Value Creation Story

Commentary on Strategy

Foundations Supporting Value Creation

Corporate Data

Business Overview

Automotive Business Unit

Automobile Sales by Region

Other regions 35,000
Australia 36,000

Japan 101,000

Europe 14,000
RetailAutomobile
Sales

China 11,000(Jan-Dec 2022)

North America 601,000

Product Lineup

Sports / Wagon

SUV (BEV)
Unit sales : 2 thousand units

Unit sales : 14 thousand units

Sales region : Japan, North America,

Sales region : Japan and other

Europe, and other(Other markets: EVOLTIS)
SUV

SUBARU’s history as an automaker began with the launch of the SUBARU 360 in 1958. Since then, we have worked
continually to provide new value in automobiles by developing new categories based on our core technologies,
such as the horizontally-opposed engine and symmetrical all-wheel drive (AWD), and by creating new technologicalvalue, including EyeSight*, the world’s first driver assist system. These actions have deepened our relationships withcustomers. In recent years, we have positioned the U.S. as an important market, with a strategy of concentrating
limited management resources in fields in which we should extend our strengths and advantages, including productlineups focused on SUVs and sports models. We provide Enjoyment and Peace of Mind through high value-added
products. In addition, we are developing core technologies in areas such as battery electric and hybrid vehicles, whileleveraging alliances to accelerate our initiatives toward achieving carbon neutrality.

Sports / Sedan

Unit sales : 68 thousand units

Unit sales : 27 thousand units

Sales region : North America, and other

Sales region : Japan, North America, Australia, and other

SUVSports / Coupe

Unit sales : 189 thousand units

Unit sales : 13 thousand units

Sales region : Japan, North America, Europe, Australia, China, and other

Sales region : Japan, North America, Europe, Australia, China, and other

SUV

Sedan

Unit sales : 186 thousand units

Unit sales : 23 thousand units

Sales region : Japan, North America, Europe, Australia, China, and other

Sales region : North America, China, and other

SUV

Wagon

*EyeSight is the first driver assist system to provide all functionality solely through the use of stereo cameras

Consolidated Revenue
Contribution Ratio

Revenue

Operating Profit(Billions of yen)(Billions of yen)

3,690.6
3,007.6

263.3

3,193.9
2,737.5 2,677.5

Unit sales : 213 thousand units

Unit sales : 46 thousand units

Sales region : Japan, North America, Europe, Australia, China, and other

Sales region : Japan, North America, Europe, Australia, and other

OEM

200.3
172.1

Automotive
Business

109.1(FYE March 2023)

92.5

97.8%
19/3

20/3

21/3
IFRS

22/3

23/3

19/3

20/3

21/3
IFRS

22/3

23/3

Unit sales : 21 thousand units
Sales region : Japan (OEM supply from Daihatsu Motor Co., Ltd.)
Notes 1: Retail unit sales in each region for the period from January 1 to December 31, 2022.
2: Regional sales results are for the aforementioned period.

78 Integrated Report 2023

Integrated Report 2023

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Foundations Supporting Value Creation

Corporate Data

SUBARU Models through the Years

SUBARU Core Technologies

Note: our production models

EyeSight Driver Assist System

1977

1995

2014

Stereo cameras for advanced object
recognition capabilities
By using two cameras positioned like human eyes (stereo cameras), the EyeSight driverassistance system is able to detect vehicles and pedestrians ahead of the vehicle and toaccurately determine the distance of each object. This technology helps avoid accidents,
minimizes damage, and reduces the burden on the driver. The next-generation EyeSight
system installed in the 2020 SUBARU Levorg enables 360-degree sensing thanks toredesigned stereo cameras that allow for expanded visibility and four radar units locatedat the front and rear of the vehicle. This system contributes to safe driving in an evenwider range of situations. The EyeSight X advanced driver assistance system combines
information from sources such as the GPS and QZSS “Michibiki” satellite systems withhigh-precision 3D map data, which enables driving support functions including lanechange assist and hands-off driving assist in traffic congestion. The Crosstrek released in
2023 adds a “third eye” in the newest evolution of this system, using an ultra wide-angle
monocular camera in addition to stereo cameras. This results in improved recognition
performance at intersections, where accidents are more common.

Brat released

1958

1983

Outback released(Japan: Grand Wagon)

1997

Levorg released

2014

Stereo cameras

SUBARU 360 released

1961

Domingo released

1984

Forester released1998

WRX released

2018

SUBARU Global Platform

Balancing a high degree of both drive quality andpassive safety performance
The SUBARU Global Platform, first implemented in 2016 with the Impreza, substantially
increases body and chassis rigidity and further lowers vehicle center of gravity, improving
Active Safety and delivering responsive handling performance and a comfortable ride.
Furthermore, beginning in 2020 with the fully redesigned Levorg, we have adopted the
new full inner frame construction technology to enhance rigidity across the entire body.
This further evolves Passive Safety performance and provides an even more
comfortable ride.

SUBARU Sambar truck released

1966

SUBARU Global Platform

SUBARU 1000 four-door sedan released

1969

Justy released

1985

Alcyone released

1989

Pleo released

2005

B9 Tribeca released

Ascent released(Exclusively for North America)

2022

Solterra released

2008

Symmetrical All-Wheel Drive (AWD)

Superior overall weight distribution
The combination of the low center of gravity provided by the horizontally-opposedengine and superior longitudinal-transverse weight balance achieved by placing
the transmission near the center of the vehicle maximizes all-wheel drive capability
and delivers superb driving performance in various conditions. SUBARU has beencommitted to Symmetrical AWD as a core technology that drivers can depend onin every situation from day-to-day town use to high-speed highway driving.

R-2 released

1971

1992

Exiga released

2012

Symmetrical All-Wheel Drive

Horizontally-Opposed Engine (Boxer engine)

Leone coupe released

Compact, low center of gravity

1972

The horizontally-opposed engine has pistons arranged symmetrically to the left andright of the crankshaft. The opposed pistons mutually cancel out engine vibrations,which reduces vibrations conveyed to the vehicle interior. The engine’s low heightand compact design contribute to a low vehicle center of gravity. The stable
attitude provides a high sense of security during driving.

Rex released
Subaru Boxer

80 Integrated Report 2023

Legacy series released

Conventional
In-Line Engine

Vivio released

1992

Impreza series released

SUBARU BRZ released

2012

Crosstrek released(Japanese name: SUBARU XV)Integrated Report 2023

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Commentary on Strategy

Foundations Supporting Value Creation

Corporate Data

Business Overview

Aerospace Business Unit
Commercial Business
Since first participating in the Boeing passenger program in 1973, we have been
involved in development and production as a one of key partner of Boeing for morethan 50 years. SUBARU manufactures the center wing box, the critical aircraft section
where the right and left wings are attached to the front and rear fuselage and major
sections. Since the center wing box contains the aircraft’s fuel, Boeing requires that
we provide high mechanical strength and high fluid tightness, a need we have met
by demonstrating our advanced design and assembly technologies.
The Handa Plant, located in Aichi Prefecture and where center wing boxes
for large aircraft are manufactured, is a global-level production center providing
parts for not only the Boeing 787, which boasts over 1,000 manufactured
worldwide, but also the Boeing 777X, Boeing 777, the Ministry of Defense’s P-1
maritime patrol aircraft, and the C-2 transport aircraft. As of May 2023, theHanda Plant has manufactured and shipped a cumulative total of 3,000 center
wing boxes for large aircraft.

A center wing box (Handa Plant)

Defense Business

SUBARU’s roots trace back to 1917 and the Aircraft Research Laboratory, later to become Nakajima Aircraft. In the
SUBARU of today, our Aerospace Business carries on Nakajima Aircraft’s passion for Monozukuri, leading Japan’s
aerospace industry through the development and production of a diverse set of aircraft under three business pillars:
defense, commercial, and helicopter. Our defense business is wide-ranging, including the development and productionof aircraft systems under an all-Japan framework, as well as of training aircraft for the Japan Self-Defense Forces. In
our commercial business, we are responsible for the development and manufacturing of the center wing boxes andvarious other components of large aircraft such as the Boeing 787 through an international joint development programwith U.S.-based Boeing. In our helicopter business, we produce the UH-2 utility helicopter used by the Japan GroundSelf- Defense Force (JGSDF) and its commercial version, the SUBARU BELL 412EPX.
Consolidated Revenue
Contribution Ratio

2.1%

Revenue

Operating Profit(Billions of yen)(Billions of yen)

134.1

6.0
87.7

5.1

79.0
62.3

-2.1

(FYE March 2023)

-7.0
-9.8
’19/3

’20/3

’21/3

’22/3

’23/3

IFRS

’19/3

’20/3

’21/3

’22/3

’23/3

IFRS

Primary Products and Services
SUBARU BELL 412EPX UH-2 utility helicopter AH-64D attack helicopter T-5 and T-7 trainers
The Center Wing Section of Boeing 787 The Center Wing Section of Boeing 777 & 777X

82 Integrated Report 2023

The T-5 Japan Maritime Self-Defense Forcetraining aircraft

Helicopter Business

142.1

Aerospace
Business

For half a century, the SUBARU Group has been providing overall operational
support, including aircraft manufacturing, scheduled maintenance, refueling, andtraining, for programs such as Japan Air Self-Defense Force and Japan Maritime
Self-Defense Force training aircraft systems, as well as Japan Ground Self-Defense
Force utility helicopters. As of May 2023, affiliate Fuji Aviation Maintenance Co.,
Ltd. reached the milestone of 2,500 cumulative scheduled maintenance services
performed for T-5 aircraft. We also boast a significant track record in development
for unmanned aerial vehicles, and are actively involved in the operation support ofexisting systems and the research and development of future systems.
SUBARU also participates in the development of Japan's major defense
aircraft systems, including fighter, transport, and patrol aircraft, and we areresponsible for the development and production of major components, focusing
on areas where we have particular strengths, including main wings, tail fins, andcomposite materials. With the establishment of Japan’s three strategic documents,
our defense business is experiencing dramatic environmental changes toward
stronger defense capabilities for Japan. In this context, SUBARU will contribute to
the defense of Japan through action precisely meeting the needs of ourcustomers with rock-solid technical capabilities backed up by many years ofexperience and achievements.

Flying Forward Reconnaissance System

SUBARU has established a mass production line at our Utsunomiya Plant to provide
UH-2 utility helicopters to the Japan Ground Self-Defense Force, which is used for
air transport as well as lifesaving, evacuation, and firefighting during disasters, plus
other missions to ensure the safety and security of the people of Japan.
The SUBARU BELL 412EPX is the commercial version of the UH-2, and has
seen a steady increase in orders and sales. This aircraft boasts high reliability for
operation under harsh conditions and excellent serviceability, and is expected toenjoy broad use in Japan and around the world.
SUBARU will continue to support safe and reliable flight operations for its
customers as a company with manufacturing and maintenance bases in Japan, notonly by manufacturing and selling aircraft, but also by supplying parts andperforming scheduled maintenance.

The UH-2 Japan Ground Self-Defense Forceutility helicopter

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Commentary on Strategy

Foundations Supporting Value Creation

Corporate Data

Previous Mid-term Management Vision
Previously, our medium-term management approach has been formulated and published as the Mid-Term Management Vision, a three to five-year
management plan. However, our business environment is experiencing disruptive and non-linear changes. Our belief is that we must adapt to this
rapid change in a more timely manner, and we have accordingly altered our approach to the formulation and messaging of our approach to
management. Now, we will be newly unbound from conventional methodologies and reporting on progress as appropriate.
The evolution of our Mid-Term Management Vision to date is as described below.

2007–2010
Customer Satisfaction:
Our Customers Are Everything

2011–20132014–20172018–2023

Motion-V

Prominence 2020

STEP

At the time of announcement: Representative Director of the Board, President and CEO Ikuo Mori

At the time of announcement: Representative Director of the Board, President and CEO Yasuyuki Yoshinaga

At the time of announcement: Representative Director of the Board, President and CEO Yasuyuki Yoshinaga

Representative Director of the Board, President and CEO Tomomi Nakamura

Management philosophy

Essential features

With the philosophy of “customers come first” at
its core, focusing on improving profitability andinvesting in growth areas with management resources

Aiming to be a compelling company with a strong market
presence built upon its customer-first principle

Major challenges

Reason for formulation

Value statement

Enjoyment and Peace of Mind

Delivering happiness to all

3 Strengthen sales force and the availability of automotive supply,“Accelerate sales expansion”

5 To grow the level of employee competence andso enhance the organization

4 Overhaul of cost structure and promote alliance with Toyota,“Solidify operational foundation”

Achievements

5 Back up concrete approaches for business,“Improvement in Management”
Achievements

XUV/SUV strategy succeeded
Boosted sales through U.S.-oriented product development
Highly rated collision safety and EyeSight
Cost reduction activities paid off
Achieved low-incentive sales
Achieved highly efficient production

IssuesLowering sensitivity to foreign currency fluctuations
Increasing sale in emerging countries including China
Developing environmental technology and products
Autonomy of three internal companies*
Flexibility to adapt to changes in business environment

IssuesVision for 2025

Corporate vision
Not big in size, but a high-quality company with
distinctive strengths

1 Become a brand that is “different” from others byenhancing distinctiveness.

Specific goals• No.1 for customer trust• Strong brand• Among the most profitable companies in the industry• Vehicle sales of 1.1 million-plus units

2 Engage in business activities that resonate with customers
by putting them center-stage
3 Fulfill corporate social responsibilities by contributing todiversifying social needs.
Major challenges

Direction for mid-term management visionCorporate culture reforms
Quality enhancement
Evolution of the SUBARU difference

Pursue added-value business
Enhancing the SUBARU brand
Increase tolerance to changes in the business environment
Building a strong business structure

Note: A progress report on “STEP” was made in May 2021, and content waspartially updated.

Achievement

Compliance with future environmental regulations
Production capacity shortages
Responding to the needs of new customers
Sensitivity to currency fluctuations

Among the most profitable companies in the industry
IssuesNote: The Motion-V mid-term management plan, originally intended to run from 2011 to2015, was completed ahead of schedule in FYE March 2014. Prominence 2020, the
new mid-term management vision, was launched in FYE March 2015.

* Aerospace Company, Industrial Products Company, Eco Technologies Company

VisionVision for 2020

4 To also grow through the business alliance with Toyota

Sharing the mindset of “customers come first”
within the Group
Globalization of products
World’s leading safety performance
Expanding sales in U.S. (the most important market)
Reform of profit structure by reducing costs

We aim to be a compelling company with a strong market
presence built upon our customer-first principle

Pursue the goal of sustainable growth anddevelopment by boosting competitiveness andbuilding a solid business platform at a new stage

2 With the basic philosophy of “customers come first,”“Provide distinctive SUBARU experience”

3 To strengthen competitiveness in quality and cost

Aiming to be a compelling company with a strong market
presence built upon its customer-first principle

1 Guiding principle for all activities “Confidence in Motion”“Provide value to customers and Enjoyment and Peace of Mind”

2 To increase sales globally (Most important market: U.S.)

Corporate statement

Five themes<Promote the brand strategy>

1 To provide a distinctive SUBARU experience for drivers
and passengers

Management philosophy

Strong brand
Vehicle sales of 1.2 million-plus units
No. 1 for customer trust

Consolidated Automobile Unit Sales and Operating Margin
Automobile sales(Thousand units)

U.S.

Overseas (Excl. the U.S.)Japan

Operating margin

Operating margin (%)

17.5

1,100
1,000
825

800
700
600

657

597

852

12.4

734

11.7

640

563

555

860

14.7
13.6

724

18

1,034

1,001

958

911

900

1,067

1,065

12

500
400
300
200

2.9

6

2.9

1.9

100

7.1

6.3

5.8

6.3

5.3

3.6
3.3

-0.4

0

0
’08/3

84 Integrated Report 2023

’09/3

’10/3

’11/3

’12/3

’13/3

’14/3

’15/3

’16/3

’17/3

’18/3

’19/3

’20/3

’21/3

’22/3

’23/3
Integrated Report 2023

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Value Creation Story

Commentary on Strategy

Foundations Supporting Value Creation

Corporate Data

Consolidated Ten-year Financial Summary
Subaru Corporation and its consolidated subsidiaries
Years ended March 31IFRS

J-GAAP
’14/3

’15/3

’16/3

’17/3

’18/3

’19/3

Operating results (for the year)

’19/3

’20/3

’21/3

’22/3

’23/3

Operating results (for the year)*1

Millions of yen

2,408,129

2,877,913

3,232,258

3,325,992

3,232,695

3,160,514

Revenue

Millions of yen

3,156,150

3,344,109

2,830,210

2,744,520

3,774,468

Cost of sales

Millions of yen

1,728,271

2,017,490

2,187,136

2,386,266

2,442,706

2,561,753

Cost of sales

Millions of yen

2,558,262

2,728,605

2,337,614

2,240,595

3,037,993

Gross profit

Net sales

Millions of yen

679,858

860,423

1,045,122

939,726

789,989598,761

Gross profit

Millions of yen

597,888615,504

492,596

503,925

736,475

Selling, general and administrative expenses*1 Millions of yen

353,369

437,378479,533

528,916

410,542403,232

Selling, general and administrative expenses

Millions of yen

298,875

308,227

279,867

303,136

342,015

Operating income

Millions of yen

326,489

423,045565,589

410,810379,447

195,529

Operating profit

Millions of yen

181,724

210,319

102,468

90,452

267,483

Income before income taxes

Millions of yen

328,865

392,206

619,003394,695

297,340

195,838

Profit before tax

Millions of yen

186,026

207,656

113,954

106,972

278,366

Net income attributable to owners of parent Millions of yen

206,616

261,873436,654282,354

220,354

147,812

Profit for the period attributable to owners of parent

Millions of yen

141,418

152,587

76,51070,007200,431

Depreciation/amortization*2, *3

61,486

71,821

72,93885,653102,102102,749

Depreciation/amortization*3

Millions of yen

187,077

192,742

206,317224,055

239,806

Millions of yen*3*3

Capital expenditures

Millions of yen

98,537

135,346

168,338

196,616

193,789

169,960

Capital expenditures

Millions of yen

274,281284,669

258,229

244,436

257,950

R&D expenses

Millions of yen

60,092

83,535102,373

114,215

121,084

102,719

R&D expenditures

Millions of yen

102,719

118,735

101,626

113,752

107,780

Millions of yen

770,071

1,030,719

1,349,411

1,464,888

1,561,023

1,612,825

Total equity

Millions of yen

1,689,899

1,720,123

1,786,383

1,901,019

2,109,947

Millions of yen

765,544

1,022,417

1,343,732

1,458,664

1,552,844

1,605,291

Equity attributable to owners of parent

Millions of yen

1,682,248

1,712,881

1,777,735

1,890,789

2,100,973

Millions of yen

1,888,363

2,199,714

2,592,410

2,762,321

2,866,474

2,982,725

Total assets

Millions of yen

3,180,597

3,293,908

3,411,712

3,543,753

3,944,150

40.5

46.5

51.8

52.8

54.2

53.8

52.9

52.0

52.1

53.4

53.3

210,134

289,376

195,651

503,759

Financial position (at year-end)

Financial position (at year-end)

Net assets
Shareholders’ equity*4

Total assets

Ratio of shareholders’ equity to total assets*4%

Cash flows

Ratio of equity attributable to owners of parent to total assets%

Cash flows

Net cash provided by (used in) operating activities Millions of yen

313,024

311,543614,256

345,442366,298

174,006

Net cash provided by (used in) operating activities

Millions of yen

250,732

Net cash provided by (used in) investing activities

Millions of yen(33,903)(172,780)(255,676)(254,252)(150,711)(158,327)

Net cash provided by (used in) investing activities

Millions of yen(190,119)(25,844)(272,174)(179,723)(336,813)

Free cash flow

Millions of yen

279,121

138,763358,580

91,190215,587

15,679

Free cash flows

Millions of yen

60,613

184,290

17,202

15,928

166,946

Net cash provided by (used in) financing activities

Millions of yen(63,011)(110,546)(126,190)(189,044)(170,937)(96,617)

Net cash provided by (used in) financing activities

Millions of yen(141,551)(15,818)

13,966(98,502)(122,307)

Per share

Per share

Net income (EPS)

Yen

264.76335.57559.54365.77287.40192.78

Profit for the period attributable to owners of parent (EPS)

Yen

184.44198.99

99.77

91.28

261.33

Net assets (BPS)

Yen

980.981,310.15

1,721.90

1,902.56

2,025.31

2,093.60

Equity attributable to owners of parent (BPS)

Yen

2,193.97

2,233.76

2,318.17

2,465.41

2,739.27

Dividends

Yen

53

68

144

144

144

144

Dividends

Yen

144

100

56

56

76

Other information

Other information

Non-consolidated exchange rate

Yen to the U.S. dollar

100

108

121

108

111

111

Non-consolidated exchange rate

Yen to the U.S. dollar

Number of shares issued

Thousands of shares

782,865

782,865

782,865

769,175

769,175

111

109

106

112

135

769,175

Number of shares issued

Thousands of shares

769,175

769,175

769,175

769,175

769,175

Number of shareholders*5

Persons

51,38670,942

79,59476,471

132,570

133,879

Number of shareholders*5

Persons

Number of employees (parent only) Persons

13,034

13,883

14,234

133,879

145,289

142,890

147,507

139,908

14,70814,87915,274

Number of employees (parent only)

Persons

15,27415,806

16,478

16,961

17,228

Number of employees (consolidated) Persons

28,54529,774

31,151

32,59933,54434,200

Number of employees (consolidated)

Persons

34,20035,03436,07036,91037,521

Consolidated automobile unit sales*6

Thousand units

1,001

1,034

860

734

852

Vehicle unit production

Thousand units

989

1,031

810

727

874

Number of units

Number of units*6

Consolidated automobile unit sales

Thousand units

825

911

958

1,065

1,067

1,000

Vehicle unit production

Thousand units

813

914

951

1,056

1,050

989

DomesticThousand units

650

708

715

721

701

617

DomesticThousand units

617

664

525

455

575

Overseas*7

Thousand units

164

207

236

335

349

372

Overseas*7

Thousand units

372

367

285

272

299

Note: The Subaru Group has voluntarily applied International Financial Reporting Standards (IFRS) since the first quarter of FYE March 2020
*1 Change of accounting policy effective from FYE March 2019 (deduction of sales incentives from net sales); retroactively applied to the figures for FYE March 2018
*2 Accompanying a change in accounting policy effective from the FYE March 2019, change of depreciation method for certain tangible fixed assets of the Company
and its major domestic consolidated subsidiaries from the declining-balance method to the straight-line method*3 Total amount of property, plant and equipment and intangible assets*4 Partial Amendments to Accounting Standard for Tax Effect Accounting have been applied from FYE March 2019, and retrospectively applied to the figures for FYE March 2018.
*5 Number of shares per trading unit: 100 shares*6 Automobile unit sales of Subaru Corporation and its consolidated subsidiaries*7 U.S. production base Subaru of Indiana Automotive, Inc.

86 Integrated Report 2023

Financial Information
Please visit the SUBARU website for details about financial information.

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

Integrated Report 2023

87

Value Creation Story

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Foundations Supporting Value Creation

Corporate Data

Five-year Unit Sales
Years ended March 31

Consolidated Automobile Sales by Region(Thousand units)
’19/3

Japan
LegacyImpreza
ForesterLevorgWRX
ExigaSUBARU BRZ
Solterra
OEM
Others
Passenger cars
Minicars
Japan total

’20/3

’21/3

’22/3

(Thousand units)

’23/3

6.1
47.4
32.1
13.2
7.1
0.2
1.3
—
2.7
0.1
110.2
26.0
136.2

4.7
42.9
30.1
11.8
8.5
̶
1.2
̶
2.7
̶
101.9
23.9
125.8

2.6
30.7
22.9
20.1
2.8
̶
0.8
̶
1.9
̶
81.9
19.9
101.8

4.9
22.5
23.4
15.0
0.2
—
5.0
—
1.7
—
72.6
16.8
89.4

7.6
25.0
22.8
15.7
3.9
—
4.1
0.4
1.7
—
81.1
18.5
99.7

213.9
197.0
155.6
26.5
63.1
3.7
—
659.7

197.2
196.5
200.5
21.0
84.6
1.8
—
701.6

186.3
173.6
176.2
18.7
54.9
2.0
—
611.6

153.1
149.7
121.9
20.2
58.8
2.6
—
506.3

178.9
193.9
116.1
28.3
68.0
3.4
3.2
591.8

’19/3

U.S.
LegacyImpreza
Forester
WRX
AscentSUBARU BRZ
Solterra
U.S. total
CanadaLegacyImpreza
Forester
WRX
AscentSUBARU BRZ
Solterra
Canada total

13.3
22.1
12.5
4.1
4.1
0.7
—
56.8

13.0
25.7
14.8
2.5
4.0
0.4
—
60.4

9.7
24.0
10.4
2.6
2.7
0.3
—
49.7

11.4
24.5
7.3
2.6
2.7
0.6
—
49.1

11.6
16.5
8.0
2.6
3.4
0.5
0.6
43.1

EuropeLegacyImpreza
ForesterLevorgWRX
SUBARU BRZ
Solterra
Europe total

6.5
14.9
9.1
0.8
0.3
0.5
—
32.1

8.8
13.2
12.7
1.9
̶
0.4
—
37.0

3.2
5.9
4.3
0.1
0.0
0.2
—
13.7

6.0
5.9
3.1
0.0
—
0.0
—
15.0

6.0
8.8
5.4
0.0
—
0.3
2.7
23.3

Australia
LegacyImpreza
ForesterLevorgWRX
SUBARU BRZAustralia total* Legacy sales figures include sales of the Outback model.
* Impreza sales figures include sales of the SUBARU XV and Crosstrek models.

7.2
9.8
12.3
0.2
1.5
0.4
31.4

9.2
12.2
10.5
0.1
0.8
0.4
33.2

’23/3

2.7
1.6
15.6
0.8
20.6

4.9
2.2
17.4
0.0
24.5

3.9
1.1
8.8
0.1
13.9

1.1
0.4
4.9
3.8
10.1

Other regions
LegacyImpreza
ForesterLevorgWRX
AscentSUBARU BRZ
Solterra
Other regions total

5.7
20.6
22.2
1.1
1.4
—
0.3
—
51.4

3.4
16.0
23.5
0.9
1.2
0.0
0.3
—
45.3

2.2
9.9
14.0
0.2
0.4
0.7
0.1
—
27.5

4.5
10.6
10.9
0.0
0.3
0.5
0.3
—
27.2

4.7
14.8
17.3
0.3
1.2
0.9
1.3
0.1
40.5

Overseas total

864.6

908.0

758.4

644.6

752.7

Global total

1,000.8

1,033.9

860.2

734.1

852.4

Consolidated Automobile Sales by Model(Thousand units)

LegacyImpreza
ForesterLevorgWRX
Exiga
AscentSUBARU BRZ
Solterra
OEM
Minicars
OthersGlobal total

Consolidated Automobile Sales by Region

by country

’20/3

259.9
322.5
258.8
15.4
41.0
0.2
67.2
6.9
—
2.7
26.0
0.1
1,000.8

’21/3

237.8
312.0
314.1
15.0
34.4
—
88.6
5.4
—
2.7
23.9
—
1,033.9

’22/3

216.1
256.1
257.5
20.5
26.1
—
58.3
3.9
—
1.9
19.9
—
860.2

Vehicle type

1,200

221.4
273.1
187.9
17.0
38.7
—
72.3
14.8
7.0
1.7
18.5
—
852.4

(Thousand units)

1,200

1,034

1,001
860

852

1,034

900

860

734

852
734

600

600

300

300

0

0
2019.3

Japan

’23/3

193.0
226.5
185.9
15.2
24.1
—
62.1
8.9
—
1.7
16.8
—
734.1

Consolidated Automobile Sales by Model(Thousand units)

900

11.5
13.7
13.5
0.9
2.7
1.5
43.9

’22/3

3.8
3.8
15.2
—
22.8

1,001

8.0
16.1
16.9
0.3
1.3
0.5
43.1

’21/3

China
LegacyImpreza
Forester
SUBARU BRZ
China total

’19/3

10.6
16.7
12.2
0.3
1.5
0.4
41.7

’20/3

U.S.

2020.3

CanadaEurope2021.32022.3Australia

China

2019.32023.3
Others*Automobile sales of Subaru Corporation and its consolidated subsidiaries

LegacyWRX
Solterra

2020.3

ImprezaExigaOEM

2021.3
ForesterAscentMinicars

2022.32023.3

LevorgSUBARU BRZ
Others*Automobile sales of Subaru Corporation and its consolidated subsidiaries

Other Financial Information
The summary of consolidated financial results and presentation materials for results briefings are published in the Investor Relations section of the SUBARU website.

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

88 Integrated Report 2023

Integrated Report 2023

89

Value Creation Story

Commentary on Strategy

Mechanisms Supporting Value Creation

Corporate Data

Corporate Data

Corporate Data (As of March 31, 2023)
Company Name SUBARU CORPORATION
Established

July 15, 1953

Paid-In Capital¥153,795 million

Fiscal Year-End March 31
Accounting
Auditors

KPMG AZSA LLC

Main
Businesses

Automotive:
The manufacture, sale, and repair of passenger cars
and their components

Head OfficeEbisu Subaru Bldg. 1-20-8,
Ebisu, Shibuya-ku, Tokyo, Japan

Number of
Affiliates

95 (87 subsidiaries, 7 affiliated companies,
and 1 other affiliated company)

Number of
Employees

17,228 (consolidated: 37,521)(excluding executive officers, advisors andtransferred employees)

Aerospace:
The manufacture, sale, and repair of airplanes,
aerospace-related machinery, and their components

WebsiteAddresses

Corporate website:
https://www.subaru.co.jp/en/
Investor information website:
https://www.subaru.co.jp/en/ir/

Stock Information (As of March 31, 2023)
Common Stock
Authorized

1,500,000,000 shares

Breakdown of Shareholders

Common Stock Issued

769,175,873 shares

Securities companies
24,253 thousand shares
3.2%

Number of Shareholders 139,908
Number of Shares
per Trading Unit

100 shares

Stock Exchange Listing

Tokyo Stock Exchange (Prime Market)

Securities Code

7270

Transfer Agent andAccount Management
Institution of Special
Accounts

Mizuho Trust & Banking Co., Ltd.
3–3, Marunouchi 1-chome, Chiyoda–ku,
Tokyo 100–8241, Japan
Tel: 0120-288-324 (toll free)

Individuals andothers
86,251 thousand shares
11.2%

Japanese corporations
and others
180,636 thousand shares
23.5%

Treasury stock
1,794 thousand shares
0.2%

Financial
institutions
228,889 thousand shares
29.8%
Foreign institutions
and others
247,350 thousand shares
32.2%

Note: Number of shares held are rounded down to the nearest thousand shares

Major Shareholders
Number of
Shares HeldName

(in thousands)

Percentage
of Total
Shares Held

Toyota Motor Corporation

1 Toyota-Cho, Toyota City, Aichi Prefecture, Japan

153,600

20.02

The Master Trust Bank of Japan, Ltd. (Trust account)

2-11-3 Hamamatsucho, Minato-ku, Tokyo, Japan

115,024

14.99

Custody Bank of Japan, Ltd. (Trust account)

1-8-12 Harumi, Chuo-ku, Tokyo, Japan

47,682

6.21

STATE STREET BANK AND TRUST COMPANY 505103

P.O. BOX 351 BOSTON MASSACHUSETTS 02101 U.S.A.

11,128

1.45

STATE STREET BANK WEST CLIENT TREATY 505234

1776 HERITAGE DRIVE, NORTH QUINCY, MA 02171, U.S.A.

10,198

1.33

MIZUHO SECURITIES ASIA
LIMITED-CLIENT A/C

12TH FLOOR, CHATER HOUSE, 8 CONNAUGHT ROAD,
CENTRAL, HONG KONG

10,1651.32

Mizuho Bank, Ltd.

1-5-5 Otemachi, Chiyoda-ku, Tokyo, Japan

10,0781.31

SSBTC CLIENT OMNIBUS ACCOUNTONE LINCOLN STREET, BOSTON MA USA 02111

9,287

1.21

Sompo Japan Insurance Inc.

1-26-1 Nishishinjuku, Shinjuku-ku, Tokyo, Japan

8,267

1.08

JP MORGAN CHASE BANK 385781

25 BANK STREET, CANARY WHARF, LONDON, E14 5JP,
UNITED KINGDOM

8,035

1.05

Note 1: Number of shares held are rounded down to the nearest thousand shares
Note 2: The percentage of total shares held is calculated based on the number of shares excluding treasury stock of 1,794,065 shares

90 Integrated Report 2023