Consolidated Financial Results for the 1st Half of FYE 2023
SUBARU CORPORATION
Tomomi Nakamura, Representative Director, President & CEO
November 2 nd , 2022

*Some corrections were made on February 6 th , 2023
Refer Information "(Corrections) Corrections to Consolidated Financial Results for the Six Months Ended September 30, 2022(IFRS)"
https://www.subaru.co.jp/en/ir/

Hello, everyone. My name is Tomomi Nakamura. I am President of Subaru Corporation.
Thank you very much for taking time out of your busy schedule to join us today for
Subaru Corporation’s first half FYE 2023 financial results briefing.

I would also like to take this opportunity to thank you for your ongoing support for ourbusiness activities.

1

Key Points
 Results for the 1st half period• Production
Although production constraints continued due to the global shortage of semiconductors, global production increasedin the 1st half period as production plans were flexibly adjusted.
• Operating profit
Due to the increase in production and the continued strong sales momentum plus the effect of the weak yen, operating
profit increased. (As with the 1st quarter, the negative impact of the sharp exchange rate fluctuations on the profit foraccounting reasons included.) Forecasts for FYE 2023
• Production
While a gradual recovery is expected, uncertainties remain.
Production forecast for FYE 2023 is revised to 970,000 units from the original goal of 1,000,000 units.
Aiming for the pre-Covid production level of 540,000 units for the second half period.
• Operating profit
With the pricing policy and the improvements in sales mix expected to offset the steep rise in raw material prices to acertain degree and incorporating the positive effects of foreign exchange rates, forecast for operating profit has beenrevised upward from 200 billion yen to 300 billion yen.
 Return to shareholders• Reflecting the results for the first half period and the upward revision of the full year forecasts, the annual dividend
forecast has been revised. (Dividend increase)https://www.subaru.co.jp/en/ir/

2

I will begin by providing an explanation of the key points of the financial results.
First, I will discuss performance in the six months ended September 30, 2022.
Production and operating profit exceeded previous-year levels.
While the risk of production constraints due to semiconductor shortages remains, we
succeeded in securing production volumes by taking a flexible approach to adjustingproduction plans and other measures.
The maintenance of positive sales momentum, primarily in North America, and the
additional positive effects of yen depreciation led to profits rising year on year, and weachieved results in line with our initial expectations.
Next, we have the forecasts for FYE 2023.
The outlook for production in the second half remains uncertain, again due mainly tosemiconductor supply.
For this reason, we have revised the stretch target for the full-year forecasts from 1 million
units to 970,000 units, but in the second half, we will aim to achieve the pre-COVID-19
production level of 540,000 units.
Despite the significant impact of soaring material costs, etc., we have revised up operating
profit to 300.0 billion yen, based on our intention of implementing pricing measures andother initiatives, and due to incorporating the positive impact on profits of yen depreciation.
With regard to shareholder returns, given the upward revision to the earnings outlook, wehave revised up the forecast for the annual dividend.
Beginning with the next page, I will briefly explain first-half results and forecasts for FYE
2023.

2

1 st H a l f :Consolidated Profit Results(Yen in 100 millions, Units in thousands)

FYE 2022
st

FYE 2023
st

Variance

1 Half Results

1 Half Results

Production

342

425

+84

Consolidated unit sales

375

398

+23

13,417

17,509+4,092

Operating profit

545

1,104

+560

Profit for the period attributableto owners of parent

448

779

+331

SUBARU
exchange rate

¥110

¥130

+¥21

RevenueUS$https://www.subaru.co.jp/en/ir/3Here are results for the six months ended September 30, 2022.
Production rose around 25% year on year, by 84,000 units, to 425,000 units.
Consolidated unit sales increased 23,000 units to 398,000 units.
As a result, revenue increased more than 400.0 billion yen over the previous year, which
in turn enabled an increase of 56.0 billion yen in operating profit.

3

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

FYE 2022

FYE 2023

FYE 2023

Variance

Variance

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

Production

727

1,000

970

+243

-30

Consolidated unit sales

734

940

920

+186

-20

27,44535,00038,000+10,555+3,000Operating profit

905

2,000

3,000

+2,095+1,000

Profit for the period attributableto owners of parent

700

1,400

2,100

+1,400+700

SUBARU
exchange rate

¥112

¥120

¥133

+¥21

+¥13

RevenueUS$* Announced on August 3, 2022

 Revision of Year-End Dividend Forecast
The Company has determined to increase its interim dividend to 38 yen per share, 10 yen up from the most recent forecastof 28 yen per share and plans to revise the year-end dividend forecast to 38 yen per share, 10 yen up from the most recent
forecast of 28 yen per share.
As a result, the annual dividend is expected to amount to 76 yen per share.
https://www.subaru.co.jp/en/ir/

4Now, on our full-year plans for FYE 2023.
As you can see, we will forge ahead with the intention of achieving 3,800 billion yen inrevenue and 300.0 billion yen in operating profit.

As for shareholder returns, from the previous forecast of 28 yen for both the interim andthe year-end dividend, an increase of 10 yen to the interim dividend has been decided,
along with a planned increase, also of 10 yen, in the year-end dividend.
The result is that we expect to increase the annual dividend to 76 yen.
Sales, primarily in North America, are maintaining their strong momentum.
The entire Subaru team is working as one to deliver vehicles to our customers as soon as
we can.
We appreciate your continued support.
Thank you.

4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/

55Consolidated Financial Results for the 1st Half of FYE 2023
SUBARU CORPORATION
Katsuyuki Mizuma, Director, Executive Vice President & CFO
November 2 nd , 2022

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

6Consolidated Financial Results for the 1st Half of FYE 2023

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

77

1 st H a l f :Consolidated Unit Sales / Complete Cars Production(Thousand Units)FYE 2022
st

FYE 2023
st

Variance

1 Half Results

1 Half Results

Production in U.S.

124

143

+19

Production in Japan

218

283

+65

342

425

+84

Production* Total

FYE 2022
st

Consolidated Unit Sales Total

FYE 2023
st

1 Half Results

1 Half Results

375

398

Variance+23* Production figures include Toyota GR86.

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

8First, we will discuss production and consolidated unit sales.
The risk of production constraints caused by the semiconductor shortage and other issues
remains, but due to making flexible adjustments to our production plans and taking othersteps, production rose 84 thousand units over the previous year to 425 thousand units.

Following the increase in production,
there was an increase in pipeline inventory that did not translate immediately into
consolidated sales, but due to a strong performance primarily in the main market of the
U.S., consolidated unit sales grew by 23 thousand units over the previous year to 398
thousand units globally.

8

1 st H a l f :Consolidated Unit Sales (by market)(Thousand Units):FYE 2022

FYE 2023

st

st

Variance

1 Half Results

1 Half Results

Passenger cars

35

40

+4

Minicars

99+0

Domestic total

44

49

+4

U.S.

253

279

+26

Canada29

22-7Europe78+0Australia

17

18

+1

China

9

6

-2

16

17

+1

Overseas total

Others

331

350

+19

Total

375

398

+23

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

9Consolidated unit sales by market are as shown on this slide.
In the main market of the U.S., demand remains robust, with units increasing 26 thousand
year on year.

9

1 st H a l f :Consolidated Profit Results(100 Million Yen)FYE 2022
st

FYE 2023
st

Variance

1 Half Results

1 Half Results

13,417

17,509+4,092

Domestic

2,179

2,816

+637

Overseas

11,237

14,693+3,455

Operating profit

545

1,104

+560

Profit before tax

612

1,204

+592

Profit for the period attributable toowners of parent

448

779

+331

SUBARU
exchange rate

US$

¥110

¥130

+¥21

EURO

¥131

¥137

+¥6

CAN$

¥88

¥101

+¥13

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

10

Next, we have consolidated profit results.
Revenue was up 409.2 billion yen year on year to 1,750.9 billion yen owing primarily to
improvement in sales volume & mixture, etc. of 168.0 billion yen resulting from increased
unit sales, and a gain on currency exchange of 242.3 billion yen.

Operating profit was up 56.0 billion yen year on year to 110.4 billion yen.
Profit before tax was up 59.2 billion yen to 120.4 billion yen, and profit for the period
attributable to owners of parent was up 33.1 billion yen to 77.9 billion yen.

10

1 st 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)

New car sales total： +720
by sales volume +235
by price & mixture +485

+562

+11

-513

R&D expenses+1,027

Cost impacts

Sales volume &mixture, etc.

Eliminations on unrealized gain on inventory ： -652
by volume and unit price-364
by currency effects-288

Gain on currency
exchange545
FYE 2022
1st Half
Results
Currency
Currency
exchangeexchange
＄
US＄
US

-490

-37
SG&A expenses,
etc.

Other

1,104
FYE 2023
1st Half
Results+560
Sales volume &volume &+1,027 Sales+1,027
mix, ,etc.
etc.
mix

Costimpacts
impacts+562Cost+562+1,084 Domestic
Domestic+1,084+93SUBARU
SUBARU
+93

-370
SIA
*1 *1
-370
SIA

SG&Aexpenses,
expenses,etc.
etc.
-513SG&A-513-143Fixed
Fixed
manufacturing
cost
-143
manufacturing
cost

EURO
EURO

+2 Overseas
Overseas+2

Costreduction
reduction+627 Cost
+627

Cost
reduction+23 Cost
reduction+23

SUBARU+3+3SUBARU

CAN＄
＄
CAN

+51 Sales
SalesIncentive
Incentive+51

Materialcost,
cost,+77 Material
+77
etc.

Material cost,+1 Others
Others
+1

-235
-235

cost,
-393 Material
-393
etc.
etc.

-146 Suppliers'
-146
dies
cost
dies
cost

CNY
CNY

Includes -22.9 billion yen by the impactof foreign currency translation onbalance of product warranty reserves

Currency exchange
exchange
Currency
adjustment
adjustment

+177
+177

Unrealized gain
gain
Unrealized

-288
-288

etc.

Suppliers'

Fixed
Fixed
processing
processing
cost
cost

-111SIA
SIA
*1 *1
-111
Suppliers'-80 Suppliers'
-80
dies
cost
dies
cost
Fixed
Fixed

processing-31 processing
-31
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/

-490
-490
-79SG&A
SG&A-79

Warrantyclaims
claims -363
-48Warranty
-363
-48

+32SUBARU
SUBARU+32(includingimpact
impact-83(including-83

Domestic
dealers
dealers+23Domestic
+23
SOA
*2 *2
SOA

foreigncurrency
currency
ofofforeigntranslation)
lation)-3-3trans-1-1+9+9 SCI *3
SCI *3+5+5

OthersOthers

+34
+34

11

Next, we will look at the analysis of variance in operating profit.
The rise in material costs, etc. and increases in SG&A expenses, etc., had a negative
impact on profit, but the increase in unit sales, revised selling prices, and other factors
resulted in a positive impact of 56.2 billion yen for sales volume & mixture, etc.
The full contribution of selling price revisions started to show from the results for thesecond quarter, with the variance by price & mixture accounting for 48.5 billion yen of the
improvement in sales volume & mixture, etc.
Furthermore, although the currency exchange effect resulting from the approximately 21yen depreciation of the yen against the U.S. dollar was a factor pushing up profit, the rapidchange in the exchange rate led to a significant increase in eliminations on unrealized gain
on inventory, and in warranty claims, as was the case in the first quarter.
In addition to the increase in inventory units, the impact of the rise in unit price per vehicle
resulted in eliminations on unrealized gain on inventory of -65.2 billion yen, of which thecurrency exchange effect accounted for -28.8 billion yen.
The warranty claims of -36.3 billion yen includes -22.9 billion yen caused by the impact offoreign currency translation on the balance of product warranty reserves.
U.S. sales incentives per unit were down 150 dollars from 900 dollars in the previous year
to 750 dollars, bringing the total amount of U.S. sales incentives down by 2.9 billion yen.

11

1 st H a l f :Consolidated Statement of Cash Flows / Cash and cash equivalents(100 Million Yen)FYE 2022

FYE 2023

st

st

1 Half Results

1 Half Results

Net cash provided by (used in) operating activities

638

2,123

Net cash provided by (used in) investing activities-819-1,100Free cash flows

-182

1,023

Net cash provided by (used in) financing activities

-475

-460

67

1,024

Effect of exchange rate change on cash
and cash equivalents

As of March 2022

As of September 2022

Variance

Cash and cash equivalents at end of period

8,831

10,418+1,587

Interest bearing debts Balance at end of period *

3,340

3,326

-15

Net cash

5,490

7,093

+1,602* Lease liabilities are not included in the results above.
https://www.subaru.co.jp/en/ir/

12This is the consolidated statement of cash flows and cash and cash equivalents.
Free cash flows were 102.3 billion yen.
Cash and cash equivalents at the end of period were up 158.7 billion yen from the end of
the previous fiscal year to 1,041.8 billion yen, which included 102.4 billion yen caused by
the effect of exchange rate changes on U.S. dollar-denominated deposits, while thebalance of interest bearing debts was down 1.5 billion yen from the end of the previous
year to 332.6 billion yen.
As a result, net cash was up 160.2 billion yen from the end of the previous year to 709.3
billion yen.

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

FYE 2023
st

Variance

1 Half Results

1 Half Results

Capex *1

382

551

+168

Depreciation *1

460

495

+36

R&D expenditures *2

616

519

-97

*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/

13

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

13

Forecast for FYE 2023

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

14

14

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

Production in U.S.

272

-

-

-

-

Production in Japan

455

-

-

-

-

727

1,000

970

+243

-30

Production* 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)

940

920

734

+186

-20

* Production figures include Toyota GR86.

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

15

Next, let’s look at the full-year plans for FYE 2023.
Although the situation remains uncertain, production is gradually recovering, and in thesecond half we will aim at returning production to the pre-COVID-19 level of 540 thousand
units.
However, as we were unable to completely offset the impact of constraints to the end of
the second quarter, we have revised our stretch target down from 1 million units to 970
thousand units.
In accordance with this, we have revised consolidated unit sales from 940 thousand units
to 920 thousand units.

15

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

91

95

+22

+4

Minicars

17

24

20

+4

-3

Domestic total

89

115

115

+26

+1

U.S.

506

636

631

+125

-5

Canada

49

53

50

+1

-3

China

14

19

14

-0

-5

Others

75

118

110

+35

-8

Overseas total

645

826

805

+160

-21

Total

734

940

920

+186

-20

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

16

The consolidated unit sales plans by market are as you see on this slide.
Due to significant concerns about a recession in the U.S., we are monitoring the situation
closely, but judging by current feedback from the frontline of sales, the number ofbackorders and other factors, demand for our products in the U.S. market remains strong,
and we will strive to produce as many vehicles as possible and deliver them smoothly tothe customers.

16

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)27,44535,00038,000+10,555+3,000Operating profit

905

2,000

3,000

+2,095+1,000

Profit before tax

Revenue

1,070

2,000

3,000

+1,930+1,000

Profit for the period attributable toowners of parent

700

1,400

2,100

+1,400+700

SUBARU
exchange rate

US$

¥112

¥120

¥133

+¥21

+¥13

EURO

¥130

¥130

¥136

+¥5

+¥6

CAN$

¥89

¥95

¥103

+¥14

+¥8

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

17

Next, we have consolidated profit plans.
Although the impact of soaring material costs, etc. is expected to increase further, we aim
to offset this to a certain extent through pricing policy, improvements to the sales mix, andother measures, as well as incorporating the positive impact on profit of yen depreciation,
and we have accordingly revised up revenue and profit plans compared to previous plans.
Assuming 135 yen to the U.S. dollar in the second half and 133 yen for the full year, wehave increased revenue by 300.0 billion yen from the previous plan to 3,800.0 billion yen,increased operating profit by 100.0 billion yen to 300.0 billion yen, and are aiming for profit
before tax of 300.0 billion yen and profit for the period attributable to owners of parent of
210.0 billion yen.

17

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 )+2,030(100 Million Yen)

-1,249-880+2,363

Cost impacts
Sales volume &mixture, etc.

FYE 2022
Results
Currency
exchange

Sales volume+2,030 Cost impacts+2,362 Domestic+211 SUBARUEURO+8 Overseas

CAN＄+125 Sales Incentive

CNY

-71
Other

3,000
FYE 2023
Revised Plan

+2,095+2,363 & mix , etc.

US＄

-98
R&D expenses

New car sales total： +2,507
by sales volume +1,556
by price & mixture +951

Gain on currency
exchange

905

SG&A expenses,
etc.

-1 Others

Currency exchange
adjustment+113

Unrealized gain-244

-1,249 SG&A expenses, etc.
-995 SIA *1+2,296

Cost reduction+74

Cost reduction-283

Material cost,etc.

-1,069Material cost,etc.

-254 Fixed manufacturing cost-194

-249 Warranty claims -430

-15 SUBARU-229 (including impact

Suppliers'
dies cost-90

Suppliers'
dies cost-6 Domestic dealers-11 translation)

Fixed
processing
cost

-96

Fixed
processing
cost

-9

+1 SUBARU
-255

-880
-201 SG&A-186 SIA *1

SOA *2of foreign currency-59

SCI *3-11

Others+61*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/

18This is the analysis of variance in operating profit compared to the previous year’s results.
In terms of the main factors with a positive impact on profit, we aim to generate +155.6
billion yen from an increase in consolidated unit sales of 186 thousand, and +95.1 billion
yen from the improvement in model/grade composition and revised selling prices, and wewill make an improvement of 203.0 billion yen in sales volume & mixture, etc.
Assuming yen depreciation against the U.S. dollar of approximately 21 yen, we project a
positive impact of 236.3 billion yen.
On the other hand, although rare metal prices have been stabilizing, soaring costs of othermaterials, etc. and measures to mitigate the impact on suppliers of soaring energy costs,
etc. are expected to depress profit by 124.9 billion yen year on year.
Moreover, the impact of eliminations on unrealized gain on inventory that I discussed inrelation to first-half results will persist through the remainder of the fiscal year.
As for sales incentives in the U.S. market, the cost of supporting financing has ballooned
as a result of the rise in U.S. interest rates, and sales incentives per vehicle are expected
to increase 350 dollars over the 700 dollars of the previous year, to 1,050 dollars, resulting
in an increase in total U.S. sales incentives of 28.6 billion yen year on year.

P r e v i o u s P l a n F Y E 2 0 2 3 ( a s o f A u g u s t 3 rd) 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)

+126

+58

SG&A expenses,
etc.

R&D expenses+1,504FYE 2023
Previous Plan
Currency
exchange

Sales volume &mixture, etc.

+1,430 Fixed manufacturing costEURO

+9 SUBARU

CAN＄

+70

Suppliers'
dies cost+9

Suppliers'
dies cost

-1

Fixed
processing
cost

+30

Fixed
processing
cost

CNY
Currency exchange
adjustment+186

Unrealized gain

-190

-91

Cost impacts

Other

3,000

FYE 2023
Revised Plan

+1,000
Sales volume+1,504 SG&A expenses, etc.

US＄

-262

New car sales total： -46
by sales volume-91
by price & mixture +45

Gain on currency
exchange

2,000

-335

+39 SIA*1+126 & mix , etc.
+61 SG&A+97 Warranty claims-32 Domestic+22 SUBARU-21 (including impact

Overseas+24 Domestic dealers+15 translation)-2of foreign currency

SOA *2+30

SCI *3+5

Others+68-335 Cost impacts-262-50 SUBARU-341 SIA *1+4

Cost reduction+46

Cost reduction

+79
-26

Sales Incentive+123

Material cost,
etc.

-387

Material cost,
etc.

+105

Others-412*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/

19

Next, I will explain the analysis of variance in operating profit relative to the previous plan.
Although we forecast a negative impact on profit from increases in material costs, etc.,
and the decline in consolidated unit sales, we will work to achieve improvements throughcontrolling expenses such as advertising.

Even then, the impact of eliminations on unrealized gain on inventory will continue.
Having also changed the foreign exchange assumption to 133 yen against the U.S. dollar,
a depreciation of approximately 13 yen, we have revised our plan up by 100.0 billion yen
compared to the previous plan, to 300.0 billion yen.

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

1,400

+539

±0

Depreciation *1

946

1,000

1,000

+54

±0

1,138

1,200

1,200

+62

±0

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

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

20

Capex, depreciation, and R&D expenditures are as you see here.
All three are unchanged from the figures in the previous announcement.

20

Shareholder Returns(Yen) Dividend per share
FYE 2022

FYE 2023

FYE 2023

Results

Previous Forecast

Revised Forecast

Interim dividend

28

28

38

Year-end Dividend

28

28

38

Total

56

56

76

61.3%

30.7%

27.8%

Payout ratio

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

21

Finally, we come to returns to shareholders.
As a result of a comprehensive review of first-half results, the upward revision to full-yearplans, and the state of cash flows, we have decided to increase the interim dividend by 10
yen to 38 yen, and plan to pay a year-end dividend of an identical 38 yen, for an annual
dividend of 76 yen.
The remaining pages contain segment information, etc. for your reference.
This concludes the briefing on our financial results for the first half of the fiscal year ending
March 31, 2023. Thank you.

21

Appendix• Segment information by Business & Geographic (1st Half)• Consolidated Financial Results for 2nd Quarter (3 months)• Overseas Revenue (1st Half)• Forecast for 2nd Half FYE 2023

• Consolidated Statement of Financial Position• FYE 2022 and FYE 2023 Results (by Quarter)• Non-consolidated Unit Sales (1st Half)• Complete Cars Production / Retail Sales Units• Operating Results of Subsidiaries in U.S. (1st Half)https://www.subaru.co.jp/en/ir/

22

22

1 st H a l f ：Revenue and Operating Profit by Business Segment (Consolidated)(100 Million Yen)

Revenue
FYE 2022

FYE 2023

FYE 2022

Plan

1 Half Results

1 Half Results

37,135

520

1,100

+580

2,951

+19

819

-7

-32

-25

2

24

+0

47

31

36

+5

47

-

-

-

-

1

0

-0

-

13,417

17,509+4,09238,000

545

1,104

+560

3,000

st

FYE 2023

Operating profit

stVariance

1 Half Results

1 Half Results

Automobile

13,061

17,134+4,073Aerospace

332

351

Other

24

Elimination & Corporate

Total

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

FYE 2023
st

Variance

FYE 2023
Plan

23

23

1 st H a l f ：Revenue and Operating Profit by Geographic Area (Consolidated)(100 Million Yen)

Revenue
FYE 2022

Operating profit

FYE 2023

st

st

1 Half Results

1 Half Results

Japan

3,151

3,876

North America

9,672

Other

Elimination & Corporate

Total

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

FYE 2022

Variancest

FYE 2023
st

Variance

1 Half Results

1 Half Results

+725

-42

778

+820

13,053+3,381

542

862

+320

594

580

-14

19

12

-7

-

-

-

25

-548

-573

13,417

17,509+4,092

545

1,104

+560

24

24

1 st H a l f ：Overseas Revenue (Consolidated)(100 Million Yen)FYE 2022

FYE 2023

1st Half Results

1st Half Results

Variance

9,911

13,235+3,324

Europe

320

303

-16

Asia

420

467

+47

Other

586

688

+101

Total

11,237

14,693+3,455

North America

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

2525

Consolidated Statement of Financial Position(100 Million Yen)

As of March2022

As of September
2022

Variance

35,43839,224+3,786

Current assets

20,422

23,726+3,303

Non-current assets

15,015

15,498+483

16,427

18,584+2,156

3,340

3,326

-15

19,01020,640+1,630Retained earnings

14,663

15,224+561

Equity attributable to owners of parent

18,90820,535+1,627

Ratio of equity attributable to ownersof parent to total assets

53.4%

52.4%

-1.0%

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/

26

26

1 st H a l f ：Non-consolidated Unit Sales(Thousand Units):FYE 2022

FYE 2023

1st Half Results

1st Half Results

Variance

Domestic production*

218

283

+65

Domestic sales

40

50

+10

Passenger cars

32

40

+8

Minicars

8

10

+1

Export total

188

228

+40

Components for overseas
production

168

153

-15

Total

396

431

+34

* Production figures include Toyota GR86.

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

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27

1 st H a l f ：Operating Results of Subsidiaries in U.S.
（Million US$）SOA *1FYE 2022

FYE 2023

st

Net sales

Variancest

1 Half Results

1 Half Results

8,103

9,125

+1,022

Operating income

547

521

-25

Net income

435

354

-81

Retail sales (Thousand units)

301

267

-34

SIA *2FYE 2022

FYE 2023

st

Variancest

1 Half Results

1 Half Results

Net sales

3,256

3,939

+682

Operating income

-126

-38

+87

Net income

-98

-26

+73

Production (Thousand units)

124

143

+19

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

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28

2 nd 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

2Q Results

2Q Results

Variance

Passenger cars

16

23

+7

Minicars

4

5+1

Domestic total

20

28

+8

U.S.

136

140

+4

Canada17

11-6Europe43-1Australia

10

9

-0

China

4

3

-1

8

8

-0

Overseas total

180

174

-5

Total

200

203

+2

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

29

29

2 nd 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

2Q Results

2Q Results

Variance

7,065

9,168

+2,103

Domestic

1,049

1,546

+497

Overseas

6,016

7,622

+1,607

Operating profit

249

735

+485

Profit before tax

269

819

+550

Profit for the period attributable toowners of parent

263

506

+244

SUBARU
exchange rate

US$

¥110

¥135

+¥25

EURO

¥131

¥140

+¥9

CAN$

¥89

¥105

+¥16

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

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30

2 nd 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 )
+9

+450

(100 Million Yen)

-355

R&D expenses

-152

+583
Sales volume &mixture, etc.

Gain on currency
exchange

249

SG&A expenses,
etc.

Sales volume &US ＄+709 Domestic

EURO
CAN＄
CNY

370

+450 Cost impacts-355 SG&A expenses, etc.

+107 SUBARU-262 SIA*1- Overseas+451

Cost reduction+13

Cost reduction+33 Sales Incentive+64

Material cost,
etc.

-275

Material cost,etc.

- Others+66

Unrealized gain

-225

FYE 2023
2Q (3 months)
Results+485+583 mix , etc.

Currency exchange
adjustment

Other

New car sales total：+558
by sales volume+96
by price & mixture +462

FYE 2022
2Q (3 months)
Results
Currency
exchange-50

Cost impacts-172-93 Fixed manufacturing cost
- SUBARU-93-37 SIA *1-152-10 SG&A-25 Warranty claims+27 SUBARU-44 (including impact-2 translation)

Suppliers'
dies cost-26

Suppliers'
dies cost+15 Domestic dealers

Fixed
processing
cost

-11

Fixed
processing
cost

+12

SOA *2-117

of foreign currency+12

SCI *3+1

Others+8*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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P l a n f o r 2 nd H a l f ：Consolidated Unit Sales (by market)(Thousand Units):2

FYE 2022

FYE 2023

nd2

Half Resultsnd

Variance

Half Plan

Passenger cars

37

55

+18

Minicars

8

11

+3

Domestic total

45

67

+22

U.S.

253

353

+100

Canada

20

27

+8

China

5

7

+2

Others

35

68

+32

314

455

+141

359

522

+163

Overseas total
Total

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

32

32

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

FYE 2023

nd

2

2

Revenue

Half ResultsndHalf Plan

Variance

14,02920,491+6,462

Domestic

2,701

3,232

+531

Overseas

11,32817,259+5,931

Operating profit

360

1,896

+1,536

Profit before tax

458

1,796

+1,338

Profit for the period attributable toowners of parent

252

1,321

+1,069SUBARU
exchange rate

US$

¥114

¥135

+¥21

EURO

¥130

¥135

+¥5

CAN$

¥90

¥105

+¥15

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

33

33

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 )+1,336-736(100 Million Yen)

-390
-109

-33

R&D expenses

Other

Cost impacts+1,468

SG&A expenses,
etc.

Gain on currency
exchange

1,896

New car sales total： +1,787
by sales volume +1,321
by price & mixture +466

360

Sales volume & mixture, etc.

FYE 2022
2nd Half
Results
Currency

Sales volume &mix , etc.

FYE 2023
2nd HalfPlan+1,536+1,468 exchange+1,336 Cost impacts

Domestic+118 US ＄+1,278 SUBARU

Overseas+1,669 EURO

+6

Cost reduction

Sales Incentive-360 CAN＄+74

Material cost,etc.

Others+41 CNY-2

Currency exchange
adjustment-64

Unrealized gain

+44-736 SG&A expenses, etc.
-625 SIA*1+51

Cost reduction-676

Material cost,etc.

-111 Fixed manufacturing cost
-2 SUBARU-109

Suppliers'
dies cost
Fixed
processingcost-75 SIA *1-390-122 SG&A-201 Warranty claims-47 SUBARU-146 (including impact-10

Suppliers'
dies cost-29 Domestic dealers

-65

Fixed
processing
cost

-18

SOA *2-67

of foreign currency-8 trans lation)-58

SCI *3-16

Others+27*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/

34

34

FYE 2022 and FYE 2023 Results(by Quarter)(Yen in 100 millions, Units in thousands)

1Q

FYE 2022

FYE 2023

Results

Results

2Q

3Q

4Q

1Q

2Q

Consolidated Unit Sales

175

200

172

187

196

203

Production *

184

158

207

177

205

220

6,352

7,065

6,659

7,370

8,341

9,168

Operating profit

295

249

227

133

370

735

Profit for the period attributable toowners of parent

185

263

181

71

272

506

SUBARU exchange rate
US$

¥109

¥110

¥113

¥115

¥125

¥135

Revenue* Production figures include Toyota GR86.

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

35

35

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

Production

Retail Sales

300

254
260

262

220
202

187

193
177

182

158

150

205

207

209

196

182

184

Oct- JanDec Mar

229

240

JulSep

204

240

JulSep

200

271

236

Jan- AprMar Jun

254
262

277

242
227

241

250

269
262

269
271

278
264

252
257

249

253

261

270
268

276

276

269
273

280

264
258

237

242
245

249

231

248
242

233
229

244
237

253

250

100
92

50

0
Jan- AprMar Jun

JulSep

OctDec2015

Jan- AprMar Jun

JulSep

OctDec2016

Jan- AprMar Jun

JulSep2017

OctDecJanMar

AprJunJulSep2018

OctDec2019

OctDecJan- AprMar Jun

2020

AprJunJulSep2021

OctDecJan- AprMar Jun

JulSep2022* Production figures include Toyota GR86.
https://www.subaru.co.jp/en/ir/

36

36

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/

37

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