Subaru Corporation · TSE:7270
Subaru — H1 FYE2021 Earnings Presentation
34 slides from Subaru's earnings presentation, Nov 4, 2020
Slide 1: Consolidated Financial Results for the 1st Half of FYE 2021
Consolidated Financial Results for the 1st Half of FYE 2021 SUBARU CORPORATION Tomomi Nakamura Representative Director, President and CEO November 4th, 2020 https://www.subaru.co.jp/en/ir/ 1
Slide 2: 1st Half: Consolidated Profit Results
1st Half : Consolidated Profit Results Yen in 100 millions, Units in thousands Results Results Variance 1st Half FYE 2020 1st Half FYE 2021 Consolidated unit sales 503.8 363.3 -140.5 Revenue 16,057 12,184 -3,873 Operating profit 948 306 -642 Profit for the period attributable to owners of parent 683
Slide 3: Revised Plan FYE 2021: Consolidated Profit Plan
Revised Plan FYE 2021 : Consolidated Profit Plan Yen in 100 millions, Units in thousands Previous Plan Results Revised Plan FYE 2021 Variance Variance FYE 2020 FYE 2021 (as of Aug. 4th) (c)-(a) (c)-(b) (a) (c) (b) Consolidated unit sales 1,033.9 900.0 910.6 -123.2 +10.6 Revenue 33,441 29,000 29,500
Slide 4: 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 5: Consolidated Financial Results for the 1st Half of FYE 2021
Consolidated Financial Results for the 1st Half of FYE 2021 SUBARU CORPORATION Toshiaki Okada Corporate Executive Vice President & CFO November 4th, 2020 https://www.subaru.co.jp/en/ir/ 5
Slide 6: Consolidated Financial Results for the 1st Half of FYE 2021
Consolidated Financial Results for the 1st Half of FYE 2021 https://www.subaru.co.jp/en/ir/ 6
Slide 7: Consolidated Unit Sales (by market)
1st Half : Consolidated Unit Sales （by market) （Thousand Units） Results Results Variance 1st Half FYE 2020 1st Half FYE 2021 Passenger cars 55.1 32.7 -22.5 Minicars 12.8 9.9 -3.0 Domestic total 68.0 42.5 -25.5 U.S. 336.3 260.9 -75.5 Canada 27.7 23.3 -4.4 Russia 4.6 1.2 -3.5 Europe 12.3 5.7 -6.7 Aust
Slide 8: Consolidated Unit Sales / Complete Cars Production
1st Half : Consolidated Unit Sales / Complete Cars Production （Thousand Units） Results Results Variance 1st Half FYE 2020 1st Half FYE 2021 Consolidated Unit 503.8 363.3 -140.5 Sales Total （Thousand Units） Results Results Variance 1st Half FYE 2020 1st Half FYE 2021 Production in U.S. 172.2 133.1 -3
Slide 9: Consolidated Profit Results
1st Half: Consolidated Profit Results (100 Million Yen) Results Results Variance 1st Half FYE 2020 1st Half FYE 2021 Revenue 16,057 12,184 -3,873 Domestic 2,975 2,102 -873 Overseas 13,082 10,082 -3,000 Operating profit 948 306 -642 Profit before tax 931 361 -570 Profit for the period attributable to
Slide 10: Analysis of Variance in Operating Profit (Consolidated)
1st Half : Analysis of Variance in Operating Profit (Consolidated) SG&A expenses (100 Million Yen) and others +784 Other Sales volume +23 R&D Cost & mixture Loss on expenses reduction and others currency -1,149 -127 and others exchange -106 -67 Results Results Operating Profit Operating Profit 1st H
Slide 11: Consolidated Statement of Cash Flows / Cash and cash equivalents
1st Half : Consolidated Statement of Cash Flows / Cash and cash equivalents (100 Million Yen) Results Results 1st Half FYE 2020 1st Half FYE 2021 Net cash provided by (used in) 792 684 operating activities Net cash provided by (used in) 226 -862 investing activities Free cash flows 1,018 -178 Net ca
Slide 12: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) Results Results Variance 1st Half FYE 2020 1st Half FYE 2021 Capex (*1) 732 334 -398 Depreciation (*1) 457 471 +14 R&D expenditures (*2) 548 506 -42 *1 : Leases, capex & amortization for intangible assets are not included in the results above. *2 : Resear
Slide 13: Forecast for FYE 2021
Forecast for FYE 2021 https://www.subaru.co.jp/en/ir/ 13
Slide 14: Consolidated Unit Sales (by market)
Revised Plan FYE 2021 : Consolidated Unit Sales (by market) （Thousand Units） Results Revised Plan Variance FYE 2020 FYE 2021 Passenger cars 101.9 95.3 -6.6 Minicars 23.9 22.1 -1.8 Domestic total 125.8 117.4 -8.4 U.S. 701.6 635.7 -65.9 Canada 60.4 51.4 -9.0 Russia 8.7 4.7 -3.9 Europe 37.0 18.4 -18.6
Slide 15: Consolidated Unit Sales / Complete Cars Production
Revised Plan FYE 2021 : Consolidated Unit Sales / Complete Cars Production （Thousand Units） Previous Plan Results Revised Plan FYE 2021 Variance Variance FYE 2020 FYE 2021 (as of Aug. 4th) (c)-(a) (c)-(b) (a) (c) (b) Consolidated Unit 1,033.9 900.0 910.6 -123.2 +10.6 Sales Total （Thousand Units） Pre
Slide 16: Consolidated Profit Plan
Revised Plan FYE 2021 : Consolidated Profit Plan (100 Million Yen) Previous Plan Results Revised Plan FYE 2021 Variance Variance FYE 2020 FYE 2021 (as of Aug. 4th) (c)-(a) (c)-(b) (a) (c) (b) Revenue 33,441 29,000 29,500 -3,941 +500 Domestic 5,727 - 5,397 -330 - Overseas 27,714 - 24,103 -3,611 - Ope
Slide 17: Analysis of Variance in Operating Profit (Consolidated)
Revised Plan FYE 2021 : Analysis of Variance in Operating Profit (Consolidated) SG&A expenses (100 Million Yen) and others +404 Other Sales volume & mixture +13 Loss on and others R&D Cost currency -929 exchange expenses reduction -272 -137 and others -82 Results Revised Plan Operating Profit -1,003
Slide 18: Analysis of Variance in Operating Profit: Previous vs Revised Plan
Previous Plan FYE 2021 (as of August 4th) vs. Revised Plan : Analysis of Variance in Operating Profit (Consolidated) Gain on (100 Million Yen) currency R&D Sales volume exchange expenses & mixture +13 and others +78 +371 Warranty expenses -51 Other -111 Previous Plan Revised Plan Operating Profit Op
Slide 19: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) Previous Plan Results Revised Plan FYE 2021 Variance Variance FYE 2020 FYE 2021 (as of Aug. 4th) (c)-(a) (c)-(b) (a) (c) (b) Capex (*1) 1,260 1,000 1,000 -260 ±0 Depreciation (*1) 961 1,000 1,000 +39 ±0 R&D expenditures (*2) 1,187 1,000 1,000 -187 ±0 *1 :
Slide 20: Appendix (1)
Appendix (1) • Segment information by Business & Geographic (1st Half) • Overseas Revenue (1st Half) • Consolidated Statement of Financial Position • Non-consolidated Unit Sales (1st Half) • Operating Results of Subsidiaries in U.S. (1st Half) • Consolidated Financial Results for 2nd Quarter (3 mont
Slide 21: Revenue and Operating Profit by Business Segment
1st Half : Revenue and Operating Profit by Business Segment (Consolidated) (100 Million Yen) Revenue Operating profit Results Results Results Results 1st Half 1st Half Variance 1st Half 1st Half Variance FYE 2020 FYE 2021 FYE 2020 FYE 2021 Automobile 15,303 11,688 -3,615 874 316 -558 Aerospace 710 4
Slide 22: Revenue and Operating Profit by Geographic Area
1st Half : Revenue and Operating Profit by Geographic Area (Consolidated) (100 Million Yen) Revenue Operating profit Results Results Results Results 1st Half 1st Half Variance 1st Half 1st Half Variance FYE 2020 FYE 2021 FYE 2020 FYE 2021 Japan 4,545 2,788 -1,757 439 -192 -630 North America 10,833 8
Slide 23: Overseas Revenue (Consolidated)
1st Half : Overseas Revenue (Consolidated) (100 Million Yen) Results Results Variance 1st Half FYE 2020 1st Half FYE 2021 North America 11,350 9,088 -2,261 Europe 421 209 -212 Asia 558 470 -88 Other 753 314 -439 Total 13,082 10,082 -3,000 https://www.subaru.co.jp/en/ir/ 23
Slide 24: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of September Variance 2020 2020 Total assets 32,939 32,880 -60 Current assets 19,788 19,852 +65 Non-current assets 13,151 13,027 -124 Total liabilities 15,738 15,768 +30 Interest bearing debts 2,392 3,353 +961 Total equity
Slide 25: Non-consolidated Unit Sales
1st Half : Non-consolidated Unit Sales （Thousand Units） Results Results Variance 1st Half FYE 2020 1st Half FYE 2021 Domestic production 325.8 220.9 -104.9 Domestic sales 68.0 40.9 -27.1 Passenger cars 53.9 30.7 -23.2 Minicars 14.1 10.2 -3.9 Number of exported vehicles 266.1 188.7 -77.4 Components f
Slide 26: Operating Results of Subsidiaries in U.S.
1st Half : Operating Results of Subsidiaries in U.S. （Million US$） Results Results SOA 1st Half FYE 2020 1st Half FYE 2021 Variance Net sales 9,391 8,079 -1,312 Operating income 382 424 +42 Net income 304 377 +73 Retail sales 367.5 305.1 -62.4 (Thousand units) Results Results SIA 1st Half FYE 2020 1
Slide 27: 2nd Quarter: Consolidated Unit Sales (by market)
2nd Quarter (3 months) : Consolidated Unit Sales （by market) （Thousand Units） Results Results nd nd 2 Quarter (3 months) 2 Quarter (3 months) Variance FYE 2020 FYE 2021 Passenger cars 27.7 18.4 -9.3 Minicars 7.0 5.6 -1.4 Domestic total 34.7 24.0 -10.7 U.S. 157.0 169.8 +12.8 Canada 12.1 17.0 +4.9 Rus
Slide 28: 2nd Quarter: Consolidated Profit Results
2nd Quarter (3 months) : Consolidated Profit Results (100 Million Yen) Results Results 2nd Quarter (3 months) 2nd Quarter (3 months) Variance FYE 2020 FYE 2021 Revenue 7,723 7,614 -109 Domestic 1,553 1,156 -397 Overseas 6,170 6,458 +288 Operating profit 26 463 +436 Profit before tax 38 468 +431 Prof
Slide 29: 2nd Quarter: Analysis of Variance in Operating Profit
2nd Quarter (3 months) : Analysis of Variance in Operating Profit (Consolidated) SG&A expenses R&D (100 Million Yen) and others expenses +695 +12 Other Sales volume +33 & mixture Loss on and others currency Cost -134 exchange reduction -90 and others -79 Results Results Operating Profit +436 Operati
Slide 30: Plan for 2nd Half: Consolidated Unit Sales (by market)
Plan for 2nd Half: Consolidated Unit Sales （by market) （Thousand Units） Results Plan Variance 2nd Half FYE 2020 2nd Half FYE 2021 Passenger cars 46.8 62.6 +15.8 Minicars 11.0 12.2 +1.2 Domestic total 57.8 74.8 +17.0 U.S. 365.3 374.8 +9.5 Canada 32.7 28.1 -4.6 Russia 4.0 3.5 -0.5 Europe 24.6 12.7 -11
Slide 31: Plan for 2nd Half: Consolidated Profit
Plan for 2nd Half: Consolidated Profit (100 Million Yen) Results Plan Variance 2nd Half FYE 2020 2nd Half FYE 2021 Revenue 17,384 17,316 -68 Domestic 2,752 3,294 +543 Overseas 14,633 14,022 -611 Operating profit 1,155 794 -361 Profit before tax 1,146 809 -337 Profit for the period attributable to ow
Slide 32: Plan for 2nd Half: Analysis of Variance in Operating Profit
Plan for 2nd Half: Analysis of Variance in Operating Profit (Consolidated) Sales volume Cost & mixture reduction (100 Million Yen) and others and others +220 +24 SG&A expenses and others Loss on R&D currency expenses Other -380 exchange -10 -10 -205 Results Plan Operating Profit Operating Profit 2nd
Slide 33: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units (1,000uni ts ） Production Retail Sales 300 280 276 276 278 277 273269 270 271269 269 271 264 268 264 262 262 262 258 261 257 253 253 252 250 254 244 248 249 245242 249 250 242 241 242 240 237 233 231 237 236 229 227 204 200 182 150 100 92 50 0 Jan- Apr-
Slide 34: 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