Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under IFRS)
May 13, 2024
Company name
Listing
Securities code
URL
Representative
Inquiries
Telephone: SUBARU CORPORATION: Tokyo Stock Exchange: 7270: https://www.subaru.co.jp/en/ir/: Atsushi Osaki, Representative Director, President and CEO: Masayuki Miyamoto, General Manager of Investor Relations Department: +81-3-6447-8825

Scheduled date of annual general meeting of shareholders
Scheduled date to commence dividend payments
Scheduled date to file annual securities report
Preparation of supplementary material on financial results
Holding of financial results briefing: June 19, 2024
: June 20, 2024
: June 20, 2024
: Yes
: Yes (for investment analysts and institutional investors)(Yen amounts are rounded off to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Profit for the year
Total
comprehensive
Operating profit Profit before tax Profit for the year attributable toowners of parent
incomeRevenue
Fiscal year ended

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%March 31, 2024

4,702,947

24.6

468,19875.0

532,574

91.3

384,57093.2

385,08492.1

567,078 118.5

March 31, 2023

3,774,468

37.5

267,483 195.7

199,084 182.0

200,431186.3

259,586

278,366 160.2

Profit for the year per Profit for the year per
Ratio of profit to
Ratio of profit
share attributable to share attributable toequity attributable to before income tax toowners of parent,
owners of parent,
owners of parent
total assets
basic
dilutedMillions of
yen

%

64.8

Ratio of operating
profit to revenue

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2024

509.20509.18

16.5

12.2

10.0

March 31, 2023

261.33261.32

10.0

7.4

7.1

Reference: Share of profit (loss) of investments accounted for using equity method
For the fiscal year ended March 31, 2024:(899)

million yen

For the fiscal year ended March 31, 2023:

141

million yen(2) Consolidated financial position
Total assets
As ofRatio of equity
Equity attributable toEquity attributable attributable to owners
owners of parent perof parent to total
to owners of parent
share
assetsTotal equity

Millions of yen

Millions of yen

Millions of yen%

Yen

March 31, 2024

4,814,149

2,565,394

2,563,204

53.2

3,409.45

March 31, 2023

3,944,150

2,109,947

2,100,973

53.3

2,739.27(3) Consolidated cash flows
Operating activities
Fiscal year ended

Investing activities

Millions of yen

Millions of yen

March 31, 2024

767,665

March 31, 2023

503,759

Financing activities

Cash and cash equivalents
at end of the year

Millions of yen

Millions of yen(703,699)(66,469)

1,048,000(336,813)(122,307)

979,529

2. Cash dividends
Ratio of dividends

Annual dividends per share
First

SecondThird

quarter-end quarter-end quarter-end

FiscalTotal

year-end

to equity

Total cash

Payout ratio

dividends (Total)(Consolidated)

attributable toowners of parent(Consolidated)

Fiscal year ended
March 31, 2023
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

－

38.00

－

38.00

76.00

58,321

29.1

2.9

－

48.00

－

58.00

106.0079,733

20.8

3.4

－

48.00

－

48.00

96.00

Note: Revisions to the forecast of cash dividends most recently announced: Yes
Breakdown of cash dividends per share
For Second quarter-end of FYE 2024: Ordinary dividends 38.00 Yen,
For FYE 2024:
Ordinary dividends 48.00 Yen,－

Commemorative dividends 10.00 Yen
Commemorative dividends 10.00 Yen

3. Forecast of consolidated results for the fiscal year ending March 31, 2025 (from April 1, 2024
to March 31, 2025)

Revenue(Percentages indicate year-on-year changes.)
Profit for the year per
Profit for the year
share attributable toattributable toProfit before tax
owners of parent,
owners of parent

Operating profit

basic

Fiscal year ending
March 31, 2025
(Forecast)Millions of yen
4,720,000% Millions of yen
0.4% Millions of yen

400,000 (14.6)% Millions of yen

420,000 (21.1)%

Yen

300,000 (22.1)

399.05* Notes(1) Changes in significant subsidiaries during the year
(Changes in specified subsidiaries resulting in the change in scope of consolidation): None
(2) Changes in accounting policies and changes in accounting estimates(i) Changes in accounting policies required by IFRS(ii) Changes in accounting policies due to other reasons(iii) Changes in accounting estimates: Yes: None: None(3) Number of issued shares (common stock)(i) Total number of issued shares at the end of the year (including treasury stock)
As of March 31, 2024
As of March 31, 2023

753,901,573 shares
769,175,873 shares(ii) Number of treasury stock at the end of the year
As of March 31, 2024
As of March 31, 2023

2,107,449 shares
2,194,065 shares(iii) Average number of shares outstanding during the year
Fiscal year ended March 31, 2024
Fiscal year ended March 31, 2023

756,259,119 shares
766,961,290 shares[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1,
2023 to March 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

2,573,824

18.4

232,09928.7

351,150

21.6

272,31316.9

2,174,178

45.0

180,345－

288,679279.1

232,903233.5

Net income per share,
basic
Fiscal year ended
March 31, 2024
March 31, 2023

Net income per share,
dilutedYen

Yen

359.89359.87303.51303.50(2) Non-consolidated financial position
Total assets
As ofMarch 31, 2024
March 31, 2023

Net assets

Shareholders’ equity
to total assets

Net assets per share

Millions of yen

Millions of yen%

Yen

3,123,117

1,400,395

44.8

1,861.75

2,461,716

1,171,951

47.6

1,527.21

Reference: Shareholders’ equity
As of March 31, 2024:

1,400,395

million yen

As of March 31, 2023:

1,171,951

million yen* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
The performance projections were based on the information available as of the date when this document was released.
Therefore, actual results may differ considerably due to various factors that might occur in the future.

Index of the attachments
1. Overview of operating results .......................................................................................................................

2(1) Overview of operating results for the fiscal year ended March 2024....................................................

2(2) Overview of financial position at the end of March 2024.......................................................................

3(3) Overview of cash flow in the fiscal year ended March 2024...................................................................

4(4) Forecast for the fiscal year ending March 2025......................................................................................
2. Basic policy about the adoption of accounting standards .........................................................................
3. Consolidated financial statements and notes...............................................................................................
(1) Consolidated statement of financial position...........................................................................................
(2) Consolidated statement of income and consolidated statement of comprehensive income.................
Consolidated statement of income ..........................................................................................................
Consolidated statement of comprehensive income ...............................................................................
(3) Consolidated statement of changes in equity...........................................................................................
(4) Consolidated statement of cash flows ......................................................................................................
(5) Notes to consolidated financial statements ..............................................................................................
(Notes on premise of going concern) ..........................................................................................................
(Change in accounting policies) ..................................................................................................................
(Segment information) .................................................................................................................................
(Per share information) ...............................................................................................................................
(Significant subsequent event) ....................................................................................................................
4. Non-consolidated financial statements .........................................................................................................
(1) Non-consolidated balance sheet ................................................................................................................
(2) Non-consolidated statement of income......................................................................................................
(3) Non-consolidated statement of changes in net assets ..............................................................................

4

―1―

5
6
6
8
8
9
10
12
13
13
13
13
14
14
16
16
18
19

1. Overview of operating results(1) Overview of operating results for the fiscal year ended March 2024
In fiscal 2023, the outlook for the global economy continued to be uncertain given the heightened geopolitical risks fromthe prolonged Russia-Ukraine situation and the conflict in the Middle East as well as interest rate hikes reflecting rising
prices. Meanwhile, various restrictions were eased in Japan with COVID-19 being reclassified as Class 5, which resulted
in recovery trend in both supply and demand.
Under such circumstances, we, at the Subaru Group, pursued enjoyment and peace of mind, the value we offer, for realizing
our vision of delivering happiness to all and worked towards our goal of becoming a compelling company with a strong
market presence built upon our customer-first principle, which is our corporate statement. In conjunction with the transition
to the new management structure in June 2023, the Company announced the New Management Policy on August 2 of thesame year and has been strongly driving forward initiatives of Monozukuri Innovation and Value Creation.
In the current consolidated fiscal year, revenue increased by 928.5 billion yen (24.6%) to 4,702.9 billion yen owing to theincrease in unit sales and revenue contribution from foreign exchange fluctuation.
Despite an increase in SG&A expenses, etc., operating profit increased by 200.7 billion yen (75.0%) to 468.2 billion yen,profit before tax rose by 254.2 billion yen (91.3%) to 532.6 billion yen, and profit for the year attributable to owners ofparent increased by 184.7 billion yen (92.1%) to 385.1 billion yen on a year-on-year basis owing to the increase in unit
sales and revenue contribution from foreign exchange fluctuation.
(In Japanese yen in million except for profit margin and percentage change from the previous year)
Revenue

FYE2024
FYE2023
ChangePercentage Change

4,702,947
3,774,468
928,479
24.6

Profit for the year
Operating profit Profit before tax attributable to Foreign exchange(Margin)(Margin)rate
owners of parent(Margin)
468,198(10.0)
267,483(7.1)
200,71575.0

532,574(11.3)
278,366(7.4)
254,208
91.3

385,084(8.2)
200,431(5.3)
184,65392.1¥144/US$¥154/EUR¥135/US$¥141/EUR

Performance by segment.

(In Japanese yen in million except for percentage change from the previous year)
Revenue
Segment Profit
Percentage
Percentage
FYE2023 FYE2024
ChangeFYE2023
FYE2024
ChangeChangeChangeAutomobile
3,690,551 4,593,639
903,08824.5
263,261
461,524
198,263
75.3
Aerospace
79,019104,317
25,29832.0(2,082)
2,667
4,749
Other
4,898
4,991
93
1.9
6,261
3,633
(2,628)(42.0)
Adjustments
43
374
331
769.8
Total
3,774,468 4,702,947
928,479
24.6
267,483
468,198
200,71575.0
Notes: 1. Revenue is the revenue from external customers.
2. Adjustment to segment profit refers to the elimination of intersegment transactions.

(Automobile Division)
Overall automobile demand in the United States, our mainstay market, increased from the previous fiscal year by about
11% to approximately 15.8 million units. Total automobile demand in Japan increased by around 3% to approximately 4.50
million units.
Under such business environment, production in Japan increased year on year by 27,000 units (4.7%) to 602,000 units andproduction overseas rose 69,000 units (23.0%) to 368,000 units on a year-on-year basis as we continued to implement
various initiatives in production and purchasing. This resulted in an increase in combined overseas and domestic productionof 96,000 units (10.9%) year on year to 970,000 units.
―2―Demand for SUBARU vehicles was strong primarily in North America including the U.S., which is our mainstay market,
as well as Canada, and unit sales remained strong. Overseas unit sales increased year on year by 125,000 units (16.6%) to
878,000 units. While domestic unit sales decreased year on year by 1,000 units (0.8%) to 99,000 units, combined overseas
and domestic unit sales rose year on year by 124,000 units (14.5%) to 976,000 units.
Revenue increased by 903.1 billion yen (24.5%) to 4,593.6 billion yen owing to the increase in unit sales and revenue
contribution from foreign exchange fluctuation. Segment profit increased year on year by 198.3 billion yen (75.3%) to
461.5 billion yen thanks to the increase in unit sales and profit contribution from foreign exchange fluctuation despite theincrease in SG&A expenses.
Consolidated Unit Sales in the fiscal year ended March 2024

FYE2023(Units in thousands and percentage change from the previous year)
FYE2024
ChangePercentage Change

Total in Japan
Passenger cars
Minicars

100

99

(1)

(0.8)

81
19

87
12

5
(6)

6.7
(33.7)

Total Overseas
North America
EuropeAustralia
China
Other regions

753

878

125

16.6

635
23
44
10
41

763
27
47
6
34

128
4
3
(4)
(7)

20.2
17.3
7.8
(37.5)(17.3)

Total

852

976

124

14.5

(Aerospace Division)
Delivery and orders increased in all of defense, private sector, and helicopter businesses. Revenue increased by 25.3 billion
yen (32.0%) year on year to 104.3 billion yen owing in particular to an increase in delivery of Boeing 787 aircraft andrising sales of UH-2 utility helicopter. Segment profit improved by 4.7 billion yen year on year to 2.7 billion yen, turning
profitable for the first time in four fiscal years.
(Other Businesses)
Revenue increased by 0.1 billion yen (1.9%) to 5.0 billion yen on a year-on-year basis. Segment profit increased by 2.6
billion yen (42.0%) to 3.6 billion yen.

(2) Overview of financial position at the end of March 2024
(Assets)
Total assets increased by 870.0 billion yen from the end of the previous fiscal year to 4,814.1 billion yen at the end of
March 2024. The key factors include: 1) an increase of 575.8 billion yen in other financial assets (current and non-current
assets) due to an increase in foreign currency denominated time deposits, the impact of exchange rate fluctuations and thelike; 2) an increase of 107.3 billion yen in property, plant and equipment due to capital investment and the like; and 3) anincrease of 68.5 billion yen in cash and cash equivalents due to exchange rate fluctuations and the like.
(Liabilities)
Total liabilities increased by 414.6 billion yen from the end of the previous fiscal year to 2,248.8 billion yen. The key
factors include: 1) an increase of 92.1 billion yen in provisions (current and non-current liabilities) due to an increase inprovision for product warranties; 2) an increase of 90.8 billion yen in other current liabilities as incentives in the U.S.
market increased, 3) an increase of 86.9 billion yen in financing liabilities (current and non-current liabilities) owing to anincrease in long-term loans payable and the like; and 4) an increase of 65.9 billion yen in income taxes payable.

―3―(Equity)

Total equity increased by 455.4 billion yen from the end of the previous fiscal year to 2,565.4 billion yen. The key factors
include: 1) an increase of 283.2 billion yen in retained earnings resulting from posting of profit for the year, payment ofdividends, and cancellation of treasury stock; and 2) an increase of 177.6 billion yen in other components of equity due toan increase in foreign currency translation adjustments.
(3) Overview of cash flow in the fiscal year ended March 2024
Cash and cash equivalents at the end of March 2024 totaled 1,048.0 billion yen.
(Net cash provided by operating activities)
Net cash provided by operating activities increased by 767.7 billion yen (previous fiscal year: an increase of 503.8 billionyen). Key factors include: 1) 532.6 billion yen in profit before tax; 2) depreciation and amortization of 217.8 billion yen;and 3) income taxes paid of 110.5 billion yen.
(Net cash provided by (used in) investing activities)
Net cash provided by (used in) investment activities decreased by 703.7 billion yen (previous fiscal year: a decrease of
336.8 billion yen). Key factors include: 1) an increase of 366.1 billion yen in time deposits; 2) expenditures totaling 185.3
billion yen as a result of purchase of property, plant and equipment; and 3) 111.7 billion yen in purchase of intangible assets
and expenditure on internally generated intangible assets.
(Net cash provided by (used in) financing activities)
Net cash provided by (used in) financing activities declined by 66.5 billion yen (previous fiscal year: a decrease of 122.3
billion yen). Key factors include: 1) dividends of 65.2 billion yen paid to owners of the parent; 2) 42.7 billion yen in
repayments of lease liabilities; 3) 40.0 billion yen for acquisition of treasury stocks; and 4) 74.1 billion yen in proceedsfrom long-term borrowings (net amount of repayment).

(4) Forecast for the fiscal year ending March 2025
The Company, in anticipation of increases in sales incentives and research and development as well as the impact of
exchange rate fluctuations, projects its consolidated financial performance as follows: 1) revenue of 4,720.0 billion yen; 2)
operating profit of 400.0 billion yen; 3) profit before tax of 420.0 billion yen, and 4) profit for the year attributable toowners of parent of 300.0 billion yen.
Exchange rates assumed for forecast of the full-year consolidated earnings are 142 yen per US dollar (previous fiscal
year: 144 yen) and 153 yen per euro (previous fiscal year: 154 yen)

FYE2025 (Estimates)
FYE2024
ChangePercentage Change(In Japanese yen in million except for profit margin and percentage change from the previous year)
Profit for the year
Revenue
Operating profit Profit before tax attributable to Foreign exchange
owners of parent(Margin)(Margin)rate(Margin)
4,720,000
400,000
420,000
300,000¥142/US$
(8.5)
(8.9)
(6.4)
¥153/EUR
4,702,947
468,198
532,574
385,084¥144/US$(10.0)(11.3)(8.2)¥154/EUR
17,053(68,198)(112,574)(85,084)
0.4(14.6)(21.1)(22.1)―4―

2. Basic policy about the adoption of accounting standards
The Group has adopted International Financial Reporting Standards (IFRS) to the Group's consolidated financial statementsfrom the first quarter of the fiscal year ended March 31, 2020, instead of the Japanese Generally Accepted Accounting
Principles.

―5―3. Consolidated financial statements and notes(1) Consolidated statement of financial position(Unit: Millions of yen)
FYE 2023(as of March 31, 2023)

FYE 2024(as of March 31, 2024)

Cash and cash equivalents

979,529

1,048,000

Trade and other receivables

357,524

376,248

Inventories

592,999

588,503

Income taxes receivable

11,04912,240

Other financial assets

388,634

874,651

AssetsCurrent assets

Other current assets

99,378

118,791

Subtotal

2,429,113

3,018,433

Assets held for sale

652

740

2,429,765

3,019,173

Property, plant and equipment

861,846

969,096

Intangible assets and goodwill

243,926

291,463

Investment property

20,87821,766

Investments accounted for using equity method

9,061

8,165

Other financial assets

116,507206,263

Other non-current assets

189,108

225,597

Deferred tax assets

73,05972,626

Total non-current assets

1,514,385

1,794,976

3,944,150

4,814,149

Total current assets
Non-current assets

Total assets―6―

(Unit: Millions of yen)
FYE 2023(as of March 31, 2023)

FYE 2024(as of March 31, 2024)

Trade and other payables

377,279

384,510

Financing liabilities

55,59669,000

Other financial liabilities

65,595

68,125

Liabilities and equity
Liabilities
Current liabilities

Income taxes payable

27,19893,085

Provisions

141,192

178,850

Other current liabilities

346,622437,372

1,013,482

1,230,942

Financing liabilities

257,000

330,500

Other financial liabilities

90,632

95,820

Employee benefits

55,55762,498Provisions

103,872

158,305

Other non-current liabilities

313,374

370,512

Total current liabilities
Non-current liabilities

Deferred tax liabilities

286

178

820,7211,017,813

1,834,203

2,248,755

Capital stock

153,795

153,795

Capital surplus

160,178

160,031

Treasury stock(6,136)(4,616)

Retained earnings

1,623,699

1,906,933

169,437

347,061

2,100,973

2,563,204

Total non-current liabilities
Total Liabilities
EquityEquity attributable to owners of parent

Other components of equity
Total equity attributable to owners of parent

8,974

2,190

Total equity

Non-controlling interests

2,109,947

2,565,394

Total liabilities and equity

3,944,150

4,814,149―7―

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Unit: Millions of yen)
FYE 2024(April 1, 2023 toMarch 31, 2024)

FYE 2023(April 1, 2022 toMarch 31, 2023)
Revenue

3,774,468

4,702,947

Cost of sales(3,037,993)(3,710,521)

Gross profit

736,475

992,426

Selling, general and administrative expenses(342,015)(396,864)

Research and development expenses(114,400)(113,508)

Other income

6,358

4,835

Other expenses(19,076)(17,792)

Share of profit (loss) of investments accounted for using equity method
Operating profit

141

(899)

267,483

468,198

Finance income

36,79680,406

Finance costs(25,913)(16,030)

Profit before tax

278,366

532,574

Income tax expense(79,282)(148,004)

Profit for the year

199,084

384,570

Owners of parent

200,431385,084

Non-controlling interests(1,347)(514)

Profit for the year

199,084

384,570

Basic (yen)261.33509.20

Diluted (yen)261.32509.18

Profit for the year attributable toProfit for the year per share attributable to owners of parent―8―

Consolidated statement of comprehensive income(Unit: Millions of yen)
FYE 2024(April 1, 2023 toMarch 31, 2024)

FYE 2023(April 1, 2022 toMarch 31, 2023)
Profit for the year

199,084

384,570

8,508

4,922

(10,453)

69,019(1,532)(128)

63,972

109,108

(267)

(345)

274

(68)

Other comprehensive income (after deduction of tax) total

60,502

182,508

Comprehensive income

259,586

567,078

Owners of parent

260,842

567,412

Non-controlling interests(1,256)(334)

259,586

567,078

Other comprehensive income (after deduction of tax)
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans
Net changes in revaluation of capital financial assets measured
at fair value through other comprehensive income
Share of other comprehensive income of investments
accounted for using equity method
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations
Net changes in revaluation of liability financial assets measured
at fair value through other comprehensive income
Share of other comprehensive income of investments
accounted for using equity method

Comprehensive income attributable toComprehensive income―9―(3) Consolidated statement of changes in equity
FYE 2023 (April 1, 2022 to March 31, 2023)(Unit: Millions of yen)

Capitalstock
Balance at the beginning of
the yearComprehensive income
Profit for the year
Other comprehensive
income(after deduction of tax)
Comprehensive income
totalTransfer to retained
earnings
Transactions with owners
Dividends paid
Purchase of treasury
stock
Disposal of treasury
stock
Cancellation of treasury
stock
Transfer from retained
earnings to capitalsurplus
Change in scope of
consolidation
Changes in ownershipinterest in subsidiaries
Total transactions withownersBalance at the end of theyear

Equity attributable to owners of parent
Other
Retained
Treasury
Capitalcomponents
earnings
stock
surplusof equity

Noncontrollinginterests

Total

Total
capital153,795

160,178(6,324)

1,466,322

116,818

1,890,789

10,2301,901,019－－－

200,431－200,431(1,347)

199,084

－

－

－

－

60,41160,411

91

60,502－－－200,431

60,411

260,842(1,256)

259,586

－

－

－

7,792

(7,792)

－

－

－

－

－

－

(50,646)－(50,646)－(50,646)

－

－

(4)

－

－

(4)

－

(4)

－

(55)

192

－

－

137

－

137

－

－

－

－

－

－

－

－

－

55

－

(55)

－

－

－

－

－

－

－

(145)

－

(145)

－

(145)

－

－

－

－

－

－

－

－

－

－

188

(50,846)－(50,658)－(50,658)

153,795

160,178(6,136)

1,623,699

169,437

2,100,973

8,974

2,109,947―10―

FYE 2024 (April 1, 2023 to March 31, 2024)(Unit: Millions of yen)

Capitalstock
Balance at the beginning of
the yearComprehensive income
Profit for the year
Other comprehensive
income(after deduction of tax)
Comprehensive income
totalTransfer to retained
earnings
Transactions with owners
Dividends paid
Purchase of treasury
stock
Disposal of treasury
stock
Cancellation of treasury
stock
Transfer from retained
earnings to capitalsurplus
Change in scope of
consolidation
Changes in ownershipinterest in subsidiaries
Total transactions withownersBalance at the end of theyear

Equity attributable to owners of parent
Other
Retained
Treasury
Capitalcomponents
earnings
stock
surplusof equity

Noncontrollinginterests

Total

Total
capital153,795

160,178(6,136)

1,623,699

169,437

2,100,973

8,974

2,109,947－－－

385,084－

385,084(514)

384,570

－

－

－

－

182,328

182,328180

182,508－－－

385,084

182,328

567,412(334)

567,078

－

－

－

4,704

(4,704)

－

－

－

－

－

－

(65,266)－(65,266)－(65,266)－－(40,006)－－(40,006)－(40,006)

－

4

234

－

－

238

－

238

－

(41,292)

41,292

－

－

－

－

－

－

41,288－(41,288)

－

－

－

－

－

－

－

－

－

－

－

－

－

(147)

－

－

－

(147)

(6,450)(6,597)

－

(147)

1,520

(106,554)－(105,181)(6,450)(111,631)

153,795

160,031(4,616)

1,906,933

347,061

2,563,204

2,190

2,565,394―11―

(4) Consolidated statement of cash flows(Unit: Millions of yen)
FYE 2024(April 1, 2023 toMarch 31, 2024)

FYE 2023(April 1, 2022 toMarch 31, 2023)
Net cash provided by (used in) operating activities
Profit before tax
Depreciation and amortization
Share of loss (profit) of investments accounted for using
equity method
Finance income
Finance costs
Decrease (increase) in trade and other receivables
Decrease (increase) in inventories
Increase (decrease) in trade and other payables
Increase (decrease) in provisions and employee benefits
OthersSubtotalInterest received
Dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Net decrease (increase) in time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets and expenditure on internallygenerated intangible assets
Purchase of other financial assets
Proceeds from sale and collection of other financial assets
OthersNet cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Proceeds from long-term borrowings
Redemption of bonds
Proceeds from issuance of bonds
Repayments of lease liabilities
Payments for acquisition of interests in subsidiaries
from non-controlling interests
Purchase of treasury stock
Dividends paid to owners of parent
OthersNet cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year―12―278,366
239,806

532,574
217,780

(141)

899

(36,796)
25,913(14,986)(92,046)
97,791
3,006
14,999515,912
19,8104,418(2,341)(34,040)
503,759(80,406)
16,030(7,320)51,811(8,232)
92,533
14,787
830,456
45,171
5,162(2,654)(110,470)
767,665(110,329)(134,997)
5,975(366,096)(188,147)
2,845(59,869)(111,731)(320,687)
284,227(1,133)(336,813)(339,655)
301,676(2,591)(703,699)(300)(51,152)
30,000－－(50,253)(201)(45,402)
119,500(10,000)
23,000(42,719)－(5,327)(4)(50,597)(1)(122,307)
51,81696,455883,074
979,529(40,006)(65,203)(111)(66,469)
70,974
68,471
979,529
1,048,000

(5) Notes to consolidated financial statements(Notes on premise of going concern)
FYE 2024 (April 1, 2023 to March 31, 2024)
Not applicable(Changes in Accounting Policies)
From the fiscal year ended March 31, 2024, "Deferred tax related to assets and liabilities arising from a single
transaction (Amendments to IAS 12)", has been applied. This could not cause a significant impact on the consolidated
financial statements.

(Segment information)
Information on revenue, profit or loss, and other significant items by segment
Segment information by business type of the Company and its consolidated subsidiaries during FYE 2023 and FYE
2024 is as follows.
FYE 2023 (April 1, 2022 to March 31, 2023)

Revenue(1) Outside customers(2) Inter-segment
Total revenue
Share of profit (loss) ofinvestments accounted forusing equity method
Operating profit (loss)
Finance income
Finance costs
Profit before tax(Unit: Millions of yen)

Automobile

Aerospace

Subtotal

3,690,551
2,827
3,693,378

79,019－79,0193,769,570
2,827
3,772,397

374－

263,261(2,082)OthersAdjustment

Consolidated

4,898
32,92737,825－(35,754)(35,754)

3,774,468－
3,774,468

374

(233)

－

141

261,1796,261

43

267,483
36,796(25,913)278,366

FYE 2024 (April 1, 2023 to March 31, 2024)

Revenue(1) Outside customers(2) Inter-segment
Total revenue
Share of profit (loss) ofinvestments accounted forusing equity method
Operating profit
Finance income
Finance costs
Profit before tax(Unit: Millions of yen)

Automobile

Aerospace

Subtotal

4,593,639
2,974
4,596,613

104,317－104,317

4,697,956
2,974
4,700,930

(792)

－

461,524

2,667

OthersAdjustment

Consolidated

4,991
32,782
37,773－(35,756)(35,756)

4,702,947－
4,702,947

(792)

(107)

－

(899)

464,191

3,633

374

468,198
80,406(16,030)
532,574

Note: The method of calculating operating profit (loss) for each segment is consistent with the method of calculating
operating profit (loss) in the consolidated statements of income, and does not include financial income,financial costs, and income tax expense. In addition, operating expenses that cannot be charged directly toeach segment are allocated to each segment based on the most reasonable allocation criteria.

―13―

(Per share information)(1) Basic earnings per share
Basic earnings per share attributable to owners of the parent for the years ended March 31, 2023 and 2024 arecalculated based on the following information.
FYE 2023(April 1, 2022 toMarch 31, 2023)

FYE 2024(April 1, 2023 toMarch 31, 2024)

Profit for the year attributable to owners of the parent (millions of yen)

200,431385,084

Weighted average number of common shares outstanding, basic (thousands of shares)

766,961

756,259

Profit for the year per share attributable to owners of parent, basic (yen)261.33509.20(2) Diluted earnings per share
Diluted earnings per share attributable to owners of the parent for the years ended March 31, 2023 and 2024 arecalculated based on the following information.
FYE 2023(April 1, 2022 toMarch 31, 2023)

FYE 2024(April 1, 2023 toMarch 31, 2024)

Profit for the year attributable to owners of the parent, diluted (millions of yen)

200,431385,084

Weighted average number of common shares outstanding, basic (thousands of shares)

766,961

756,259

Increase in number of common shares by issuing restricted stock (thousands of shares)

28

31

Weighted average number of common shares outstanding, diluted (thousands of shares)

766,989

756,290

Profit for the year per share attributable to owners of parent, diluted (yen)261.32509.18(Significant subsequent event)Acquisition and cancellation of the Company’s treasury stock
The Company resolved, at a meeting of its Board of Directors held on May 13, 2024, the matters concerning theacquisition of treasury stock pursuant to the provisions of Article 156 of the Companies Act, as applied by replacing
the relevant terms pursuant to the provisions of Article 165, Paragraph 3 and the matters concerning the cancellationof treasury stock in accordance with Article 178 of the Act.
1. Reason for conducting acquisition and cancellation of treasury stock
The Company acquires and cancels its treasury stock for the purpose of improving efficiency of its capital structure.
2. Details of the share acquisition(1) Type of stock to be acquired:(2) Total number of shares to be acquired:
Ratio of total number of issued shares(excluding treasury stock):(3) Total share acquisition cost:(4) Acquisition period:

Company’s common stock
23 million shares (upper limit)
3.1%
60,000 million yen (upper limit)
From May 14, 2024 to December 30, 2024 (Estimated)―14―

(5) Acquisition method:
Purchase on Tokyo Stock Exchange
Market purchases based on a discretionary trading contract regarding acquisition of treasury stock.
3. Details of the share cancellation(1) Type of stock to be cancelled:(2) Total number of shares to be cancelled:(3) Scheduled date of the cancellation:

Company’s common stock
23 million shares(All treasury stock acquired pursuant to 2. above)
To be determined―15―

4. Non-consolidated financial statements(1) Non-consolidated balance sheet(Unit: Millions of yen)
FYE 2024(as of March 31,2024)

FYE 2023(as of March 31, 2023)
ASSETSⅠ Current assets
Cash and deposits
Accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Advance payments-trade
Prepaid expenses
Short-term loans receivable to subsidiaries and affiliates
Current portion of long-term loans receivable fromsubsidiaries and affiliates
Deposits paid
Accounts receivable-other
Other
Total current assets
Ⅱ Noncurrent assets
1. Property, plant and equipment
Buildings, net
Structures, net
Machinery and equipment, net
Vehicles, net
Tools, furniture and fixtures, net
LandConstruction in progress
Other, net
Total property, plant and equipment
2. Intangible assets
Software
Other
Total intangible assets
3. Investments and other assets
Investment securities
Stocks of subsidiaries and affiliates
Investments in capital of subsidiaries and affiliates
Long-term loans receivable
Long-term loans receivable from subsidiaries and affiliates
Claims provable in bankruptcy, claims provable inrehabilitation and otherPrepaid pension cost
Deferred tax assets
Other
Allowance for doubtful accounts
Allowance for investment loss
Total investments and other assets
Total noncurrent assets
Total assets―16―985,713
225,508
65,35972,702
58,12336,3695,298
41,0401,460,213
244,138
56,805
68,146
61,49243,335
6,002
46,62227,00014,00023,57550,33233,992
1,625,011

24,62545,51043,8202,114,708

114,159
18,207105,0883,314
10,11579,202
32,1795,862
368,126

150,944
20,934
106,426
3,484
12,87078,493
41,5307,644
422,325

46,10940,44643,80670,25386,555

114,059

3,847
235,172
3,947
2
52,2606,390
320,960
9,027
253,3000

05,584
74,1338,819(46)(1,694)
382,024
836,705
2,461,716

4,023
70,6979,457(5)(1,826)472,025
1,008,409
3,123,117

(Unit: Millions of yen)
FYE 2023(as of March 31, 2023)
LIABILITIESⅠ Current liabilities
Notes payable-trade
Accounts payable-trade
Electronically recorded obligations-operating
Current portion of long-term loans payable
Current portion of bonds payable
Lease obligations
Accounts payable-otherAccrued expenses
Income taxes payable
Advances received
Deposits received
Provision for bonuses
Provision for product warranties
Provision for vehicle environmental control
Provision for loss on construction contracts
Provision for environmental measures
Other
Total current liabilities
Ⅱ Noncurrent liabilities
Bonds payable
Long-term loans payable
Lease obligations
Provision for product warranties
Provision for vehicle environmental control
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
NET ASSETS
Ⅰ Shareholders' equity
Capital stock
Capital surplus
Legal capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for reduction entry of land
General reserve
Retained earnings brought forward
Total retained earnings
Treasury stock
Total shareholders' equity
Ⅱ Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets―17―

FYE 2024(as of March 31, 2024)

236
217,548
18,00744,90010,0001,527
20,31247,03524,89350,459387,263
16,681
76,776
4,930
8,550
50
3,766
932,933373
208,727
27,75959,00010,0001,758
27,42958,10580,54944,159565,992
19,321
95,02818,671
8,588－
16,1281,241,587

80,000177,000
4,536
83,15910,26416
1,857
356,832
1,289,765

93,000237,500
5,393
121,634
21,811
16
1,781
481,135
1,722,722

153,795

153,795

160,071160,071160,071160,071

7,901

7,901

1,341
35,335808,103852,680(6,136)
1,160,410

1,341
35,335
973,862
1,018,439(4,616)
1,327,689

11,541
11,541
1,171,951
2,461,716

72,706
72,706
1,400,395
3,123,117

(2) Non-consolidated statement of income(Unit: Millions of yen)

Ⅰ Net sales
Ⅱ Cost of sales
Gross profit
Ⅲ Selling, general and administrative expenses
Operating income
Ⅳ Non-operating income
Interest income
Dividends income
Foreign exchange income
Real estate rent
Gain on valuation of derivatives
Other
Total non-operating income
Ⅴ Non-operating expenses
Interest expenses
Depreciation
Foreign exchange losses
Loss on valuation of derivatives
Other
Total non-operating expenses
Ordinary income
Ⅵ Extraordinary income
Gain on sales of noncurrent assets
Reversal of allowance for doubtful accounts
Other
Total extraordinary income
Ⅶ Extraordinary loss
Loss on sales and retirement of noncurrent assets
Impairment loss
Provision of allowance for investment loss
Other
Total extraordinary losses
Income before income taxes
Total income taxes
Income tax-current
Income taxes-deferred
Net income―18―

FYE 2023(April 1, 2022 toMarch 31, 2023)
2,174,178
1,754,868
419,310
238,965

FYE 2024(April 1, 2023 toMarch 31, 2024)
2,573,824
2,059,257
514,567
282,468

180,345

232,099

17,192
104,386
－
2,852
5,186
3,278
132,894

40,981
86,14430,902
2,771
－
4,412
165,210

9,576
3,036
1,868
－
10,08024,560288,679

23,722
4,719－
10,615
7,103
46,159351,150

3,768
199
5
3,972

898
41
172
1,111

3,795
2,369
308
19
6,491
286,160
53,257
18,427
34,830232,903

7,673
－
131
51
7,855
344,406
72,093
95,499(23,406)
272,313(3) Non-consolidated statement of changes in net assets
FYE 2023 (April 1, 2022 to March 31, 2023)(Unit: Millions of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retained earnings

Provision of
Legal
Total capitalreservefor tax
retained
surpluspurposeearnings
reduction
entry of land

Capital
stock

Legal
capitalsurplus153,795

160,071－160,071

7,901

1,341

35,335625,901

670,478

Dividends from surplus

－

－

－

－

－

－

－

(50,646)(50,646)

Net income

－

－

－

－

－

－

－

232,903

232,903

Purchase of treasury stock

－

－

－

－

－

－

－

－

－

Disposal of treasury stock

－

－

(55)

(55)

－

－

－

－

－

Cancellation of treasury stock

－

－

－

－

－

－

－

－

－

Transfer from retained earnings
to capital surplus

－

－

55

55

－

－

－

(55)

(55)

Net changes of items other thanshareholders' equity

－

－

－

－

－

－

－

－

－

Total changes of items during the
year

－

－

－

－

－

－

－

182,202

182,202

153,795

160,071－160,071

7,901

1,341

35,335808,103852,680

Balance at the beginning of the year

Other
capitalsurplusGeneralreserve

Retainedearnings
brought
forward

Total retained
earnings

Changes of items during the year

Balance at the end of the year

Shareholders' equity
Treasury stock
Balance at the beginning of theyear

Valuation and translation adjustments

Totalshareholders'equityValuation difference
on available-for-salesecurities

Total valuationand translation
adjustments

Total net assets(6,324)

978,020

22,70422,7041,000,724

Dividends from surplus－(50,646)－－(50,646)

Net income－

232,903－－

232,903

Purchase of treasury stock

(4)

(4)

－

－

(4)

Disposal of treasury stock

192

137

－

－

137

Cancellation of treasury stock

－

－

－

－

－

Transfer from retained earnings
to capital surplus

－

－

－

－

－

Net changes of items other thanshareholders' equity－－(11,163)(11,163)(11,163)

Total changes of items during the
year

188

182,390(11,163)(11,163)

171,227(6,136)

1,160,410

11,541

11,541

1,171,951

Changes of items during the year

Balance at the end of the year

―19―

FYE 2024 (April 1, 2023 to March 31, 2024)(Unit: Millions of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retained earnings

Provision of
Legal
Total capitalretained reserve for tax
surpluspurposeearnings
reduction
entry of land

Capital
stock

Legal
capitalsurplus153,795

160,071－160,071

7,901

1,341

35,335808,103852,680

Dividends from surplus

－

－

－

－

－

－

－

(65,266)(65,266)

Net income

－

－

－

－

－

－

－

272,313272,313Purchase of treasury stock

－

－

－

－

－

－

－

－

－

Disposal of treasury stock

－

－

4

4

－

－

－

－

－

Cancellation of treasury stock－－(41,292)(41,292)

－

－

－

－

－

Transfer from retained earnings
to capital surplus－－

41,28841,288－－－(41,288)(41,288)

Net changes of items other thanshareholders' equity

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

165,759

165,759

153,795

160,071－160,071

7,901

1,341

35,335

973,862

1,018,439

Balance at the beginning of the year

Other
capitalsurplusRetainedearnings
brought
forwardGeneralreserve

Total retained
earnings

Changes of items during the year

Total changes of items during theyear
Balance at the end of the year

Shareholders' equity
Treasury stock
Balance at the beginningof the year

Valuation and translation adjustments

Totalshareholders'equityValuation difference
on available-for-salesecurities

Total valuationand translation
adjustments

Total net assets(6,136)

1,160,410

11,541

11,541

1,171,951

Dividends from surplus－(65,266)－－(65,266)

Net income－

272,313－－272,313Purchase of treasury stock(40,006)(40,006)－－(40,006)

Disposal of treasury stock

234

238

－

－

238

Cancellation of treasury stock

41,292－－－－

Transfer to capital surplus fromretained earnings

－

－

－

－

－

Net changes of items otherthan shareholders' equity－－

61,165

61,165

61,165

Total changes of items during
the year

1,520

167,279

61,165

61,165

228,444

Balance at the end of the year

(4,616)

1,327,689

72,706

72,706

1,400,395

Changes of items during
the year―20―Subaru Corporation Announces Consolidated Financial Results for FYE 2024

Tokyo, May 13, 2024 – Subaru Corporation today announced its consolidated financial results for the fiscal year
ended March 31, 2024.
Results for FYE 2024: Consolidated Revenue
Despite continued parts supply constraints, particularly for semiconductors, and logistical challenges, the impact was
minimized through various initiatives, including flexible adjustment of production plans. As a result, global production
increased 10.9% to 970,000 units.
Production in Japan rose 4.7% to 602,000 units, while production in the U.S. grew 23.0% to 368,000 units.
As a result of the production increase, global unit sales rose 14.5% to 976,000 units, led by steady sales in the key
North American market.
Consolidated revenue rose 24.6% to 4,702.9 billion yen, due to factors including the increase in sales volume and thepositive impact of foreign exchange rates.
Results for FYE 2024: Consolidated Profit and Loss
As factors such as increased sales volume and the positive impact of foreign exchange rates more than offset theincrease in SG&A expenses, operating profit rose 75.0% to 468.2 billion yen, profit before tax grew 91.3% to 532.6
billion yen, and profit for the period attributable to owners of parent increased 92.1% to 385.1 billion yen.
Forecast for FYE 2025
Global unit sales are projected at 980,000 units (up 0.4% y/y), with solid sales expected especially in the key U.S.
market.
While SG&A expenses are expected to decrease, the Company forecasts revenue of 4,720 billion yen (up 0.4% y/y),operating profit of 400 billion yen (down 14.6% y/y), profit before tax of 420 billion yen (down 21.1% y/y), and profit forthe period attributable to owners of parent of 300 billion yen (down 22.1% y/y), reflecting higher R&D expenses andsales incentives, as well as the impact of foreign exchange rates.
Forecasts for FYE 2025 are based on exchange rate assumptions of 142 yen to the U.S. dollar and 153 yen to theeuro.

Notes on figures in the results:
Vehicle volume figures are rounded to the nearest thousand. Yen figures are rounded to the nearest hundred million.
Forward-looking statements in this document, including financial and other projections, are based on information
available at the time of publication and are subject to various risks and uncertainties that could cause actual results tovary materially.
###

May 13, 2024
Subaru Corporation

Reference for FYE 2024 Consolidated Financial Results(Yen in 100 millions, Units in thousands)
FYE 2023
2022. 4 – 2023. 3
RESULTS

RevenueJapan
Overseas

Operating profit

37,745
5,810
31,935
2,675

Profit margin (%)

FYE 20242023. 4 ‒ 2024. 3
RESULTS
Change47,029
9,285
6,275
466
40,754
8,819
4,682
2,007

7.1

10.0

2,784

5,326

Profit margin (%)

7.4

11.3

Profit for the period attributable toProfit margin (%)
owners of parent

2,004

3,851

5.3

8.2

Profit before tax

Factors contributing tochange in operating profit

Exchange rates

JPY/US$
JPY/EUR

Capital expenditures
Depreciation
R&D expenditures *Interest bearing debts

8.5

2,542

(1,126)(21.1)(851)(22.1)

8.9

1,847

92.1

3,000
6.4

1,875

Decrease in SG&A
exp., etc.

209

Effects of foreignexchange rates

1,265

Sales volume, mix, etc.

(331)

Effects of foreignexchange rates(282)

Increase in R&D exp.

(256)

Decrease in R&D exp.

9

Increase in SG&A exp.,
etc.

(1,032)

Cost impacts

(98)

Other

(12)

Other

(12)

Cost impacts(10)

144/US$
154/EUR
1,675
974
1,306
3,995

142/US$
153/EUR
1,800
1,000
1,550
-

- Increase in revenue for two
consecutive years- Increase in revenue for threeconsecutive years- Increase in profit at each stage fortwo consecutive years- First decrease in profit at eachstage in three years- Increase in consolidated unit sales
for two consecutive years- Increase in consolidated unit sales
for three consecutive years

Automobile

99
87
12
878
763
27
6
81
976
970
602
368
45,936

(1)
5
(6)
125
128
4
(4)
(4)
124
96
27
69
9,031

(0.8)
6.7
(33.7)
16.6
20.2
17.3
(37.5)
(4.3)
14.5
10.9
4.7
23.0
24.5

108
94
14
872
764
15
5
87
980
960
45,662

9
8
2
(6)
1
(12)
(1)
6
4
(10)
(275)

9.4
8.7
14.0
(0.6)
0.1
(44.0)(18.4)
8.0
0.4
(1.0)
(0.6)

Aerospace

790

1,043

253

32.0

1,487

444

42.6

Other

49

50

1

1.9

51

1

2.1

Automobile

2,633

4,615

1,983

75.3

3,946

(670)

(14.5)

Aerospace

(21)

27

47 -

38

11

41.9

Other

63

36

(26)

(42.0)

16(20)(54.8)

Elimination &Corporate

0

4

3

769.8

0

(4)

(100.0)

Minicars

EuropeChina
Other

Consolidated unit sales total
Production units total
Japan
U.S.

Operating profit
by businesssegment

4,200

0.4
4.9
(0.3)
(14.6)

100
81
19
753
635
23
10
84
852
874
575
299
36,906

Consolidated unit sales
North America
Overseas

Revenue bybusiness segment

91.3

%

Sales volume, mix, etc.

135/US$
141/EUR
1,228
1,030
1,078
3,126

Performance description

Consolidated unit sales
Passenger Cars
Japan

%
24.6
8.0
27.6
75.0

FYE 2025
2024. 4 ‒ 2025. 3
FORECASTS
Change47,200
171
6,580
305
40,620
(134)
4,000
(682)

* "R&D expenditures" indicate R&D activity related costs incurred during the reporting period. Under IFRS, a part of these costs that meets capitalization criteria isrecognized as an intangible asset and amortized over its estimated useful life; thus, the amount of "R&D expenditures" stated here does not match that of "R&D
expenses" stated on the Consolidated Statement of Income.

Forward-looking statements in this document are based on the information available at the time of the announcement and are subject to various
risks and uncertainties that could cause actual results to vary materially.