Subaru Corporation · TSE:7270
Subaru — Fuji Heavy Industries — FY2010 Earnings Presentation
39 slides from Subaru's earnings presentation, May 7, 2010
Slide 1: Presentation of business results for the term ended March 2010
Presentation of business results for the term ended March 2010 Fuji Heavy Industries Ltd. May 7, 2010 http://www.fhi.co.jp/english/ir/index.html 0
Slide 2: A Summary of Business Results
A Summary of Business Results http://www.fhi.co.jp/english/ir/index.html 1
Slide 3: Full Year: Consolidated Automobile Sales
Full Year : Consolidated Automobile Sales （Thousand Units） Actual Results Actual Results Increase FYE March 2009 FYE March 2010 /Decrease Passenger Car 70.1 75.1 +5.0 Minicar 108.7 96.2 -12.5 Domestic Total 178.8 171.3 -7.5 U.S. 188.2 227.0 +38.8 Canada 18.9 22.8 +4.0 Russia 20.7 1.6 -19.1 Europe 56
Slide 4: Full Year: Consolidated Statements of Income
Full Year : Consolidated Statements of Income （100 million yen） Actual Results Actual Results Increase FYE March 2009 FYE March 2010 /Decrease Net Sales 14,458 14,287 -171 Domestic 5,075 5,208 +133 Overseas 9,383 9,079 -304 Operating Income /Loss -58 274 +332 Ordinary Income /Loss -46 224 +270 Net I
Slide 5: Analysis of Increase and Decrease in Operating Income Changes
Full Year : Analysis of Increase and Decrease in Operating Income Changes (consolidated) （100 million yen） Japan & Overseas: Improvement of sales volume and mixture, etc Decrease Loss on of R&D currency Decrease expenses exchange of SG&A expenses 57 and others 87 FHI: +206 Improvement -304 SIA: +54
Slide 6: Net Sales by Business Segment
Full Year : Net Sales by Business Segment (consolidated) （100 million yen） Actual Results Actual Results Increase Percentage of FYE FYE /Decrease Total Sales March 2009 March 2010 13,163 12,945 Industrial Aerospace Products Automobile -219 6.5% 1.7% Other 1.2% Aerospace 809 932 +123 Industrial Produ
Slide 7: Operating Income by Business Segment
Full Year : Operating Income by Business Segment (consolidated) （100 million yen） Actual Results Actual Results Increase FYE March 2009 FYE March 2010 /Decrease Automobile -92 217 +309 Aerospace 16 48 +32 Industrial -16 -24 -8 Products Other 31 26 -6 Elimination and Corporate 3 7 +4 Total -58 274 +3
Slide 8: Net Sales by Geographic Area
Full Year : Net Sales by Geographic Area (consolidated) （100 million yen） Actual Results Actual Results Increase FYE FYE /Decrease Percentage of March 2009 March 2010 Total Sales Japan 8,562 8,158 -404 North Other America 2.5% 40.4% North 5,469 5,774 +306 America Japan Other 427 355 -73 57.1% Total
Slide 9: Operating Income by Geographic Area
Full Year : Operating Income by Geographic Area (consolidated) （100 million yen） Actual Results Actual Results Increase FYE March 2009 FYE March 2010 /Decrease Japan -158 18 +177 North America -20 321 +340 Other 19 1 -18 Elimination and Corporate 101 -66 -167 Total -58 274 +332 http://www.fhi.co.jp/
Slide 10: Operating Results of Subsidiaries in U.S.
Operating Results of Subsidiaries in U.S. （million US$） Actual Results Actual Results Increase/ SOA FYE March 2009 FYE March 2010 Decrease Net Sales $4,346 $5,319 +973 Operating Income 9 219 +210 Net Income 14 133 +119 Retail Sales (Thousand units) 186.2 231.4 +45.2 Actual Results Actual Results Inc
Slide 11: Analysis of Non-Operating Income and Expenses
Analysis of Non-Operating Income and Expenses （100 million yen） Actual Results Actual Results Increase FYE March 2009 FYE March 2010 /Decrease Non-Operating Income 148 46 -103 Interest and dividends income 37 17 -20 Equity in earnings of affiliates 9 11 +1 Non-Operating Expenses 136 95 -41 Interest
Slide 12: Analysis of Extraordinary Income and Loss
Analysis of Extraordinary Income and Loss （100 million yen） Actual Results Actual Results Increase FYE March 2009 FYE March 2010 /Decrease Extraordinary Income 39 12 -27 Extraordinary Loss 208 240 +32 Loss on sales and retirement of noncurrent assets 38 34 -5 Impairment loss 10 179 +169 Loss on sale
Slide 13: Consolidated Balance Sheets
Consolidated Balance Sheets （100 million yen） As of As of Increase March 31, 2009 March 31, 2010 /Decrease Total Assets 11,654 12,314 +659 Current Assets 5,860 6,389 +529 Noncurrent Assets 5,794 5,925 +131 Interest Bearing 3,817 3,676 -141 Debts Net Assets 3,947 3,819 -128 Retained Earnings 1,266 1,
Slide 14: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows （100 million yen） Actual Results Actual Results Increase FYE March 2009 FYE March 2010 /Decrease Net Cash Provided by (used in) Operating Activities -269 1,767 +2,036 Net Cash Provided by (used in ) Investing Activities -724 -627 +97 Free Cash Flows -993 1,141 +
Slide 15: Free Cash Flows & Shareholders' Equity to Total Assets
Free Cash Flows & Shareholders’ Equity to Total Assets <Appendix> FCF Shareholders’ Equity to (100 million yen) Total Assets Jun. Sep. 2008 Mar. Jun. Sep. 2008 Dec. 2009 2009 Mar. 2008 2009 Dec. 2010 1,500 39.9% 2009 45.0% 37.7% 37.5% 30.9% 40.0% 1,000 33.8% 31.4% 31.4% 35.0% 31.4% 500 683 30.0% 597
Slide 16: Interest Bearing Debts & D/E Ratio
Interest Bearing Debts & D/E Ratio <Appendix> Interest D/E ratio Bearing Debts (100 million yen) 4,500 1.2 4,035 4,000 3,817 3,832 3,826 3,676 1 3,500 1.07 3,210 1.04 1.01 3,073 0.97 0.97 3,000 0.8 2,769 2,500 0.69 0.6 2,000 0.66 0.55 1,500 0.4 1,000 0.2 500 0 0 FYE 2009 FYE 2009 1Q 2Q 3Q 4Q 1Q 2Q 3
Slide 17: Non-Consolidated Automobile Sales
Full Year : Non-Consolidated Automobile Sales <Appendix> （Thousand Units） Actual Results Actual Results Increase FYE March 2009 FYE March 2010 /Decrease Domestic Production 474.0 452.7 -21.2 Domestic Sales 186.4 177.5 -8.9 Passenger Car 76.4 80.3 +3.9 Minicar 110.0 97.2 -12.8 Number of Vehicles expo
Slide 18: 4Q: Consolidated Automobile Sales
4Q : Consolidated Automobile Sales <Appendix> （Thousand Units） Actual Results Actual Results Increase 4Q 4Q /Decrease FYE March 2009 FYE March 2010 Passenger Car 20.1 25.0 +4.9 Minicar 28.0 27.4 -0.6 Domestic Total 48.1 52.4 +4.3 U.S. 48.7 66.2 +17.6 Canada 5.9 5.1 -0.8 Russia 1.5 1.0 -0.5 Europe 8.
Slide 19: 4Q: Consolidated Statements of Income
4Q : Consolidated Statements of Income <Appendix> （100 million yen） Actual Results Actual Results Increase 4Q 4Q /Decrease FYE March 2009 FYE March 2010 Net Sales 3,391 4,166 +775 Domestic 1,395 1,585 +190 Overseas 1,996 2,581 +585 Operating Income /Loss -157 235 +392 Ordinary Income /Loss -136 206
Slide 20: 4Q: Analysis of Increase and Decrease in Operating Income Changes
4Q : Analysis of Increase and Decrease in Operating Income Changes <Appendix> （100 million yen） Decrease of fixed cost and SG&A expenses, etc Increase Loss on of R&D currency Cost in expenses exchange Improvement reduction 35 of sales volume & Decrease -16 -4 mixture and 98 of SG&A others expenses 2
Slide 21: Outlook for the Term Ending March 2011
Outlook for the Term Ending March 2011 http://www.fhi.co.jp/english/ir/index.html 20
Slide 22: 1st Half: Consolidated Automobile Sales Plan
1st Half : Consolidated Automobile Sales Plan （Thousand Units） Actual Results Plan Increase/ 1st Half 1st Half Decrease FYE March 2010 FYE March 2011 Passenger Car 33.5 35.8 +2.3 Minicar 45.9 46.9 +1.0 Domestic Total 79.4 82.7 +3.3 U.S. 98.3 126.7 +28.3 Canada 9.7 13.6 +3.9 Russia 0.2 4.0 +3.8 Europ
Slide 23: 1st Half: Consolidated Operating Plan
1st Half : Consolidated Operating Plan （100 million yen） Actual Results Plan Increase/ 1st Half 1st Half Decrease FYE March 2010 FYE March 2011 Net Sales 6,356 7,500 +1,145 Domestic 2,439 2,300 -139 Overseas 3,917 5,200 +1,283 Operating Income /Loss -114 250 +364 Ordinary Income /Loss -118 230 +348
Slide 24: 1st Half: Analysis of Increase and Decrease in Operating Income Changes
1st Half : Analysis of Increase and Decrease in Operating Income Changes （100 million yen） Loss on Improvement currency of sales Cost in exchange Increase volume & reduction 30 mixture and others 67 Decrease -115 of R&D of SG&A expenses expenses -39 FHI: +73 and others US$: -100 421 SIA: -6 Euro:-21
Slide 25: Consolidated Automobile Sales Plan
Full Year : Consolidated Automobile Sales Plan （Thousand Units） Actual Results Plan Increase/ FYE March 2010 FYE March 2011 Decrease Passenger Car 75.1 69.0 -6.1 Minicar 96.2 92.4 -3.8 Domestic Total 171.3 161.4 -9.9 U.S. 227.0 243.7 +16.7 Canada 22.8 26.5 +3.7 Russia 1.6 8.1 +6.5 Europe 37.3 52.2 +
Slide 26: Full Year: Consolidated Operating Plan
Full Year : Consolidated Operating Plan （100 million yen） Actual Results Plan Increase/ FYE March 2010 FYE March 2011 Decrease Net Sales 14,287 14,700 +413 Domestic 5,208 4,400 -808 Overseas 9,079 10,300 +1,221 Operating Income 274 430 +156 Ordinary Income 224 380 +156 Net Income/Loss -165 230 +395
Slide 27: Analysis of Increase and Decrease in Operating Income Changes
Full Year : Analysis of Increase and Decrease in Operating Income Changes Loss on （100 million yen） currency Cost in exchange Improvement reduction of sales 32 Increase volume & Decrease -127 of R&D mixture and 130 of SG&A expenses others expenses and others -88 209 US$: -87 FHI: +127 Decrease of fi
Slide 28: Operating Plan of Subsidiaries in U.S.
Operating Plan of Subsidiaries in U.S. （million US$） Actual Results Plan Increase/ SOA FYE March 2010 FYE March 2011 Decrease Net Sales $5,319 $5,769 +450 Operating Income 219 76 -143 Net Income 133 46 -87 Retail Sales (Thousand units) 231.4 240.0 +8.6 Actual Results Plan Increase/ SIA FYE March 201
Slide 29: 2nd Half: Consolidated Automobile Sales Plan
2nd Half : Consolidated Automobile Sales Plan <Appendix> （Thousand Units） Actual Results Plan Increase/ 2nd Half 2nd Half Decrease FYE March 2010 FYE March 2011 Passenger Car 41.6 33.2 -8.4 Minicar 50.3 45.5 -4.8 Domestic Total 91.9 78.7 -13.2 U.S. 128.7 117.1 -11.6 Canada 13.2 12.9 -0.3 Russia 1.3
Slide 30: 2nd Half: Consolidated Operating Plan
2nd Half : Consolidated Operating Plan <Appendix> （100 million yen） Actual Results Plan Increase/ 2nd Half 2nd Half Decrease FYE March 2010 FYE March 2011 Net Sales 7,931 7,200 -731 Domestic 2,770 2,100 -670 Overseas 5,162 5,100 -62 Operating Income 388 180 -208 Ordinary Income 342 150 -192 Net Inco
Slide 31: 2nd Half: Analysis of Increase and Decrease in Operating Income Changes
2nd Half : Analysis of Increase and Decrease in Operating Income Changes <Appendix> Cost in （100 million yen） reduction US$: +13 63 2 Euro: -18 CA$: -2 Decrease Currency exchange adjustment ：-5 of SG&A expenses -212 Increase and others of R&D Loss on FHI: +54 SIA: +9 expenses currency Deterioration
Slide 32: Capex / Depreciation / R&D
Capex / Depreciation / R&D <Appendix> （100 million yen） Actual Results Actual Results Actual Results Plan Increase/ FYE FYE FYE FYE Decrease March 2008 March 2009 March 2010 March 2011 (a) (b) (b)-(a) Capex 563 580 561 560 -1 Depreciation 655 651 571 520 -51 R&D 520 428 372 460 +88 Interest Bearing
Slide 33: Non-Consolidated Automobile Sales Plan
Non-Consolidated Automobile Sales Plan <Appendix> （Thousand Units） Actual Results Plan Increase/ FYE March 2010 FYE March 2011 Decrease Domestic Production 452.7 446.3 -6.4 Domestic Sales 177.5 163.8 -13.7 Passenger Car 80.3 73.7 -6.6 Minicar 97.2 90.1 -7.1 Number of Vehicles exported 279.7 316.4 +3
Slide 34: Difference from Previous Outlook
<Appendix> Difference from Previous Outlook http://www.fhi.co.jp/english/ir/index.html 33
Slide 35: Consolidated Automobile Sales Plan (Feb 2010) vs. Actual Results
Full Year : Consolidated Automobile Sales Plan (Feb, 2010) vs. Actual Results （Thousand Units） Plan Actual Results Increase/ FYE March 2010 FYE March 2010 Decrease (Feb, 2010) Passenger Car 74.5 75.1 +0.6 Minicar 96.5 96.2 -0.3 Domestic Total 171.0 171.3 +0.3 U.S. 225.1 227.0 +1.9 Canada 22.9 22.8 -
Slide 36: Consolidated Operating Plan (Feb 2010) vs. Actual Results
Full Year : Consolidated Operating Plan Plan (Feb, 2010) vs. Actual Results （100 million yen） Plan Actual Results Increase/ FYE March 2010 FYE March 2010 Decrease (Feb, 2010) Net Sales 14,100 14,287 +187 Domestic 5,200 5,208 +836 Overseas 8,900 9,079 +179 Operating Income 140 274 +134 Ordinary Incom
Slide 37: Analysis of Operating Income Changes: Plan (Feb 2010) vs. Actual Results
Full Year : Analysis of Increase and Decrease in Operating Income Changes Plan (Feb, 2010) vs. Actual Results Cost in （100 million yen） Improvement reduction of sales volume & 2 mixture and others 35 19 Decrease Decrease of SG&A of R&D 78 expenses expenses FHI: +3 SIA: -1 and others 274 Decrease of
Slide 38: http://www.fhi.co.jp/english/ir/index.html
http://www.fhi.co.jp/english/ir/index.html 37
Slide 39: Thank you!
Thank you ! http://www.fhi.co.jp/english/ir/index.html 38