Subaru Corporation · TSE:7270
Subaru — Fuji Heavy Industries — Q1 FYE March 2012 Earnings Presentation
37 slides from Subaru's earnings presentation, Aug 2, 2011
Slide 1: Presentation of Business Results for the 1st Quarter of FYE 2012
Presentation of Business Results for the 1st Quarter of FYE 2012 Fuji Heavy Industries Ltd. August 2, 2011 http://www.fhi.co.jp/ir/index.html 0
Slide 2: A Summary of Business Results
A Summary of Business Results http://www.fhi.co.jp/ir/index.html 1
Slide 3: 1st Quarter: Consolidated Automobile Sales
1st Quarter : Consolidated Automobile Sales （thousand units） 1Q Actual Results 1Q Actual Results Increase/ FYE March 2011 FYE March 2012 Decrease Passenger Car 12.7 15.7 +3.0 Minicar 22.7 15.1 -7.6 Domestic Total 35.5 30.8 -4.7 U.S. 58.2 51.8 -6.4 Canada 8.4 8.9 +0.6 Russia 1.5 1.6 +0.2 Europe 11.3
Slide 4: 1st Quarter: Consolidated Statements of Income
1st Quarter : Consolidated Statements of Income （100 million yen） 1Q Actual Results 1Q Actual Results Increase/ FYE March 2011 FYE March 2012 Decrease Net Sales 3,703 3,004 -699 Domestic 1,045 988 -56 Overseas 2,658 2,016 -643 Operating Income 226 107 -120 Ordinary Income 242 117 -125 Income Before
Slide 5: 1st Quarter: Analysis of Increase and Decrease in Operating Income
1st Quarter : Analysis of Increase and Decrease in Operating Income Changes (consolidated) Decrease of Deterioration （100 million yen） SG&A of sales expenses volume and Japan：Deterioration of sales Decrease of and others mixture, etc. volume fixed cost Overseas：Deterioration of sales volume and mixt
Slide 6: 1st Quarter: Net Sales by Business Segment
1st Quarter : Net Sales by Business Segment (consolidated) （100 million yen） Percentage of 1Q Actual 1Q Actual Increase/ total sales Results Results Decrease FYE March FYE March Industrial 2011 2012 Product 3,421 2,725 Other Aerospace 5.6% 2.9% 0.8% Automobile -697 Aerospace 175 169 -6 Industrial Au
Slide 7: 1st Quarter: Operating Income by Business Segment
1st Quarter : Operating Income by Business Segment (consolidated) （100 million yen） 1Q Actual Results 1Q Actual Results Increase/ FYE March 2011 FYE March 2012 Decrease Automobile 219 96 -123 Aerospace 0 7 +7 Industrial Products -1 0 +1 Other 6 3 -4 Elimination and Corporate 1 0 -1 Total 226 107 -12
Slide 8: 1st Quarter: Net Sales by Geographic Area
1st Quarter : Net sales by Geographic Area (consolidated) <Appendix> （100 million yen） 1Q Actual 1Q Actual Results Results Increase/ FYE March FYE March Decrease Percentage of 2011 2012 total sales Japan 1,993 1,507 -486 Other 4.6% North America 1,584 1,360 -225 North Japan Other 126 138 +12 America
Slide 9: 1st Quarter: Operating Income by Geographic Area
1st Quarter : Operating Income by Geographic Area (consolidated) <Appendix> （100 million yen） 1Q Actual Results 1Q Actual Results Increase/ FYE March 2011 FYE March 2012 Decrease Japan 131 25 -106 North America 123 28 -95 Other 2 0 -2 Elimination and -30 53 +83 Corporate Total 226 107 -120 http://ww
Slide 10: 1st Quarter: Overseas Net Sales
1st Quarter : Overseas Net Sales <Appendix> （100 million yen） 1Q Actual 1Q Actual Results Results Increase/ FYE March FYE March Decrease 2011 2012 Percentage of total sales North America 1,686 1,457 -230 Asia Other 6.9% 10.0% Europe 281 218 -63 Asia 354 139 -215 Europe 10.8% North America 72.3% Othe
Slide 11: Operating Results of Subsidiaries in U.S.
Operating Results of Subsidiaries in U.S. （million US$） 1Q Actual Results 1Q Actual Results Increase/ SOA FYE March 2011 FYE March 2012 Decrease Net Sales $1,402 $1,313 -89 Operating Income 61 36 -25 Net Income 37 24 -13 Retail Sales (thousand units) 68.4 64.5 -3.9 1Q Actual Results 1Q Actual Result
Slide 12: Non-Operating Income & Expenses
Non-Operating Income & Expenses （100 million yen） 1Q Actual Results 1Q Actual Results Increase/ FYE March 2011 FYE March 2012 Decrease Non-Operating Income 80 36 -43 Interest & dividends income 6 6 +0 Equity in earnings of affiliates 11 5 -7 Non-Operating Expenses 64 26 -37 Interest expenses 13 9 -4
Slide 13: Extraordinary Income & Expenses
Extraordinary Income & Expenses （100 million yen） 1Q Actual Results 1Q Actual Results Increase/ FYE March 2011 FYE March 2012 Decrease Extraordinary Income 9 265 +256 Gain on sales noncurrent assets 0 263 +263 Reversal of allowance for doubtful accounts 3 - -3 Gain on sale of loans receivable 3 - -3
Slide 14: Consolidated Balance Sheets
Consolidated Balance Sheets （100 million yen） As of As of Increase/ March 31, 2011 June 30, 2011 Decrease Total Assets 11,883 12,597 +714 Current Assets 6,103 6,876 +773 Noncurrent Assets 5,780 5,721 -59 Interest Bearing Debts 3,306 3,965 +659 Net Assets 4,140 4,390 +251 Retained Earnings 1,569 1,81
Slide 15: 1st Quarter: Consolidated Statement of Cash Flows
1st Quarter : Consolidated Statement of Cash Flows （100 million yen） 1Q Actual Results 1Q Actual Results Increase/ FYE March 2011 FYE March 2012 Decrease Net Cash Provided by (used in) Operating 337 -197 -534 Activities Net Cash Provided by (used in ) Investing -91 275 +366 Activities Free Cash Flow
Slide 16: Net Sales & Operating Income
Net Sales & Operating Income <Appendix> Operating Net Sales Income (100 million yen) （100 million yen) 500 5,000 4,337 4,500 400 4,031 4,166 4,059 3,625 3,642 4,000 347 300 3,391 3,765 3,004 3,500 3,703 3,706 3,411 235 3,000 200 226 2,713 153 161 2,500 100 119 107 107 82 2,000 65 (¥101/$) (¥91/$) (¥
Slide 17: Retail Sales & Complete Cars Production
Retail Sales & Complete Cars Production <Appendix> Units （1000 units) Retail Sales Production 200 180 164 174 162 162 156 160 161 160 161 164 162 158 156 160 151 153 142 148 147 138 138 140 130 132 130 120 111 98 95 100 80 60 40 20 0 2008 2009 2010 2011 Apr.- Jul.- Oct.- Jan.- Apr.- Jul.- Oct.- Jan.
Slide 18: Free Cash Flows & Shareholders' Equity to Total Assets
Free Cash Flows & Shareholders’ Equity to Total Assets <Appendix> FCF in bar graph Shareholders’ Equity to （100 million yen) Total Assets in line graph Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 39.9% 37.5% 40.0%
Slide 19: Interest Bearing Debts & D/E Ratio
Interest Bearing Debts & D/E Ratio <Appendix> Interest Bearing Debts (100 million yen) D/E ratio 4,035 3,965 1.2 4,000 3,817 3,832 3,826 3,676 3,473 3,367 3,500 3,210 1.07 1.04 3,306 1 3,073 1.01 3,179 0.91 3,000 0.97 0.97 2,769 0.89 0.69 0.8 0.82 0.80 2,500 0.66 0.76 2,000 0.6 0.55 1,500 0.4 1,000
Slide 20: 1st Quarter: Non-Consolidated Automobile Sales
1st Quarter : Non- Consolidated Automobile Sales <Appendix> （thousand units） 1Q Actual Results 1Q Actual Results Increase/ FYE March 2011 FYE March 2012 Decrease Domestic Production 121.9 77.7 -44.2 Domestic Sales 39.9 33.0 -6.9 Passenger Car 14.9 17.7 +2.8 Minicar 25.0 15.3 -9.7 Number of Vehicles
Slide 21: Outlook for the term Ending March 2012
Outlook for the term Ending March 2012 http://www.fhi.co.jp/ir/index.html 20
Slide 22: 1st Half: Consolidated Automobile Sales Plan
1st Half : Consolidated Automobile Sales Plan <Appendix> （thousand units） Actual Results Plan Increase/ 1st Half 1st Half Decrease FYE March 2011 FYE March 2012 Passenger Car 37.7 33.3 -4.4 Minicar 50.8 37.1 -13.7 Domestic Total 88.5 70.4 -18.1 U.S. 129.1 111.0 -18.1 Canada 15.0 14.7 -0.3 Russia 4.7
Slide 23: 1st Half: Consolidated Operating Plan
1st Half : Consolidated Operating Plan <Appendix> （100 million yen） Actual Results Plan Increase/ 1st Half 1st Half Decrease FYE March 2011 FYE March 2012 Net Sales 8,040 6,500 -1,540 Domestic 2,520 2,105 -415 Overseas 5,520 4,395 -1,125 Operating Income 573 100 -473 Ordinary Income 588 80 -508 Inco
Slide 24: 1st Half: Analysis of Increase and Decrease in Operating Income
1st Half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> Decrease of Deterioration Japan：Deterioration of sales （100 million yen） SG&A of sales volume expenses volume and Overseas：Deterioration of and others mixture, etc. sales volume and mixture, etc. 200 U
Slide 25: Full Year: Consolidated Automobile Sales Plan
Full Year : Consolidated Automobile Sales Plan （thousand units） Actual Results Plan Increase/ FYE March 2011 FYE March 2012 Decrease Passenger Car 68.1 70.7 +2.5 Minicar 90.0 93.2 +3.2 Domestic Total 158.1 163.8 +5.7 U.S. 279.0 274.3 -4.6 Canada 28.1 27.2 -0.9 Russia 11.3 13.6 +2.2 Europe 48.2 37.8
Slide 26: Full Year: Consolidated Operating Plan
Full Year : Consolidated Operating Plan （100 million yen） Actual Results Plan Increase/ FYE March 2011 FYE March 2012 Decrease Net Sales 15,806 14,800 -1,006 Domestic 4,673 4,500 -173 Overseas 11,132 10,300 -832 Operating Income 841 300 -541 Ordinary Income 822 250 -572 Income Before Income Taxes an
Slide 27: Full Year: Analysis of Increase and Decrease in Operating Income
Full Year : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> Decrease of Loss on （100 million yen） Decrease of SG&A currency SG&A expenses, expenses exchanges Japan：Deterioration of sales warranty claims, and others volume etc. Overseas：Deterioration of Deterio
Slide 28: Operating Plans of Subsidiaries in U.S.
Operating Plans of Subsidiaries in U.S. （million US$） Actual Results Plan Increase/ SOA FYE March 2011 FYE March 2012 Decrease Net Sales $6,758 $6,789 +31 Operating Income 116 123 +7 Net Income 83 78 -5 Retail Sales (thousand units) 272.5 260.0 -12.5 Actual Results Plan Increase/ SIA FYE March 2011
Slide 29: Capex / Depreciation / R&D
Capex / Depreciation / R&D <Appendix> （100 million yen） Actual Actual Actual Plan Increase / Results Results Results FYE 2012 Decrease 1Q FYE 2011 1Q (b) (b) – (a) FYE 2011 (a) FYE 2012 Capex 82 431 140 600 +169 Depreciation 116 498 116 550 +52 R&D 89 429 106 480 +51 Interest Bearing 3,473 3,306 3,9
Slide 30: Appendix
Appendix http://www.fhi.co.jp/ir/index.html 29
Slide 31: 2nd Quarter: Consolidated Automobile Sales Plan
2nd Quarter : Consolidated Automobile Sales Plan <Appendix> （thousand units） Actual Results Plan Increase/ 2nd Quarter 2nd Quarter Decrease FYE March 2011 FYE March 2012 Passenger Car 25.0 17.7 -7.3 Minicar 28.0 21.9 -6.1 Domestic Total 53.1 39.6 -13.4 U.S. 70.9 59.2 -11.7 Canada 6.6 5.8 -0.9 Russia
Slide 32: 2nd Quarter: Consolidated Operating Plan
2nd Quarter : Consolidated Operating Plan <Appendix> （100 million yen） Actual Results Plan Increase/ 2nd Quarter 2nd Quarter Decrease FYE March 2011 FYE March 2012 Net Sales 4,337 3,496 -841 Domestic 1,475 1,117 -359 Overseas 2,862 2,380 -482 Operating Income/Loss 347 -7 -353 Ordinary Income/Loss 34
Slide 33: 2nd Quarter: Analysis of Increase and Decrease in Operating Income
2nd Quarter : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> Decrease of Deterioration Japan：Deterioration of sales （100 million yen） SG&A of sales volume expenses volume and Overseas：Deterioration of and others mixture, etc. sales volume and mixture, etc. 27
Slide 34: 2nd Half: Consolidated Automobile Sales Plan
2nd Half : Consolidated Automobile Sales Plan <Appendix> （thousand units） Actual Results Plan Increase/ 2nd Half 2nd Half Decrease FYE March 2011 FYE March 2012 Passenger Car 30.4 37.3 +6.9 Minicar 39.2 56.1 +16.9 Domestic Total 69.6 93.4 +23.8 U.S. 149.8 163.3 +13.5 Canada 13.1 12.5 -0.6 Russia 6.6
Slide 35: 2nd Half: Consolidated Operating Plan
2nd Half : Consolidated Operating Plan <Appendix> （100 million yen） Actual Results Plan Increase/ 2nd Half 2nd Half Decrease FYE March 2011 FYE March 2012 Net Sales 7,766 8,300 +534 Domestic 2,153 2,395 +242 Overseas 5,612 5,905 +293 Operating Income 268 200 -68 Ordinary Income 234 170 -64 Income Be
Slide 36: 2nd Half: Analysis of Increase and Decrease in Operating Income
2nd Half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> Improvement Increase of （100 million yen） of sales SG&A Increase of fixed cost, volume and expenses SG&A expenses, etc. mixture, etc. and others US$ : -47 Euro : +5 CA$ : +1 -163 Currency exhange 214 R
Slide 37: Thank you !
Thank you ! http://www.fhi.co.jp/ir/index.html 36
Fuji Heavy Industries — Q1 FYE March 2012 Earnings Presentation on 6ix