Subaru Corporation · TSE:7270

Subaru — Fuji Heavy Industries — Q3 FYE March 2012 Earnings Presentation

37 slides from Subaru's earnings presentation, Feb 3, 2012

  1. Slide 1: Presentation of Business Results for the 3rd quarter of FYE 2012

    Presentation of Business Results for the 3rd quarter of FYE 2012 Fuji Heavy Industries Ltd. February 3, 2012 http://www.fhi.co.jp/english/ir/index.html 0 0

  2. Slide 2: A Summary of Business Results

    A Summary of Business Results http://www.fhi.co.jp/english/ir/index.html 1 1

  3. Slide 3: 9 months: Consolidated Automobile Sales

    9 months : Consolidated Automobile Sales （thousand units） Actual Results Actual Results Increase/ 9 months 9 months Decrease FYE March 2011 FYE March 2012 Passenger Car 49.7 51.9 +2.1 Minicar 68.4 61.9 -6.5 Domestic Total 118.2 113.8 -4.4 U.S. 203.9 188.6 -15.3 Canada 22.9 18.8 -4.2 Russia 7.3 11.1

  4. Slide 4: 9 months: Consolidated Statements of Income

    9 months : Consolidated Statements of Income （100 million yen） Actual Results Actual Results Increase/ 9 months 9 months Decrease FYE March 2011 FYE March 2012 Net Sales 11,746 10,294 -1,452 Domestic 3,498 3,375 -123 Overseas 8,248 6,919 -1,329 Operating Income 735 279 -456 Ordinary Income 748 287 -

  5. Slide 5: Analysis of Increase and Decrease in Operating Income Changes

    9 months : Analysis of Increase and Decrease in Operating Income Changes (consolidated) Decrease of （100 million yen） SG&A Loss on expenses currency Japan：Decrease of sales volume and others exchanges Overseas：Deterioration of sales volume and mixture, etc. 166 -368 Deterioration FHI: -37 of sales S

  6. Slide 6: Net Sales by Business Segment

    9 months : Net Sales by Business Segment (consolidated) （100 million yen） Percentage of Actual Actual total sales Results Results Increase/ 9 months 9 months Decrease FYE March FYE March 2011 2012 Industrial Products Other 2.4% 0.9% Aerospace 5.4% Automobile 10,863 9,404 -1,460 Aerospace 542 551 +9

  7. Slide 7: Operating Income by Business Segment

    9 months : Operating Income by Business Segment (consolidated) （100 million yen） Actual Results Actual Results Increase/ 9 months 9 months Decrease FYE March 2011 FYE March 2012 Automobile 719 252 -467 Aerospace -3 15 +19 Industrial Products 1 5 +3 Other 18 7 -11 Elimination and Corporate 0 -1 -1 To

  8. Slide 8: Net sales by Geographic Area

    9 months : Net sales by Geographic Area (consolidated) <Appendix> （100 million yen） Actual Actual Results Results Increase/ 9 months 9 months Percentage of Decrease FYE March FYE March total sales 2011 2012 Other 3.5% Japan 6,226 5,542 -684 North America 5,090 4,393 -696 Japan 430 358 North America

  9. Slide 9: Operating Income by Geographic Area

    9 months : Operating Income by Geographic Area (consolidated) <Appendix> （100 million yen） Actual Results Actual Results Increase/ 9 months 9 months Decrease FYE March 2011 FYE March 2012 Japan 517 62 -455 North America 295 179 -116 Other 4 6 +2 Elimination and -82 32 +114 Corporate Total 735 279 -4

  10. Slide 10: Overseas Net Sales

    9 months : Overseas Net Sales <Appendix> （100 million yen） Actual Actual Results Results Increase/ 9 months 9 months Decrease FYE March FYE March Percentage of 2011 2012 total sales North America 5,394 4,723 -670 Asia Other 10.8% 9.9% Europe 930 764 -166 Asia 969 748 -221 Europe North 11.0% America

  11. Slide 11: Operating Results of Subsidiaries in U.S.

    Operating Results of Subsidiaries in U.S. （million US$） Actual Results Actual Results Increase/ SOA 9 months 9 months Decrease FYE March 2011 FYE March 2012 Net Sales $4,928 $4,724 -204 Operating Income 183 132 -51 Net Income 110 86 -24 Retail Sales (thousand units) 205.4 199.0 -6.4 Actual Results A

  12. Slide 12: Non-Operating Income & Expenses

    Non-Operating Income & Expenses （100 million yen） Actual Results Actual Results Increase/ 9 months 9 months Decrease FYE March 2011 FYE March 2012 Non- Non-Operating Income 98 70 -29 Interest & dividends income 14 14 +0 Equity in earnings of affiliates 26 12 -14 Non- Non-Operating Expenses 85 61 -24

  13. Slide 13: Extraordinary Income & Expenses

    Extraordinary Income & Expenses （100 million yen） Actual Results Actual Results Increase/ 9 months 9 months Decrease FYE March 2011 FYE March 2012 Extraordinary Income 20 272 +252 Gain on sales noncurrent assets 5 265 +259 +259 Other 15 7 -7 Extraordinary Loss 45 88 +44 Loss on sales and retirement

  14. Slide 14: Consolidated Balance Sheets

    Consolidated Balance Sheets （100 million yen） As of As of Increase/ March 31, 2011 December 31, 2011 Decrease Total Assets 11,883 12,865 +982 Current Assets 6,103 7,282 +1,178 Noncurrent Assets 5,780 5,584 5,584 -197 Interest Bearing Debts 3,306 3,688 +382 Net Assets 4,140 4,352 +212 Retained Earnin

  15. Slide 15: 9 months: Consolidated Statement of Cash Flows

    9 months : Consolidated Statement of Cash Flows （100 million yen） Actual Results Actual Results Increase/ 9 months 9 months Decrease FYE March 2011 FYE March 2012 Net Cash Provided by (used in) Operating 779 -5 -784 Activities Net Cash Provided by (used in ) Investing -383 -37 +346 Activities Free C

  16. 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 4,166 400 4,059 3,765 3,703 3,706 4,000 3,642 3,546 347 300 3,744 3,500 235 226 3,000 200 153 3,004 2,713 161 2,500 100 107 107 91 2,000 82 81 (¥98/$) 0 (¥95/$) 1,500 (¥90/$)

  17. Slide 17: Retail Sales & Complete Cars Production

    Retail Sales & Complete Cars Production <Appendix> Units （1000 units) Retail Sales Production 200 196 180 174 158 160 161164 160 162 161 156164 162 160 158 148 147 150 138 138 136 140 132 130 120 111 98 95 100 80 60 40 20 0 2009 2010 2011 Jan.- Apr.- Jul.- Oct.- Jan.- Apr.- Jul.- Oct.- Jan.- Apr.- J

  18. 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. 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 40.0% 1,141 1,150 35.4% 34.7% 34.2% 33

  19. 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 4,000 3,832 3,826 3,866 3,676 3,688 1.4 3,473 3,367 3,500 3,306 3,179 1.2 1.07 1.01 3,000 1.04 1 2,500 0.97 0.89 0.91 0.89 0.8 0.85 2,000 0.82 0.76 0.80 0.6 1,500 0.4 1,000 500 0.2 0 0 FY2010

  20. Slide 20: Non-Consolidated Automobile Sales

    9 months : Non- Consolidated Automobile Sales <Appendix> （thousand units） Actual Results Actual Results Increase/ 9 months 9 months Decrease FYE March 2011 FYE March 2012 Domestic Production 365.3 325.1 -40. 40.2 Domestic Sales 125.1 125.9 +0.8 Passenger Car 53.9 57.4 +3.5 Minicar 71.2 68.5 -2.7 Num

  21. Slide 21: 3rd Quarter: Consolidated Automobile Sales

    3rd Quarter : Consolidated Automobile Sales <Appendix> （thousand units） Actual Results Actual Results Increase/ 3Q 3Q Decrease FYE March 2011 FYE March 2012 Passenger Car 12.0 16.0 +4.0 Minicar 17.6 25.2 +7.5 Domestic Total 29.7 41.2 +11.5 U.S. 74.8 75.1 +0.3 Canada 8.0 4.1 -3.9 Russia 2.6 5.5 +2.9

  22. Slide 22: 3rd Quarter: Consolidated Operating Results

    3rd Quarter : Consolidated Operating <Appendix> （100 million yen） Actual Results Actual Results Increase/ 3Q 3Q Decrease FYE March 2011 FYE March 2012 Net Sales 3,706 3,744 +38 Domestic 979 1,130 +151 Overseas 2,728 2,614 -114 Operating Income 161 91 -70 Ordinary Income 160 72 -88 Income Before Inco

  23. Slide 23: 3rd Quarter: Analysis of Increase and Decrease in Operating Income

    3rd Quarter : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> Improvement （100 million yen） of sales Loss on Reduction currency volume and in cost US$ : -144 mixture, etc. exchanges Euro : -9 7 CA$ : -10 Currency exchange adjustment :+5 Increase of fixed 154 F

  24. Slide 24: Outlook for the term Ending March 2012

    Outlook for the term Ending March 2012 http://www.fhi.co.jp/english/ir/index.html 23 23

  25. 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 74.1 +6.0 Minicar 90.0 92.9 +3.0 Domestic Total 158.1 167.0 +8.9 U.S. 279.0 280.6 +1.6 Canada 28.1 28.2 +0.2 0.2 Russia 11.3 16.1 +4.8 Europe 48.2 3

  26. 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 15,000 -806 Domestic 4,673 4,750 +77 Overseas 11,132 10,250 -882 Operating Income 841 380 -461 Ordinary Income 822 370 -452 Income Before Income Taxes and 6

  27. Slide 27: Full Year: Analysis of Increase and Decrease in Operating Income

    Full Year : Analysis of Increase and Decrease in Operating Income Changes (consolidated) Decrease of Decrease of （100 million yen） fixed cost, SG&A Loss on SG&A expenses, Japan：Increase of sales volume expenses currency warranty claims, and deterioration of mixture and others exchanges Overseas：Dete

  28. 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 $6,938 +180 Operating Income 116 90 -26 Net Income 83 61 -22 Retail Sales (thousand units) 272.5 276.8 +4.3 Actual Results Plan Increase/ SIA FYE March 2011

  29. 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 9 months FYE 2011 9 months (b) (b) – (a) FYE 2011 (a) FYE 2012 Capex 293 431 392 600 +169 Depreciation 366 498 389 550 +52 R&D 316 429 356 480 +51 Interest Bearing 3

  30. Slide 30: 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 38.2 +7.8 Minicar 39.2 56.2 +17.0 Domestic Total 69.6 94.4 +24.8 U.S. 149.8 167.1 +17.2 Canada 13.1 13.6 +0.5 0.5 Russia

  31. Slide 31: 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 8,450 +684 Domestic 2,153 2,505 +351 Overseas 5,612 5,945 +333 Operating Income 268 192 -75 Ordinary Income 234 154 -80 Income Be

  32. Slide 32: 2nd Half: Analysis of Increase and Decrease in Operating Income

    2nd Half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> Improvement （100 million yen） of sales Loss on US$ : -206 volume and currency Euro : -17 mixture, etc. exchanges CA$ : -17 Currency exchange adjustment : -1 266 -241 Increase of SG&A expenses FHI : +2

  33. Slide 33: Difference from Previous Outlook within 2Q

    <Appendix> Difference from Previous Outlook within 2Q http://www.fhi.co.jp/english/ir/index.html 32 32

  34. Slide 34: Full Year: Consolidated Automobile Sales Plan vs. Actual Results

    Full Year : Consolidated Automobile Sales Plan vs. Actual Results <Appendix> （thousand units） Previous Plan Revised Plan Increase/ FYE March 2012 FYE March 2012 Decrease Passenger Car 72.6 74.1 +1.5 Minicar 96.1 92.9 -3.2 Domestic Total 168.7 167.0 -1.7 U.S. 281.6 280.6 -1.0 Canada 27.2 28.2 +1.0 Ru

  35. Slide 35: Full Year: Consolidated Statement of Income Previous Plan vs. Revised Plan

    Full Year : Consolidated Statement of Income Previous Plan vs. Revised Plan <Appendix> （100 million yen） Previous Plan Revised Results Increase/ FYE March 2012 FYE March 2012 Decrease Net Sales 14,800 15,000 +200 Domestic 4,700 4,750 +50 Overseas 10,100 10,250 +150 Operating Income 300 380 +80 Ordin

  36. Slide 36: Full Year: Analysis of Operating Income Changes Previous vs. Revised Plan

    Full Year : Analysis of Increase and Decrease in Operating Income Changes Previous Plan vs. Revised Plan <Appendix> （100 million yen） FHI: +41 SIA: +9 Deterioration Decrease of fixed Gain on of sales cost and SG&A Decrease of Reduction currency volume and expenses, etc. SG&A in cost exchanges mixtur

  37. Slide 37: Thank you !

    Thank you ! http://www.fhi.co.jp/english/ir/index.html 36 36

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