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Mitsubishi Motors Announces FY2006 Full-year Results

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I'm not sure this was posted before... but here it is, just in case -

Mitsubishi Motors Announces FY2006 Full-year Results and FY2007 Forecasts

April 26, 2007 -- Tokyo -- Mitsubishi Motors Corporation (MMC) today announced its full-year results for the year ending March 31, 2007, together with forecasts for the year ending March 31, 2008.

Fiscal 2006 full-year results

1.Fiscal 2006 overview

Mitsubishi Motors' consolidated sales for fiscal 2006 totaled 2 trillion, 202.9 billion yen: an increase of 82.8 billion yen over the previous fiscal year. Favorable yen exchange rates and a more profitable model mix more than offset decreases in retail sales volume and in the OEM supply volume resulting from the ending of the production of the smart forfour.

Mitsubishi Motors posted an operating profit of 40.2 billion yen, an improvement of 33.4 billion yen over the previous fiscal year. This significant improvement in operating profit stems from the aforementioned favorable exchange rate, a more profitable model mix and from improved profitability of financial service operations in the United States and reductions in costs; all of which more than offset the impact of increased sales costs in North America and a rise in raw material costs.

Mitsubishi Motors posted an ordinary profit of 18.5 billion yen, a year-on-year gain of 36.3 billion yen that stemmed partly from an improvement in net interest income. The company reported a net income of 8.7 billion yen, an improvement of 100.9 billion yen. Factors contributing to this improvement in the net position include the non-recurrence of asset impairment accounting charges in Japan and of restructuring charges booked last year, as well as extraordinary earnings stemming from the dissolution of special purpose entities.

Fiscal 2006 marks the first time Mitsubishi Motors has moved into the black at all levels (operating, ordinary and net profits) for the full financial year since fiscal 2002.

2.Sales volume

Global retail sales of vehicles in fiscal 2006 totaled 1,232,000 vehicles, a decrease of 112,000 (8.3%) compared to the 1,344,000 sold in fiscal 2005.

In Japan, MMC sold 247,000 vehicles, a year-on-year decrease of 3.9% or 10,000 units, slightly better than the domestic market (4.3% fall year-on-year), which was impacted by sluggish sales of registered vehicles (i.e., cars other than minicars). The introduction of the new Pajero and Delica D:5 models in the second half of the year contributed to Mitsubishi Motors' better-than-market performance.

In North America, the company sold 164,000 vehicles, a 5.1% increase of 8,000 over last year. This was helped by the first yearly increase in sales recorded in the U.S. market since fiscal 2001 and stemmed principally from the introduction of new models - the Eclipse Spyder in April and the Outlander SUV in November last year - and from the implementation of more sales-boosting initiatives more closely tailored to individual regions.

In Europe, Mitsubishi Motors sold 282,000 vehicles, a 5.6% increase of 15,000 units driven by continuing robust sales in Russia and by a doubling of sales in the Ukraine.

In Asia and other regions, Mitsubishi Motors sold 539,000 vehicles, an 18.8% decline or 125,000 fewer than the previous year. Firm sales in Latin America, the Middle East and Africa were more than offset by lower shipments of parts for use in local production in Taiwan, China and the ASEAN countries.

Forecasts for fiscal 2007

1.Overview

In fiscal 2007 Mitsubishi Motors will aim to boost global sales volume by 7.4% or 91,000 units over fiscal 2006 to 1,323,000 on the back on the extensive introduction of two global strategic models that use the company's next-generation platform: the Outlander and the new Lancer (GALANT FORTIS in Japan). The Outlander was introduced first in Japan in 2005, and has since been phased into other global markets during fiscal 2006. It has been well-received in all markets. The new Lancer, given its global launch in North America this March is to be phased into Europe, Japan and other regions in the near future.

Regional sales forecasts are as follows. Japan: 250,000 vehicles, a 1.2% increase of 3,000 over the previous year; North America: 176,000 vehicles, a 7.3% increase of 12,000; Europe: 316,000 vehicles, a 12.1% increase of 34,000; Asia and other regions: 581,000 vehicles, a 7.8% increase of 42,000.

On the back of the increases in sales volume given above, and of OEM supplies to auto manufacturers in Japan and overseas, Mitsubishi Motors forecasts net sales of 2 trillion, 430 billion yen, a 10.3% increase of 227.1 billion yen over fiscal 2006.

Despite forseeing falling profits at the U.S. financial service operations and increased selling expenses, the company predicts a 51 billion yen operating profit, an increase of 26.9% or 10.8 billion yen, due to increased sales from new model introductions and OEM agreements.

Mitsubishi Motors forecasts an ordinary profit of 30 billion yen, a year-on-year increase of 62.2% or 11.5 billion yen, and a full-year net profit of 20 billion yen, a 2.3-fold increase over fiscal 2006.

2.Operational measures by region

(1) Japan

  • Introduce fully redesigned GALANT FORTIS and LANCER EVOLUTION X* models and

    additions to the Delica D:5 lineup.

  • Establish Delica D:5, Pajero and Outlander SUV models as long-sellers.
  • Strengthen after-sales operations.
  • Accelerate restructuring of sales networks (integrating and merging 29 consolidated

    sales companies into five companies covering extended territories, plus consolidating

    parts dealers.)

*Japan-market names for Lancer and Lancer Evolution are GALANT FORTIS and

LANCER EVOLUTION X, respectively

(2) North America

  • Strengthen Mitsubishi Motors brand with introduction of Lancer Evolution.
  • Increase sales with the introduction of new Outlander and Lancer models.
  • Focus advertising on best-selling models and main regional markets.
  • Continue implementing dealer support measures to promote vitalization of dealer

    network.

  • Improve productivity and profitability at the company's U.S. production facility.
(3) Europe
  • Beef up and strengthen sales of SUV lineup (Outlander, Pajero, L200).
  • Expand sales with introduction of new Lancer.
  • Further expand sales in growing markets such as Russia and the Ukraine by bringing

    marketing under direct control of MMC head office.

  • Start supplies of all-new SUV model to PSA Peugeot Citroen.
(4) Asia and other regions
  • China: Strengthen built-up import car operations through addition of new models and

    establishment of a new sales company. Work with South East (Fujian) Motor Co., Ltd. to

    upgrade Mitsubishi brand sales network.

  • Thailand: Maintain and expand pickup model production operations.
  • Latin America, Middle East and Africa: Boost sales further through introduction of new

    models (Pajero, Lancer and Outlander).

  • Australia: Strengthen sales of models introduced in 2006 (Triton, Pajero and Outlander)

    and introduce Lancer to strengthen built-up import sales.

3.Mid-term business plan

Fiscal 2007 marks the final year of the Mitsubishi Motors Revitalization Plan introduced in fiscal

2005 and under which the company has been working to reestablish itself. During the current

fiscal year Mitsubishi Motors plans to announce a new mid-term business plan based on the

company's performance in fiscal 2007, the principal thrust of which will be the creation of an

infrastructure that will underpin sustainable future growth.

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It's good to see a company turning around :)

The decrease in volume in an industry where scale and component sharing are important could be a little worrying, though... I wonder what targets the business plan might have :scratchchin:

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I'm very tempted to start a Mitsubishi Death Watch -

What do they have coming after this? Beside a Galant refresh, they're done with the turn-around. Sales may increase this year... but it's a strong possibility they'll nose-dive (Zero tie-in? heh) next year as competitors bring out new product.

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1.2 million units world wide. large enough.

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Large enough to stay where people buy what they're peddling, Europe and Japan. Mitsu has a bleak long-term future in the states. If the perpetually shrinking number of dealers doesn't tell you that they're having trouble selling what they've got then you need to re-visit your thought process.

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sales gains every month. too bad ford gm don't always have that. you must have sat on the negatrometer today.

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sales gains every month. too bad ford gm don't always have that. you must have sat on the negatrometer today.

You might want to look a little closer:

In North America, the company sold 164,000 vehicles, a 5.1% increase of 8,000 over last year.

An increase of 8,000 sales spread out over 12 months is nothing in the US market. They sold about 650 more vehicles a month spread out over 550 some-odd dealers... WOW! Each dealer sold one-extra-car-per-month last year... That one extra sale isn't going to put a failing dealership back into the black.

Before you snap back, yes, several GM brands have too many dealerships and GM is attempting to address that.

Global retail sales of vehicles in fiscal 2006 totaled 1,232,000 vehicles, a decrease of 112,000 (8.3%) compared to the 1,344,000 sold in fiscal 2005.

This is the most important factor. Mitsubishi is still on the decline overall. Without global partners, it's only going to become harder to compete in heated markets where GM and Toyota are rushing to meet demand.

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Mitsu doesn't build a single really desireable car anymore...

Hell, the new Evo is even a lacking a manual shift...

Chris

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>>"Global retail sales of vehicles in fiscal 2006 totaled 1,232,000 vehicles, a decrease of 112,000 (8.3%) compared to the 1,344,000 sold in fiscal 2005."<<

God, that's fantastic news! Let's all pull for a double-digit decrease for '07!!

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The Eclipse is a nice car, the new Outlander is a solid performer in its class and the new Lancer can compete with the 3 for best-in-class premium economy car. They are three very desireable cars. If Mitsu can keep the momentum up with the Galant refresh and correctly redesign the Endeavor, it will do well. It may even have room for a smaller crossover. Just drop that nasty truck.

No one is expecting Mitsu to compete with the big boys. I see it competing with Mazda, Saturn, etc. Small but competitive lineup, respectable sales numbers.

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The Eclipse is a nice car, the new Outlander is a solid performer in its class and the new Lancer can compete with the 3 for best-in-class premium economy car. They are three very desireable cars. If Mitsu can keep the momentum up with the Galant refresh and correctly redesign the Endeavor, it will do well. It may even have room for a smaller crossover. Just drop that nasty truck.

No one is expecting Mitsu to compete with the big boys. I see it competing with Mazda, Saturn, etc. Small but competitive lineup, respectable sales numbers.

The Outlander is not competitive to the RAV-4 or new Saturn VUE.

As for the second point... Mazda has Ford assistance with platform sharing, R&D, productions, etc... Saturn has GM... What does Mitsubishi have? It's too difficult to be an economy car niche player. Profit margins are way too small.

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Mitsu doesn't build a single really desireable car anymore...

Seriously? The '08 Lancer is the most desireable car in its class in my opinion. Sure, desirability is subjective, but even in its current state, Mitsubishi is still managing to build better cars than many of its competitors.

Let's compare:

Posted Image

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Or how about this?

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i drove thru the mits lot tonight to look at the lancer. i like it. nice little car. mpg is not great though. it's not a FREAKMOBILE like the civic or a pussmobile like the elantra or corolla. only the rabbit, cobalt ss and mazda3 are as edgy. rear seat looks huge.

i think it will do good..

Edited by regfootball
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The Lancer GTS has made it onto my test drive list for when I eventually get around to getting a new car. The only thing that would push me to a Cobalt Sport is if the Lancer's 152hp mated with a 5-spd just can't cut it performance-wise. The Lancer GTS is already a better looking car with a nicer interior and better standard features than a Cobalt Sport (current SS).

Bluetooth® hands-free phone interface system, sport bucket seats, automatic climate control, power windows/locks/mirrors, tilt adjustable steering column, cruise control, multi-information display, variable intermittent wipers, 12V accessory outlet, 60/40 folding rear seats, leather-wrapped steering wheel and shift knob, steering wheel-mounted cruise control and audio switches, adjustable rear headrests and a 140-watt Mitsubishi CD/MP3-compatible audio system with six speakers

EXTERIOR: sport-tuned suspension including front strut tower brace, 18-inch alloy wheels, fog lights, front and lower side air-dam extensions, rear spoiler, chrome exhaust tip, color-keyed door handles and side-view mirrors, chrome grille accent, auto-off halogen headlights, side turn markers, roof-mounted antenna, high-mount rear brake lamp and remote keyless entry

The only thing the Cobalt has over it is the 170hp 2.4L engine. At least for $18k, which is how much the GTS trim costs.

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1) Find a local Mitsubishi dealer.

2) Hope it will still be there in three years to service your car.

That alone would dissuade me from ever thinking about one. Marques the likes of Isuzu, Oldsmobile, and Plymouth at least had parts commonality with other in-production vehicles. Plus, look at last-generation Galants and Eclipse for an example of the worst paint quality this side of a Zhiguli; forget orange peel, try clearcoat peel.

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I was worried about Mitsu, too. But the new Outlander and Lancer have really painted a brighter picture for their future in the US. I don't think they'll pull out anytime soon.

And the local Mitsu dealer is also sells Buicks, GMCs, Hyundais, Nissans, and Infinitis.

Edited by bowtie_dude
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Sure, one or two of the products may be decent, but it doesn't matter how good your cars are if you can't sell them. As said, in my area (West Florida), three Mitsubishi outlets have shuttered in the past two years. The nearest former Mitsu retailer (an Olds/Saturn dealership) won't even service them anymore; they send them 30 miles south to St. Petersburg and that location is moving their Mitsubishi store into the former Kia Used Car building. Whoever is running the show for Mitsu in this country is a joke. Seriously. Massive dumping of inventories into fleets followed by idiotic financing gimmicks that gave cars away to every McDonald's clerk who could sign their name followed by pointless (Raider) and forgettable (Galant) products that made anyone who used to care about Mitsubishi to abandon the brand completely. Without the Eclipse, what's the point? The Lancer and Outlander are encouraging, yes; but are they selling well? Who knows? I wish I could reference numbers, but Mitsubishi shrouds them in secrecy and corporate newspeak.

Let me sum it up this way - I'll give Mitsubishi credit when their monthly sales figure press releases show actual figures, not specious percentages. ECLIPSE SPYDER SALES UP 147%! OUTLANDER RECORDS BEST MAY EVER! Meaningless without real figures, which are obviously too embarassing to publish.

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Let me sum it up this way - I'll give Mitsubishi credit when their monthly sales figure press releases show actual figures, not specious percentages. ECLIPSE SPYDER SALES UP 147%! OUTLANDER RECORDS BEST MAY EVER! Meaningless without real figures, which are obviously too embarassing to publish.

Flybrian what the crap are you talking about.

The press release at the top of the page does use actual sales numbers.

Mitsubishi posts their numbers, as all car companies do.

It's not the most detailed, but it's more detailed than Mercedes-Benz.

http://media.mitsubishicars.com/Releases

April 2007

Mitsubishi total 12,047

Lancer ............. 3,860

Outlander ........ 2,047

Endeavor ..........1,375

In March,

Eclipse ...............2,613

Eclipse Spyder ....1,302

For comparison of the bottom feeders,

Hyundai .....39,137

Pontiac ......26,346

Kia ............26,007

Mazda .......21,060

Saturn .......19,977

VW ............19,086

Mercury.. ...17,481

Subaru .....13,786

Buick .........13,234

Mitsubishi .12,047

Suzuki .........9,179

Isuzu ..........1,059

Surprisingly, Mitsubishi did make 8.7 billion yen, or $71.4 million USD for fiscal year 2006.

Edited by JT64
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The Lancer GTS has made it onto my test drive list for when I eventually get around to getting a new car. The only thing that would push me to a Cobalt Sport is if the Lancer's 152hp mated with a 5-spd just can't cut it performance-wise. The Lancer GTS is already a better looking car with a nicer interior and better standard features than a Cobalt Sport (current SS).

The only thing the Cobalt has over it is the 170hp 2.4L engine. At least for $18k, which is how much the GTS trim costs.

It's pretty clear Mitsubishi is going to drop a higher horsepower engine into the Lancer... so you should probably wait, plus avoid the early production squeak and rattles.

Motorweek did 25 mpg in the 2008 Lancer, so it's a compact guzzler like the Mazda3, with its ~150 hp engine.

Motorweek did 7.7 sec 0-60 in both the Mazda3 s and the Lancer GTS.

Car and Driver did

http://www.caranddriver.com/features/12843...than-20000.html

Lancer ....152 hp 7.8 sec

Civic .......140 hp 7.7 sec

Mazda3 s 156 hp 7.3 sec

Cobalt ....173 hp 7.1 sec

But Mitsubishi MSRPs do look unreasonably expensive to me. If Mitsubishi wants to charge more for a larger engine, it's time to move on to a different brand.

At these ridiculous prices and poor mpg (excluding the Civic), I'd get a $18k base model Altima that has 175 hp and 0-60 in 7.2 seconds.

Edited by JT64
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It's pretty clear Mitsubishi is going to drop a higher horsepower engine into the Lancer... so you should probably wait, plus avoid the early production squeak and rattles.

Motorweek did 25 mpg in the 2008 Lancer, so it's a compact guzzler like the Mazda3, with its ~150 hp engine.

Motorweek did 7.7 sec 0-60 in both the Mazda3 s and the Lancer GTS.

Car and Driver did

http://www.caranddriver.com/features/12843...than-20000.html

Lancer ....152 hp 7.8 sec

Civic .......140 hp 7.7 sec

Mazda3 s 156 hp 7.3 sec

Cobalt ....173 hp 7.1 sec

But Mitsubishi MSRPs do look unreasonably expensive to me. If Mitsubishi wants to charge more for a larger engine, it's time to move on to a different brand.

At these ridiculous prices and poor mpg (excluding the Civic), I'd get a $18k base model Altima that has 175 hp and 0-60 in 7.2 seconds.

$18k doesn't seem all that unreasonable for what you get. Bluetooth handsfree phone integration, automatic climate controls, etc etc.

I don't buy base model anything.

Edited by bowtie_dude
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Flybrian what the crap are you talking about.

The press release at the top of the page does use actual sales numbers.

Mitsubishi posts their numbers, as all car companies do.

It's not the most detailed, but it's more detailed than Mercedes-Benz.

http://media.mitsubishicars.com/Releases

April 2007

Mitsubishi total 12,047

Lancer ............. 3,860

Outlander ........ 2,047

Endeavor ..........1,375

In March,

Eclipse ...............2,613

Eclipse Spyder ....1,302

For comparison of the bottom feeders,

Hyundai .....39,137

Pontiac ......26,346

Kia ............26,007

Mazda .......21,060

Saturn .......19,977

VW ............19,086

Mercury.. ...17,481

Subaru .....13,786

Buick .........13,234

Mitsubishi .12,047

Suzuki .........9,179

Isuzu ..........1,059

Surprisingly, Mitsubishi did make 8.7 billion yen, or $71.4 million USD for fiscal year 2006.

You're Joking right????? Mitsubishi's monthly stats are spin-doctored and cryptic. That's being nice.

12047 <> 3860 + 2047 + 1375

What was the Eclipse's sales for April? Galant's? Raider? 2006 Monteros are still on the lot... how many were sold in April?

Mitsubishi has been partially posting their numbers for over a year, unlike other manufacturers. Go to Ford, GM, DCX, Honda, Toyota, etc and pick one vehicle you can't determine monthly sales totals for. You can't. They post complete numbers... and even differentiate imported from domestically produced.

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like I said, it's not as detailed as the big companies.

The other vehicles' sales are probably 3 or 2 digits.

There's not much spin doctoring, it's obvious what the other units' sales are.

This is the way Mercedes, Subaru, Mitsubishi, Porsche post their sales. Highlights only.

Mercedes would be the most questionable, since they're the highest volume.

When the Mercedes CL posts 3 digits, they proclaim it a runaway sucess. but it does cost $100,000+.

As if it's important. Mitsubishi sells 1/55th as many cars as GM, employes 1/8th the number of people as GM, and makes more money than GM.

Edited by JT64
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like I said, it's not as detailed as the big companies.

As if it's important. Mitsubishi sells 1/55th as many cars as GM, employes 1/8th the number of people as GM, and makes more money than GM.

There's a big difference between "not as detailed" and flat-out "incomplete." It would take no effort for MMC to just report the stats for the rest of the line-up. If it didn't matter, they'd post everything. The selective items in the release are there for spin.

As for making money... at least GM is using its own cash-reserves to restructure. Mitsubishi has borrowed/received about $10 billion from Mitsubishi Group companies within the past 2 years to assist with MMC's turn around. Lets see how well that goes when it comes time for payback.

This is the way Mercedes, Subaru, Mitsubishi, Porsche post their sales. Highlights only.

What's so hard to understand about Mercedes-Benz's monthly sales stats? There's nothing questionable about their press releases:

http://www.prnewswire.com/cgi-bin/stories....8246&EDATE=

or Subaru's?

http://vocuspr.vocus.com/vocuspr30/Temp/Si...les_4Web%20.doc

Porsche doesn't release their stats because sales for most of the Porsche line-up are seasonal. It creates a false impression. Besides, they're a specialty brand (not to mention very profitable.) Mitsubishi isn't either of those.

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'

It's pretty clear Mitsubishi is going to drop a higher horsepower engine into the Lancer... so you should probably wait, plus avoid the early production squeak and rattles.

Motorweek did 25 mpg in the 2008 Lancer, so it's a compact guzzler like the Mazda3, with its ~150 hp engine.

Motorweek did 7.7 sec 0-60 in both the Mazda3 s and the Lancer GTS.

Car and Driver did

http://www.caranddriver.com/features/12843...than-20000.html

Lancer ....152 hp 7.8 sec

Civic .......140 hp 7.7 sec

Mazda3 s 156 hp 7.3 sec

Cobalt ....173 hp 7.1 sec

But Mitsubishi MSRPs do look unreasonably expensive to me. If Mitsubishi wants to charge more for a larger engine, it's time to move on to a different brand.

At these ridiculous prices and poor mpg (excluding the Civic), I'd get a $18k base model Altima that has 175 hp and 0-60 in 7.2 seconds.

local dealers advertise new bare lancers from 12,500 but more importantly just take that sticker and knock 1500-2000 off it and that's what you'll pay for a lancer right now. it was a mistake for them to not have about 200hp out of the chute but oh well. the interior on this car has some seriously sculpted seats and a sweet looking manual shifter....looks very inviting to the driver. i like the cobalt and right now its like 3500 off sticker but unless i got an SS cobalt the lancer is much more attitude. the mazda 3 is nice but has a bit of a chick car vibe to it sometimes. if we compare the 3 and lancer, i might be inclined to take a lancer just because it's different and sportier attitude.

those sales numbers for buick and subaru look pretty 'bad' too. let's dump them too. pretty much the same. what's buick's fleet %age of that......if you use few dealers as reason to dump a brand then lets dump saturn too they hardly have that many more dealers.

i'd prefer to get rid of suzuki and subaru. i'd rather have daewoos in the chevy showroom and i really don't like subie's dikewagons anyways. everyone else has awd now so there is no reason for subaru to exist. that was their only calling card. there is nothing unique that subaru has to offer. I simply don't like them. Plus now they are part of toyota which makes me dislike them even more. The new WRX/Imprezza has got to be one of the worst designs of the last 15 years.

Edited by regfootball
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I've seen stripped Cobalts going for $9,000 in the local newspapers -

  • Saturn is now Opel/Vauxhall in America... which sold 1,564,213 vehicles alone (excluding Saturn variants) last year... more than Mitsubishi did globally. Buick sold more than 500k between two countries last year and the numbers are only going to increase in 2007.

  • Opel, Saturn, and Buick have the leverage of sharing engineering costs, platforms, and manufacturing plants with other GM brands.

  • Buick also has the advantage of sharing a non-hostile showroom floor with Pontiac & GMC... meaning there are several "multi-franchise" dealerships out there who sale brands that directly compete, but B-P-G are a single multi-brand franchise which is groomed to eliminate showroom cannibalism while providing a look and feel of variety to consumers.

  • As far as US market sales?

    - Mitsubishi sold a 6 vehicle line-up in the US with a total of 164,000 annual sales.

    - Buick had a 5 vehicle line-up in the US and sold 240,657 vehicles last year.

    - Saturn had a 5 vehicle line-up in the US and sold 226,375 vehicles last year.

  • Do you really want to remove rental sales? Buick is under 30% and dropping fast. Saturn has never sold heavy to fleets. 10-15% at most.

    Mitsubishi is near or at 30% on a few of its vehicles.

  • So really, how much of a retail market do 6 Mitsubishis have in the US sharing roughly 115,000 retail sales between 550 dealers? 208 cars annually per dealer?
Mitsubishi is teetering on extinction in this country.
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