Presentation - Mitsubishi Motors
Transkript
Presentation - Mitsubishi Motors
Mitsubishi Motors Mid-term Business Plan FY 2011-2013 “Jump 2013” Jan. 20th, 2011 1 Contents Reviewing “Step Up 2010” Improving the Quality Level Outlook of Business Conditions Reforming the Cost Structure Positioning of the New Mid-term Alliance Strategy Business Plan(FY2011-FY2013) Profit Targets Focus of “Jump 2013” Capital Expenditure, R&D Expenditure Sales Volume Targets Financial Strategy Product Strategy Compliance and CSR Activities Regional Strategy Environmental Initiative Program 2015 Global Production Structure 2 Reviewing “Step Up 2010” Building the foundation of growth Target Target at at the the time time of of announcement announcement Status Status of of achievement achievement Decrease in total demand, shift in demand structure and Securing steady profit sudden appreciation of yen Adjusted sales volume & profit target Bolstering our strength Securing steady profit Steady accomplishments ・ Introduction of environmental technologies (New Generation Electric Vehicle “i-MiEV” ) ・ Launching of global strategic model (New Compact SUV) ・ Expansion of business alliances (PSA Peugeot Citroën and Nissan) ・ Business expansion in emerging markets (JV in China) Bolstering our strength 3 Outlook of Business Conditions Market demand by region Economic Economic outlook outlook Growing presences of China and other emerging markets 68 83 (million units) 68 Emerging markets Continuation of instable environment in mature markets Mature markets Oil/Resource price to stay high Increased environmental consciousness / increased frequency of extreme weather Demand Demand forecast forecast CY2007 CY2010 CY2013 83 68 Market demand by segment 68 (million units) Below Csegment Expansion of global demand driven by emerging markets Emerging market’s share to grow up to 1/2 in 2013 from 1/3 in 2007 Compact cars below C-segment to take the lead role in the market expansion Above Dsegment CY2007 CY2010 CY2013 (Passenger vehicles + light commercial vehicles, ex. heavy commercial vehicles) Source: Global Insight Positioning of the New Mid-term Business Plan (FY2011-FY2013) FY2005~FY2007 FY2008~FY2010 FY2011~FY2013 ““Mitsubishi Mitsubishi Motors Motors Revitalization ” Revitalization Plan Plan” ““Step Step Up ” Up 2010 2010” ““Jump Jump 2013 ” 2013” Growth Growth and and Leap Leap forward forward Building Building solid solid profitability profitability Building Building the the foundation foundation of of growth growth Lehman shock Restore earnings Recovering trust Bolstering our strength Securing steady profit Emerging markets/ environmental initiatives Raising the bar on profit level 4 Focus of Jump 2013 Basic Policy ““Growth Growth and ” and Leap Leap forward forward” Business Strategy ・ Concentrate business resources in emerging markets & environmental initiatives ( R&D ) Strengthening global strategic models/eco -car models models/eco-car ( Production ) Increasing production capacity in emerging markets while adjusting it to natural demand in mature markets ( Sales ) Fortifying involvement in sales business in emerging emerging markets markets ・ Reforming the cost structure ・ Pursuing business alliance opportunities for profit increase ・ Reinforcing business foundation (( Financial ance activities Financial ground, ground, Human Human Resources, Resources, product product quality, quality, CSR/compli CSR/compliance activities )) 5 6 Sales Volume Targets Expanding e markets Expanding sales sales in in emerging emerging markets markets && stabilizing stabilizing sales sales in in matur mature markets <Retail sales> 1,370 1,124 China 1,000 Russia Emerging markets Mature markets (000 units) ASEAN Oceania Europe*1 N. America Brazil Japan FY2010 Forecast Currentcount FY2010 Forecast Renewedcount ※1 Excluding Russia, Ukraine, Kazakhstan ※2 Change in counting method: excluding models that are not under Mitsubishi brand FY2013 Target Renewedcount 7 Product Strategy EV/PHEV Green Technology ” EV/PHEV Technology Technology && ““Green Technology” Enhancing Enhancing Global Global Strategic Strategic Models Models ~~ Emerging Emerging Markets Markets as as the the Focal Focal Point Point ~~ MITSUBISHI Concept Global Small Product Strategy ~ EV/PHEV Technology & “Green Technology” ~ ※ EV/PHEV Shiftingto toElectric ElectricEnergy Energy]] EV/PHEV※ Technologies Technologies [[Shifting Expansion of EV/PHEV Global rollout of i-MiEV Expanding the EV lineup New introduction and expansion of PHEV Providing EV technologies to others ※ Electric Vehicle and Plug-in-hybrid vehicles -based Energy Improving Green Technology ” [[Conserving ConservingOil Oil-based Energy]] Improving ““Green Technology” Improving the existing technologies ( IC engine, etc ) New introduction of Hybrid model Advancing gasoline/clean diesel based engine (Expanding idling-stop system usage, next-generation MIVEC engine, etc) Lightweighting the car body 8 Product Strategy ~ EV/PHEV Technology & “Green Technology” ~ EV/PHEV EV/PHEV Technology Technology Launching total of 8 electric vehicles/plug-in hybrid vehicles by FY 2015 FY2011 Commercial mini EV FY2012 FY2013 FY2014-15 EV PHEV EV PHEV (MINICAB-MiEV) PHEV PHEV PHEV ““Green Green Technology ” Technology” Next -generation M IVEC engine ( FY 2011~ ) Next-generation MIVEC FY2011~ Hybrid vehicle ( FY2013 ~) FY2013~ 9 Product Strategy ~Rolling out “Global Strategic Models” focusing on Emerging Markets~ 10 Introducing affordable & fuel efficient compact car “Global Small” ・ Begin production in Thailand in FY2011 ・ Sequentially start export to ASEAN, Japan, US, Europe from FY2012 Expanding the SUV lineup in emerging market ・ Respond to wide range of demand, including the emerging markets ・ Deliberate on 1 ton pick-up development/production corporation with Nissan Discontinuing region-specific model ・ Cancel launch of successors for US/Europe region-specific models Minicar: deliberating joint venture with Nissan ・ Collaborate in product planning/developing of minicar 11 Regional Strategy Mature markets Solidify profitability Sales volume : increase 90,000 units ( FY2010 ⇒ FY2013 ) Precede in environmental technology, further business efficiency Emerging markets FY2010 Forecast FY2013 Target Increase in profit Sales volume : increase 280,000 units ( FY2010 ⇒ FY2013 ) Expand business by launching compact/fuel efficient/affordable models and SUV FY2010 Forecast FY2013 Target Regional Strategy ~ Mature Markets ~ Japan North America ※ Europe※ 12 Building solid profitability ( Strengthen after -sales / Deliberate minicar after-sales minicar joint venture with Nissan ) Bolstering production/sales business ( Launch new US produced model ) Enhancing environmental brand value ( Accelerate expansion of eco -car models prior to CO2 regulations ) eco-car ※Excluding Russia, Ukraine and Kazakhstan Regional Strategy ~ Emerging Markets ~ ASEAN 13 Launch/export of ““Global Global Small Small”” ( Construct new factory in Thailand ) Local production/sales of new SUV Russia ( Increase local procurement to further enhance cost competitiveness ) China Reinforced production/sales ability by establishing a new 50/50 joint venture company Brazil Strengthening product lineup Expand supply to MERCOSUR, Andean Community ( Deliberate capital injection to local partnership ) 14 Global Production Structure Developed adjustingprod. prod.capacity capacity DevelopedCountries: Countries: adjusting Emerging enhancingprod. prod.capacity capacity Emergingcountries: countries: enhancing Breakdown Breakdown of of Japan/overseas Japan/overseas production production ・ U.S. : rollout new locally produced models ・ Netherlands : cancel Colt successor model ・ Japan : increase minicar production by collaborating in joint venture ・ Thailand: ・ China: ・ Brazil: ・ Russia: construct 3rd factory increase production capacity increase production capacity full-scale SUV production Breakdown Breakdown of of Overseas Overseas production production (000 units) (000 units) 1,580 1,100 Overseas production 850 54% 44% Emerging countries Japan production 480 90% 84% US/Netherlands FY2010 Forecast FY2013 Target FY2010 Forecast FY2013 Target 15 Improving the Quality Level Globally Globally expanding expanding Mitsubishi Mitsubishi brand brand quality quality level level Building a structure to globally sustain the quality level, as we increase production facilities in emerging countries Development: ・ Thorough utilization of “Dev. Quality Improvement Tools” ・ Thorough assessment of global vehicle running environment, and compatibility assessment Production: ・ Expansion of overseas factory incorporating MMC HR Bank Develop. Product. Procure. Quality production method as well as quality control methods ・ Foundation of overseas human resource bank Market: ・ Timely correspondence to market information by creating Quality Affairs Problem Solving Team Problem Solving Team ・ Improving information collection speed & accuracy, by increasing expatriates Market Info. Window 16 Reforming the Cost Structure Forming Cost Reduction ” Forming of of ““Cost Reduction Implementation Implementation Committee Committee” ・ ・ ・ Direct control under president Material cost reduction monitoring system Periodic follow -up follow-up Fundamental Fundamental reformation reformation of of material material cost cost reduction reduction Aiming Aiming to to secure secure cost cost competitiveness competitiveness at at global global level level ~ Aim to reduce material cost by 90 billion yen level in comparison to FY2010, by FY2013 ~ Expand Expand overseas overseas procurement procurement ~ Promote overseas ~Promote overseasprocurement procurement for Japanese produced for Japanese producedmodels models~ ~ Strengthen Strengthen cost cost reduction reduction activities activities ~ Strengthen collaborative ~Strengthen collaborativeefforts efforts with overseas production hub ~ with overseas production hub~ FY2010 (Forecast) Overseas procurement rate : 18% ~ Expand scale ~ ~Expand scalemerit meritfor forcommon commonparts parts~ 25% 25% 15% decrease -segment platform decrease in in CC-segment platform End of FY2010 (Forecast) Promote Promote cutbacks cutbacks in in #s #s of of platforms platforms FY2013 (Target) # of platforms : platforms: 12 End of FY 2013 End of FY2015 (Target) (ref.) 9 ((Prod. Prod. volume/platform ) ((92,000 92,000 units ) ((176,000 volume/platform #s #s) units) 176,000 units ) units) 66 17 Alliance Strategy Pursuing Pursuing business business alliances alliances z Supplement product/technology to better fulfill customer needs z Improve efficiency/capacity utilization at factories z Cost reduction in R&D expenditure, fixed expenses, facility investments, etc. Current collaborations Models Provided Models Received Tech. Assist ・ Nissan: commercial minicar, passenger minicar, mini SUV ・ PSA Peugeot Citroen:SUV, EV ・ Nissan: small commercial car ・ Mazda: commercial car ・ Proton: assistance in passenger car development/license production Factory Operation ・ PSA Peugeot Citroën : vehicle production in Kaluga factory, Russia Green Tech. ・ Lithium ion battery venture with GS Yuasa, Mitsubishi Corp. FY2011~ Models Provided ・ PSA Peugeot Citroën : compact SUV ・ Nissan: SUV for Middle East market Models Received ・ Nissan: commercial car ・ Suzuki : passenger car EV Develop. ・ PSA Peugeot Citroën : Commercial EV to begin production around end of 2012 Under Deliberation ・ Nissan: formation of joint venture for minicar product planning/development, collaborating in Nissan pickup truck production in Thai factory, as well as prod/develop. of successor model. Receiving upper-class sedan model for Japanese market Increasing -earning opportunities Increasing profit profit-earning opportunities // Bolstering Bolstering profitability profitability 18 Profit Targets (100 million yen / 000 units) Sales Volume (Retail) Sales FY2010 FY2013 ( Forecast ) ( Target ) 1,000 ※ 1,370 19,000 25,000 450 900 2.4% 3.6% 150 450 0.8% 1.8% US$ ¥85 Euro ¥113 Aus.$ ¥80 US$ ¥90 Euro ¥110 Aus. $ ¥75 Operating Income Operating Income Ratio Net Income Net Income Ratio Assumed forex. rate ※Displayed in renewed count (current count: 1,124) Change in counting method: excluding models that’s not under Mitsubishi brand 19 Capital Expenditure, R&D Expenditure Focusing es Focusing investment investment in in emerging emerging market market && environmental environmental initiativ initiatives Capital Capital expenditure expenditure Respond to the growing demand in emerging market ⇒Production of “Global Small” in the new Thai factory 90 bn yen / year 65 bn yen / year increase development/production expenditure for “Green” cars 40% increase ⇒expanding EV lineup Improve production efficiency R&D R&D expenditure expenditure Propel development to match emerging market’s needs ⇒compact/affordable/fuel efficient, SUV, etc. Average expenditure per year during FY2008FY2010 (Forecast) Average expenditure per year during FY2011FY2013 (Target) 70 bn yen / year 54 bn yen / year Focus development on environmental technology ⇒Developing EV/PHEV and their components 30% increase Improve existing technology ⇒Fuel efficient, low CO2 engine, lightweighting the car body Average expenditure per year during FY2008FY2010 (Forecast) Average expenditure per year during FY2011FY2013 (Target) 20 Financial Strategy Balance Balance sheet sheet While focusing on emerging markets/environment-related investments and R&Ds, also strives to improve cash flow, and promote squeezing of interest-bearing debt (100 million yen) March 2010 Result March 2011 Forecast March 2014 Forecast Total assets 12,587 12,600 14,520 Interestbearing debt 3,927 3,640 3,360 (Excluding NorthAmerica ABS*) 3,584 3,440 2,800 Capital Capital strategy strategy Aiming resumption of dividend payments during this Mid-term Business Plan period *ABS:Asset Backed Securities 21 Compliance and CSR Activities Towards Towards aa sustainable sustainable future future people people living living in in harmony harmony with hrough the s with society society and and the the earth earth tthrough the car cars Promote activities to enhance “trust of society” Local communities ・ Strengthen compliance awareness activities ・ Strengthen corporate governance Business Ethics of Mitsubishi Motors ・ Continue check system by the Business Ethics Committee Promote activities to meet “expectation of society” Customers Corporate Philosophy Expectation by society Contribution to society Employees Compliance first ・ Overseas audit of quality assurance checking ・ Reinforced global environmental management Safety first Customers first Corporate governance ・ Development of employee participation in social contributions ・ Global expansion of compliance and CSR activities Shareholders and investors Expectation by society ・ Realization of low-carbon, recycling-oriented society and promoting efforts to reduce environmental load Expand the activities to global level Contribution to environment Distributors/ Dealers Concept of CSR activities Business partners Mitsubishi Motors Environmental Initiative Program 2015 -FY2015) Layout -term Environmental (FY2011-FY2015) Layout of of New New Mid Mid-term Environmental Initiative Initiative Program Program 2015 2015 (FY2011 Production Products Set up the mid point target to achieve “Environmental Vision 2020” FY 2015 Target FY2015 Target FY 2020 Target FY2020 Target Reduce by 25% Reduce by 50% Production ratio of EV and PHEV 5% and above 20% and above Per-vehicle CO2 emissions Reduce by 15% Reduce by 20% CO2 emissions for new products *Versus 2005 global lineup average *Versus 2005 22 23 Additional Additional information information MINICAB-MiEV, Commercial mini EV 《For reference》 Changing in counting definition of retail units Change Change Current definition Count retail unit including other brands models which MMC designed and reward its royalty* * Example products: former Lancer(V3) for Southeast (Fujian) Motor of China, former Pajero (Liebao) for GAC Changfeng Motor of China, and Veryca, Light commercial vehicle for CMC of Taiwan. Renewed definition Count only MMC brand retail unit since FY2011 24 25 All statements herein, other than historical facts, contain forward-looking statements and are based on MMC’s current forecasts, expectations, targets, plans, and evaluations. Any forecasted value is calculated or obtained based on certain assumptions. Forward-looking statements involve inherent risks and uncertainties. A number of significant factors could therefore cause actual results to differ from those contained in any forward-looking statement. Significant risk factors include: • Feasibility of each target and initiative as laid out in this presentation; • Fluctuations in interest rates, exchange rates and oil prices; • Changes in laws, regulations and government policies; and • Regional and/or global socioeconomic changes. Potential risks and uncertainties are not limited to the above and MMC is not under any obligation to update the information in this presentation to reflect any developments or events in the future. If you are interested in investing in Mitsubishi Motors, you are requested to make a final investment decision at your own risk, taking the foregoing into consideration. Please note that neither Mitsubishi Motors nor any third party providing information shall be responsible for any damage you may suffer due to investment in Mitsubishi Motors based on the information shown in this presentation.