Subaru Corporation · TSE:7270
Subaru — Q1 FYE2022 Earnings Presentation
24 slides from Subaru's earnings presentation, Aug 3, 2021
Slide 1: Consolidated Financial Results for the 1st Quarter of FYE 2022
Consolidated Financial Results for the 1st Quarter of FYE 2022 SUBARU CORPORATION Katsuyuki Mizuma, Director, Executive Vice President & CFO August 3rd, 2021 https://www.subaru.co.jp/en/ir/ 1
Slide 2: Summary
Summary (Yen in 100 millions, Units in thousands) st 1 Quarter (3 months) Results Plan FYE 2022 FYE 2022 FYE 2021 FYE 2022 FYE 2021 Variance Variance Variance Previous Revised 1Q Results 1Q Results Results(a) (c)-(a) (c)-(b) Plan(b)* Plan(c) Consolidated Unit Sales 133.1 175.3 +42.2 860.2 1,000.0 96
Slide 3: Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2022
Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2022 https://www.subaru.co.jp/en/ir/ 3 3
Slide 4: Consolidated Unit Sales (by market)
1st Quarter (3 months) ： Consolidated : Unit Sales (by market) (Thousand Units) FYE 2021 FYE 2022 Variance 1Q Results 1Q Results Passenger cars 14.3 19.0 +4.7 Minicars 4.3 5.1 +0.8 Domestic total 18.6 24.0 +5.5 U.S. 91.1 116.6 +25.6 Canada 6.3 12.2 +5.8 Russia 0.2 1.5 +1.3 Europe 3.2 3.4 +0.2 Austra
Slide 5: Consolidated Unit Sales / Complete Cars Production
1st Quarter (3 months) ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2021 FYE 2022 Variance 1Q Results 1Q Results Consolidated Unit Sales Total 133.1 175.3 +42.2 FYE 2021 FYE 2022 Variance 1Q Results 1Q Results Production in U.S. 36.3 66.6 +30.3 Production in Japan 55.9 1
Slide 6: Consolidated Profit Results
1st Quarter (3 months) : Consolidated Profit Results (100 Million Yen) FYE 2021 FYE 2022 Variance 1Q Results 1Q Results Revenue 4,570 6,352 +1,782 Domestic 947 1,130 +183 Overseas 3,623 5,222 +1,598 Operating profit -157 295 +452 Profit before tax -107 343 +450 Profit for the period attributable -77
Slide 7: Analysis of Variance in Operating Profit (Consolidated)
1st Quarter (3 months) : Analysis of Variance in Operating Profit (Consolidated) (100 Million Yen) +71 -118 +617 -107 R&D expenses Cost reduction, -16 +5 etc. SG&A expenses, Loss on currency Other etc. exchange Sales volume & Results Results mixture, etc. 1Q (3 months) 1Q (3 months) FYE 2021 +452 FY
Slide 8: Consolidated Statement of Cash Flows / Cash and cash equivalents
1st Quarter (3 months) : Consolidated Statement of Cash Flows / Cash and cash equivalents (100 Million Yen) FYE 2021 FYE 2022 1Q Results 1Q Results Net cash provided by (used in) operating activities -796 201 Net cash provided by (used in) investing activities -364 -550 Free cash flows -1,160 -349 N
Slide 9: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) FYE 2021 FYE 2022 Variance 1Q Results 1Q Results Capex *1 154 192 +38 Depreciation *1 230 228 -3 R&D expenditures *2 254 271 +18 *1 : Leases, capex & amortization for intangible assets and lease liabilities are not included in the results and forecast abo
Slide 10: Forecast for FYE 2022
Forecast for FYE 2022 https://www.subaru.co.jp/en/ir/ 10 10
Slide 11: FYE 2022 Plan: Consolidated Profit Plan
FYE 2022 Plan : Consolidated Profit Plan (Yen in 100 millions, Units in thousands) FYE 2021 FYE 2022 FYE 2022 Variance Variance Results (a) Previous Plan (b) Revised Plan (c) (c)-(a) (c)-(b) Consolidated Unit Sales 860.2 1,000.0 960.0 +99.8 -40.0 Production * 809.9 1,030.0 990.0 +180.1 -40.0 Revenue
Slide 12: FYE 2022 Plan: Analysis of Variance in Operating Profit
FYE 2022 Plan : Analysis of Variance in Operating Profit (Consolidated) (100 Million Yen) +1,507 -298 +223 -53 SG&A expenses, Effort for R&D expenses +350 -754 Cost reduction etc. improvement Gain on currency exchange Material cost, Sales volume & etc. mixture, etc. FYE 2021 FYE 2022 Results Revised
Slide 13: Previous Plan vs Revised Plan: Variance in Operating Profit
Previous Plan FYE 2022(as of May 11th) vs Revised Plan : Analysis of Variance in Operating Profit (Consolidated) (100 Million Yen) +150 -154 +57 +17 -77 +7 R&D expenses Gain on Material cost, Sales volume & SG&A expenses, Effort for currency etc. mixture, etc. Cost reduction improvement exchange etc
Slide 14: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) FYE 2021 FYE 2022 FYE 2022 Variance Variance Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Capex *1 862 1,000 1,000 +138 ±0 Depreciation *1 950 1,000 1,000 +50 ±0 R&D expenditures *2 1,016 1,200 1,200 +184 ±0 *1 : Leases, capex & amortizatio
Slide 15: Appendix (1)
Appendix (1) • Segment information by Business & Geographic • FYE 2021 and FYE 2022 Results (by Quarter) • Overseas Revenue • Complete Cars Production / Retail Sales Units • Consolidated Statement of Financial Position • Non-consolidated Unit Sales • Operating Results of Subsidiaries in U.S. https:/
Slide 16: Revenue and Operating Profit by Business Segment (Consolidated)
1st Quarter (3 months) ： Revenue and Operating Profit by Business Segment (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2021 FYE 2022 FYE 2021 FYE 2022 Variance Variance 1Q Results 1Q Results 1Q Results 1Q Results Automobile 4,371 6,177 +1,806 -141 287 +428 Aerospace 187 163 -24 -28
Slide 17: Revenue and Operating Profit by Geographic Area (Consolidated)
1st Quarter (3 months) ： Revenue and Operating Profit by Geographic Area (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2021 FYE 2022 FYE 2021 FYE 2022 Variance Variance 1Q Results 1Q Results 1Q Results 1Q Results Japan 1,220 1,585 +365 -436 96 +532 North America 3,066 4,482 +1,417 -1
Slide 18: Overseas Revenue (Consolidated)
1st Quarter (3 months) ： Overseas Revenue (Consolidated) (100 Million Yen) FYE 2021 FYE 2022 Variance 1Q Results 1Q Results North America 3,166 4,603 +1,437 Europe 100 156 +57 Asia 216 210 -5 Other 141 252 +110 Total 3,623 5,222 +1,598 https://www.subaru.co.jp/en/ir/ 18 18
Slide 19: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of June Variance 2021 2021 Total assets 34,117 33,917 -200 Current assets 19,828 19,392 -436 Non-current assets 14,289 14,525 +236 Total liabilities 16,253 15,993 -260 Interest bearing debts 3,339 3,360 +21 Total equity 17
Slide 20: Non-consolidated Unit Sales
1st Quarter (3 months) ： Non-consolidated Unit Sales : (Thousand Units) FYE 2021 FYE 2022 Variance 1Q Results 1Q Results Domestic production* 55.9 117.2 +61.3 Domestic sales 17.5 21.0 +3.6 Passenger cars 13.1 16.4 +3.3 Minicars 4.3 4.6 +0.2 Export total 45.1 96.2 +51.2 Components for overseas 32.6 8
Slide 21: Operating Results of Subsidiaries in U.S.
1st Quarter (3 months) ： Operating Results of Subsidiaries in U.S. （Million US$） FYE 2021 FYE 2022 SOA *1 Variance 1Q Results 1Q Results Net sales 2,713 3,796 +1,083 Operating income 70 249 +180 Net income 90 205 +115 Retail sales (Thousand units) 136.1 159.9 +23.8 FYE 2021 FYE 2022 SIA *2 Variance
Slide 22: FYE 2021 and FYE 2022 Results (by Quarter)
FYE 2021 and FYE 2022 Results(by Quarter) (Yen in 100 millions, Units in thousands) FYE 2021 FYE 2022 Results Results 1Q 2Q 3Q 4Q 1Q Consolidated Unit Sales 133.1 230.3 267.8 229.1 175.3 Production * 92.2 261.7 260.4 195.6 183.8 Revenue 4,570 7,614 8,564 7,554 6,352 Operating profit -157 463 676 42
Slide 23: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units (1,000units） Production Retail Sales 300 280 278 277 276 276 273 271 270 271 269 269 269 268 264 264 262 262 261 262 260 258 250 257 254 253 253 254 252 249 250 249 248 245 244 242 242 241 242 240 240 237 237 236 233 231 229 229 227 200 204 196 184 182 1
Slide 24: 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