Subaru Corporation · TSE:7270
Subaru — Q3 FYE2021 Earnings Presentation
34 slides from Subaru's earnings presentation, Feb 5, 2021
Slide 1: Consolidated Financial Results for the 3rd Quarter of FYE 2021
Consolidated Financial Results for the 3rd Quarter of FYE 2021 SUBARU CORPORATION Toshiaki Okada Corporate Executive Vice President & CFO February 5th, 2021 https://www.subaru.co.jp/en/ir/ 1
Slide 2: Summary
Summary Yen in 100 millions, Units in thousands Results Plan Previous Plan 3rd Quarter 3rd Quarter Results Revised Plan FYE 2021 Variance Variance (9 months) (9 months) Variance FYE 2020 FYE 2021 (as of Nov. 4th) (c)-(a) (c)-(b) FYE 2020 FYE 2021 (a) (c) (b) Consolidated Unit Sales 771.0 631.1 -139.
Slide 3: Consolidated Financial Results for the 3rd Quarter (9 months) of FYE 2021
Consolidated Financial Results for the 3rd Quarter (9 months) of FYE 2021 https://www.subaru.co.jp/en/ir/ 3
Slide 4: Consolidated Unit Sales (by market)
3rd Quarter (9 months) : Consolidated Unit Sales (by market) （Thousand Units） Results Results Variance 3rd Quarter FYE 2020 3rd Quarter FYE 2021 Passenger cars 76.3 55.1 -21.2 Minicars 18.4 14.6 -3.9 Domestic total 94.7 69.6 -25.1 U.S. 520.0 456.7 -63.3 Canada 45.1 38.5 -6.6 Russia 7.2 2.8 -4.4 Euro
Slide 5: Consolidated Unit Sales / Complete Cars Production
3rd Quarter (9 months) : Consolidated Unit Sales / Complete Cars Production （Thousand Units） Results Results Variance 3rd Quarter FYE 2020 3rd Quarter FYE 2021 Consolidated Unit 771.0 631.1 -139.9 Sales Total （Thousand Units） Results Results Variance 3rd Quarter FYE 2020 3rd Quarter FYE 2021 Product
Slide 6: Consolidated Profit Results
3rd Quarter (9 months) : Consolidated Profit Results (100 Million Yen) Results Results Variance 3rd Quarter FYE 2020 3rd Quarter FYE 2021 Revenue 24,846 20,748 -4,097 Domestic 4,242 3,426 -816 Overseas 20,604 17,323 -3,281 Operating profit 1,527 983 -544 Profit before tax 1,532 1,057 -475 Profit for
Slide 7: Analysis of Variance in Operating Profit (Consolidated)
3rd Quarter (9 months) : Analysis of Variance in Operating Profit (Consolidated) SG&A expenses (100 Million Yen) and others +1,019 Other Sales volume Loss on +12 & mixture Cost currency R&D and others reduction exchange expenses -1,160 -166 and others -132 -117 Results Results Operating Profit Opera
Slide 8: Consolidated Statement of Cash Flows / Cash and cash equivalents
3rd Quarter (9 months) : Consolidated Statement of Cash Flows / Cash and cash equivalents (100 Million Yen) Results Results rd rd 3 Quarter FYE 2020 3 Quarter FYE 2021 Net cash provided by (used in) 1,292 1,806 operating activities Net cash provided by (used in) 18 -2,197 investing activities Free c
Slide 9: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) Results Results Variance 3rd Quarter FYE 2020 3rd Quarter FYE 2021 Capex (*1) 955 525 -430 Depreciation (*1) 707 710 +3 R&D expenditures (*2) 849 747 -102 *1 : Leases, capex & amortization for intangible assets are not included in the results above. *2 :
Slide 10: Forecast for FYE 2021
Forecast for FYE 2021 https://www.subaru.co.jp/en/ir/ 10
Slide 11: 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 Nov. 4th) (c)-(a) (c)-(b) (a) (c) (b) Consolidated Unit 1,033.9 910.6 867.9 -166.0 -42.7 Sales Total （Thousand Units） Pre
Slide 12: Consolidated Unit Sales (by market)
Revised Plan FYE 2021 : Consolidated Unit Sales (by market) （Thousand Units） Previous Plan Results Revised Plan FYE 2021 Variance Variance FYE 2020 FYE 2021 (as of Nov. 4th) (c)-(a) (c)-(b) (a) (c) (b) Passenger cars 101.9 95.3 85.5 -16.4 -9.8 Minicars 23.9 22.1 20.7 -3.2 -1.4 Domestic total 125.8 1
Slide 13: 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 Nov. 4th) (c)-(a) (c)-(b) (a) (c) (b) Revenue 33,441 29,500 28,500 -4,941 -1,000 Domestic 5,727 5,397 5,115 -612 -282 Overseas 27,714 24,103 23,38
Slide 14: Analysis of Variance in Operating Profit (Consolidated)
Revised Plan FYE 2021 : Analysis of Variance in Operating Profit (Consolidated) SG&A expenses and others (100 Million Yen) +529 Sales volume Other & mixture Loss on +32 and others currency R&D expenses Cost -1,105 exchange reduction -289 -138 and others -132 Results Revised Plan Operating Profit -1,
Slide 15: Analysis of Variance in Operating Profit (Consolidated)
Previous Plan FYE 2021 (as of November 4th) vs. Revised Plan : Analysis of Variance in Operating Profit (Consolidated) SG&A expenses (100 Million Yen) and others +125 Other +19 Sales volume Cost Loss on & mixture R&D reduction currency and others expenses and others exchange -176 -50 -1 -17 Previous
Slide 16: 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 Nov. 4th) (c)-(a) (c)-(b) (a) (c) (b) Capex (*1) 1,260 1,000 900 -360 -100 Depreciation (*1) 961 1,000 1,000 +39 ±0 R&D expenditures (*2) 1,187 1,000 1,000 -187 ±0 *1 :
Slide 17: Appendix (1)
Appendix (1) • Segment information by Business & Geographic (3rd Quarter) • Overseas Revenue (3rd Quarter) • Consolidated Statement of Financial Position • Non-consolidated Unit Sales (3rd Quarter) • Operating Results of Subsidiaries in U.S. (3rd Quarter) • Consolidated Financial Results for 3rd Qua
Slide 18: Revenue and Operating Profit by Business Segment (Consolidated)
3rd Quarter (9 months) : Revenue and Operating Profit by Business Segment (Consolidated) (100 Million Yen) Revenue Operating profit Results Results Results Results rd rd rd rd 3 Quarter 3 Quarter Variance 3 Quarter 3 Quarter Variance FYE 2020 FYE 2021 FYE 2020 FYE 2021 Automobile 23,738 20,016 -3,72
Slide 19: Revenue and Operating Profit by Geographic Area (Consolidated)
3rd Quarter (9 months) : Revenue and Operating Profit by Geographic Area (Consolidated) (100 Million Yen) Revenue Operating profit Results Results Results Results rd rd rd rd 3 Quarter 3 Quarter Variance 3 Quarter 3 Quarter Variance FYE 2020 FYE 2021 FYE 2020 FYE 2021 Japan 6,543 4,652 -1,891 597 23
Slide 20: Overseas Revenue (Consolidated)
3rd Quarter (9 months) : Overseas Revenue (Consolidated) (100 Million Yen) Results Results 3rd Quarter 3rd Quarter Variance FYE 2020 FYE 2021 North America 17,867 15,605 -2,262 Europe 818 358 -460 Asia 874 721 -153 Other 1,044 638 -406 Total 20,604 17,323 -3,281 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 2020 2020 Total assets 32,939 33,006 +67 Current assets 19,788 19,833 +45 Non-current assets 13,151 13,173 +22 Total liabilities 15,738 15,702 -36 Interest bearing debts 2,392 3,343 +951 Total equity 1
Slide 22: Non-consolidated Unit Sales
3rd Quarter (9 months) : Non-consolidated Unit Sales （Thousand Units） Results Results Variance 3rd Quarter FYE 2020 3rd Quarter FYE 2021 Domestic production 492.8 399.6 -93.2 Domestic sales 94.4 72.4 -22.0 Passenger cars 75.4 57.6 -17.8 Minicars 19.0 14.8 -4.3 Number of exported vehicles 410.4 336.4
Slide 23: Operating Results of Subsidiaries in U.S.
3rd Quarter (9 months) : Operating Results of Subsidiaries in U.S. （Million US$） Results Results SOA 3rd Quarter FYE 2020 3rd Quarter FYE 2021 Variance Net sales 14,752 13,430 -1,322 Operating income 723 782 +59 Net income 571 670 +99 Retail sales (Thousand units) 541.4 479.8 -61.6 Results Results S
Slide 24: Consolidated Unit Sales (by market) (3 months)
3rd Quarter (3 months) : Consolidated Unit Sales （by market) （Thousand Units） Results Results rd rd 3 Quarter (3 months) 3 Quarter (3 months) Variance FYE 2020 FYE 2021 Passenger cars 21.1 22.2 +1.1 Minicars 5.6 4.9 -0.7 Domestic total 26.7 27.1 +0.4 U.S. 183.7 195.8 +12.2 Canada 17.4 15.2 -2.2 Russ
Slide 25: Consolidated Profit Results (3 months)
3rd Quarter (3 months) : Consolidated Profit Results (100 Million Yen) Results Results 3rd Quarter (3 months) 3rd Quarter (3 months) Variance FYE 2020 FYE 2021 Revenue 8,789 8,564 -225 Domestic 1,267 1,323 +57 Overseas 7,522 7,241 -281 Operating profit 578 676 +98 Profit before tax 601 696 +95 Profi
Slide 26: Analysis of Variance in Operating Profit (Consolidated)
3rd Quarter (3 months) : Analysis of Variance in Operating Profit (Consolidated) SG&A expenses R&D expenses (100 Million Yen) and others +235 +10 Loss on Cost currency Sales volume reduction Other exchange & mixture and others and others -11 -99 -26 -11 Results Results Operating Profit +98 Operating
Slide 27: Consolidated Unit Sales (by market) Plan for 4th Quarter
Plan for 4th Quarter (3 months) : Consolidated Unit Sales （by market) （Thousand Units） Results Plan th th 4 Quarter (3 months) 4 Quarter (3 months) Variance FYE 2020 FYE 2021 Passenger cars 25.7 30.4 +4.8 Minicars 5.4 6.1 +0.7 Domestic total 31.1 36.6 +5.5 U.S. 181.6 156.7 -24.9 Canada 15.3 11.9 -3.
Slide 28: Consolidated Profit Plan for 4th Quarter
Plan for 4th Quarter (3 months) : Consolidated Profit (100 Million Yen) Results Plan 4th Quarter (3 months) 4th Quarter (3 months) Variance FYE 2020 FYE 2021 Revenue 8,595 7,752 -844 Domestic 1,485 1,689 +204 Overseas 7,111 6,062 -1,048 Operating profit 577 17 -559 Profit before tax 544 33 -511 Prof
Slide 29: Analysis of Variance in Operating Profit (Consolidated)
Plan for 4th Quarter (3months) : Analysis of Variance in Operating Profit (Consolidated) Sales volume & mixture (100 Million Yen) and others +55 Other +20 SG&A expenses Loss on R&D Cost and others currency expenses reduction -490 exchange -21 and others -123 ±0 Results Plan Operating Profit Operatin
Slide 30: Consolidated Unit Sales (by market) Plan for 2nd Half
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 52.7 +5.9 Minicars 11.0 11.0 -0.0 Domestic total 57.8 63.7 +5.9 U.S. 365.3 352.6 -12.7 Canada 32.7 27.2 -5.5 Russia 4.0 3.2 -0.8 Europe 24.6 9.0 -15.7
Slide 31: Consolidated Profit Plan for 2nd Half
Plan for 2nd Half: Consolidated Profit (100 Million Yen) Results Plan Variance 2nd Half FYE 2020 2nd Half FYE 2021 Revenue 17,384 16,316 -1,068 Domestic 2,752 3,013 +261 Overseas 14,633 13,303 -1,329 Operating profit 1,155 694 -461 Profit before tax 1,146 729 -417 Profit for the period attributable
Slide 32: Analysis of Variance in Operating Profit (Consolidated)
Plan for 2nd Half: Analysis of Variance in Operating Profit (Consolidated) Sales volume (100 Million Yen) & mixture and others +44 Other SG&A expenses +9 and others Loss on Cost R&D -255 currency reduction expenses exchange and others -11 -222 -26 Results Plan Operating Profit Operating Profit 2nd H
Slide 33: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units (1,000uni ts ） Production Retail Sales 300 280 276 276 278 277 273 269 270 271 269 269 271 264 268 264 262 262 262 258 261 257 260 253 253 252 250 254 254 244 248 249 245 249 250 242 242 241 242 240 237 233 231 237 236 229 227 204 200 182 150 100 92 50 0
Slide 34: Forward-looking statements disclaimer
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