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Consolidated Financial Results For the First Half of the Fiscal Year Ending March 31, 2014

Oct 31, 2013

Consolidated Financial Results

For the First Half of the Fiscal Year Ending March 31, 2014

(For the Six Months Ended September 30, 2013)

Prepared in Conformity with Generally Accepted Accounting Principles in Japan

English Translation from the Original Japanese-Language Document

 
October 31, 2013

 

Company Name                                              :   Mazda Motor Corporation (Tokyo Stock Exchange / Code No. 7261)

URL                                                               :  http://www.mazda.co.jp

Representative Person                                     :  Masamichi Kogai, Representative Director, President and CEO

Contact Person                                               :  Shinji Maeda, Deputy General Manager, Financial Services

                                                                         Division, and General Manager, Accounting Department

                                                                         Phone 082-282-1111

 

Filing of Shihanki Hokokusho,

quarterly securities report                              :  Scheduled for November 13, 2013

Payment of Dividends                                    :  -

Supplementary Material                                 :  Yes

Briefing Session                                            :  Yes (Intended for securities analysts, institutional investors and media)

 

(in Japanese yen rounded to millions, except amounts per share)

1. Consolidated Financial Highlights (April 1, 2013 through September 30, 2013)

(1) Consolidated Financial Results

(Percentage indicates change from same period of the previous fiscal year)

 

Net Sales                   

Operating Income

Ordinary Income

Net Income

 

FY2014 1st Half

FY2013 1st Half

millions of yen

1,254,317

1,023,503

%

22.6

6.7

millions of yen

73,962

11,475

%

544.5

-

millions of yen

36,295

441

%

-

-

millions of yen

24,986

5,744

%

335.0

-

                 

Note: Comprehensive  income                       

FY2014 1st Half  49,849 millions of yen      (   455.0%     )

FY2013 1st Half  8,982 millions of yen      (   -     % )

 

 

Net Income

Per Share

Net Income

Per Share (Diluted)

 

FY2014 1st Half

FY2013 1st Half

yen

8.36

1.92

yen

-

-

 

(2) Consolidated Financial Position

 

 

Total Assets

Equity

Equity Ratio

As of

September 30, 2013

March 31, 2013

millions of yen

1,979,080

1,978,567

millions of yen

563,395

513,226

%

27.6

25.1

 

Reference: Equity excluding minority interests             

As of September 30, 2013  546,070  millions of yen

As of March 31, 2013  496,312 millions of yen

 

2. Dividends

 

Dividends Per Share

1st. Qtr.

2nd. Qtr.

3rd. Qtr.

Year End

Full-Year

 

FY2013

FY2014

yen

-

-

yen

0.00

0.00

yen

-

yen

0.00

yen

0.00

 

 

 

FY2014 (Forecast)

 

 

-

0.00

0.00

Note: Revision of the dividend forecast most recently announced: None

 

3. Consolidated Financial Forecast (April 1, 2013 through March 31, 2014)

(Percentage indicates change from the previous fiscal year)

 

 

Net sales

 

Operating Income

 

Ordinary Income

 

Net Income

Net Income

Per Share

 

FY2014 Full Year

millions of yen

2,650,000

%

20.2

millions of yen

160,000

%

196.6

millions of yen

123,000

%

271.7

millions of yen

100,000

%

191.5

yen

33.45

                   

Note: Revision of the consolidated financial forecast most recently announced: Yes

 

Notes:

(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation):     None

Newly added subsidiaries:                            None                                  Excluded subsidiaries:                  None

 

(2) Application of accounting treatment specific to preparation of quarterly consolidated financial statements:                        None

 

(3) Changes in accounting policies / Changes in accounting estimates / Restatement:

1) Changes in accounting policies with accompanying revision of accounting standards

 

None

2) Voluntary changes in accounting policies except 1)

 

None

3) Changes in accounting estimates

 

None

4) Restatement

None

 

 

(4) Number of outstanding shares (Common stock)

1) Number of outstanding shares (including treasury stock)    As of September 30, 2013      2,999,377,399  shares

                                                                                            As of March 31, 2013            2,999,377,399  shares

2) Number of treasury stock                                                As of September 30, 2013         10,227,212  shares

                                                                                             As of March 31, 2013             10,211,948  shares

3) Average number of outstanding shares            For 6 months ended September 30, 2013      2,989,157,248  shares

                                                                         For 6 months ended September 30, 2012        2,989,173,383  shares

 

Note on Progress in Quarterly Review Procedures by Independent Auditors

This document is out of the scope of the quarterly review procedures based on the Financial Instruments and Exchange Act.

The quarterly review procedures for the quarterly financial statements under this Act have not been completed as of the timing of disclosure of this document.

 

Cautionary Statements with Respect to Forward-Looking Statements

The financial forecast and other descriptions of the future presented in this document are an outlook based on our judgments and projections. The judgments and projections are based on information presently available. As such, the financial forecast and future descriptions are subject to uncertainties and risks, and are not contemplated to ensure the fulfillment thereof.

Accordingly, the actual financial performance may vary significantly due to various factors.

For detail such as precondition of the financial forecast, please refer to "1. Qualitative Information on Consolidated Results for the Quarterly

Period - (3) Future Estimates such as Consolidated Financial Forecast" on page 3 of the attachment.

 

1. Qualitative Information on Consolidated Results for the Quarterly period

(1) Consolidated Financial Results

For the first half of the Fiscal Year ending March 31, 2014, global retail volume of the Mazda Group increased by 3.0% year-over-year to 631 thousand units; mainly due to the strong sales of “Mazda CX-5” and all-new “Mazda Atenza (called Mazda6 in overseas markets)”, both equipped with new generation technology, “SKYACTIV TECHNOLOGY (hereinafter referred to as “SKYACTIV”), while there was a sign of tough sales environment in some emerging countries.

Retail  volume  by  market  was  as  follows.  In  Japan,  despite  the  drop  in  total  market  demand  on  a year-over-year basis, retail volume increased by 0.9% year-over year to 111 thousand units, mainly due to the strong sales of SKYACTIV-equipped models such as all-new “Atenza”. In North America, retail volume increased by 9.5% year-over year to 199 thousand units due to the sales increase mainly in U.S, where “CX-5” and all-new “Mazda6” were good in demand. In Europe, retail volume increased by 13.5% year-over year to 97 thousand units due to the strong sales in major countries like Germany and U.K. In China, retail volume decreased by 12.2% to 79 thousand units. In other areas, retail volume remained almost flat from the same period of the previous fiscal year to 145 thousand units through the high level of sales maintained in Australia, while the recession of demand in some countries adversely affected the sales.

As a result of increase in sales volume of the “SKYACTIV” models in global markets and ongoing cost improvements, as well as the correction of yen appreciation against major currencies, the consolidated financial results for the first half of the Fiscal Year ending March 31, 2014 were as follows. Net sales increased by ¥230.8 billion (up 22.6%) year-over-year to ¥1,254.3 billion. Operating results increased by

¥62.5 billion (up 544.5%) year-over-year to a profit of ¥74.0 billion. Ordinary results increased by ¥35.9 billion  year-over-year  to a  profit  of  ¥36.3  billion. Net  results increased  by ¥19.2  billion (up  335.0%) year-over-year to a profit of ¥25.0 billion.

Financial results by reportable segment for the first half of the Fiscal Year ending March 31, 2014 were as follows. In Japan, net sales increased by ¥178.3 billion (up 20.4%) year-over-year to ¥1,050.9 billion and segment income (operating income) increased by ¥36.7 billion (up 115.0%) to ¥68.6 billion. In North America, net sales increased by ¥84.7 billion (up 28.7 %) year-over-year to ¥379.8 billion and segment loss (operating loss) amounted to ¥2.5 billion. (For the first half of the previous fiscal year, segment loss was

¥26.0 billion.) In Europe, net sales increased by ¥96.9 billion (up 67.6%) year-over-year to ¥240.3 billion and segment income (operating income) increased by ¥3.5 billion to ¥3.9 billion. In other areas, net sales increased  by  ¥15.5  billion  (up  8.1%)  year-over-year  to  ¥205.6  billion  and  segment  income  (operating income) decreased by ¥6.2 billion (down 72.5%) year-over-year to ¥2.4 billion.

 

(2) Consolidated Financial Position

(Assets, Liabilities and Equity)

As of September 30, 2013, total assets amounted to ¥1,979.1 billion, an increase of ¥0.5 billion compared to the end of the previous fiscal year. Total liabilities amounted to ¥1,415.7 billion, a decrease of ¥49.7 billion compared to the end of the previous fiscal year.

Equity as of September 30, 2013 amounted to ¥563.4 billion, an increase of ¥50.2 billion compared to the end of the previous fiscal year. Equity ratio increased by 2.5 percentage points from the end of the previous fiscal year to 27.6% (The equity ratio after the recognition of equity credit attributes of the Subordinated Loan was 29.4%).

(Cash Flows)

As of September 30, 2013, cash and cash equivalents amounted to ¥394.2 billion, a decrease of ¥50.6 billion compared to the end of the previous fiscal year.

For the first half of the Fiscal Year ending March 31, 2014, net cash provided by operating activities was ¥7.7 billion. (For the first half of the previous fiscal year, net cash used in operating activities was ¥11.7 billion.)  Net  cash  used  in  investing  activities  amounted  to  ¥49.2  billion,  mainly  reflecting  capital expenditures for the acquisition of tangible fixed assets of ¥44.3. (For the first half of the previous fiscal year, net cash used in investing activities was ¥7.9 billion.) As a result, consolidated free cash flow (net of operating and investing activities) was negative ¥41.5 billion. (For the first half of the previous fiscal year, consolidated free cash flow was negative ¥19.6 billion.) Also, net cash used in financing activities amounted to ¥13.6 billion, mainly reflecting the payment of loans payable and redemption of bonds. (For the first half of the previous fiscal year, net cash used in financing activities was ¥29.9 billion.)

As of September 30, 2013, after deducting cash and cash equivalents from financial debt, net financial debt totaled ¥315.8 billion, an increase of ¥41.7 billion from the end of the previous fiscal year, and the net debt-to-equity ratio was at 57.8% (Net-debt-to-equity ratio after the recognition of equity credit attributes of the Subordinated Loan was 48.3%).

(3) Future Estimates such as Consolidated Financial Forecast

In light of recent trends in our business performance, we have revised the consolidated financial forecast for the Fiscal Year ending March 2014, as shown below. The prior forecast was announced on April 26, 2013. For more information, please refer to "Notice of Variance between Forecast and Actual Results (Consolidated) for the First Half of Fiscal Year Ending March 31, 2014 and Revision of Consolidated Financial Forecast" that has been released today.

Consolidated Financial Forecast (Fiscal Year ending March 2014)

                                                Full Year                vs. Previous fiscal year

Net sales

¥ 2,650 billion

up 20.2 %

Operating income

¥ 160 billion

up 196.6 %

Ordinary income

¥ 123 billion

up 271.7 %

Net income

¥ 100 billion

up 191.5 %

The exchange rate assumptions for full year forecast are ¥97 to the dollar and ¥128 to the Euro (¥95 to the dollar and ¥125 to the Euro for the second half of the fiscal year).

Global Retail Volume Forecast (Fiscal Year ending March 2014)

                                 Full Year                               vs. Previous fiscal year

Domestic

225 thousand units

up 4.0 %

North America

415 thousand units

up 11.4 %

Europe

200 thousand units

up 16.6 %

China

200 thousand units

up 14.5 %

Other

295 thousand units

down 1.5 %

Total

1,335 thousand units

up 8.1 %

Note: The forecast stated above is based on management’s judgment and views in the light of information presently available. By nature, such forecasts are subject to risks and uncertainties, and are not contemplated to ensure the fulfillment thereof. Therefore, we advise against making an investment decision by solely relying on this forecast. Variables that could affect the actual financial results include, but are not limited to, the economic environments surrounding our business areas and fluctuations in yen-to-dollar and other exchange rates.

For further information: Jeremy Barnes, Mazda North American Operations, 949.727.6844

Fiscal Year Summary
(223 KB)

 

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