Subaru Corporation · TSE:7270
Subaru — Q3 FYE2022 Earnings Presentation
36 slides from Subaru's earnings presentation, Feb 7, 2022
Slide 1: Consolidated Financial Results for the 3rd Quarter of FYE 2022
Consolidated Financial Results for the 3 rd Quarter of FYE 2022 SUBARU CORPORATION Katsuyuki Mizuma, Director, Executive Vice President & CFO February 7 th, 2022 https://www.subaru.co.jp/en/ir/
Slide 2: Summary
Summary (Yen in 100 millions, Units in thousands) 3rd Quarter (9 months) Results Plan FYE 2022 FYE 2022 FYE 2021 FYE 2022 FYE 2021 Variance Variance Variance Previous Revised 3Q Results 3Q Results Results(a) (c)-(a) (c)-(b) Plan(b)* Plan(c) Consolidated Unit Sales 631 548 -84 860 830 740 -120 -90 Pr
Slide 3: Consolidated Financial Results for the 3rd Quarter of FYE 2022
Consolidated Financial Results for the 3 rd Quarter of FYE 2022 https://www.subaru.co.jp/en/ir/ 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 2021 FYE 2022 Variance 3Q Results 3Q Results Production in U.S. 215 199 -16 Production in Japan 400 350 -50 Production* Total 614 549 -65 FYE 2021 FYE 2022 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 ) ： C: o n s o l i d a t e d U n i t S a l e s ( b y m a r k e t ) (Thousand Units) FYE 2021 FYE 2022 Variance 3Q Results 3Q Results Passenger cars 55 54 -1 Minicars 15 12 -3 Domestic total 70 66 -4 U.S. 457 372 -85 Canada 39 39 +1 Russia 3 4 +1 Europe 9 12 +2 Aust
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 2021 FYE 2022 Variance 3Q Results 3Q Results Revenue 20,748 20,075 -673 Domestic 3,426 3,457 +31 Overseas 17,323 16,618 -705 Operating profit 983 772 -211 Profit before tax 1,057 913 -144 Profit for the period a
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) +75 +46 -486 +196 Sales volume & SG&A expenses, mixture, etc. etc. -39 Gain on currency -3 exchange Cost reduction, R&D expenses Other etc. Result
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 2021 FYE 2022 3Q Results 3Q Results Net cash provided by (used in) operating activities 1,806 859 Net cash provided by (used in) investing activities -2,197 -1,269 Free cash
Slide 9: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) FYE 2021 FYE 2022 Variance 3Q Results 3Q Results Capex *1 525 506 -20 Depreciation *1 710 699 -12 R&D expenditures *2 747 869 +122 *1 : Leases, capex & amortization for intangible assets and lease liabilities are not included in the results and forecast a
Slide 10: Forecast for FYE 2022
Forecast for FYE 2022 https://www.subaru.co.jp/en/ir/ 10
Slide 11: Revised Plan: Consolidated Unit Sales / Complete Cars Production
Revised Plan FYE 2022 ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2021 FYE 2022 FYE 2022 Variance Variance Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Consolidated Unit Sales Total 860 830 740 -120 -90 FYE 2021 FYE 2022 FYE 2022 Variance Variance Results
Slide 12: Revised Plan: Consolidated Unit Sales (by market)
Revised Plan FYE 2022 ： C: o n s o l i d a t e d U n i t S a l e s ( b y m a r k e t ) (Thousand Units) FYE 2021 FYE 2022 FYE 2022 Variance Variance Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Passenger cars 82 78 68 -14 -10 Minicars 20 19 17 -3 -1 Domestic total 102 97 85 -17 -12 U.
Slide 13: Revised Plan: Consolidated Profit Plan
Revised Plan FYE 2022 ： 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) Revenue 28,302 29,000 27,000 -1,302 -2,000 Operating profit 1,025 1,500 1,000 -25 -500 Profit before tax
Slide 14: Revised Plan: Analysis of Variance in Operating Profit
Revised Plan FYE 2022 ： 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) +162 -786 +216 +452 Sales volume & mixture, etc. -67 SG&A expenses, -2 etc. Cost reduction, R&D expenses Other Gain on currency etc. 1,025 exchange 1,000 FYE 202
Slide 15: Previous Plan vs Revised Plan: Variance in Operating Profit
P r e v i o u s P l a n F Y E 2 0 2 2 ( a s o f N o v e m b e r 5 th) 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) +145 -683 +178 Gain on currency SG&A expenses, exchange -156 +28 etc. -12 Sales volume
Slide 16: 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 *1 862 900 900 +38 ±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 & amortization for
Slide 17: U.S. Retail Sales
U.S. Retail Sales (Thousand Units) Retail sales Retailer inventory at beginning of period Wholesale Backorders 42 30 17 183 186 175 175 169 160 161 131 137 142 121 5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FYE2020 FYE2021 FYE2022 https://www.subaru.co.jp/en/ir/ * Retailer inventory at beginning of period ＋
Slide 18: Appendix
Appendix • Segment information by Business & Geographic (3rd Quarter) • Forecast for 4 th Quarter (3 months) • Overseas Revenue (3rd Quarter) • Forecast for 2 nd Half FYE 2022 • Consolidated Statement of Financial Position • FYE 2021 and FYE 2022 Results (by Quarter) • Non-consolidated Unit Sales (3
Slide 19: Revenue and Operating Profit by Business Segment
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 2021 FYE 2022 Variance FYE 2021 FYE 2022 Variance 3Q Results 3Q Results 3Q Results 3Q Results Automobile 20,016 19,573 -442 1,005 750 -255 Aerospace 6
Slide 20: Revenue and Operating Profit by Geographic Area
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 2021 FYE 2022 Variance FYE 2021 FYE 2022 Variance 3Q Results 3Q Results 3Q Results 3Q Results Japan 4,652 4,873 +221 23 154 +131 North America 15,146 1
Slide 21: Overseas Revenue (Consolidated)
3 rd Q u a r t e r ( 9 m o n t h s ) ： Overseas Revenue (Consolidated) (100 Million Yen) FYE 2021 FYE 2022 Variance 3Q Results 3Q Results North America 15,605 14,652 -953 Europe 358 499 +141 Asia 721 562 -159 Other 638 904 +266 Total 17,323 16,618 -705 https://www.subaru.co.jp/en/ir/ 21
Slide 22: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of December Variance 2021 2021 Total assets 34,117 33,938 -179 Current assets 19,828 19,441 -387 Non-current assets 14,289 14,496 +208 Total liabilities 16,253 15,486 -767 Interest bearing debts 3,339 3,449 +110 Total equi
Slide 23: 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 2021 FYE 2022 Variance 3Q Results 3Q Results Domestic production* 400 350 -50 Domestic sales 72 63 -9 Passenger cars 58 52 -6 Minicars 15 12 -3 Export total 336 292 -44 Components for overseas 209 237 +28 produ
Slide 24: 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 2021 FYE 2022 SOA *1 Variance 3Q Results 3Q Results Net sales 13,430 11,961 -1,470 Operating income 782 793 +11 Net income 670 640 -30 Retail sales (Thousand units) 480 421 -59 FYE 2021 FYE 2022 SIA *2
Slide 25: Consolidated Unit Sales (by market), 3 months
3 rd Q u a r t e r ( 3 m o n t h s ) ： C: o n s o l i d a t e d U n i t S a l e s ( b y m a r k e t ) (Thousand Units) FYE 2021 FYE 2022 Variance 3Q Results 3Q Results Passenger cars 22 18 -4 Minicars 5 3 -2 Domestic total 27 21 -6 U.S. 196 119 -77 Canada 15 10 -6 Russia 2 1 -1 Europe 4 4 +1 Austral
Slide 26: Consolidated Profit Results, 3 months
3 rd Q u a r t e r ( 3 m o n t h s ) : Consolidated Profit Results (100 Million Yen) FYE 2021 FYE 2022 Variance 3Q Results 3Q Results Revenue 8,564 6,659 -1,906 Domestic 1,323 1,278 -45 Overseas 7,241 5,381 -1,860 Operating profit 676 227 -449 Profit before tax 696 301 -395 Profit for the period att
Slide 27: Analysis of Variance in Operating Profit, 3 months
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) +130 -459 +144 Gain on currency exchange -229 SG&A expenses, etc. Sales volume & -7 -28 mixture, etc. Cost reduction, R&D expenses Other etc. Resu
Slide 28: Forecast for 4th Quarter: Unit Sales (by market)
4 th Q u a r t e r ( 3 m o n t h s ) ： C: o n s o l i d a t e d U n i t S a l e s ( b y m a r k e t ) (Thousand Units) FYE 2021 FYE 2022 Variance 4Q Results 4Q Plan Passenger cars 27 14 -13 Minicars 5 5 +0 Domestic total 32 19 -13 U.S. 155 140 -14 Canada 11 10 -1 China 4 3 -1 Other 27 19 -8 Overseas
Slide 29: Forecast for 4th Quarter: Consolidated Profit Results
4 th Q u a r t e r ( 3 m o n t h s ) : Consolidated Profit Results (100 Million Yen) FYE 2021 FYE 2022 Variance 4Q Results 4Q Plan Revenue 7,554 6,925 -629 Domestic 1,558 1,416 -142 Overseas 5,996 5,509 -487 Operating profit 42 228 +186 Profit before tax 83 188 +105 Profit for the period attributabl
Slide 30: Forecast for 4th Quarter: Variance in Operating Profit
4 th 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) +87 +1 -300 +170 R&D expenses +256 Sales volume & -28 mixture, etc. SG&A expenses, Cost reduction, 42 etc. etc. Other 228 Gain on currency Results
Slide 31: Plan for 2nd Half: Unit Sales (by market)
P l a n f o r 2 nd H a l f ： C: o n s o l i d a t e d U n i t S a l e s ( b y m a r k e t ) (Thousand Units) FYE 2021 FYE 2022 FYE 2022 Variance Variance nd 2 Half Results Previous Plan(b) Revisd Plan(c) (c)-(a) (c)-(b) Passenger cars 49 43 32 -17 -10 Minicars 10 10 8 -2 -1 Domestic total 59 52 41 -
Slide 32: Plan for 2nd Half: Consolidated Profit
P l a n f o r 2 nd H a l f : Consolidated Profit (100 Million Yen) FYE 2021 FYE 2022 FYE 2022 Variance Variance nd 2 Half Results Previous Plan(b) Revisd Plan(c) (c)-(a) (c)-(b) Revenue 16,118 15,583 13,583 -2,535 -2,000 Domestic 2,881 2,975 2,694 -187 -281 Overseas 13,237 12,608 10,890 -2,348 -1,71
Slide 33: Plan for 2nd Half: 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 ) +314 -529 (100 Million Yen) +386 SG&A expenses, etc. -372 Cost reduction, etc. Gain on currency -56 -6 exchange Sales volume & 719 mixture, etc. R&D expenses Other 455 Result
Slide 34: 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 2Q 3Q Consolidated Unit Sales 133 230 268 229 175 200 172 Production * 92 262 260 196 184 158 207 Revenue 4,570 7,614 8,564 7,554 6,352 7,065 6,659 Operating profit -1
Slide 35: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units (1,000units） Production Retail Sales 300 280 276 278 273 277 276 271 271 268 270 269 269 269 262 262 262 264 260 264 258 250 257 261 254 250 254 249 253 253 249 252 245 248 242 241 244 242 242 237 236 240 240 237 231 233 229 227 229 200 207 209 204 196 1
Slide 36: 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