Subaru Corporation · TSE:7270
Subaru — Q1 FYE2024 Earnings Presentation
25 slides from Subaru's earnings presentation, Aug 2, 2023
Slide 1: Consolidated Financial Results for the 1st Quarter of FYE 2024
Consolidated Financial Results for the 1st Quarter of FYE 2024 SUBARU CORPORATION Katsuyuki Mizuma, Director, Executive Vice President & CFO August 2 nd, 2023 https://www.subaru.co.jp/en/ir/
Slide 2: Key Points
Key Points ◼ Results for 1st Quarter of FYE 2024 • Production: 243,000 units (up 18% y/y) While production constraints due to the semiconductor shortage continued, global production increased year on year. • Operating profit: 84.5 billion yen (up 128% y/y) As sales volume growth and the positive eff
Slide 3: Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2024
Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2024 https://www.subaru.co.jp/en/ir/ 3
Slide 4: Consolidated Unit Sales / Complete Cars Production
1 st Q u a r t e r ( 3 m o n t h s ) ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2023 FYE 2024 Variance 1Q Results 1Q Results Production in U.S. 70 84 +13 Production in Japan 135 159 +24 Production* Total 205 243 +38 FYE 2023 FYE 2024 Variance 1Q Results 1Q Results Cons
Slide 5: Consolidated Unit Sales (by market)
1 st Q u a r t e r ( 3 m o n t h s ) ： Consolidated Unit Sales (by market) (Thousand Units) : FYE 2023 FYE 2024 Variance 1Q Results 1Q Results Passenger cars 16 17 +1 Minicars 4 4 -0 Domestic total 20 21 +1 U.S. 139 163 +24 Canada 11 16 +5 Europe 5 7 +2 Australia 9 15 +6 China 3 2 -1 Others 9 12 +3
Slide 6: Consolidated Profit Results
1 st Q u a r t e r ( 3 m o n t h s ) ： Consolidated Profit Results (100 Million Yen) FYE 2023 FYE 2024 Variance 1Q Results 1Q Results Revenue 8,341 10,821 +2,480 Domestic 1,271 1,410 +139 Overseas 7,070 9,412 +2,341 Operating profit 370 845 +475 Profit before tax 384 1,154 +770 Profit for the period
Slide 7: Analysis of Variance in Operating Profit (Consolidated)
1 st 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) +341 -262 New car sales total： +489 by price & mixture +100 -93 +517 -25 -3 Cost impacts Gain on currency SG&A expenses, exchange R&D expenses Oth
Slide 8: Consolidated Statement of Cash Flows / Cash and cash equivalents
1 st Q u a r t e r ( 3 m o n t h s ) ： Consolidated Statement of Cash Flows / Cash and cash equivalents (100 Million Yen) FYE 2023 FYE 2024 1Q Results 1Q Results Net cash provided by (used in) operating activities 1,323 1,296 Net cash provided by (used in) investing activities -578 -1,406 Free cash
Slide 9: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) FYE 2023 FYE 2024 Variance 1Q Results 1Q Results Capex *1 280 321 +41 Depreciation *1 238 250 +12 R&D expenditures *2 231 280 +49 *1 : Leases, capex & amortization for intangible assets and lease liabilities are not included in the results and forecast ab
Slide 10: Forecast for FYE 2024
Forecast for FYE 2024 https://www.subaru.co.jp/en/ir/ 10
Slide 11: Consolidated Unit Sales / Complete Cars Production
FYE 2024 Plan ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2023 FYE 2024 Variance Results Plan Production in U.S. 299 - - Production in Japan 575 - - Production*1 Total 874 1,010 +136 FYE 2023 FYE 2024 Variance Results Plan Consolidated Unit Sales Total 852 1,010 +158 *1
Slide 12: Consolidated Unit Sales / Complete Cars Production
FYE 2024 Plan ： Consolidated Unit Sales / Complete Cars Production : (Thousand Units) FYE 2023 FYE 2024 Variance Results Plan Passenger cars 81 107 +26 Minicars 19 19 +1 Domestic total 100 126 +27 U.S. 592 664 +73 Canada 43 65 +22 China 10 14 +4 Others 108 141 +33 Overseas total 753 884 +131 Total 8
Slide 13: Consolidated Profit Plan
FYE 2024 Plan ： Consolidated Profit Plan (Yen in 100 millions) FYE 2023 FYE 2024 Variance Results Plan Revenue 37,745 42,000 +4,255 Operating profit 2,675 3,000 +325 Profit before tax 2,784 3,000 +216 Profit for the period attributable to owners of parent 2,004 2,100 +96 SUBARU US$ ¥135 ¥128 -¥7 exc
Slide 14: Analysis of Variance in Operating Profit (Consolidated)
FYE 2024 : 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) +1,520 +60 -655 R&D expenses -310 -267 Loss on currency -23 SG&A expenses, exchange Cost impacts etc. Other Sales volume & mixture, etc. 2,675 3,000 FYE 2023 FYE 2024 Results
Slide 15: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) FYE 2023 FYE 2024 Variance Results Plan Capex *1 1,228 1,800 +572 Depreciation *1 1,030 1,000 -30 R&D expenditures *2 1,078 1,200 +122 *1 : Leases, capex & amortization for intangible assets are not included in the results and forecast above. *2 : Researc
Slide 16: Appendix
Appendix • Segment information by Business & Geographic • Operating Results of Subsidiaries in U.S. • Overseas Revenue • FYE 2023 and FYE 2024 Results (by Quarter) • Consolidated Statement of Financial Position • Complete Cars Production / Retail Sales Units • Non-consolidated Unit Sales https://www
Slide 17: Revenue and Operating Profit by Business Segment (Consolidated)
1 st Q u a r t e r ( 3 m o n t h s ) ： Revenue and Operating Profit by Business Segment (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2023 FYE 2024 FYE 2024 FYE 2023 FYE 2024 FYE 2024 Variance Variance 1Q Results 1Q Results Plan 1Q Results 1Q Results Plan Automobile 8,181 10,620 +2,4
Slide 18: Revenue and Operating Profit by Geographic Area (Consolidated)
1 st Q u a r t e r ( 3 m o n t h s ) ： Revenue and Operating Profit by Geographic Area (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2023 FYE 2024 FYE 2023 FYE 2024 Variance Variance 1Q Results 1Q Results 1Q Results 1Q Results Japan 1,799 2,239 +440 149 419 +269 North America 6,230 8
Slide 19: Overseas Revenue (Consolidated)
1 st Q u a r t e r ( 3 m o n t h s ) ： Overseas Revenue (Consolidated) (100 Million Yen) FYE 2023 FYE 2024 Variance 1Q Results 1Q Results North America 6,301 8,344 +2,043 Europe 188 272 +84 Asia 239 197 -42 Other 343 598 +255 Total 7,070 9,412 +2,341 https://www.subaru.co.jp/en/ir/ 19
Slide 20: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of June Variance 2023 2023 Total assets 39,442 41,084 +1,642 Current assets 24,298 25,524 +1,227 Non-current assets 15,144 15,559 +416 Total liabilities 18,342 18,987 +645 Interest bearing debts 3,126 3,102 -23 Total equit
Slide 21: Non-consolidated Unit Sales
1 st Q u a r t e r ( 3 m o n t h s ) ： Non-consolidated Unit Sales : (Thousand Units) FYE 2023 FYE 2024 Variance 1Q Results 1Q Results Domestic production* 135 159 +24 Domestic sales 20 20 -1 Passenger cars 16 16 -0 Minicars 4 3 -1 Export total 107 131 +24 Components for overseas 70 77 +8 production
Slide 22: Operating Results of Subsidiaries in U.S.
1 st Q u a r t e r ( 3 m o n t h s ) ： Operating Results of Subsidiaries in U.S. （Million US$） FYE 2023 FYE 2024 SOA *1 Variance 1Q Results 1Q Results Net sales 4,484 5,531 +1,047 Operating income 280 286 +6 Net income 174 249 +75 Retail sales (Thousand units) 131 160 +29 FYE 2023 FYE 2024 SIA *2 Va
Slide 23: FYE 2023 and FYE 2024 Results (by Quarter)
FYE 2023 and FYE 2024 Results(by Quarter) (Yen in 100 millions, Units in thousands) FYE 2023 FYE 2024 Results Results 1Q 2Q 3Q 4Q 1Q Consolidated Unit Sales 196 203 237 217 236 Production * 205 220 246 202 243 Revenue 8,341 9,168 10,571 9,665 10,821 Operating profit 370 735 1,032 538 845 Profit for
Slide 24: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units (1,000units） Production Retail Sales 300 280 276 278 273 277 276 271 271 268 270 269 269 269 262 262 262 264 260 264 258 250 261 257 254 254 250 249 253 249 252 246 245 243 241 242 242 240 236 240 237 227 229 228 220 220 212 200 207 205 209 202 204 202 1
Slide 25: 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