| April 11, 2002 |
Mazda Raises Profit Forecast for Full Year 2001
| Mazda Motor Corporation today revised upward its financial results forecast
for the full year of fiscal 2001. Announcing the best-ever year on year turnaround
in Mazda's corporate history, the company is set to finish FY2001 solidly in the
black on a consolidated and unconsolidated basis. Mazda President Mark Fields said: "There's no doubting Mazda is back. Compared to last year, we have improved our net profit by 163.7 billion yen (US$1.2 billion, 1.4 billion euro) - a record turnaround in our 82 year history." "The Millennium Plan is delivering well ahead of our expectations in many important areas. These results are driven by substantially greater cost reductions than originally anticipated, as well as a weaker yen and full delivery of our volume targets. We now have the right platform for the introduction of our exciting new products that are scheduled through the Millennium Plan period and start to hit the market next month." The revised forecast includes consolidated revenue of 2,094 billion yen (US$15.7 billion, 18 billion euro), an increase of 78.2 billion yen (US$587 million, 673 million euro) from a year ago and an increase of 4 billion yen (US$30 million, 34 million euro) from the November projection. Operating profit is projected to be 28 billion yen (US$210 million, 241 million euro), an increase of 42.9 billion yen (US$322 million, 369 million euro) from a year ago and up 11 billion yen (US$83 million, 95 million euro) from the November projection. Ordinary profit is projected to be 18.5 billion yen (US$139 million, 159 million euro), an increase of 48.2 billion yen (US$362 million, 415 million euro) from a year ago and up 16.5 billion yen (US$124 million, 142 million euro) from the November projection. Net income is projected to be 8.5 billion yen (US$64 million, 73 million euro), an increase of 163.7 billion yen (US$1.2 million, 1.4 million euro) from a year ago and up 7.2 billion yen (US$54 million, 62 million euro) from the November projection. Consolidated cash flow is projected at positive 30 billion yen (US$225 million, 258 million euro). This is 25 billion yen (US$188 million, 215 million euro) better than the November projection despite peak capital spending to support new product programs, as well as payouts of 45.2 billion yen (US$339 million, 389 million euro) for employees who elected to participate in an Early Retirement Special program at the end of fiscal year 2000. On an unconsolidated basis, ordinary profit is projected to increase compared with the year ago period by 60.3 billion yen (US$453 million, 519 million euro) to 28 billion yen (US$210 million, 241 million euro). This is an increase of 18 billion yen (US$135 million, 155 million euro) from the November projection. Net profit is projected to increase by 140.5 billion yen (US$1.1 million, 1.2 million euro) compared with a year ago to 13 billion yen (US$98 million, 112 million euro). This is an increase of 2 billion yen (US$15 million, 17 million euro) from the November projection. The revised outlook for the full year compared with the November projection reflects favorable exchange-rate changes, further cost reductions, and stronger results at our subsidiary companies. Fields added: "This is a very balanced performance that begins with strong operating results. Mazda's operations in all regions of the world will be profitable except Europe, where our loss will be reduced substantially year on year. We are firmly on track in delivering our Millennium Plan objectives. We are now poised to grow the business." Mazda will announce actual results for fiscal year 2001 and the forecast for fiscal year 2002 on May 15. Note: - Dollar equivalents compiled at 133.25 yen to the dollar (exchange rate prevailing on March 29, 2002). - Euro equivalents compiled at 116.22 yen to the euro (exchange rate prevailing on March 29, 2002). Go to "Investor Relations" for details. |
