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Old 11-01-2002, 04:32   #1 (permalink)
Mr. Embargo
 
Join Date: May 2001
Location: Embargoland
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Strong Mazda Turnaround Continues

Mazda Motor Corporation today presented a Millennium Plan status report and predicted that it will exceed its revenue, profit and return objectives for the first half of FY2002. Compared to the same period last year, expectations are that revenue will rise 12 percent, operating profit will increase 30 percent and net income will more than quadruple. A weaker yen was a key factor in Mazda’s improved profitability. Final first half results will be confirmed on November 12. In addition, Mazda stated that it is on track to achieve its full-year FY2002 targets for volume and revenue growth, profitability and cash flow. Full-year net income was revised upward from 20 billion yen to 26.5 billion yen reflecting new domestic dealer restructuring measures also announced today.

"With new product such as the Atenza/Mazda6 and new Demio now reaching the markets, we are firmly on course," said Mazda President Lewis Booth. "We are achieving sustainable, profitable growth, although we are seeing increased pressure on our net revenue. Looking ahead, we must continue to achieve our cost reduction targets as we did in the first half."

[First Half of FY2002]

Consolidated revenue for the First Half of FY2002 was 1,159.3 billion yen (US$9.5billion, 9.6 billion euro), an increase of 121.1 billion (US$987 million, 1,005 million euro) from the same period of the previous year and an increase of 29.3 billion yen (US$239 million, 244 million euro) from the original projection. Operating profit was 14.6 billion yen (US$ 120 million, 122 million euro), an increase of 3.4 billion yen (US$ 28 million, 29 million euro) from the same period of the previous year, and up 3.6 billion yen (US$ 30 million, 31 million euro) from the original projection. Ordinary profit was 9.1 billion yen (US$75 million, 76 million euro), an increase of 4.3 billion yen (US$36 million, 36 million euro) from the same period of the previous year, and up 6.1 billion yen (US$51 million, 51 million euro) from the original projection. Net income was 5.5 billion yen (US$45 million, 46 million euro), an increase of 4.2 billion yen (US$35 million, 35 million euro) from the same period to the previous year, and up 3.5 billion yen (US$29 million, 30 million euro) from the original projection.


Consolidated cash flow was negative 2.1 billion yen (US$17 million, 17 million euro). This represents a 2.1 billion yen (US$17 million, 17 million euro) shortfall from the original forecast of breakeven, more than explained by the delay in the sale of subsidiary companies. Net debt was 453 billion yen (US$3.7 billion, 3.8 billion euro), which is a decrease of 3.9 billion yen (US$ 32 million, 32 million euro) from the end of the previous fiscal year.


On an unconsolidated basis, ordinary profit decreased compared with the same period of the previous year by 3.5 billion yen (US$28 million, 29 million euro) to 7.4 billion yen (US$61 million, 62 million euro). This is an increase of 6.4 billion yen (US$53 million, 54 million euro) from the original projection. Net income decreased by 2.8 billion yen (US$23 million, 23 million euro) compared with the same period of the previous year, to 3.9 billion yen (US$32 million, 32 million euro). This is an increase of 0.9 billion yen (US$7 million, 7 million euro) from the original projection.


Meeting Millennium Plan Targets for New Product

Since the beginning of FY2002, Mazda has launched two new-generation products – the Atenza/Mazda6 and new Demio – both of which are key to the success of the Millennium Plan. The Atenza/Mazda6 has received positive reviews by the global media and was recently named "Car of Year" in New Zealand by the National Business Review. In North America, production of the Mazda6 began on October 17th at AutoAlliance International (AAI), Mazda-Ford joint-venture assembly facility in Flat Rock, Michigan.


Demio, Mazda's second all-new product, went on sale in Japan in August. Early in 2003, production of the Mazda2, as Demio will be called outside Japan, will begin in Valencia, Spain—a move that will help reduce the company's exposure to yen fluctuations against the euro. Production of the third all-new Mazda product, the rotary-powered RX-8, is planned for early 2003.

[Financial Projection for FY2002]

FY2002 will continue to be demanding for Mazda. "Despite the external and competitive challenges Mazda faces, we remain confident of the course laid out in the Millennium Plan," said Lewis Booth. "And we are optimistic about our future as we continue to build on a record of delivering on our commitments."
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