Mazda 2013 Annual Report Download - page 20
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2012 2013
2,033.1 2,205.3
Net Sales
Billions of yen
Interest-bearing debt
Net interest-bearing debt
Net debt-to-equity ratio
* Ratios after the recognition of equity capital attributes of the
subordinated loan.
2012 2013
(9.1)
(70.3)(79.4)
(40.3)
49.0
8.7
Cash Flows
Billions of yen
Interest-bearing Debt and Net Interest-bearing Debt
Billions of yen/%
52.7
45.0
778.1
300.8
719.0
274.1
2012 2013
2012 2013
Volume & Mix
+33.8
YoY +92.7
Foreign exchange
+18.4
Cost improvements
+36.7
Marketing
expenses
(6.8)
Others
+10.5
(38.7)
53.9
Operating Income Change
Billions of yen
US$ / Yen 79
€ / Yen 109
US$ / Yen 83
€ / Yen 107
Cash flow from operating activities
Cash flow from investing activities
Free cash flow
2012 2013
(107.7)
34.3
Net Income
Billions of yen
2012 2013
(57.8)
11.5
Net Income/(Loss) per Share
Yen
(Years ended March 31)
(Years ended March 31)
(Years ended March 31) (Years ended March 31)
(As of March 31)
(Years ended March 31)
Net sales
Net sales for the March 2013 fiscal year increased ¥172.2 billion from the
previous year, to ¥2,205.3 billion, on increased wholesales and an
improved model mix. Solid sales of the SKYACTIV-equipped Mazda CX-5
and new Mazda6 (Japanese name: Mazda Atenza) contributed to the
improvement of the model mix.
Operating income and net income
Operating income increased ¥92.7 billion, to a ¥53.9 billion profit, on
increased sales volume, an improved model mix, and cost improve-
ments. The increase in sales volume and improvement in the model mix
had a significant impact, contributing ¥33.8 billion, mostly from the
CX-5 and new Mazda6, and from curtailed incentives, primarily for
SKYACTIV-equipped vehicles. With the sharp correction to the yen’s
appreciation near the end of the fiscal year, foreign exchange factors
had an ¥18.4 billion positive effect. Progress in cost improvement initia-
tives and lower raw material costs led to a ¥36.7 billion improvement in
variable costs. With stepped-up sales promotion activities for the global
launches of the CX-5 and new Mazda6, marketing expenses increased
¥6.8 billion. Other fixed costs improved ¥10.5 billion.
Net income rose ¥142.0 billion, to a ¥34.3 billion net profit. Net
income per share improved ¥69.3, to a positive ¥1 1.5.
Interest-bearing debt and net interest-bearing debt
Interest-bearing debt as of March 31, 2013, totaled ¥719.0 billion, a ¥59.1
billion decrease from the previous fiscal year-end. Net interest-bearing
debt decreased ¥26.7 billion, to ¥274.1 billion. Including the equity capi-
tal attributes of subordinated loans, the net debt-to-equity ratio
improved 7.7 percentage points, to 45.0%.
We are making solid progress in strengthening our financial base.
Cash flows
With the turnaround to profitability, operating activities generated net
cash in the amount of ¥49.0 billion. On the other hand, investing activi-
ties used net cash in the amount ¥40.3 billion, which included outlays
for the construction of the new plant in Mexico and expenditures for
manufacturing facilities and equipment, as well as proceeds from the
sale of shares of subsidiaries and of property, plant and equipment. As
a result, free cash flow was positive in the amount of ¥8.7 billion.
Review and Analysis of Operations
Review and Analysis of Operations for the March 2013 Fiscal Year
Mazda Annual Report 2013
18