Subaru Corporation · TSE:7270
Subaru — Fuji Heavy Industries — Q3 FY2013 Earnings Presentation
39 slides from Subaru's earnings presentation, Feb 6, 2013
Slide 1: Presentation of Business Results for the 3rd quarter of FYE 2013
Presentation of Business Results for the 3rd quarter of FYE 2013 Fuji Heavy Industries Ltd. February 6, 2013 http://www.fhi.co.jp/english/ir/index.html 0 0
Slide 2: Summary
Summary Financial results for the 3rd quarter (9 months) of FYE March 2013 Due to healthy sales of the new IMPREZA and SUBARU BRZ centered around the U.S., consolidated automobile sales recorded the highest 527 thousand units. Consolidated net sales was 1,370.7 billion yen, the highest ever reco
Slide 3: Business results for the 3rd quarter of FYE March 2013
Business results for the 3rd quarter of FYE March 2013 http://www.fhi.co.jp/english/ir/index.html 2 2
Slide 4: 9 months: Consolidated Automobile Sales
9 months : Consolidated Automobile Sales （1,000 cars） Actual Results Actual Results Increase / 9 months 9 months Decrease FYE 2012 FYE 2013 Passenger cars 51.9 76.9 +25.0 Minicars 61.9 34.7 -27.3 Domestic total 113.8 111.5 -2.2 U.S. 188.6 259.4 +70.8 Canada 18.8 23.6 +4.8 Russia 11.1 13.3 +2.2 Europ
Slide 5: 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 2012 FYE 2013 Net sales 10,294 13,707 +3,413 Domestic 3,375 4,823 +1,448 Overseas 6,919 8,884 +1,965 Operating income 279 734 +455 Ordinary income 287 634 +347 Incom
Slide 6: 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） Increase of Improvement Gain on Decrease SG&A of sales Reduction currency of R&D expenses volume & exchange expenses and others Increase of in cost fixed cost, mixture and others 212 31 3 SG&A e
Slide 7: 9 months: Net Sales and Operating Income by Business Segment
9 months : Net Sales and Operating Income by Business Segment (consolidated) （100 Million Yen） Net sales Operating income 9 months 9 months Increase / 9 months 9 months Increase / FYE 2012 FYE 2013 Decrease FYE 2012 FYE 2013 Decrease Automobile 9,404 12,717 +3,313 252 674 +422 Aerospace 551 636 +85
Slide 8: 9 months: Automobile Segment
9 months : Automobile Segment (Consolidated) （100 Million Yen） Net sales Operating income +35.2 ％ +167.6 ％ 12,717 674 9,404 252 92012年3月期 months 92013年3月期 months 92012年3月期 months 92013年3月期 months FYE2012 FYE2013 FYE2012 FYE2013 Both net sales and operating income for 9 months of FYE2013 increased
Slide 9: 9 months: Aerospace Segment
9 months : Aerospace Segment (Consolidated) （100 Million Yen） Net sales Operating income +15.5 ％ +147.2 ％ 636 38 551 15 92012年3月期 months 92013年3月期 months 92012年3月期 months 92013年3月期 months FYE2012 FYE2013 FYE2012 FYE2013 Both net sales and operating income for 9 months of FYE2013 increased from the
Slide 10: 9 months: Industrial Products Segment
9 months : Industrial Products Segment (Consolidated) （100 Million Yen） Net sales Operating income -11.0 ％ -37.3 ％ 5 251 224 3 92012年3月期 months 92013年3月期 months 92012年3月期 months 92013年3月期 months FYE2012 FYE2013 FYE2012 FYE2013 Both net sales and operating income for 9 months of FYE2013 decreased f
Slide 11: 9 months: Non-Operating Income & Expenses and Extraordinary Income & Loss
9 months : Non-Operating Income & Expenses and Extraordinary Income & Loss (Consolidated) （100 Million Yen） Actual Results Actual Results Increase / 9 months 9 months Decrease FYE 2012 FYE 2013 Financial revenue and expenditure -15 -8 +7 FOREX effects 25 -79 -104 Equity in earnings of affiliates 12
Slide 12: Consolidated Balance Sheets
Consolidated Balance Sheets （100 Million Yen） Increase / As of Mar. 2012 As of Dec. 2012 Decrease Total assets 13,525 14,406 +881 Current assets 7,625 8,376 +751 Noncurrent assets 5,900 6,030 +130 Interest bearing 3,410 3,236 -174 debts Net assets 4,516 5,089 +573 Retained earnings 1,885 2,343 +457
Slide 13: 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 2012 FYE 2013 Net cash provided by (used in) operating activities -5 1,113 +1,118 Net cash provided by (used in ) investing activities -37 -467 -430 Free cash flo
Slide 14: 9 months: Operating Results of Subsidiaries in U.S.
9 months : Operating Results of Subsidiaries in U.S. （Million US$） Actual Results Actual Results Increase / SOA 9 months 9 months Decrease FYE 2012 FYE 2013 Net sales 4,724 6,385 +1,661 Operating income 132 130 -2 Net income 86 85 -1 Retail sales (Thousand units) 199.0 254.9 +55.9 Actual Results Act
Slide 15: Outlook for the term Ending March 2013
Outlook for the term Ending March 2013 http://www.fhi.co.jp/english/ir/index.html 14 14
Slide 16: Full Year: Consolidated Automobile Sales Plan
Full Year : Consolidated Automobile Sales Plan （1,000 cars） Actual results Plan Increase / FYE 2012 FYE 2013 Decrease Passenger cars 80.2 108.8 +28.6 Minicars 92.2 50.9 -41.3 Domestic Total 172.3 159.6 -12.7 U.S. 280.4 357.2 +76.9 Canada 28.2 32.6 +4.4 Russia 15.9 14.8 -1.1 Europe 39.1 47.1 +8.0 Aus
Slide 17: Full Year: Consolidated Operating Plan
Full Year : Consolidated Operating Plan （100 Million Yen） Actual results Plan Increase / FYE 2012 FYE2013 Decrease Net sales 15,171 18,900 +3,729 Domestic 4,985 6,596 +1,611 Overseas 10,186 12,304 +2,118 Operating Income 440 1,070 +630 Ordinary income 373 990 +617 Income before taxes and minority 52
Slide 18: Full Year: Analysis of Increase and Decrease in Operating Income
Full Year : Analysis of Increase and Decrease in Operating Income Changes (consolidated) Increase of （100 Million Yen） Gain on SG&A currency expenses Improvement exchange and others Increase of fixed cost of sales Reduction and SG&A expenses volume & in cost 163 Decrease of warranty claims mixture a
Slide 19: Full Year: Operating Plan of Subsidiaries in U.S.
Full Year : Operating Plan of Subsidiaries in U.S. （Million US$） Actual results Plan Increase / SOA FYE 2012 FYE2013 Decrease Net sales 6,923 8,780 +1,857 Operating income 105 130 +25 Net income 74 86 +12 Retail sales (Thousand units) 279.2 342.0 +62.8 Actual results Plan Increase / SIA FYE 2012 FYE
Slide 20: Capex / Depreciation / R&D / Interest bearing debt
Capex / Depreciation / R&D / Interest bearing debt （100 Million Yen） Actual results Actual Results Actual results Plan Increase / 9 months FYE 2013 9 months FYE2013 Decrease FYE 2012 (a) FYE2013 (b) (b) – (a) Capex 392 543 484 720 +177 Depreciation 389 537 389 600 +63 R&D 356 481 353 500 +19 Interes
Slide 21: Appendix
Appendix http://www.fhi.co.jp/english/ir/index.html 20 20
Slide 22: 3rd Quarter: Consolidated Automobile Sales
3rd Quarter : Consolidated Automobile Sales （1,000 cars） Actual Results Actual Results Increase / Q3 Q3 Decrease FYE 2012 FYE 2013 Passenger cars 16.0 31.5 +15.5 Minicars 25.2 8.1 -17.1 Domestic Total 41.2 39.6 -1.6 U.S. 75.1 95.0 +20.0 Canada 4.1 7.3 +3.2 Russia 5.5 2.2 -3.4 Europe 9.7 9.5 -0.2 Aus
Slide 23: 3rd Quarter: Consolidated Statements of Income
3rd Quarter : Consolidated Statements of Income （100 Million Yen） Actual Results Actual Results Increase / Q3 Q3 Decrease FYE 2012 FYE 2013 Net sales 3,744 4,727 +983 Domestic 1,130 1,725 +595 Overseas 2,614 3,002 +388 Operating Income 91 301 +210 Ordinary income 72 181 +110 Income before taxes and
Slide 24: 3rd Quarter: Analysis of Increase and Decrease in Operating Income
3rd Quarter : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> FHI : +104 Increase （100 Million Yen） SIA : +26 of R&D Reduction expenses Improvement Gain on in cost of sales currency volume & exchange 68 23 mixture and -170 others 74 Increase of fixed cost and
Slide 25: 9 months: Consolidated Operating Income by Geographic Area
9 months : Consolidated Operating Income by Geographic Area （100 Million Yen） Net sales Operating income 9 months 9 months Increase / 9 months 9 months Increase / FYE2012 FYE2013 Decrease FYE2012 FYE2013 Decrease Japan 5,542 6,600 +1,058 62 595 +533 North 4,393 5,859 +1,465 179 146 -32 America Other
Slide 26: 9 months: Overseas Net Sales
9 months : Overseas Net Sales （100 Million Yen） Actual Results Actual Results Increase / 9 months 9 months Decrease FYE 2012 FYE 2013 North America 4,723 6,273 +1,550 Europe 764 960 +196 Asia 748 880 +132 Other 683 771 +88 Total 6,919 8,884 +1,965 http://www.fhi.co.jp/english/ir/index.html 25 25
Slide 27: 9 months: Non-Consolidated Automobiles Sales
9 months : Non- Consolidated Automobiles Sales （1,000 cars） Actual Results Actual Results Increase / 9 months 9 months Decrease FYE 2012 FYE 2013 Domestic production 325.1 425.6 +100.5 Domestic sales 125.9 119.4 -6.5 Passenger cars 57.4 84.5 +27.1 Minicars 68.5 34.9 -33.6 Number of vehicles 219.6 28
Slide 28: 2nd Half: Consolidated Automobile Sales Plan
2nd Half : Consolidated Automobile Sales Plan （1,000 cars） Actual Results Plan Increase / 2nd Half 2nd Half Decrease FYE 2012 FYE 2013 Passenger cars 44.3 63.4 +19.1 Minicars 55.5 24.3 -31.2 Domestic Total 99.8 87.7 -12.1 U.S. 166.8 192.9 +26.1 Canada 13.6 16.3 +2.7 Russia 10.3 3.7 -6.6 Europe 24.5
Slide 29: 2nd Half: Consolidated Operating Plan
2nd Half : Consolidated Operating Plan （100 Million Yen） Actual Results Plan Increase / 2nd Half 2nd Half Decrease FYE 2012 FYE 2013 Net sales 8,621 9,920 +1,299 Domestic 2,740 3,498 +758 Overseas 5,881 6,422 +541 Operating Income 252 637 +385 Ordinary income 157 537 +380 Income before taxes and min
Slide 30: 2nd Half: Analysis of Increase and Decrease in Operating Income
2nd Half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) （100 Million Yen） Increase of Decrease SG&A Reduction of R&D expenses in cost expenses and others Gain on Improvement currency 151 1 of sales exchange -237 volume & mixture and others 206 FHI : +129 SIA : +22 Inc
Slide 31: Full Year: Consolidated Automobile Sales, Previous plan vs. Revised plan
Full Year : Consolidated Automobile Sales Previous plan vs. Revised plan （1,000 cars） Previous plan Revised plan Increase / FYE 2013 FYE 2013 Decrease Passenger cars 108.1 108.8 +0.6 Minicars 52.1 50.9 -1.3 Domestic Total 160.3 159.6 -0.6 U.S. 348.8 357.2 +8.4 Canada 33.4 32.6 -0.8 Russia 17.3 14.8
Slide 32: Full Year: Consolidated Statement of Income, Previous vs. Revised Plan
Full Year : Consolidated Statement of Income Previous Plan vs. Revised Plan （100 Million Yen） Previous plan Revised plan Increase / FYE 2013 FYE 2013 Decrease Net sales 18,400 18,900 +500 Domestic 6,570 6,596 +25 Overseas 11,830 12,304 +475 Operating Income 820 1,070 +250 Ordinary income 810 990 +18
Slide 33: Full Year: Operating Income Changes, Previous Plan vs. Revised Plan
Full Year : Analysis of Increase and Decrease in Operating Income Changes Previous Plan vs. Revised Plan （100 Million Yen） Gain on Increase of SG&A expenses currency Reduction US$ : +192 exchange in cost EURO : +15 CA$ : +15 29 21 -33 Currency exchange 233 Increase of adjustment : +11 Improvement SG
Slide 34: Net Sales & Operating Income
Net Sales & Operating Income Operating Income Net Sales （100 million yen) (100 million yen) 6,000 ¥92/$ ¥88/$ ¥83$ ¥83/$ ¥82/$ ¥79/$ ¥79/$ ¥78/$ ¥81/$ ¥79/$ 400 Net sales Operating income 347 4,877 350 5,000 4,691 4,727 4,337 4,289 300 4,059 301 4,000 3,703 3,706 3,744 259 3,546 250 226 3,004 3,000
Slide 35: Consolidated Automobile Sales & Operating Income Margin
Consolidated Automobile Sales & Operating Income Margin Operating Net Sales Income (100 million yen) （100 million yen) 250 9% Consolidated automobile sales OPM 8.0% 208 8% 200 181 183 178 7% 6.1% 169 166 166 157 6.4% 6% 150 148 5.5% 150 5% 118 4.4% 3.6% 4.0% 4% 100 3.3% 3% 2.6% 2.4% 2.3% 2% 50 1% 0
Slide 36: Retail Sales & Complete Cars Production
Retail Sales & Complete Cars Production <Appendix> Units （1000 units) Production Retail Sales 196 196 197 200 191 182 178 177 174 172 162 160 161 164 167 156 162 158 147 150 150 138 136 111 100 50 0 Apr.- Jul.- Oct.- Jan.- Apr.- Jul.- Oct.- Jan.- Apr.- Jul.- Oct.- Jun. Sep. Dec. Mar. Jun. Sep. Dec.
Slide 37: Free Cash Flows & Shareholders' Equity to Total Assets
Free Cash Flows & Shareholders’ Equity to Total Assets FCF in bar graph Shareholders’ Equity to （100 million yen) Total Assets in line graph 44% 1,100 35.4% 35.2% 33.6% 34.7% 34.7% 34.2% 33.7% 34.2% 37% 33.3% 900 871 778 33.7% 31.9% 30% 700 640 646 22% 500 397 283 15% 300 246 221 78 7% 100 47 -100 -
Slide 38: Interest Bearing Debts & D/E Ratio
Interest Bearing Debts & D/E Ratio Interest Bearing Debts (100 million yen) D/E ratio Interest bearing debts D/E ratio 4,500 3,965 1.4 4,000 3,866 3,688 3,473 3,410 3,381 1.2 3,500 3,367 3,306 3,301 3,179 3,236 3,000 0.91 1.0 0.89 0.82 0.85 2,500 0.89 0.76 0.8 0.8 0.69 0.76 2,000 0.74 0.6 0.64 1,500
Slide 39: Thank you !
Thank you ! http://www.fhi.co.jp/english/ir/index.html 38 38
Fuji Heavy Industries — Q3 FY2013 Earnings Presentation on 6ix