Subaru Corporation · TSE:7270

Subaru — H1 FY2009/3 Earnings Presentation

37 slides from Subaru's earnings presentation, Oct 31, 2008

  1. Slide 1: http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/

    2 2008 10 31 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 0

  2. Slide 2: http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/

    http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 1

  3. Slide 3: Sales volume by region

    2008 3 2009 3 2 2 35.0 36.3 +1.2 64.2 57.9 6.3 99.2 94.2 5.1 81.8 82.0 +0.2 8.1 8.6 +0.5 9.8 15.3 +5.5 28.6 34.5 +6.0 19.7 20.7 +1.0 5.3 10.1 +4.9 18.9 17.0 1.9 172.2 188.2 +16.0 271.4 282.4 +11.0 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 2

  4. Slide 4: Consolidated results summary

    2008 3 2009 3 2 2 7,088 7,442 +354 2,457 2,602 +144 4,631 4,840 +210 189 183 6 142 182 +40 78 44 34 120 /$ 105 /$ 14 /$ http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 3

  5. Slide 5: Exchange rates and operating income factors

    38 200 375 US$: 194 194 Euro: 2 CA$: 8 25 189 : FHI: 32 183 SIA: +7 2008 3 2009 3 2 6 2 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 4

  6. Slide 6: Revenue analysis

    : ( ) 2008 3 2009 3 2 2 6,414 6,751 +337 2.8 403 423 +20 0.8 5.7% 218 205 13 53 62 +9 90.7% 7,088 7,442 +354 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 5

  7. Slide 7: Operating income analysis

    : ( ) 2008 3 2009 3 2 2 132 151 +19 1.8% 5.9% 31 21 10 11.4% 2.0% 8 3 11 6 11 +5 13 4 9 189 183 82.5% 6 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 6

  8. Slide 8: Revenue by segment

    2 : ( ) 2008 3 2009 3 2 2 4,102 4,637 +535 3.4% 34.2% 2,739 2,548 190 247 257 +9 62.3% 7,088 7,442 +354 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 7

  9. Slide 9: Segment operating income

    2 : ( ) 2008 3 2009 3 2 2 187 128 60 18.0% 8 33 +42 6 10 +4 69.5% 4 12 +9 189 183 6 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 8

  10. Slide 10: SOA and SIA results

    (million US$) 2007 2008 SOA (1 6 ) $1,934 $1,947 +13 38 22 +16 22 11 +10 ( ) 89.4 93.3 +3.9 2007 2008 SIA (1 6 ) $1,295 $1,233 62 23 43 +20 13 25 +12 ( ) 52.7 51.8 0.9 (2 1 12 ) http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 9

  11. Slide 11: Non-operating and extraordinary items

    2008 3 2009 3 2 2 55 43 12 25 20 5 0 5 +5 102 44 58 21 17 4 47 2 +46 2008 3 2009 3 2 2 ( ) 7 5 12 ( ) 53 +3 +56 46 2 +44 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 10

  12. Slide 12: Cash flow

    ( ) 2008 3 2009 3 2 2 44 22 22 10 2 9 0 7 +7 34 *14 20 28 61 +33 12 21 +9 0 29 +29 16 10 6 0 1 +1 10 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 11

  13. Slide 13: Balance sheet

    2008 3 2008 9 12,964 12,519 445 6,228 6,264 +36 6,736 6,255 480 3,045 2,769 276 4,944 5,009 +65 405 21 +384 38.1 39.9 +1.8 D/E 0.62 0.55 0.06 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 12

  14. Slide 14: Second quarter sales volume

    < > Q 2008 3 2009 3 2Q 2Q 20.6 21.6 +1.0 34.5 29.8 4.6 55.0 51.4 3.6 46.3 45.9 0.4 3.2 4.9 +1.6 6.6 7.4 +0.8 16.6 18.6 +2.1 11.1 10.0 1.1 2.4 5.2 +2.8 10.5 10.9 +0.5 96.7 103.0 +6.3 151.7 154.4 +2.7 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 13

  15. Slide 15: Second quarter results

    < > Q 2008 3 2009 3 2Q 2Q 3,906 4,031 +125 1,334 1,431 +97 2,572 2,600 +28 154 119 35 135 111 24 82 30 52 120 /$ 108 /$ 13 /$ http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 14

  16. Slide 16: Second quarter operating income factors

    < > Q 21 96 140 84 US$: 92 Euro: 2 17 CA$: 6 : 154 FHI: 18 SIA: +1 119 35 2008 3 2009 3 2Q 2Q http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 15

  17. Slide 17: Second quarter revenue and income detail

    < > 2008 3 2009 3 2 2 237.0 267.8 +30.8 105.1 101.0 4.2 39.5 41.2 +1.7 65.6 59.7 5.9 132.5 163.6 +31.2 59.3 49.3 10.0 296.8 313.9 +17.0 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 16

  18. Slide 18: Full-year forecast

    2009 3 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 17

  19. Slide 19: Full-year sales volume forecast

    2008 3 2009 3 78.1 83.4 +5.4 130.6 117.6 13.0 208.7 201.0 7.7 192.8 193.4 +0.7 17.6 18.7 +1.1 22.6 29.2 +6.6 63.4 67.9 +4.5 40.2 39.2 1.0 12.6 27.4 +14.7 38.8 38.9 +0.1 388.0 414.6 +26.7 596.7 615.7 +19.0 1 12 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 18

  20. Slide 20: Full-year earnings forecast

    2008 3 2009 3 15,723 16,000 +277 5,440 5,600 +160 10,284 10,400 +116 457 230 227 454 200 254 185 100 85 116 /$ 103 /$ 13 /$ http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 19

  21. Slide 21: Forecast operating income factors

    20 382 400 172 US$: 334 57 Euro: 35 457 CA$: 31 FHI: 60 230 227 SIA:3 2008 3 2009 3 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 20

  22. Slide 22: SIA and SOA full-year forecast

    (million US$) 2007 2008 SOA(1 12 ) $4,501 $4,512 +11 38 30 8 33 22 11 ( ) 186.1 193.0 +6.9 2007 2008 SIA(1 12 ) $2,597 2,156 442 60 6 54 34 2 32 ( ) 109.2 92.2 17.0 (2 1 12 ) http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 21

  23. Slide 23: Capex and depreciation forecast

    < > ( ) 2009 3 2008 3 2009 3 2009 3 2 563 700 317 620 +57 655 660 312 640 15 520 550 228 500 20 3,045 3,045 2,769 2,800 245 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 22

  24. Slide 24: Forecast revenue breakdown

    < > ( ) 2008 3 2009 3 489.7 546.7 +57.0 219.1 209.0 10.1 86.2 90.7 +4.5 132.9 118.3 14.6 273.7 340.9 +67.2 110.4 87.3 23.1 603.2 637.1 +33.9 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 23

  25. Slide 25: Forecast sales volume by region

    < > 2008 3 2009 3 43.0 47.2 +4.1 66.4 59.7 6.7 109.5 106.9 2.6 111.0 111.4 +0.5 9.5 10.0 +0.6 12.8 13.9 +1.1 34.8 33.4 1.4 20.5 18.5 2.0 7.4 17.2 +9.9 19.9 21.9 +2.0 215.8 226.4 +10.6 325.3 333.3 +8.0 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 24

  26. Slide 26: Forecast earnings summary

    < > 2008 3 2009 3 8,635 8,558 77 2,982 2,998 +16 5,653 5,560 93 268 47 221 313 18 295 106 56 50 111 /$ 100 /$ 11 /$ http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 25

  27. Slide 27: Forecast operating income factors

    < > 22 7 : FHI: 28 SIA: 4 200 268 18 US$: 140 32 Euro: 37 CA$: 23 47 221 2008 3 2009 3 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 26

  28. Slide 28: Comparison with previous forecast

    http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 27

  29. Slide 29: Sales volume vs previous forecast

    < > 2 VS 2009 3 2009 3 2 2 44.2 36.3 7.9 57.8 57.9 +0.1 102.0 94.2 7.8 85.9 82.0 3.9 7.9 8.6 +0.7 14.9 15.3 +0.3 32.8 34.5 +1.8 22.3 20.7 1.6 9.0 10.1 +1.1 15.5 17.0 +1.5 188.4 188.2 0.1 290.3 282.4 7.9 1 6 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 28

  30. Slide 30: Earnings vs previous forecast

    < > 2 Q VS 2009 3 2009 3 2009 3 1Q 2 2 2 1Q 7,400 7,400 7,442 +42 +42 - 2,700 2,602 - 98 - 4,700 4,840 - +140 10 80 183 +173 +103 5 60 182 +177 +122 0 0 44 +44 +44 100 /$ 103 /$ 105 /$ +5 /$ +2 /$ http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 29

  31. Slide 31: Operating income factors vs previous forecast

    < > 2 VS US$:84 Euro:11 CA$: 2 16 9 22 51 FHI: 9 183 93 10 173 2009 3 2009 3 2 2 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 30

  32. Slide 32: Operating income factors vs previous forecast

    < > 2 1Q VS 16 22 31 FHI: 9 43 183 80 US$:41 Euro:3 CA$: 1 2009 3 +103 2009 3 2 2 1Q http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 31

  33. Slide 33: Full-year sales volume vs previous forecast

    < > VS 2009 3 2009 3 98.1 83.4 14.7 114.6 117.6 +3.0 212.6 201.0 11.6 204.6 193.4 11.1 18.0 18.7 +0.7 31.7 29.2 2.4 70.1 67.9 2.1 46.2 39.2 7.0 16.4 27.4 +10.9 36.5 38.9 +2.4 423.3 414.6 8.7 636.0 615.7 20.3 1 12 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 32

  34. Slide 34: Full-year earnings vs previous forecast

    < > VS 2009 3 2009 3 16,000 16,000 0 5,600 5,600 0 10,400 10,400 0 230 230 0 200 200 0 100 100 0 *100 /$ 103 /$ +3 /$ * 1Q 100 / 102 / http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 33

  35. Slide 35: Full-year operating income factors

    < > VS 16 50 92 34 60 : US$:99 EUR: 20 CA$: 19 230 230 2009 3 2009 3 http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 34

  36. Slide 36: Full-year operating income factors

    < >1Q VS 10 36 92 14 60 US$:56 EUR: 28 CA$: 18 : 230 230 2009 3 2009 3 1Q http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 35

  37. Slide 37: http://www.fhi.co.jp/ir/ 36

    http://www.fhi.co.jp/fina/english/ http://www.fhi.co.jp/ir/ 36

Subaru — H1 FY2009/3 Earnings Presentation on 6ix