Subaru Corporation · TSE:7270
Subaru — Q3 FYE2023 Earnings Presentation
35 slides from Subaru's earnings presentation, Feb 8, 2023
Slide 1: Consolidated Financial Results for the 3rd Quarter of FYE 2023
Consolidated Financial Results for the 3rd Quarter of FYE 2023 SUBARU CORPORATION Katsuyuki Mizuma, Director, Executive Vice President & CFO February 8 th, 2023 https://www.subaru.co.jp/en/ir/
Slide 2: Key Points
Key Points ◼ Results for the nine months ended December 2022 • Production: 671,000 units (up 22% from same period of previous year) While production constraints due mainly to semiconductor shortages continued, global production increased year over year as the Company worked to minimize the impact by
Slide 3: Consolidated Financial Results for the 3rd Quarter of FYE 2023
Consolidated Financial Results for the 3rd Quarter of FYE 2023 https://www.subaru.co.jp/en/ir/ 3
Slide 4: Consolidated Unit Sales / Complete Cars Production
3 rd Q u a r t e r ( 9 m o n t h s ) ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2022 FYE 2023 Variance 3Q Results 3Q Results Production in U.S. 199 214 +15 Production in Japan 350 457 +107 Production* Total 549 671 +122 FYE 2022 FYE 2023 Variance 3Q Results 3Q Results
Slide 5: Consolidated Unit Sales (by market)
3 rd Q u a r t e r ( 9 m o n t h s ) ： Consolidated Unit Sales (by market) (Thousand Units) FYE 2022 FYE 2023 : Variance 3Q Results 3Q Results Passenger cars 54 62 +8 Minicars 12 14 +2 Domestic total 66 76 +10 U.S. 372 437 +65 Canada 39 33 -6 Europe 12 15 +3 Australia 27 34 +7 China 11 8 -3 Others 2
Slide 6: Consolidated Profit Results
3 rd Q u a r t e r ( 9 m o n t h s ) ： Consolidated Profit Results (100 Million Yen) FYE 2022 FYE 2023 Variance 3Q Results 3Q Results Revenue 20,075 28,080 +8,005 Domestic 3,457 4,318 +861 Overseas 16,618 23,762 +7,144 Operating profit 772 2,137 +1,365 Profit before tax 913 2,151 +1,239 Profit for t
Slide 7: Analysis of Variance in Operating Profit (Consolidated)
3 rd Q u a r t e r ( 9 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) Includes -7.2 billion yen by the impact New car sales total： +1,487 +1,300 -944 of foreign currency translation on by sales volume +645 balance of
Slide 8: Consolidated Statement of Cash Flows / Cash and cash equivalents
3 rd Q u a r t e r ( 9 m o n t h s ) ： Consolidated Statement of Cash Flows / Cash and cash equivalents (100 Million Yen) FYE 2022 FYE 2023 3Q Results 3Q Results Net cash provided by (used in) operating activities 859 3,257 Net cash provided by (used in) investing activities -1,269 -2,018 Free cash
Slide 9: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) FYE 2022 FYE 2023 Variance 3Q Results 3Q Results Capex *1 506 767 +261 Depreciation *1 699 759 +60 R&D expenditures *2 869 759 -111 *1 : Leases, capex & amortization for intangible assets and lease liabilities are not included in the results and forecast
Slide 10: Forecast for FYE 2023
Forecast for FYE 2023 https://www.subaru.co.jp/en/ir/ 10
Slide 11: Revised Plan FYE 2023: Unit Sales / 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*2(b) Revised Plan(c) (c)-(a) (c)-(b) Production in U.S. 272 - - - - Production in Japan 455 - - - - Production*1 Total 727 970 880 +153 -9
Slide 12: Revised Plan FYE 2023: 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 95 87 +14 -8 Minicars 17 20 19 +2 -1 Domestic total 89 115 106 +16 -10 U.S. 506 631 598 +92 -33 Ca
Slide 13: Revised Plan FYE 2023: 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 38,000 37,000 +9,555 -1,000 Operating profit 905 3,000 3,000 +2,095 ±0 Profit before tax 1,070 3,000 3,000 +1
Slide 14: Analysis of Variance in Operating Profit (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) +1,695 -1,237 -640 +2,435 Cost impacts -102 -56 Sales volume & SG&A expenses, R&D expenses mixture, etc. Other etc. New car sales total： +1,752 by sales volume +
Slide 15: Previous Plan vs Revised Plan: Operating Profit Variance
P r e v i o u s P l a n F Y E 2 0 2 3 ( a s o f N o v e m b e r 2 nd) 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) +240 +72 +12 -335 -4 +15 Gain on currency Cost impacts SG&A expenses, exchange Sales vo
Slide 16: 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 1,300 +439 -100 Depreciation *1 946 1,000 1,000 +54 ±0 R&D expenditures *2 1,138 1,200 1,100 -38 -100 *1 : Leases, capex & amortiza
Slide 17: Appendix
Appendix • Segment information by Business & Geographic (3rd Quarter) • Forecast for 4th Quarter (3 months) • Overseas Revenue (3rd Quarter) • Forecast for 2nd Half FYE 2023 • Consolidated Statement of Financial Position • FYE 2022 and FYE 2023 Results (by Quarter) • Non-consolidated Unit Sales (3rd
Slide 18: Revenue and Operating Profit by Business Segment
3 rd Q u a r t e r ( 9 m o n t h s ) ： 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 Variance Variance 3Q Results 3Q Results Plan 3Q Results 3Q Results Plan Automobile 19,573 27,503 +7,
Slide 19: Revenue and Operating Profit by Geographic Area
3 rd Q u a r t e r ( 9 m o n t h s ) ： Revenue and Operating Profit by Geographic Area (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2022 FYE 2023 FYE 2022 FYE 2023 Variance Variance 3Q Results 3Q Results 3Q Results 3Q Results Japan 4,873 6,283 +1,410 154 2,157 +2,003 North America 1
Slide 20: Overseas Revenue (Consolidated)
3 rd Q u a r t e r ( 9 m o n t h s ) ： Overseas Revenue (Consolidated) (100 Million Yen) FYE 2022 FYE 2023 Variance 3Q Results 3Q Results North America 14,652 21,158 +6,506 Europe 499 569 +70 Asia 562 708 +146 Other 904 1,326 +422 Total 16,618 23,762 +7,144 https://www.subaru.co.jp/en/ir/ 20
Slide 21: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of December Variance 2022 2022 Total assets 35,438 38,475 +3,038 Current assets 20,422 23,117 +2,695 Non-current assets 15,015 15,358 +343 Total liabilities 16,427 18,016 +1,588 Interest bearing debts 3,340 3,268 -73 Total
Slide 22: Non-consolidated Unit Sales
3 rd Q u a r t e r ( 9 m o n t h s ) ： Non-consolidated Unit Sales (Thousand Units) : FYE 2022 FYE 2023 Variance 3Q Results 3Q Results Domestic production* 350 457 +107 Domestic sales 63 80 +16 Passenger cars 52 65 +13 Minicars 12 15 +3 Export total 292 374 +82 Components for overseas 237 245 +8 pro
Slide 23: Operating Results of Subsidiaries in U.S.
3 rd Q u a r t e r ( 9 m o n t h s ) ： Operating Results of Subsidiaries in U.S. （Million US$） FYE 2022 FYE 2023 SOA *1 Variance 3Q Results 3Q Results Net sales 11,961 14,322 +2,361 Operating income 793 686 -107 Net income 640 480 -160 Retail sales (Thousand units) 421 422 +1 FYE 2022 FYE 2023 SIA *
Slide 24: Consolidated Unit Sales (by market) 3 Months
3 rd 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 3Q Results 3Q Results Passenger cars 18 23 +4 Minicars 3 5 +2 Domestic total 21 27 +6 U.S. 119 158 +40 Canada 10 11 +1 Europe 4 7 +3 Australia 10 15 +5 China 2 2 -0 Others 6 16 +9
Slide 25: Consolidated Profit Results 3 Months
3 rd 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 3Q Results 3Q Results Revenue 6,659 10,571 +3,912 Domestic 1,278 1,502 +224 Overseas 5,381 9,069 +3,688 Operating profit 227 1,032 +805 Profit before tax 301 948 +647 Profit for the period
Slide 26: Analysis of Variance in Operating Profit 3 Months
3 rd 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 ) +634 -431 (100 Million Yen) -124 -30 +18 +738 Cost impacts Gain on currency SG&A expenses, R&D expenses Other exchange etc. New car sales total： +767 1,032 by sales
Slide 27: 4th Quarter: Consolidated Unit Sales (by market)
4 th 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 4Q Results 4Q Plan : Passenger cars 19 25 +6 Minicars 5 5 +0 Domestic total 24 30 +6 U.S. 135 161 +27 Canada 10 11 +1 China 3 3 -0 Others 15 30 +15 Overseas total 163 205 +42 Total
Slide 28: 4th Quarter: Consolidated Profit Results
4 th 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 4Q Results 4Q Plan Revenue 7,370 8,920 +1,550 Domestic 1,423 1,409 -15 Overseas 5,947 7,512 +1,565 Operating profit 133 863 +730 Profit before tax 157 849 +692 Profit for the period attrib
Slide 29: 4th Quarter: Analysis of Variance in Operating Profit
4 th 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) +395 -293 -83 +774 -26 -37 Cost impacts Sales volume & R&D expenses SG&A expenses, mixture, etc. Other etc. New car sales total： +265 by sales vol
Slide 30: 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 FYE 2023 Variance Variance : 2nd Half Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Passenger cars 37 55 47 +10 -8 Minicars 8 11 10 +2 -1 Domestic total 45 67 57 +12 -10 U.S. 253 353 320
Slide 31: 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 FYE 2023 Variance Variance nd 2 Hlaf Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Revenue 14,029 20,491 19,491 +5,462 -1,000 Domestic 2,701 3,232 2,911 +209 -322 Overseas 11,328 17,259 16,580
Slide 32: 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 ) (100 Million Yen) +1,133 -724 -150 -113 +1,408 -18 Cost impacts SG&A expenses, Sales volume & R&D expenses Other etc. mixture, etc. New car sales total： +1,032 1,896 by sales
Slide 33: FYE 2022 and FYE 2023 Results (by Quarter)
FYE 2022 and FYE 2023 Results(by Quarter) (100 Million Yen, Thousand Units) FYE 2022 FYE 2023 Results Results 1Q 2Q 3Q 4Q 1Q 2Q 3Q Consolidated Unit Sales 175 200 172 187 196 203 237 Production * 184 158 207 177 205 220 246 Revenue 6,352 7,065 6,659 7,370 8,341 9,168 10,571 Operating profit 295 249
Slide 34: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units (1,000units） Production Retail Sales 300 280 276 278 273 277 276 271 271 268 270 269 269 269 262 262 262 264 260 264 258 250 257 261 254 250 254 249 253 253 249 252 246 245 248 242 241 244 242 242 237 236 240 240 237 231 233 229 227 229 220 220 200 207 2
Slide 35: 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