Subaru Corporation · TSE:7270

Subaru — Fuji Heavy Industries — FY2011 Earnings Presentation

28 slides from Subaru's earnings presentation, May 10, 2011

  1. Slide 1: Presentation of business results for the term ended March 2011

    Presentation of business results for the term ended March 2011年3月期 決算説明会 2011 富士重工業株式会社 Fuji Heavy Industries Ltd. 2011年5月10日 May 10, 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: Full Year: Consolidated Automobile Sales

    Full Year : Consolidated Automobile Sales （Thousand Units） Actual Results Actual Results Increase FYE March 2010 FYE March 2011 /Decrease Passenger Car 75.1 68.1 -7.0 Minicar 96.2 90.0 -6.2 Domestic Total 171.3 158.1 -13.2 U.S. 227.0 279.0 +51.9 Canada 22.8 28.1 +5.2 Russia 1.6 11.3 +9.8 Europe 37.3

  4. Slide 4: Full Year: Consolidated Statements of Income

    Full Year : Consolidated Statements of Income （100 million yen） Actual Results Actual Results Increase FYE March 2010 FYE March 2011 /Decrease Net Sales 14,287 15,806 +1,519 Domestic 5,208 4,673 -535 Overseas 9,079 11,132 +2,054 Operating Income 274 841 +568 Ordinary Income 224 822 +599 Income/Loss

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

    Full Year : Analysis of Increase and Decrease in Operating Income Changes (consolidated) （100 million yen） Loss on Improvement currency 61 of sales Reduction exchange volume & mixture and in cost Overseas: others 89 Decrease Increase of Improvement of SG&A -356 R&D of sales volume and mixture, etc e

  6. Slide 6: Full Year: Net Sales by Business Segment

    Full Year : Net Sales by Business Segment (consolidated) （100 million yen） Actual Results Actual Results Increase Percentage of FYE FYE /Decrease Total Sales March 2010 March 2011 12,945 14,522 Industrial Aerospace Products 1.9% Other Automobile +1,578 5.2% 1.0% Aerospace 932 828 -104 Industrial Pro

  7. Slide 7: Full Year: Operating Income by Business Segment

    Full Year : Operating Income by Business Segment (consolidated) （100 million yen） Actual Results Actual Results Increase FYE March 2010 FYE March 2011 /Decrease Automobile 217 804 +587 Aerospace 48 23 -26 Industrial -24 -1 +24 Products Other 26 15 -11 Elimination and Corporate 7 1 -6 Total 274 841 5

  8. Slide 8: Full Year: Net Sales by Geographic Area

    Full Year : Net Sales by Geographic Area (consolidated) <Appendix> （100 million yen） Actual Results Actual Results Increase FYE FYE /Decrease Percentage of March 2010 March 2011 Total Sales Japan 8,158 8,426 +268 North Other America 3.6% 43.0% North 5,774 6,803 +1,028 America Japan Other 355 577 +22

  9. Slide 9: Full Year: Operating Income by Geographic Area

    Full Year : Operating Income by Geographic Area (consolidated) <Appendix> （100 million yen） Actual Results Actual Results Increase FYE March 2010 FYE March 2011 /Decrease Japan 18 654 +635 North America 321 231 -90 Other 1 5 +4 Elimination and Corporate -66 -49 +18 Total 274 841 +568 http://www.fhi.

  10. Slide 10: Full Year: Overseas Net Sales

    Full Year : Overseas Net Sales <Appendix> （100 million yen） Actual Results Actual Results Increase FYE FYE Percentage of /Decrease March 2010 March 2011 Total Sales North 6,221 7,258 +1,036 America Asia Other 12.5% 11.0% Europe 845 1,263 +418 Asia 1,015 1,389 +374 Europe North 11.3% America 65.2% Ot

  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 FYE March 2010 FYE March 2011 Decrease Net Sales $5,319 $6,758 +1,439 Operating Income 219 116 -103 Net Income 133 83 -50 Retail Sales 231.4 272.5 +41.1 (Thousand units) Actual Results Actual Results

  12. Slide 12: Non-Operating Income and Expenses

    Non-Operating Income and Expenses （100 million yen） Actual Results Actual Results Increase FYE March 2010 FYE March 2011 /Decrease Non-Operating Income 46 74 +28 Interest and dividends income 17 19 +2 Equity in earnings of affiliates 11 26 +15 Non-Operating Expenses 95 93 -3 Interest expenses 49 45

  13. Slide 13: Extraordinary Income and Loss

    Extraordinary Income and Loss （100 million yen） Actual Results Actual Results Increase FYE March 2010 FYE March 2011 /Decrease Extraordinary Income 12 28 +16 Extraordinary Loss 240 219 -21 Loss on sales and retirement of noncurrent assets 34 15 -18 Impairment loss 179 15 -164 Loss on disaster - 74 +

  14. Slide 14: Consolidated Balance Sheets

    Consolidated Balance Sheets （100 million yen） As of As of Increase March 31, 2010 March 31, 2011 /Decrease Total Assets 12,314 11,883 -430 Current Assets 6,389 6,103 -286 Noncurrent Assets 5,925 5,780 -145 Interest Bearing 3,676 3,306 -370 Debts Net Assets 3,819 4,140 +321 Retained Earnings 1,102 1,

  15. Slide 15: Consolidated Statements of Cash Flows

    Full Year : Consolidated Statements of Cash Flows （100 million yen） Actual Results Actual Results Increase FYE March 2010 FYE March 2011 /Decrease Net Cash Provided by (used in) Operating Activities 1,767 1,382 -385 Net Cash Provided by (used in ) Investing Activities -627 -511 +115 Free Cash Flows

  16. Slide 16: Net Sales & Operating Income

    Net Sales & Operating Income <Appendix> Net Income Net Sales (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 4,059 200 3,500 347 2,713 235 226 3,000 100 161 107 2,500 65 119 (¥101/$) (¥91/$) (¥98/$) 82 153 0 (¥103/$)(¥108/$) (

  17. Slide 17: Free Cash Flows & Shareholders' Equity to Total Assets

    Free Cash Flows & Shareholders’ Equity to Total Assets <Appendix> FCF Shareholders’ Equity to (100 million yen) Total Assets Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. 2008 2009 2010 2011 1,500 45.0% 39.9% 37.7% 30.9% 35.4% 37.5% 33.6% 40.0% 1,000 34.7% 33.8% 31.4% 31.4% 31.4% 31.9%

  18. 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 4,000 3,817 3,832 3,826 3,676 1.07 3,473 1 1.04 3,306 3,500 1.01 3,367 3,210 0.97 3,179 3,073 0.97 3,000 0.89 0.8 2,769 0.82 0.80 0.76 2,500 0.69 0.6 2,000 0.66 0.55 1,500 0.4 1,000 0.2 5

  19. Slide 19: Non-Consolidated Automobile Sales

    Full Year : Non-Consolidated Automobile Sales <Appendix> （Thousand Units） Actual Results Actual Results Increase FYE March 2010 FYE March 2011 /Decrease Domestic Production 452.7 458.8 +6.0 Domestic Sales 177.5 163.4 -14.0 Passenger Car 80.3 70.7 -9.6 Minicar 97.2 92.8 -4.5 Number of Vehicles export

  20. Slide 20: 4Q: Consolidated Automobile Sales

    4Q : Consolidated Automobile Sales <Appendix> （Thousand Units） Actual Results Actual Results Increase 4Q 4Q /Decrease FYE March 2010 FYE March 2011 Passenger Car 25.0 18.4 -6.6 Minicar 27.4 21.5 -5.9 Domestic Total 52.4 39.9 -12.4 U.S. 66.2 75.1 +8.8 Canada 5.1 5.1 +0 Russia 1.0 4.0 +3.0 Europe 10.3

  21. Slide 21: 4Q: Consolidated Statements of Income

    4Q : Consolidated Statements of Income <Appendix> （100 million yen） Actual Results Actual Results Increase 4Q 4Q /Decrease FYE March 2010 FYE March 2011 Net Sales 4,166 4,059 -107 Domestic 1,585 1,175 -410 Overseas 2,581 2,884 +303 Operating Income 235 107 -128 Ordinary Income 206 74 -131 Income/Los

  22. Slide 22: 4Q: Analysis of Increase and Decrease in Operating Income

    4Q : Analysis of Increase and Decrease in Operating Income Changes <Appendix> （100 million yen） Improvement Loss on of sales currency volume & Reduction mixture and in cost exchange others 18 21 Increase of FHI: +11 -93 SG&A SIA: +7 expenses and others Overseas: Increase of Increase of sales volume,

  23. Slide 23: Capex / Depreciation / R&D

    Capex / Depreciation / R&D <Appendix> （100 million yen） Actual Results Actual Results Actual Results Actual Results Increase/ FYE FYE FYE FYE Decrease March 2008 March 2009 March 2010 March 2011 (a) (b) (b)-(a) Capex 563 580 561 431 -131 Depreciation 655 651 571 498 -73 R&D 520 428 372 429 +57 Inter

  24. Slide 24: Difference from Previous Outlook

    <Appendix> Difference from Previous Outlook http://www.fhi.co.jp/english/ir/index.html 23

  25. Slide 25: Consolidated Automobile Sales: Plan vs. Actual Results

    Full Year : Consolidated Automobile Sales Plan (Feb. 2011) vs. Actual Results <Appendix> （Thousand Units） Plan Actual Results Increase/ FYE March 2011 FYE March 2011 Decrease (Feb, 2011) Passenger Car 70.2 68.1 -2.1 Minicar 90.4 90.0 -0.4 Domestic Total 160.7 158.1 -2.6 U.S. 278.7 279.0 +0.3 Canada

  26. Slide 26: Consolidated Statements of Income: Plan vs. Actual Results

    Full Year : Consolidated Statements of Income Plan (Feb. 2011) vs. Actual Results <Appendix> （100 million yen） Plan Actual Results Increase/ FYE March 2011 FYE March 2011 Decrease (Feb, 2011) Net Sales 16,000 15,806 -194 Domestic 4,800 4,673 -127 Overseas 11,200 11,132 -68 Operating Income 850 841 -

  27. Slide 27: Analysis of Operating Income Changes: Plan vs. Actual

    Full Year : Analysis of Increase and Decrease in Operating Income Changes Plan (Feb, 2011) vs. Actual Results <Appendix> （100 million yen） Reduction 28 2 in cost -20 -20 Decrease Gain on of R&D 1 Increase Deterioration currency of SG&A of sales expenses expenses volume & exchange FHI: -5 SIA: +6 and

  28. Slide 28: Thank you!

    Thank you ! http://www.fhi.co.jp/english/ir/index.html 27

Fuji Heavy Industries — FY2011 Earnings Presentation on 6ix