Subaru Corporation · TSE:7270
Subaru — Q3 FYE2020 Earnings Presentation
36 slides from Subaru's earnings presentation, Feb 5, 2020
Slide 1: Consolidated Financial Results for the 3rd Quarter of FYE 2020
Consolidated Financial Results for the 3rd Quarter of FYE 2020 SUBARU CORPORATION Toshiaki Okada Corporate Executive Vice President & CFO February 5th, 2020 https://www.subaru.co.jp/en/ir/ 1 NOTE) This document is an English translation of an original Japanese document. If there are any discrepancie
Slide 2: Consolidated Financial Results for the 3rd Quarter (9 months) of FYE 2020
Consolidated Financial Results for the 3rd Quarter (9 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)
3rd Quarter (9 months) : Consolidated Unit Sales (by market) （Thousand Units） Reference : JGAAP Results Results Results Variance 3rd Quarter FYE 2019 3rd Quarter FYE 2020 3rd Quarter FYE 2019 Passenger cars (*) 84.9 76.3 -8.6 79.9 Minicars (*) 19.4 18.4 -0.9 18.6 Domestic total(*) 104.2 94.7 -9.5 98
Slide 4: Consolidated Unit Sales / Complete Cars Production
3rd Quarter (9 months) : Consolidated Unit Sales / Complete Cars Production （Thousand Units） Results Results Variance 3rd Quarter FYE 2019 3rd Quarter FYE 2020 Consolidated Unit Sales Total 767.9 771.0 +3.1 （Thousand Units） Results Results Variance 3rd Quarter FYE 2019 3rd Quarter FYE 2020 Productio
Slide 5: Consolidated Profit Results
3rd Quarter (9 months) : Consolidated Profit Results (100 Million Yen) Reference : JGAAP Results Results Results Variance 3rd Quarter FYE 2019 3rd Quarter FYE 2020 3rd Quarter FYE 2019 Revenue (*1) 23,913 24,846 +932 23,774 Domestic 4,509 4,242 -267 4,358 Overseas 19,405 20,604 +1,199 19,417 Operati
Slide 6: Analysis of Variance in Operating Profit (Consolidated)
3rd Quarter (9 months) : Analysis of Variance in Operating Profit (Consolidated) (100 Million Yen) Sales volume & mixture and others Accounting standard +233 difference Loss on +20 currency SG&A exchange expenses Cost Other and others reduction -193 -20 -125 -111 Results Results Results Operating In
Slide 7: Capex / Depreciation / Interest Bearing Debt / R&D
Capex / Depreciation / Interest Bearing Debt / R&D (100 Million Yen) Reference : JGAAP Results Results Results Variance 3rd Quarter FYE 2019 3rd Quarter FYE 2020 3rd Quarter FYE 2019 Capex (*1) 859 955 +96 852 Depreciation (*1) 675 707 +32 674 Interest bearing debt (*1) 554 1,752 +1,199 520 R&D expe
Slide 8: Forecast for FYE 2020
Forecast for FYE 2020 https://www.subaru.co.jp/en/ir/ 8 8
Slide 9: Revised Plan FYE 2020: Consolidated Unit Sales (by market)
Revised Plan FYE 2020 : Consolidated Unit Sales (by market) （Thousand Units） Reference : JGAAP Previous Plan Results Revised Plan FYE 2020 Variance Variance Results FYE 2019 FYE 2020 (as of Nov. 6th) (c)-(a) (c)-(b) FYE 2019 (a) (c) (b) Passenger cars (*) 110.2 111.3 104.2 -6.0 -7.1 109.7 Minicars (
Slide 10: Revised Plan FYE 2020: Unit Sales / Complete Cars Production
Revised Plan FYE 2020 : Consolidated Unit Sales / Complete Cars Production （Thousand Units） Previous Plan Results Revised Plan FYE 2020 Variance Variance FYE 2019 FYE 2020 (as of Nov. 6th) (c)-(a) (c)-(b) (a) (c) (b) Consolidated Unit 1,000.8 1,058.3 1,041.3 +40.5 -16.9 Sales Total （Thousand Units）
Slide 11: Revised Plan FYE 2020: Consolidated Profit Plan
Revised Plan FYE 2020 : Consolidated Profit Plan (100 Million Yen) Reference : JGAAP Previous Plan Results Revised Plan FYE 2020 Variance Variance Results FYE 2019 FYE 2020 (as of Nov. 6th) (c)-(a) (c)-(b) FYE 2019 (a) (c) (b) Revenue (*1) 31,562 33,100 33,600 +2,039 +500 31,605 Domestic 5,941 5,975
Slide 12: Analysis of Variance in Operating Profit (Consolidated)
Revised Plan FYE 2020 : Analysis of Variance in Operating Profit (Consolidated) (100 Million Yen) Sales volume R&D & mixture expenses and others +569 +172 Other +70 Loss on Cost SG&A currency reduction expenses exchange Accounting -123 and others standard -231 -74 difference -138 Results Results Rev
Slide 13: Analysis of Variance in Operating Profit: Previous vs. Revised Plan
Previous Plan FYE 2020 (as of November 6th) vs. Revised Plan : Analysis of Variance in Operating Profit (Consolidated) Gain on Sales volume R&D & mixture (100 Million Yen) currency exchange expenses and others +181 +60 +19 Other +23 SG&A Cost expenses reduction and others -28 -255 Previous Plan Revi
Slide 14: Capex / Depreciation / Interest Bearing Debt / R&D
Capex / Depreciation / Interest Bearing Debt / R&D (100 Million Yen) Reference : JGAAP Previous Plan Results Revised Plan FYE 2020 Variance Variance Results FYE 2019 FYE 2020 (as of Nov. 6th) (c)-(a) (c)-(b) FYE 2019 (a) (c) (b) Capex (*1) 1,140 1,400 1,400 +260 ±0 1,135 Depreciation (*1) 891 1,000
Slide 15: Appendix (1)
Appendix (1) • Segment information by Business & Geographic (3rd Quarter) • Overseas Revenue (3rd Quarter) • Consolidated Statement of Financial Position • Consolidated Statement of Cash Flows (3rd Quarter) • Non-consolidated Unit Sales (3rd Quarter) • Operating Results of Subsidiaries in U.S. (3rd
Slide 16: Revenue and Operating Profit by Business Segment (Consolidated)
3rd Quarter (9 months) : Revenue and Operating Profit by Business Segment (Consolidated) (100 Million Yen) Revenue Operating profit Results Results Results Results 3rd Quarter 3rd Quarter Variance 3rd Quarter 3rd Quarter Variance FYE 2019 FYE 2020 FYE 2019 FYE 2020 Automobile (22,719) 22,840 23,738
Slide 17: Revenue and Operating Profit by Geographic Area (Consolidated)
3rd Quarter (9 months) : Revenue and Operating Profit by Geographic Area (Consolidated) (100 Million Yen) Revenue Operating profit Results Results Results Results 3rd Quarter 3rd Quarter Variance 3rd Quarter 3rd Quarter Variance FYE 2019 FYE 2020 FYE 2019 FYE 2020 Japan (6,764) 6,915 6,543 -372 (1,0
Slide 18: Overseas Revenue (Consolidated)
3rd Quarter (9 months) : Overseas Revenue (Consolidated) (100 Million Yen) Results Results Variance 3rd Quarter FYE 2019 3rd Quarter FYE 2020 North America (16,512) 16,500 17,867 +1,367 Europe (808) 808 818 +10 Asia (877) 877 874 -3 Other (1,219) 1,219 1,044 -175 Total (19,417) 19,405 20,604 +1,199
Slide 19: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of December Variance 2019 2019 Total assets 31,806 31,668 -138 Current assets 19,137 18,556 -582 Non-current assets 12,669 13,112 +443 Total liabilities 14,907 14,777 -130 Interest bearing debts 1,037 1,752 +715 Total equi
Slide 20: Consolidated Statement of Cash Flows
3rd Quarter (9 months) : Consolidated Statement of Cash Flows (100 Million Yen) Results Results Variance 3rd Quarter FYE 2019 3rd Quarter FYE 2020 Net cash provided by (used in) operating activities 1,717 1,292 -425 Net cash provided by (used in) investing activities -1,392 18 +1,409 Free cash flows
Slide 21: Non-consolidated Unit Sales
3rd Quarter (9 months) : Non-consolidated Unit Sales （Thousand Units） Results Results Variance 3rd Quarter FYE 2019 3rd Quarter FYE 2020 Domestic production 491.1 492.8 +1.8 Domestic sales 104.2 94.4 -9.8 Passenger cars 84.9 75.4 -9.5 Minicars 19.4 19.0 -0.3 Number of exported vehicles 396.2 410.4 +
Slide 22: Operating Results of Subsidiaries in U.S.
3rd Quarter (9 months) : Operating Results of Subsidiaries in U.S. （Million US$） Results Results SOA 3rd Quarter FYE 2019 3rd Quarter FYE 2020 Variance Net sales 14,240 15,516 +1,275 Operating income 256 723 +467 Net income 216 571 +355 Retail sales 528.6* 541.4 +12.8 (Thousand units) Results Result
Slide 23: Consolidated Unit Sales (by market) (3 months)
3rd Quarter (3 months) : Consolidated Unit Sales （by market) （Thousand Units） Reference : JGAAP Results Results Results 3rd Quarter (3 months) 3rd Quarter (3 months) Variance 3rd Quarter (3 months) FYE 2019 FYE 2020 FYE 2019 Passenger cars (*) 30.8 21.1 -9.7 27.5 Minicars (*) 6.6 5.6 -1.0 6.0 Domest
Slide 24: Consolidated Profit Results (3 months)
3rd Quarter (3 months) : Consolidated Profit Results (100 Million Yen) Reference : JGAAP Results Results Results 3rd Quarter (3 months) 3rd Quarter (3 months) Variance 3rd Quarter (3 months) FYE 2019 FYE 2020 FYE 2019 Revenue (*1) 8,999 8,789 -210 8,906 Domestic 1,585 1,267 -318 1,483 Overseas 7,414
Slide 25: Analysis of Variance in Operating Profit (3 months)
3rd Quarter (3 months) : Analysis of Variance in Operating Profit (Consolidated) Accounting Sales volume (100 Million Yen) & mixture R&D standard difference and others expenses +37 +28 +6 Other SG&A +16 expenses Loss on and others currency Cost -319 exchange reduction -130 -46 Results Results Result
Slide 26: Plan for 4th Quarter: Consolidated Unit Sales (by market)
Plan for 4th Quarter (3 months) : Consolidated Unit Sales （by market) （Thousand Units） Reference : JGAAP Results Plan Results 4th Quarter (3 months) 4th Quarter (3 months) Variance 4th Quarter (3 months) FYE 2019 FYE 2020 FYE 2019 Passenger cars (*) 25.3 28.0 +2.6 29.8 Minicars (*) 6.7 5.3 -1.3 7.0
Slide 27: Plan for 4th Quarter: Consolidated Profit
Plan for 4th Quarter (3 months) : Consolidated Profit (100 Million Yen) Reference : JGAAP Results Plan Results 4th Quarter (3 months) 4th Quarter (3 months) Variance 4th Quarter (3 months) FYE 2019 FYE 2020 FYE 2019 Revenue (*1) 7,648 8,754 +1,106 7,831 Domestic 1,432 1,363 -70 1,608 Overseas 6,216
Slide 28: Plan for 4th Quarter: Analysis of Variance in Operating Profit
Plan for 4th Quarter (3months) : Analysis of Variance in Operating Profit (Consolidated) SG&A Sales volume expenses (100 Million Yen) & mixture and others Other and others +90 +51 +336 Loss on R&D Cost currency expenses reduction exchange -38 -14 -12 Accounting standard difference -158 Results Resul
Slide 29: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units * Production figures include Toyota 86. https://www.subaru.co.jp/en/ir/ 29 29
Slide 30: Appendix (2): Changes Due to Voluntary Adoption of IFRS
Appendix (2) Changes in Consolidated Financial Statements Due to Voluntary Adoption of International Financial Reporting Standards (IFRS) https://www.subaru.co.jp/en/ir/ 30 30
Slide 31: 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 32: 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 33: 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 34: 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 equity
Slide 35: 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 36: 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