Presentation of Business Results
for the 1st Quarter of FYE2013
Fuji Heavy Industries Ltd.
August 3, 2012
http://www.fhi.co.jp/english/ir/index.html

00

A Summary of Business Results

http://www.fhi.co.jp/english/ir/index.html

11

1st Quarter : Consolidated Automobile Sales（Thousand Units）

1Q Actual Results
FYE March 2012

1Q Actual Results
FYE March 2013

Passenger car

15.7

17.7

+2.1

Minicar

15.1

13.2

-2.0

30.8

30.9

+0.1

U.S.

51.8

82.4

+30.6

Canada

8.9

6.7

-2.2

Russia

1.6

5.6

+4.0

Europe

7.7

12.6

+4.9

Australia

6.9

11.8

+4.9

China

5.9

10.7

+4.8

Others

4.7

5.1

+0.4

87.6
118.3

135.0
165.9

+47.4
+47.5

Domestic total

Overseas total

Total
http://www.fhi.co.jp/english/ir/index.html

Increase /Decrease* Canada figures of FYE2012 and China figures of FYE2013 are consolidated on the calendar year basis from Jan. to Mar.

2

Total consolidated sales for the first quarter of the fiscal year ending March 2013 cameto 165.9 thousand units, the highest first quarter sales ever, thanks to worldwide sales
increases mainly for the new Impreza. This is an increase of 47.5 thousand units
compared with the same period of the previous fiscal year when production and sales
dipped due to the March 11 earthquake.
Domestic sales were up 0.1 thousand units to reach 30.9 thousand units. Sales ofpassenger vehicles including the new Impreza launched last year, the BRZ, as well as
the Legacy which underwent a facelift offset the decline in minicar sales.
In overseas markets, sales were up across the board mainly for the Impreza, which led
to a year-on-year sales increase of 47.4 thousand units for a total 135 thousand units.

2

1st Quarter : Consolidated Statements Income（100 Million Yen）

1Q Actual Results
FYE March 2012

1Q Actual Results
FYE March 2013

Net sales

3,004

4,289

+1,285

Domestic

988

1,427

+438

Overseas

2,016

2,862

+847

Operating income

107

173

+67

Ordinary income

117

191

+74

Income before
income taxes andminority interests

323

190

-133

Net income

285

164

-121

¥82/US$¥81/US$-¥1/US$FHI exchange rate
http://www.fhi.co.jp/english/ir/index.html

Increase /Decrease

3

Looking at our consolidated results, Net sales grew 128.5 billion yen year on year to total
428.9 billion yen. This is an all-time high for first quarter sales. This uptick comes from again of 128.7 billion yen resulting from a better sales mix variance due to increases in
new car sales volumes in overseas markets as well as a gain of 4.9 billion yen fromsales increases at three Fuji Heavy Industry (FHI) companies. These gains offset an
exchange loss of 5.1 billion yen due to the appreciation of the yen.
Operating income rose by 6.7 billion yen to reach 17.3 billion yen. Negative factors suchas higher SG&A expenses, the stronger yen, and increased R&D expenses were offset
by a better sales mix variance due to increases in sales volumes and a reduction cost.
This will be looked at in further detail later on.
Ordinary income also rose 7.4 billion yen to total 19.1 billion yen due to increased
operating income, gains on forward exchange contracts, etc.
Income before income taxes and minority interests amounted to 19.0 billion yen, adecrease of 13.3 billion yen, since a gain on the sale of the Subaru Building was posted
during the first quarter of the last fiscal year.
This drop in income before income taxes and minority interests brought net income down
12.1 billion yen to 16.4 billion yen.

3

1st Quarter : Analysis of Increase and Decreasein Operating Income Changes (Consolidated)（100 Million Yen）

Improvement
Increase ofof salesSG&A
volume & Reduction expenses
mixture and in costand others
othersIncrease of fixed cost,
SG&A expenses and warranty claims
US$ : -18
EURO : -12
CA$ : -4
Currency exchange adjustment : -3

40
-246
334

Loss oncurrency
exchange

FHI : +37
SIA : +3

107
Operating Income
1Q
FYE March 2012-37

Domestic : Increase of volume
Overseas : Improvement of volume & mixture+6.7 billion yen

http://www.fhi.co.jp/english/ir/index.html

Increaseof R&D
expenses-24
173
Operating Income
1Q
FYE March 2013
4

Let’s look at the reasons behind the year-on-year increase of 6.7 billion yen in operating income that went from 10.7 billion yen to17.3 billion yen.
The primary reason for the earnings increase was a gain of 33.4 billion yen due to sales mix variances. This gain can be broken
down into the following three areas.
First, we saw a gain of 1.7 billion yen in domestic new car sales. Although minicar sales fell, passenger vehicle sales drove overall
domestic sales up.
Next, we saw a gain of 25.7 billion yen in overseas new car sales. Healthy sales of the Impreza brought sales for this quarter up, far
exceeding sales for the last year's first quarter which saw a slump in production and sales due to the March 11 earthquake.
Then finally, we had a gain of 6.0 billion yen due to inventory adjustments and others.
Another factor behind the jump in operating income was a gain of 4.0 billion yen related to reduction in cost. This includes a gain of
3.7 billion yen generated by FHI as well as a gain of 0.3 billion yen coming from SIA. FHI generated a gain of 2.7 billion yen fromcost reductions and another gain of 1.0 billion yen due to lower material prices and better market conditions. SIA yielded a gain of
0.3 billion yen through cost reductions while materials prices, etc. did not cause any year-on-year change in earnings.
The main factor bringing operating income down was a loss of 24.6 billion yen due to increases in SG&A expenses. This overall
gain can be broken down into the following three areas.
First, we see that an increase in fixed manufacturing costs generated a loss of 10.8 billion yen, with a loss of 9.3 billion yen comingfrom FHI and another loss of 1.5 billion yen at SIA. FHI generated a loss of 3.3 billion yen due to increased costs for suppliers’ diesand a loss of 6.0 billion yen due to higher fixed processing costs. SIA lost 0.4 billion yen due to higher costs for suppliers’ dies and1.1 billion yen due to an increase in fixed processing costs.
Next we see that an increase in SG&A expenses led to a loss of 12.3 billion yen. FHI experienced a loss of 3.6 billion yen due totransportation and packing costs that rose in tandem with the increasing sales volume as well as an increase in SG&A expenses
compared with the same period last year when SG&A expenses declined following on the heels of the March 11 earthquake. The
12.3 billion yen loss also includes a loss of 0.5 billion yen at domestic dealers, a loss of 6.4 billion yen generated at SOA from higher
sales promotion costs associated with the increasing sales volume, a gain of 0.3 billion yen at our Canadian subsidiaries, and a lossof 2.1 billion yen from other operations.
The third and last factor includes an increase in costs associated with warranty claims that led to a loss of 1.5 billion yen. This yearon-year loss was due to an allowance for recalls.
Another contributing factor that brought operating income down was a foreign exchange loss of 3.7 billion yen. This includes a lossof 1.8 billion yen due to an approximate 1 yen appreciation against the U.S. dollar, a loss of 1.2 billion yen due to an approximate 11
yen appreciation against the euro, and a loss of 0.4 billion yen due to an approximate 6 yen appreciation against the Canadiandollar. This figure also includes a loss of 0.3 billion yen due to foreign exchange adjustments for transactions between FHI and its
overseas subsidiaries.
Finally, an increase in R&D expenses resulted in a loss of 2.4 billion yen.
These factors combined brought consolidated operating income for the first quarter of the fiscal year ending March 2013 up 6.7
billion yen to total 17.3 billion yen.

4

1st Quarter : Consolidated Net Sales
by Business Segment（100 Million Yen / Percentage of Total Sales）

Automobile
AerospaceIndustrial
products
Other

Total
http://www.fhi.co.jp/english/ir/index.html

1Q Actual Results
FYE March 2012

1Q Actual Results
FYE March 2013

2,725

3,963

90.7%

92.4%

169

184

5.6%

4.3%

86

84

2.9%

2.0%

24

58

0.8%

1.4%

3,004

4,289

Increase /Decrease+1,239+15-3+34+1,285
5

Looking at net sales by business segment, we saw sales in the automobile businessincrease by 123.9 billion yen year on year to total 396.3 billion yen due to increasing
sales volumes in overseas markets despite foreign exchange losses due to the strong
yen.
Sales for the Aerospace Division totaled 18.4 billion yen, up 1.5 billion yen year on year
due to strong sales in the commercial aircraft sector, which offset a foreign exchange
loss from the appreciation of the yen.
Sales for the Industrial Products Division were down 0.3 billion yen to total 8.4 billion yen
due to declining engine sales in the U.S.
Other segments saw sales increase by 3.4 billion yen to total 5.8 billion yen due to
growing sales of wind power generators.

5

1st Quarter : Consolidated Operating Income
by Business Segment（100 Million Yen）

1Q Actual Results
FYE March 2012

1Q Actual Results
FYE March 2013

Automobile

96

156

+60

Aerospace

7

2

-5

Industrial
products

0

3

+3

Other

3

11

+8

Elimination andcorporate

0

1

+1

107

173

+67

Total

http://www.fhi.co.jp/english/ir/index.html

Increase /Decrease

6

Looking at operating income by business segment, we see that the operating income forthe automobile business totaled 15.6 billion yen, up 6.0 billion yen year on year. This
increase was essentially due to more new car sales and cost reductions although we
saw some negative factors, including higher SG&A expenses associated with increasing
new car sales, higher factory expenses due to increased operations, and theappreciation of the Japanese yen.
The Aerospace Division posted an operating income total of 0.2 billion yen, down 0.5
billion yen on a year-on-year basis, due to an allowance for a loss on construction
contracts despite an increase in the sales volume.
Operating income for the Industrial Products Division was up 0.3 billion yen for a total of
0.3 billion yen due to the better sales mix for engines sold in North America.
Operating income for other business segments increased 0.8 billion yen to reach 1.1
billion yen due to growing sales of wind power generators.

6

1st Quarter : Consolidated Net Salesby Geographic Area <Appendix>（100 Million Yen / Percentage of Total Sales）

Japan
North America
other

Total

http://www.fhi.co.jp/english/ir/index.html

1Q Actual Results
FYE March 2012

1Q Actual Results
FYE March 2013

1,507

2,069

50.2%

48.2%

1,360

1,844

45.3%

43.0%

138

376

4.6%

8.8%

3,004

4,289

Increase /Decrease

+563
+484
+238
+1,2857

7

1st Quarter : Consolidated Operating Income
by Geographic Area <Appendix>（100 Million Yen）

1Q Actual Results
FYE March 2012

1Q Actual Results
FYE March 2013

Japan

25

144

+119

North America

28

24

-4

0

1

+0

53

4

-49

107

173

+67

Other
Elimination andcorporate

Total

http://www.fhi.co.jp/english/ir/index.html

Increase /Decrease88

1st Quarter : Overseas Net Sales <Appendix>（100 Million Yen / Percentage of Total Sales）

North America
Europe
Asia
Other

Total
http://www.fhi.co.jp/english/ir/index.html

1Q Actual Results
FYE March 2012

1Q Actual Results
FYE March 2013

1,457

1,963

72.3%

68.6%

218

369

10.8%

12.9%

139

236

6.9%

8.2%

202

294

10.0%

10.3%

2,016

2,862

Increase /Decrease

+506
+151
+97
+92
+847
9

9

1st Quarter : Operating Resultsof Subsidiaries in U.S.
（million US$）

1Q Actual Results
FYE March 2012

1Q Actual Results
FYE March 2013

1,313

2,014

+701

36
24

34
23

-2
-1

(Thousand units)

64.5

83.6

+19.1

SIA

1Q Actual Results
FYE March 2012

1Q Actual Results
FYE March 2013

Net sales

747

1,027

+280

Operating income

-19

21

+40

Net income

-11

13

+24

Subaru production

33.3

45.2

+11.9

SOA
Net sales
Operating income
Net income
Retail sales(Thousand units)
http://www.fhi.co.jp/english/ir/index.html

Increase /Decrease

Increase /Decrease10

10

1st Quarter : Consolidated Non-Operating
Income and Expenses（100 Million Yen）

1Q Actual Results 1Q Actual Results
FYE March 2012 FYE March 2013

Increase /Decrease

Non-Operating income

36

99

+63

Interest & dividends income

6

6

+0

Equity in earnings of affiliates

5

1

-4

Non-operating expenses

26

81

+55

9

9

+0

Net

10

18

+8

Financial revenue andexpenditure

-3

-3

+0

FOREX effects

11

23

+12

Net of gain and loss on
valuation of derivatives
Net of FOREX gains andlosses

17

89

+72

-6

-66

-59

Interest expenses

http://www.fhi.co.jp/english/ir/index.html

11

Net non-operating income and expenses increased 0.8 billion yen year on year. Financial
revenue and expenditures remained at the same level as last year while foreignexchange-related losses grew by 1.2 billion yen.
Foreign exchange fluctuations had a significant impact on non-operating income andexpenses mainly in the following two areas: (1) gains and losses on revaluation ofderivatives, and (2) foreign exchange gains and losses.
Net gain on valuation of derivatives was up 7.2 billion yen year on year, rising from 1.7
billion yen to 8.9 billion yen.
Net foreign exchange losses increased 5.9 billion yen year on year to reach 6.6 billion
yen. This figure includes a year-on-year increase of 6.3 billion yen due to the difference
between market and hedge rates despite a year-on-year decrease of 0.3 billion yen due
to the foreign exchange variance at overseas subsidiaries.

11

1st Quarter : Consolidated Extraordinary
Income and Expenses（100 Million Yen）

1Q Actual Results 1Q Actual Results
FYE March 2012 FYE March 2013

Increase /Decrease

265

4

-261

263

1

-263

1

3

+2

0

0

-0

Extraordinary loss

59

5

-54

Loss on sales andretirement of noncurrent
assets2

4+2

Loss on disaster

57

-

-57

Other

0

1

+1

Net

206

-1

-207

Extraordinary income
Gain on sales of
noncurrent assets
Gain on sales ofinvestment securities
Other

http://www.fhi.co.jp/english/ir/index.html

12

Looking at extraordinary gains and losses, we see a 26.1 billion yen year-on-year drop in
an extraordinary gains for a total of 0.4 billion yen and a 5.4 billion yen year-on-year
decline in an extraordinary losses for a total of 0.5 billion yen since no major
extraordinary gains or losses were posted this fiscal year unlike the first quarter of thelast fiscal year when we posted a gain of 26.1 billion yen from the sale of the Subaru
Building and a disaster loss of 5.7 billion yen. These factors brought net extraordinary
loss down 20.7 billion yen for a total of 0.1 billion yen.

12

Consolidated Balance Sheets（100 Million Yen）

As of
March 31, 2012

As ofJune 30, 2012

Total assets

13,525

13,538+12

Current assets

7,625

7,695

+69

Noncurrent assets

5,900

5,843

-57

Interest bearing debt

3,410

3,381

-29

Net assets

4,516

4,573

+57

Retained earnings

1,885

2,014

+128

Shareholder’s equity

4,503

4,560

+57

Shareholder’s equity tototal assets

33.3%

33.7%

+0.4％

0.76

0.74

-0.02

D/E ratio
http://www.fhi.co.jp/english/ir/index.html

Increase /Decrease

13

The balance sheet shows total assets amounting to 1,353.8 billion yen as of June 30,
2012.
Total assets increased 1.2 billion yen year on year due to the consolidation of overseas
sales subsidiaries despite the negative impact of the strong yen which generated a lossof 10.9 billion yen.
Interest-bearing debts declined 2.9 billion yen to reach 338.1 billion yen. This drop is dueto the redemption of corporate bonds amounting to 20.0 billion yen this past May despitea 10 billion yen bond issue in June.
We plan to bring debt down to 330.0 billion yen by the end of the fiscal year ending
March 2013.
Net assets totaled 457.3 billion yen, up 5.7 billion yen, due primarily to a 12.8 billion yen
increase in retained earnings.
The shareholders’ equity to total assets ratio was up 0.4 percentage points from the endof the previous fiscal year to reach 33.7% while the debt-to-equity ratio was down 0.02
points to reach 0.74, due primarily to an increase in accumulated earnings.

13

1st Quarter : Consolidated Statementof Cash Flows（100 Million Yen）

1Q Actual Results 1Q Actual Results
FYE March 2012 FYE March 2013

Increase /Decrease

Net cash provided by (usedin) operating activities

-197

393

+591

Net cash provided by (usedin) investing activities

275

-172

-448

78

221

+143

624

-243

-867

Effect of exchange ratechange on cash and cash
equivalents

-8

-27

-18

Net increase (decrease) incash and cash equivalents

693

-49

-742

Increase (decrease) in cash and cash
equivalents resulting from change ofscope of consolidation

0

213

+213

Cash and cash equivalents
at end of period

2,971

2,745

-225

Free cash flows
Net cash provided by (usedin) financing activities

http://www.fhi.co.jp/english/ir/index.html

14Moving on to cash flows, we see that net cash provided by operating activities totaled 39.3
billion yen for an increase of 59.1 billion yen year on year. This uptick is due to steadyproduction and sales during this quarter unlike the same period last year when we
experienced a decrease in working capital as a result of stagnant production following on
the heels of the March 11 earthquake.
Net cash used in investment activities dropped 44.8 billion yen year on year to a negative
17.2 billion yen due to a gain on the sale of the Subaru Building posted last year.
Free cash flows increased by 14.3 billion yen to reach 22.1 billion yen.
Net cash provided by financing activities dropped 86.7 billion yen year on year to reachminus 24.3 billion yen as a result of a decline in interest bearing debts due to theredemption of corporate bonds this year while loans were increased for post-earthquake
operations last year.
Cash and cash equivalents decreased 22.5 billion yen to total 274.5 billion yen despite anincrease of 21.3 billion yen as a result of the consolidation of overseas subsidiaries.

14

1st Quarter : Non-Consolidated Automobile Sales<Appendix>（Thousand units）

1Q Actual Results 1Q Actual Results
FYE March 2012 FYE March 2013

Increase /Decrease

Domestic production

77.7

136.6

+58.8

Domestic sales

33.0

31.9

-1.1

Passenger car

17.7

20.1

+2.4

Minicar

15.3

11.8

-3.5

46.9

95.1

+48.3

33.1

42.7

+9.6

113.0

169.7

+56.8

Number ofvehicles exported
Components foroverseas production

Total* Domestic Production figures include Toyota 86.

http://www.fhi.co.jp/english/ir/index.html

15

15

Net Sales & Operating Income <Appendix>
Net Sales（¥100M）
6,000

¥92/$

¥88/$

¥83$

¥83/$

¥79/$

¥79/$

347

5,000

3,703

¥78/$

350

4,877

4,337
4,000

¥82/$

Operating Income（¥100M）
400
¥81/$

4,289

4,059
3,706

3,546

226

3,744

250

3,004

3,000

200

161

173

161

2,000

300

107

100

91

107
1,000

150

81

50
0

0
1Q

2Q

3Q

FY2011
http://www.fhi.co.jp/english/ir/index.html

4Q

1Q

2Q

3Q

FY20124Q

1Q

FY201316

16

Complete Cars Production & Retail Sales <Appendix>（1,000 Cars）
Production

Retail196

200
162 160

174
161

150

164

162

156

147

138

150

196

191

182
165

158

136

111
100

50

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

2010

2011

2012
* Production figures include Toyota 86.

http://www.fhi.co.jp/english/ir/index.html

1717

Free Cash Flows &Shareholder’s Equity to Total Assets <Appendix>
FCF（¥100M）

Shareholder’s Equity
to Total Assets
38%

35.4%

900

871

33.6%
700

34.7%
34.7%

34.2%

33.7%

35%

33.3%

640

33.7%

33%

31.9%
30%

500

300

397
28%

283

246

221
78

100

47

23%
-42

-100
1Q

2Q

3Q

FY2011
http://www.fhi.co.jp/english/ir/index.html

4Q

1Q

2Q

25%

3Q

FY201220%4Q

1Q

FY201318

18

Interest Bearing Debts & D/E Ratio <Appendix>
Interest Bearing Debt（¥100M）
4,500

D/E Ratio

3,965

4,000
3,500

3,473

3,000

3,367

3,179

3,866

1.4
3,688
3,410

3,306

3,381

1.0

0.91

0.89

0.82

2,500
2,000

0.85

0.89

0.8

0.76

1.2

0.76

0.8
0.74
0.6

1,500
0.4

1,000

0.2

500

0.0

0
1Q

2Q

3Q

FY2011
http://www.fhi.co.jp/english/ir/index.html

4Q

1Q

2Q

3Q

FY20124Q

1Q

FY201319

19

Outlook for the term Ending March 2013

http://www.fhi.co.jp/english/ir/index.html

2020Full Year : Consolidated Statements Income（100 million yen / Thousand units）

Actual Results
FYE March 2012

Plan
FYE March 201315,171440
373

18,600670
630+3,429
+230
+257

529

600

+71

FHI exchange rate

385
¥79/US$

480¥80/US$+95+¥1/US$

Consolidated
automobile sales

639.9

720.8

+81.0

Domestic total

172.3
467.5

145.4
575.4

-26.9
+107.9Net sales
Operating income
Ordinary income
Income before
income taxes andminority interests
Net income

Overseas total

Increase /Decrease* No change from the original plan (May 2013)
http://www.fhi.co.jp/english/ir/index.html

21

Now let's look at our plans for the fiscal year ending March 2013.
We are not making any changes in our sales and income forecast for the fiscal year
ending March 2013, which we announced in May since the first quarter results were righton track.
Although the outlook for the future remains cloudy in light of the appreciating yen,economic trends in Europe, declining sales triggered by the discontinuation of the ecocar tax credit and purchase incentive programs in Japan, etc., we will make group-wide
efforts to achieve the goals set in our business plan.

21

Full Year : Analysis of Increase and Decrease in Operating Income Changes
Original Plan vs Revised Plan (Consolidated) <Appendix>
FHI : +52

670

Operating Income
FYE March 2013
Original Plan
http://www.fhi.co.jp/english/ir/index.html

Reductionin costLoss oncurrency
exchange

Increase of
SG&A
expensesand others

52

-32

-20

EURO : -26
CA$ : -5
Currency exchange
adjustment : -1（100 Million Yen）

Increase of
warranty claims±0 billion yen

670

Operating Income
FYE March 2013
Revised Plan
22

Let’s look at the reasons behind the projected year-on-year change in operating income
for the fiscal year ending March 2013. While the projected figure for operating income
remains at 67.0 billion yen, given the ongoing appreciation of the yen against euro andother currencies, we have made changes to the factors that will affect our bottom line in
the following three areas.
First, we revised the projected gain from reduced material costs upward from our initial
forecast, with an additional gain of 5.2 billion yen. This 5.2 billion yen increase will comefrom FHI due to lower material costs and better market conditions given the current trend
in material prices.
Another revision reflects a 3.2 billion yen decrease due to foreign exchange fluctuations.
We revised the projected yen rate against the euro from 105 yen to 99 yen in light of theongoing appreciation of the yen. This six yen difference is expected to generate a loss of
2.6 billion yen. The projected yen rate against the Canadian dollar has been raised one
yen to bring it up to 79 yen from the previous estimate of 80 yen and will result in theloss of 0.5 billion yen. We also expect a loss of 0.1 billion yen due to foreign exchange
adjustments for transactions between FHI and its overseas subsidiaries. The projected
yen rate against the U.S. dollar remains unchanged from the initial forecast.
Finally, we expect an additional 2.0 billion yen loss from higher SG&A expenses as we
posted an allowance for recalls in Japan and other markets in the first quarter.
While we made some revisions to the full year forecast as outlined above, we continue toaim for the operating income target of 67.0 billion yen that was initially projected.

22

Full Year : Analysis of Increase and Decrease in
Operating Income Changes (Consolidated) <Appendix>
Increase of（100 Million Yen）
SG&A
Improvement
Reduction expenses
Increase of fixed cost and SG&A expensesof salesDecrease of warranty claims
and othersin costvolume &mixture andUS$ : +78
263
EURO : -41
othersIncrease-497
Loss on CA$ : -3
Currency exchangeof R&D
currency adjustment : -35
expensesexchange514

440Operating Income
FYE March 2012

http://www.fhi.co.jp/english/ir/index.html

FHI : +242
SIA : +21

-49

-1
670

Domestic : Deterioration of mixture
Overseas : Increase of volume & deterioration of mixture+23.0 billion yen

Operating Income
FYE March 201323

23

Full Year : Operating Resultsof Subsidiaries in U.S.
（million US$）

Actual Results
FYE March 2012

Plan
FYE March 2013

6,923

8,209

+1,287

105
74

59
40

-46
-34

(Thousand units)

279.2

320.0

+40.8

SIA

Actual Results
FYE March 2012

Plan
FYE March 2013

3,845

3,989

+144

Operating income

82

41

-41

Net income

51

24

-27

170.6

172.7

+2.1

SOA
Net sales
Operating income
Net income
Retail sales

Net sales

Subaru production(Thousand units)
http://www.fhi.co.jp/english/ir/index.html

Increase /Decrease

Increase /Decrease24

24Capex / Depreciation / R&D / Interest Bearing Debt
<Appendix>（100 Million Yen）

Actual Results Actual Results Actual Results
Plan
1Q
1Q
FYE2012 (a)FYE2013 (b)FYE2012FYE2013

Increase/
Decrease(b) - (a)

Capex

140

543

113

720

+177

Depreciation

116

537

119

600

+63

R&D

106

481

130

530

+49

3,965

3,410

3,381

3,300

-110

Interest
bearing debt

http://www.fhi.co.jp/english/ir/index.html

25

25

Appendix

http://www.fhi.co.jp/english/ir/index.html

26

26

1st Half : Consolidated Statements Income<Appendix>（100 million yen / Thousand units）

1H Actual Results
FYE March 2012

1H PlanFYE March 2013

6,550
188
216

9,100
320
300

+2,550
+132
+84

402

290

-112

FHI exchange rate

328
¥80/US$

230¥80/US$-98-¥0/US$

Consolidated
automobile sales

265.9

355.9

+90.0

Domestic total

72.6
193.3

75.2
280.8

+2.6
+87.4

Net sales
Operating income
Ordinary income
Income before
income taxes andminority interests
Net income

Overseas total

Increase /Decrease* No change from the original plan (May 2013)
http://www.fhi.co.jp/english/ir/index.html

27

27

1st Half : Analysis of Increase and Decrease in Operating Income Changes
Original Plan vs Revised Plan (Consolidated) <Appendix>

Reductionin costIncrease of
SG&A
expensesand others

Loss oncurrency
exchange

29

-20

-9

FHI : +29（100 Million Yen）

EURO : -6
CA$ : -3

Increase of warranty claims

320

320

▲20
Operating Income
1H
FYE March 2013
Original Plan
http://www.fhi.co.jp/english/ir/index.html±0 billion yen▲9Operating Income
1H
FYE March 2013
Revised Plan
28

28

1st Half : Analysis of Increase and Decrease in
Operating Income Changes (Consolidated)<Appendix>
Improvementof sales Reduction
in costvolume &mixture andothersIncrease of fixed cost and （100 Million Yen）
SG&A expenses

157
-423

483

188
Operating Income
1H
FYE March 2012
http://www.fhi.co.jp/english/ir/index.html

FHI : +147
SIA : +10

Increaseof R&D
expenses

Increase of
SG&A
expensesand others-47

Loss oncurrency
exchange

US$ : -12EURO : -24
CA$ : -9
Currency exchange
adjustment : +7

-38
320

Domestic : Increase of volume, deterioration of mixture
Overseas : Increase of volume, deterioration of mixture+13.2 billion yen

Operating Income
1H
FYE March 201329

29

2nd Half : Consolidated Statements Income<Appendix>（100 million yen / Thousand units）

Net sales
Operating income
Ordinary income
Income before
income taxes andminority interests
Net income
FHI exchange rate
Consolidated
automobile sales
Domestic total
Overseas total

2H Actual Results
FYE March 2012

2H PlanFYE March 2013

Increase /Decrease

8,621
252
157

9,500
350
330

+879
+98
+173

127

310

+183

57
¥77/US$

250¥80/US$+193+¥3/US$

373.9
99.8
274.2

364.9
70.2
294.7

-9.1
-29.5
+20.5

* No change from the original plan (May 2013)
http://www.fhi.co.jp/english/ir/index.html

30

30

2nd Half : Analysis of Increase and Decrease in Operating Income Changes
Original Plan vs Revised Plan (Consolidated) <Appendix>

FHI : +23

Reductionin costLoss oncurrency exchange

23

-23

（100 Million Yen）

EURO : -20
CA$ : -2
Currency exchange
adjustment : -1

350

350

Operating Income
2H
FYE March 2013
Original Plan

Operating Income
2H
FYE March 2013
Revised Plan

http://www.fhi.co.jp/english/ir/index.html±0 billion yen

31

31

2nd Half : Analysis of Increase and Decrease in
Operating Income Changes (Consolidated)<Appendix>
FHI : +95
SIA : +11

Gain oncurrency
Reduction exchange
in cost
37

106

252

US$ : +90
EURO : -17
CA$ : +6
Currency exchange
adjustment : -42（100 Million Yen）

31

▲74

Improvement Increase ofof salesSG&A
volume &expenses
mixture and and others
othersIncreaseof R&D
expenses▲2

Increase of fixed costand SG&A expenses
Decrease of warranty claims

350

Domestic : Deterioration of volume & mixture
Overseas : Increase of volume, deterioration of mixture

Operating Income
2H
FYE March 2012
http://www.fhi.co.jp/english/ir/index.html+9.8 billion yen

Operating Income
2H
FYE March 2013
32

32

Thank you !

http://www.fhi.co.jp/english/ir/index.html

3333