Subaru Corporation · TSE:7270
Subaru — Q1 FYE2025 Earnings Presentation
26 slides from Subaru's earnings presentation, Aug 5, 2024
Slide 1: Consolidated Financial Results for the 1st Quarter of FYE 2025
Consolidated Financial Results for the 1st Quarter of FYE 2025 SUBARU CORPORATION Katsuyuki Mizuma, Director, Executive Vice President & CFO August 5 th, 2024 https://www.subaru.co.jp/en/ir/
Slide 2: Key Points
Key Points ◼ Results for the First Quarter of FYE 2025 • Production: 239,000 units (down 1.7% Y/Y) Global production volume decreased year on year as a decline in domestic production more than offset an increase in overseas production. • Operating profit: 91.1 billion yen (up 7.9% Y/Y) Operating pro
Slide 3: Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2025
Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2025 https://www.subaru.co.jp/en/ir/ 3
Slide 4: Consolidated Unit Sales / Complete Cars Production
1 st Q u a r t e r ( 3 m o n t h s ) ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2024 FYE 2025 Variance 1Q Results 1Q Results Production in U.S. 84 96 +13 Production in Japan 159 143 -17 Production* Total 243 239 -4 FYE 2024 FYE 2025 Variance 1Q Results 1Q Results Conso
Slide 5: Consolidated Unit Sales (by market)
1 st Q u a r t e r ( 3 m o n t h s ) ： Consolidated Unit Sales (by market) (Thousand Units) : FYE 2024 FYE 2025 Variance 1Q Results 1Q Results Passenger cars 17 20 +3 Minicars 4 3 -1 Domestic total 21 23 +2 U.S. 163 147 -16 Canada 16 18 +2 Europe 7 6 -1 Australia 15 9 -5 China 2 0 -2 Others 12 8 -4
Slide 6: Sales Trends in the U.S. Market
Sales Trends in the U.S. Market ◼ Retail Sales ◼ Retailer Inventory (days supply) (Thousand Units) 60 800 45 45 700 680 37 632 31 612 584 30 600 557 16 13 15 0 400 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 • Appropriate inventory levels：45 days supply
Slide 7: Consolidated Profit Results
1 st Q u a r t e r ( 3 m o n t h s ) ： Consolidated Profit Results (100 Million Yen) FYE 2024 FYE 2025 Variance 1Q Results 1Q Results Revenue 10,821 10,921 +100 Domestic 1,410 1,503 +94 Overseas 9,412 9,418 +6 Operating profit 845 911 +67 Profit before tax 1,154 1,080 -73 Profit for the period attri
Slide 8: Analysis of Variance in Operating Profit (Consolidated)
1 st Q u a r t e r ( 3 m o n t h s ) ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +409 +34 +23 -314 R&D expenses Cost impacts -72 -13 Sales volume & mixture, etc. SG&A expenses, Other Gain on currency etc. exchange New car sales
Slide 9: Consolidated Statement of Cash Flows / Cash and cash equivalents
1 st Q u a r t e r ( 3 m o n t h s ) ： Consolidated Statement of Cash Flows / Cash and cash equivalents (100 Million Yen) FYE 2024 FYE 2025 1Q Results 1Q Results Net cash provided by (used in) operating activities 1,296 400 Net cash provided by (used in) investing activities -1,406 -745 Free cash fl
Slide 10: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) FYE 2024 FYE 2025 Variance 1Q Results 1Q Results Capex *1 321 435 +114 Depreciation *1 250 249 -1 R&D expenditures *2 280 308 +28 *1 : Leases, capex & amortization for intangible assets and lease liabilities are not included in the results and forecast ab
Slide 11: Forecast for FYE 2025
Forecast for FYE 2025 https://www.subaru.co.jp/en/ir/ 11
Slide 12: Consolidated Unit Sales / Complete Cars Production (FYE 2025 Plan)
FYE 2025 Plan ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2024 FYE 2025 Variance Results Plan Production in U.S. 368 - - Production in Japan 602 - - Production*1 Total 970 960 -10 FYE 2024 FYE 2025 Variance Results Plan Consolidated Unit Sales Total 976 980 +4 *1:Produc
Slide 13: Consolidated Unit Sales by market (FYE 2025 Plan)
FYE 2025 Plan ： Consolidated Unit Sales (by market) : (Thousand Units) FYE 2024 FYE 2025 Variance Results Plan Passenger cars 87 94 +8 Minicars 12 14 +2 Domestic total 99 108 +9 U.S. 695 700 +5 Canada 68 64 -3 Europe 27 15 -12 Australia 47 43 -4 China 6 5 -1 Others 34 44 +11 Overseas total 878 872 -
Slide 14: Consolidated Profit Plan
FYE 2025 Plan ： Consolidated Profit Plan (Yen in 100 millions) FYE 2024 FYE 2025 Variance Results Plan Revenue 47,029 47,200 +171 Domestic 6,275 6,580 +304 Overseas 40,754 40,620 -134 Operating profit 4,682 4,000 -682 Profit before tax 5,326 4,200 -1,126 Profit for the period attributable to owners
Slide 15: Analysis of Variance in Operating Profit (FYE 2025)
FYE 2025 : A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +209 -331 -282 SG&A expenses, -256 etc. Sales volume & mixture, etc. -10 -12 Loss on currency exchange R&D expenses Cost impacts Other 4,682 New car sales total： -90 by sales
Slide 16: Capex / Depreciation / R&D
Capex / Depreciation / R&D (100 Million Yen) FYE 2024 FYE 2025 Variance Results Plan Capex *1 1,675 1,800 +125 Depreciation *1 974 1,000 +27 R&D expenditures *2 1,306 1,550 +244 *1 : Leases, capex & amortization for intangible assets are not included in the results and forecast above. *2 : Research
Slide 17: Appendix
Appendix • Segment information by Business & Geographic • Operating Results of Subsidiaries in U.S. • Overseas Revenue • FYE 2024 and FYE 2025 Results (by Quarter) • Consolidated Statement of Financial Position • Complete Cars Production / Retail Sales Units • Non-consolidated Unit Sales https://www
Slide 18: Revenue and Operating Profit by Business Segment (Consolidated)
1 st Q u a r t e r ( 3 m o n t h s ) ： Revenue and Operating Profit by Business Segment (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2024 FYE 2025 FYE 2025 FYE 2024 FYE 2025 FYE 2025 Variance Variance 1Q Results 1Q Results Plan 1Q Results 1Q Results Plan Automobile 10,620 10,648 +29
Slide 19: Revenue and Operating Profit by Geographic Area (Consolidated)
1 st Q u a r t e r ( 3 m o n t h s ) ： Revenue and Operating Profit by Geographic Area (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2024 FYE 2025 FYE 2024 FYE 2025 Variance Variance 1Q Results 1Q Results 1Q Results 1Q Results Japan 2,239 2,116 -123 419 749 +330 North America 8,236 8
Slide 20: Overseas Revenue (Consolidated)
1 st Q u a r t e r ( 3 m o n t h s ) ： Overseas Revenue (Consolidated) (100 Million Yen) FYE 2024 FYE 2025 Variance 1Q Results 1Q Results North America 8,344 8,663 +319 Europe 272 243 -29 Asia 197 100 -97 Other 598 412 -186 Total 9,412 9,418 +6 https://www.subaru.co.jp/en/ir/ 20
Slide 21: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of June Variance 2024 2024 Total assets 48,141 49,363 +1,221 Current assets 30,192 30,727 +535 Non-current assets 17,950 18,636 +686 Total liabilities 22,488 23,022 +535 Interest bearing debts 3,995 3,905 -90 Total equity
Slide 22: Non-consolidated Unit Sales
1 st Q u a r t e r ( 3 m o n t h s ) ： Non-consolidated Unit Sales : (Thousand Units) FYE 2024 FYE 2025 Variance 1Q Results 1Q Results Domestic production* 159 143 -17 Domestic sales 20 25 +6 Passenger cars 16 22 +6 Minicars 3 3 -1 Export total 131 109 -22 Components for overseas 77 77 -0 production
Slide 23: Operating Results of Subsidiaries in U.S.
1 st Q u a r t e r ( 3 m o n t h s ) ： Operating Results of Subsidiaries in U.S. （Million US$） FYE 2024 FYE 2025 SOA *1 Variance 1Q Results 1Q Results Net sales 5,531 4,984 -546 Operating income 286 97 -189 Net income 249 111 -138 Retail sales (Thousand units) 160 169 +9 FYE 2024 FYE 2025 SIA *2 Var
Slide 24: FYE 2024 and FYE 2025 Results (by Quarter)
FYE 2024 and FYE 2025 Results(by Quarter) (Yen in 100 millions, Units in thousands) FYE 2024 FYE 2025 Results Results 1Q 2Q 3Q 4Q 1Q Consolidated Unit Sales 236 234 266 241 212 Production * 243 250 264 213 239 Revenue 10,821 11,313 12,829 12,065 10,921 Operating profit 845 1,014 1,852 972 911 Profit
Slide 25: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units (1,000units） Production Retail Sales 300 280 276 278 273 277 276 271 271 268 270 269 269 269 264 262 262 262 264 260 264 258 250 261 257 254 250 254 250 249 253 249 252 246 245 243 241 239 242 242 241 240 236 240 237 236 232 227 229 228 225 220 220 213 2
Slide 26: Forward-looking statements disclaimer
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