Consolidated Financial Results
for the Three Months Ended June 30, 2022

(Under IFRS)

August 3, 2022

Company name
: SUBARU CORPORATION
Listing: Tokyo Stock Exchange
Securities code
: 7270URL: https://www.subaru.co.jp/en/ir/
Representative: Tomomi Nakamura, President and CEO
Inquiries: Yasushi Nagae, Vice President and General Manager of Investor Relations Department
Telephone: +81-3-6447-8825
Scheduled date to file quarterly securities report: August 5, 2022
Scheduled date to commence dividend payments: －Preparation of supplementary material on quarterly financial results : Yes
Holding of quarterly financial results briefing: Yes (for investment analysts and institutional investors)(Yen amounts are rounded off to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2022 (from April 1, 2022
to June 30, 2022)(1) Consolidated operating results (cumulative)
RevenueThree months ended

Millions ofyenOperating profit Profit before tax
Millions of

%

yen

%

Millions of%yen(Percentages indicate year-on-year changes.)
Profit for the
Total
Profit for theperiod attributable comprehensive
periodto owners of parent
incomeMillions ofyen%Millions of%yenJune 30, 2022

834,101

31.3

36,98025.2

38,40712.1

27,282

44.9

27,21247.0

June 30, 2021

635,171

39.0

29,535－34,257－

18,822－

18,514－

Profit for the period
per share, basic

Millions ofyen%

105,135 281.9
27,526－

Profit for the period
per share, diluted

Three months ended

Yen

Yen

June 30, 2022

35.48

－

June 30, 2021

24.14

－

(2) Consolidated financial position
Total assets
As ofTotal equity

Ratio of equity
attributable to owners ofparent to total assets

Equity attributable toowners of parent

Millions of yen

Millions of yen

Millions of yen%

June 30, 2022

3,739,675

1,984,523

1,973,739

52.8

March 31, 2022

3,543,753

1,901,019

1,890,789

53.4

2. Cash dividends
Annual dividends per shareFirst quarter-end
Fiscal year ended
March 31, 2022
Fiscal year ending
March 31, 2023
Fiscal year ending
March 31, 2023
(Forecast)Second quarter-end

Third quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

－

28.00

－

28.00

56.00

28.00

－

28.00

56.00

－

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Forecast of consolidated results for the fiscal year ending March 31, 2023 (from April 1, 2022
to March 31, 2023)
Revenue
Fiscal year ending
March 31, 2023
(Forecast)Millions ofyen
3,500,000

Operating profit%
27.5

Millions ofyen
200,000%
121.1

Profit before tax

Profit for the period
attributable toowners of parent

Millions ofMillions ofyen
200,000

%
87.0

yen
140,000

Profit for the period
per share, basic

%

Yen

100.0

182.55

Note: Revisions to the forecast of consolidated results most recently announced: None

* Notes(1) Changes in significant subsidiaries during the period(changes in specified subsidiaries resulting in the change in scope of consolidation): Yes
Newly included: 1 company (Subaru USA Holdings Inc.)(2) Changes in accounting policies and changes in accounting estimates(i) Changes in accounting policies required by IFRS
: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(3) Number of issued shares (ordinary shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of June 30,2022
As of March 31,2022(ii) Number of treasury shares at the end of the period
As of June 30,2022
As of March 31,2022

769,175,873 shares
769,175,873 shares
2,248,715 shares
2,248,102 shares(iii)Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30,2022
766,927,514 shares
Three months ended June 30,2021
766,870,483 shares* Quarterly financial results reports are exempt from quarterly review 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
Condensed quarterly consolidated financial statements..............................................................................
(1) Condensed quarterly consolidated statement of financial position.....................................................
(2) Condensed quarterly consolidated statement of income and condensed quarterly consolidated
statement of comprehensive income.......................................................................................................
Condensed quarterly consolidated statement of income.......................................................................
Condensed quarterly consolidated statement of comprehensive income...........................................
(3) Condensed quarterly consolidated statement of changes in equity....................................................
(4) Condensed quarterly consolidated statement of cash flows................................................................
(5) Notes to condensed quarterly consolidated financial statements.......................................................
(Notes on premise of going concern) .......................................................................................................
(Segment information) ...............................................................................................................................
(Significant subsequent event) ..................................................................................................................

―1―

2
2
4
4
5
6
7
8
8
8
8

1. Condensed quarterly consolidated financial statements(1) Condensed quarterly consolidated statement of financial position(Unit: Millions of yen)
FYE 2022(as of March 31, 2022)

1st Quarter of FYE 2023
(as of June 30, 2022)

883,074
337,387

991,313317,502

AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Inventories

483,113525,295

Income taxes receivable

18,331

21,756

Other financial assets

243,204

258,459

Other current assets

77,13491,605

Total current assets

2,042,243

2,205,930

Property, plant and equipment

841,553

847,314

Intangible assets and goodwill

250,897

251,451

Investment property

21,942

21,826

Investments accounted for using equity method

10,828

10,533

Non-current assets

Other financial assets

124,574

124,800

Other non-current assets

161,167

180,383

Deferred tax assets

90,54997,438

Total non-current assets

1,501,510

1,533,745

3,543,753

3,739,675

Total assets―2―

(Unit: Millions of yen)
FYE 2022(as of March 31, 2022)

1st Quarter of FYE 2023
(as of June 30, 2022)

Trade and other payables

273,546

266,814

Financing liabilities

51,64551,356

Other financial liabilities

69,624

68,687

Liabilities and equity
Liabilities
Current liabilities

Income taxes payable

4,685

23,826

Provisions

143,217

165,776

Other current liabilities

309,538

347,951

Total current liabilities

852,255924,410

Financing liabilities

282,400

280,045

Other financial liabilities

81,84887,720

Employee benefits

58,196

63,370

Provisions

95,448100,217

Other non-current liabilities

267,530

298,859

Non-current liabilities

Deferred tax liabilities

5,057

531

Total non-current liabilities

790,479

830,742

1,642,734

1,755,152

Capital stock

153,795

153,795

Capital surplus

160,178

160,178

Treasury shares(6,324)(6,325)Retained earnings

1,466,322

1,471,885

116,818

194,206

1,890,789

1,973,739

Total Liabilities
EquityEquity attributable to owners of parent

Other components of equity
Total equity attributable to owners of parent

10,23010,784

Total equity

1,901,019

1,984,523

Total liabilities and equity

3,543,753

3,739,675

Non-controlling interests―3―(2) Condensed quarterly consolidated statement of income and condensed quarterly consolidated statementof comprehensive income
Condensed quarterly consolidated statement of income(Unit: Millions of yen)
FYE 2023(April 1, 2022 toJune 30, 2022)

FYE 2022(April 1, 2021 toJune 30, 2021)
Revenue

635,171

834,101

Cost of sales(508,020)(694,001)

Gross profit

127,151

140,100

Selling, general and administrative expenses(71,449)(78,408)

Research and development expenses(25,124)(25,015)

Other income

1,077

3,063

Other expenses(2,326)(2,258)

206

(502)

29,53536,980Share of profit (loss) of investments accounted for using equity method
Operating profit
Finance income

10,76014,660Finance costs(6,038)(13,233)

Profit before tax

34,25738,407

Income tax expense(15,435)(11,125)

Profit for the period

18,822

27,282

18,514

27,212308

70

18,822

27,282

24.14

35.48

Profit for the period attributable to
Owners of parent
Non-controlling interests
Profit for the period
Profit for the period per share attributable to owners of parent
Basic (yen)―4―Condensed quarterly consolidated statement of comprehensive income(Unit: Millions of yen)
FYE 2023(April 1, 2022 toJune 30, 2022)

FYE 2022(April 1, 2021 toJune 30, 2021)
Profit for the period

18,822

27,282

(124)

－

7,537

(4,469)

－

(721)

946

84,446257(2,818)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 fairvalue 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 fairvalue through other comprehensive income
Share of other comprehensive income of investments
accounted for using equity method
Other comprehensive income (after deduction of tax) total

88

1,415

8,704

77,853Comprehensive income

27,526105,135

27,114

104,581Comprehensive income attributable to
Owners of parent
Non-controlling interests

412

554

Comprehensive income

27,526105,135―5―

(3) Condensed quarterly consolidated statement of changes in equity
FYE 2022 (April 1, 2021 to June 30, 2021)(Unit: Millions of yen)
Equity attributable to owners of parent
Retainedearnings

Noncontrollinginterests

Total
capitalCapitalsurplus153,795

160,178(6,524)

1,435,291

34,995

1,777,735

8,648

1,786,383－－－

18,514－

18,514308

18,822

－

－

－

－

8,600

8,600

104

8,704

－

－

－

18,5148,600

27,114412

27,526

－

－

－

(150)

150

－

－

－

Dividends paid

－

－

－

(21,484)－(21,484)－(21,484)

Purchase of treasury shares

－

－

(1)

－

－

(1)

－

(1)

Change in scope of
consolidation

－

－

－

－

－

－

－

－

Total transactions withowners－－(1)(21,484)－(21,485)－(21,485)

Balance at the end of the year

153,795

160,178(6,525)

1,432,171

43,745

1,783,364

9,060

1,792,424

Balance at the beginning of theyear

TreasurysharesOther
componentsof equity

Capital
stock

Total

Comprehensive income
Profit for the period
Other comprehensive income(after deduction of tax)
Comprehensive income
totalTransfer to retained earnings
Transactions with owners

FYE 2023 (April 1, 2022 to June 30, 2022)(Unit: Millions of yen)
Equity attributable to owners of parent
Retainedearnings

Noncontrollinginterests

Total
capitalCapitalstock

Capitalsurplus153,795

160,178(6,324)

1,466,322

116,818

1,890,789

10,2301,901,019－－－

27,212－

27,21270

27,282－－－－77,36977,369484

77,853－－－

27,21277,369104,581554

105,135

－

－

－

(19)

19

－

－

－

Dividends paid

－

－

－

(21,485)－(21,485)－(21,485)

Purchase of treasury shares

－

－

(1)

－

－

(1)

－

(1)

Change in scope of
consolidation

－

－

－

(145)

－

(145)

－

(145)

Total transactions withowners－－(1)(21,630)－(21,631)－(21,631)

Balance at the end of the year

153,795

160,178(6,325)

1,471,885

194,206

1,973,739

10,784

1,984,523

Balance at the beginning of theyear

TreasurysharesOther
componentsof equity

Total

Comprehensive income
Profit for the period
Other comprehensive income(after deduction of tax)
Comprehensive income
totalTransfer to retained earnings
Transactions with owners―6―(4) Condensed quarterly consolidated statement of cash flows
FYE 2022(April 1, 2021 toJune 30, 2021)
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
Repayments of lease liabilities
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 (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period―7―(Unit: Millions of yen)
FYE 2023(April 1, 2022 toJune 30, 2022)

34,25757,55038,40756,335(206)

502(10,760)
6,038
14,289(43,848)(3,931)(15,339)(14,329)
23,721
907
1,449
(570)
(5,403)
20,104(14,660)
13,23323,175(9,500)(7,216)
29,676
1,483
131,435
1,611
1,641
(606)
(1,749)132,332(947)(40,188)－(12)(37,205)
3,199(19,571)(14,745)(54,563)
60,422(114)(54,961)(53,520)
44,829(311)(57,765)(200)(13,785)
16,000(15,315)(20,888)7(34,181)
197(68,841)
907,326
838,485－(2,656)－(11,559)(20,932)(1)(35,148)
68,820108,239
883,074
991,313(5) Note to condensed quarterly consolidated financial statements(Note on premise of going concern)
FYE 2023 (April 1, 2022 to June 30, 2022)
Not applicable.

(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 the first quarter of FYE
2022 and the first quarter of FYE 2023 is as follows.
FYE 2022 (April 1, 2021 to June 30, 2021)

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

Automobile

Aerospace

Subtotal

617,742570
618,312

16,2602
16,262

634,002572
634,574

197－

28,693(830)

OthersAdjustment

Consolidated

1,169
8,076
9,245

－
(8,648)(8,648)635,171－
635,171

197

9

－

206

27,863

1,637

35

29,535
10,760(6,038)34,257FYE 2023 (April 1, 2022 to June 30, 2022)

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

818,113596
818,709

14,797－
14,797

832,910596
833,506120－

36,393(2,070)

OthersAdjustment

Consolidated

1,191
8,501
9,692

－
(9,097)(9,097)

834,101－
834,101

120

(622)

－

(502)

34,3232,622

35

36,98014,660(13,233)
38,407

Note: The method of calculating operating profit (loss) for each segment is consistent with the method of calculating
operating profit (loss) in the condensed quarterly consolidated statement 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.

(Significant subsequent event)Not applicable.

―8―Subaru Corporation Announces Consolidated Financial Results for the First Quarter of FYE 2023
Tokyo, August 3, 2022 – Subaru Corporation today announced its consolidated financial results for the first quarter ofthe fiscal year ending March 31, 2023.

Results for April–June 2022: Consolidated Revenue
While production constraints continued due to the global shortage of semiconductors, global production increased
11.7% to 205,000 units. Production in Japan rose 15.3% to 135,000 units, while production in the U.S. grew 5.4% to70,000 units.
Global vehicle sales increased 11.7% to 196,000 units, led by sales growth in Subaru’s key U.S. market.
Due to the increase in vehicle sales and other factors, consolidated revenue rose 31.3% to 834.1 billion yen.

Results for April–June 2022: Consolidated Profit and Loss
As positive factors such as the effects of foreign exchange rates and the growth in unit sales more than offset a steep
rise in raw material prices and an increase in SG&A expenses, operating profit rose 7.4 billion yen to 37 billion yen,profit before tax grew 4.2 billion yen to 38.4 billion yen, and profit for the period attributable to owners of parent
increased 8.7 billion yen to 27.2 billion yen.

Forecasts for FYE 2023
Full-year forecasts for FYE 2023 remain unchanged from the previous announcement made on May 12, 2022.
Forecasts for FYE 2023 (Announced on May 12, 2022):
Revenue: 3,500 billion yen
Operating profit: 200 billion yen
Profit before tax: 200 billion yen
Profit for the period attributable to owners of parent: 140 billion yen
Currency rate assumptions: 120 yen/US$, 130 yen/euroNotes on results:
Vehicle volume figures are rounded off to the nearest thousand. Yen figures are rounded off to the nearest hundred million.

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

###August 3, 2022
Subaru Corporation

Reference for the First Quarter of FYE 2023 Consolidated Financial Results(Yen in 100 millions, Units in thousands)
FYE 2022
1st Quarter[ 2021. 4–6 ]FYE 2023
1st Qarter[ 2022. 4–6 ]FYE 2022
Full Year[ '21.4 – '22.3 ]FYE 2023
Full Year[ 2022.4 – 2023.3 ]RESULTSRESULTSRESULTSFORECASTS%

Change
8,341

1,989

31.3

27,44535,000

7,555

27.5

Japan

1,130

1,271

140

12.4

4,880

-

-

-

Overseas

5,222

7,070

1,849

35.4

22,565

-

-

-

295

370

74

25.2

905

2,000

1,095

121.1

3.3

5.7

42

12.1

1,070

2,000

930

87.0

3.9

5.7

700

1,400

700

100.0

2.6

4.0

Sales volume, mix, etc.

2,365

Operating profit (loss)

4.6

4.4

343

384

5.4

4.6

Profit (loss) for the period attributable

185

272

to owners of parent

2.9

3.3
Effects of foreignexchange rates

Profit margin (%)

Profit (loss) before tax
Profit margin (%)

Profit margin (%)

Factors contributing tochange in operating profit

87

47.0

444

Effects of foreignexchange rates
Increase in SG&A exp.,
etc.

Sales volume, mix, etc.

112

Dencrease in R&D exp.

2

Increase in SG&A exp.,
etc.

(338)

Cost impacts(987)

Cost impacts(158)

Increase in R&D exp.

(156)

Other

Exchange rates%

Change6,352

Revenue

12

20

109/US$

125/US$

112/US$

120/US$

JPY/EUR

131/EUR

134/EUR

130/EUR

130/EUR

192

280

861

1,400

228

238

946

1,000

271

231

1,138

1,200

3,360

3,314

3,340

Performance description

Consolidated unit sales(1,006)Other

JPY/US$

Capital expenditures
Depreciation
R&D expenditures *Interest bearing debts

859-- Increase in revenue for two
consecutive years- First increase in revenue in three
years- Increase in profit at each stage fortwo consecutive years- First increase in profit at each stage
in three years- Increase in consolidated unit sales
for two consecutive years- First increase in consolidated unit
sales in three years

24

20

(4)

(14.8)

89

115

25

28.2

Passenger Cars

19

16

(3)

(14.4)

73

91

18

25.4

Minicars

5

4

(1)

(16.5)

17

24

7

40.1

Consolidated unit sales

151

175

24

15.9

645

826

181

28.1

< Overseas >North America

129

150

21

16.2

555

688

133

24.0

Europe **

3

5

1

37.0

15

-

-

China

4

3

(1)

(25.3)

14

19< Japan >Other

Consolidated unit sales total
Production units total
Japan

Revenue bybusiness segment

Operating profit (loss)
by businesssegment

37.0

15

18

3

19.3

60

-

-

-

175

196

21

11.7

734

940

206

28.1

184

205

22

11.7

727

1,000

273

37.6

117

135

18

15.3

455

67

70

4

5.4

272

Automobile

6,177

8,181

2,004

32.4

26,775

Aerospace

163

148

(15)

(9.0)

623

U.S.

-

5

Other

12

12

0

1.9

48

Automobile

287

364

77

26.8

925

Aerospace

(8)

(21)

(12)

-

(70)

Other

16

26

10

60.2

48

Elimination &Corporate

0

0

-

-

1

* "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.
** Starting from the August 1, 2022 reporting, the regions under “Europe” have been redefined. (The figures of the previous-year results have been changed
accordingly.)< 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. >