Consolidated Financial Results
For the Third Quarter of the Fiscal Year Ending March 31, 2021
(IFRS basis)
February 5, 2021
: SUBARU CORPORATION (Tokyo Stock Exchange First Section, Code No.7270): https://www.subaru.co.jp/en/ir/: Tomomi Nakamura, President and CEO: Yasushi Nagae, Vice President and General Manager of Investor Relations Department
Phone +81-3-6447-8825: February 12, 2021
Scheduled date of submitting Quarterly Report: －Scheduled date for dividend payment: Yes
Quarterly earnings supplementary explanatory documents
Holding of quarterly financial results meeting: Yes (for investment analysts and institutional investors)
Company Name
URL
Representative
Contact for Inquiries(All amounts have been rounded off to the nearest million yen, unless otherwise specified)

1. Consolidated Results for the 3rd Quarter of FYE 2021 (April 1, 2020 to December 31, 2020)(1) Consolidated Financial Results (for nine-month period)(%: Changes from the previous fiscal year /period)

Revenue

Operating
ProfitProfit before
tax

Profit for theperiodTotal
Profit for theattributable to comprehensive
periodowners ofincomeparent3rd Quarter of FYE 2021

2,074,829 (16.5)%

98,254 (35.6)%

105,686 (31.0)%

74,930 (32.7)%

74,205 (33.6)%

53,136 (51.5)%

3rd Quarter of FYE 2020

2,484,564

3.9% 152,658 (1.9)%

153,225 (2.9)%

111,404 (4.8)%

111,699 (5.4)%

109,515 (15.9)%

Profit for theperiod per share,
basic(yen)Profit for theperiod per share,
diluted(yen)

3rd Quarter of FYE 2021

96.77

－

3rd Quarter of FYE 2020

145.67－(2) Consolidated Financial Position
Total assets

Total equity

Equity attributableto owners of parent

Ratio of equity
attributable to ownersof parent to total assets

3rd Quarter of FYE 2021

3,300,630

1,730,427

1,722,236

52.2%

FYE 2020

3,293,908

1,720,123

1,712,881

52.0%

2. Dividends
Cash dividends per share (yen)
1st Quarter

2nd Quarter

3rd Quarter

Year-end

AnnualFYE 2020

－

72.00

－

28.00

100.00FYE 2021

－

28.00

－

－

－

FYE 2021 (Forecast)

－

－

－

28.00

56.00

Note: Revision of the forecasts in the second quarter of the fiscal year ending March 31, 2021: No

3. Projection of Consolidated Results for FYE 2021 (April 1, 2020 to March 31, 2021)(%: Changes from the previous fiscal year)

Revenue

Full Year

2,850,000 (14.8)%

Profit for theProfit for theperiod attributable
Operating profit Profit before tax
period per
to Owners ofshare, basic(yen)parent100,000 (52.5)%

109,000 (47.5)%

Note: Revision of the forecasts in the second quarter of the fiscal year ending March 31, 2021: Yes

75,000 (50.8)%

97.80

4. Others(1) Changes of significant subsidiaries in the 3rd quarter of FYE 2021

: No

(2) Changes in accounting policy and changes in accounting estimates
1) Changes in accounting policy required by IFRS
2) Changes other than the above 1)
3) Changes in accounting estimates

: No
: No
: No

(3) Number of issued shares (common stock)1) Number of outstanding shares
As of December 31, 2020: 769,175,873shares As of March 31, 2020:(including treasury stock)
2,302,975shares As of March 31, 2020:

769,175,873shares

2) Number of treasury stock

As of December 31, 2020:

2,360,368shares

3) Average number of shares(for nine-month period)

3rd Quarter of FYE 2021: 766,851,309shares 3rd Quarter of FYE 2020: 766,794,253shares*The status of the implementation of the quarterly review
This quarterly earnings report is not subject to quarterly review based upon the Financial Instruments and Exchange
Act.
*Proper use of projection of operating results, and other information
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.............................................................................. 2(1) Condensed Quarterly Consolidated Statement of Financial Position..................................................... 2(2) Condensed Quarterly Consolidated Statement of Income and Condensed Quarterly Consolidated
Statements of Comprehensive Income....................................................................................................... 4
Condensed Quarterly Consolidated Statement of Income....................................................................... 4
Condensed Quarterly Consolidated Statement of Comprehensive Income........................................... 5(3) Condensed Quarterly Consolidated Statement of Changes in Equity.................................................... 6(4) Condensed Quarterly Consolidated Statement of Cash Flows................................................................ 7(5) Notes to Condensed Quarterly Consolidated Financial Statements....................................................... 8(Notes on Premise of Going Concern) ....................................................................................................... 8(Segment Information) ............................................................................................................................... 8(Significant Subsequent Event) .................................................................................................................. 8―1―

1. Condensed Quarterly Consolidated Financial Statements(1) Condensed Quarterly Consolidated Statement of Financial Position(Unit: Millions of yen)
FYE 2020(as of March 31, 2020)

3rd Quarter of FYE 2021
(as of December 31, 2020)

858,966
364,839824,744342,241

Inventories

459,940

444,809

Income taxes receivable

15,64816,897

Other financial assets

204,373

280,723

Other current assets

74,74873,829Subtotal

1,978,514

1,983,243

AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables

Assets held for sale

251

71

Total current assets

1,978,765

1,983,314

Property, plant and equipment

820,491

815,580

Intangible assets and goodwill

209,775

211,876

Investment property

23,98624,366

Investments accounted for using equity method

9,831

9,807

Other financial assets

19,73033,464

Other non-current assets

112,843

116,250

Deferred tax assets

118,487

105,973

Non-current assets

Total non-current assets
Total assets―2―

1,315,143

1,317,316

3,293,908

3,300,630

(Unit: Millions of yen)
FYE 2020
3rd Quarter of FYE 2021
(as of March 31, 2020) (as of December 31, 2020)
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables

336,223

294,406

Financing liabilities

12,173

16,621Other financial liabilities

44,12655,497

Income taxes payable

2,642

1,801

Provisions

261,162

206,131

Other current liabilities

328,081

298,709

Total current liabilities

984,407873,165

Financing liabilities

227,037

317,669

Other financial liabilities

67,85578,428

Employee benefits

56,52558,465

Non-current liabilities

Provisions

46,39846,755

Other non-current liabilities

179,849

190,553

Deferred tax liabilities

11,714

5,168

589,378

697,038

1,573,785

1,570,203

Capital stock

153,795

153,795

Capital surplus

160,178

160,178

Treasury shares(6,722)(6,520)Retained earnings

1,397,239

1,428,504

8,391(13,721)

1,712,881

1,722,236

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

Other components of equity
Total equity attributable to owners of parent

7,242

8,191

Total equity

1,720,123

1,730,427

Total liabilities and equity

3,293,908

3,300,630

Non-controlling interests―3―(2) Condensed Quarterly Consolidated Statement of Income and Condensed Quarterly Consolidated
Statement of Comprehensive Income
Condensed Quarterly Consolidated Statement of Income (for nine-month period)(Unit: Millions of yen)
FYE 2020(April 1, 2019 to
December 31, 2019)

FYE 2021(April 1, 2020 to
December 31, 2020)

Revenue

2,484,564

2,074,829

Cost of sales(2,037,034)(1,696,043)

Gross profit

447,530

378,786

Selling, general and administrative expenses(225,213)(200,489)

Research and development expenses(65,843)(77,458)

Other income

4,530

4,106

Other expenses(7,902)(6,677)

(444)

(14)

152,658

98,254

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

10,976

17,571

Finance costs(10,409)(10,139)

Profit before tax

153,225

105,686

Income tax expense(41,821)(30,756)

Profit for the period

111,404

74,930111,699

74,205(295)

725

111,404

74,930145.67

96.77

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 (for nine-month period)(Unit: Millions of yen)
FYE 2020(April 1, 2019 to
December 31, 2019)
Profit for the period

FYE 2021(April 1, 2020 to
December 31, 2020)

111,404

74,930

－

－

2,676

1,657

(5,846)(24,240)

354

(54)

927

843

Other comprehensive income (after deduction of tax) total(1,889)(21,794)

Comprehensive income

109,515

53,136

110,096

52,187

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
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations
Share of other comprehensive income of investments
accounted for using equity method
Net changes in revaluation of liability financial assets measured at fairvalue through other comprehensive income

Comprehensive income attributable to
Owners of parent
Non-controlling interests

(581)

949

Comprehensive income

109,515

53,136―5―

(3) Condensed Quarterly Consolidated Statement of Changes in Equity
FYE 2020 (April 1, 2019 to December 31, 2019)(Unit: Millions of yen)
Equity attributable to owners of parent

Balance at the beginning of
the year

TreasurysharesRetainedearnings

Other
componentsof equity

Noncontrollinginterests

Total
capitalCapitalstock

Capitalsurplus153,795

160,192(6,910)1,350,639

24,532

1,682,248

7,651

1,689,899－－－

111,699－

111,699(295)

111,404

－

－

－

－

(1,603)(1,603)(286)(1,889)－－－111,699(1,603)110,096(581)

109,515

－

－

－

184

(184)

－

－

－

－

－

－

(110,475)－(110,475)－(110,475)

－

－

(5)

－

－

(5)

－

(5)

－

(45)

194

－

－

149

－

149

－

31

－

(31)

－

－

－

－

－

(14)

189

(110,506)－(110,331)－(110,331)

153,795

160,178(6,721)

1,352,016

22,745

1,682,013

7,070

1,689,083

Total

Comprehensive income
Profit for the period
Other comprehensive
income(after deduction of tax)
Comprehensive income
totalTransfer to retained earnings
Transactions with owners
Dividends paid
Purchase of treasury
shares
Disposal of treasury
sharesTransfer from retained
earnings to capital surplus
Total transactions withownersBalance at the end of theyear

FYE 2021 (April 1, 2020 to December 31, 2020)(Unit: Millions of yen)
Equity attributable to owners of parent
Retainedearnings

Noncontrollinginterests

Total
capitalCapitalsurplus153,795

160,178(6,722)

1,397,239

8,391

1,712,881

7,242

1,720,123

Profit for the period
Other comprehensive
income(after deduction of tax)
Comprehensive income
total

－

－

－

74,205－74,205725

74,930－－－－(22,018)(22,018)

224(21,794)－－－

74,205(22,018)

52,187949

53,136

Transfer to retained earnings

－

－

－

94

(94)

－

－

－

－

－

－

(42,966)－(42,966)－(42,966)

－

－

(9)

－

－

(9)

－

(9)

－

(68)

211

－

－

143

－

143

－

68

－

(68)

－

－

－

－

－

－

202

(43,034)－(42,832)－(42,832)

153,795

160,178(6,520)1,428,504(13,721)

1,722,236

8,191

1,730,427

Balance at the beginning of
the year

TreasurysharesOther
componentsof equity

Capital
stock

Total

Comprehensive income

Transactions with owners
Dividends paid
Purchase of treasury
shares
Disposal of treasury
sharesTransfer from retained
earnings to capital surplus
Total transactions withownersBalance at the end of the
year

―6―

(4) Condensed Quarterly Consolidated Statement of Cash Flows(Unit: Millions of yen)
FYE 2020(April 1, 2019 to
December 31, 2019)
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
Proceeds from issuance of bonds
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―

FYE 2021(April 1, 2020 to
December 31, 2020)

153,225
143,110

105,686
152,001444

14(10,976)
10,409(8,115)(29,131)(89,328)(11,761)
2,307
160,184
10,005677(1,366)(40,290)
129,210(17,571)
10,13922,454(1,493)(25,377)(53,199)
14,863
207,517
3,259
748(1,516)(29,430)
180,578

125,006(103,067)
2,654(4,135)(93,074)
1,067(59,224)(41,401)(195,696)
235,572(3,472)
1,773(258,385)
177,620(1,426)(219,734)(2,265)(4,557)38,50040,000(32,285)(110,255)(220)(71,082)(6,433)53,468702,328755,796(405)(7,100)65,50040,000(30,055)(42,875)(196)
24,869(19,935)(34,222)858,966
824,744(5) Note to Condensed Quarterly Consolidated Financial Statements(Note on Premise of Going Concern)
FYE 2021 (April 1, 2020 to December 31, 2020)
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 third quarter of FYE2020 and the third quarter of FYE 2021 is as follows.
FYE 2020 (April 1, 2019 to December 31, 2019)

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

Automobiles

Aerospace

Subtotal

2,373,757
2,207
2,375,964

104,173－
104,1732,477,930
2,207
2,480,137

56－

143,322

6,320

OthersAdjustment

Consolidated

6,634
20,543
27,177－(22,750)(22,750)

2,484,564－
2,484,564

56

(500)

－

(444)

149,6422,924

92152,658
10,976(10,409)
153,225

FYE 2021 (April 1, 2020 to December 31, 2020)

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)

Automobiles

Aerospace

Subtotal

2,001,564
1,690
2,003,254

69,491
3
69,4942,071,055
1,693
2,072,748

364－

100,541(5,883)

OthersAdjustment

Consolidated

3,774
22,03825,812－(23,731)(23,731)2,074,829－
2,074,829

364

(378)

－

(14)

94,6583,488

108

98,254
17,571(10,139)
105,686

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 statements of income, and does not include
financial income, financial costs, and income tax expense. In addition, operating expenses that can not be charged
directly to each segment are allocated to each segment based on the most reasonable allocation criteria.

(Significant Subsequent Event)Due to interruptions in deliveries of certain parts using semiconductors, we suspended production of vehicles at ourGunma Manufacturing Plant on January 15, 2021 and January 16, 2021. We expect vehicle unit sales in the future will
decrease due to the reduced production at domestic and overseas sites caused by the delivery interruptions insemiconductors. We are currently evaluating its impact.
―8―

Subaru Corporation Announces Consolidated Financial Results for the Nine Months of FYE 2021
Tokyo, February 5, 2021 – Subaru Corporation today announced its consolidated financial results for the first ninemonths of the fiscal year ending March 31, 2021.

Results for April–December 2020: Consolidated Revenue
Subaru’s global vehicle sales continued to show a recovery trend since the second quarter, especially in its key North
American market and posted a year-over-year increase in the October–December period. However, the consolidated
global vehicle sales in the nine month period from April to December decreased 18.1% to 631,000 units as the impactof the Covid-19 pandemic on first quarter operations more than offset the recovery.
Overseas vehicle sales fell 17.0% to 561,000 units, while vehicle sales in Japan dropped 26.5% to 70,000 units.
Consolidated revenue decreased 16.5% to 2,074.8 billion yen.
Global production decreased 19.2% to 614,000 units. Overseas production fell 19.7% to 215,000 units, while
production in Japan declined 18.9% to 400,000 units.

Results for April–December 2020: Consolidated Profit and LossAs the decline in unit sales more than offset the reduction in SG&A expenses and the decrease in warranty expenses,
operating profit decreased 54.4 billion yen to 98.3 billion yen, profit before tax fell 47.5 billion yen to 105.7 billion yen,and profit for the period attributable to owners of parent declined 37.5 billion yen to 74.2 billion yen.

Forecasts for FYE 2021
Reflecting the decrease in production and sales volume as a result of production adjustments due to the global
shortage of semiconductor supplies, the Company revises its previous forecasts for FYE 2021 (announced on
November 4, 2020) as follows:- Consolidated global vehicle sales: 868,000 units (a decrease of 43,000 units from previous forecast; down 16.1%
from previous year)- Revenue: 2,850 billion yen (a decrease of 100 billion yen from previous forecast; down 14.8% from previous year)- Operating profit: 100 billion yen (a decrease of 10 billion yen from previous forecast; down 52.5% from previous year)- Profit before tax: 109 billion yen (a decrease of 8 billion yen from previous forecast; down 47.5% from previous year)- Profit for the period attributable to owners of parent: 75 billion yen (a decrease of 5 billion yen from previous forecast;down 50.8% from previous year)
The revised forecasts are based on exchange rate assumptions of 106 yen to the U.S. dollar and 123 yen to the euro.

Notes 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 atthe time of announcement and are subject to various risks and uncertainties that could cause actual results to vary materially.
###February 5, 2021
Subaru Corporation

Reference for the First Nine Months of FYE 2021 Consolidated Financial Results

RevenueJapan
Overseas

Operating profit
Profit margin (%)

Profit before tax

FYE 2020
Nine Months[ 2019. 4-12 ]FYE 2021
Nine Months[ 2020. 4-12 ]FYE 2020
Full Year['19.4-'20.3]

RESULTSRESULTSRESULTS

24,846
4,242
20,604
1,527

20,7483,426
17,323
983

6.1

4.7

1,532

1,057

Profit margin (%)

6.2

5.1

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

1,117

742

4.5

%

(4,097)(816)(3,281)(544)(16.5)(19.2)(15.9)(35.6)

33,441
5,727
27,714
2,103
6.3

3.5

(475)

(31.0)

2,077

1,090

6.2

3.8

(375)

(33.6)

1,526

750

3.6

Other
JPY/US$
JPY/EUR

Exchange rates
Capital expenditures
Depreciation
R&D expenditures *Interest bearing debts

109/US$
121/EUR
955
707
849
1,752

Performance description

Revenue bybusiness segment

Operating profit
by businesssegment(987)(47.5)

1,170

(776)

(50.8)

800

3.7
4.0

2.6

2.7

(132)
(117)

Other
109/US$
121/EUR
1,260
961
1,187
2,392

529
(1,105)
(289)
(138)
(132)
32

106/US$
123/EUR
900
1,000
1,000
―

106/US$
120/EUR
1,000
1,000
1,000
―

- First decrease in consolidated
unit sales in 2 years- First decrease in consolidated
unit sales in 2 years

695

66

38

Automobile

1,433

Aerospace
Other

Other

29,500
5,397
24,103
1,100- First decrease in profit at eachstage in 2 years

1,042

Japan
U.S.

(14.8)(10.7)(15.6)(52.5)- 5th consecutive year of
decrease in profit at each stage

Aerospace

Consolidated unit sales total
Production units total(4,941)(612)(4,329)(1,103)- First decrease in revenue in 2
years

Automobile

North America
Europe
China
Other

%

- First decrease in revenue in 2
years

(25)
(21)
(4)
(115)
(70)
(20)
3
(27)
(140)
(146)
(93)
(53)
(3,722)

Consolidated unit sales< Overseas >

(166)

12

70
55
15
561
495
12
20
34
631
614
400
215
20,016

Passenger Cars
Minicars

ChangeDecrease in SG&A
exp., etc.
Sales volume, mix,etc.
Effects of foreignexchange rates
Increase in R&D
exp.
Cost reduction
efforts, etc.

(1,160)106/US$
122/EUR
525
710
747
3,343

95
76
18
676
565
32
18
61
771
760
493
268
23,738

Consolidated unit sales< Japan >28,5005,115
23,385
1,000

4.6

1,019

PREVIOUSFORECASTSFORECASTS

ChangeDecrease in SG&A
exp., etc.
Sales volume, mix,etc.
Effects of foreignexchange rates
Cost reduction
efforts, etc.
Increase in R&D
exp.

Factors contributing tochange in operating profit(Yen in 100 millions, Units in thousands)
FYE 2021
FYE 2021
Full Year
Full Year[ 2020.4 - 2021.3 ]['20.4-'21.3](26.5)(27.8)(20.9)(17.0)(12.4)(62.6)
15.2(44.6)(18.1)(19.2)(18.9)(19.7)(15.7)

126
102
24
908
762
46
21
80
1,034
1,031
664
367
31,939(347)(33.3)

1,421

(29)

(43.1)

80

1,005

(428)

(29.8)

2,003

63

(59)

(122)

―

51

29

35

6

19.3

36

106
86
21
762
664
19
27
52
868
823
520
304

(20)
(16)
(3)
(146)
(98)
(27)
6
(28)
(166)
(208)
(144)
(64)

(15.6)(16.1)(13.3)(16.1)(12.9)(58.4)
29.4(34.7)(16.1)(20.1)(21.7)(17.3)

117
95
22
793
687
23
29
55
911
881
556
325

Elimination &
1
1
0
17.4
14
Corporate* "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
Income.

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