Consolidated Financial Results for FYE 2021
SUBARU CORPORATION
Katsuyuki Mizuma, Executive Vice President & CFO
May 11th, 2021

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

Summary(Yen in 100 millions, Units in thousands)

Results

Plan

FYE 2020

FYE 2021

FYE 2021

Results(a)Previous Plan(b)*Results(c)Variance Variance(c)-(a)(c)-(b)FYE 2022

VariancePlan(d)(d)-(c)Consolidated Unit Sales

1,033.9

867.9

860.2

-173.7-7.7

1,000.0+139.8

Production

1,030.9

823.4

809.9

-221.0-13.5

1,030.0+220.1

Revenue33,441

28,50028,302-5,139-198

33,000+4,698

Operating profit

2,103

1,000

1,025-1,079+25

2,000+975

Profit for the period attributableto owners of parent

1,526

750

765-761+151,400+635

SUBARU exchange rateUS$¥109

¥106

¥106

-¥3

+¥0

¥108

+¥2

* as of Feb. 5th ,2021
https://www.subaru.co.jp/en/ir/2Consolidated Financial Results for FYE 2021

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

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FYE 2021 :Consolidated Unit Sales (by market)(Thousand Units)FYE 2020

FYE 2021

FYE 2021

Variance

Variance

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

Passenger cars

101.9

85.5

81.9

-20.0

-3.6

Minicars

23.9

20.7

19.9

-4.0

-0.8

125.8

106.2

101.8

-24.0

-4.4

U.S.

701.6

613.4

611.6

-90.0

-1.8

Canada

60.4

50.5

49.7

-10.6

-0.7

Russia

8.7

4.4

4.5

-4.1

+0.2

Europe

37.0

14.6

13.7

-23.3

-0.9

Australia

43.1

30.4

31.4

-11.8

+1.0

China

20.6

26.7

24.5

+3.9

-2.2

Others

36.7

21.7

22.9

-13.7

+1.2

908.0

761.7

758.4

-149.6-3.3

1,033.9867.9

860.2-173.7-7.7

Domestic total

Overseas total
Total
https://www.subaru.co.jp/en/ir/

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FYE 2021 :Consolidated Unit Sales / Complete Cars Production(Thousand Units)

Consolidated Unit Sales Total

FYE 2020

FYE 2021

FYE 2021

Variance

Variance

Results(a)Previous Plan(b)Results(c)(c)-(a)(c)-(b)1,033.9

867.9

860.2

-173.7-7.7

FYE 2020

FYE 2021

FYE 2021

Variance

Variance

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

Production in U.S.

367.3

303.7

285.2

-82.1

-18.5Production in Japan

663.6

519.7

524.7-138.9+5.0

1,030.9

823.4

809.9-221.0-13.5

Production* Total* Production figures include Toyota 86.

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

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FYE 2021 :Consolidated Profit Results(100 Million Yen)FYE 2020

FYE 2021

FYE 2021

Variance

Variance

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

33,441

28,50028,302-5,139-198

Domestic

5,727

5,115

4,983-743-132

Overseas

27,714

23,38523,319-4,396-66

Operating profit

2,103

1,000

1,025-1,079+25Profit before tax

2,077

1,090

1,140-937+50

Profit for the period attributableto owners of parent

1,526

750

765-761+15

SUBARU
exchange rateUS$¥109

¥106

¥106

-¥3+¥0EURO

¥121

¥123

¥123

+¥2

+¥1

CAN$

¥82

¥80

¥80

-¥3

+¥0

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

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FYE 2021 :Analysis of Variance in Operating Profit (Consolidated)(100 Million Yen)

-1,284+713

SG&A expenses,etc.

-204
Sales volume &mixture, etc.

FYE 2020
Results

Fixed manufacturing cost
-51 SIA*1

Suppliers'
dies cost+1

Fixedprocessingcost-52

Loss on currencyexchange

Cost reduction,etc.

-117-16

R&D expenses

OtherFYE 2021
Results-1,079
Sales volume+713 & mix , etc.

SG&A expenses, etc.

SUBARU-171

Suppliers'
dies cost
Fixedprocessing
cost

Curerncy-1,284 exchange-224 US＄-204 Cost reduction, etc.

-20 SG&A+284 Warranty claims +449 Domestic+31 SUBARU+148+48

SOA *2+70

OthersSCI *3+16Currency exchange
adjustment+66

Others+2

Unrealized gain+41-4 Domestic dealers+35-298 SUBARU

Overseas-1,387 EURO+5Cost reduction

Sales Incentive+347 CAN＄-18

Material cost,etc.

-20 CNY+0-171-76 SIA*1-95+32

Cost reduction+10-108

Material cost,etc.

-105*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/7

Previous Plan FYE 2021 (as of February 5th) vs Results :Analysis of Variance in Operating Profit (Consolidated)(100 Million Yen)

+21+85+184

SG&A expenses,etc.

Gain on currency
exchange-178-39-48

Cost reduction,etc.

Other

R&D expenses
Sales volume &mixture, etc.

FYE 2021
Previous Plan+25

SG&A expenses, etc.

+184 exchange+85 & mix , etc.

+50 US＄

Fixed manufacturing cost
SUBARU+12 SIA*1

Suppliers'
dies cost-1

Fixedprocessingcost+13Suppliers'
dies cost
Fixedprocessing
cost

Curerncy

FYE 2021
Results
Sales volume-178 Cost reduction, etc.

+49 SG&A+85 Warranty claims+8 Domestic-53 SUBARU+37 SUBARU+19EURO+7 Overseas-177

Cost reduction+2 Domestic dealers+6CAN＄+3 Sales Incentive+75

Material cost,etc.

SOA *2-6CNY+1 Others-23

SCI *3+5Currency exchange
adjustment+34

Others+61

Unrealized gain+32+35-39-23 SIA*1-16-13

Cost reduction+2-10

Material cost,etc.

-18*1 SIA: Subaru of Indiana Automotive, Inc. *2 SOA: Subaru of America Inc. *3 SCI: Subaru Canada, Inc.
https://www.subaru.co.jp/en/ir/

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FYE 2021 :Consolidated Statement of Cash Flows / Cash and cash equivalents(100 Million Yen)FYE 2020

FYE 2021

Results

Results

Net cash provided by (used in) operating activities

2,1012,894

Net cash provided by (used in) investing activities-258-2,722

Free cash flows

1,843

172

Net cash provided by (used in) financing activities

-158

140

As of March 2020

As of March 2021

Variance

Cash and cash equivalents at end of period

8,590

9,073+484

Interest bearing debts Balance at end of period *2,392

3,339+947

Net cash

6,198

5,734-463* Lease liabilities are not included in the results above.

https://www.subaru.co.jp/en/ir/9Capex / Depreciation / R&D(100 Million Yen)

Capex *1

Depreciation *1

R&D expenditures *2

FYE 2020

FYE 2021

FYE 2021

Variance

Variance

Results(a)Previous Plan(b)Results(c)(c)-(a)(c)-(b)1,260

900862-398

-38

961

1,000

950-11-50

1,187

1,000

1,016-171+16*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/

10Forecast for FYE 2022

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

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

FYE 2021

FYE 2022

ResultsPlanVariance

Consolidated Unit Sales

860.2

1,000.0+139.8

Production *809.9

1,030.0+220.1

Revenue

28,30233,000+4,698

Operating profit

1,025

2,000+975

Profit before tax

1,1402,030+890

Profit for the period attributable toowners of parent

765

1,400+635

SUBARU
exchange rateUS$¥106¥108+¥2EURO

¥123

¥128

+¥5CAN$

¥80

¥83

+¥3

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

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

-355

+1,500+300-70+200
Gain oncurrency
exchange

FYE 2021
Results

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

SG&A expenses,
Cost reduction
etc.

-600

Material cost,etc.

R&D expenses

Effort forimprovement

Sales volume &mixture, etc.

+975

FYE 2022Plan13

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

FYE 2022

Results

PlanVariance

Capex *1862

1,000+138

Depreciation *1950

1,000+50

1,016

1,200+184

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

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

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Shareholder Returns(Yen) Dividend per share
FYE 2022

FYE 2021

Forecast *Interim dividend28

28Year-end Dividend

28

28

Total

56

56

56.1%

30.7%

Payout ratio＊Payout ratio：Based on the number of shares in the previous term

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

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

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

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FYE 2021 :Revenue and Operating Profit by Business Segment (Consolidated)(100 Million Yen)

Revenue
FYE 2020

FYE 2021

Results

Results

Operating profit
Variance

FYE 2020

FYE 2021

Results

Results

Variance

Automobile

31,93927,375-4,564

2,003

1,091-912

Aerospace

1,421877-544

51-98-1498050-30

3631-5141-13

2,103

1,025-1,079

Other

Elimination & Corporate

Total

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

33,441

28,302-5,139

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FYE 2021 :Revenue and Operating Profit by Geographic Area (Consolidated)(100 Million Yen)

Revenue
FYE 2020

FYE 2021

Results

Results

Operating profit
Variance

FYE 2020

FYE 2021

Results

Results

Variance

Japan

8,707

6,752-1,955

1,027-356-1,383

North America

23,11820,302-2,816

1,151

1,027-124

Other

1,616

1,247-369

21

31+10-95

322+4172,103

1,025-1,079

Elimination & CorporateTotal

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

33,441

28,302-5,139

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FYE 2021 :Overseas Revenue (Consolidated)(100 Million Yen)FYE 2020

FYE 2021

ResultsResultVarianceNorth America

24,131

20,830-3,301

Europe1,162536-627

Asia

1,064

940-123

Other

1,357

1,012-345

Total

27,714

23,319-4,396

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

19Consolidated Statement of Financial Position(100 Million Yen)

As of March2020

As of March
2021

Variance

32,93934,117+1,178

Current assets

19,78819,828+41

Non-current assets

13,151

14,289+1,13715,738

16,253+515

2,392

3,339+947

17,201

17,864+663

Retained earnings

13,972

14,353+381

Equity attributable to owners of parent

17,12917,777+649

Ratio of equity attributable to ownersof parent to total assets

52.0%

52.1%

-

0.14

0.19

-

Total assets

Total liabilities
Interest bearing debts
Total equity

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

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FYE 2021 :Non-consolidated Unit Sales(Thousand Units)FYE 2020

FYE 2021

Results

ResultVariance

Domestic production*

663.6

524.7

-138.9Domestic sales

128.5105.7-22.8

Passenger cars

103.8

84.5

-19.3

Minicars

24.7

21.2

-3.5

Number of exported vehicles

551.2

438.8

-112.3Components for overseas
production

381.2

275.7

-105.5

1,060.8820.2-240.6Total* Production figures include Toyota 86.

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

21FYE 2021:

Operating Results of Subsidiaries in U.S.
（Million US$）SOA *1Results

Results

FYE 2020

FYE 2021

Variance

19,95718,028-1,929Operating income

880

966+85

Net income

681

831

+150671.3

639.7

-31.6

Net sales

Retail sales (Thousand units)

SIA *2ResultsResults

FYE 2020

FYE 2021

Variance

9,050

7,252-1,798

Operating income

87-42-129

Net income

92-30-121

367.3

285.2

-82.1

Net sales

Production sales (Thousand units)*1 SOA: Subaru of America Inc. *2 SIA: Subaru of Indiana Automotive, Inc.
https://www.subaru.co.jp/en/ir/

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

FYE 2021 Results
1Q

2Q

3Q

4Q

Consolidated Unit Sales

133.1

230.3

267.8

229.1

Production *92.2

261.7

260.4

195.6

Revenue

4,570

7,6148,564

7,554

Operating profit

-157

463

676

42

Profit for the period attributableto owners of parent

-77

314

505

23

¥107

¥107

¥105

¥104

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

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

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

Production

Retail Sales

300

240

240

236

227

182

196

204

200

254
260

262

254
262

271

277

242

241

250

269
262

269
271

278

264

252
257

249

253

261

270
268

276

276

280

269
273

264
258

242
245

237
249

248
242

231

233
229

244
237

253

250

150

100
92

50

0
Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar
2015

2016

2017

2018

2019

2020

2021

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

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Forward-looking statements including projections and future strategies mentioned in this presentation are based on currently
available information and assumptions and are subject to risks and uncertainties. Actual results may vary materially as a result ofvarious factors including, without limitation, economic conditions, market demand and fluctuations in foreign exchange rates.
Investors are asked not to rely solely on the information in this presentation when they make their final investment decisions.

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

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