY2022 1H/FY2023 (APR-SEP 2022) (APR
Slide 7: Regional status in 1H/FY2023: ASEAN
Regional status in 1H/FY2023 ASEAN Sales Volume / Market Share (According to our research) 1H/FY2022 1H/FY2023 ASEAN 130k units 120k units Thailand 25k units (6.3%) 16k units (4.2%) Indonesia 45k units (9.1%) 39k units (8.2%) Philippines 25k units (14.3%) 40k units (18.6%) Vietnam 21k units (11.4%)
Slide 8: Regional status in 1H/FY2023: Japan
Regional status in 1H/FY2023 Japan Sales Volume / Market Share (According to our research) 1H/FY2022 1H/FY2023 Japan 44k units 48k units Registered car 24k units (2.4%) 22k units (1.8%) Kei car 20k units (2.6%) 26k units (3.3%) ◼TIV recovered steadily with YoY growth for 13 consecutive months, altho
Slide 9: Regional status in 1H/FY2023: North America
Regional status in 1H/FY2023 North America Sales Volume 1H/FY2022 1H/FY2023 North America 63k units 81k units out of the above OUTLANDER 23.3k units 40.5k units (Gasoline PHEV) ◼ TIV increased significantly YoY due to improved inventory levels, wider discounts, and increased fleet demand. ◼ Sales ex
Slide 10: Agenda: FY2023 Financial Forecast
1. 1H/FY2023 Financial Results 2. FY2023 Financial Forecast 3. Business Highlights 10
Slide 11: FY2023 Financial Forecast (vs. FY2022)
FY2023 Financial Forecast (vs. FY2022) FY2023 Variance Variance from FY2022 Previous (Billion yen, k units) (APR 2022 - MAR 2023) Forecast (APR 2023 - MAR 2024) Amount Ratio Forecast Net Sales 2,458.1 2,850.0 +391.9 +16% +70.0 Operating Profit 190.5 200.0 +9.5 +5% +30.0 (OP Margin) (7.7%) (7.0%) (-0
Slide 12: FY2023 Operating Profit Variance Forecast (vs. FY2022)
FY2023 Operating Profit Variance Forecast (vs. FY2022) FX rate (Yen) Effect (Billion yen) (bil yen) Procurement FY22 FY23 +104.2 Cost, etc. -17.5 USD 136 139 +11.4 Factory EUR 142 152 +10.7 expenses -4.9 THB 3.82 4.09 -32.4 Shipping cost -14.3 AUD 93 92 -1.3 PHP 2.47 2.56 +4.4 Others - - +16.4 ASEAN
Slide 13: FY2023 Operating Profit Variance Forecast (vs. Previous Forecast)
FY2023 Operating Profit Variance Forecast (vs. Previous Forecast) General expenses +0.8 (Billion yen) Aftersales profit +1.2 Others +3.0 Procurement cost reduction -0.3 Raw material price, etc. -0.9 Factory expenses +5.7 Shipping cost -13.4 ASEAN -20.5 Australia/NZ +1.5 FX rate (Yen) Effect Latin Am
Slide 14: FY2023 Sales Volume Forecast (vs. FY2022)
FY2023 Sales Volume Forecast (vs. FY2022) Retail sales (k units) GLOBAL +34 (+4%) ASEAN +9 (+3%) Australia/NZ 0 (0%) Latin America, Middle -7 (-5%) East/Africa, etc. Japan +19 (+21%) North America +35 (+26%) Europe 0 (0%) China, others -22 (-46%) FY2022 FY2023 (APR 2022-MAR 2023) (APR 2023-MAR 2024)
Slide 15: Agenda: Business Highlights
1. 1H/FY2022 Financial Results 2. FY2022 Financial Forecast 3. Business Highlights 15
Slide 16: New Model Offensive in ASEAN
New Model Offensive in ASEAN ALL-NEW TRITON / L200 XFORCE After starting sales in Thailand, TRITON will Sales will start in Indonesia, then expand to gradually expand globally from ASEAN and Oceania. Vietnam, the Philippines, and other ASEAN Launching into Japan for the first time in 12 years. count
Slide 17: World Premier of Electrified Crossover MPV Concept Car
World Premier of Electrified Crossover MPV Concept Car World premiere at the Japan Mobility Show 2023. An electrified Crossover for realizing a carbon-neutral society with SUV’s drivability x MPV’s comfort & amenity 17
Slide 18: Asia Cross Country Rally 2023: 3rd place overall
Asia Cross Country Rally 2023: 3rd place overall All-New Triton participated with basically the same specifications as mass-produced vehicles and parts from production cars. All three MITSUBISHI TRITONs completed the rally, and Team Award was also won based on the total time of the top two cars. 18
Slide 19: "Challenge 2025": Challenges in FY2023
“Challenge 2025” : Challenges in FY2023 19
Slide 20: Rally Mart: Drive your Ambition
ae MITSUBISHI MOTORS RALLY MART Drive your Ambition
Slide 21: Appendix
MITSUBISHI MOTORS APPENDIX
Slide 22: 1H/FY2023 Balance Sheet and Free Cash Flow
1H/FY2023 Balance Sheet and Free Cash Flow (vs. FY2022, 1H/FY2022) (Billion yen) FY2022 1H/FY2023 Variance (At end of MAR 2023) (At end of SEP 2023) Total Assets 2,201.5 2,295.9 +94.4 Cash & Deposits 596.0 645.6 +49.6 Total Liabilities 1,371.1 1,367.7 -3.4 Interest Bearing Debt* 428.3 453.5 +25.2 To
Slide 23: 1H/FY2023 Capital Expenditure, R&D Expense and Depreciation
1H/FY2023 Capital Expenditure, R&D Expense and Depreciation CAPEX R&D Expense Depreciation ¥29.0bn ¥52.1bn ¥32.1bn +61% (YoY) +3% (YoY) +6% (YoY) Billion 6% ( ) yen 5% 4% 3% 2% 1% 0% 1H/FY2022 1 1H/FY2023 2 3 1H/FY2022 4 1H/FY2023 5 6 1H/FY2022 7 1H/FY2023 8 (APR-SEP 2022) (APR-SEP 2023) (APR-SEP 20
Slide 24: 1H/FY2023 Regional Performance (vs. 1H/FY2022)
1H/FY2023 Regional Performance (vs. 1H/FY2022) Net Sales Operating Profit (Billion yen) 1H/FY2022 1H/FY2023 Variance 1H/FY2022 1H/FY2023 Variance (APR–SEP 2022) (APR–SEP 2023) (APR–SEP 2022) (APR–SEP 2023) GLOBAL 1,158.2 1,330.8 +172.6 84.6 104.2 +19.6 ‐ ASEAN 284.8 271.6 -13.2 22.5 15.8 -6.7 ‐ Aust
Slide 25: FY2023 Regional Sales Forecast (vs. FY2022)
FY2023 Regional Sales Forecast (vs. FY2022) (Billion yen) FY2022 FY2023 Forecast Variance (APR 2022 - MAR 2023) (APR 2023 - MAR 2024) GLOBAL 2,850.0 +391.9 ‐ ASEAN 584.6 600.0 +15.4 ‐ Australia/NZ 281.9 310.0 +28.1 ‐ Latin America, Middle East 334.3 400.0 +65.7 /Africa, etc. ‐ Japan 552.7 600.0 +47.
Slide 26: FY2023 Capital Expenditure, R&D Expense and Depreciation Forecast
FY2023 Capital Expenditure, R&D Expense and Depreciation Forecast CAPEX R&D Expense Depreciation ¥105.0bn ¥118.0bn ¥67.0bn +34% (YoY) +10% (YoY) +11% (YoY) Billion 6% ( ) yen 5% 4% 3% 2% 1% 0% FY2022 1 FY2023 2 3 FY2022 4 FY2023 5 6 FY2022 7 FY2023 8 APR 2022- APR 2023- APR 2022- APR 2023- APR 2022-
Slide 27: FY2023 Shareholder Returns Outlook
FY2023 Shareholder Returns Outlook Dividend per share: 10 Yen outlook (¥) 14 12 10 10 Year-end FF 8 6 4 5 Interim 2 FF 5 0 FY2019 0 FY2020 0 FY2021 FY2022 FY2023 (Outlook) 27
Slide 28: Forward-looking statements disclaimer
This presentation contains forward-looking statements, based on judgments and estimates that have been made on the basis of currently available information. By nature, such statements are subject to uncertainty and risk. Therefore, you are advised that the final results might be significantly differ