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Mazda Reports Record Profits for Fiscal Year 2005

Please find attached a release from Mazda Inc. Attached in this covering note is a quote from Mazda New Zealand MD – Peter Aitken.

Peter Aitken – Managing Director Mazda New Zealand

“The Mazda Inc result is reflected in Mazda New Zealand’s performance. YTD Mazda NZ sales are up 3.8 % and continue the positive trend from last year which saw Mazda sales in New Zealand increase by 12.2%.”

Media Release
28th April 2006

Mazda Reports Record Profits for Fiscal Year 2005
- Mazda forecasts sixth consecutive year of profit increases for 2006 -

FY2005 Consolidated Full Year Highlights:
- Operating profit up 49 percent to record 123.4 billion yen
- Net income increases 46 percent to a best ever 66.7 billion yen
- Annual dividend up 2 yen to 5 yen per share

FY2006 Projection Highlights:
- Operating profit forecast to increase by nine percent to 135 billion yen
- Net income expected to increase by 12 percent to 75 billion yen

HIROSHIMA, Japan—Mazda Motor Corporation today reported its best ever financial results for fiscal year (FY) 2005. Consolidated operating profit in FY2005 exceeded last year’s record results by 49 percent, reaching 123.4 billion yen. Consolidated wholesales increased by four percent and consolidated revenue increased by eight percent to 2,919.8 billion yen. Net income rose 46 percent to a best ever 66.7 billion yen.

The record operating profits in FY2005 were attributed to further global sales growth, assisted by new model introductions, Mazda’s continued efforts to reduce costs and more favorable exchange rates. Mazda achieved two Mazda Momentum mid-term plan goals, namely over 100 billion yen in operating profit and a net-debt-to-equity ratio of less than one hundred percent, one year earlier than projected.

Mazda forecasts further growth in FY2006, notably in North America, Europe and China. Operating profit is forecast to increase by nine percent to 135 billion yen and net income is expected to increase by 12 percent to 75 billion yen.

“In FY2006, we intend to stay on course, further improving our operating results and continuing to build the Mazda brand globally with new, market-focused products,” said Mazda Representative Director and Chief Financial Officer Gideon Wolthers.  

Financial Results for FY2005
Consolidated revenue for FY2005 was 2,919.8 billion yen, a year-over-year increase of 224.2 billion yen. Operating profit was 123.4 billion yen, a rise of 40.5 billion yen and ordinary profit was 101.5 billion yen, up 28.4 billion yen from year-ago levels. Net income was 66.7 billion yen, an increase of 20.9 billion over last year.

Consolidated Cash Flow in FY2005 was 33.6 billion yen, consisting of Operating Cash Flow of 114.6 billion yen less investments of 81 billion yen. Mazda’s net debt was reduced by 66.7 billion yen during FY2005 and now stands at 246.8 billion yen. The company’s net debt-to-equity ratio is now 62 percent, down 55 points from the previous year.

Mazda plans to increase its annual dividend to 5 yen per share, up 2 yen from FY2004.

Financial Projections for FY2006
For fiscal 2006, Mazda forecasts sales revenue to reach 3,100 billion yen, an increase of 180.2 billion yen over FY2005. Operating profit is projected to climb 11.6 billion yen to 135 billion yen and net income is forecast to grow by 12 percent to 75 billion yen.

Global vehicle wholesales are projected to grow five percent to 1,210,000 units in FY 2006. Mazda’s product-led growth is anticipated to continue with the recent launch of the all-new MPV in Japan, the Mazda CX-7 and CX-9 in North America and full availability of new diesel models in Europe.

Shipments volume: 1,210,000 units, up 5 percent
Sales revenue: 3,100 billion yen, up 6 percent
Operating profit: 135 billion yen, up 9 percent
Ordinary profit: 130 billion yen, up 28 percent
Net income: 75 billion yen, up 12 percent.

“Although we are pleased with our Fiscal Year 2005 results, Mazda remains focused on developing a foundation for consistent growth as we enter 2006, the final year of our Mazda Momentum mid-term plan,” said Mazda President and CEO, Hisakazu Imaki.

“Many challenges lie ahead of us as we confront an extremely competitive global automotive industry. However, we will face these with a robust investment strategy to ensure we continue to provide our customers with desirable products.”

Dollar/Euro Equivalent
FY2005 Financial Results Unit: millions
Yen US$ Euro
Revenue 2,919,800 24,853.6 20,446.8
Operating profit 123,400 1,050.4 864.1
Ordinary profit 101,500 864.0 710.8
Net income 66,700 567.8 467.1
Cash flow 33,600 286.0 235.3
Net debt 246,800 2,100.8 1728.3
Financial Results
-Dollar equivalents compiled at 117.48 yen to the dollar (Exchange rate prevailing on March 31, 2005).
-Euro equivalents compiled at 142.80 yen to the Euro (Exchange rate prevailing on March 31, 2005).

FY2006 Financial Projections     Unit: millions
Yen US$ Euro
Revenue 3,100,000 28,181.8 22,963.0
Operating profit 135,000 1,227.3 1,000
Ordinary profit 130,000 1,181.8 963.0
Net income 75,000 681.8 555.6
Financial Projection
-Dollar equivalents compiled at 110 yen to the dollar
-Euro equivalents compiled at 135 yen to the Euro


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