Subaru Corporation · TSE:7270
Subaru — Q1 FYE2020 Earnings Presentation
29 slides from Subaru's earnings presentation, Aug 5, 2019
Slide 1: Consolidated Financial Results for the 1st Quarter of FYE 2020
Consolidated Financial Results for the 1st Quarter of FYE 2020 SUBARU CORPORATION Toshiaki Okada Corporate Executive Vice President & CFO August 5th, 2019 https://www.subaru.co.jp/en/ir/ 1 NOTE) This document is an English translation of an original Japanese document. If there are any discrepancies
Slide 2: Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2020
Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2020 SUBARU Corporation is voluntarily adopting the International Financial Reporting Standards (IFRS) from the first quarter of the fiscal year ending March 2020. Therefore, the figures are based on IFRS. Please refer to Appendix
Slide 3: Consolidated Unit Sales (by market)
1st Quarter (3 months) : Consolidated Unit Sales （by market) （Thousand Units） Reference : JGAAP Results Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance 1st Quarter (3 months) FYE 2019 FYE 2020 FYE 2019 Passenger cars (*) 25.9 27.5 +1.6 22.9 Minicars (*) 6.5 5.8 -0.7 6.0 Domest
Slide 4: Consolidated Unit Sales / Complete Cars Production
1st Quarter (3 months) : Consolidated Unit Sales / Complete Cars Production （Thousand Units） Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance FYE 2019 FYE 2020 Consolidated Unit Sales Total 241.3 262.6 +21.2 （Thousand Units） Results Results 1st Quarter (3 months) 1st Quarter (3
Slide 5: Consolidated Profit Results
1st Quarter (3 months) : Consolidated Profit Results (100 Million Yen) Reference : JGAAP Results Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance 1st Quarter (3 months) FYE 2019 FYE 2020 FYE 2019 Revenue (*1) 7,184 8,334 +1,150 7,092 Domestic 1,397 1,423 +25 1,302 Overseas 5,78
Slide 6: Analysis of Variance in Operating Profit (Consolidated)
1st Quarter (3 months) : Analysis of Variance in Operating Profit (Consolidated) SG&A expenses (100 Million Yen) Sales volume R&D and others & mixture expenses +70 and others +113 Cost Accounting standard +174 reduction Loss on Other difference currency -26 exchange -10 +45 -20 Results Results Resul
Slide 7: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of June Variance 2019 2019 Total assets 31,806 31,678 -128 Current assets 19,137 18,714 -423 Non-current assets 12,669 12,964 +295 Total liabilities 14,907 14,805 -102 Interest bearing debts 1,037 1,070 +33 Total equity 16
Slide 8: Consolidated Statement of Cash Flows
1st Quarter (3 months) : Consolidated Statement of Cash Flows (100 Million Yen) Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance FYE 2019 FYE 2020 Net cash provided by (used in) operating activities 423 1,367 +944 Net cash provided by (used in) investing activities -361 -279 +8
Slide 9: Operating Results of Subsidiaries in U.S.
1st Quarter (3 months) : Operating Results of Subsidiaries in U.S. （Million US$） Results Results SOA 1st Quarter (3 months) FYE 2019 1st Quarter (3 months) FYE 2020 Variance Net sales 4,205 5,261 +1,056 Operating income -7 160 +167 Net income 3 126 +123 Retail sales 172.6 182.2 +9.6 (Thousand units)
Slide 10: Capex / Depreciation / Interest Bearing Debt / R&D
Capex / Depreciation / Interest Bearing Debt / R&D (100 Million Yen) Reference : JGAAP Results Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance 1st Quarter (3 months) FYE 2019 FYE 2020 FYE 2019 Capex (*1) 284 357 +73 283 Depreciation (*1) 214 221 +7 213 Interest bearing debt (*
Slide 11: Forecasts for FYE 2020
Forecasts for FYE 2020 https://www.subaru.co.jp/en/ir/ 11 11
Slide 12: FYE 2020 Plan: Consolidated Unit Sales (by market)
FYE 2020 Plan: Consolidated Unit Sales (by market) （Thousand Units） Reference : JGAAP Results Plan Results Variance FYE 2019 FYE 2020 FYE 2019 Passenger cars (*) 110.2 112.3 +2.1 109.7 Minicars (*) 26.0 28.2 +2.1 25.6 Domestic total(*) 136.2 140.5 +4.3 135.3 US 659.7 693.2 +33.5 659.7 Canada 56.8 60
Slide 13: FYE 2020 Plan: Unit Sales / Complete Cars Production
FYE 2020 Plan : Consolidated Unit Sales / Complete Cars Production （Thousand Units） Results Plan Variance FYE 2019 FYE 2020 Consolidated Unit Sales Total 1,000.8 1,058.3 +57.5 （Thousand Units） Results Plan Variance FYE 2019 FYE 2020 Production in U.S. 372.2 388.7 +16.6 Production in Japan 617.0 667.
Slide 14: FYE 2020 Plan: Consolidated Profit Plan
FYE 2020 Plan : Consolidated Profit Plan (100 Million Yen) Reference : JGAAP Results Plan Results Variance FYE 2019 FYE 2020 FYE 2019 Revenue (*1) 31,562 33,100 +1,539 31,605 Domestic 5,941 5,841 -101 5,966 Overseas 25,620 27,260 +1,639 25,639 Operating profit (*2) 1,817 2,600 +783 1,955 Profit befo
Slide 15: Plan FYE 2020: Analysis of Variance in Operating Profit
Plan FYE 2020 : Analysis of Variance in Operating Profit (Consolidated) (100 Million Yen) SG&A R&D expenses expenses Other and others +36 Accounting standard +706 +24 difference Loss on Cost currency -138 exchange reduction -92 -148 Results Results Plan Operating Income Operating Profit Operating Pr
Slide 16: Capex / Depreciation / Interest Bearing Debt / R&D
Capex / Depreciation / Interest Bearing Debt / R&D (100 Million Yen) Reference : JGAAP Results Plan Results Variance FYE 2019 FYE 2020 FYE 2019 Capex (*1) 1,140 1,400 +260 1,135 Depreciation (*1) 891 1,000 +110 888 Interest bearing debt (*1) 1,037 1,450 +413 1,004 R&D expenditures (*2) 1,027 1,200 +
Slide 17: Appendix (1)
Appendix (1) • Segment information by Business & Geographic (1st Quarter) • Overseas Revenue (1st Quarter) • Non-consolidated Unit Sales (1st Quarter) • Complete Cars Production / Retail Sales Units https://www.subaru.co.jp/en/ir/ 17 17
Slide 18: 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 Results Results Results Results 1st Quarter 1st Quarter 1st Quarter 1st Quarter Variance Variance (3 months) (3 months) (3 months) (3 months) FYE 2019 FYE 2020 FYE 2019
Slide 19: 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 Results Results Results Results 1st Quarter 1st Quarter 1st Quarter 1st Quarter Variance Variance (3 months) (3 months) (3 months) (3 months) FYE 2019 FYE 2020 FYE 2019
Slide 20: Overseas Revenue (Consolidated)
1st Quarter (3 months) : Overseas Revenue (Consolidated) (100 Million Yen) Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance FYE 2019 FYE 2020 North America (4,776) 4,773 6,060 +1,288 Europe (420) 420 205 -215 Asia (224) 224 291 +67 Other (371) 370 356 -15 Total (5,790) 5,786 6,
Slide 21: Non-consolidated Unit Sales
1st Quarter (3 months) : Non-consolidated Unit Sales （Thousand Units） Results Results 1st Quarter (3 months) 1st Quarter (3 months) Variance FYE 2019 FYE 2020 Domestic production 154.8 160.0 +5.2 Domestic sales 30.5 31.2 +0.7 Passenger cars 24.6 25.3 +0.7 Minicars 5.9 5.9 -0.0 Number of exported veh
Slide 22: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units (1,000units） Production Retail Sales 300 280 276 276 278 273269 264 261 268270 264 271 269 269 262 258 257 253 253 252 250 244 248 249 245242 249 250 242 241 242 237 237 229233 231 227 200 150 100 50 0 Jan- Apr- Jul- Oct- Jan- Apr- Jul- Oct- Jan- Apr- Ju
Slide 23: Appendix (2)
Appendix (2) Changes in Consolidated Financial Statements Due to Voluntary Adoption of International Financial Reporting Standards (IFRS) https://www.subaru.co.jp/en/ir/ 23 23
Slide 24: Key differences of JGAAP and IFRS
Key differences of JGAAP and IFRS Japanese generally accepted accounting principles International Financial Reporting Standards Item (JGAAP) (IFRS) In case that it is satisfied with criterion of assets, Recorded as expenses when it incurred. it will be amortized. R&D expenses R&D expenses which is r
Slide 25: Consolidated Statements of Income
Consolidated Statements of Income JGAAP IFRS Net sales Revenue 1) "Selling, general and administrative expenses" on Cost of sales Cost of sales "Japanese Generally Accepted Accounting Principles" Gross profit Gross profit (hereafter "JGAAP") will be presented as "Selling, general and administrative
Slide 26: Consolidated Statement of Financial Position (Assets)
Consolidated Statement of Financial Position （Assets） JGAAP IFRS Consolidated statement of Consolidated Balance Sheet (Assets) financial position (Assets) 1) Of "Cash and deposits" and "Short-term Assets Assets investment securities" on JGAAP, Cash and Current assets Current assets securities that m
Slide 27: Consolidated Statement of Financial Position (Liabilities and Equity)
Consolidated Statement of Financial Position （Liabilities and Equity） JGAAP IFRS Consolidated Balance Sheet Consolidated statement of (Liabilities and Equity) financial position（ Liabilities and Equity） 1) "Notes and accounts payable- trade","Electronically recorded Liabilities Liabilities and equit
Slide 28: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows JGAAP IFRS Net cash provided by (used in) operating activities Net cash provided by (used in) operating activities Income (loss) before income taxes Profit before tax 1) Operating lease transactions that were recorded as expense on Depreciation and amortization
Slide 29: https://www.subaru.co.jp/en/ir/
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