Mitsubishi 2009 Annual Report Download - page 19

Download and view the complete annual report

Please find page 19 of the 2009 Mitsubishi annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 72

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72

0 100
09
08
07
06
170.0
232.2
402.7
423.6
200 400 500
300
(Forecast)
–50 –40
09
08
07
06 0.6
–39.6
–17.8
–25.0
–30 0 10
–20 –10
(Forecast)
0 50
09
08
07
06
92
119
172
164
200
150100
(Forecast)
Net Sales
Operating Income (Loss)
Retail Sales
(FY)
(FY)
(FY)
* Puerto Rico’s results have been classified under “Asia and Other Regions” from 2008.
(¥ billion)
(¥ billion)
(Thousand units)
Fiscal Year 2008 Performance
Retail Sales
Retail sales in the North American market fell 26% year on year
to 119,000 units in fiscal year 2008. Retail sales in Canada rose
6% to 19,000 units, but U.S. retail sales dropped 32% to 84,000
units due to a sharp decline in aggregate demand.
Net Sales and Operating Income (Loss)
Net sales in North America declined 42% year on year to ¥232.2
billion, reflecting lower sales and a stronger yen. The operating
loss deteriorated by ¥21.8 billion year on year to ¥39.6 billion
mainly due to the large impact of the drop in sales volume, the
yen’s appreciation, and lower earnings from the sales finance
business, despite emergency measures to reduce expenses.
Outlook for Fiscal Year 2009
Retail Sales
Based on expectations of the continuation of challenging
market conditions, MMC is targeting retail sales of 92,000 units,
or a decline of 22% year on year (59,000 units in the U.S., 19,000
units in Canada, and 14,000 units in Mexico).
Net Sales and Operating Income (Loss)
Factoring in the effects of lower sales volume and the stronger
yen, MMC is targeting net sales of ¥170.0 billion, down 27%
year on year.
MMC is projecting an operating loss of ¥25.0 billion, an
improvement of ¥14.6 billion year on year. MMC expects cost
reductions, such as personnel costs and selling expenses,
including advertising costs; lower materials costs; and reduced
depreciation resulting from impairment losses on North
American production facilities recorded in fiscal year 2008 to
more than offset the impact of lower sales volume and the
appreciation of the yen.
The Lancer Sportback (Japanese name: Galant Fortis Sportback) was rolled out in
the U.S. in summer 2009.
MMC is working to improve earnings through rigorous cost reductions in the face of a stronger yen
and lower retail sales amid the continuation of a tough market environment.
North America
17
Annual Report 2009 MITSUBISHI MOTORS CORPORATION