Consolidated Financial Results for the 1st Quarter of FYE 2021

SUBARU CORPORATION
Tomomi Nakamura
Representative Director, President and CEO
August 4th, 2020

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

1

NOTE)
This document is an English translation of the original Japanese document. If there are any
discrepancies between this document and the original Japanese document, the original Japanese
document prevails.

Thank you for taking time out of your busy schedule to join us today for Subaru Corporation’s 1Q
FYE 2021 financial results briefing.
I would also like to take this opportunity to thank you again for your ongoing understanding andsupport for our business activities.

1

Impact of Covid-19 Pandemic (April–June)
Production
Japan (Gunma Manufacturing Plant)
April 9 – May 1 :May 11 – June 19 :June 22 – :Operations suspended
Operations limited to 1st shift only
Operations mostly at pre-shutdown pace

U.S. (Subaru of Indiana Automotive)
March 23 – May 8 :May 11 – :June – :Operations suspended
Operations resumed
Operations mostly at pre-shutdown pace

Retail sales
Japan
In response to the declaration of a state of emergency, dealerships
took measures including shortening operating hours. Operations aremostly back to normal at present.

U.S.
In response to stay-at-home orders, many retailers were fully/ partiallyclosed. Operations are mostly back to normal at present.

https://www.subaru.co.jp/en/ir/* Decrease from the April–June period last year.

2

First, we will look at the impact of Covid-19 on production and sales.
The Subaru Group’s production and sales activities have been heavily impacted by Covid-19.
From the end of March to June, adjustments were made to production at the Gunma Plant and at
SIA, including temporary suspension of operations. As a result, production in Japan and the U.S.
combined decreased around 170.0 thousand units.
Production adjustments were made in response to the parts supply constraints and the rapid decline
in global demand, while SIA was also affected by the stay-at-home order issued by the state
government to prevent the spread of the virus.
The first photograph here is of the assembly line at SIA. Since May, we have gradually resumed
production activities, putting up vinyl shields between workers to prevent the spread of the virus asshown in the photograph if proper distancing cannot be ensured. As of today, operations havelargely returned to normal.
Sales activities were also affected.
Global retail sales fell 90.0 thousand units year on year.
The second photograph was taken at a dealership in Japan. The staff member is wearing a faceshield, and there is an acrylic partition to minimize contact with customers.
Business results were heavily impacted by Covid-19 from April to June, but we are currently
working to balance business activities with preventing the spread of the virus. Production activities
are starting to return to normal, and customers are gradually starting to visit dealerships again.

2

1st Quarter (3 months) :Consolidated Profit Results
Yen in 100 millions, Units in thousands

Results
1st Quarter (3 months)
FYE 2020

Results
1st Quarter (3 months)
FYE 2021

Consolidated unit sales

262.6

133.1

-129.5

Revenue

8,334

4,570

-3,764

Operating profit

922

-157

-1,079Profit for the period attributableto owners of parent

665

-77

-742

US$

¥111

¥107

-¥3

EURO

¥125

¥118

-¥7

CAN$

¥83

¥77

-¥6

SUBARU
exchange rate

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

3

Under these circumstances, the financial results for the first quarter are as you see here.
CFO Toshiaki Okada will be providing details later.
Consolidated unit sales were down roughly by half year on year to 133.0 thousand units, andrevenue was down 45% to 457.0 billion yen.
As a result, operating profit was down 107.9 billion yen year on year for a 15.7 billion yen loss.
Profit for the period was down 74.2 billion yen for a 7.7 billion yen loss.
Compared to consolidated unit sales, which corresponds to wholesale, the aforementioned decrease
in retail sales was smaller. This was because when plant production stops, wholesale is impacted
first. With retail, sales continue for a while using dealer inventory.

3

Subaru U.S. Retail Sales Outlook
Subaru US Retail Sales Volume Index( Same Month of Previous Year = 100 )120

Subaru US Market Share
(%)

4.8

4.68
4.59

4.6

100

4.4
4.31

80

4.11

4.2

4.04

4

60
3.8

40

3.76

3.6

While concerns remain overthe effects of a second wave* of CovidCovid-19,
gradual recovery is expected to continue.

3.4
3.2

3.29

* Refers to the situation where economic and social activities are significantly
impacted by full lockdowns or other measures around the world.

M
ar
Ap
r
M
ay
Ju
n

Fe
b

Jul Aug Sep Oct Nov Dec 2021 Feb Mar
Jan

CY

2020 Mar Apr May Jun
Feb

20
18
20
20 19
20
Ja
n

3

0

CY

20

3.94

U.S. sales data source:
Motor Intelligence “U.S. Market New Vehicle Deliveries” Report(2020 monthly figures are estimates)

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

4

Next is the outlook for the U.S. market.
Our assumption is that while there is concern over the effects of a second wave of Covid-19, we
will not see full lockdowns around the world like those we saw in March and April.
The U.S. market accounts for 70% of our global sales. In the 2020 calendar year (January to
December 2020), we hope to bounce back to 590-600 thousand units (85% of the previous year’s
sales).
As shown in the illustration, we believe this gentle recovery will continue in 2021.
While overall demand in the U.S. has shrunk considerably, Subaru’s market share has increased as
you see in the graph on the right. We broke records in May and June, making a strong showing
relative to the overall industry.
Other brands have reportedly seen a drastic drop in fleet sales, but one of Subaru’s strengths is that
our fleet sales account for a small percentage to begin with, and I believe that strength contributed
to these results as well.

4Plan FYE 2021 :Consolidated Profit Plan

Yen in 100 millions, Units in thousands

Results
FYE 2020

Plan
FYE 2021

Variance

Consolidated unit sales

1,033.9900.0-133.9

Revenue

33,441

29,000-4,441

Operating profit

2,103

800

-1,303

Profit for the period attributableto owners of parent

1,526

600

-926

US$

¥109

¥105

-¥4

EURO

¥121

¥120

-¥1

CAN$

¥82

¥80

-¥2

SUBARU
exchange rate

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

5

Next, let’s look at full-year plans.
As I’ve said earlier, the future is difficult to predict due to uncertainties including when the Covid19 situation will come to an end, the impact on economic and social activities, and trends inconsumer sentiment. However, we have come up with this outlook for performance in FYE 2021 by
predicting trends in the U.S. market as well as the markets in Japan and other countries to the extent
currently possible.
We expect consolidated unit sales to decline 12.9% year on year to 900.0 thousand units.
We forecast that revenue will decrease 13.3% year on year to 2,900.0 billion yen, operating profit
will decrease 62% to 80.0 billion yen, and profit for the period will decrease 60.7% to 60.0 billion
yen.
While we expect unit sales, revenue, and profit at each stage to be down year on year, we project
operating profit of 80.0 billion yen based on an exchange rate of 105 yen to the dollar, reflecting themanagement’s determination to pursue this level of performance, rather than simply adding up
numbers for the budget.
The figures for this full-year plan are based on internal estimates. As previously mentioned, there
are a great number of uncertain elements, so we are unable to explain sales plans by market andprovide a detailed analysis and explanation of the reasons for the differences from the previous year
as we normally do. We would appreciate your understanding.

5

Shareholder Returns

Dividend per share( Yen )FYE 2019

Forecast
FYE 2021

FYE 2020

Interim dividend

72

72

28

Year-end dividend

72

28

28

Total

144

100

56

78.1%

50.3%

71.6%

Payout ratio

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

6

As for dividends, based on the earnings forecast, and after taking everything into account, including
the uncertain future business environment due to the global spread of Covid-19 and future capitalrequirements, we plan to provide an interim dividend of 28 yen and a year-end dividend of 28 yen
for an annual dividend of 56 yen.
Lastly, on August 20, we will begin taking pre-orders for the much-awaited, fully-redesigned
Levorg, our flagship model in Japan. The all-new Levorg will be formerly launched and go on salein the second half of this year. We hope you will enjoy its debut!
We will continue taking thorough steps to prevent the spread of the virus, placing top priority on thesafety of our customers, our employees and their families, and our stakeholders, including ourbusiness partners, as we, the Subaru Group, come together to work on achieving the full-year planannounced today. Thank you in advance for your continued understanding and support.

6Forward-looking statements including projections and future strategies mentioned in this presentation are based on currently available information andassumptions and are subject to risks and uncertainties. Actual results may vary materially as a result of 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/

7

Next, CFO Toshiaki Okada will go over the details of financial results.

7

Consolidated Financial Results for the 1st Quarter of FYE 2021

SUBARU CORPORATION
Toshiaki Okada
Corporate Executive Vice President & CFO
August 4th, 2020

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

8

NOTE)
This document is an English translation of the original Japanese document. If there are any
discrepancies between this document and the original Japanese document, the original Japanese
document prevails.

8Consolidated Financial Results
for the 1st Quarter (3 months) of FYE 2021

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

99

1st Quarter (3 months) :Consolidated Unit Sales （by market)（Thousand Units）

Results
1st Quarter (3 months)
FYE 2020

Results
1st Quarter (3 months)
FYE 2021

Passenger cars

27.5

14.3

-13.2

Minicars

5.8

4.3

-1.5

Domestic total

33.3

18.6

-14.7

U.S.

179.3

91.1

-88.3

Canada

15.6

6.3

-9.3

Russia

2.2

0.2

-2.0

Europe

5.9

3.2

-2.7

Australia

11.7

4.9

-6.8

China

5.7

6.0

+0.2

Others

8.8

2.9

-6.0

Overseas total

229.3

114.5

-114.8

Total

262.6

133.1

-129.5

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

10

Let’s start with the results for the first quarter.
Our performance has been severely impacted by the spread of COVID-19.
Consolidated unit sales fell 114.8 thousand units year on year to 114.5 thousand units in theoverseas market.
In Japan, consolidated unit sales fell 14.7 thousand units year on year to 18.6 thousand units.
Overall, consolidated unit sales were down 129.5 thousand units, or about half, to 133.1 thousand
units.

10

1st Quarter (3 months) :Consolidated Unit Sales / Complete Cars Production（Thousand Units）

Results
1st Quarter (3 months)
FYE 2020

Consolidated Unit Sales
Total

262.6

Results
1st Quarter (3 months)
FYE 2021

133.1

Variance-129.5（Thousand Units）

Results
1st Quarter (3 months)
FYE 2020

Results
1st Quarter (3 months)
FYE 2021

Variance

Production in U.S.

101.9

36.3

-65.6

Production in Japan

160.0

55.9

-104.1

261.9

92.2

-169.6Total* Production figures include Toyota 86.

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

11

Production activity was temporarily suspended at SIA (U.S.) from March 23 and at the Gunma
Plant (Japan) from April 9.
Operations resumed at both SIA and Gunma Plant on May 11, but the continued impact on the
supply chain and sales activities in each market resulted in production adjustments at SIA until theend of May and at Gunma Plant until June 19. As such, production fell 169.6 thousand units year
on year to 92.2 thousand units.

11

1st Quarter (3 months) :Consolidated Profit Results(100 Million Yen)

Results
1st Quarter (3 months)
FYE 2020

Results
1st Quarter (3 months)
FYE 2021

Revenue

8,334

4,570

-3,764

Domestic

1,423

947

-476

Overseas

6,912

3,623

-3,288Operating profit

922

-157

-1,079Profit before tax

893

-107

-1,001

Profit for the period attributableto owners of parent

665

-77

-742

US$

¥111

¥107

-¥3

EURO

¥125

¥118

-¥7

CAN$

¥83

¥77

-¥6

SUBARU
exchange rate

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

Variance

12

Revenue was down 376.4 billion yen year on year to 457.0 billion yen due primarily to deteriorationof the sales volume & mixture and others of -350.2 billion yen resulting mostly from a decrease inautomobile unit sales.
Operating profit was also down 107.9 billion yen year on year to a loss of 15.7 billion yen due
primarily to deterioration of the sales volume & mixture and others resulting mostly from a decreasein automobile unit sales.
Profit before tax was down 100.1 billion yen to a loss of 10.7 billion yen, and profit for the period
attributable to owners of parent fell 74.2 billion yen to a loss of 7.7 billion yen.

12

1st Quarter (3 months) :Analysis of Variance in Operating Profit (Consolidated)
SG&A
expensesand others

Gain oncurrency
exchange+89+23(100 Million Yen)

Sales volume& mixtureand others-1,015Results
Operating Profit
1Q (3 months)
FYE 2020

20

SUBARU-13 SUBARU-15 Domestic dealers1

Suppliers' dies cost

Fixed processing
costs

32

Fixed processing
costs

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

Other

-10
Results
Operating Profit
1Q (3 months)
FYE 2021-27

Curerncy
exchange

89

Fixed manufacturing cost

Suppliers' dies cost

-139

Cost
reductionand others-1,079

SG&A expenses and others

33 SIA

R&D
expenses

SG&A

131

Warranty
claims-62

23

Sales volume &mixture and others-1,015

US$-26 Domestic

43

EURO

-3 Overseas

23

CAN$

-6 Sales Incentive

210
195

2 SOA (*1)

40

CNY

-1 Others

SCI (*2)

9

Currency
exchange

27

Others16

Unrealized gain

32

*1 SOA: Subaru of America Inc.
*2 SCI : Subaru Canada Inc.

-1,295-27

Cost reduction and others-125 SUBARU

8 SIA

-35

Cost reduction

10 Cost reduction

Material cost and others-2 Material cost and others

3
-38

13

The sales volume & mixture and others was a major factor for the decrease in operating profit due tothe impact of the spread of COVID-19.
In addition to the decreased sales incentive, there was an adjustment to unrealized gain due to thesubstantial decrease in inventory. These two factors worked to increase profit, but the impact of
decreased new car sales, parts, used vehicles, fleet, and others was very heavy, and the -101.5 billion
yen in sales volume & mixture and others was a major factor working to decrease profit.
U.S. sales incentives per unit were down 150 dollars from 1,750 dollars in the same period of theprevious year to 1,600 dollars, bringing the total amount of U.S. sales incentives down 18.5 billion
yen.

13

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

Results
1st Quarter (3 months)
FYE 2020

Results
1st Quarter (3 months)
FYE 2021

Capex (*1)

357

154

-203

Depreciation (*1)

221

230

+9

R&D expenditures (*2)

245

254

+9

Variance*1 : Leases, capex & amortization for intangible assets are not included in the results 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/

14

Capex, depreciation and R&D expenditures are as you can see.

14

1st Quarter (3 months) :Consolidated Statement of Cash Flows(100 Million Yen)

Results
1st Quarter (3 months)
FYE 2020

Results
1st Quarter (3 months)
FYE 2021

Variance

Net cash provided by (used in)operating activities

1,367

-796

-2,163

Net cash provided by (used in)investing activities

-279

-364

-85

Free cash flows

1,088-1,160-2,247

Net cash provided by (used in)financing activities

-617

1,817

+2,435

Effect of exchange rate change
on cash and cash equivalents

-155

-38

+117

Net increase (decrease)in cash and cash equivalents

315

620

+305

Cash and cash equivalents
at end of period

7,339

9,210

+1,871

Interest bearing debts Balanceat end of period (*)

1,070

4,483

+3,413

Net cash

6,268

4,726

-1,542* Lease liabilities are not included in the results above.
https://www.subaru.co.jp/en/ir/

15Free cash flows were -116.0 billion yen.
The main factor was a 79.6 billion yen decrease in net cash provided by operating activities,
resulting primarily from a 141.4 billion yen decrease in trade and other payables and a 10.7 billion
yen loss before taxes.
Funds provided by financing activities totaled 181.7 billion yen.
As explained at the last announcement of financial results, we raised funds through borrowings from
April 21 to May 31, 2020 in order to secure liquidity on hand in anticipation of the impact of the
spread of COVID-19.
As a result, cash and cash equivalents at the end of the period were 921.0 billion yen, interest
bearing debts were 448.3 billion yen, and net cash was down 154.2 billion yen year on year to 472.6
billion yen.

15

Forecasts for FYE 2021

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

16

16

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

Results
FYE 2020

Plan
FYE 2021

Variance

Consolidated Unit Sales Total

1,033.9900.0-133.9Complete Cars Production Total

1,030.9880.0-150.9* Production figures include Toyota 86.

(100 Million Yen)

Results
FYE 2020

Plan
FYE 2021

Variance

Revenue

33,441

29,000-4,441

Operating profit

2,103

800

-1,303

Profit before tax

2,077

870

-1,207

Profit for the period attributableto owners of parent

1,526

600

-926

US$

¥109

¥105

-¥4

EURO

¥121

¥120

-¥1

CAN$

¥82

¥80

-¥2

SUBARU
exchange rate

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

17

Next are the forecasts for FYE 2021.
There are still many uncertainties in the environment, but we have made these calculations based on
information currently available.
Assuming that automobile unit sales recover to a certain level, primarily in our main market of the
U.S., we forecast:-Consolidated unit sales of 900.0 thousand units-Production of 880.0 thousand units-Revenue of 2,900.0 billion yen-Operating profit of 80.0 billion yen-Profit for the period attributable to owners of parent of 60.0 billion yen

17Plan FYE 2021 :Analysis of Variance in Operating Profit (Consolidated)
Warranty expenses(100 Million Yen)

+450

Sales volume& mixtureand others-1,300Results
Operating Profit
FYE 2020

Other

+47
Loss oncurrency
exchange

R&D
expenses

-350

-150

-1,303

Plan
Operating Profit
FYE 2021

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

18

The main factor working to increase operating profit is the decrease in warranty expenses, including
expenses related to recalls, service campaigns and so on, which we expect to improve by 45.0
billion yen.
The main factors working to decrease operating profit are deterioration of the sales volume &mixture and others, and an increase in loss on currency exchange and R&D expenses.
We expect a significant deterioration of the sales volume & mixture and others due primarily to theimpact of the spread of COVID-19.
We expect loss on currency exchange to deteriorate by 35.0 billion yen, with the yen appreciating byaround 4 yen against the U.S. dollar, 2 yen against the Canadian dollar, and 1 yen against the euro.
The increase in R&D expenses will push operating profit down 15.0 billion yen.
This is a result of decreased R&D expenditures compared to the previous year and increased
depreciation of previously recorded assets.

18

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

Results
FYE 2020
Capex (*1)

Depreciation (*1)

R&D expenditures (*2)

Plan
FYE 2021

Variance

1,260

1,000

-260

961

1,000

+39

1,187

1,000

-187

*1 : Leases, capex & amortization for intangible assets are not included in the results 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/

19

Capex will be down 26.0 billion yen to 100.0 billion yen, depreciation up 3.9 billion yen to 100.0
billion yen, and R&D expenditures down 18.7 billion yen to 100.0 billion yen.
We will work on ensuring efficiency in capex and R&D expenditures, continuing to promote thenecessary investment and R&D activities while carefully reviewing and controlling nonessential andnonurgent projects based on the management environment under COVID-19.
The remaining pages contain segment information, etc. for your reference.
This concludes the briefing on our financial results for the 1st Quarter of fiscal year ended March 31,
2021. Thank you.

19

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

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

20

20

1st Quarter (3 months) :Revenue and Operating profit by Business Segment (Consolidated)(100 Million Yen)

Revenue
Results
1st Quarter(3 months)
FYE 2020

Operating profit

Results
1st Quarter(3 months)
FYE 2021

Variance

Results
1st Quarter(3 months)
FYE 2020

Results
1st Quarter(3 months)
FYE 2021

Variance

Automobile

7,960

4,371

-3,589878-141-1,019Aerospace

355

187

-168

29

-28

-57

Other

20

12

-8

15

13

-2

0

-0

-1

922

-157

-1,079Elimination& Corporate
Total
https://www.subaru.co.jp/en/ir/

8,334

4,570

-3,76421

21

1st Quarter (3 months) :Revenue and Operating Profit by Geographic Area (Consolidated)(100 Million Yen)

Revenue
Results
1st Quarter(3 months)
FYE 2020

Operating profit

Results
1st Quarter(3 months)
FYE 2021

Variance

Results
1st Quarter(3 months)
FYE 2020

Results
1st Quarter(3 months)
FYE 2021

Variance

Japan

2,193

1,220

-973

701

-436

-1,137

North America

5,789

3,066

-2,723

234

-102

-336

353

284

-69

8

10

+2

-20

372

+393

922

-157

-1,079Other
Elimination&
Corporate
Total
https://www.subaru.co.jp/en/ir/

8,334

4,570

-3,76422

22

1st Quarter (3 months) :Overseas Revenue (Consolidated)(100 Million Yen)

Results
1st Quarter (3 months)
FYE 2020

Results
1st Quarter (3 months)
FYE 2021

6,060

3,166

-2,894

Europe

205

100

-105

Asia

291

216

-76

Other

356

141

-214

Total

6,912

3,623

-3,288

North America

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

Variance

23

23

Consolidated Statement of Financial Position(100 Million Yen)

As of March
2020

Total assets

As of June
2020

Variance

32,93932,516-424

Current assets

19,788

19,632-156

Non-current assets

13,151

12,884-268

Total liabilities

15,73815,634-104

Interest bearing debts

2,392

4,483

+2,091

Total equity

17,201

16,882-320

Retained earnings

13,972

13,681-292

Equity attributable to owners of parent

17,12916,808-321

Ratio of equity attributable to ownersof parent to total assets

52.0%

51.7%

-

0.14

0.27

-

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

24

24

1st Quarter (3 months) :Non-consolidated Unit Sales（Thousand Units）

Results
1st Quarter (3 months)
FYE 2020

Results
1st Quarter (3 months)
FYE 2021

Variance

Domestic production

160.0

55.9

-104.1

Domestic sales

31.2

17.5

-13.7

Passenger cars

25.3

13.1

-12.2

Minicars

5.9

4.3

-1.6

132.3

45.1

-87.3

88.0

32.6

-55.4

251.5

95.1

-156.4

Number of exported vehicles
Components for overseas
production

Total* Production figures include Toyota 86.

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

25

25

1st Quarter (3 months) :Operating Results of Subsidiaries in U.S.
（Million US$）

Results
1st Quarter (3 months)
FYE 2020

Results
1st Quarter (3 months)
FYE 2021

4,947

2,713

-2,234

Operating income

160

70

-90

Net income

126

90

-35

182.2

136.1

-46.1

Results
1st Quarter (3 months)
FYE 2020

Results
1st Quarter (3 months)
FYE 2021

2,428

929

-1,499Operating income

67

-151

-218

Net income

54

-115

-169

101.9

36.3

-65.6

SOA
Net sales

Retail sales(Thousand units)

SIA
Net sales

Production(Thousand units)
https://www.subaru.co.jp/en/ir/

Variance

Variance26

26

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

Retail Sales

300
280
253

250

244
237

233 231
229

264
258

273269

276

276

253

248 249245242
242
237

268

261

278

270

249

257
252

264

271269

250

242

241

277

269
262

271
262
254

236

227
204

200
182

150

92

100

50

0
JanMar

AprJunJulSep

OctDecJanMar

AprJun

2015

JulSep2016

OctDecJanMar

AprJunJulSep2017

OctDecJanMar

AprJunJulSep2018

OctDecJanMar

AprJunJulSep2019

OctDecJanMar

AprJun2020* Production figures include Toyota 86.
https://www.subaru.co.jp/en/ir/

27

27

Forward-looking statements including projections and future strategies mentioned in this presentation are based on currently available information andassumptions and are subject to risks and uncertainties. Actual results may vary materially as a result of 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/

28

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