Subaru Corporation · TSE:7270
Subaru — Fuji Heavy Industries — FY2012 Earnings Presentation
40 slides from Subaru's earnings presentation, May 8, 2012
Slide 1: Presentation of business results for the term ended March 2012
Presentation of business results for the term ended March 2012 Fuji Heavy Industries Ltd. May 8, 2012 http://www.fhi.co.jp/english/ir/index.html 0
Slide 2: A Summary of Business Results
A Summary of Business Results http://www.fhi.co.jp/english/ir/index.html 1
Slide 3: Full Year: Consolidated Automobile Sales
Full Year : Consolidated Automobile Sales （Thousand Units） Actual Results Actual Results Increase FYE March 2011 FYE March 2012 /Decrease Passenger Car 68.1 80.2 +12.0 Minicar 90.0 92.2 +2.2 Domestic Total 158.1 172.3 +14.2 U.S. 279.0 280.4 +1.4 Canada 28.1 28.2 +0.2 Russia 11.3 15.9 +4.5 Europe 48.
Slide 4: Consolidated Statements of Income
Full Year : Consolidated Statements of Income （100 million yen） Actual Results Actual Results Increase FYE March 2011 FYE March 2012 /Decrease Net Sales 15,806 15,171 -635 Domestic 4,673 4,985 +311 Overseas 11,132 10,186 -946 Operating Income 841 440 -402 Ordinary Income 822 373 -449 Income Before I
Slide 5: Analysis of Increase and Decrease in Operating Income Changes (consolidated)
Full Year : Analysis of Increase and Decrease in Operating Income Changes (consolidated) （100 million yen） Loss on US$ : -414 currency Euro: -20 exchange CA$ : -24 Currency 80 12 exchange Adjustment: +38 Decrease Improvement of sales of SG&A volume & -420 Increase of FHI: -15 expenses mixture and SI
Slide 6: Net Sales by Business Segment (consolidated)
Full Year : Net Sales by Business Segment (consolidated) （100 million yen） Actual Results Actual Results Increase FYE March FYE March Percentage of /Decrease 2011 2012 Total Sales 14,522 13,891 Industrial Aerospace Products 2.2% Automobile -631 5.3% Other 0.9% Aerospace 828 803 -26 Industrial Produc
Slide 7: Operating Income by Business Segment (consolidated)
Full Year : Operating Income by Business Segment (consolidated) （100 million yen） Actual Actual Percentage of Results Results Increase Operating Income FYE March FYE March /Decrease Industrial Other 2011 2012 Products 2.3% Aerospace Eliminate 804 394 1.1% 6.6% and Corporate Automobile -410 0.4% Aero
Slide 8: Net Sales by Geographic Area (consolidated)
Full Year : Net Sales by Geographic Area (consolidated) <Appendix> （100 million yen） Actual Results Actual Results Increase FYE March FYE March /Decrease 2011 2012 Percentage of Total Sales Japan 8,426 8,006 -421 Other 3.6% North America 6,803 6,613 -190 Other 577 553 -24 North Japan America 52.8% 1
Slide 9: Operating Income by Geographic Area (consolidated)
Full Year : Operating Income by Geographic Area (consolidated) <Appendix> （100 million yen） Actual Results Actual Results Increase FYE March FYE March /Decrease 2011 2012 Percentage of Operating Income Japan 654 189 -465 North Eliminate Other and Corporate America 231 231 +1 2.1% 2.2% Other 5 9 +4 E
Slide 10: Overseas Net Sales
Full Year : Overseas Net Sales <Appendix> （100 million yen） Actual Results Actual Results Increase FYE March FYE March /Decrease 2011 2012 Percentage of North Total Sales America 7,258 7,104 -153 Asia Other 9.7% 9.5% Europe 1,263 1,128 -135 Asia 1,389 967 -421 Europe North 11.1% America 69.7% Other
Slide 11: Operating Results of Subsidiaries in U.S.
Operating Results of Subsidiaries in U.S. （million US$） Actual Results Actual Results Increase SOA FYE March 2011 FYE March 2012 /Decrease Net Sales 6,758 6,923 165 Operating Income 116 105 -11 Net Income 83 74 -9 Retail Sales 272.5 279.2 6.7 (Thousand units) Actual Results Actual Results Increase S
Slide 12: Non-Operating Income and Expenses
Non-Operating Income and Expenses （100 million yen） Actual Results Actual Results Increase FYE March 2011 FYE March 2012 /Decrease Non-Operating Income 74 69 -5 Interest and dividends income 19 21 +1 Equity in earnings of affiliates 26 8 -18 Non-Operating Expenses 93 136 +43 Interest expenses 45 38
Slide 13: Extraordinary Income and Loss
Extraordinary Income and Loss （100 million yen） Actual Results Actual Results Increase FYE March 2011 FYE March 2012 /Decrease Extraordinary Income 28 330 +302 Gain on sales noncurrent assets 9 287 +278 Other 20 44 +24 Extraordinary Loss 219 174 -44 Loss on sales and retirement of noncurrent assets
Slide 14: Consolidated Balance Sheets
Consolidated Balance Sheets （100 million yen） As of As of Increase March 31, 2011 March 31, 2012 /Decrease Total Assets 11,883 13,525 +1,642 Current Assets 6,103 7,625 +1,522 Noncurrent Assets 5,780 5,900 +120 Interest Bearing 3,306 3,410 +104 Debts Net Assets 4,140 4,516 +376 Retained Earnings 1,56
Slide 15: Consolidated Statements of Cash Flows
Full Year : Consolidated Statements of Cash Flows （100 million yen） Actual Results Actual Results Increase FYE March 2011 FYE March 2012 /Decrease Net Cash Provided by (used in) Operating Activities 1,382 549 -833 Net Cash Provided by (used in ) Investing Activities -511 -266 +245 Free Cash Flows 87
Slide 16: Net Sales and Operating Income
Net Sales and Operating Income <Appendix> Operating Net Sales Income (100 million yen) （100 million yen) 400 4,877 5,000 347 300 4,166 4,337 4,059 3,765 3,703 4,000 3,642 3,546 235 3,706 3,744 200 226 153 161 3,004 161 3,000 100 2,713 107 107 91 82 81 ¥98/$ 2,000 0 ¥95/$ ¥90/$ ¥90/$ ¥92/$ ¥88/$ ¥83/
Slide 17: Retail Sales & Complete Cars Production
Retail Sales & Complete Cars Production <Appendix> Units （1000 units) Retail Sales Production 200 196 196 191 180 174 158 160 161164 160 162 161156 164 162 160 158 148 147 150 138 138 136 140 132 130 120 111 98 95 100 80 60 40 20 0 2009 2010 2011 2012 Jan.– Apr.- Jul.- Oct.- Jan.– Apr.- Jul.- Oct.-
Slide 18: Free Cash Flows & Shareholders' Equity to Total Assets
Free Cash Flows & Shareholders’ Equity to Total Assets <Appendix> FCF in bar graph Shareholders’ Equity to （100 million yen) Total Assets in line graph Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. 2009 2010 2011 2012 40.0% 1,150 1,141 35.4% 34.7% 34.2% 33.6% 35.0% 33.3% 850 34.7% 31.4
Slide 19: Interest Bearing Debts & D/E Ratio
Interest Bearing Debts & D/E Ratio <Appendix> Interest Bearing Debts (100 million yen) D/E ratio 4,035 3,965 4,000 3,832 3,826 3,866 3,676 3,688 1.4 3,473 3,410 3,500 3,367 3,306 3,179 1.2 3,000 1.07 1.04 1 1.01 2,500 0.97 0.91 0.89 0.8 0.89 0.85 2,000 0.82 0.76 0.80 0.76 0.6 1,500 0.4 1,000 500 0.2
Slide 20: Non-Consolidated Automobile Sales
Full Year : Non-Consolidated Automobile Sales <Appendix> （Thousand Units） Actual Results Actual Results Increase FYE March 2011 FYE March 2012 /Decrease Domestic Production 458.8 468.0 +9.2 Domestic Sales 163.4 180.0 +16.6 Passenger Car 70.7 83.6 +12.9 Minicar 92.8 96.5 +3.7 Number of Vehicles expor
Slide 21: 4Q: Consolidated Automobile Sales
4Q : Consolidated Automobile Sales <Appendix> （Thousand Units） Actual Results Actual Results Increase 4Q 4Q /Decrease FYE March 2011 FYE March 2012 Passenger Car 18.4 28.3 +9.9 Minicar 21.5 30.3 +8.7 Domestic Total 39.9 58.6 +18.6 U.S. 75.1 91.7 +16.7 Canada 5.1 9.5 +4.3 Russia 4.0 4.8 +0.8 Europe 1
Slide 22: 4Q: Consolidated Statements of Income
4Q : Consolidated Statements of Income <Appendix> （100 million yen） Actual Results Actual Results Increase 4Q 4Q /Decrease FYE March 2011 FYE March 2012 Net Sales 4,059 4,877 +818 Domestic 1,175 1,610 +435 Overseas 2,884 3,267 +383 Operating Income 107 161 +55 Ordinary Income 74 86 +11 Income/Loss B
Slide 23: 4Q: Analysis of Increase and Decrease in Operating Income Changes
4Q : Analysis of Increase and Decrease in Operating Income Changes <Appendix> （100 million yen） Increase of Improvement SG&A Increase of of sales fixed cost and Reduction expenses volume & SG&A expenses mixture and in cost and others others 23 Loss on -86 currency FHI: +22 exchange Increase of SIA:
Slide 24: Outlook for the term Ending March 2013
Outlook for the term Ending March 2013 http://www.fhi.co.jp/english/ir/index.html 23
Slide 25: Consolidated Automobile Sales Plan
Full Year : Consolidated Automobile Sales Plan （Thousand Units） Actual Results Plan Increase FYE March 2012 FYE March 2013 /Decrease Passenger Car 80.2 94.9 +14.7 Minicar 92.2 50.5 -41.6 Domestic Total 172.3 145.4 -26.9 U.S. 280.4 324.0 +43.7 Canada 28.2 31.7 +3.5 Russia 15.9 23.3 +7.5 Europe 39.1 5
Slide 26: Consolidated Operating Plan
Full Year : Consolidated Operating Plan （100 million yen） Actual Results Plan Increase FYE March 2012 FYE March 2013 /Decrease Net Sales 15,171 18,600 +3,429 Domestic 4,985 6,278 +1,293 Overseas 10,186 12,322 +2,136 Operating Income 440 670 +230 Ordinary Income 373 630 +257 Income Before Income Taxe
Slide 27: Analysis of Increase and Decrease in Operating Income Changes
Full Year : Analysis of Increase and Decrease in Operating Income Changes (consolidated) （100 million yen） FHI : +190 Increase of SIA : +21 Gain on SG&A Increase of currency expenses fixed cost and Reduction SG&A expenses Improvement in cost exchanges and others Decrease of of sales warranty claims,
Slide 28: Operating Plans of Subsidiaries in U.S.
Operating Plans of Subsidiaries in U.S. （million US$） Actual Results Actual Results Increase SOA FYE March 2012 FYE March 2013 /Decrease Net Sales 6,923 7,903 980 Operating Income 105 105 0 Net Income 74 67 -7 Retail Sales 279.2 320.0 40.8 (Thousand units) Actual Results Actual Results Increase SIA
Slide 29: Capex / Depreciation / R&D
Capex / Depreciation / R&D <Appendix> （100 million yen） Increase Actual Results Actual Results Plan /Decrease FYE 2011 FYE 2012(a) FYE 2013 (b) (b)-(a) Capex 431 543 720 +177 Depreciation 498 537 600 +63 R&D 429 481 530 +49 Interest Bearing Debt 3,306 3,410 3,300 -110 http://www.fhi.co.jp/english/ir
Slide 30: 1st Half: Consolidated Automobile Sales Plan
1st Half : Consolidated Automobile Sales Plan （Thousand Units） Actual Results Plan Increase 1st Half 1st Half /Decrease FYE March 2012 FYE March 2013 Passenger Car 35.9 47.4 +11.5 Minicar 36.7 27.8 -8.9 Domestic Total 72.6 75.2 +2.6 U.S. 113.5 164.6 +51.1 Canada 14.7 15.1 +0.4 Russia 5.6 12.5 +7.0 E
Slide 31: 1st Half: Consolidated Operating Plan
1st Half : Consolidated Operating Plan （100 million yen） Actual Results Plan Increase 1st Half 1st Half /Decrease FYE March 2012 FYE March 2013 Net Sales 6,550 9,100 +2,550 Domestic 2,245 3,129 +884 Overseas 4,305 5,971 +1,666 Operating Income 188 320 +132 Ordinary Income 216 300 +84 Income Before I
Slide 32: 1st Half: Analysis of Increase and Decrease in Operating Income Changes
1st Half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> Increase of （100 million yen） SG&A Reduction expenses Improvement in cost and others of sales volume and mixture, etc. 128 US$ : -12 Euro : -18 CA$ : -6 -403 Currency exchange adjustment : +7 FHI : +11
Slide 33: 2nd Half: Consolidated Automobile Sales Plan
2nd Half : Consolidated Automobile Sales Plan （Thousand Units） Actual Results Plan Increase 2nd Half 2nd Half /Decrease FYE March 2012 FYE March 2013 Passenger Car 44.3 47.5 +3.2 Minicar 55.5 22.7 -32.7 Domestic Total 99.8 70.2 -29.5 U.S. 166.8 159.4 -7.4 Canada 13.6 16.6 +3.1 Russia 10.3 10.8 +0.5
Slide 34: 2nd Half: Consolidated Operating Plan
2nd Half : Consolidated Operating Plan （100 million yen） Actual Results Plan Increase 2nd Half 2nd Half /Decrease FYE March 2012 FYE March 2013 Net Sales 8,621 9,500 +879 Domestic 2,740 3,149 +409 Overseas 5,881 6,351 +470 Operating Income 252 350 +98 Ordinary Income 157 330 +173 Income Before Incom
Slide 35: 2nd Half: Analysis of Increase and Decrease in Operating Income Changes
2nd Half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> Improvement Increase of （100 million yen） US$ : +90 of sales SG&A Gain on volume and expenses Euro : +3 CA$ : +8 Currency exchange currency mixture, etc. and others exchanges Decrease of -74 adjustment
Slide 36: Difference from Previous Outlook
<Appendix> Difference from Previous Outlook http://www.fhi.co.jp/english/ir/index.html 35
Slide 37: Consolidated Automobile Sales Plan (Feb. 2012) vs. Actual Results
Full Year : Consolidated Automobile Sales Plan (Feb. 2012) vs. Actual Results <Appendix> （Thousand Units） Plan Actual Results Increase FYE March 2012 FYE March 2012 /Decrease (Feb. 2012) Passenger Car 74.1 80.2 +6.1 Minicar 92.9 92.2 -0.7 Domestic Total 167.0 172.3 +5.3 U.S. 280.6 280.4 -0.2 Canada
Slide 38: Consolidated Statements of Income Plan (Feb. 2012) vs. Actual Results
Full Year : Consolidated Statements of Income Plan (Feb. 2012) vs. Actual Results <Appendix> （100 million yen） Plan Actual Results Increase FYE March 2012 FYE March 2012 /Decrease (Feb. 2012) Net Sales 15,000 15,171 +171 Domestic 4,750 4,985 +235 Overseas 10,250 10,186 -64 Operating Income 380 440 +
Slide 39: Analysis of Operating Income Changes Plan vs. Actual Results
Full Year : Analysis of Increase and Decrease in Operating Income Changes Plan (Feb, 2012) vs. Actual Results <Appendix> （100 million yen） Increase Gain on of SG&A Improvement currency expenses of sales volume & Reduction exchange and others Increase in cost of R&D -72 expenses mixture and others 31
Slide 40: Thank you !
Thank you ! http://www.fhi.co.jp/english/ir/index.html 39