Subaru Corporation · TSE:7270
Subaru — Fuji Heavy Industries — H1 FYE March 2012 Earnings Presentation
40 slides from Subaru's earnings presentation, Nov 1, 2011
Slide 1: Presentation of Business Results for the 1st Half of FYE 2012
Presentation of Business Results for the 1st Half of FYE 2012 Fuji Heavy Industries Ltd. November 1, 2011 http://www.fhi.co.jp/english/ir/index.html 0 0
Slide 2: A Summary of Business Results
A Summary of Business Results http://www.fhi.co.jp/english/ir/index.html 1 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 2011 FYE March 2012 Passenger Car 37.7 35.9 -1.8 Minicar 50.8 36.7 -14.1 Domestic Total 88.5 72.6 -15.9 U.S. 129.1 113.5 -15.6 Canada 15.0 14.7 -0.3 Russia 4.7 5.6 +
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 2011 FYE March 2012 Net Sales 8,040 6,550 -1,490 Domestic 2,520 2,245 -275 Overseas 5,520 4,305 -1,215 Operating Income 573 188 -386 Ordinary Income 588 216 -37
Slide 5: 1st Half: Analysis of Increase and Decrease in Operating Income
1st Half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) Decrease of Deterioration （100 million yen） Decrease of SG&A of sales fixed cost expenses volume and Japan：Decrease of sales volume and SG&A and others mixture, etc. Overseas：Deterioration of sales expenses; volu
Slide 6: 1st Half: Net Sales by Business Segment
1st Half : Net Sales by Business Segment (consolidated) （100 million yen） Percentage of Actual Actual total sales Results Results Increase/ 1st Half 1st Half Decrease FYE March FYE March 2011 2012 Industrial Products Other 2.6% 0.9% Aerospace 5.7% Automobile 7,420 5,943 -1,477 Aerospace 374 374 +0 A
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 2011 FYE March 2012 Automobile 555 171 -384 Aerospace 5 10 +5 Industrial Products 1 3 +2 Other 12 4 -9 Elimination and Corporate -0 1 +1 Total
Slide 8: 1st Half: Net Sales by Geographic Area
1st Half : Net sales by Geographic Area (consolidated) <Appendix> （100 million yen） Actual Actual Results Results Increase/ 1st Half 1st Half Percentage of Decrease FYE March FYE March total sales 2011 2012 Other 3.6% Japan 4,434 3,544 -890 North America 3,324 2,772 -552 North Japan America 42.3% 54
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 2011 FYE March 2012 Japan 350 26 -324 North America 241 102 -140 Other 4 2 -1 Elimination and -21 58 +79 Corporate Total 573 188 -38
Slide 10: 1st Half: Overseas Net Sales
1st Half : Overseas Net Sales <Appendix> （100 million yen） Actual Actual Results Results Increase/ 1st Half 1st Half Decrease FYE March FYE March Percentage of 2011 2012 total sales North America 3,546 2,991 -556 Other Asia 10.8% 9.1% Europe 635 459 -176 Asia 686 390 -296 Europe North 10.7% 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 2011 FYE March 2012 Net Sales $3,122 $2,861 -261 Operating Income 163 105 -58 Net Income 99 68 -31 Retail Sales (thousand units) 135.9 127.9 -8.0 Actual Results Ac
Slide 12: Non-Operating Income & Expenses
Non-Operating Income & Expenses （100 million yen） Actual Results Actual Results Increase/ 1st Half 1st Half Decrease FYE March 2011 FYE March 2012 Non- Non-Operating Income 79 86 +7 Interest & dividends income 9 9 +0 Equity in earnings of affiliates 21 5 -17 Non- Non-Operating Expenses 64 57 -6 Inte
Slide 13: Extraordinary Income & Expenses
Extraordinary Income & Expenses （100 million yen） Actual Results Actual Results Increase/ 1st Half 1st Half Decrease FYE March 2011 FYE March 2012 Extraordinary Income 10 271 +261 Gain on sales noncurrent assets 1 265 +264 +264 Other 9 6 -3 Extraordinary Loss 41 85 +44 Loss on sales and retirement o
Slide 14: Consolidated Balance Sheets
Consolidated Balance Sheets （100 million yen） As of As of Increase/ March 31, 2011 September 30, 2011 Decrease Total Assets 11,883 12,669 +786 Current Assets 6,103 7,082 +979 Noncurrent Assets 5,780 5,587 5,587 -193 Interest Bearing Debts 3,306 3,866 +560 Net Assets 4,140 4,343 +204 Retained Earning
Slide 15: 1st Half: Consolidated Statement of Cash Flows
1st Half : Consolidated Statement of Cash Flows （100 million yen） Actual Results Actual Results Increase/ 1st Half 1st Half Decrease FYE March 2011 FYE March 2012 Net Cash Provided by (used in) Operating 905 -9 2 -997 Activities Net Cash Provided by (used in ) Investing -265 140 +405 Activities Free
Slide 16: Net Sales & Operating Income
Net Sales & Operating Income <Appendix> Operating Net Sales Income (100 million yen) （100 million yen) 500 5,000 4,337 4,500 4,166 400 4,059 3,765 3,703 3,706 4,000 3,642 3,546 347 300 3,500 235 226 3,000 200 153 3,004 2,713 161 2,500 100 107 107 2,000 82 81 (¥98/$) 0 1,500 (¥95/$) (¥90/$) (¥90/$) (
Slide 17: Retail Sales & Complete Cars Production
Retail Sales & Complete Cars Production <Appendix> Units （1000 units) Retail Sales Production 180 174 158 160 161 164 160 162 161 156 164 162 160 150 148 147 138 138 136 140 132 130 120 111 98 95 100 80 60 40 20 0 2009 2010 2011 Jan.- Apr.- Jul.- Oct.- Jan.- Apr.- Jul.- Oct.- Jan.- Apr.- Jul.- Mar.
Slide 18: Free Cash Flows & Shareholders' Equity to Total Assets
Free Cash Flows & Shareholders’ Equity to Total Assets <Appendix> FCF in bar graph Shareholders’ Equity to （100 million yen) Total Assets in line graph Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 40.0% 1,200 1,141 35.4% 34.7% 34.2% 35.0% 33.6%
Slide 19: Interest Bearing Debts & D/E Ratio
Interest Bearing Debts & D/E Ratio <Appendix> Interest Bearing Debts (100 million yen) D/E ratio 4,035 3,965 4,000 3,832 3,826 3,866 3,676 1.4 3,473 3,500 3,367 3,306 3,179 1.2 1.07 1.01 3,000 1.04 1 2,500 0.97 0.89 0.91 0.89 0.8 2,000 0.82 0.76 0.80 0.6 1,500 0.4 1,000 500 0.2 0 0 FY2010 FY2011 FY2
Slide 20: 2nd Quarter: Non-Consolidated Automobile Sales
2nd Quarter : Non- Consolidated Automobile Sales <Appendix> （thousand units） Actual Results Actual Results Increase/ 2Q 2Q Decrease FYE March 2011 FYE March 2012 Domestic Production 244.6 178.0 -66. 66.6 Domestic Sales 92.3 76.2 -16.0 6.0 Passenger Car 40.0 38.1 -1.9 Minicar 52.3 38.2 -14. 14.1 Numb
Slide 21: 2nd Quarter: Consolidated Automobile Sales
2nd Quarter : Consolidated Automobile Sales <Appendix> （thousand units） Actual Results Actual Results Increase/ 2Q 2Q Decrease FYE March 2011 FYE March 2012 Passenger Car 25.0 20.2 -4.8 4.8 Minicar 28.0 21.6 -6.4 Domestic Total 53.1 41.8 -11.3 U.S. 70.9 61.7 -9.1 Canada 6.6 5.8 -0.9 0.9 Russia 3.2 3
Slide 22: 2nd Quarter: Consolidated Operating Results
2nd Quarter : Consolidated Operating <Appendix> （100 million yen） Actual Results Actual Results Increase/ 2Q 2Q Decrease FYE March 2011 FYE March 2012 Net Sales 4,337 3,546 -791 Domestic 1,475 1,257 -218 Overseas 2,862 2,290 -572 Operating Income 347 81 -266 Ordinary Income 346 99 -247 Income Before
Slide 23: 2nd Quarter: Analysis of Operating Income Changes
2nd Quarter : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> Japan & overseas：Decrease of （100 million yen） Decrease of Deterioration sales volume, etc. SG&A of sales expenses volume and and others mixture, etc. 52 US$ : -135 -132 Euro : 0 Loss on CA$ : -4 cu
Slide 24: Outlook for the term Ending March 2012
Outlook for the term Ending March 2012 http://www.fhi.co.jp/english/ir/index.html 23 23
Slide 25: Full Year: Consolidated Automobile Sales Plan
Full Year : Consolidated Automobile Sales Plan （thousand units） Actual Results Plan Increase/ FYE March 2011 FYE March 2012 Decrease Passenger Car 68.1 72.6 +4.5 Minicar 90.0 96.1 +6.1 Domestic Total 158.1 168.7 +10.6 U.S. 279.0 281.6 +2.6 Canada 28.1 27.2 -0.9 Russia 11.3 15.0 +3.6 Europe 48.2 37.4
Slide 26: Full Year: Consolidated Operating Plan
Full Year : Consolidated Operating Plan （100 million yen） Actual Results Plan Increase/ FYE March 2011 FYE March 2012 Decrease Net Sales 15,806 14,800 -1,006 Domestic 4,673 4,700 +27 Overseas 11,132 10,100 -1,032 Operating Income 841 300 -541 Ordinary Income 822 290 -5 3 2 Income Before Income Taxes
Slide 27: Full Year: Analysis of Operating Income Changes
Full Year : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> Decrease of Decrease of （100 million yen） SG&A expenses, SG&A Loss on warranty claims, expenses currency etc. and others exchanges 97 Japan：Increase of sales volume and deterioration of mixture -456 F
Slide 28: Operating Plans of Subsidiaries in U.S.
Operating Plans of Subsidiaries in U.S. （million US$） Actual Results Plan Increase/ SOA FYE March 2011 FYE March 2012 Decrease Net Sales $6,758 $6,900 +142 Operating Income 116 52 -64 Net Income 83 38 -45 Retail Sales (thousand units) 272.5 270.8 -1.7 Actual Results Plan Increase/ SIA FYE March 2011
Slide 29: Capex / Depreciation / R&D
Capex / Depreciation / R&D <Appendix> （100 million yen） Actual Actual Actual Plan Increase / Results Results Results FYE 2012 Decrease 1st Half FYE 2011 1st Half (b) (b) – (a) FYE 2011 (a) FYE 2012 Capex 220 431 276 600 +169 Depreciation 240 498 254 550 +52 R&D 203 429 229 480 +51 Interest Bearing 3
Slide 30: 2nd Half: Consolidated Automobile Sales Plan
2nd Half : Consolidated Automobile Sales Plan <Appendix> （thousand units） Actual Results Plan Increase/ 2nd Half 2nd Half Decrease FYE March 2011 FYE March 2012 Passenger Car 30.4 36.7 +6.3 Minicar 39.2 59.4 +20.2 Domestic Total 69.6 96.1 +26.5 U.S. 149.8 168.0 +18.2 Canada 13.1 12.5 -0.6 0.6 Russia
Slide 31: 2nd Half: Consolidated Operating Plan
2nd Half : Consolidated Operating Plan <Appendix> （100 million yen） Actual Results Plan Increase/ 2nd Half 2nd Half Decrease FYE March 2011 FYE March 2012 Net Sales 7,766 8,250 +484 Domestic 2,153 2,455 +301 Overseas 5,612 5,795 +183 Operating Income 268 112 -155 Ordinary Income 234 74 -160 Income B
Slide 32: 2nd Half: Analysis of Operating Income Changes
2nd Half : Analysis of Increase and Decrease in Operating Income Changes (consolidated) <Appendix> Improvement of sales Loss on US$ : -214 （100 million yen） volume and currency Euro : -12 mixture, etc. exchanges CA$ : -18 Currency exchange adjustment : -2 -246 Increase of fixed cost, 295 Increase of
Slide 33: Difference from Previous Outlook within 1Q
<Appendix> Difference from Previous Outlook within 1Q http://www.fhi.co.jp/english/ir/index.html 32 32
Slide 34: 1st Half: 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 2012 FYE March 2012 Passenger Car 33.3 35.9 +2.5 Minicar 37.1 36.7 -0.3 Domestic Total 70.4 72.6 +2.2 U.S. 111.0 113.5 +2.5 Canada 14.7 14.7
Slide 35: 1st Half: Statement of Income Plan vs. Actual Results
1st Half : Consolidated Statement of Income Plan vs. Actual Results <Appendix> （100 million yen） Plan Actual Results Increase/ 1st Half 1st Half Decrease FYE March 2012 FYE March 2012 Net Sales 6,500 6,550 +50 Domestic 2,105 2,245 +140 Overseas 4,395 4,305 -90 Operating Income 100 188 +88 Ordinary I
Slide 36: 1st Half: Operating Income Changes Plan vs. Results
1st Half : Analysis of Increase and Decrease in Operating Income Changes Plan vs. Results <Appendix> Decrease of （100 million yen） Decrease of R&D SG&A Reduction expenses Improvement expenses in cost of sales and others volume and 11 -39 mixture, etc. 25 11 Loss on currency FHI: +9 exchanges 80 SIA:
Slide 37: 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 2012 FYE March 2012 Decrease Passenger Car 70.7 72.6 +1.9 Minicar 93.2 96.1 +3.0 Domestic Total 163.8 168.7 +4.9 U.S. 274.3 281.6 +7.2 Canada 27.2 27.2
Slide 38: Full Year: Statement of Income Previous Plan vs. Revised Plan
Full Year : Consolidated Statement of Income Previous Plan vs. Revised Plan <Appendix> （100 million yen） Previous Plan Revised Plan Increase/ FYE March 2012 FYE March 2012 Decrease Net Sales 14,800 14,800 0 Domestic 4,500 4,700 +200 Overseas 10,300 10,100 -200 Operating Income 300 300 0 Ordinary Inc
Slide 39: Full Year: Operating Income Previous Plan vs. Revised Plan
Full Year : Analysis of Increase and Decrease in Operating Income Previous Plan vs. Revised Plan <Appendix> （100 million yen） Decrease of Loss on SG&A Reduction currency Improvement US$: -194 expenses in cost exchanges Euro: -19 of sales and others CA$: -22 volume and mixture, etc. 61 14 Currency ex
Slide 40: Thank you!
Thank you ! http://www.fhi.co.jp/english/ir/index.html 39 39
Fuji Heavy Industries — H1 FYE March 2012 Earnings Presentation on 6ix