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12 09-12 isuzu results-q2-1
 

12 09-12 isuzu results-q2-1

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    12 09-12 isuzu results-q2-1 12 09-12 isuzu results-q2-1 Presentation Transcript

    • FY2013 H1 Financial Results November 7, 20121 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • ContentsⅠ. President and Representative Director : Susumu Hosoi :FY2013 H1 Financial Summary Outline :Progress of Mid-term Business Strategy( April 2011-March 2014)Ⅱ. Director : Toshio Sasaki 1. Business Status 2. FY2013 H1 Financial Summary 3. FY2013 Full-year OutlookⅢ. Q&A Session Statements contained in this presentation, except for historical or current facts, are based on certain assumptions and our managements judgment in light of currently available information. Therefore, these statements may be susceptible to various factors, such as uncertainty contained in the assumptions and managements judgment and economic changes in the future, which may cause to bring about different results in Isuzus future earnings and operating results. Moreover, this presentation is not intended to solicit investment in Isuzu. Isuzu assumes no responsibility for any losses and liabilities that may be incurred because of the information in this presentation.2 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • President and Representative Director Susumu Hosoi3 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • FY2013 H1 Consolidated Results - Year-on-year Comparison - Year-on- ( JPY Bil. ) FY13 H1 F12 H1 Changes FY13 H1plan Net Sales 780.1 658.1 122.0 790.0Operating Income 57.3 43.8 13.5 50.0 Ordinary Income 60.4 45.1 15.3 52.0 Net Income 42.1 33.7 8.4 35.0 * FX: FY13 H1 = 80JPY/US$ FY12 H1= 81JPY/US$4 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • FY2013 Full-year Outlook Full- - Year-on-year Comparison - Year-on- FY13 Previous (JPY Bil) FY13 Forecast FY12 Changes plan Net Sales 1,630.0 1,400.1 229.9 1,630.0 Operating Income 126.0 97.4 28.6 123.0 Ordinary Income 133.0 102.9 30.1 127.0 Net Income 91.0 91.3 -0.3 81.0 ※FX: FY13 = 80JPY/US$ FY12 = 79JPY/US$5 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Progress of Mid-term Business Plan (April 2011 – March 2014) April 20146 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Mid-term Business Plan Outline Mid- Stabilizing Isuzu’s commercial vehicle business Stabilize Japan Enhance ASEAN Strength/Expand domestic business CV Business LCV business [ Japan ] [ Indonesia ] [ Thailand ] CV foothold for CV foothold for advanced market LCV foothold emerging market Europe, North CIS America Low-cost parts/ Low-cost parts/ engineering base market Middle function sharing expansion Central and East South America [China (Qingling)] [India, China Africa (Jiangling)] Australia CV support operations LCV supportSecure stable position operations Secure stable in emerging/ position in emerging/ Establish support advanced markets advanced markets7 operations Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Strength/Expand LCV Business - Thailand -  Introduce a new LCV model  October 2011 : Started the sale of the fully redesigned pick-up truck in the pick- Thai market.  Introduce derivatives.  Establish an export company (IMIT) and strengthen global sales.  2012 : Started export of the new pick-up truck for the European and pick- Europea Australian markets.  Introduce the new pickup model to more markets and develop new markets.  October 2012 : Launched the new plant in Gateway and increased a production 2012 capacity to 400,000 units of the pick-up truck. pick-  Establish further self-sustained engineering functions in Thailand. Commencement ceremony Gateway new plant8 (2012 October) Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Enhance ASEAN CV Business  Develop and introduce optimal products for emerging markets.  Started sales of F Series in Indonesia and of the truck fit for emerging market (“QCD Vehicle”) in Vietnam.  Strengthen manufacturing functions using Indonesia foothold as a core.  Localized engineering functions and reinforced local workface (2012 April).  Secured a site for the new plant.  Expand parts localization (in progress with Isuzu affiliates)  Consolidate a local manufacturing company.  Strengthen the sales network (parts supply system and service network establishment).  Launched a new mechanic school in Indonesia (in the local joint venture). (thousand units) 25% 50 [CV total] 40 20% 30 20 15% 10 0 10% 09 10 11 12 Thailand Philippine Indonesia Malaysia Vietnam Share9 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Stabilize Japan Domestic Business  August 2012 : Introduced the HD route bus ERGA HYBRID.  Strengthen cost competitiveness by streamlining sales/manufacturing.  Integrated dealers to cover extensive areas (consolidation: 15  6 companies, Isuzu Motors Tohoku Limited in 2012 April).  Converged administrative work between the distributer and dealers (Vehicle operation center function in 2012 October).  Increase core module manufacturing and establish flexible production lines (mutual complementation of HD and LD lines).  Enhance the life cycle business.  Started expansion of life cycle business. H/D route bus Isuzu Motors Tohoku Limited, ERGA HYBRID10 head office Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Establish Support Operations - China - CV business  Iintroduce heavy-duty truck/engine (CV full line-up ) and strengthen global HD competitiveness.  August 2012 : Launched Isuzu Qingling (Chongqing) Engineering Co. , Ltd.: Joint development for next-generation HD next-  August 2012 : Isuzu Qingling (Chongqing) Autoparts Co., Ltd. : Localization of engines and components, export base.  Incorporate and increase earnings by means of consolidation of component manufacturing operation and sales expansion thereof including industrial engines. LCV business  Contribute to the LCV business by introducing pick-up trucks and derivatives.  August 2012 : Agreed to launch a joint ventures for vehicle and engine production and sales (with Jiangling Motors Co., Ltd.)  JIANGXI ISUZU MOTORS CO., LTD. (Vehicle) ehicle)  JIANGXI ISUZU ENGINE CO., LTD. (Engine)11 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Establish Support Operations - India - CV business  July 2011 : Introduced best suited product for India equipped with Isuzu components based on the existing SML truck.  Strengthen SMLI functions.  April 2012 : Increased the investment ratio from 4 to 15%) and dispatched engineering and sales personnel.  Establish a dedicated task force team in SMLI to reorganize DLR network. LCV business  Introduce a low cost LCV model and emerging market products (new market entry).  Establish Isuzu-led manufacturing operations and sales network.  August 2012 : Launched Isuzu Motors India (Chennai).  Contribute to CV/LCV business for emerging market through low-cost parts and products.12 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Secure Stable Position in Emerging/Advanced Markets merging/A Middle East  June 2011 : Launched Isuzu Saudi Arabia and launched the KD assembly plant by the end of 2012.  2012 : Expanded the territory of Isuzu Middle East (After-Sales Center) (East Africa). (After- CIS / Australia  Re-strengthened business in Russia: Increased the investment ratio in Sollers Re- Isuzu (from 29 to 45%).  Strengthened parts business of the Australia DB subsidiary (serves as a hub for parts operation in Oceania). South America / Africa  Further Isuzu involvement  CV Sales business in South America, CV sales/manufacturing in South Africa KD Assembly plant in Saudi Arabia13 * DB: Distributer Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Toward Mid-term Business Plan Advancement Mid- Surrounding environment at the Mid- Changing points from the Mid-term term Business Plan development Business Plan development  Global eonomy: Economic stagnation  Greater uncertainty for global economy. continues in the advanced countries. - Chinese/India economy slowdown,  Competition: Rise of Chinese, Korean, and European sovereign debt crisis. Indian manufacturers.  Higher environmental awareness, diversified  Product/technologies: Expand product fuel types ranges for customer needs. Drastic rise of cost for environmental measures.  Worse environment in manufacturing in  Domestic Operations: Deteriorated business Japan. environment surrounding transport business. - Manufacturers in Japan face six-fold  Supply chain in Japan: Risk of difficulties (continuous strong JPY /power overconcentration in Japan. restrain, etc.) Steady execution of the Mid-term Business Plan High efficiency DE development and activities toward future technology14 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Director of the Board, and Managing Executive Officer, Corporate Planning and Financial Toshio Sasaki15 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Ⅱ-1 . Business Status16 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • CV/LCV Global Shipment - Vehicle and KD-SET, etc: K-units KD- K- ・Reinforcing overseas operating Capabilities ・Entering New Markets The Great East Japan Earthquake800 Global Financial 689 Flooding crisis 643 640 in Thailand (628) 619 (547) 598 568 (520) (567) ( ):Overseas Unit 543 554 (552) (509)600 (453) (500) Inventory Adjustment 427 LCV 407 377 364 (386) 372 346 299400 302 306 CV 259 Overseas200 151 148 170 203 211 221 194 206 127 CV Domestic 90 99 96 73 60 54 42 47 59 0 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 Forecast17 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • CV Global Shipment - Vehicle and KD-SET, etc: K-units KD- K- 58 56 25 7 10 11 27 34 4 5 59 60 4 5 5 47 ’11/3 ’12/3 ’13/3 32 29 Forecast 20 34 ’11/3 ’12/3 ’13/3 22 Europe China Forecast 30 10 14 12 25 24 70 6 9 6 48 3 5 ’11/3 ’12/3 ’13/3 45 ’11/3 ’12/3 ’13/3 56 Forecast 47 53 23 28 Japan North Forecast America 27 22 20 29 29 ’11/3 ’12/3 ’13/3 29 18 25 Forecast 32 Asia 25 28 ’11/3 ’12/3 ’13/3 12 14 Mid-East/ Forecast 7 9 10 Africa 3 5 13 13 15 4 4 5 ’11/3 ’12/3 ’13/3 Shipment FY11 FY12 FY13 ’11/3 ’12/3 ’13/3 : H1 Mid-South Forecast H1 131,278 118,488 1 3 5 ,4 4 7 Oceania Forecast : H2 H2 120,901 150,869 1 4 6 ,1 5 3 America Full-year 252,179 269,357 2 8 1 ,6 0 018 Forecast Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Japan Industry Sales and Isuzu Share - H/D, M/D Truck:4ton or above -(Unit) (Share) FY08-FY12 : FY Actual FY13: FY13-H1 Actual H1 Actual 120,000 33.7% 35% 32.9% 32.8% 31.4% 29.7% 31.1% 100,000 30% 85,116 80,000 25% 62,964 41,963 59,310 60,000 51,412 H2 20% 26,109 41,622 40,000 25,275 35,548 15% 23,764 20,000 43,153 36,855 H1 10% 26,137 31,927 17,858 23,762 0 5% FY08 FY09 FY10 FY11 FY12 FY13 Forecast 19 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Japan Industry Sales and Isuzu Share - L/D(2-3ton) Truck - L/D(2-(Unit) FY08-FY12 : FY Actual (Share) FY13: FY13-H1 Actual 120,000 H1 Actual 45% 40.0% 40.2% 40.2% 38.6% 39.1% 39.6% 100,000 40% 89,831 80,000 35% 70,059 44,213 65,309 H2 60,000 54,469 30% 31,177 48,859 38,486 40,000 27,980 25% 26,700 45,618 H1 20,000 38,882 36,905 20% 26,489 26,823 22,159 0 15% FY08 FY09 FY10 FY11 FY12 FY13 Forecast 20 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • LCV Global Shipment - Vehicle and KD-SET, etc: K-units - KD- K- 263 23 25 21 14 17 202 9 12 5 8 8 11 14 13 12 9 177 ’11/3 ’12/3 ’13/3 ’11/3 ’12/3 ’13/3 Forecast Forecast China Europe 106 84 64 57 49 24 24 96 92 121 32 33 30 26 32 18 24 15 12 14 ’11/3 ’12/3 ’13/3 8 3 12 18 13 16Mid-East/ Forecast ’11/3 ’12/3 ’13/3 10 12 6 ’11/3 ’12/3 ’13/3 ’11/3 ’12/3 ’13/3 Africa Forecast Forecast Asia Oceania Forecast Mid-South Shipment FY11 FY12 FY13 America H1 179,172 163,109 1 97,63 8 : H1 H2 167,065 135,508 2 09,46 2 : H2 Full-year 346,237 298,617 4 07,10 021 Forecast Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Pick-up truck monthly sales Pick- in Thailand(K-Unit) 20 19.0 18 17.6 16.8 15.6 15.7 16.0 16 15.4 14.8 14.5 14.3 14 13.1 13.4 11.9 12.1 11.7 11.8 10.9 12.1 12 10.6 10.8 10.9 10.7 10.6 10.9 10.2 9.9 9.9 10 8 7.5 6 4.7 4 2.0 2 0 APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR FY11 FY12 FY1322 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Thailand LCV Shipment - Thai Domestic / Export Markets -- (Unit) 342,000350,000 57,000300,000 KD-SET 240,501 229,600 237,481250,000 211,242 192,019 71,160 177,922 64,530200,000 79,245 57,645 64,485 44,325150,000 285,000 Vehicle100,000 169,341 127,534 133,597 172,951 150,355 153,597 50,000 0 FY07 FY08 FY09 FY10 FY11 FY12 FY13 Forecast23 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Industrial Engine Global Shipment - K-Units- Units-160140 133 138 126120 102 67100 70 84 7180 56 28 H260 4840 63 33 70 56 5420 46 H1 15 0 FY08 FY09 FY10 FY11 FY12 FY13 Forecast C(IDI) C(DI) 4L 4J 4H 6H 6U 6W Industrial Engine ~1.1 1.6 2.2 2.4 3.0 5.2 7.8 9.8 15.7 ℓ 24 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Ⅱ-2. FY2013 H1 Financial Summary April 2012 – September 201225 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • FY2013 H1 Consolidated Results - Year-on-year Comparison - Year-on- ( JPY Bil. ) FY13 H1 F12 H1 Changes FY13 H1plan Net Sales 780.1 658.1 122.0 790.0Operating Income 57.3 43.8 13.5 50.0 Ordinary Income 60.4 45.1 15.3 52.0 Net Income 42.1 33.7 8.4 35.0 * FX: FY13 H1 = 80JPY/US$ FY12 H1= 81JPY/US$26 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • FY2012 vs. FY2013 H1 Fluctuations - Consolidated operating income: analysis of change, JPY:Bil. - 13.5 1.2 -11.4 22.3 Fluctuations Steel, Oil Price etc. -1.7 -0.3 57.3 Fluctuation Fixed Cost ( FX Effect of previous FY Loss on disaster/ Fixed cost) ,others 3.4 43.8 ’ Sales/Model Mix Reduction Material Cost Operating Income Operating Income for FY12 H1 for FY13 H127 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • FY2013 H1 Consolidated Results - Ordinary income, Net income, Year-on-year - Year-on- ( JPY Bil. ) FY13 H1 FY12 H1 Changes Net Sales 780.1 658.1 122.0 Operating Income 57.3 43.8 13.5 Ordinary Income 60.4 45.1 15.3 Net Income 42.1 33.7 8.4 Operating Income Change 13.5 Ordinary Income * Equity in Earnings of Affiliates: 1.9 * Financial account balance/ FX gain and loss, Other -0.1 Total 15.3 Extra Profit / Ordinary Income 60.4 Loss etc. * Loss on disposal of noncurrent assets,etc -0.8 * Tax and minority interests: -17.5 Net Income 42.128 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Ⅱ-3. FY2013 Full-year Outlook Full-29 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • FY2013 Full-year Outlook Full- - Year-on-year Comparison - Year-on- FY13 Previous (JPY Bil) FY13 Forecast FY12 Changes plan Net Sales 1,630.0 1,400.1 229.9 1,630.0 Operating Income 126.0 97.4 28.6 123.0 Ordinary Income 133.0 102.9 30.1 127.0 Net Income 91.0 91.3 -0.3 81.0 ※FX: FY13 = 80JPY/US$ FY12 = 79JPY/US$30 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • FY2012 vs. FY2013 Fluctuations - Consolidated operating income: analysis of change, JPY:Bil. 28.6 32.5 2.5 -11.4 Reduction Material Cost Fluctuations Steel, Oil Price etc. -1.5 -1.5 126.0 Fluctuation Fixed Cost ( FX Effect of previous FY Loss on disaster/ Fixed cost) 8.0 Sales/Model Mix 97.4 (Forecast) Operating Income for FY12 Operating Income for FY1331 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • FY2013 Full-year Outlook Full- - Ordinary income, Net income, Year-on-year - Year-on- ( JPY Bil. ) FY13 FY12 Changes Net Sales 1,630.0 1,400.1 229.9 Operating Income 126.0 97.4 28.6 Ordinary Income 133.0 102.9 30.1 Net Income 91.0 91.3 -0.3 Operating Income Change 28.6 Ordinary Income * Equity in Earnings of Affiliates: 4.0 * Financial account balance/ FX gain and loss, Other: -2.5 Total 30.1 Extra Profit / Ordinary Income 133.0 Loss etc. * Loss on disposal of noncurrent assets,etc: -0.5 * Tax and minority interests: -41.5 Net Income 91.032 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • [Appendix] Main Financial Index33 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • CAPEX and Depreciation (Consolidated) - Recent Trend and Forecast -(JPY:Bil) 80.0 70.0 66.7 67.0 60.0 50.6 50.0 41.5 39.6 39.5 40.0 36.4 36.0 33.3 35.0 30.0 29.4 25.7 20.0 10.0 0.0 FY08 FY09 *1 FY10 FY11 *1 FY12 *1 FY13 *1 *1 (Forecast) *1 FY09 or later included lease 34 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Interest Bearing Debt / Equity Capital (Consolidated) (JPY:Bil) Equity Capital (DER) 500 442.9 5 415.5 400 328.1 353.8 280.6 258.4 297.6 312.6 300 DER 200 1.16 1.41 1.06 0.96 0.83 0.78 100 0.49 0.44 0 0 09/3 09/9 10/3 10/9 11/3 11/9 12/3 12/9 -100 Bearing Debt Interest -200 203.1 -300 300.6 273.6 274.8 315.0 196.0 325.9 363.4 -400 -500 -535 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Consolidated Net Sales by Segment - LCV, CV, PT&Compo, Others(KD, parts) -(JPY:Bil) 1000.0 900.0 780.1 800.0 724.9 742 .0 6 90.6 65 8.1 Ot h e r s 700.0 638 .1 172.7 56 5.0 177.2 168.2 185.3 PT&C o m po 600.0 52.5 155.2 178.8 500.0 147.0 442 .8 94.1 89.7 63.6 92.2 CV 400.0 93.3 64.9 136.9 372.7 300.0 49.0 323.9 293.3 385.3 262.7 269.2 200.0 275.4 183.5 LC V 100.0 182.2 77.7 73.4 128.0 129.7 139.4 116.8 107.8 0.0 09/3 09/9 10/3 10/9 11/3 11/9 12/3 12/936 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Consolidated Equity Ratio: Historical Trend (JPY:Bil.) (%)500.0 50 442.9450.0 415.5 45400.0 353.8 40350.0 312.6 328.1 35 297.6 36.2300.0 280.6 258.4 34.2 30250.0 29.5 30.5 25 27.3 26.8 27.4 Equity Capital Consolidated200.0 24.9 20150.0 15 Consolidated100.0 10 Equity Ratio 50.0 5 0.0 0 09/3 09/9 10/3 10/9 11/3 11/9 12/3 12/9 37 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • Inventory Balance - Consolidated - (JPY:Bil.) (Month) 300 1.8 250 1.5 Month Turnover 1.5 1.3 1.3 1.3 200 1.2 1.2 1.0 150 0.9 0.9 0.9 100 0.6 154.5 157.1 119.8 138.2 50 110.0 106.4 109.3 101.0 0.3 0 0.0 09/3 09/9 10/3 10/9 11/3 11/9 12/3 12/938 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • CAPEX and Depreciation (Consolidated) - Recent Trend - (JPY:Bil.)30.0 26.925.0 19.7 19.8 20.020.0 18.3 18.1 18.0 18.0 16.9 13.8 15.1 14.315.0 13.3 Depreciation 11.9 CAPEX10.0 5.0 0.0 09/9 10/3 10/9 11/3 11/9 12/3 12/9 39 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
    • 40 Copyright(C) 2012 Isuzu Motors Limited All rights reserved