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

November 5 th, 2021

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 2022 financial results briefing.
I would also like to take this opportunity to thank you for your ongoing support for ourbusiness activities.

1

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

FYE 2021

FYE 2022

stVariancest

1 Half Results

1 Half Results

Consolidated Unit Sales

363

375

+12

Production

354

342

-12

Revenue

12,184

13,417+1,233

306

545

+238

237

448

+211

¥107

¥110

+¥3

EURO

¥120

¥131

+¥10

CAN$

¥79

¥88

+¥10

Operating profit
Profit for the period attributable toowners of parent
SUBARUUS$
exchange rate

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

2First, the financial results for the first half are as you see here.
CFO Katsuyuki Mizuma will be providing details later.
Consolidated unit sales were up 12.0 thousand units year on year to 375.0 thousand units,
and revenue was up 123.3 billion yen to 1,341.7 billion yen.
As a result, operating profit was up 23.8 billion yen year on year to 54.5 billion yen. Profit
for the period attributable to owners of parent was up 21.1 billion yen to 44.8 billion yen.
These results surpassed those of the previous year.
However, as explained at the first quarter briefing in August, production was down 60.0
thousand units over the three-month period from April to June due to the semiconductor
shortage.
Production adjustments continued at plants in Japan and the United States in July andthereafter. Moreover, in September, on top of the semiconductor shortage, Southeast Asia
was impacted by the spread of COVID-19, resulting in a substantial delay in the supply ofparts.
As a result, the situation remained difficult, including a 12-day suspension of operations at
our Gunma Plant. For this reason, the impact in the second quarter was heavier thaninitially anticipated.

2

Subaru sales in the U.S.
■ Retailer inventory and backorders- Retailer inventory at:

4 days’ supply level *- Backorders at:

35,000 unit level *Retailer lot filled with“pre-sold” vehicles

Empty retailer lot
with no new cars in stock

Outback Wilderness

Outback model mix■ Outback model mix- Higher trim models(Wilderness, XT, Onyx, Touring) add up to:

50% level **As of end of October 2021

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

3

While production constraints have continued, demand remains strong in North America,
Japan, and other overseas markets.
Particularly in our main market of the U.S., the sales momentum continues to be strong for
Subaru models including the Outback, Crosstrek, and Forester.
As shown in the picture above, almost all vehicles at retailer lots are “pre-sold,” and theinventory at local retailers is at four days’ worth, a level never seen before. Inventory is so
scarce that pipeline inventory is sold before it reaches the retailer lots.
The number of backorders, which represents customers who have ordered and are
waiting on vehicles, has reached the record-high level of 35.0 thousand units.
I feel very bad about making our customers wait, not only in the U.S. but around the world,
but we, as a manufacturer, together with our distributors and retailers, are working as one
team to engage in more efficient operations than ever so that we can deliver the vehicles
as quickly as possible.
The image below shows the Outback Wilderness, which debuted in March of this year.
Our customers are very pleased with the addition of the Wilderness edition to our lineup,and higher trim models such as the Wilderness, XT, and Onyx, account for around half of
the Outback sales mix. We have very high expectations for the Wilderness to become
another key model that supports our revenue.
It is very regrettable that if we could have supplied more vehicles to the U.S. in the first
half, we could have sold a lot more. However, I believe we have laid the groundwork, so
we are ready to increase sales and generate more profits when our production recovers.

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

FYE 2021

FYE 2022

FYE 2022

Variance

Variance

Results(a)Previous Plan*(b)Revised Plan(c)(c)-(a)(c)-(b)Consolidated Unit Sales

860

960

830

-30

-130

Production

810

990

860

50

-130

Revenue

28,30233,00029,000+698-4,000Operating profit

1,025

2,000

1,500

+475

-500

765

1,400

1,100

+335

-300

¥106

¥109

¥110

+¥4

+¥1

EURO

¥123

¥130

¥130

+¥7

+¥0

CAN$

¥80

¥88

¥88

+¥8

-¥0

Profit for the period attributable toowners of parent
SUBARUUS$
exchange rate

* Announced on August 3, 2021

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

4

Last, let’s look at full-year plans.
The impact of production constraints caused by the spread of COVID-19 and thesemiconductor shortage has been greater than anticipated. Considering the limited
recovery period this year, we have revised revenue downward by 400.0 billion yen
compared to the previous plan to 2,900.0 billion yen and operating profit by 50.0 billion
yen to 150.0 billion yen.
The situation remains difficult, but we are working on various efforts such as reviewing
costs, reducing warranty expenses, and reducing sales incentives, and we have learned
some things during the COVID-19 pandemic, including with respect to inventory
operations when inventory levels are low.
Using what we have learned during the COVID-19 pandemic, we will keep going with ouractivities without letting up in the aim of establishing a more robust structure.
The situation with the spread of COVID-19 remains unpredictable.
It is also unclear when the semiconductor supply will recover, but we will come together as
one Subaru Group to achieve the targets of our full-year plan.
We appreciate your continued support.

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.
If you are interested in investing in SUBARU, you are asked to make a final investment decision at your own risk, taking theforegoing into account. Please note that neither SUBARU nor any third party providing information shall be liable for any
damage you may suffer due to investment in SUBARU based on the information mentioned in this presentation.
https://www.subaru.co.jp/en/ir/

55Consolidated Financial Results for the 1 st Half of FYE 2022
SUBARU CORPORATION
Katsuyuki Mizuma, Director, Executive Vice President & CFO
November 5 th, 2021

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

6Consolidated Financial Results for the 1 st Half of FYE 2022

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

77

1 st H a l f ：Consolidated Unit Sales / Complete Cars Production(Thousand Units)FYE 2021
st

FYE 2022
st

1 Half Results

1 Half Results

363

375

Consolidated Unit Sales Total

FYE 2021
st

FYE 2022
stVariance+12

Variance

1 Half Results

1 Half Results

Production in U.S.

133

124

-9

Production in Japan

221

218

-3

354

342

-12

Production* Total* Production figures include Toyota 86.

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

8

Let’s start with the results for the first half of FYE 2022.
First is consolidated unit sales and production.
As Nakamura explained earlier, customer demand remains strong, primarily in our mainmarket of the United States.
At the same time, in addition to the global semiconductor supply shortage since thebeginning of the year, there have been parts supply constraints arising from the spread of
COVID-19 in Southeast Asia since the end of August, resulting in temporary suspensionsof operations and production adjustments at our production facilities in Japan and theUnited States.
As a result, production was down 12.0 thousand units year on year to 342.0 thousand
units, while consolidated unit sales were up 12.0 thousand units to 375.0 thousand units.

8

1 st H a l f ：C: o n s o l i d a t e d U n i t S a l e s ( b y m a r k e t )(Thousand Units)FYE 2021

FYE 2022

stVariancest

1 Half Results

1 Half Results

Passenger cars

33

35

+3

Minicars

10

9

-1

Domestic total

43

44

+2

U.S.

261

253

-8

Canada23

29+6

Russia1

2+1

Europe67+2Australia

11

17

+6

China

13

9

-5

6

13

+7

Overseas total

321

331

+10

Total

363

375

+12

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

9

Next, let’s look at consolidated unit sales by market.
In the markets of the United States and China, which recovered quickly from the COVID19 pandemic that hit in the previous fiscal year, unit sales were down, but in otheroverseas markets and the Japanese market, unit sales were up.
As a result, total consolidated unit sales were up over the previous year.

9

1 st H a l f :Consolidated Profit Results(100 Million Yen)FYE 2021
st

FYE 2022
stVariance

1 Half Results

1 Half Results

12,184

13,417+1,233

Domestic

2,102

2,179

+77

Overseas

10,082

11,237+1,156

Operating profit

306

545

+238

Profit before tax

361

612

+251

Profit for the period attributableto owners of parent

237

448

+211

SUBARU
exchange rate

US$

¥107

¥110

+¥3

EURO

¥120

¥131

+¥10

CAN$

¥79

¥88

+¥10

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

10This is consolidated profit.
Revenue was up 123.3 billion yen year on year to 1,341.7 billion yen owing primarily to
improvement in the sales volume & mixture of 100.0 billion yen resulting from increased
unit sales, and a gain on currency exchange of 37.6 billion yen.
Operating profit was up 23.8 billion yen year on year to 54.5 billion yen.
Profit before tax was up 25.1 billion yen to 61.2 billion yen, and profit for the period
attributable to owners of parent was up 21.1 billion yen to 44.8 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)

+66

+534

-257

+4
R&D expenses

Gain on currency
exchange-98
Cost reduction,
etc.

-11

SG&A expenses,
etc.

Other

Sales volume &mixture, etc.

Results
1st Half
FYE 2021
Sales volume &mix , etc.

Results
1st Half
FYE 2022+238
Curerncy+534 exchange+66 Cost reduction, etc.
+104 SUBARU-257 SG&A expenses, etc.

Domestic+18 US＄

Overseas+132 EURO+9

Cost reduction+30

Cost reduction+12 SUBARU

Sales Incentive+117 CAN＄+44

Material cost,
etc.

-207

Material cost,
etc.

-92

Others+267 CNY+2

Currency exchange
adjustment+14

Unrealized gain

-107

-177 SIA*1-80 Fixed manufacturing cost
Suppliers'
dies cost
Fixed
processing
cost

-98
-83 SG&A-155 Warranty claims +140

+7 SUBARU

-84

-31

Suppliers'
dies cost+21 Domestic dealers-11

SOA *2

-58

-59

Fixed
processingcost

SCI *3-11

Others+9-90 SIA*1-14*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/

11This is the analysis of variance in operating profit compared to the previous year’s results.
The sharp rise in the cost of materials, including precious metals, as well as increased
costs associated with increased unit sales pushed profit downward, but profit was up 23.8
billion yen year on year owing primarily to an increase in new car sales in Japan andoverseas.
The exchange rate was down around 3 yen to the U.S. dollar and 10 yen to the Euro andCanadian dollar.
U.S. sales incentives per unit were down 500 dollars from 1,400 dollars in the previous
year to 900 dollars, bringing the total amount of U.S. sales incentives down 11.8 billion
yen.

11

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

* Lease liabilities are not included in the results above.

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

12This is the consolidated statement of cash flows / cash and cash equivalents.
Free cash flows were -18.2 billion yen.
Cash and cash equivalents at end of period were down 59.0 billion yen from the end of theprevious fiscal year to 848.4 billion yen, while the balance of interest bearing debts was up
1.2 billion yen to 335.1 billion yen.
As a result, net cash was down 60.1 billion yen from the end of the previous fiscal year to513.3 billion yen.

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

FYE 2022
stVariance

1 Half Results

1 Half Results

Capex *1

334

382

+48

Depreciation *1

471

460

-11

R&D expenditures *2

506

616

+110

*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 2022

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

14

14

Revised Plan FYE 2022 ：Consolidated Unit Sales / Complete Cars Production(Thousand Units)

Consolidated Unit Sales Total

FYE 2021

FYE 2022

FYE 2022

Variance

Variance

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

960

830

860

-30

-130

FYE 2021

FYE 2022

FYE 2022

Variance

Variance

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

Production in U.S.

285

-

320

+35

-

Production in Japan

525

-

540

+15

-

860

+50

-130

Production* Total

810

990

* Production figures include Toyota 86.

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

15

Now, let’s look at the full-year plan for FYE 2022.
This is consolidated unit sales and production.
Although production will be maintained at a higher level than the previous year, we arerevising the number downward from the previous plan announced on August 3 by 130.0
thousand units to 860.0 thousand units. This is due to the significant impact of reduced
production in the first and second quarters and the fact that supply constraints have notbeen resolved.
As such, we have revised consolidated unit sales downward by 30.0 thousand units fromthe previous year to 830.0 thousand units, which is 130.0 thousand units lower than theprevious plan.
Inventory is very low, especially in our main market of the United States. However, withthe cooperation of our retailers, we are working to ensure as many orders and sales as
possible by using pipeline inventory and swapping inventory between retailers.
At the same time, we will continue to put every effort into delivering SUBARU vehicles toour customers as quickly as possible.

15

Revised Plan FYE 2022 ：C: o n s o l i d a t e d U n i t S a l e s ( b y m a r k e t )(Thousand Units)FYE 2021

FYE 2022

Results

Plan

Variance

82

78

-4

Minicars

20

19

-1

Domestic total

102

97

-5

U.S.

612

570

-42

Canada

50

55

+5

China

24

16

-8

Passenger cars

73

92

+19

Overseas total

758

733

-25

Total

860

830

-30

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

16

The consolidated unit sales plans by market are as you see on the slide.

16

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

FYE 2021

FYE 2022

FYE 2022

Variance

Variance

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

28,30233,00029,000+698-4,000Operating profit

1,025

2,000

1,500

+475

-500

Profit before tax

1,140

2,030

1,550

+410

-480

765

1,400

1,100

+335

-300

¥106

¥109

¥110

+¥4

+¥1

EURO

¥123

¥130

¥130

+¥7

+¥0

CAN$

¥80

¥88

¥88

+¥8

-¥0

Profit for the period attributable toowners of parent
SUBARUUS$
exchange rate

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

17This is consolidated profit.
We revised revenue and operating profit downward due primarily to the downward revisionof production and consolidated unit sales from the previous plan.
Revenue will be down 400.0 billion yen from the previous plan to 2,900.0 billion yen, andoperating profit will be down 50.0 billion yen to 150.0 billion yen. We will aim for profit
before tax of 155.0 billion yen and profit for the period attributable to owners of parent of
110.0 billion yen.

17

Revised Plan FYE 2022 ：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 )+845Gain on currency
exchange+10

SG&A expenses,
Cost reduction etc.

R&D expenses(100 Million Yen)-95
Cost reduction,
etc.

Other

1,500

Sales volume &mixture, etc.

1,025
FYE 2021
Results
Sales volume &mix , etc.

-630

+38

+307

FYE 2022
Revised Plan

+475
Curerncy+845 exchange+307 SG&A expenses, etc.

Domestic+35 US＄+383 Fixed manufacturing cost

Overseas+395 EURO+6 SUBARU

Sales Incentive+285 CAN＄+73

Suppliers'
dies cost-99

Others+130 CNY+2

Fixedprocessing
cost

-69

Currency exchange
adjustment-21

Unrealized gain

-136

+38 Cost reduction, etc.

-630

-191 SG&A-194 Warranty claims-23 SUBARU-208

Cost reduction+77

Cost reduction+27

Suppliers'
dies cost+22 Domestic dealers-11

Material cost,
etc.

-507

Material cost,
etc.

-227

Fixed
processing
cost

-45

-168 SIA*1

SOA *2-7

SCI *3-21

Others+53+423 SUBARU-430 SIA*1-200*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.
The main factors working to increase operating profit are expected reduction in sales
incentives, increase in selling prices, and improvements in model/trim mixture.Althoughconsolidated unit sales will be down, we expect operating profit to be up 84.5 billion yen
due to sales volume & mixture, etc. In addition, we expect it to be up 30.7 billion yen
assuming a roughly 4 yen depreciation of the yen against the U.S. dollar.
The main factors working to decrease operating profit are external environmental factors
such as a deterioration in material cost , etc., bringing profit down 63.0 billion yen. We
expect an increase of 47.5 billion yen year on year to 150.0 billion yen.
We expect U.S. sales incentives per unit to be down 300 dollars from 1,300 dollars in theprevious year to 1,000 dollars, bringing the total amount of U.S. sales incentives down
26.7 billion yen.

P r e v i o u s P l a n F Y E 2 0 2 2 ( 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)

-1,189+345+437
SG&A expenses,
Cost reduction
etc.

-93

Reducesales incentive
decrease inconsolidated
unit sales

2,000

FYE 2022
Previous Plan

Loss on currency exchange：-43
Material cost, etc.：+20
R&D expenses：+63

-500

Other

1,500

FYE 2022
Revised Plan

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

19

Next, I will discuss the factors behind the 50.0 billion yen decrease in operating profit
from the previous plan.
We are thoroughly reviewing costs Group-wide to achieve the target of 200.0 billion yen
in operating profit set forth in the initial plan.
Primarily by reducing sales incentives, advertising and other sales-related costs, andwarranty claims, which include some one-off items, we expect to see a 78.2 billion yen
increase in operating profit, which includes 43.7 billion yen from reduced sales incentives
and 34.5 billion yen from reduced SG&A expenses, etc.
There is no change to the assumption that expenses related to recalls, service
campaigns and so on will be around 1% of the previous revenue forecast announced on
August 3.
However, production constraints resulting mainly from the semiconductor shortage
persist, so the timing of recovery production has to be delayed longer than initiallyanticipated. As such, we expect a 118.9 billion yen decrease in operating profit due to thedecrease in new car sales and have decided to revise the full-year plan accordingly.
See page 36 for a comparison of the same items with the previous announcement.

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

FYE 2022

FYE 2022

Variance

Variance

Results(a)Previous Plan(b)Revised Plan(c)(c)-(a)(c)-(b)Capex *1

862

1,000

900

+38

-100

Depreciation *1

950

1,000

1,000

+50

±0

1,016

1,200

1,200

+184

±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

Next, Capex, depreciation, and R&D expenditures are as you can see here.
Due to deviation of the timing of Capex, we expect a 10.0 billion yen decrease to 90.0
billion yen.

20

Shareholder Returns(Yen) Dividend per share
FYE 2021

FYE 2022

FYE 2022

Results

Previous Forecast

Revised Forecast *Interim dividend

28

28

28

Year-end Dividend

28

28

28

Total

56

56

56

56.1%

30.7%

39.0%

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

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

21

Last is our return to shareholders.
We revised the full-year consolidated profit plan downward, but upon a comprehensive
review, we have decided not to change the dividend forecast.
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, 2022.
Thank you.

21

Appendix (1)• Segment information by Business & Geographic (1st Half)• Forecast for 2nd Half FYE 2022

• Overseas Revenue (1st Half)• FYE 2021 and FYE 2022 Results (by Quarter)• Consolidated Statement of Financial Position• Analysis of Variance in Operating Profit (Consolidated)• Non-consolidated Unit Sales (1st Half)

Previous Plan FYE 2022(as of August 3rd) vs Revised Plan

• Operating Results of Subsidiaries in U.S. (1st Half)• Complete Cars Production / Retail Sales Units• Consolidated Financial Results for 2nd Quarter (3 months)

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 2021
st

FYE 2022
st

1 Half Results

1 Half Results

Automobile

11,68813,061

Aerospace

472

Other

24

Operating profit
Variancehttps://www.subaru.co.jp/en/ir/

12,184FYE 2022
stVariance

1 Half Results+1,373

316

520

+204

332

-140

-30

-7

+23

24

-1

20

31

+11

1

1

-0

306

545

+238

Elimination & Corporate

Total

FYE 2021
st

1 Half Results

13,417+1,23323

23

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

Revenue
FYE 2021
st

FYE 2022
st

1 Half Results

1 Half Results

Japan

2,788

3,151

North America

8,791

605

Other

Operating profit
Variancehttps://www.subaru.co.jp/en/ir/

12,184FYE 2022
stVariance

1 Half Results

+363

-192

-42

+150

9,672

+881

323

542

+218

594

-11

19

19

+0

155

25

-130

306

545

+238

Elimination & Corporate

Total

FYE 2021
st

1 Half Results

13,417+1,23324

24

1 st H a l f ：Overseas Revenue (Consolidated)(100 Million Yen)FYE 2021

FYE 2022

st

1 Half Results

North Americast

1 Half Results

Variance

9,088

9,911

+823

Europe

209

320

+110

Asia

470

420

-50

Other

314

586

+272

Total

10,082

11,237+1,156https://www.subaru.co.jp/en/ir/

2525

Consolidated Statement of Financial Position(100 Million Yen)

As of March2021

As of September
2021

Variance

34,11733,223-894

Current assets

19,82818,698-1,131

Non-current assets

14,28914,525+237

16,253

14,946-1,308

3,339

3,351

+12

17,864

18,277+414

Retained earnings

14,353

14,586+233

Equity attributable to owners of parent

17,77718,184+407

Ratio of equity attributable to ownersof parent to total assets

52.1%

54.7%

-

0.19

0.18

-

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 ：N: on-consolidated Unit Sales(Thousand Units)FYE 2021

FYE 2022

stVariancest

1 Half Results

1 Half Results

Domestic production*

221

218

-3

Domestic sales

41

40

-1

Passenger cars

31

32

+1

Minicars

10

8

-2

Export total

189

188

-0

Components for overseas
production

109

168

+59

Total

338

396

+58

* Production figures include Toyota 86.

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$）

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

28

28

2 nd Q u a r t e r ( 3 m o n t h s ) ：C: o n s o l i d a t e d U n i t S a l e s ( b y m a r k e t )(Thousand Units)FYE 2021

FYE 2022

2Q Results

2Q Results

Variance

Passenger cars

19

16

-2

Minicars

5

4-1

Domestic total

24

20

-4

170

136

-33
+0

U.S.
Canada17

17

Russia1

1-0Europe24+2Australia

6

10

+4

China

7

4

-3

Others3

7+4Overseas total

206

180

-27

Total

230

200

-30

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

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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 2021

FYE 2022

2Q Results

2Q Results

Variance

7,614

7,065

-549

Domestic

1,156

1,049

-107

Overseas

6,458

6,016

-442

Operating profit

463

249

-214

Profit before tax

468

269

-199

Profit for the period attributableto owners of parent

314

263

-51

SUBARU
exchange rate

US$

¥107

¥110

+¥3

EURO

¥123

¥131

+¥8

CAN$

¥80

¥89

+¥9

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

30

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 )(100 Million Yen)

+82

+9

-139

SG&A expenses,
etc.

Gain on currency
exchange-83
Cost reduction,etc.

Results
2Q (3 months)
FYE 2021-67
Sales volume &mixture, etc.

-16

R&D expenses

Other

Results
2Q (3 months)
FYE 2022-214

Curerncy
exchange+82 SG&A expenses, etc.

US＄

+69 Fixed manufacturing cost

-37 SG&A-34 Warranty claimsEURO+5 SUBARU-1 SUBARU-38

Cost reduction

+25

CAN＄

+16

Suppliers'
dies costMaterial cost,
etc.

-117

CNY

+1

Currency exchange
adjustment

+3

Fixed
processing
cost

Unrealized gain

-12

-36 SIA*1

Sales volume &+9 Cost reduction, etc.

-27

Suppliers'
dies cost+10 Domestic dealers-

SOA *2

-31

-9

Fixed
processingcost

SCI *3-1

Others+36-11+80 SUBARU-139 mix , etc.

-92 SIA*1-83-47 Domestic-27

Cost reduction+9 Overseas-586

Material cost,etc.

-56 Sales Incentive+108

Others+422*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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31

P l a n f o r 2 nd H a l f ：C: o n s o l i d a t e d U n i t S a l e s ( b y m a r k e t )(Thousand Units)2

FYE 20222

Half Resultsnd

Variance

Half Plan

Passenger cars

49

43

-6

Minicars

10

10

-0

Domestic total

59

52

-7

U.S.

351

317

-34

Canada

26

25

-1

China

11

8

-4

49

52

+3

Overseas total

438

402

-35

Total

497

455

-42

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

FYE 2021
nd

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32

P l a n f o r 2 nd H a l f :Consolidated Profit(100 Million Yen)FYE 2021

FYE 2022

nd

2

2

Revenue

Half ResultsndHalf Plan

Variance

16,11815,583-535

Domestic

2,881

2,975

+94

Overseas

13,237

12,608-629

Operating profit

719

955

+237

Profit before tax

779

938

+160

Profit for the period attributableto owners of parent

536

652

+116

SUBARU
exchange rate

US$

¥105

¥110

+¥5

EURO

¥125

¥130

+¥5

CAN$

¥81

¥88

+¥7

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

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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 )
+136

+241

R&D expenses
SG&A expenses,
etc.

+311

-84

Gain on currency
exchange

Cost reduction,
etc.

Other

Sales volume &mixture, etc.

719

955

Results
2nd Half
FYE 2021
Sales volume &mix , etc.

(100 Million Yen)

-373

+6

Plan
2nd Half
FYE 2022+237
Curerncy+311 exchange+241 SG&A expenses, etc.

Domestic+17 US＄+279 Fixed manufacturing cost

Overseas+263 EURO

Sales Incentive+168 CAN＄

Others-137 CNY-3 SUBARU-78 SIA*1+136 Cost reduction, etc.
-39 Warranty claims-30 SUBARU-124

Cost reduction+47

Cost reduction+15-

Material cost,
etc.

-300

Material cost,
etc.

-135

+29

Suppliers'
dies cost-68

Suppliers'
dies cost+1 Domestic dealers

-

Fixed
processing
cost

-10

Fixed
processing
cost

-31

Currency exchange
adjustment-35

Unrealized gain

-29

-373

-108 SG&A

SOA *2+283 SUBARU-253 SIA*1

-120

+51

SCI *3-10

Others+44*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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34

FYE 2021 and FYE 2022 Results(by Quarter)(Yen in 100 millions, Units in thousands)

1Q

FYE 2021

FYE 2022

Results

Results

2Q

3Q

4Q

1Q

2Q

Consolidated Unit Sales

133

230

268

229

175

200

Production *

92

262

260

196

184

158

Revenue

4,570

7,614

8,564

7,554

6,352

7,065

Operating profit

-157

463

676

42

295

249

Profit for the period attributableto owners of parent

-77

314

505

23

185

263

¥107

¥107

¥105

¥104

¥109

¥110

SUBARU exchange rate
US$

* Production figures include Toyota 86.

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

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35

P r e v i o u s P l a n F Y E 2 0 2 2 ( 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)

Allocate "Effort for improvement" to each expense category.

-43

+20

Loss on currency
exchange

Material cost,
etc.

-662
+345

+63

-223

R&D expenses

2,000
Sales volume &mixture, etc.

SG&A expenses,
Cost reduction
etc.

Effort for
improvement

1,500

Breakdown of “Sales volume & mixture, etc”

FYE 2022
Previous Plan

New car sales : -1,189

FYE 2022
Revised Plan

Incentive (U.S.) ：+437
Others ：+90-500

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

36

36

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

Production

Retail Sales

300

254
260

262

271

209

182

184

196

204

200

229

240

240

236

242
227

254
262

277

OctDec

269
262

269
271

JulSep

250

241

278
264

252
257

249

253

261

270
268

276

276

280

269
273

237

242
245

249

231
JulSep

248
242

253
233
229

244
237

AprJun

264
258

250

158

150

100

92

50

0
JanMar

OctDec2015

JanMar

AprJunJulSep2016

OctDecJanMar

AprJunJulSep2017

OctDecJanMar

AprJun2018

JanMar

AprJunJulSep2019

OctDecJanMar

AprJunJulSep2020

OctDecJanMar

AprJunJulSep2021* Production figures include Toyota 86.
https://www.subaru.co.jp/en/ir/

37

37

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/

3838