Consolidated Financial Results for the 3rd Quarter of FYE 2023
SUBARU CORPORATION
Katsuyuki Mizuma, Director, Executive Vice President & CFO
February 8 th , 2023

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

1

Key Points
 Results for the nine months ended December 2022•

Production: 671,000 units (up 22% from same period of previous year)
While production constraints due mainly to semiconductor shortages continued, global production increased year overyear as the Company worked to minimize the impact by taking measures such as flexibly rescheduling production plans.

•

Operating profit: 213.7 billion yen (up 177% from same period of previous year)
As the steady sales and the positive effects of the weak yen offset the impact of continuing material cost increases, operating
profit significantly increased year over year. (As with the 1st half period results, the negative impact of the sharp exchange
rate fluctuations on the profit for accounting reasons is included.) Forecasts for FYE 2023•

Production: 880,000 units (up 21% from previous year)
While the Company aimed for the pre-Covid production level of 540,000 units for the second half period, it will revise
production outlook for FYE 2023 in light of the continuing production constraints due to semiconductor shortages.

•

Operating profit: 300 billion yen (up 232% from previous year)
While forecasts for global unit sales and revenue are revised due to the decrease in production volume outlook, theforecast for operating profit remains unchanged from the previous announcement, reflecting the Company’s efforts tocarefully examine expenses and increase the efficiency of its value chain from manufacturing through sales, as well as thechanges in exchange rate assumptions.
Notes on results: Vehicle volume figures are rounded off to the nearest thousand. Yen figures are rounded off to the nearest hundred million.
https://www.subaru.co.jp/en/ir/

2

I will begin by explaining the key points of the results.
First, we have performance for the first nine months.
Production and operating profit exceeded previous-year levels.
While production constraints due mainly to semiconductor shortages continued, we
flexibly rescheduled production plans and took other steps to minimize the impact, withthe result that global production increased more than 20% year on year.
Material costs remained high, but in addition to continued steady sales momentum
primarily in the U.S., the positive impact of the weaker yen helped drive a significant
year-on-year increase in operating profit.
Next, we have the outlook for the full year.
While we had previously said that we would aim for the pre-COVID production level of
540,000 units in the second half, we have come to the conclusion that production
constraints caused by semiconductor shortages will be difficult to resolve, and haverevised the full-year global production forecast to 880,000 units.
Although the revenue and unit sales forecasts have been revised along with the
decline in production, we intend to work with strong determination to achieve ourexisting operating profit target of 300 billion yen by improving efficiency throughout thevalue chain and carefully examining expenses.
Beginning with the next page, I will cover the details of results for the first nine months
and the outlook for the full year.

2Consolidated Financial Results for the 3rd Quarter of FYE 2023

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

33

3 rd Q u a r t e r ( 9 m o n t h s )：Consolidated Unit Sales / Complete Cars Production(Thousand Units)FYE 2022

FYE 2023

3Q Results

3Q Results

Variance

Production in U.S.

199

214

+15

Production in Japan

350

457

+107

549

671

+122

Production* Total

Consolidated Unit Sales Total

FYE 2022

FYE 2023

3Q Results

3Q Results

548

Variance

635+88* Production figures include Toyota GR86.

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

4First, I will talk about production and consolidated unit sales.
While production constraints due mainly to semiconductor shortages continued,
we flexibly rescheduled production plans and took other steps to minimize the impact,with the result that global production rose 122 thousand units over the previous year,
to 671 thousand units.
Because shipments increased following the increase in production,
consolidated unit sales on a global basis rose 88 thousand units year on year to 635
thousand units.

4

3 rd Q u a r t e r ( 9 m o n t h s )：Consolidated Unit Sales (by market)(Thousand Units):FYE 2022

FYE 2023

3Q Results

3Q Results

Variance

Passenger cars

54

62

+8

Minicars

12

14

+2

Domestic total

66

76

+10

U.S.

372

437

+65

Canada39

33-6Europe1215+3Australia

27

34

+7

China

11

8

-3

22

32

+10

Overseas total

482

559

+77

Total

548

635

+88

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

5Consolidated unit sales by market are as shown on this slide.
In the main market of the U.S., demand remains robust, with units increasing by 65
thousand units year on year.

5

3 rd Q u a r t e r ( 9 m o n t h s )：Consolidated Profit Results(100 Million Yen)

Revenue

FYE 2022

FYE 2023

3Q Results

3Q Results

Variance

20,07528,080+8,005

Domestic

3,457

4,318

+861

Overseas

16,61823,762+7,144

Operating profit

772

2,137

+1,365

Profit before tax

913

2,151

+1,239Profit for the period attributable toowners of parent

629

1,544

+916

SUBARU
exchange rate

US$

¥111

¥136

+¥25

EURO

¥131

¥141

+¥10

CAN$

¥89

¥103

+¥15

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

6

Next, we have consolidated results.
Revenue was up 800.5 billion yen year on year to 2,808.0 billion yen owing to
improvement in sales volume & mixture, etc. of 398.7 billion yen resulting fromincreased unit sales, and a gain on currency exchange of 398.9 billion yen.
Operating profit was up 136.5 billion yen year on year to 213.7 billion yen.
Profit before tax was up 123.9 billion yen to 215.1 billion yen, and profit for the period
attributable to owners of parent was up 91.6 billion yen to 154.4 billion yen.

6

3 rd Q u a r t e r ( 9 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)

+1,300New car sales total： +1,487
by sales volume +645
by price & mixture +842

-614

+1,661
Sales volume &mixture, etc.

Cost impacts

SG&A expenses,
etc.
Eliminations on unrealized gain on inventory ： -837
by volume and unit price-346
by currency effects-491

Gain on currency
exchange772
FYE 2022
3Q Results
Currency
Currency
exchangeexchange-19-19

R&D expenses

Other

2,137
FYE 2023
3Q Results+1,365
Sales volume &volume &Costimpacts
impacts+1,661 Sales+1,300+1,027+562 Cost
mix, ,etc.
etc.
mix

US＄
＄
US

Includes -7.2 billion yen by the impactof foreign currency translation onbalance of product warranty reserves-944+1,996 Domestic
Domestic+1,084+152SUBARUSUBARU+93

SG&Aexpenses,
expenses,etc.
etc.
-944SG&A
-513
-688
SIA
*1 *1
-370
SIA

-256Fixed
Fixed
manufacturing
cost
-143
manufacturing
cost

EURO
EURO

+20
Overseas+2 Overseas

Costreduction
reduction+1,335
Cost
+627

Cost
reduction+33 Cost
reduction+23

SUBARU+3+6SUBARU

＄
CAN＄
CAN

+81 Sales
SalesIncentive
Incentive+51

Materialcost,
cost,-41 Material
+77
etc.

-2 Others
Others
+1

-146
-235

Material
cost,
cost,
-721 Material
-393
etc.
etc.

Suppliers'-262 Suppliers'
-146
dies
cost
dies
cost

Suppliers'-75 Suppliers'
-80
dies
cost
dies
cost

Fixed
Fixed
processing
processing
cost
cost

processing-55 processing
-31

CNY
CNY
Currency exchange
exchange
Currency
adjustment
adjustment

+57
+177

Unrealized gain
gain
Unrealized

-491
-288

etc.

-130SIA
SIA
*1 *1
-111

Fixed
Fixed
cost
cost

*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/

-614
-490
-112SG&A
SG&A-79

Warrantyclaims
claims -363
-130
-372
-48 Warranty+18SUBARU
SUBARU+32(includingimpact
impact-132-83 (including

foreigncurrency
currency
ofofforeign

Domestic
dealers
dealers+22Domestictranslation)
lation)-3-5trans

SOA
*2 *2
SOA
+9-4 SCI *3
SCI *3+5 -OthersOthers

+37
+34

+23

-30
-1

7

Next, we will look at the analysis of variance in operating profit.
The main factor behind the increase in profit was +130.0 billion yen from sales volume& mixture, etc., which was driven by the increase in unit sales and revised selling
prices.
The full contribution of selling price revisions started to show in the results for thesecond quarter, with the variance by price & mixture accounting for 84.2 billion yen of
the improvement in sales volume & mixture, etc.
There was also a positive impact from currency exchange of 166.1 billion yen, caused
mainly by the approximately 25-yen depreciation of the yen against the U.S. dollar.
On the other hand, in addition to the increase in inventory units, the impact of the risein unit price per vehicle and currency exchange effects resulted in a significant
increase in eliminations on unrealized gain on inventory, pushing down profit by 83.7
billion yen, of which the currency exchange effect accounted for 49.1 billion yen.
Although rare metal prices have been stabilizing, soaring costs of other materials, etc.,
together with measures to mitigate the impact on suppliers of surging energy costs,
etc. were the main factor working to reduce profit, depressing it by 94.4 billion yen due
to cost impacts.
SG&A expenses, etc. had a negative impact of 61.4 billion yen.
U.S. sales incentives per unit were up 50 dollars from 850 dollars in the previous year
to 900 dollars, raising the total amount of U.S. sales incentives by 8.8 billion yen.

7

3 rd Q u a r t e r ( 9 m o n t h s )：Consolidated Statement of Cash Flows / Cash and cash equivalents(100 Million Yen)FYE 2022

FYE 2023

3Q Results

3Q Results

Net cash provided by (used in) operating activities

859

3,257

Net cash provided by (used in) investing activities-1,269-2,018

Free cash flows

-410

1,239

Net cash provided by (used in) financing activities

-746

-942

Effect of exchange rate change on cash
and cash equivalents

228

472

As of March 2022

As of December 2022

Variance

Cash and cash equivalents at end of period

8,831

9,599

+768

Interest bearing debts Balance at end of period *

3,340

3,268

-73

Net cash

5,490

6,331

+841

* Lease liabilities are not included in the results above.
https://www.subaru.co.jp/en/ir/

8This is the consolidated statement of cash flows and cash and cash equivalents.
Free cash flows were 123.9 billion yen.
Cash and cash equivalents at end of the period were up 76.8 billion yen from the endof the previous fiscal year, to 959.9 billion yen. This included 47.2 billion yen arisingfrom the effect of exchange rate changes on U.S. dollar-denominated deposits and soon.
The balance of interest bearing debt was down 7.3 billion yen from the end of theprevious year to 326.8 billion yen.
As a result, net cash was up 84.1 billion yen from the end of the previous year to633.1 billion yen.

8Capex / Depreciation / R&D(100 Million Yen)FYE 2022

FYE 2023

3Q Results

3Q Results

Variance

Capex *1

506

767

+261

Depreciation *1

699

759

+60

R&D expenditures *2

869

759

-111

*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

The results for capex and so on are as shown on this slide.

9

Forecast for FYE 2023

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

10

10Rev ised Plan FYE 2023 ：Consolidated Unit Sales / Complete Cars Production(Thousand Units)FYE 2022

FYE 2023

FYE 2023

Variance

Variance

Results(a)Previous Plan*2(b)Revised Plan(c)(c)-(a)(c)-(b)

Production in U.S.

272

-

-

-

-

Production in Japan

455

-

-

-

-

727

970

880

+153

-90

Production*1 Total

Consolidated Unit Sales Total

FYE 2022

FYE 2023

FYE 2023

Variance

Variance

Results(a)Previous Plan(b)Revised Plan(c)(c)-(a)(c)-(b)

920

870

734

+136

-50

*1:Production figures include Toyota GR86.
*2:Announced on November 2nd, 2022

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

11

Next, let’s look at the full-year plans for FYE 2023.
In the second half, we made every effort to manufacture as many vehicles as possible
in order to regain the pre-COVID-19 production level of 540 thousand units, but
production constraints caused by semiconductor procurement issues have beendifficult to resolve, and we have revised our production target from 970 thousand to
880 thousand units.
Following the decrease in production, we have revised consolidated unit sales from
920 thousand to 870 thousand units, but we will strive to achieve our forecasts and dowhat we can to minimize the impact.

11

Rev ised Plan FYE 2023 ：Consolidated Unit Sales (by market)(Thousand Units):FYE 2022

FYE 2023

FYE 2023

Variance

Variance

Results(a)Previous Plan(b)Revised Plan(c)(c)-(a)(c)-(b)

Passenger cars

73

95

87

+14

-8

Minicars

17

20

19

+2

-1

Domestic total

89

115

106

+16

-10

U.S.

506

631

598

+92

-33

Canada

49

50

45

-4

-5

China

14

14

11

-3

-3

75

110

110

+35

+0

Overseas total

645

805

764

+120

-40

Total

734

920

870

+136

-50

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

12

The consolidated unit sales plans by market are as you see on this slide.

12

Rev ised Plan FYE 2023 ：Consolidated Profit Plan
(Yen in 100 millions)

FYE 2022

FYE 2023

FYE 2023

Variance

Variance

Results(a)Previous Plan(b)Revised Plan(c)(c)-(a)(c)-(b)27,44538,00037,000+9,555-1,000Operating profit

905

3,000

3,000

+2,095±0Profit before tax

Revenue

1,070

3,000

3,000

+1,930±0Profit for the period attributable toowners of parent

700

2,100

2,100

+1,400±0

SUBARU
exchange rate

US$

¥112

¥133

¥134

+¥23

+¥2

EURO

¥130

¥136

¥140

+¥9

+¥4

CAN$

¥89

¥103

¥102

+¥13

-¥1

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

13

Next, we have consolidated profit plans.
Anticipating the impact of reducing production by 90 thousand units and sales by 50
thousand units, we have revised revenue down by 100.0 billion yen from the previous
forecast, to 3,700.0 billion yen.
Helped by the current exchange effect of an approximately 2-yen depreciation of the
yen against the U.S. dollar, the entire company is working as one to offset the impact
on operating profit through improvements in price & mixture and cuts to SG&A
expenses, etc. and achieve the target of 300.0 billion yen, which is unchanged fromthe previous forecast.

13

Rev ised Plan FYE 2023 ：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 )+1,695(100 Million Yen)

-1,237-640+2,435
Sales volume &mixture, etc.

SG&A expenses,
etc.

FYE 2022
Results
Currency
exchange

-56
Other

New car sales total： +1,752
by sales volume+738
by price & mixture +1,014

Gain on currency
exchange

905-102
R&D expenses

Cost impacts

3,000
FYE 2023
Revised Plan

+2,095
Sales volume &+2,435 mix , etc.

US ＄+2,511 Domestic

EURO+32 Overseas

CAN＄+115 Sales Incentive

CNY-1 Others

Currency exchange
adjustment-19

Unrealized gain-203

+1,695 Cost impacts+173 SUBARU+1,579

Cost reduction-157

Material cost,etc.

-1,237 SG&A expenses, etc.
-929 SIA*1+38

Cost reduction-967

Material cost,etc.

-308 Fixed manufacturing cost
+2 SUBARU
-310

+100

Suppliers'
dies cost
Fixed
processing
cost-185 SIA *1-640-199 SG&A-171 Warranty claims-14 SUBARU-191 (including impact-85

Suppliers'
dies cost+17 Domestic dealers

-100

Fixed
processing
cost

-31

SOA *2-270of foreign currency-6 translation)-43

SCI *3-10

Others+79*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/

14Here I will explain the analysis of variance in operating profit compared to results forthe previous fiscal year.
In terms of the main factors with a positive impact on profit, we aim to generate +73.8
billion yen from an increase in consolidated unit sales of 136 thousand units, and+101.4 billion yen from the improvement in model/grade composition and revised
selling prices, and we are targeting an improvement of 169.5 billion yen in sales
volume & mixture, etc.
Assuming an approximately 23-yen depreciation of the yen against the U.S. dollar, we
project a positive impact of 243.5 billion yen.
As was the case in the third quarter, the main factors expected to reduce profit include
soaring costs of other materials, etc., and measures to mitigate the impact on
suppliers of surging energy costs, etc., which are projected to depress profit by 123.7
billion yen due to cost impacts.
In addition, U.S. sales incentives per unit are likely to rise by 300 dollars from the 700
dollars of the previous year to 1,000 dollars, which is expected to raise the total
amount of U.S. sales incentives by 18.4 billion yen.

P r e v i o u s P l a n F Y E 2 0 2 3 ( a s o f N o v e m b e r 2 nd) v s R e v i s e d P l a n :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)

+72

+12

Gain on currency
exchange

Cost impacts+240
SG&A expenses,
etc.

-335
Sales volume &mixture, etc.

FYE 2023
Previous Plan

±0

SG&A expenses, etc.

+240 exchange

Currency

Fixed manufacturing cost

+2 SG&A+78 Warranty claims+160 US＄SUBARU+1 SUBARU+38 (including impact+1 SIA*1

Fixedprocessing
cost

+15

R&D expenses

Other

New car sales total： -755
by sales volume -818
by price & mixture +63

3,000Suppliers'
dies cost-4of foreign currency+5 trans lation)

3,000

FYE 2023
Revised Plan
+12 mix , etc.

-335+149 SUBARU+66 SIA*1-54 Domestic

-38

EURO

+24

Cost reduction-36

Cost reduction+1 Overseas

-717

CAN＄

-10

Material cost,
etc.

+102

Material cost,etc.

-55 Sales Incentive-+5

Suppliers'
dies cost+23 Domestic dealers
SOA *2

+16

CNY

-4

Fixed
processingcost

SCI *3+1

Currency exchange
adjustment-132

Others+18

Unrealized gain

+41

-22

Sales volume &+72 Cost impacts

Others+126+294*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/

15

Next, I will explain the analysis of variance in operating profit relative to the previous
forecast.
The impact of lower units is expected to affect sales volume & mixture, etc. by 33.5
billion yen, but we will counter this through cuts to SG&A expenses, etc. of 24.0 billion
yen, assisted by our assumption of an approximately 2-yen depreciation of the yen
against the U.S. dollar, which would have a positive impact of 7.2 billion yen, thus
enabling us to maintain our 300.0 billion yen target.

Capex / Depreciation / R&D(100 Million Yen)FYE 2022

FYE 2023

FYE 2023

Variance

Variance

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

861

1,400

1,300

+439

-100

Depreciation *1

946

1,000

1,000

+54

±0

1,138

1,200

1,100

-38

-100

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/

16Capex, depreciation, and R&D expenditures are as you see here.
Capex and R&D expenditures are each expected to be 10.0 billion yen lower than the
figures previously announced.
The remaining pages contain segment information, etc. for your reference.
This concludes the briefing on our financial results for the first nine months of the fiscal
year ending March 31, 2023. Thank you.

16

Appendix• Segment information by Business & Geographic (3rd Quarter)• Forecast for 4th Quarter (3 months)• Overseas Revenue (3rd Quarter)• Forecast for 2nd Half FYE 2023

• Consolidated Statement of Financial Position• FYE 2022 and FYE 2023 Results (by Quarter)• Non-consolidated Unit Sales (3rd Quarter)• Complete Cars Production / Retail Sales Units• Operating Results of Subsidiaries in U.S. (3rd Quarter)• Consolidated Financial Results for 3rd Quarter (3 months)

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

17

17

3 rd Q u a r t e r ( 9 m o n t h s )：Revenue and Operating Profit by Business Segment (Consolidated)(100 Million Yen)

Revenue

Operating profit

FYE 2022

FYE 2023

3Q Results

3Q Results

Automobile

19,57327,503+7,930Aerospace

466

540

Other

36

Elimination & Corporate

Total

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

FYE 2023

FYE 2022

FYE 2023

Plan

3Q Results

3Q Results

36,167750

2,115+1,365

2,951

+74

784

-25

-25

-0

2

37

+1

48

46

47

+2

47

-

-

-

-

1

-0

-1

-

20,07528,080+8,00537,000772

2,137+1,3653,000

Variance

Variance

FYE 2023
Plan

18

18

3 rd Q u a r t e r ( 9 m o n t h s )：Revenue and Operating Profit by Geographic Area (Consolidated)(100 Million Yen)

Revenue
FYE 2022

FYE 2023

3Q Results

3Q Results

Operating profit
Variance

FYE 2022

FYE 2023

3Q Results

3Q Results

Variance

Japan

4,873

6,283

+1,410154

2,157+2,003

North America

14,357

20,860+6,504

792

957

+165

846

937

+91

7

-11

-18

-

-

-

-181

-966

-786

20,07528,080+8,005772

2,137+1,365

Other

Elimination & Corporate

Total

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

19

19

3 rd Q u a r t e r ( 9 m o n t h s )：Overseas Revenue (Consolidated)(100 Million Yen)

North America

FYE 2022

FYE 2023

3Q Results

3Q Results

Variance

14,652

21,158+6,506

Europe

499

569

+70

Asia

562

708

+146

Other

904

1,326

+422

Total

16,61823,762+7,144https://www.subaru.co.jp/en/ir/

2020Consolidated Statement of Financial Position(100 Million Yen)

As of March2022

As of December
2022

Variance

35,43838,475+3,038Current assets

20,422

23,117+2,695

Non-current assets

15,015

15,358+343

16,42718,016+1,588

3,340

3,268

-73

19,01020,459+1,449Retained earnings

14,663

15,699+1,035Equity attributable to owners of parent

18,90820,366+1,459Ratio of equity attributable to ownersof parent to total assets

53.4%

52.9%

-0.5%

0.18

0.16

-0.02

Total assets

Total liabilities
Interest bearing debts
Total equity

D/E ratio
https://www.subaru.co.jp/en/ir/

21

21

3 rd Q u a r t e r ( 9 m o n t h s )：Non-consolidated Unit Sales(Thousand Units):FYE 2022

FYE 2023

3Q Results

3Q Results

Variance

Domestic production*

350

457

+107

Domestic sales

63

80

+16

Passenger cars

52

65

+13

Minicars

12

15

+3

Export total

292

374

+82

Components for overseas
production

237

245

+8

Total

593

699

+106

* Production figures include Toyota GR86.

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

22

22

3 rd Q u a r t e r ( 9 m o n t h s )：Operating Results of Subsidiaries in U.S.
（Million US$）SOA *1

Net sales

FYE 2022

FYE 2023

3Q Results

3Q Results

Variance

11,961

14,322+2,361

Operating income

793

686

-107

Net income

640

480

-160

Retail sales (Thousand units)

421

422

+1

SIA *2FYE 2022

FYE 2023

3Q Results

3Q Results

Variance

Net sales

5,212

6,038

+826

Operating income

-174

-84

+91

Net income

-157

-54

+103

Production (Thousand units)

199

214

+15

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

23

23

3 rd Q u a r t e r ( 3 m o n t h s ) ：Consolidated Unit Sales (by market)(Thousand Units):FYE 2022

FYE 2023

3Q Results

3Q Results

Variance

Passenger cars

18

23

+4

Minicars

3

5+2

Domestic total

21

27

+6

U.S.

119

158

+40

Canada1011+1Europe47+3Australia

10

15

+5

China

2

2

-0

Others616+9Overseas total

151

210

+59

Total

172

237

+65

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

24

24

3 rd Q u a r t e r ( 3 m o n t h s ) ：Consolidated Profit Results(100 Million Yen)

Revenue

FYE 2022

FYE 2023

3Q Results

3Q Results

Variance

6,659

10,571+3,912

Domestic

1,278

1,502

+224

Overseas

5,381

9,069

+3,688Operating profit

227

1,032

+805

Profit before tax

301

948

+647

Profit for the period attributable toowners of parent

181

766

+585

SUBARU
exchange rate

US$

¥113

¥144

+¥31

EURO

¥130

¥144

+¥14

CAN$

¥90

¥107

+¥17

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

25

25

3 rd 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 )
+634

-431

(100 Million Yen)

-124
+738

SG&A expenses,
etc.

Gain on currency
exchange

FYE 2022
3Q (3 months)
Results
Sales volume &mix , etc.

+18

R&D expenses

Other

1,032

New car sales total： +767
by sales volume+410
by price & mixture +357

Sales volume &mixture, etc.

227

-30

Cost impacts

FYE 2023
3Q (3 months)
Results+805
Currency+738 exchange+634 Cost impacts-431 SG&A expenses, etc.

Domestic+59 US ＄+912 SUBARU-318 SIA*1

Overseas+708 EURO+18

Cost reduction+10

Cost reduction

Sales Incentive-118 CAN＄+30

Material cost,
etc.

-328

Material cost,etc.

Others+89 CNY-3

Currency exchange
adjustment-120

Unrealized gain

-203

-113 Fixed manufacturing cost
+3 SUBARU-116-19 SIA *1-124-33 SG&A-82 Warranty claims-14 SUBARU-49 (including impact-2 translation)

Suppliers'
dies cost+5

Suppliers'
dies cost-1 Domestic dealers

Fixed
processing
cost

-24

Fixed
processing
cost

-13

SOA *2-9of foreign currency-29

SCI *3-5

Others+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/

26

26

4 th Q u a r t e r ( 3 mo n t h s ) ：Consolidated Unit Sales (by market)(Thousand Units):

Passenger cars

FYE 2022

FYE 2023

4Q Results

4Q Plan

19

Variance

25+6

Minicars

55+0

Domestic total

24

30

+6

U.S.

135

161

+27

Canada

10

11

+1

China

3

3

-0

15

30

+15

Overseas total

163

205

+42

Total

187

235

+48

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

27

27

4 th Q u a r t e r ( 3 mo n t h s ) ：Consolidated Profit Results(100 Million Yen)

Revenue

FYE 2022

FYE 2023

4Q Results

4Q PlanVariance

7,370

8,920

+1,550

Domestic

1,423

1,409

-15

Overseas

5,947

7,512

+1,565

Operating profit

133

863

+730

Profit before tax

157

849

+692

Profit for the period attributable toowners of parent

71

556

+484

US$

¥115

¥132

+¥17

EURO

¥130

¥141

+¥12

CAN$

¥90

¥98

+¥8

SUBARU
exchange rate

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

28

28

4 th Q u a r t e r ( 3 mo 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)

-293

+395

-83

+774

Cost impacts
Sales volume &mixture, etc.

R&D expenses

-26

-37

SG&A expenses,
etc.

Other

New car sales total： +265
by sales volume +93
by price & mixture +172

133

Gain on currency exchange

FYE 2022
4Q Results
Currency
exchange

FYE 2023
4Q Plan+730
Sales volume &+774 mix , etc.

+395 Cost impacts-293 SG&A expenses, etc.

US ＄+515 Domestic+21 SUBARUEURO+12 Overseas+244

Cost reduction

+5

CAN＄

+34 Sales Incentive-116

Material cost,
etc.

-246

CNY

+1 Others+246

Currency exchange
adjustment-76

Unrealized gain

863

-241 SIA *1-26-52 Fixed manufacturing cost

-87 SG&A-41 Warranty claims

Cost reduction-4 SUBARU

Material cost,
etc.

-48

-32 SUBARU-59 (including impact

Suppliers'
dies cost-10

Suppliers'
dies cost-5 Domestic dealers-1 translation)

Fixed
processing
cost

-45

Fixed
processing
cost

-27

+288

-55 SIA *1

SOA *2+102

of foreign currency-13

SCI *3-10

Others+42*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/

29

29

P l a n f o r 2 nd H a l f ：Consolidated Unit Sales (by market)(Thousand Units)FYE 2022:

2

Passenger carsnd

Half Results(a)37

FYE 2023

FYE 2023

Variance

Variance

Previous Plan(b)Revised Plan(c)(c)-(a)(c)-(b)

55

47

+10

-8

Minicars

8

11

10

+2

-1

Domestic total

45

67

57

+12

-10

U.S.

253

353

320

+66

-33

Canada

20

27

22

+3

-5

China

5

7

5

-0

-3

35

68

68

+32

+0

Overseas total

314

455

415

+101

-40

Total

359

522

472

+113

-50

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

30

30

P l a n f o r 2 nd H a l f ：Consolidated Profit Results(100 Million Yen)FYE 2022

FYE 2023

FYE 2023

Variance

Variance

Previous Plan(b)Revised Plan(c)(c)-(a)(c)-(b)14,02920,491

19,491+5,462-1,000

Domestic

2,701

3,232

2,911

+209

-322

Overseas

11,32817,25916,580+5,253-678

Operating profit

360

1,896

1,896

+1,536±0Profit before tax

458

1,796

1,796

+1,338±0Profit for the period attributable toowners of parent

252

1,321

1,321

+1,069±0

SUBARU
exchange rate

US$

¥114

¥135

¥138

+¥25

+¥3

EURO

¥130

¥135

¥143

+¥13

+¥8

CAN$

¥90

¥105

¥102

+¥13

-¥3

nd

2

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

Hlaf Results(a)3131

P l a n f o r 2 nd H a l f ：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)

-724

+1,133-150+1,408

Cost impacts
Sales volume &mixture, etc.

SG&A expenses,
etc.

-113

-18

R&D expenses

Other

1,896

New car sales total： +1,032
by sales volume +503
by price & mixture +529

360

Gain on currency exchange

FYE 2022
2nd Half Results
Currency
exchange

Sales volume &+1,408 mix , etc.

US ＄+1,427 Domestic

EURO
CAN＄
CNY

+1,133 Cost impacts-724 SG&A expenses, etc.

+80 SUBARU-559 SIA *1+30 Overseas+952

Cost reduction+15

Cost reduction+64 Sales Incentive-234

Material cost,
etc.

-574

Material cost,etc.

-2 Others

Currency exchange
adjustment-196

Unrealized gain

+85

FYE 2023
2nd Half Plan

+1,536+335-165 Fixed manufacturing cost
-1 SUBARU-164

Suppliers'
dies cost
Fixed
processingcost-74 SIA *1-150-120 SG&A-123 Warranty claims-46 SUBARU-108 (including impact-5

Suppliers'
dies cost-6 Domestic dealers

-69

Fixed
processing
cost

-40

SOA *2+93

of foreign currency-3 translation)-42

SCI *3-15

Others+45*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/

32

32

FYE 2022 and FYE 2023 Results(by Quarter)(100 Million Yen, Thousand Units)

1Q

FYE 2022

FYE 2023

Results

Results

2Q

3Q

4Q

1Q

2Q

3Q

Consolidated Unit Sales

175

200

172

187

196

203

237

Production *

184

158

207

177

205

220

246

6,352

7,065

6,659

7,370

8,341

9,168

10,571

Operating profit

295

249

227

133

370

735

1,032

Profit for the period attributable toowners of parent

185

263

181

71

272

506

766

SUBARU exchange rate
US$

¥109

¥110

¥113

¥115

¥125

¥135

¥144

Revenue* Production figures include Toyota GR86.

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

33

33

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

Production

Retail Sales

300

246
220
187

182

193
177

202

205

209

207

184

196

182

158

150

220

240

229

240

Oct- Jan- AprDec Mar Jun

204

200

254
260

262

271

JulSep

236

242
227

254
262

277

269
262

250

Oct- Jan- AprDec Mar Jun

269
271

278

JulSep

241

252
257

264

249

253

261

270
268

276

276

280

264
258

269
273

237

242
245

249

231

248
242

233
229

244
237

253

250

100

92

50

0
Jan- Apr- JulMar Jun Sep

Oct- Jan- AprDec Mar Jun

2015

JulSepOct- Jan- AprDec Mar Jun

2016

2017

JulSep2018

Oct- Jan- Apr- JulDec Mar Jun Sep
2019

Oct- Jan- AprDec Mar Jun

2020

JulSep2021

Oct- Jan- AprDec Mar Jun

JulSep

OctDec2022* Production figures include Toyota GR86.
https://www.subaru.co.jp/en/ir/

34

34

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 resultof various 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/

3535