Subaru Corporation · TSE:7270
Subaru — Fuji Heavy Industries — Q2 FYE March 2011 Earnings Presentation
39 slides from Subaru's earnings presentation, Nov 2, 2010
Slide 1: Presentation of Business Results for the 2nd Quarter of FYE 2011
Presentation of Business Results for the 2nd Quarter of FYE 2011 Fuji Heavy Industries Ltd. November 2, 2010 http://www.fhi.co.jp/english/ir/index.html 0
Slide 2: A Summary of Business Results
A Summary of Business Results http://www.fhi.co.jp/english/ir/index.html 1
Slide 3: 1st Half: Consolidated Automobile Sales
1st Half : Consolidated Automobile Sales （Thousand Units） Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2010 FYE March 2011 Passenger Car 33.5 37.7 +4.2 Minicar 45.9 50.8 +4.9 Domestic Total 79.4 88.5 +9.1 U.S. 98.3 129.1 +30.8 Canada 9.7 15.0 +5.3 Russia 0.2 4.7 +4.5
Slide 4: 1st Half: Consolidated Statements of Income
1st Half : Consolidated Statements of Income （100 million yen） Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2010 FYE March 2011 Net Sales 6,356 8,040 +1,684 Domestic 2,439 2,520 +81 Overseas 3,917 5,520 1,604 Operating Income /Loss -114 573 +688 Ordinary Income /Loss
Slide 5: 1st Half: Analysis of Increase and Decrease in Operating Income
1st Half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) （100 million yen） Decrease of fixed cost, warranty claims and others Decrease Loss on US$: -126 Euro: -35 of SG&A Reduction currency CA$: +9 expenses in cost exchange Currency exchange Improvement of sales volume
Slide 6: 1st Half: Net Sales by Business Segment
1st Half : Net Sales by Business Segment (consolidated) （100 million yen） Percentage of Actual Results Actual Results Total Sales 1st Half 1st Half Increase FYE March FYE March /Decrease 2010 2011 Industial Products Other 5,744 7,420 Aerospace 4.7% 2.0% 1.0% Automobile +1,676 Aerospace 425 374 -50 I
Slide 7: 1st Half: Operating Income by Business Segment
1st Half : Operating Income by Business Segment (consolidated) （100 million yen） Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2010 FYE March 2011 Automobile -143 555 +698 Aerospace 24 5 -19 Industrial -12 1 +13 Products Other 9 12 +3 Elimination and Corporate 6 -0 -6
Slide 8: 1st Half: Net Sales by Geographic Area
1st Half : Net Sales by Geographic Area (consolidated) <Appendix> （100 million yen） Actual Results Actual Results 1st Half 1st Half Increase FYE March FYE March /Decrease Percentage of 2010 2011 Total Sales North Other Japan 3,665 4,434 +770 America 3.5% 41.3% North 2,582 3,324 +742 America Japan Ot
Slide 9: 1st Half: Operating Income by Geographic Area
1st Half : Operating Income by Geographic Area (consolidated) <Appendix> （100 million yen） Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2010 FYE March 2011 Japan -143 350 +493 North America 74 241 +168 Other 3 4 +1 Elimination and Corporate -48 -21 +27 Total -114 573
Slide 10: 1st Half: Overseas Net Sales
1st Half : Overseas Net Sales <Appendix> （100 million yen） Actual Results Actual Results 1st Half 1st Half Increase Percentage of FYE March FYE March /Decrease Total Sales 2010 2011 North 2,798 3,546 +748 Asia Other America 11.8% 12.4% Europe 343 635 +292 Asia 357 686 +330 Europe North 11.5% America
Slide 11: Operating Results of Subsidiaries in U.S.
Operating Results of Subsidiaries in U.S. （million US$） Actual Results Actual Results Increase/ SOA 1st Half 1st Half Decrease FYE March 2010 FYE March 2011 Net Sales $2,327 $3,122 +795 Operating Income 79 163 +84 Net Income 49 99 +50 Retail Sales (Thousand units) 116.7 135.9 +19.2 Actual Results Ac
Slide 12: Analysis of Non-Operating Income and Expenses
Analysis of Non-Operating Income and Expenses （100 million yen） Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2010 FYE March 2011 Non-Operating Income 66 79 +12 Interest and Dividends Income 8 9 +1 Equity in Earnings of Affiliates 6 21 +15 Non-Operating Expenses 70 64
Slide 13: Analysis of Extraordinary Income and Loss
Analysis of Extraordinary Income and Loss （100 million yen） Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2010 FYE March 2011 Extraordinary Income 4 10 +6 Extraordinary Loss 60 41 -19 Loss on Sales and Retirement of Noncurrent Assets 13 5 -8 Impairment Loss 32 8 -23 Lo
Slide 14: Consolidated Balance Sheets
Consolidated Balance Sheets （100 million yen） As of As of Increase Mar. 31, 2010 Sep. 30, 2010 /Decrease Total Assets 12,314 12,148 -166 Current Assets 6,389 6,355 -34 Noncurrent Assets 5,925 5,793 -132 Interest Bearing 3,676 3,367 -310 Debts Net Assets 3,819 4,096 +277 Retained Earnings 1,102 1,546
Slide 15: 1st Half: Consolidated Statements of Cash Flows
1st Half : Consolidated Statements of Cash Flows （100 million yen） Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2010 FYE March 2011 Net Cash Provided by (used in) Operating Activities 1,015 905 -110 Net Cash Provided by (used in ) Investing Activities -332 -265 +67 Fr
Slide 16: 1st Half: Non-Consolidated Automobile Sales
1st Half : Non-Consolidated Automobile Sales <Appendix> （100 million yen） Actual Results Actual Results Increase 1st Half 1st Half /Decrease FYE March 2010 FYE March 2011 Domestic Production 197.3 244.6 +47.3 Domestic Sales 83.1 92.3 +9.2 Passenger Car 37.0 40.0 +3.0 Minicar 46.1 52.3 +6.2 Number of
Slide 17: 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. 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 1,500 45.0% 37.7%39.9% 30.9% 37.5% 33.6% 40.0% 1,000 33.8% 31.4% 31.4% 31.4
Slide 18: 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 3,073 0.97 3,000 0.97 0.8 2,769 0.89 2,500 0.82 0.69 0.6 2,000 0.66 0.55 1,500 0.4 1,000 0.2 500 0 0 FYE2009 FYE2010
Slide 19: 2Q: Consolidated Automobile Sales
2Q : Consolidated Automobile Sales <Appendix> （Thousand Units） Actual Results Actual Results Increase 2Q 2Q /Decrease FYE March 2010 FYE March 2011 Passenger Car 21.4 25.0 +3.6 Minicar 25.1 28.0 +3.0 Domestic Total 46.5 53.1 +6.5 U.S. 59.0 70.9 +11.8 Canada 3.7 6.6 +2.9 Russia 0.2 3.2 +3.0 Europe 8.
Slide 20: 2Q: Consolidated Statements of Income
2Q : Consolidated Statements of Income <Appendix> （100 million yen） Actual Results Actual Results Increase 2Q 2Q /Decrease FYE March 2010 FYE March 2011 Net Sales 3,642 4,337 +695 Domestic 1,364 1,475 +111 Overseas 2,278 2,862 +584 Operating Income 82 347 +265 Ordinary Income 76 346 +270 Income Befo
Slide 21: 2Q: Analysis of Increase and Decrease in Operating Income
2Q : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> （100 million yen） FHI: +28 SIA: +1 Decrease of fixed Decrease Loss on cost and others of SG&A Reduction currency expenses in cost exchange and others Increase Improvement of sales volume & 80 29 -110 of R&D
Slide 22: Outlook for the term Ending March 2011
Outlook for the term Ending March 2011 http://www.fhi.co.jp/english/ir/index.html 21
Slide 23: 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 68.2 -6.9 Minicar 96.2 94.1 -2.1 Domestic Total 171.3 162.2 -9.0 U.S. 227.0 274.2 +47.2 Canada 22.8 27.5 +4.7 Russia 1.6 10.5 +8.9 Europe 37.3 48.4
Slide 24: 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 15,900 +1,613 Domestic 5,208 4,800 -408 Overseas 9,079 11,100 +2,021 Operating Income 274 700 +427 Ordinary Income 224 680 +456 Income/Loss Before Income Ta
Slide 25: 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） Reduction currency Improvement of exchange sales volume & in cost mixture and others 94 10 -359 Increase Decrease of R&D FHI: +84 of SG&A SIA: +10 expenses expenses and others -61 743 Decrease of fixe
Slide 26: 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 $6,575 +1,256 Operating Income 219 72 -147 Net Income 133 44 -89 Retail Sales (Thousand units) 231.4 255.0 +23.6 Actual Results Plan Increase/ SIA FYE March
Slide 27: Capex / Depreciation / R&D
Capex / Depreciation / R&D <Appendix> （100 million yen） Actual Results Actual Results Actual Results Plan Increase / 1st Half 1st Half Decrease FYE2010 FYE2010 (a) FYE2011 FYE2011(b) (b) – (a) Capex 320 561 220 560 -1 Depreciation 288 571 230 520 -51 R&D 171 372 203 433 +61 Interest Bearing Debt 3,8
Slide 28: Non-Consolidated Automobile Sales Plan
Non-Consolidated Automobile Sales Plan <Appendix> （100 million yen） Actual Results Plan Increase/ FYE March 2010 FYE March 2011 Decrease Domestic Production 452.7 477.8 +25.0 Domestic Sales 177.5 169.3 -8.2 Passenger Car 80.3 73.4 -6.8 Minicar 97.2 95.9 -1.4 Number of Vehicles exported 279.7 330.2 +
Slide 29: 2nd Half: Consolidated Automobile Sales Plan
2nd Half : Consolidated Automobile Sales Plan <Appendix> （Thousand Units） Actual Results Plan Increase/ 2nd Half 2nd Half Decrease FYE March 2010 FYE March 2011 Passenger Car 41.6 30.5 -11.1 Minicar 50.3 43.3 -7.0 Domestic Total 91.9 73.7 -18.1 U.S. 128.7 145.1 +16.4 Canada 13.2 12.5 -0.6 Russia 1.3
Slide 30: 2nd Half: Consolidated Operating Plan
2nd Half : Consolidated Operating Plan <Appendix> （100 million yen） Actual Results Plan Increase/ 2nd Half 2nd Half Decrease FYE March 2010 FYE March 2011 Net Sales 7,931 7,860 -71 Domestic 2,770 2,280 -489 Overseas 5,162 5,580 +418 Operating Income 388 127 -261 Ordinary Income 342 92 -250 Income Be
Slide 31: 2nd Half: Analysis of Increase and Decrease in Operating Income
2nd Half : Analysis of Increase and Decrease in Operating Income Changes <Appendix> Loss on （100 million yen） Improvement of sales volume & currency US$: -153 Euro: -35 mixture and others exchange CA$: -7 31 9 Currency exchange adjustment ：-5 Reduction in cost -200 Increase of FHI: +22 SG&A SIA: +9
Slide 32: Appendix: Difference from Previous Outlook
<Appendix> Difference from Previous Outlook http://www.fhi.co.jp/english/ir/index.html 31
Slide 33: 1st Half: Consolidated Automobile Sales Plan vs. Actual Results
1st Half : Consolidated Automobile Sales Plan vs. Actual Results <Appendix> （Thousand Units） Plan Actual Results Increase/ 1st Half 1st Half Decrease FYE March 2011 FYE March 2011 Passenger Car 35.8 37.7 +1.9 Minicar 46.9 50.8 +3.9 Domestic Total 82.7 88.5 +5.8 U.S. 126.7 129.1 +2.5 Canada 13.6 15.0
Slide 34: 1st Half: Consolidated Statements of Income Plan vs. Actual Results
1st Half : Consolidated Statements of Income Plan vs. Actual Results <Appendix> （100 million yen） Plan Actual Results Increase/ 1st Half 1st Half Decrease FYE March 2011 FYE March 2011 Net Sales 7,500 8,040 +540 Domestic 2,320 2,520 +200 Overseas 5,180 5,520 +340 Operating Income 350 573 +223 Ordina
Slide 35: 1st Half: Operating Income Changes Plan vs. Actual Results
1st half : Analysis of Increase and Decrease in Operating Income Changes Plan vs. Actual Results <Appendix> Decrease （100 million yen） Decrease Loss on of SG&A Reduction of R&D currency expenses in cost expenses exchange Improvement of and others sales volume & 8 mixture and others 65 26 -39 163 FHI
Slide 36: 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 69.0 68.2 -0.8 Minicar 92.4 94.1 +1.7 Domestic Total 161.4 162.2 +0.9 U.S. 243.7 274.2 +30.5 Canada 26.5 27.5
Slide 37: Full Year: Consolidated Operating Plan Previous vs. Revised
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 14,700 15,900 +1,200 Domestic 4,490 4,800 +310 Overseas 10,210 11,100 +890 Operating Income 430 700 +270 Ordinary
Slide 38: Full Year: Operating Income Changes Previous vs. Revised Plan
Full Year : Analysis of Increase and Decrease in Operating Income Changes Previous Plan vs. Revised Plan <Appendix> （100 million yen） Loss on Decrease currency Improvement of of R&D Reduction Increase of sales volume & in cost exchange mixture and others expenses SG&A expenses 24 -157 27 and others
Slide 39: Thank you!
Thank you ! http://www.fhi.co.jp/english/ir/index.html 38
Fuji Heavy Industries — Q2 FYE March 2011 Earnings Presentation on 6ix