Subaru Corporation · TSE:7270
Subaru — H1 FYE2023 Earnings Presentation
37 slides from Subaru's earnings presentation, Nov 2, 2022
Slide 1: Consolidated Financial Results for the 1st Half of FYE 2023
Consolidated Financial Results for the 1st Half of FYE 2023 SUBARU CORPORATION Tomomi Nakamura, Representative Director, President & CEO November 2 nd, 2022 *Some corrections were made on February 6 th, 2023 Refer Information "(Corrections) Corrections to Consolidated Financial Results for the Six M
Slide 2: Key Points
Key Points ◼ Results for the 1st half period • Production Although production constraints continued due to the global shortage of semiconductors, global production increased in the 1st half period as production plans were flexibly adjusted. • Operating profit Due to the increase in production and th
Slide 3: 1st Half: Consolidated Profit Results
1 st H a l f : Consolidated Profit Results (Yen in 100 millions, Units in thousands) FYE 2022 FYE 2023 st st Variance 1 Half Results 1 Half Results Production 342 425 +84 Consolidated unit sales 375 398 +23 Revenue 13,417 17,509 +4,092 Operating profit 545 1,104 +560 Profit for the period attributab
Slide 4: Revised Plan FYE 2023: Consolidated Profit Plan
Revised Plan FYE 2023 ： Consolidated Profit Plan (Yen in 100 millions, Units in thousands) FYE 2022 FYE 2023 FYE 2023 Variance Variance Results(a) Previous Plan(b)* Revised Plan(c) (c)-(a) (c)-(b) Production 727 1,000 970 +243 -30 Consolidated unit sales 734 940 920 +186 -20 Revenue 27,445 35,000 38
Slide 5: Forward-looking statements
Forward-looking statements including projections and future strategies mentioned in this presentation are based on currently available information and assumptions and are subject to risks and uncertainties. Actual results may vary materially as a result of various factors including, without limitati
Slide 6: Consolidated Financial Results for the 1st Half of FYE 2023 (CFO)
Consolidated Financial Results for the 1st Half of FYE 2023 SUBARU CORPORATION Katsuyuki Mizuma, Director, Executive Vice President & CFO November 2 nd, 2022 https://www.subaru.co.jp/en/ir/
Slide 7: Consolidated Financial Results for the 1st Half of FYE 2023
Consolidated Financial Results for the 1st Half of FYE 2023 https://www.subaru.co.jp/en/ir/ 7
Slide 8: Consolidated Unit Sales / Complete Cars Production
1 st H a l f : Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2022 FYE 2023 st st Variance 1 Half Results 1 Half Results Production in U.S. 124 143 +19 Production in Japan 218 283 +65 Production* Total 342 425 +84 FYE 2022 FYE 2023 Variance 1st Half Results 1st Half Results
Slide 9: Consolidated Unit Sales (by market)
1 st H a l f : Consolidated Unit Sales (by market) (Thousand Units) : FYE 2022 FYE 2023 st st Variance 1 Half Results 1 Half Results Passenger cars 35 40 +4 Minicars 9 9 +0 Domestic total 44 49 +4 U.S. 253 279 +26 Canada 29 22 -7 Europe 7 8 +0 Australia 17 18 +1 China 9 6 -2 Others 16 17 +1 Overseas
Slide 10: Consolidated Profit Results
1 st H a l f : Consolidated Profit Results (100 Million Yen) FYE 2022 FYE 2023 Variance 1st Half Results 1st Half Results Revenue 13,417 17,509 +4,092 Domestic 2,179 2,816 +637 Overseas 11,237 14,693 +3,455 Operating profit 545 1,104 +560 Profit before tax 612 1,204 +592 Profit for the period attrib
Slide 11: Analysis of Variance in Operating Profit
1 st H a l f : A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) New car sales total： +720 by sales volume +235 +562 +11 -513 Includes -22.9 billion yen by the impact by price & mixture +485 of foreign currency translation on R&D expen
Slide 12: Consolidated Statement of Cash Flows / Cash and cash equivalents
1 st H a l f : Consolidated Statement of Cash Flows / Cash and cash equivalents (100 Million Yen) FYE 2022 FYE 2023 st st 1 Half Results 1 Half Results Net cash provided by (used in) operating activities 638 2,123 Net cash provided by (used in) investing activities -819 -1,100 Free cash flows -182 1
Slide 13: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) FYE 2022 FYE 2023 st st Variance 1 Half Results 1 Half Results Capex *1 382 551 +168 Depreciation *1 460 495 +36 R&D expenditures *2 616 519 -97 *1 : Leases, capex & amortization for intangible assets and lease liabilities are not included in the results
Slide 14: Forecast for FYE 2023
Forecast for FYE 2023 https://www.subaru.co.jp/en/ir/ 14
Slide 15: Revised Plan: Unit Sales / Complete Cars Production
Revised Plan FYE 2023 ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2022 FYE 2023 FYE 2023 Variance Variance Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Production in U.S. 272 - - - - Production in Japan 455 - - - - Production* Total 727 1,000 970 +243 -30
Slide 16: Revised Plan: Consolidated Unit Sales (by market)
Revised Plan FYE 2023 ： Consolidated Unit Sales (by market) : (Thousand Units) FYE 2022 FYE 2023 FYE 2023 Variance Variance Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Passenger cars 73 91 95 +22 +4 Minicars 17 24 20 +4 -3 Domestic total 89 115 115 +26 +1 U.S. 506 636 631 +125 -5 Can
Slide 17: Revised Plan: Consolidated Profit Plan
Revised Plan FYE 2023 ： Consolidated Profit Plan (Yen in 100 millions) FYE 2022 FYE 2023 FYE 2023 Variance Variance Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Revenue 27,445 35,000 38,000 +10,555 +3,000 Operating profit 905 2,000 3,000 +2,095 +1,000 Profit before tax 1,070 2,000 3,0
Slide 18: Analysis of Variance in Operating Profit (Results vs Revised Plan)
Revised Plan FYE 2023 ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +2,030 -1,249 -880 +2,363 Cost impacts -98 -71 Sales volume & SG&A expenses, R&D expenses Other mixture, etc. etc. New car sales total： +2,507 by sales volume +1
Slide 19: Analysis of Variance in Operating Profit (Previous vs Revised Plan)
P r e v i o u s P l a n F Y E 2 0 2 3 ( a s o f A u g u s t 3 rd) v s R e v i s e d P l a n : A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +126 +58 -335 +1,504 -262 R&D expenses -91 SG&A expenses, Sales volume & etc. Cost impacts
Slide 20: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) FYE 2022 FYE 2023 FYE 2023 Variance Variance Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Capex *1 861 1,400 1,400 +539 ±0 Depreciation *1 946 1,000 1,000 +54 ±0 R&D expenditures *2 1,138 1,200 1,200 +62 ±0 *1 : Leases, capex & amortization
Slide 21: Shareholder Returns
Shareholder Returns (Yen) ➢ Dividend per share FYE 2022 FYE 2023 FYE 2023 Results Previous Forecast Revised Forecast Interim dividend 28 28 38 Year-end Dividend 28 28 38 Total 56 56 76 Payout ratio 61.3% 30.7% 27.8% https://www.subaru.co.jp/en/ir/ 21
Slide 22: Appendix
Appendix • Segment information by Business & Geographic (1st Half) • Consolidated Financial Results for 2 nd Quarter (3 months) • Overseas Revenue (1st Half) • Forecast for 2 nd Half FYE 2023 • Consolidated Statement of Financial Position • FYE 2022 and FYE 2023 Results (by Quarter) • Non-consolidat
Slide 23: Revenue and Operating Profit by Business Segment
1 st H a l f ： Revenue and Operating Profit by Business Segment (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2022 FYE 2023 FYE 2023 FYE 2022 FYE 2023 FYE 2023 st st Variance st st Variance 1 Half Results 1 Half Results Plan 1 Half Results 1 Half Results Plan Automobile 13,061 17,134
Slide 24: Revenue and Operating Profit by Geographic Area
1 st H a l f ： Revenue and Operating Profit by Geographic Area (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2022 FYE 2023 FYE 2022 FYE 2023 st st Variance st st Variance 1 Half Results 1 Half Results 1 Half Results 1 Half Results Japan 3,151 3,876 +725 -42 778 +820 North America 9,6
Slide 25: Overseas Revenue (Consolidated)
1 st H a l f ： Overseas Revenue (Consolidated) (100 Million Yen) FYE 2022 FYE 2023 st st Variance 1 Half Results 1 Half Results North America 9,911 13,235 +3,324 Europe 320 303 -16 Asia 420 467 +47 Other 586 688 +101 Total 11,237 14,693 +3,455 https://www.subaru.co.jp/en/ir/ 25
Slide 26: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of September Variance 2022 2022 Total assets 35,438 39,224 +3,786 Current assets 20,422 23,726 +3,303 Non-current assets 15,015 15,498 +483 Total liabilities 16,427 18,584 +2,156 Interest bearing debts 3,340 3,326 -15 Tota
Slide 27: Non-consolidated Unit Sales
1 st H a l f ： Non-consolidated Unit Sales (Thousand Units) : FYE 2022 FYE 2023 Variance 1st Half Results 1st Half Results Domestic production* 218 283 +65 Domestic sales 40 50 +10 Passenger cars 32 40 +8 Minicars 8 10 +1 Export total 188 228 +40 Components for overseas 168 153 -15 production Total
Slide 28: Operating Results of Subsidiaries in U.S.
1 st H a l f ： Operating Results of Subsidiaries in U.S. （Million US$） FYE 2022 FYE 2023 SOA *1 st st Variance 1 Half Results 1 Half Results Net sales 8,103 9,125 +1,022 Operating income 547 521 -25 Net income 435 354 -81 Retail sales (Thousand units) 301 267 -34 FYE 2022 FYE 2023 SIA *2 st st Varia
Slide 29: 2nd Quarter: Consolidated Unit Sales (by market)
2 nd Q u a r t e r ( 3 m o n t h s ) ： Consolidated Unit Sales (by market) (Thousand Units) : FYE 2022 FYE 2023 Variance 2Q Results 2Q Results Passenger cars 16 23 +7 Minicars 4 5 +1 Domestic total 20 28 +8 U.S. 136 140 +4 Canada 17 11 -6 Europe 4 3 -1 Australia 10 9 -0 China 4 3 -1 Others 8 8 -0 Ov
Slide 30: 2nd Quarter: Consolidated Profit Results
2 nd Q u a r t e r ( 3 m o n t h s ) ： Consolidated Profit Results (100 Million Yen) FYE 2022 FYE 2023 Variance 2Q Results 2Q Results Revenue 7,065 9,168 +2,103 Domestic 1,049 1,546 +497 Overseas 6,016 7,622 +1,607 Operating profit 249 735 +485 Profit before tax 269 819 +550 Profit for the period at
Slide 31: 2nd Quarter: Analysis of Variance in Operating Profit
2 nd Q u a r t e r ( 3 m o n t h s ) ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +450 +9 -355 R&D expenses -152 +583 -50 Cost impacts Sales volume & mixture, etc. SG&A expenses, Other etc. New car sales total：+558 by sales volu
Slide 32: Plan for 2nd Half: Consolidated Unit Sales (by market)
P l a n f o r 2 nd H a l f ： Consolidated Unit Sales (by market) (Thousand Units) : FYE 2022 FYE 2023 Variance 2nd Half Results 2nd Half Plan Passenger cars 37 55 +18 Minicars 8 11 +3 Domestic total 45 67 +22 U.S. 253 353 +100 Canada 20 27 +8 China 5 7 +2 Others 35 68 +32 Overseas total 314 455 +141
Slide 33: Plan for 2nd Half: Consolidated Profit Results
P l a n f o r 2 nd H a l f ： Consolidated Profit Results (100 Million Yen) FYE 2022 FYE 2023 Variance 2nd Half Results 2nd Half Plan Revenue 14,029 20,491 +6,462 Domestic 2,701 3,232 +531 Overseas 11,328 17,259 +5,931 Operating profit 360 1,896 +1,536 Profit before tax 458 1,796 +1,338 Profit for th
Slide 34: Plan for 2nd Half: Analysis of Variance in Operating Profit
P l a n f o r 2 nd H a l f ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) +1,336 -736 (100 Million Yen) -390 Cost impacts -109 -33 +1,468 SG&A expenses, Gain on currency R&D expenses Other etc. exchange New car sales total： +1,787 1,896 by sales vo
Slide 35: FYE 2022 and FYE 2023 Results (by Quarter)
FYE 2022 and FYE 2023 Results(by Quarter) (Yen in 100 millions, Units in thousands) FYE 2022 FYE 2023 Results Results 1Q 2Q 3Q 4Q 1Q 2Q Consolidated Unit Sales 175 200 172 187 196 203 Production * 184 158 207 177 205 220 Revenue 6,352 7,065 6,659 7,370 8,341 9,168 Operating profit 295 249 227 133 37
Slide 36: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units (1,000units） Production Retail Sales 300 280 276 278 273 277 276 271 271 268 270 269 269 269 262 262 262 264 260 264 258 250 257 261 254 250 254 249 253 253 249 252 245 248 242 241 244 242 242 237 236 240 240 237 231 233 229 227 229 220 200 207 205 209 2
Slide 37: Forward-looking statements
Forward-looking statements including projections and future strategies mentioned in this presentation are based on currently available information and assumptions and are subject to risks and uncertainties. Actual results may vary materially as a result of various factors including, without limitati