Subaru Corporation · TSE:7270
Subaru — Fuji Heavy Industries — FY2013 Earnings Presentation
42 slides from Subaru's earnings presentation, May 8, 2013
Slide 1: Presentation of Business Results of the FYE 2013
Presentation of Business Results of the FYE 2013 Fuji Heavy Industries Ltd. May 8, 2013 http://www.fhi.co.jp/english/ir/index.html 0 0
Slide 2: Summary
Summary Financial results of the FYE March 2013 Led by increased sales of the Impreza in all markets as well as good sales of the BRZ, consolidated automobile sales recorded the highest 724 thousand units. Due to overall good automobile sales, consolidated net sales was 1,913.0 billion yen, hitt
Slide 3: Business results of the FYE March 2013
Business results of the FYE March 2013 http://www.fhi.co.jp/english/ir/index.html 2 2
Slide 4: Consolidated Automobile Sales
Consolidated Automobile Sales （1,000 cars） Actual Results Actual Results Increase / 9 months 9 months Decrease FYE 2012 FYE 2013 Passenger cars 80.2 112.8 +32.6 Minicars 92.2 50.4 -41.8 Domestic total 172.3 163.1 -9.2 U.S. 280.4 357.6 +77.2 Canada 28.2 32.6 +4.4 Russia 15.9 14.7 -1.1 Europe 39.1 46.
Slide 5: Consolidated Statements of Income
Consolidated Statements of Income （100 Million Yen） Actual Results Actual Results Increase / 9 months 9 months Decrease FYE 2012 FYE 2013 Net sales 15,171 19,130 +3,959 Domestic 4,985 6,718 +1,733 Overseas 10,186 12,411 +2,225 Operating income 440 1,204 +765 Ordinary income 373 1,006 +633 Income bef
Slide 6: Analysis of Increase and Decrease in Operating Income Changes
Analysis of Increase and Decrease in Operating Income Changes (consolidated) Domestic : Improvement of sales volume & mixture Gain on （100 Million Yen） Overseas : Improvement of sales volume & mixture currency Increase of fixed cost and Improvement exchange SG&A expenses of sales Reduction Decrease
Slide 7: Automobile Segment (Consolidated)
Automobile Segment (Consolidated) （100 Million Yen） Net sales Operating income +28.1 ％ +181.7 ％ 17,790 1,110 13,891 394 2012年3月期 2013年3月期 2012年3月期 2013年3月期 FYE 2012 FYE2013 FYE2012 FYE2013 Both net sales and operating income increased from the same period of the previous fiscal year. Improvement
Slide 8: Aerospace Segment (Consolidated)
Aerospace Segment (Consolidated) （100 Million Yen） Net sales Operating income +11.1％ +136.6 ％ 891 803 68 29 2012年3月期 2013年3月期 2012年3月期 2013年3月期 FYE 2012 FYE2013 FYE2012 FYE2013 Both net sales and operating income increased from the same period of the previous fiscal year. The commercial sector b
Slide 9: Industrial Products Segment (Consolidated)
Industrial Products Segment (Consolidated) （100 Million Yen） Net sales Operating income -10.3 ％ +27.2 ％ 336 6 301 5 2012年3月期 2013年3月期 2012年3月期 2013年3月期 FYE 2012 FYE2013 FYE2012 FYE2013 Net sales decreased from the same period of the previous fiscal year due to decreased sales volume both in Japan
Slide 10: Non-Operating Income & Expenses and Extraordinary Income & Loss
Non-Operating Income & Expenses and Extraordinary Income & Loss (Consolidated) （億円） Actual Results Actual Results Increase / FYE 2012 FYE 2013 Decrease Financial revenue and expenditure -17 -7 +10 FOREX effects -28 -172 -144 Equity in earnings of affiliates 8 0 -8 Other -30 -19 +10 Total non-operati
Slide 11: Consolidated Balance Sheets
Consolidated Balance Sheets （100 Million Yen） Increase / As of Mar. 2012 As of Mar. 2013 Decrease Total assets 13,525 15,775 +2,249 Current assets 7,625 9,440 +1,815 Noncurrent assets 5,900 6,334 +434 Interest bearing 3,410 3,072 -338 debts Net assets 4,516 5,968 +1,452 Retained earnings 1,885 3,014
Slide 12: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows （100 Million Yen） Actual Results Actual Results Increase / FYE 2012 FYE 2013 Decrease Net cash provided by (used in) operating activities 549 1,667 +1,119 Net cash provided by (used in ) investing activities -266 -714 -448 Free cash flows 283 953 +671 Net cash pr
Slide 13: Operating Results of Subsidiaries in U.S.
Operating Results of Subsidiaries in U.S. （Million US$） Actual Results Actual Results Increase / SOA FYE 2012 FYE 2013 Decrease Net sales 6,923 8,805 +1,882 Operating income 105 133 +28 Net income 74 97 +23 Retail sales (Thousand units) 279.2 347.1 +67.9 Actual Results Actual Results Increase / SIA
Slide 14: Outlook for the term Ending FYE March 2014
Outlook for the term Ending FYE March 2014 http://www.fhi.co.jp/english/ir/index.html 13 13
Slide 15: Consolidated Automobile Sales Plan
Consolidated Automobile Sales （1,000 cars） Actual results Plan Increase / FYE 2013 FYE 2014 Decrease Passenger cars 112.8 101.6 -11.1 Minicars 50.4 53.9 +3.5 Domestic Total 163.1 155.5 -7.6 U.S. 357.6 384.9 +27.3 Canada 32.6 35.5 +2.9 Russia 14.7 12.6 -2.1 Europe 46.4 41.8 -4.6 Australia 38.1 42.5 +
Slide 16: Consolidated Operating Plan
Consolidated Operating Plan （100 Million Yen） Actual results Plan Increase / FYE 2013 FYE 2014 Decrease Net sales 19,130 20,500 +1,370 Domestic 6,718 6,081 -638 Overseas 12,411 14,419 +2,008 Operating Income 1,204 1,800 +596 Ordinary income 1,006 1,750 +744 Income before taxes and minority 931 1,680
Slide 17: Analysis of Increase and Decrease in Operating Income Changes
Analysis of Increase and Decrease in Operating Income Changes (consolidated) Improvement （100 Million Yen） of sales Increase of volume & SG&A Gain on Reduction mixture and expenses Increase currency of R&D in cost others and others exchange expenses 37 -101 120 -99 639 Increase of fixed cost and SG&
Slide 18: Full Year Operating Plan of Subsidiaries in U.S.
Full Year : Operating Plan of Subsidiaries in U.S. （Million US$） Actual results Plan Increase / SOA FYE 2012 FYE2013 Decrease Net sales 8,805 9,537 +732 Operating income 133 137 +4 Net income 97 86 -11 Retail sales (Thousand units) 347.1 365.0 +17.9 Actual results Plan Increase / SIA FYE 2012 FYE201
Slide 19: Capex / Depreciation / R&D / Interest bearing debt
Capex / Depreciation / R&D / Interest bearing debt （100 Million Yen） Actual Results Actual results Plan Increase / FYE 2012 FYE2013 FYE2014 Decrease (a) (b) (b) – (a) Capex 543 702 670 -32 Depreciation 537 559 550 -9 R&D 481 491 590 +99 Interest 3,410 3,072 2,800 -272 bearing debt http://www.fhi.co.
Slide 20: Appendix
Appendix http://www.fhi.co.jp/english/ir/index.html 19 19
Slide 21: Net Sales and Operating Income by Business Segment
Net Sales and Operating Income by Business Segment (consolidated) （100 Million Yen） Net sales Operating income Actual Actual Actual Actual Increase / Increase / Results Results Results Results Decrease Decrease FYE 2012 FYE 2013 FYE 2012 FYE 2013 Automobile 13,891 17,790 +3,899 394 1,110 +716 Aerosp
Slide 22: Consolidated Operating Income by Geographic Area
Consolidated Operating Income by Geographic Area （100 Million Yen） Net sales Operating income Actual Actual Actual Actual Increase / Increase / Results Results Results Results Decrease Decrease FYE 2012 FYE 2013 FYE 2012 FYE 2013 Japan 8,006 9,131 +1,125 189 1,114 +925 North 6,613 8,372 +1,759 231 2
Slide 23: Overseas Net Sales
Overseas Net Sales （100 Million Yen） Actual Results Actual Results Increase / FYE 2012 FYE 2013 Decrease North America 7,104 8,960 +1,856 Europe 1,128 1,272 +144 Asia 967 1,132 +165 Other 986 1,047 +61 Total 10,186 12,411 +2,225 http://www.fhi.co.jp/english/ir/index.html 22 22
Slide 24: Non-Consolidated Automobiles Sales
Non- Consolidated Automobiles Sales （1,000 cars） Actual Results Actual Results Increase / FYE 2012 FYE 2013 Decrease Domestic production 468.0 583.1 +115.1 Domestic sales 180.0 166.7 -13.3 Passenger cars 83.6 116.3 +32.8 Minicars 96.5 50.4 -46.1 Number of vehicles 315.0 384.0 +69.0 exported Componen
Slide 25: 4th Quarter: Consolidated Automobile Sales
4th Quarter : Consolidated Automobile Sales （1,000 cars） Actual Results Actual Results Increase / Q4 Q4 Decrease FYE 2012 FYE 2013 Passenger cars 28.3 35.9 +7.6 Minicars 30.3 15.7 -14.6 Domestic Total 58.6 51.6 -7.0 U.S. 91.7 98.2 +6.4 Canada 9.5 9.0 -0.4 Russia 4.8 1.5 -3.3 Europe 14.8 11.5 -3.3 Au
Slide 26: 4th Quarter: Consolidated Statements of Income
4th Quarter : Consolidated Statements of Income （100 Million Yen） Actual Results Actual Results Increase / Q4 Q4 Decrease FYE 2012 FYE 2013 Net sales 4,877 5,422 +545 Domestic 1,610 1,895 +286 Overseas 3,267 3,527 +260 Operating Income 161 470 +309 Ordinary income 86 372 +286 Income before taxes and
Slide 27: 4th Quarter: Analysis of Operating Income Changes
4th Quarter : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> Increase of （100 Million Yen） US$ : +207 EURO : +15 SG&A CA$ : +19 Reduction expenses Increase Currency exchange adjustment : +21 Gain on in cost and others of R&D currency 6 -49 expenses exchange 1
Slide 28: Consolidated Automobile Sales Plan vs. Actual Results
Consolidated Automobile Sales Plan vs. Actual results （1,000 cars） Plan Actual results Increase / FYE 2013 FYE 2013 Decrease Passenger cars 108.8 112.8 +4.0 Minicars 50.9 50.4 -0.5 Domestic Total 159.6 163.1 +3.5 U.S. 357.2 357.6 +0.3 Canada 32.6 32.6 +0.0 Russia 14.8 14.7 -0.1 Europe 47.1 46.4 -0.7
Slide 29: Consolidated Statement of Income Plan vs. Actual Results
Consolidated Statement of Income Plan vs. Actual Results （100 Million Yen） Plan Actual results Increase / FYE 2013 FYE 2013 Decrease Net sales 18,900 19,130 +230 Domestic 6,596 6,718 +123 Overseas 12,304 12,411 +107 Operating Income 1,070 1,204 +134 Ordinary income 990 1,006 +16 Income before taxes
Slide 30: Analysis of Operating Income Changes Plan vs. Actual
Analysis of Increase and Decrease in Operating Income Changes Plan vs. Actual Plan （100 Million Yen） Decrease Gain on Reduction of R&D currency in cost expenses exchange 130 20 18 9 -43 Decrease of Deterioration SG&A of sales expenses FHI : +15 volume & SIA : +5 and others mixture and Decrease of fi
Slide 31: 1st Half: Consolidated Automobile Sales Plan
1st Half : Consolidated Automobile Sales Plan （1,000 cars） Actual Results Plan Increase / 1st Half 1st Half Decrease FYE 2013 FYE 2014 Passenger cars 45.4 55.1 +9.7 Minicars 26.6 25.9 -0.7 Domestic Total 72.0 80.9 +8.9 U.S. 164.4 210.5 +46.2 Canada 16.3 18.7 +2.4 Russia 11.1 4.6 -6.5 Europe 25.4 16.
Slide 32: 1st Half: Consolidated Operating Plan
1st Half : Consolidated Operating Plan （100 Million Yen） Actual Results Plan Increase / 1st Half 1st Half Decrease FYE 2013 FYE 2014 Net sales 8,980 10,300 +1,320 Domestic 3,098 3,100 +3 Overseas 5,883 7,200 +1,317 Operating Income 433 950 +517 Ordinary income 453 925 +472 Income before taxes and mi
Slide 33: 1st Half: Analysis of Operating Income Changes
1st Half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) （100 Million Yen） US$ : +387 EURO : +18 Reduction CA$ : +31 in cost Increase of R&D Gain on 90 Currency exchange adjustment : +11 -143 expenses currency exchange 162 Increase of -39 Improvement SG&A of sales expe
Slide 34: 2nd Half: Consolidated Automobile Sales Plan
2nd Half : Consolidated Automobile Sales Plan （1,000 cars） Actual Results Plan Increase / 2nd Half 2nd Half Decrease FYE 2013 FYE 2014 Passenger cars 67.4 46.6 -20.8 Minicars 23.8 28.0 +4.2 Domestic Total 91.1 74.6 -16.6 U.S. 193.2 174.3 -18.9 Canada 16.3 16.8 +0.4 Russia 3.6 7.9 +4.3 Europe 21.0 25
Slide 35: 2nd Half: Consolidated Operating Plan
2nd Half : Consolidated Operating Plan （100 Million Yen） Actual Results Plan Increase / 2nd Half 2nd Half Decrease FYE 2013 FYE 2014 Net sales 10,149 10,200 +51 Domestic 3,621 2,980 -640 Overseas 6,529 7,220 +691 Operating Income 772 850 +78 Ordinary income 553 825 +272 Income before taxes and minor
Slide 36: 2nd Half: Analysis of Operating Income Changes
2nd Half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) （100 Million Yen） Increase of fixed cost Decrease of Decrease of SG&A Gain on SG&A Reduction Increase expenses and currency expenses warranty claims in cost of R&D exchange and others 30 -125 expenses 192 41 Dete
Slide 37: Net Sales & Operating Income
Net Sales & Operating Income Operating Income Net Sales （100 million yen) (100 million yen) ¥92/$ ¥88/$ ¥83$ ¥83/$ ¥82/$ ¥79/$ ¥77/$ ¥77/$ ¥81/$ ¥79/$ ¥79/$ ¥89/$ 6,000 5,422 500 Net sales Operating income 4,877 470 5,000 4,691 4,727 400 4,337 4,289 347 4,059 4,000 3,703 3,706 3,744 3,546 301 300 3,
Slide 38: Consolidated Automobile Sales & Operating Income Margin
Consolidated Automobile Sales & Operating Income Margin Operating Net Sales Income (100 million yen) （100 million yen) 250 10% Consolidated automobile sales Oprating income margin 8.7% 208 8.0% 200 8% 183 178 198 169 166 166 6.1% 181 157 148 150 6.4% 6% 150 5.5% 118 4.4% 100 3.6% 4.0% 4% 3.3% 2.6% 2
Slide 39: Retail Sales & Complete Cars Production Units
Retail Sales & Complete Cars Production Units （1000 units) Production Retail Sales 207 203 196 196 197 200 191 182 178 177 174 172 162160 161 164 167 156 162 158 147 150 150 138 136 111 100 50 0 Apr.- Jul.- Oct.- Jan.- Apr.- Jul.- Oct.- Jan.- Apr.- Jul.- Oct.- Jan.- Jun. Sep. Dec. Mar. Jun. Sep. Dec
Slide 40: Free Cash Flows & Shareholders' Equity to Total Assets
Free Cash Flows & Shareholders’ Equity to Total Assets FCF in bar graph Shareholders’ Equity to （100 million yen) Total Assets in line graph 37.7% 40% 35.4% 35.2% 1,100 33.6% 34.7% 34.7% 34.2% 33.7% 34.2% 33.3% 953 871 33.7% 32% 900 31.9% 778 700 640 646 24% 500 397 16% 283 300 246 221 78 8% 100 47
Slide 41: Interest Bearing Debts & D/E Ratio
Interest Bearing Debts & D/E Ratio Interest Bearing Debts (100 million yen) D/E ratio 4,500 Interest bearing debt D/E ratio 3,965 3,866 1.4 4,000 3,688 3,473 3,367 3,410 3,381 1.2 3,500 3,306 3,301 3,236 3,179 3,072 3,000 0.91 1.0 0.89 0.85 0.82 2,500 0.76 0.89 0.69 0.8 0.80 0.64 2,000 0.76 0.74 0.6
Slide 42: Thank you !
Thank you ! http://www.fhi.co.jp/english/ir/index.html 41 41