Consolidated Financial Results for the 1st Quarter of FYE 2022
SUBARU CORPORATION
Katsuyuki Mizuma, Director, Executive Vice President & CFO
August 3rd, 2021

https://www.subaru.co.jp/en/ir/

Summary(Yen in 100 millions, Units in thousands)

stPlan1 Quarter (3 months) Results
FYE 2022

FYE 2022

Results(a)PreviousPlan(b)*RevisedPlan(c)

+42.2

860.2

1,000.0

183.8

+91.6

809.9

4,570

6,352+1,782

Operating profit

-157

295

Profit for the period attributableto owners of parent-77¥107

FYE 2021

FYE 2022

1Q Results

1Q Results

Consolidated Unit Sales

133.1

175.3

Production92.2

Revenue

SUBARU exchange rate
US$Variance

Variance(c)-(a)(c)-(b)

960.0

+99.8

-40.0

1,030.0990.0+180.1-40.0

28,30233,00033,000+4,698±0+452

1,025

2,000

2,000+975±0

185

+262

765

1,400

1,400

+635±0

¥109

+¥2

¥106

¥108

¥109

+¥3

+¥1VarianceFYE 2021* as of May 11th ,2021
https://www.subaru.co.jp/en/ir/2Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2022

https://www.subaru.co.jp/en/ir/

31st Quarter (3 months) ：Consolidated
Unit Sales (by market):(Thousand Units)FYE 2021

FYE 2022

1Q Results

1Q Results

Variance

Passenger cars

14.3

19.0+4.7

Minicars

4.3

5.1+0.8

18.6

24.0+5.5

U.S.

91.1

116.6+25.6

Canada6.3

12.2+5.8

Russia0.2

1.5+1.3

Europe3.2

3.4+0.2

Australia

4.9

7.4+2.4

China

6.0

4.0-1.9

Others2.9

6.2+3.3

Overseas total

114.5

151.3+36.8

Total

133.1

175.3+42.2

Domestic total

https://www.subaru.co.jp/en/ir/41st Quarter (3 months) ：Consolidated Unit Sales / Complete Cars Production(Thousand Units)

Consolidated Unit Sales Total

FYE 2021

FYE 2022

1Q Results

1Q Results

133.1

175.3

FYE 2021

FYE 2022

1Q Results

1Q Results

Variance+42.2

Variance

Production in U.S.

36.3

66.6+30.3

Production in Japan

55.9

117.2

+61.3

92.2

183.8+91.6

Production* Total* Production figures include Toyota 86.

https://www.subaru.co.jp/en/ir/

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1st Quarter (3 months) :Consolidated Profit Results(100 Million Yen)FYE 2021

FYE 2022

1Q Results

1Q Results

VarianceRevenue

4,570

6,352+1,782

Domestic

947

1,130+183

Overseas

3,623

5,222+1,598

Operating profit-157

295+452

Profit before tax-107

343+450

Profit for the period attributableto owners of parent

-77

185

+262

US$

¥107

¥109

+¥2EURO

¥118

¥131

+¥13

CAN$

¥77

¥88

+¥11

SUBARU
exchange rate

https://www.subaru.co.jp/en/ir/

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1st Quarter (3 months) :Analysis of Variance in Operating Profit (Consolidated)(100 Million Yen)

+71

+617

-118
-107

R&D expenses

Results
1Q (3 months)
FYE 2021
Sales volume &mix , etc.

+5Loss on currencyexchange

OtherResults
1Q (3 months)
FYE 2022+452+617 Cost reduction, etc.
+45 SUBARU

Overseas+718

Cost reduction+9

Material cost,etc.

OthersSG&A expenses,etc.

-16

Sales volume &mixture, etc.

Domestic

Sales Incentive

Cost reduction,etc.

-155

Curerncy-118 SG&A expenses, etc.

-85 SIA*1+5Cost reduction-90

Material cost,etc.

-33 Fixed manufacturing cost
+3 SUBARU-36

Suppliers'
dies cost
Fixedprocessingcost-54 SIA*1-107 exchange-16+60 US＄+35-46 SG&A-121 Warranty claims+8 SUBARU-46

EURO+4

Domestic dealers-11

CAN＄+28

SOA *2-27

CNY+1

SCI *3-10

Currency exchange
adjustment+11Others-27

Unrealized gain

-95

-4Suppliers'
dies cost+11-50

Fixedprocessingcost-3*1 SIA: Subaru of Indiana Automotive, Inc. *2 SOA: Subaru of America Inc. *3 SCI: Subaru Canada Inc.
https://www.subaru.co.jp/en/ir/

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1st Quarter (3 months) :Consolidated Statement of Cash Flows / Cash and cash equivalents(100 Million Yen)FYE 2021

FYE 2022

1Q Results

1Q Results

Net cash provided by (used in) operating activities

-796

201

Net cash provided by (used in) investing activities-364-550

Free cash flows-1,160-349

Net cash provided by (used in) financing activities

1,817-342

As of March 2021

As of June 2021

Variance

Cash and cash equivalents at end of period

9,073

8,385-688

Interest bearing debts Balance at end of period *3,339

3,360+21

Net cash

5,734

5,025-709* Lease liabilities are not included in the results above.

https://www.subaru.co.jp/en/ir/8Capex / Depreciation / R&D(100 Million Yen)FYE 2021

FYE 2022

1Q Results

1Q Results

Variance

Capex *1

154

192+38Depreciation *1230

228-3

R&D expenditures *2254271+18*1 : Leases, capex & amortization for intangible assets and lease liabilities are not included in the results and forecast above.
*2 : Research and development activity related costs incurred during the reporting period are written.
In accordance with IFRS, as a part of research and development expenditures is recorded as an intangible asset and amortized over its estimated useful life,
this amount is different from "Research and development expenses" on Consolidated Statements of Income on IFRS.
(It matches with R&D expenses in consolidated statement of income on JGAAP)

https://www.subaru.co.jp/en/ir/9Forecast for FYE 2022

https://www.subaru.co.jp/en/ir/

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FYE 2022 Plan :Consolidated Profit Plan
(Yen in 100 millions, Units in thousands)

FYE 2021

FYE 2022

FYE 2022

Variance

Variance

Results (a)Previous Plan (b)Revised Plan (c)(c)-(a)(c)-(b)Consolidated Unit Sales

860.2

1,000.0

960.0

+99.8

-40.0

Production *809.9

1,030.0990.0+180.1-40.0Revenue

28,30233,00033,000+4,698±0

Operating profit

1,025

2,000

2,000+975±0

Profit before tax

1,140

2,030

2,030+890±0765

1,400

1,400+635±0

¥106

¥108

¥109

+¥3

+¥1EURO

¥123

¥128

¥130

+¥7

+¥2CAN$

¥80

¥83

¥88

+¥8

+¥5

Profit for the period attributable toowners of parent
SUBARU
US$exchange rate

* Production figures include Toyota 86.
https://www.subaru.co.jp/en/ir/

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FYE 2022 Plan :Analysis of Variance in Operating Profit (Consolidated)(100 Million Yen)

+1,507-298+223-53+350

SG&A expenses,
Cost reduction etc.

-754

R&D expenses

Effort for
improvement

Gain on currency
exchange
Material cost,etc.

Sales volume &mixture, etc.

FYE 2022
Revised PlanFYE 2021
Results+975

https://www.subaru.co.jp/en/ir/

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Previous Plan FYE 2022(as of May 11th) vs Revised Plan :Analysis of Variance in Operating Profit (Consolidated)(100 Million Yen)

+150

-154
+57+7
Gain oncurrency
exchange

2,000

Material cost,etc.

Sales volume &mixture, etc.

SG&A expenses,
Cost reductionetc.

+17
R&D expenses-77
Effort for
improvement

2,000
Breakdown of “Sales volume & mixture, etc”
New car sales : -280
Incentive (U.S.) ：+220
Others ：+67

FYE 2022
Previous PlanFYE 2022
Revised Plan±0

https://www.subaru.co.jp/en/ir/

13Capex / Depreciation / R&D(100 Million Yen)FYE 2021

FYE 2022

FYE 2022

Variance

Variance

Results(a)Previous Plan(b)Revised Plan(c)(c)-(a)(c)-(b)Capex *1

862

1,000

1,000+138±0

Depreciation *1

950

1,000

1,000+50±01,016

1,200

1,200+184±0

R&D expenditures *2*1 : Leases, capex & amortization for intangible assets and lease liabilities are not included in the results and forecast above.
*2 : Research and development activity related costs incurred during the reporting period are written.
In accordance with IFRS, as a part of research and development expenditures is recorded as an intangible asset and amortized over its estimated useful life,
this amount is different from "Research and development expenses" on Consolidated Statements of Income on IFRS.
(It matches with R&D expenses in consolidated statement of income on JGAAP)

https://www.subaru.co.jp/en/ir/

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Appendix (1)• Segment information by Business & Geographic• FYE 2021 and FYE 2022 Results (by Quarter)• Overseas Revenue• Complete Cars Production / Retail Sales Units• Consolidated Statement of Financial Position• Non-consolidated Unit Sales• Operating Results of Subsidiaries in U.S.

https://www.subaru.co.jp/en/ir/

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1st Quarter (3 months) ：Revenue and Operating Profit by Business Segment (Consolidated)(100 Million Yen)

Revenue
FYE 2021

FYE 2022

1Q Results

1Q Results

Operating profit
Variance

FYE 2021

FYE 2022

1Q Results

1Q Results

Variance

Automobile

4,371

6,177

+1,806-141287+428

Aerospace187

163-24-28-8+20Other

1212±013

16+4----00+0

4,570

6,352+1,782-157

295+452

Elimination & CorporateTotal

https://www.subaru.co.jp/en/ir/

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1st Quarter (3 months) ：Revenue and Operating Profit by Geographic Area (Consolidated)(100 Million Yen)

Revenue
FYE 2021

FYE 2022

1Q Results

1Q Results

Operating profit
Variance

FYE 2021

FYE 2022

1Q Results

1Q Results

Variance

Japan

1,220

1,585+365-436

96+532

North America

3,066

4,482+1,417-102

274+377284284+01012+2---

372-86-459

4,570

6,352+1,782-157

295+452

Other

Elimination & CorporateTotal

https://www.subaru.co.jp/en/ir/

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1st Quarter (3 months) ：Overseas Revenue (Consolidated)(100 Million Yen)FYE 2021

FYE 2022

1Q Results

1Q Results

Variance

3,166

4,603+1,437

Europe100156+57Asia

216

210-5

Other

141

252+110

Total

3,623

5,222+1,598

North America

https://www.subaru.co.jp/en/ir/18

Consolidated Statement of Financial Position(100 Million Yen)

As of March2021

As of June2021

Variance

34,11733,917-200

Current assets

19,82819,392-436

Non-current assets

14,28914,525+236

16,253

15,993

-260

3,339

3,360+21

17,864

17,924+60

Retained earnings

14,353

14,322-31

Equity attributable to owners of parent

17,777

17,834+56

Ratio of equity attributable to ownersof parent to total assets

52.1%

52.6%

-0.19

0.19

-

Total assets

Total liabilities
Interest bearing debts
Total equity

D/E ratio

https://www.subaru.co.jp/en/ir/

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1st Quarter (3 months) ：Non-consolidated
Unit Sales:(Thousand Units)FYE 2021

FYE 2022

1Q Results

1Q Results

Variance

Domestic production*

55.9

117.2+61.3

Domestic sales

17.5

21.0+3.6

Passenger cars

13.1

16.4+3.3

Minicars

4.3

4.6+0.2

Export total

45.1

96.2

+51.2

Components for overseas
production

32.6

89.3

+56.7

Total

95.1

206.5+111.4* Production figures include Toyota 86.

https://www.subaru.co.jp/en/ir/

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1st Quarter (3 months) ：Operating Results of Subsidiaries in U.S.
（Million US$）SOA *1FYE 2021

FYE 2022

1Q Results

1Q Results

Variance

2,713

3,796+1,083

Operating income

70249+180

Net income

90205+115136.1

159.9+23.8

Net sales

Retail sales (Thousand units)

SIA *2FYE 2021

FYE 2022

1Q Results

1Q Results

Variance

Net sales

929

1,753+823

Operating income-151-45+106

Net income-115-36+79

Production sales (Thousand units)

36.3

66.6+30.3*1 SOA: Subaru of America Inc. *2 SIA: Subaru of Indiana Automotive, Inc.
https://www.subaru.co.jp/en/ir/

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FYE 2021 and FYE 2022 Results(by Quarter)(Yen in 100 millions, Units in thousands)

1Q

FYE 2021

FYE 2022Results

Results

2Q

3Q

4Q

1Q

Consolidated Unit Sales

133.1

230.3

267.8

229.1

175.3

Production *92.2

261.7

260.4

195.6

183.8

Revenue

4,570

7,614

8,564

7,554

6,352

Operating profit

-157

463

676

42295

Profit for the period attributableto owners of parent

-77

314

505

23185

¥107

¥107

¥105

¥104

¥109

SUBARU exchange rate
US$
* Production figures include Toyota 86.

https://www.subaru.co.jp/en/ir/

22

Complete Cars Production / Retail Sales Units(1,000units）

Production

Retail Sales

300

229

240

240

236

227

184

182

196

204

200

254
260262254262271

277

242

241

250

269
262

269
271

278

264

252
257

249

261

270
268

276

276
253

AprJun280

JanMar269
273

OctDec

264
258

242
245

JulSep

237
249

231

AprJun

248
242

233
229

244
237

253

250

150

100
92

500
JanMar

JulSep

2015
2016* Production figures include Toyota 86.

https://www.subaru.co.jp/en/ir/

OctDecJanMar

AprJunJulSep2017

OctDecJanMar

AprJunJulSep2018

OctDecJanMar

AprJunJulSep2019

OctDecJanMar

AprJunJulSep2020

OctDecJanMar

AprJun2021

23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 ofvarious factors including, without limitation, economic conditions, market demand and fluctuations in foreign exchange rates.
Investors are asked not to rely solely on the information in this presentation when they make their final investment decisions.

https://www.subaru.co.jp/en/ir/

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