11 03-13 fuji heavy-results_q2-presentation
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  • 1. Presentation of Business Results for the 1st Half of FYE2013 Fuji Heavy Industries Ltd. October 30, 2012 http://www.fhi.co.jp/english/ir/index.html 0
  • 2. A Summary of Business Results http://www.fhi.co.jp/english/ir/index.html 1
  • 3. 1st Half : Consolidated Automobile Sales (Thousand Units) Actual Results 1st Half FYE March 2012 Passenger car Minicar Domestic total U.S. Canada Russia Europe Australia China Others Overseas total Total http://www.fhi.co.jp/english/ir/index.html Actual Results 1st Half FYE March 2013 35.9 36.7 45.4 26.6 +9.5 -10.1 72.6 72.0 -0.6 113.5 14.7 5.6 14.6 16.4 164.4 16.3 11.1 25.4 22.0 +50.8 +1.6 +5.5 +10.8 +5.7 18.9 9.7 26.6 10.7 +7.7 +1.0 193.3 265.9 276.4 348.4 +83.1 +82.5 Increase / Decrease * Canada figures of FYE2012 and China figures of FYE2013 are consolidated on the calendar year basis from Jan. to Jun. 2
  • 4. 1st Half : Consolidated Statements Income (100 Million Yen) Actual Results 1st Half FYE March 2012 Actual Results 1st Half FYE March 2013 6,550 8,980 +2,430 Domestic 2,245 3,098 +853 Overseas 4,305 5,883 +1,577 Operating income 188 433 +245 Ordinary income 216 453 +237 Income before income taxes and minority interests 402 459 +57 Net income 328 404 +77 ¥80/US$ ¥80/US$ -¥0/US$ Net sales FHI exchange rate http://www.fhi.co.jp/english/ir/index.html Increase / Decrease 3
  • 5. 1st Half : Analysis of Increase and Decrease in Operating Income Changes (Consolidated) Improvement of sales Reduction in cost volume & mixture and 144 others Increase of fixed cost, SG&A expenses and warranty claims -432 596 188 Operating Income 1st Half FYE March 2012 http://www.fhi.co.jp/english/ir/index.html FHI : +132 SIA : +12 (100 Million Yen) US$ : -8 EURO : -20 CA$ : -10 Currency exchange adjustment : -5 Loss on currency exchange Increase of SG&A expenses and others -43 Increase of R&D expenses -20 433 Domestic : Improvement of volume & mixture Overseas : Improvement of volume & mixture +24.5 billion yen Operating Income 1st Half FYE March 2013 4
  • 6. 1st Half : Consolidated Net Sales by Business Segment (100 Million Yen / Percentage of Total Sales) Actual Results 1st Half FYE March 2012 Automobile Aerospace Industrial products Other Total http://www.fhi.co.jp/english/ir/index.html Actual Results 1st Half FYE March 2013 5,943 8,304 90.7% 92.5% 374 417 5.7% 4.6% 173 163 2.6% 1.8% 59 96 0.9% 1.1% 6,550 8,980 Increase / Decrease +2,361 +42 -11 +37 +2,430 5
  • 7. 1st Half : Consolidated Operating Income by Business Segment (100 Million Yen) Actual Results 1st Half FYE March 2012 Actual Results 1st Half FYE March 2013 171 397 +226 Aerospace 10 19 +9 Industrial products 3 4 +1 Other 4 10 +7 Elimination and corporate 1 2 +2 188 433 +245 Automobile Total http://www.fhi.co.jp/english/ir/index.html Increase / Decrease 6
  • 8. 1st Half : Consolidated Net Sales by Geographic Area <Appendix> (100 Million Yen / Percentage of Total Sales) Actual Results 1st Half FYE March 2012 Japan North America Other Total http://www.fhi.co.jp/english/ir/index.html Actual Results 1st Half FYE March 2013 3,544 4,376 54.1% 48.7% 2,772 3,745 42.3% 41.7% 234 860 3.6% 9.6% 6,550 8,980 Increase / Decrease +832 +973 +626 +2,430 7
  • 9. 1st Half : Consolidated Operating Income by Geographic Area <Appendix> (100 Million Yen) Actual Results 1st Half FYE March 2012 Japan North America Other Elimination and corporate Total http://www.fhi.co.jp/english/ir/index.html Actual Results 1st Half FYE March 2013 26 344 +318 102 87 -15 2 -1 -4 58 3 -55 188 433 +245 Increase / Decrease 8
  • 10. 1st Half : Overseas Net Sales <Appendix> (100 Million Yen / Percentage of Total Sales) Actual Results 1st Half FYE March 2012 North America Europe Asia Other Total http://www.fhi.co.jp/english/ir/index.html Actual Results 1st Half FYE March 2013 2,991 4,017 69.5% 68.3% 459 719 10.7% 12.2% 390 578 9.1% 9.8% 465 569 10.8% 9.7% 4,305 5,883 Increase / Decrease +1,026 +260 +188 +104 +1,577 9
  • 11. 1st Half : Operating Results of Subsidiaries in U.S. SOA Net sales Operating income Net income Retail sales (Thousand units) SIA Net sales Operating income Net income Subaru production (Thousand units) http://www.fhi.co.jp/english/ir/index.html (million US$) Actual Results 1st Half FYE March 2012 Actual Results 1st Half FYE March 2013 2,861 105 68 4,074 100 64 +1,213 -5 -4 127.9 164.4 +36.5 Actual Results 1st Half FYE March 2012 Actual Results 1st Half FYE March 2013 1,552 -6 -3 1,995 18 11 +443 +24 +14 68.6 87.3 +18.7 Increase / Decrease Increase / Decrease 10
  • 12. 1st Half : Consolidated Non-Operating Income and Expenses (100 Million Yen) Actual Results 1st Half FYE March 2012 Actual Results 1st Half FYE March 2013 86 102 +17 Interest & dividends income 9 11 +2 Equity in earnings of affiliates 5 1 -4 57 82 +24 19 18 -2 28 20 -8 -10 -6 +4 44 34 -10 57 85 +28 -13 -51 -38 Non-Operating income Non-operating expenses Interest expenses Net Financial revenue and expenditure FOREX effects Net of gain and loss on valuation of derivatives Net of FOREX gains and losses http://www.fhi.co.jp/english/ir/index.html Increase / Decrease 11
  • 13. 1st Half : Consolidated Extraordinary Income and Expenses (100 Million Yen) Actual Results 1st Half FYE March 2012 Extraordinary income Gain on sales of noncurrent assets Gain on sales of investment securities State subsidy Gain on sale of loans receivable Other Extraordinary loss Loss on sales and retirement of noncurrent assets Impairment loss Loss on disaster Loss on reduction of noncurrent assets Other Net http://www.fhi.co.jp/english/ir/index.html Actual Results 1st Half FYE March 2013 265 5 1 4 4 17 3 7 271 Increase / Decrease 35 -235 85 29 -55 6 8 +1 1 73 5 0 17 4 -0 -73 +17 -1 186 6 -260 -2 +17 +3 +6 -18012
  • 14. Consolidated Balance Sheets (100 Million Yen) As of March 31, 2012 As of September 30, 2012 Increase / Decrease 13,525 13,951 +426 Current assets 7,625 8,072 +447 Noncurrent assets 5,900 5,879 -21 3,410 4,516 3,301 4,787 -109 +271 Retained earnings 1,885 2,255 +369 Shareholder’s equity 4,503 4,773 +270 33.3% 34.2% +0.9% 0.76 0.69 -0.07 Total assets Interest bearing debt Net assets Shareholder’s equity to total assets D/E ratio http://www.fhi.co.jp/english/ir/index.html 13
  • 15. 1st Half : Consolidated Statement of Cash Flows (100 Million Yen) Actual Results 1st Half FYE March 2012 Actual Results 1st Half FYE March 2013 -92 1,103 +1,195 140 -324 -464 47 778 731 522 -327 -848 Effect of exchange rate change on cash and cash equivalents -53 -53 -0 Net increase (decrease) in cash and cash equivalents 516 398 -117 0 213 +213 2,793 3,192 +399 Net cash provided by (used in) operating activities Net cash provided by (used in) investing activities Free cash flows Net cash provided by (used in) financing activities Increase (decrease) in cash and cash equivalents resulting from change of scope of consolidation Cash and cash equivalents at end of period http://www.fhi.co.jp/english/ir/index.html Increase / Decrease 14
  • 16. 1st Half : Non-Consolidated Automobile Sales <Appendix> (Thousand units) Actual Results 1st Half FYE March 2012 Actual Results 1st Half FYE March 2013 178.0 272.5 +94.5 76.2 72.6 -3.6 Passenger car 38.1 47.4 +9.4 Minicar 38.2 25.2 -13.0 114.2 188.8 +74.6 72.7 87.0 +14.3 263.1 348.4 +85.3 Domestic production Domestic sales Number of vehicles exported Components for overseas production Total Increase / Decrease * Domestic Production figures include Toyota 86. http://www.fhi.co.jp/english/ir/index.html 15
  • 17. Net Sales & Operating Income Net Sales (¥100M) 6,000 ¥92/$ ¥88/$ ¥83$ ¥82/$ ¥79/$ ¥79/$ 347 5,000 3,703 ¥78/$ ¥81/$ Operating Income (¥100M) 400 ¥79/$ 4,877 4,337 4,000 ¥83/$ <Appendix> 4,289 4,059 3,706 300 3,744 3,546 226 4,691 259 3,004 3,000 250 200 161 173 161 2,000 350 150 107 100 91 107 1,000 81 50 0 0 1Q 2Q 3Q FY2011 http://www.fhi.co.jp/english/ir/index.html 4Q 1Q 2Q 3Q FY2012 4Q 1Q 2Q FY2013 16
  • 18. Complete Cars Production & Retail Sales <Appendix> (1,000 Cars) Production Retail 196 200 162 160 174 161 164 162 156 150 138 147 150 196 191 158 182 167 178 172 Apr.Jun. Jul.-Sep. 136 111 100 50 0 Apr.Jun. Jul.-Sep. 2010 Oct.Dec. Jan.Mar. Apr.Jun. Jul.-Sep. 2011 Oct.Dec. Jan.Mar. 2012 * Production figures include Toyota 86. http://www.fhi.co.jp/english/ir/index.html 17
  • 19. Free Cash Flows & Shareholder’s Equity to Total Assets FCF (¥100M) Shareholder’s Equity to Total Assets 43% 1,100 33.6% 35.4% 34.7% 900 700 34.7% 34.2% 33.7% 34.2% 33.3% 871 31.9% 33.7% 778 640 36% 29% 21% 500 300 <Appendix> 397 283 246 78 100 14% 221 7% 47 -42 -100 1Q 2Q 3Q FY2011 http://www.fhi.co.jp/english/ir/index.html 4Q 1Q 2Q 3Q FY2012 0% 4Q 1Q 2Q FY2013 18
  • 20. 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 3,301 1.0 0.91 0.89 0.82 2,500 0.85 0.89 0.8 0.76 2,000 1.2 0.76 0.8 0.69 0.74 0.6 1,500 0.4 1,000 500 0.2 0 0.0 1Q 2Q 3Q FY2011 http://www.fhi.co.jp/english/ir/index.html 4Q 1Q 2Q 3Q FY2012 4Q 1Q 2Q FY2013 19
  • 21. 2nd Quarter : Consolidated Automobile Sales <Appendix> (Thousand Units) Actual Results 2nd Quarter FYE March 2012 Passenger car Minicar Domestic total U.S. Canada Russia Europe Australia China Others Overseas total Total http://www.fhi.co.jp/english/ir/index.html Actual Results 2nd Quarter FYE March 2013 20.2 21.6 27.7 13.4 +7.5 -8.2 41.8 41.1 -0.7 61.7 5.8 3.9 6.9 9.4 81.9 9.6 5.5 12.7 10.2 +20.2 +3.8 +1.6 +5.9 +0.8 13.0 5.1 15.9 5.6 +2.9 +0.5 105.8 147.6 141.4 182.5 +35.7 +35.0 Increase / Decrease * Canada figures of FYE2012 and China figures of FYE2013 are consolidated on the calendar year basis from Apr. to Jun. 20
  • 22. 2nd Quarter : Consolidated Statements Income <Appendix> (100 Million Yen) Actual Results 2nd Quarter FYE March 2012 Actual Results 2nd Quarter FYE March 2013 3,546 4,691 +1,145 Domestic 1,257 1,671 +414 Overseas 2,290 3,020 +731 Operating income 81 259 +178 Ordinary income 99 262 +163 Income before income taxes and minority interests 79 269 +190 Net income 43 241 +198 ¥79/US$ ¥79/US$ +¥0/US$ Net sales FHI exchange rate http://www.fhi.co.jp/english/ir/index.html Increase / Decrease 21
  • 23. 2nd Quarter : Analysis of Increase and Decrease in Operating Income Changes (Consolidated) <Appendix> Decrease Reduction of R&D Improvement in cost expenses of sales volume & 4 mixture and 104 others FHI : +95 SIA : +9 262 81 Operating Income 2nd Quarter FYE March 2012 http://www.fhi.co.jp/english/ir/index.html (100 Million Yen) Increase of fixed cost, SG&A expenses and warranty claims -186 Increase of SG&A expenses and others Loss on currency exchange US$ : +10 EURO : -8 CA$ : -6 Currency exchange adjustment : -2 -6 259 Domestic : Improvement of mixture Overseas : Improvement of volume & mixture +17.8 billion yen Operating Income 2nd Quarter FYE March 2013 22
  • 24. Outlook for the term Ending March 2013 http://www.fhi.co.jp/english/ir/index.html 23
  • 25. Full year : Consolidated Automobile Sales (Thousand Units) Actual Results FYE March 2012 Passenger car Minicar Domestic total U.S. Canada Russia Europe Australia China Others Overseas total Total http://www.fhi.co.jp/english/ir/index.html Plan FYE March 2013 Increase / Decrease 80.2 92.2 108.1 52.1 +28.0 -40.1 172.3 160.3 -12.1 280.4 28.2 15.9 39.1 36.9 48.3 18.7 348.8 33.4 17.3 49.0 41.7 40.3 23.7 +68.5 +5.2 +1.4 +9.9 +4.8 -8.0 +4.9 467.5 639.9 554.1 714.4 +86.6 +74.6 * Canada figures of FYE2012 and China figures of FYE2013 are consolidated on the calendar year basis from Jan. to Dec. 24
  • 26. Full year : Consolidated Statements Income (100 Million Yen) Actual Results FYE March 2012 Plan FYE March 2013 15,171 18,400 +3,229 Domestic 4,985 6,570 +1,586 Overseas 10,186 11,830 +1,643 Operating income 440 820 +380 Ordinary income 373 810 +437 Income before income taxes and minority interests 529 780 +251 Net income 385 670 +285 ¥79/US$ ¥79/US$ +¥1/US$ Net sales FHI exchange rate http://www.fhi.co.jp/english/ir/index.html Increase / Decrease 25
  • 27. Full Year : Analysis of Increase and Decrease in Operating Income Changes (Consolidated) Increase of SG&A Improvement expenses of sales Reduction and others in cost volume & mixture and 274 others -637 832 (100 Million Yen) Increase of fixed cost and SG&A expenses Decrease of warranty claims Loss on currency exchange FHI : +236 SIA : +38 -70 Increase of R&D expenses US$ : +5 EURO : -28 CA$ : -1 Currency exchange adjustment : -46 -19 820 440 Operating Income FYE March 2012 http://www.fhi.co.jp/english/ir/index.html Domestic : Improvement of volume & mixture Overseas : Improvement of volume & mixture +38.0 billion yen Operating Income FYE March 2013 26
  • 28. Full Year : Operating Results of Subsidiaries in U.S. (million US$) Actual Results FYE March 2012 Plan FYE March 2013 6,923 105 74 8,340 111 73 +1,417 +6 -1 (Thousand units) 279.2 330.0 +50.8 SIA Actual Results FYE March 2012 Plan FYE March 2013 3,845 82 51 4,031 44 26 +186 -38 -25 170.6 175.6 +5.0 SOA Net sales Operating income Net income Retail sales Net sales Operating income Net income Subaru production (Thousand units) http://www.fhi.co.jp/english/ir/index.html Increase / Decrease Increase / Decrease 27
  • 29. Capex / Depreciation / R&D / Interest Bearing Debt <Appendix> (100 Million Yen) Actual Results Actual Results Actual Results Plan 1st Half 1st Half FYE2012 (a) FYE2013 (b) FYE2012 FYE2013 Increase/ Decrease (b) - (a) Capex 276 543 339 720 +177 Depreciation 254 537 247 600 +63 R&D 229 481 249 500 +19 3,866 3,410 3,301 3,300 -110 Interest bearing debt http://www.fhi.co.jp/english/ir/index.html 28
  • 30. 2nd Half : Consolidated Automobile Sales <Appendix> (Thousand Units) Actual Results 2nd Half FYE March 2012 Passenger car Minicar Domestic total U.S. Canada Russia Europe Australia China Others Overseas total Total http://www.fhi.co.jp/english/ir/index.html Plan 2nd Half FYE March 2013 44.3 55.5 62.8 25.5 +18.5 -29.9 99.8 88.3 -11.5 166.8 13.6 10.3 24.5 20.6 184.5 17.1 6.2 23.6 19.6 +17.6 +3.6 -4.1 -0.9 -0.9 29.4 9.0 13.7 13.0 -15.7 +4.0 274.2 373.9 277.7 366.0 +3.5 -7.9 Increase / Decrease * Canada figures of FYE2012 and China figures of FYE2013 are consolidated on the calendar year basis from Jul. to Dec. 29
  • 31. 2nd Half : Consolidated Statements Income <Appendix> (100 Million Yen) Actual Results 2nd Half FYE March 2012 Plan 2nd Half FYE March 2013 8,621 9,420 +799 Domestic 2,740 3,473 +733 Overseas 5,881 5,947 +66 Operating income 252 387 +135 Ordinary income 157 357 +200 Income before income taxes and minority interests 127 321 +194 57 266 +209 ¥77/US$ ¥78/US$ +¥1/US$ Net sales Net income FHI exchange rate http://www.fhi.co.jp/english/ir/index.html Increase / Decrease 30
  • 32. 2nd Half : Analysis of Increase and Decrease in Operating Income Changes (Consolidated) <Appendix> (100 Million Yen) Decrease Improvement Reduction of R&D of sales in cost expenses volume & 1 mixture and 130 others 236 252 FHI : +104 SIA : +26 Increase of fixed cost and SG&A expenses Decrease of warranty claims -205 Loss on currency exchange Increase of SG&A expenses and others US$ : +13 EURO : -8 CA$ : +9 Currency exchange adjustment : -41 -27 387 Domestic : Improvement of volume & mixture Overseas : Deterioration of volume & mixture Operating Income 2nd Half FYE March 2012 http://www.fhi.co.jp/english/ir/index.html +13.5 billion yen Operating Income 2nd Half FYE March 2013 31
  • 33. Appendix http://www.fhi.co.jp/english/ir/index.html 32
  • 34. 1st Half : Consolidated Automobile Sales Plan vs. Actual Results <Appendix> (Thousand Units) Plan 1st Half FYE March 2013 Passenger car Minicar Domestic total U.S. Canada Russia Europe Australia China Others Overseas total Total http://www.fhi.co.jp/english/ir/index.html Actual Results 1st Half FYE March 2013 47.4 27.8 45.4 26.6 -2.0 -1.2 75.2 72.0 -3.2 164.6 15.1 12.5 27.3 21.4 164.4 16.3 11.1 25.4 22.0 -0.2 +1.2 -1.4 -2.0 +0.7 28.1 11.8 26.6 10.7 -1.5 -1.1 280.8 355.9 276.4 348.4 -4.3 -7.5 Increase / Decrease * China figures are consolidated on the calendar year basis from Jan. to Jun. 33
  • 35. 1st Half : Consolidated Statements Income Plan vs. Actual Results <Appendix> (100 Million Yen) Plan 1st Half FYE March 2013 Actual Results 1st Half FYE March 2013 9,100 8,980 -120 Domestic 3,129 3,098 -31 Overseas 5,971 5,883 -89 Operating income 320 433 +113 Ordinary income 300 453 +153 Income before income taxes and minority interests 290 459 +169 Net income 230 404 +174 ¥80/US$ ¥80/US$ +¥0/US$ Net sales FHI exchange rate http://www.fhi.co.jp/english/ir/index.html Increase / Decrease 34
  • 36. 1st Half : Analysis of Increase and Decrease in Operating Income Changes (Consolidated) <Appendix> Decrease Reduction of R&D in cost expenses 113 320 Improvement of sales volume & mixture and others 27 (100 Million Yen) -13 FHI : -15 SIA : +2 -9 -5 Increase of Loss on SG&A currency expenses exchange and others Decrease of fixed cost and SG&A expenses Increase of warranty claims US$ : +4 EURO : +4 CA$ : -1 Currency exchange adjustment : -12 433 Domestic : Decrease of volume, improvement of mixture Overseas : Decrease of volume, improvement of mixture Plan Operating Income 1st Half FYE March 2013 http://www.fhi.co.jp/english/ir/index.html +11.3 billion yen Actual results Operating Income 1st Half FYE March 2013 35
  • 37. Full year : Consolidated Automobile Sales Previous Plan vs. Revised Plan <Appendix> (Thousand Units) Previous Plan FYE March 2013 Passenger car Minicar Domestic total U.S. Canada Russia Europe Australia China Others Overseas total Total http://www.fhi.co.jp/english/ir/index.html Revised Plan FYE March 2013 Increase / Decrease 94.9 50.5 108.1 52.1 +13.3 +1.6 145.4 160.3 +14.9 324.0 31.7 23.3 59.2 43.9 62.0 31.2 348.8 33.4 17.3 49.0 41.7 40.3 23.7 +24.8 +1.7 -6.0 -10.2 -2.2 -21.7 -7.6 575.4 720.8 554.1 714.4 -21.3 -6.4 * China figures are consolidated on the calendar year basis from Jan. to Dec. 36
  • 38. Full year : Consolidated Statements Income Previous Plan vs. Actual Results <Appendix> (100 Million Yen) Previous Plan FYE March 2013 Revised Plan FYE March 2013 18,600 18,400 -200 Domestic 6,278 6,570 +292 Overseas 12,322 11,830 -492 Operating income 670 820 +150 Ordinary income 630 810 +180 Income before income taxes and minority interests 600 780 +180 Net income 480 670 +190 ¥80/US$ ¥79/US$ -¥1/US$ Net sales FHI exchange rate http://www.fhi.co.jp/english/ir/index.html Increase / Decrease 37
  • 39. Full year : Analysis of Increase and Decrease in Operating Income Changes (Consolidated) <Appendix> Improvement Decrease of sales of R&D volume & mixture and expenses others 318 30 Reduction in cost Increase of SG&A expenses and others 11 -140 FHI : -6 SIA : +17 (100 Million Yen) Loss on currency exchange -69 Increase of fixed cost, SG&A expenses and warranty claims 670 Domestic : Improvement of volume & mixture Overseas : Decrease of volume, improvement of mixture Previous Plan Operating Income FYE March 2013 http://www.fhi.co.jp/english/ir/index.html +15.0 billion yen US$ : -73 EURO : +13 CA$ : +2 Currency exchange adjustment : -11 820 Revised Plan Operating Income FYE March 2013 38
  • 40. Thank you ! http://www.fhi.co.jp/english/ir/index.html 39