Subaru Corporation · TSE:7270
Subaru — Q3 FYE2024 Earnings Presentation
35 slides from Subaru's earnings presentation, Feb 8, 2024
Slide 1: Consolidated Financial Results for the 3rd Quarter of FYE 2024
Consolidated Financial Results for the 3rd Quarter of FYE 2024 SUBARU CORPORATION Katsuyuki Mizuma, Director, Executive Vice President & CFO February 8 th , 2024 https://www.subaru.co.jp/en/ir/ 1
Slide 2: Key Points
Key Points Results for the nine months ended December 2023 • Production: 757,000 units (up 13% y/y) Continuing from the 1st half period, global production increased year on year. • Operating profit: 371.0 billion yen (up 74% y/y) Due to sales volume growth and the positive impact of foreign exchan
Slide 3: Consolidated Financial Results for the 3rd Quarter of FYE 2024
Consolidated Financial Results for the 3rd Quarter of FYE 2024 https://www.subaru.co.jp/en/ir/ 3 3
Slide 4: Consolidated Unit Sales / Complete Cars Production
3 rd Q u a r t e r ( 9 m o n t h s ) ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2023 FYE 2024 Variance 3Q Results 3Q Results Production in U.S. 214 266 +52 Production in Japan 457 491 +33 Production* Total 671 757 +85 FYE 2023 FYE 2024 Variance 3Q Results 3Q Results Co
Slide 5: Consolidated Unit Sales (by market)
3 rd Q u a r t e r ( 9 m o n t h s ) ： Consolidated Unit Sales (by market) (Thousand Units) FYE 2023 FYE 2024 : Variance 3Q Results 3Q Results Passenger cars 62 64 +2 Minicars 14 11 -3 Domestic total 76 75 -1 U.S. 437 519 +83 Canada 33 48 +14 Europe 15 21 +6 Australia 34 40 +7 China 8 6 -3 Others 32
Slide 6: Consolidated Profit Results
3 rd Q u a r t e r ( 9 m o n t h s ) ： Consolidated Profit Results (100 Million Yen) FYE 2023 FYE 2024 Variance 3Q Results 3Q Results Revenue 28,080 34,964 +6,884 Domestic 4,318 4,537 +219 Overseas 23,762 30,427 +6,665 Operating profit 2,137 3,710 +1,573 Profit before tax 2,151 4,162 +2,011 Profit f
Slide 7: Analysis of Variance in Operating Profit (Consolidated)
3 rd Q u a r t e r ( 9 m o n t h s ) ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) New car sales total： +1,409 +962 -658 by sales volume +1,093 -189 -12 +28 by price & mixture +316 +1,442 SG&A Gain on currency expenses, Cost impa
Slide 8: Consolidated Statement of Cash Flows / Cash and cash equivalents
3 rd Q u a r t e r ( 9 m o n t h s ) ： Consolidated Statement of Cash Flows / Cash and cash equivalents (100 Million Yen) FYE 2023 FYE 2024 3Q Results 3Q Results Net cash provided by (used in) operating activities 3,257 4,679 Net cash provided by (used in) investing activities -2,018 -4,188 Free cas
Slide 9: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) FYE 2023 FYE 2024 Variance 3Q Results 3Q Results Capex *1 767 1,234 +468 Depreciation *1 759 720 -39 R&D expenditures *2 759 909 +150 *1 : Leases, capex & amortization for intangible assets and lease liabilities are not included in the results and forecas
Slide 10: Forecast for FYE 2024
Forecast for FYE 2024 https://www.subaru.co.jp/en/ir/ 10 10
Slide 11: Revised Plan FYE 2024: Consolidated Unit Sales / Complete Cars Production
Rev ised Plan FYE 2024 ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2023 FYE 2024 FYE 2024 Variance Variance Results(a) Previous Plan*2(b) Revised Plan(c) (c)-(a) (c)-(b) Production in U.S. 299 - - - - Production in Japan 575 - - - - Production*1 Total 874 1,010 1,000 +1
Slide 12: Revised Plan FYE 2024: Consolidated Unit Sales (by market)
Rev ised Plan FYE 2024 ： Consolidated Unit Sales (by market) (Thousand Units) FYE 2023 FYE 2024 FYE 2024 Variance Variance Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Passenger cars 81 100 91 +10 -9 Minicars 19 16 11 -7 -5 Domestic total 100 116 103 +3 -14 U.S. 592 686 688 +96 +2 Can
Slide 13: Revised Plan FYE 2024: Consolidated Profit Plan
Rev ised Plan FYE 2024 Consolidated Profit Plan (Yen in 100 millions) FYE 2023 FYE 2024 FYE 2024 Variance Variance Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Revenue 37,745 46,500 46,500 +8,755 ±0 Operating profit 2,675 4,200 4,500 +1,825 +300 Profit before tax 2,784 4,600 4,900 +2,
Slide 14: Revised Plan FYE 2024: Analysis of Variance in Operating Profit
Rev ised Plan FYE 2024 ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +1,105 -948 New car sales total： +1,865 by sales volume +1,550 +1,910 -134 -75 by price & mixture +315 -33 SG&A expenses, Cost impacts Gain on currency R&D expe
Slide 15: Previous Plan vs Revised Plan: Analysis of Variance in Operating Profit
P r e v i o u s P l a n F Y E 2 0 2 4 ( a s o f N o v e m b e r 2 nd, 2 0 2 3 ) v s R e v i s e d P l a n : A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +283 +46 -177 -173 +359 -38 R&D expenses SG&A Sales volume & Cost impacts Oth
Slide 16: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) FYE 2023 FYE 2024 Variance Results Plan Capex *1 1,228 1,800 +572 Depreciation *1 1,030 1,000 -30 R&D expenditures *2 1,078 1,350 +272 *1 : Leases, capex & amortization for intangible assets are not included in the results and forecast above. *2 : Researc
Slide 17: Appendix
Appendix • Segment information by Business & Geographic (3rd Quarter) • Consolidated Financial Results for 3rd Quarter (3 months) • Overseas Revenue (3rd Quarter) • Forecast for 4th Quarter (3 months) • Consolidated Statement of Financial Position • Forecast for 2nd Half FYE 2024 • Non-consolidated
Slide 18: Revenue and Operating Profit by Business Segment (Consolidated)
3 rd Q u a r t e r ( 9 m o n t h s ) ： Revenue and Operating Profit by Business Segment (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2023 FYE 2024 Variance FYE 2024 FYE 2023 FYE 2024 Variance FYE 2024 3Q Results 3Q Results Plan 3Q Results 3Q Results Plan Automobile 27,503 34,215 +6,
Slide 19: Revenue and Operating Profit by Geographic Area (Consolidated)
3 rd Q u a r t e r ( 9 m o n t h s ) ： Revenue and Operating Profit by Geographic Area (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2023 FYE 2024 FYE 2023 FYE 2024 Variance Variance 3Q Results 3Q Results 3Q Results 3Q Results Japan 6,283 6,914 +631 2,157 2,635 +479 North America 20,
Slide 20: Overseas Revenue (Consolidated)
3 rd Q u a r t e r ( 9 m o n t h s ) ： Overseas Revenue (C onsolida ted) (100 Million Yen) FYE 2023 FYE 2024 Variance 3Q Results 3Q Results North America 21,158 27,466 +6,308 Europe 569 886 +317 Asia 708 465 -243 Other 1,326 1,609 +283 Total 23,762 30,427 +6,665 https://www.subaru.co.jp/en/ir/ 20 20
Slide 21: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of December Variance 2023 2023 Total assets 39,442 43,549 +4,107 Current assets 24,298 27,029 +2,731 Non-current assets 15,144 16,520 +1,376 Total liabilities 18,342 19,805 +1,463 Interest bearing debts 3,126 3,531 +405 To
Slide 22: Non-consolidated Unit Sales
3 rd Q u a r t e r ( 9 m o n t h s ) ： Non-consolidated Unit Sales (Thousand Units) : FYE 2023 FYE 2024 Variance 3Q Results 3Q Results Domestic production* 457 491 +33 Domestic sales 80 79 -0 Passenger cars 65 69 +4 Minicars 15 10 -4 Export total 374 415 +40 Components for overseas 245 271 +26 produ
Slide 23: Operating Results of Subsidiaries in U.S.
3 rd Q u a r t e r ( 9 m o n t h s ) ： Operating Results of Subsidiaries in U.S. （Million US$） FYE 2023 FYE 2024 SOA *1 Variance 3Q Results 3Q Results Net sales 14,322 17,466 +3,144 Operating income 686 890 +204 Net income 480 763 +283 Retail sales (Thousand units) 422 487 +65 FYE 2023 FYE 2024 SIA
Slide 24: Consolidated Unit Sales (by market)
3 rd Q u a r t e r ( 3 m o n t h s ) ： Consolidated Unit Sales (by market) (Thousand Units) : FYE 2023 FYE 2024 Variance 3Q Results 3Q Results Passenger cars 23 26 +4 Minicars 5 4 -1 Domestic total 27 30 +3 U.S. 158 193 +34 Canada 11 17 +6 Europe 7 7 -0 Australia 15 13 -2 China 2 2 -0 Others 16 6 -1
Slide 25: Consolidated Profit Results
3 rd Q u a r t e r ( 3 m o n t h s ) ： Consolidated Profit Results (100 Million Yen) FYE 2023 FYE 2024 Variance 3Q Results 3Q Results Revenue 10,571 12,829 +2,259 Domestic 1,502 1,651 +149 Overseas 9,069 11,178 +2,110 Operating profit 1,032 1,852 +819 Profit before tax 948 1,898 +950 Profit for the
Slide 26: Analysis of Variance in Operating Profit (Consolidated)
3 rd Q u a r t e r ( 3 m o n t h s ) ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) New car sales total： +462 +145 +34 -207 by sales volume +322 +337 -2 by price & mixture +140 R&D expenses +512 Cost impacts SG&A expenses, Other e
Slide 27: 4th Quarter: Consolidated Unit Sales (by market)
4 th Q u a r t e r ( 3 mo n t h s ) ： Consolidated Unit Sales (by market) (Thousand Units) FYE 2023 FYE 2024 Variance 4Q Results 4Q Plan : Passenger cars 19 27 +8 Minicars 5 1 -4 Domestic total 24 28 +4 U.S. 155 169 +14 Canada 10 18 +9 China 2 2 -0 Others 27 28 +1 Overseas total 193 217 +24 Total 21
Slide 28: 4th Quarter: Consolidated Profit Results
4 th Q u a r t e r ( 3 mo n t h s ) ： Consolidated Profit Results (100 Million Yen) FYE 2023 FYE 2024 Variance 4Q Results 4Q Plan Revenue 9,665 11,536 +1,871 Domestic 1,491 1,803 +312 Overseas 8,173 9,733 +1,560 Operating profit 538 790 +252 Profit before tax 632 738 +105 Profit for the period attri
Slide 29: 4th Quarter: Analysis of Variance in Operating Profit
4 th Q u a r t e r ( 3 mo n t h s ) ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) New car sales total： +456 +143 +55 -290 by sales volume +457 +468 by price & mixture -1 Cost impacts -63 Gain on currency -61 exchange SG&A expense
Slide 30: Plan for 2nd Half: Consolidated Unit Sales (by market)
P l a n f o r 2 nd H a l f ： Consolidated Unit Sales (by market) (Thousand Units) FYE 2023 FYE 2024 FYE 2024 Variance Variance : 2nd Half Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Passenger cars 42 63 53 +12 -9 Minicars 9 9 4 -5 -5 Domestic total 51 71 58 +7 -14 U.S. 313 359 361 +4
Slide 31: Plan for 2nd Half: Consolidated Profit Results
P l a n f o r 2 nd H a l f ： Consolidated Profit Results (100 Million Yen) FYE 2023 FYE 2024 FYE 2024 Variance Variance 2nd Hlaf Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Revenue 20,236 24,365 24,365 +4,130 ±0 Operating profit 1,570 2,342 2,642 +1,071 +300 Profit before tax 1,580 2
Slide 32: Plan for 2nd Half: Analysis of Variance in Operating Profit
P l a n f o r 2 nd H a l f ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +200 -497 New car sales total： +918 +480 -29 -63 by sales volume +779 +980 Cost impacts by price & mixture +139 SG&A expenses, R&D expenses Other Gain on cu
Slide 33: FYE 2023 and FYE 2024 Results (by Quarter)
FYE 2023 and FYE 2024 Results(by Quarter) (100 Million Yen, Thousand Units) FYE 2023 FYE 2024 Results Results 1Q 2Q 3Q 4Q 1Q 2Q 3Q Consolidated Unit Sales 196 203 237 217 236 234 266 Production * 205 220 246 202 243 250 264 Revenue 8,341 9,168 10,571 9,665 10,821 11,313 12,829 Operating profit 370 7
Slide 34: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units (1,000units） Production Retail Sales 300 280 276 278 273 277 276 271 271 268 270 269 269 269 264 262 262 262 264 260 264 250 258 261 257 254 250 250 254 249 253 249 252 246 245 243 241 242 242 241 240 236 240 237 232 227 229 228 220 220 200 212 207 205 2
Slide 35: Forward-looking statements
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