Subaru Corporation · TSE:7270
Subaru — Q1 FYE2021 Earnings Presentation
28 slides from Subaru's earnings presentation, Aug 4, 2020
Slide 1: Consolidated Financial Results for the 1st Quarter of FYE 2021
Consolidated Financial Results for the 1st Quarter of FYE 2021 SUBARU CORPORATION Tomomi Nakamura Representative Director, President and CEO August 4th, 2020 https://www.subaru.co.jp/en/ir/ 1
Slide 2: Impact of Covid-19 Pandemic (April–June)
Impact of Covid-19 Pandemic (April–June) Production Japan (Gunma Manufacturing Plant) April 9 – May 1 : Operations suspended May 11 – June 19 : Operations limited to 1st shift only June 22 – : Operations mostly at pre-shutdown pace U.S. (Subaru of Indiana Automotive) March 23 – May 8 : Operations su
Slide 3: 1st Quarter (3 months): Consolidated Profit Results
1st Quarter (3 months) : Consolidated Profit Results Yen in 100 millions, Units in thousands Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance FYE 2020 FYE 2021 Consolidated unit sales 262.6 133.1 -129.5 Revenue 8,334 4,570 -3,764 Operating profit 922 -157 -1,079 Profit for the
Slide 4: Subaru U.S. Retail Sales Outlook
Subaru U.S. Retail Sales Outlook Subaru US Retail Sales Volume Index Subaru US Market Share ( Same Month of Previous Year = 100 ) (%) 120 4.8 4.68 4.59 4.6 100 4.4 4.31 80 4.2 4.11 4.04 4 60 3.94 3.8 3.76 40 3.6 While concerns remain over 3.4 20 the effects of a second wave* of Covid-19, gradual rec
Slide 5: Plan FYE 2021: Consolidated Profit Plan
Plan FYE 2021 : Consolidated Profit Plan Yen in 100 millions, Units in thousands Results Plan Variance FYE 2020 FYE 2021 Consolidated unit sales 1,033.9 900.0 -133.9 Revenue 33,441 29,000 -4,441 Operating profit 2,103 800 -1,303 Profit for the period attributable to owners of parent 1,526 600 -926 S
Slide 6: Shareholder Returns
Shareholder Returns Dividend per share ( Yen ) Forecast FYE 2019 FYE 2020 FYE 2021 Interim dividend 72 72 28 Year-end dividend 72 28 28 Total 144 100 56 Payout ratio 78.1% 50.3% 71.6% https://www.subaru.co.jp/en/ir/ 6
Slide 7: https://www.subaru.co.jp/en/ir/
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 8: Consolidated Financial Results for the 1st Quarter of FYE 2021 (CFO)
Consolidated Financial Results for the 1st Quarter of FYE 2021 SUBARU CORPORATION Toshiaki Okada Corporate Executive Vice President & CFO August 4th, 2020 https://www.subaru.co.jp/en/ir/ 8
Slide 9: Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2021
Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2021 https://www.subaru.co.jp/en/ir/ 9
Slide 10: Consolidated Unit Sales (by market)
1st Quarter (3 months) : Consolidated Unit Sales （by market) （Thousand Units） Results Results st st 1 Quarter (3 months) 1 Quarter (3 months) Variance FYE 2020 FYE 2021 Passenger cars 27.5 14.3 -13.2 Minicars 5.8 4.3 -1.5 Domestic total 33.3 18.6 -14.7 U.S. 179.3 91.1 -88.3 Canada 15.6 6.3 -9.3 Russ
Slide 11: Consolidated Unit Sales / Complete Cars Production
1st Quarter (3 months) : Consolidated Unit Sales / Complete Cars Production （Thousand Units） Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance FYE 2020 FYE 2021 Consolidated Unit Sales Total 262.6 133.1 -129.5 （Thousand Units） Results Results 1st Quarter (3 months) 1st Quarter (
Slide 12: Consolidated Profit Results
1st Quarter (3 months) : Consolidated Profit Results (100 Million Yen) Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance FYE 2020 FYE 2021 Revenue 8,334 4,570 -3,764 Domestic 1,423 947 -476 Overseas 6,912 3,623 -3,288 Operating profit 922 -157 -1,079 Profit before tax 893 -107 -
Slide 13: Analysis of Variance in Operating Profit (Consolidated)
1st Quarter (3 months) : Analysis of Variance in Operating Profit (Consolidated) SG&A Gain on expenses currency and others exchange (100 Million Yen) +89 +23 Sales volume & mixture R&D Cost Other and others expenses reduction -139 and others -10 Results -1,015 Results Operating Profit -27 Operating
Slide 14: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance FYE 2020 FYE 2021 Capex (*1) 357 154 -203 Depreciation (*1) 221 230 +9 R&D expenditures (*2) 245 254 +9 *1 : Leases, capex & amortization for intangible assets are not included in the
Slide 15: Consolidated Statement of Cash Flows
1st Quarter (3 months) : Consolidated Statement of Cash Flows (100 Million Yen) Results Results st st 1 Quarter (3 months) 1 Quarter (3 months) Variance FYE 2020 FYE 2021 Net cash provided by (used in) 1,367 -796 -2,163 operating activities Net cash provided by (used in) -279 -364 -85 investing acti
Slide 16: Forecasts for FYE 2021
Forecasts for FYE 2021 https://www.subaru.co.jp/en/ir/ 16
Slide 17: Plan FYE 2021: Unit Sales, Production and Profit Plan
Plan FYE 2021 : Consolidated Unit Sales / Complete Cars Production / Consolidated Profit Plan （Thousand Units） Results Plan Variance FYE 2020 FYE 2021 Consolidated Unit Sales Total 1,033.9 900.0 -133.9 Complete Cars Production Total 1,030.9 880.0 -150.9 * Production figures include Toyota 86. (100 M
Slide 18: Plan FYE 2021: Analysis of Variance in Operating Profit
Plan FYE 2021 : Analysis of Variance in Operating Profit (Consolidated) Warranty expenses +450 (100 Million Yen) Sales volume Other & mixture and others +47 Loss on -1,300 currency R&D exchange expenses -350 -150 Results Plan Operating Profit Operating Profit FYE 2020 FYE 2021 -1,303 https://www.sub
Slide 19: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) Results Plan Variance FYE 2020 FYE 2021 Capex (*1) 1,260 1,000 -260 Depreciation (*1) 961 1,000 +39 R&D expenditures (*2) 1,187 1,000 -187 *1 : Leases, capex & amortization for intangible assets are not included in the results above. *2 : Research and dev
Slide 20: Appendix (1)
Appendix (1) • Segment information by Business & Geographic (1st Quarter) • Overseas Revenue (1st Quarter) • Consolidated Statement of Financial Position • Non-consolidated Unit Sales (1st Quarter) • Operating Results of Subsidiaries in U.S. (1st Quarter) • Complete Cars Production / Retail Sales Un
Slide 21: Revenue and Operating profit by Business Segment (Consolidated)
1st Quarter (3 months) : Revenue and Operating profit by Business Segment (Consolidated) (100 Million Yen) Revenue Operating profit Results Results Results Results st st st st 1 Quarter 1 Quarter 1 Quarter 1 Quarter Variance Variance (3 months) (3 months) (3 months) (3 months) FYE 2020 FYE 2021 FYE
Slide 22: Revenue and Operating Profit by Geographic Area (Consolidated)
1st Quarter (3 months) : Revenue and Operating Profit by Geographic Area (Consolidated) (100 Million Yen) Revenue Operating profit Results Results Results Results st st st st 1 Quarter 1 Quarter 1 Quarter 1 Quarter Variance Variance (3 months) (3 months) (3 months) (3 months) FYE 2020 FYE 2021 FYE 2
Slide 23: Overseas Revenue (Consolidated)
1st Quarter (3 months) : Overseas Revenue (Consolidated) (100 Million Yen) Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance FYE 2020 FYE 2021 North America 6,060 3,166 -2,894 Europe 205 100 -105 Asia 291 216 -76 Other 356 141 -214 Total 6,912 3,623 -3,288 https://www.subaru.co.
Slide 24: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of June Variance 2020 2020 Total assets 32,939 32,516 -424 Current assets 19,788 19,632 -156 Non-current assets 13,151 12,884 -268 Total liabilities 15,738 15,634 -104 Interest bearing debts 2,392 4,483 +2,091 Total equity
Slide 25: Non-consolidated Unit Sales
1st Quarter (3 months) : Non-consolidated Unit Sales （Thousand Units） Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance FYE 2020 FYE 2021 Domestic production 160.0 55.9 -104.1 Domestic sales 31.2 17.5 -13.7 Passenger cars 25.3 13.1 -12.2 Minicars 5.9 4.3 -1.6 Number of exported
Slide 26: Operating Results of Subsidiaries in U.S.
1st Quarter (3 months) : Operating Results of Subsidiaries in U.S. （Million US$） Results Results SOA 1st Quarter (3 months) FYE 2020 1st Quarter (3 months) FYE 2021 Variance Net sales 4,947 2,713 -2,234 Operating income 160 70 -90 Net income 126 90 -35 Retail sales 182.2 136.1 -46.1 (Thousand units)
Slide 27: 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 269 271 264 268 264 262 262 258 261 257 253 253 252 250 254 244 248 249 245242 249 250 242 241 242 237 233 231 237 236 229 227 204 200 182 150 100 92 50 0 Jan- Apr- Jul- Oct
Slide 28: https://www.subaru.co.jp/en/ir/
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