Subaru Corporation · TSE:7270
Subaru — Fuji Heavy Industries — Q2 FYE March 2010 Earnings Presentation
35 slides from Subaru's earnings presentation, Nov 2, 2009
Slide 1: Presentation of business results for the 2nd quarter of FYE 2010
Presentation of business results for the 2nd quarter of FYE 2010 Fuji Heavy Industries Ltd. November 2, 2009 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: 1st Half: Consolidated Automobile Sales
1st Half : Consolidated Automobile Sales (Thousand Units) Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2009 FYE March 2010 Passenger Car 36.3 33.5 -2.8 Minicar 57.9 45.9 -12.0 Domestic Total 94.2 79.4 -14.8 U.S. 82.0 98.3 +16.4 Canada 8.6 9.7 +1.1 Russia 15.3 0.2 -15.
Slide 4: 1st Half: Consolidated Statements of Income
1st Half : Consolidated Statements of Income (100 million yen) Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2009 FYE March 2010 Net Sales 7,442 6,356 -1,087 Domestic 2,602 2,439 -163 Overseas 4,840 3,917 -924 Operating Income /Loss 183 -114 -298 Ordinary Income /Loss
Slide 5: 1st Half: Analysis of Increase and Decrease in Operating Income
1st half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) (100 million yen) Deterioration Decrease of fixed cost and Decrease of sales volume & Japan : Decrease of sales SG&A of R&D mixture and expenses volume Decrease Reduction expenses others Overseas : Deterioration
Slide 6: 1st Half: Net Sales by Business Segment
1st Half : Net Sales by Business Segment (consolidated) (100 million yen) Actual Results Actual Results 1st Half 1st Half Increase FYE FYE /Decrease Percentage of March 2009 March 2010 Total Sales Industrial Products Automobile 6,751 5,744 -1,007 Aerospace 1.9% 6.7% Other 1.0% Aerospace 423 425 +2 I
Slide 7: 1st Half: Operating Income by Business Segment
1st Half : Operating Income by Business Segment (consolidated) (100 million yen) Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2009 FYE March 2010 Automobile 151 -143 -294 Aerospace 21 24 +3 Industrial -3 -12 -8 Products Other 11 9 -2 Elimination and Corporate 4 6 +3 T
Slide 8: 1st Half: Net Sales by Geographic Area
1st Half : Net Sales by Geographic Area (consolidated) (100 million yen) Actual Results Actual Results Percentage of 1st Half 1st Half Increase Total Sales FYE FYE /Decrease March 2009 March 2010 North Other Japan 4,637 3,665 -972 America 1.7% 40.6% North 2,548 2,582 +34 America Japan 57.7% Other 25
Slide 9: 1st Half: Operating Income by Geographic Area
1st Half : Operating Income by Geographic Area (consolidated) (100 million yen) Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2009 FYE March 2010 Japan 128 -143 -271 North America 33 74 +41 Other 10 3 -8 Elimination and Corporate 12 -48 -61 Total 183 -114 -298 http://w
Slide 10: Operating Results of Subsidiaries in U.S.
Operating Results of Subsidiaries in U.S. (million US$) Actual Results Actual Results Increase/ SOA 1st Half 1st Half Decrease FYE March 2009 FYE March 2010 Net Sales $1,947 $2,327 +380 Operating Income/Loss -22 79 +101 Net Income/Loss -11 49 +61 Retail Sales (Thousand units) 93.3 116.7 +23.3 Actual
Slide 11: Analysis of Non-Operating Income and Expenses
Analysis of Non-Operating Income and Expenses (100 million yen) Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2009 FYE March 2010 Non-Operating Income 43 66 +23 Interest and dividends income 20 8 -12 Equity in earnings of affiliates 5 6 +1 Non-Operating 44 70 +26 Expen
Slide 12: Analysis of Extraordinary Income and Loss
Analysis of Extraordinary Income and Loss (100 million yen) Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2009 FYE March 2010 Extraordinary Income 22 4 -18 Extraordinary Loss 61 60 -0 Loss on sales and retirement of noncurrent 21 13 -8 assets Impairment loss 10 32 +22
Slide 13: Consolidated Balance Sheets
Consolidated Balance Sheets (100 million yen) As of As of Increase March 31, 2009 September 30, 2010 /Decrease Total Assets 11,654 11,761 +107 Current Assets 5,860 5,917 +56 Noncurrent Assets 5,794 5,845 +51 Interest 3,817 3,832 +15 Bearing Debts Net Assets 3,947 3,706 -241 Retained Earnings 1,266 1
Slide 14: 1st Half: Non-Consolidated Automobile Sales
1st Half : Non-Consolidated Automobile Sales <Appendix> (Thousand Units) Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2009 FYE March 2010 Domestic Production 267.8 197.3 -70.5 Domestic Sales 101.0 83.1 -17.9 Passenger Car 41.2 37.0 -4.2 Minicar 59.7 46.1 -13.6 Number
Slide 15: 2Q: Consolidated Automobile Sales
2Q : Consolidated Automobile Sales <Appendix> (Thousand Units) Actual Results Actual Results Increase 2Q 2Q /Decrease FYE March 2009 FYE March 2010 Passenger Car 21.6 21.4 -0.1 Minicar 29.8 25.1 -4.8 Domestic Total 51.4 46.5 -4.9 U.S. 45.9 59.0 +13.1 Canada 4.9 3.7 -1.1 Russia 7.4 0.2 -7.2 Europe 18
Slide 16: 2Q: Consolidated Statements of Income
2Q : Consolidated Statements of Income <Appendix> (100 million yen) Actual Results Actual Results Increase 2Q 2Q /Decrease FYE March 2009 FYE March 2010 Net Sales 4,031 3,642 -389 Domestic 1,431 1,364 -67 Overseas 2,600 2,278 -322 Operating Income 119 82 -37 Ordinary Income 111 76 -35 Net Income/Los
Slide 17: 2Q: Analysis of Increase and Decrease in Operating Income
2Q : Analysis of Increase and Decrease in Operating Income Changes <Appendix> (100 million yen) Decrease Loss on Decrease of R&D currency US$ : -86 Euro : -26 of SG&A expenses exchange CA$ : -23 expenses 43 FHI: +67 Currency SIA: +13 and others exchange adjustment : -15 Cost in reduction 50 ▲150 Det
Slide 18: Outlook for the Term Ending March 2010
Outlook for the Term Ending March 2010 http://www.fhi.co.jp/english/ir/index.html 17
Slide 19: Full Year: Consolidated Automobile Sales Plan
Full Year : Consolidated Automobile Sales Plan (Thousand Units) Actual Results Plan Increase/ FYE March 2009 FYE March 2010 Decrease Passenger Car 70.1 71.4 +1.3 Minicar 108.7 94.9 -13.8 Domestic Total 178.8 166.3 -12.5 U.S. 188.2 216.4 +28.2 Canada 18.9 21.5 +2.6 Russia 20.7 1.6 -19.1 Europe 56.8 3
Slide 20: Full Year: Consolidated Operating Plan
Full Year : Consolidated Operating Plan (100 million yen) Actual Results Plan Increase/ FYE March 2009 FYE March 2010 Decrease Net Sales 14,458 13,600 -858 Domestic 5,075 5,100 +25 Overseas 9,383 8,500 -883 Operating Income /Loss -58 10 +68 Ordinary Income /Loss -46 -50 -4 Net Income/Loss -699 -250
Slide 21: Full Year: Analysis of Increase and Decrease in Operating Income
Full Year : Analysis of Increase and Decrease in Operating Income Changes (100 million yen) Decrease Decrease of fixed Decrease of R&D Deterioration cost and SG&A of sales of SG&A expenses expenses, etc volume & expenses 28 mixture and Loss on and others others currency FHI: +198 SIA: +44 ▲85 exchan
Slide 22: Operating Plan of Subsidiaries in U.S.
Operating Plan of Subsidiaries in U.S. (million US$) Actual Results Plan Increase/ SOA FYE March 2009 FYE March 2010 Decrease Net Sales $4,346 $4,960 +614 Operating Income 9 98 +89 Net Income 14 61 +47 Retail Sales (Thousand units) 186.2 207.0 +20.8 Actual Results Plan Increase/ SIA FYE March 2009 F
Slide 23: Capex / Depreciation / R&D
Capex / Depreciation / R&D <Appendix> (100 million yen) Actual Results Increase/ Actual Results Previous Plan Revised Plan 1st Half FYE March FYE March FYE March Decrease FYE March 2009 (1) 2010 2010 (2) <(2)-(1)> 2010 Capex 580 590 320 560 -20 Depreciation 651 590 288 560 -91 R&D 428 430 171 400 -2
Slide 24: Non-Consolidated Automobile Sales Plan
Non-Consolidated Automobile Sales Plan <Appendix> (Thousand Units) Actual Results Plan Increase/ FYE March 2009 FYE March 2010 Decrease Domestic Production 474.0 443.8 -30.2 Domestic Sales 186.4 170.8 -15.6 Passenger Car 76.4 76.7 +0.3 Minicar 110.0 94.1 -15.9 Number of Vehicles exported 300.4 273.8
Slide 25: 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 2008 FYE March 2009 Passenger Car 33.8 37.9 +4.1 Minicar 50.8 49.0 -1.8 Domestic Total 84.6 86.9 +2.3 U.S. 106.2 118.1 +11.8 Canada 10.3 11.8 +1.6 Russia 5.4 1
Slide 26: 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 2008 FYE March 2009 Net Sales 7,016 7,245 +229 Domestic 2,473 2,661 +188 Overseas 4,542 4,583 +41 Operating Income /Loss -241 124 +366 Ordinary Income /Loss -228 68
Slide 27: 2nd Half: Analysis of Increase and Decrease in Operating Income
2nd Half : Analysis of Increase and Decrease in Operating Income Changes <Appendix> (100 million yen) Cost in Improvement reduction 56 of sales Decrease Increase ▲28 volume & 127 of SG&A of R&D ▲115 mixture and others expenses expenses Loss on and others currency 124 exchange 326 FHI: +99 SIA: +28 D
Slide 28: Appendix: Difference from Previous Outlook
<Appendix> Difference from Previous Outlook http://www.fhi.co.jp/english/ir/index.html 27
Slide 29: 1st Half: Consolidated Automobile Sales Plan vs Actual Results
1st Half : Consolidated Automobile Sales Plan vs Actual Results (Thousand Units) Plan Actual Results Increase/ 1st Half 1st Half Decrease FYE March 2010 FYE March 2010 Passenger Car 35.3 33.5 -1.8 Minicar 42.6 45.9 +3.3 Domestic Total 77.9 79.4 +1.5 U.S. 92.7 98.3 +5.6 Canada 8.9 9.7 +0.8 Russia 3.3
Slide 30: 1st Half: Consolidated Statements of Income Plan vs Actual Results
1st Half : Consolidated Statements of Income Plan vs Actual Results (100 million yen) Plan Actual Results Increase/ 1st Half 1st Half Decrease FYE March 2010 FYE March 2010 Net Sales 6,240 6,356 +116 Domestic 2,500 2,439 -61 Overseas 3,740 3,917 +177 Operating Income /Loss -340 -114 +226 Ordinary In
Slide 31: 1st Half: Operating Income Changes Plan vs Actual Results
1st half : Analysis of Increase and Decrease in Operating Income Changes Plan vs Actual Results (100 million yen) FHI: +17 Japan : Increase of sales volume SIA: +5 Overseas : Improvement of sales volume & mixture, etc Gain on ▲ 114 Cost in currency reduction Decrease Decrease exchange 22 of SG&A of
Slide 32: Full Year: Automobile Sales Previous Plan vs Revised Plan
Full Year : Consolidated Automobile Sales Previous Plan vs Revised Plan (Thousand Units) Previous Plan Revised Plan Increase/ FYE March 2010 FYE March 2010 Decrease Passenger Car 73.4 71.4 -1.9 Minicar 87.0 94.9 +7.9 Domestic Total 160.3 166.3 +6.0 U.S. 194.4 216.4 +22.0 Canada 20.5 21.5 +1.0 Russia
Slide 33: Full Year: Operating Plan Previous vs Revised
Full Year : Consolidated Operating Plan Previous Plan vs Revised Plan (100 million yen) Previous Plan Revised Plan Increase/ FYE March 2010 FYE March 2010 Decrease Net Sales 13,200 13,600 +400 Domestic 5,100 5,100 0 Overseas 8,100 8,500 +400 Operating Income /Loss -350 10 +360 Ordinary Income /Loss
Slide 34: Full Year: Operating Income Changes Previous vs Revised Plan
Full Year : Analysis of Increase and Decrease in Operating Income Changes Previous Plan vs Revised Plan (100 million yen) Cost in Improvement Decrease reduction of sales of R&D 30 volume & expenses mixture and 24 ▲ 61 10 others Decrease Loss on of SG&A currency 41 expenses FHI: +18 exchange SIA: +6
Slide 35: Thank you!
Thank you ! http://www.fhi.co.jp/english/ir/index.html 34
Fuji Heavy Industries — Q2 FYE March 2010 Earnings Presentation on 6ix