Subaru Corporation · TSE:7270

Subaru — Fuji Heavy Industries — Q3 FYE March 2011 Earnings Presentation

38 slides from Subaru's earnings presentation, Feb 4, 2011

  1. Slide 1: Presentation of business results for the 3rd quarter of FYE 2011

    Presentation of business results for the 3rd quarter of FYE 2011 Fuji Heavy Industries Ltd. February 4, 2011 http://www.fhi.co.jp/english/ir/index.html 0

  2. Slide 2: A Summary of Business Results

    A Summary of Business Results http://www.fhi.co.jp/english/ir/index.html 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 2010 FYE March 2011 Passenger Car 50.1 49.7 -0.4 Minicar 68.8 68.4 -0.3 Domestic Total 118.9 118.2 -0.7 U.S. 160.8 203.9 +43.1 Canada 17.7 22.9 +5.2 Russia 0.5 7.3 +

  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 2010 FYE March 2011 Net Sales 10,121 11,746 +1,626 Domestic 3,624 3,498 -125 Overseas 6,497 8,248 +1,751 Operating Income 39 735 +696 Ordinary Income 18 748 +73

  5. Slide 5: 9 months: Analysis of Increase and Decrease in Operating Income

    9 months : Analysis of Increase and Decrease in Operating Income Changes (consolidated) （100 million yen） Reduction Improvement of sales in cost Increase of volume & 71 R&D Overseas: mixture and others 126 -263 expenses Improvement of sales volume Decrease FHI: +66 -48 and mixture, etc Loss on of SG

  6. Slide 6: 9 months: Net Sales by Business Segment

    9 months : Net Sales by Business Segment (consolidated) （100 million yen） Percentage of Actual Results Actual Results Total Sales 9 months 9 months Increase FYE FYE /Decrease Industrial products March 2010 March 2011 Aerospace Other 2.0% 0.9% Automobile 9,218 10,863 +1,645 4.6% Aerospace 637 542 -94

  7. Slide 7: 9 months: Operating Income by Business Segment

    9 months : Operating Income by Business Segment (consolidated) （100 million yen） Actual Results Actual Results Increase 9months 9 months /Decrease FYE March 2010 FYE March 2011 Automobile 13 719 +706 Aerospace 21 -3 -24 Industrial -20 1 +21 Products Other 17 18 +1 Elimination and Corporate 8 0 -8 To

  8. Slide 8: 9 months: Net Sales by Geographic Area

    9 months : Net Sales by Geographic Area (consolidated) <Appendix> （100 million yen） Actual Results Actual Results 9 months 9 months Increase FYE FYE /Decrease Percentage of March 2010 March 2011 Total Sales North Other 3.7% Japan 5,711 6,226 +515 America 43.3% North 4,166 5,090 +924 America Japan 53

  9. Slide 9: 9 months: 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 2010 FYE March 2011 Japan -121 517 +638 North America 225 295 +70 Other 2 4 +3 Elimination and Corporate -67 -82 -15 Total 39 735 +6

  10. Slide 10: 9 months: Overseas Net Sales

    9 months : Overseas Net Sales <Appendix> （100 million yen） Actual Results Actual Results 9 months 9 months Increase Percentage of FYE FYE /Decrease Total Sales March 2010 March 2011 North 4,485 5,394 +909 Asia Other America 11.6% 11.8% Europe 608 930 +322 Asia 712 969 +258 Europe North 11.3% 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 2010 FYE March 2011 Net Sales $3,779 $4,928 +1,149 Operating Income 185 183 -2 Net Income 115 110 -5 Retail Sales (Thousand units) 174.3 205.4 +31.1 Actual Results

  12. Slide 12: Non-Operating Income and Expenses

    Non-Operating Income and Expenses （100 million yen） Actual Results Actual Results Increase 9 months 9 months /Decrease FYE March 2010 FYE March 2011 Non-Operating Income 40 98 +58 Interest and Dividends Income 12 14 +2 Equity in Earnings of Affiliates 12 26 +13 Non-Operating Expenses 61 85 +24 Inter

  13. Slide 13: Extraordinary Income and Loss

    Extraordinary Income and Loss （100 million yen） Actual Results Actual Results Increase 9 months 9 months /Decrease FYE March 2010 FYE March 2011 Extraordinary Income 7 20 +13 Extraordinary Loss 68 45 -23 Loss on Sales and Retirement of Noncurrent Assets 20 8 -12 Impairment Loss 32 8 -23 Loss on Prio

  14. Slide 14: Consolidated Balance Sheets

    Consolidated Balance Sheets （100 million yen） As of As of Increase March 31, 2010 December 31, 2010 /Decrease Total Assets 12,314 11,793 -520 Current Assets 6,389 6,084 -304 Noncurrent Assets 5,925 5,709 -216 Interest Bearing 3,676 3,179 -497 Debts Net Assets 3,819 4,192 +373 Retained Earnings 1,102

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

    9 months : Consolidated Statements of Cash Flows （100 million yen） Actual Results Actual Results Increase 9 months 9 months /Decrease FYE March 2010 FYE March 2011 Net Cash Provided by (used in) Operating Activities 1,079 779 -299 Net Cash Provided by (used in ) Investing Activities -482 -383 +99 Fr

  16. Slide 16: 9 months: 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 2010 FYE March 2011 Domestic Production 326.1 365.3 +39.2 Domestic Sales 125.9 125.1 -0.8 Passenger Car 55.0 53.9 -1.1 Minicar 70.9 71.2 +0.3 Number o

  17. Slide 17: Net Sales & Operating Income

    Net Sales & Operating Income <Appendix> Operating Net Sales Income (100 million yen) (100 million yen) 400 4,337 5,000 4,166 4,500 300 4,031 3,765 3,703 3,706 3,625 3,642 4,000 3,411 3,391 200 3,500 347 2,713 226 3,000 100 235 161 2,500 119 (¥101/$) (¥91/$) (¥98/$) 82 153 65 0 (¥95/$) (¥90/$) (¥90/$

  18. Slide 18: Retail Sales & Complete Cars Production

    Retail Sales & Complete Cars Production <Appendix> Retail Sales Complete Cars Production 174 180 164 164 162 161 158 160 161 160 162 160 153 156 142 148 138 140 130 132 130 120 98 100 95 80 60 40 20 0 2008 2009 2010 Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. to Sep. to Dec. to Mar. to Jun. to

  19. Slide 19: Free Cash Flows & Shareholders' Equity to Total Assets

    Free Cash Flows & Shareholders’ Equity to Total Assets <Appendix> FCF Shareholders’ (100 million yen) Equity to Total Assets Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. 2008 2009 2010 1,500 39.9% 45.0% 37.7% 30.9% 37.5% 33.6% 40.0% 1,000 33.8% 35.4% 31.4% 31.4% 31.9% 35.0% 31.4% 500 683 3

  20. Slide 20: 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 3,676 4,000 3,817 3,832 3,826 3,473 1 3,500 1.07 3,367 3,210 1.04 1.01 0.97 3,179 3,073 3,000 0.97 0.8 2,769 0.89 2,500 0.82 0.76 0.69 0.6 2,000 0.66 0.55 1,500 0.4 1,000 0.2 500 0 0 FY20

  21. Slide 21: 3Q: Consolidated Automobile Sales

    3Q : Consolidated Automobile Sales <Appendix> （Thousand Units） Actual Results Actual Results Increase 3Q 3Q /Decrease FYE March 2010 FYE March 2011 Passenger Car 16.6 12.0 -4.6 Minicar 22.9 17.6 -5.2 Domestic Total 39.5 29.7 -9.8 U.S. 62.4 74.8 +12.3 Canada 8.0 8.0 -0 Russia 0.3 2.6 +2.3 Europe 11.5

  22. Slide 22: 3Q: Consolidated Statements of Income

    3Q : Consolidated Statements of Income <Appendix> （100 million yen） Actual Results Actual Results Increase 3Q 3Q /Decrease FYE March 2010 FYE March 2011 Net Sales 3,765 3,706 -59 Domestic 1,185 979 -206 Overseas 2,581 2,728 +147 Operating Income 153 161 +8 Ordinary Income 136 160 +23 Income Before I

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

    3Q : Analysis of Increase and Decrease in Operating Income Changes <Appendix> Loss on （100 million yen） Overseas : Reduction currency Improvement of in cost exchange sales volume & mixture and others 45 8 Decrease -104 Increase of R&D of SG&A 76 expenses FHI: +4 SIA: +4 expenses and others Improveme

  24. Slide 24: Outlook for the Term Ending March 2011

    Outlook for the Term Ending March 2011 http://www.fhi.co.jp/english/ir/index.html 23

  25. Slide 25: Full Year: 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 70.2 -4.9 Minicar 96.2 90.4 -5.8 Domestic Total 171.3 160.7 -10.6 U.S. 227.0 278.7 +51.6 Canada 22.8 28.1 +5.2 Russia 1.6 11.4 +9.8 Europe 37.3 49.3

  26. 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 16,000 +1,713 Domestic 5,208 4,800 -408 Overseas 9,079 11,200 +2,121 Operating Income 274 850 +577 Ordinary Income 224 840 +616 Income/Loss Before Income Ta

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

    Full Year : Analysis of Increase and Decrease in Operating Income Changes Loss on （100 million yen） Improvement currency of sales Reduction exchange volume & mixture and in cost 81 others 88 Decrease Increase of of SG&A -384 R&D FHI: +82 expenses expenses SIA: +6 and others -59 851 Decrease of US$:

  28. 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 $6,755 +1,436 Operating Income 219 100 -119 Net Income 133 65 -68 Retail Sales (Thousand units) 231.4 267.4 +36.0 Actual Results Plan Increase/ SIA FYE March

  29. Slide 29: Capex / Depreciation / R&D

    Capex / Depreciation / R&D <Appendix> （100 million yen） Actual Results Actual Results Actual Results Plan Increase / 9 months 9 months Decrease FYE2010 FYE2010 (a) FYE2011 FYE2011(b) (b) – (a) Capex 440 561 293 560 -1 Depreciation 430 571 366 520 -51 R&D 268 372 316 431 +59 Interest Bearing Debt 3,8

  30. Slide 30: Non-Consolidated Automobile Sales Plan

    Non-Consolidated Automobile Sales Plan <Appendix> （100 million yen） Actual Results Plan Increase/ FYE March 2010 FYE March 2011 Decrease Domestic Production 452.7 486.7 33.9 Domestic Sales 177.5 167.4 -10.1 Passenger Car 80.3 74.3 -5.9 Minicar 97.2 93.1 -4.1 Number of Vehicles exported 279.7 338.5 +

  31. Slide 31: 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 32.5 -9.1 Minicar 50.3 39.6 -10.7 Domestic Total 91.9 72.2 -19.7 U.S. 128.7 149.5 +20.8 Canada 13.2 13.1 -0.1 Russia 1.3

  32. Slide 32: 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 7,960 +29 Domestic 2,770 2,280 -489 Overseas 5,162 5,680 +518 Operating Income 388 277 -111 Ordinary Income 342 252 -90 Income Be

  33. Slide 33: 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） Improvement Loss on US$: -180 of sales volume & Reduction currency Euro: -34 mixture and in cost exchange CA$: -6 others Currency exchange adjustment ：-5 25 117 FHI: +20 -225 Increase SIA: +5 of R&D

  34. Slide 34: Appendix: Difference from Previous Outlook

    <Appendix> Difference from Previous Outlook http://www.fhi.co.jp/english/ir/index.html 33

  35. Slide 35: Full Year: Automobile Sales, Previous Plan vs. Revised Plan

    Full Year : Consolidated Automobile Sales Previous Plan vs. Revised Plan <Appendix> （Thousand Units） Previous Plan Revised Plan Increase/ FYE March 2011 FYE March 2011 Decrease Passenger Car 68.2 70.2 +2.1 Minicar 94.1 90.4 -3.7 Domestic Total 162.2 160.7 -1.6 U.S. 274.2 278.7 +4.4 Canada 27.5 28.1

  36. Slide 36: Full Year: Operating Plan, Previous vs. Revised Plan

    Full Year : Consolidated Operating Plan Previous Plan vs. Revised Plan <Appendix> （100 million yen） Previous Plan Revised Plan Increase/ FYE March 2011 FYE March 2011 Decrease Net Sales 15,900 16,000 +100 Domestic 4,800 4,800 ±0 Overseas 11,100 11,200 +100 Operating Income 700 850 +150 Ordinary Inco

  37. Slide 37: Full Year: Operating Income Analysis, Previous vs. Revised Plan

    Full Year : Analysis of Increase and Decrease in Operating Income Changes Previous Plan vs. Revised Plan <Appendix> （100 million yen） Improvement Decrease Loss on of sales of R&D currency volume & Reduction expenses exchange mixture in cost and others 71 2 -25 108 Decrease of SG&A -6 expenses FHI: -

  38. Slide 38: Thank you !

    Thank you ! http://www.fhi.co.jp/english/ir/index.html 37

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