Isuzu Motors : FY2022 Consolidated Financial Results (Japan GAAP)

FY2022 Consolidated Financial Results (Japan GAAP)

(April 1, 2021 through June 30, 2021)
English Translation of the Original Japanese-Language Document
	August 4, 2021
Company name	: ISUZU MOTORS LIMITED
Stock exchange on which the shares are listed	: Tokyo Stock Exchange in Japan
Code number	: 7202
URL	: https://www.isuzu.co.jp/world/investor/index.html
Representative	: Masanori Katayama, President
Contact	: Takuo Maeda, General Manager,
	PR and Government Relations Department Tel. [phone]
Scheduled date for submission of quarterly financial statements	: August 6, 2021
Expected starting date for distribution of cash dividends	: -
The supplement materials of the quarterly financial results	: Yes
Holding of the quarterly financial results meeting	: Yes

(Amounts are rounded down to the nearest million yen.)

1. Consolidated Financial Highlights (April 1, 2021 through June 30, 2021) <1> Consolidated Financial Results

					(% indicates increase/decrease from previous term.)
	Net Sales		Operating Income	Ordinary Income	Net Income attributable to owners
		of parent
	millions of yen	％	millions of yen	％	millions of yen	％	millions of yen	％
FY2022 1st Quarter	529,608	61.7	59,336	-	62,189	-	46,429	-
FY2021 1st Quarter	327,446	(35.7)	2,187	(95.2)	516	(98.8)	(9,759)	-

[Note] Comprehensive Income	FY2022 1st Quarter	65,282	millions of yen	-％
		FY2021 1st Quarter	298	millions of yen	(99.0％)
	Net Income per Share	Dilution of Potential Stock
	yen	yen
FY2022 1st Quarter	60.05	-
FY2021 1st Quarter	(13.23)	-

[Note] The Accounting Standard for Revenue Recognition (ASBJ Statement No.29, March 31, 2020) has been adopted from the beginning of the 1st quarter of the current fiscal year (FY2022 ending on March 31, 2022). Though the figures for the 1st quarter of the current fiscal year have reflected the adoption of the said Accounting Standard, the influence of the adoption on the figures is minor, allowing us to show the year-on-year comparison.

<2> Consolidated Financial Position

	Total Assets	Net Assets	The Capital adeqacy ratio
	millions of yen	millions of yen		%
FY2022 1st Quarter	2,766,077	1,296,192		40.0
FY2021	2,244,970	1,205,013		45.5
[Note] Total Amount of Shareholders' Equity	FY2022 1st Quarter	1,107,730	millions of yen
		FY2021	1,021,782	millions of yen

[Note] The Accounting Standard for Revenue Recognition (ASBJ Statement No.29, March 31, 2020) has been adopted from the beginning of the 1st quarter of the current fiscal year.Consequently, the figures for the 1st quarter of the current fiscal year have reflected

the adoption of the said Accounting Standard.

2. Cash Dividends

					Dividend per Share
	1st Quarter		2nd Quarter	3rd Quarter		Year-End	Total
		yen		yen		yen		yen	yen
FY2021		-		10.00		-		20.00	30.00
FY2022		-
FY2022(Forecast)				29.00		-		29.00	58.00
[Note] Revision to the projected dividend for FY2022: None
3. Consolidated Financial Forecast for FY2022 (April 1, 2021 through March 31, 2022)
							(% indicates increase/decrease from previous term.)
	Net Sales		Operating Income	Ordinary Income	Net Income attributable to	Net Income per Share
							owners of parent
	millions of yen	％	millions of yen	％	millions of yen	％ millions of yen	％	yen
FY2022	2,500,000	31.0	170,000	77.6	175,000	67.8	110,000	157.6	149.14
[Note] Revision to Consolidated Financial Forecast for FY2022: None

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*Notes
<1> Changes in significant subsidiaries during this period	: Yes
Newly consolidated	: UD Trucks Corporation
Excluded from the scope of consolidation	: -

Note: This item indicates whether there were changes in significant subsidiaries affecting

the scope of consolidation during this period.
<2> Adoption of specific accounting methods for presenting quarterly consolidated financial statements	: None
<3> Changes in accounting policies, accounting estimates and retrospective restatement
Changes in accounting policies due to revisions of accounting standards		: Yes
Changes in accounting policies due to factors other than revisions of accounting standards : None
Changes in accounting estimates				: None
Retrospective restatement				: None
Note: For more information, please refer to
"2. Notes on Consolidated Quarterly Financial Statements
(6) Changes in Accounting Policies"
<4> Number of shares issued (common stock)
Number of shares issued and outstanding	FY2022 1st Quarter	777,442,069	Shares
at the end of the term (inclusive of treasury shares)	FY2021	777,442,069	Shares
Number of treasury shares at the end of the term	FY2022 1st Quarter	882,236	Shares
		FY2021	39,883,956	Shares
Average number of shares issued	FY2022 1st Quarter	773,131,672	Shares
	FY2021 1st Quarter	737,541,258	Shares

Note: "Number of treasury shares at the end of the term" include stocks owned by the Company and by the fund whose beneficiaries are directors of the Company. "Average number of shares issued" does not include stocks owned by the Company and by the fund whose beneficiaries are directors of the Company.

*Consolidated financial results (Japan GAAP) are not subject to audit procedures.

*Cautionary Statements with Respect to Forward-Looking Statements and Other Notes

・The financial forecast and other descriptions of the future presented in this document are based on currently available information and assumptions which are deemed reasonable at present. Consequently, the actual financial performance may vary significantly from the forecast due to various factors. For such assumptions and notes with respect to performance forecast, please refer to

"1. Qualitative Information Concerning Consolidated Financial Results for FY2022 First Quarter (3)Overview of Future Estimates such as Consolidated Financial Forecast "

・The Company has posted its financial results on its web site on August 4, 2021.

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List of Contents of Attachments
1. Qualitative Information Concerning Consolidated Financial Results for FY2022 First Quarter	.........4
(1)	Overview of Consolidated Financial Results....................................................................................................	4
(2)	Overview of Consolidated Financial Position ..................................................................................................	4
(3)	Overview of Future Estimates such as Consolidated Financial Forecast..........................................................	4
2. Notes on Consolidated Quarterly Financial Statements....................................................................	5
(1)	Consolidated Quarterly Balance Sheets............................................................................................................	5
(2)	Consolidated Quarterly Statements of Income
	and Consolidated Quarterly Statements of Comprehensive Income ..............................................................	7
(3)	Notes on Premise of a Going Concern .............................................................................................................	9
(4)	Segment Information........................................................................................................................................	9
(5)	Notes in the case of a Significant Change in Shareholders' Equity ..................................................................	9
(6)	Changes in Accounting Polices ........................................................................................................................	9
(7)	Business Combinations ..................................................................................................................................	10
(8) Important Subsequent Events..........................................................................................................................	11
3.	Supplementary Information.............................................................................................................	12
(1)	Sales Condition ..............................................................................................................................................	12
	Sales Results by Region .................................................................................................................................	12
	Overseas Sales ...............................................................................................................................................	13

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1. Qualitative Information Concerning Consolidated Financial Results for FY2022 First Quarter

1. Overview of Consolidated Financial Results

In the current fiscal year's first quarter, the total number of vehicles sold at home and abroad rose by 67,872 units (111.5%) compared with the same period last fiscal year to 128,755 units, which comprised 13,393 units sold in Japan, up 352 units (2.7%) year-on-year, and 115,362 units sold in the rest of the world, up 67,520 units (141.1%) year-on-year, as demands for commercial vehicles were significantly recovering, especially in overseas markets, from the decline caused by the COVID-19 pandemic.

As regards sales amounts of products other than vehicles, sales of pats for overseas production rose by

1. billion yen (71.9%) over the same period last fiscal year to 10.4 billion yen, engine and component sales increased by 15.1 billion yen (61.1%) year-over-year to 39.9 billion yen, and other sales grew by

1. billion yen (15.6%) year-on-year to 112.8 billion yen.

Consequently, net sales rose by 202.1 billion yen (61.7%) compared with the same period last fiscal year to 529.6 billion yen, which comprised 172.4 billion yen posted for Japan, up 3.3% year-on-year, and 357.1 billion yen for the rest of the world, up 122.6% year-on-year.

On the profit and loss front, operating income amounted to 59.3 billion yen, compared to 2.1 billion yen in the same period last fiscal year, and ordinary income reached 62.1 billion yen, compared to 0.5 billion yen likewise, thanks to the increase in the vehicle unit sales due to the demand recovery, as well as owing to the favorable exchange rate environment. Net income attributable to owners of the parent stood at 46.4 billion yen, compared to net loss attributable to owners of the parent of 9.7 billion yen in the same period last fiscal year.

The Company has adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) from the beginning of the 1st quarter of the current fiscal year. For more details, please refer to 2. Notes on Consolidated Quarterly Financial Statements (6) Changes in Accounting Polices.

(2) Overview of Consolidated Financial Position

Total assets as of the end of the current fiscal year's first quarter rose by 521.1 billion yen from March 31, 2021 to 2,766.0 billion yen, mainly due to increases in inventories of 117.5 billion yen, land of 81.8 billion yen, and cash and deposits of 58.2 billion yen, all of these mainly derived from the inclusion of UD Trucks Corp. and its 14 subsidiaries in the scope of the Company's consolidation following the acquisition of its stakes, as well as due to an increase in investment securities of 68.9 billion yen, thanks to a purchase of Toyota shares and a rise in market values of listed shares.

Liabilities increased by 429.9 billion yen from March 31, 2021 to 1,469.8 billion yen, mainly because of increases in interest-bearing liabilities of 302.3 billion yen and notes and accounts payable of 70.5 billion yen.

Net assets grew by 91.1 billion yen from March 31, 2021 to 1,296.1 billion yen, mainly owing to the disposal of the Company's treasury stock, contributing to an increase of 42.8 billion yen, as well as due to 46.4 billion yen recorded as net income attributable to owners of the parent.

The capital adequacy ratio stood at 40.0 %, compared with 45.5% as of March 31, 2021.

Interest-bearing liabilities climbed by 302.3 billion yen from March 31, 2021 to 618.8 billion yen.

(3) Overview of Future Estimates such as Consolidated Financial Forecast

There is no change to the full-year consolidated financial forecast released on May 13, 2021.

• This forecast for the current fiscal year is calculated by the Company based on information available at this moment of various markets around the world, as well as on the assumption about possible timing of recovery in demand. It also includes risks and uncertainties such as global economic trends and exchange rate fluctuations. The Company's actual consolidated financial results may differ considerably from the forecast above, which therefore should not be the sole basis for any investment decisions.

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2. Notes on Consolidated Quarterly Financial Statements

(1) Consolidated Quarterly Balance Sheets

		(millions of yen)
	As of March 31,	As of June 30,
	2021	2021
[ASSETS]
CURRENT ASSETS
Cash and deposits	404,754	463,051
Notes and accounts receivable	287,790	-
Notes and accounts receivable, and contract assets	-	301,545
Lease receivables and investments in leases	135,997	184,150
Merchandise and finished goods	182,328	258,662
Work in process	25,207	33,394
Raw materials and supplies	80,728	113,802
Other	67,793	83,455
Allowance for doubtful accounts	(1,253)	(1,685)
Total Current Assets	1,183,346	1,436,378
NON-CURRENT ASSETS
Property, plant and equipment
Buildings and structures, net	178,417	214,908
Machinery, equipment and vehicles, net	163,673	170,224
Land	284,836	366,725
Leased assets, net	4,684	6,572
Vehicles on operating leases, net	78,693	80,984
Construction in progress	28,301	25,156
Other, net	28,955	32,913
Total Property, Plant and Equipment	767,563	897,485
Intangible assets
Goodwill	2,018	30,279
Other	16,945	44,487
Total Intangible Assets	18,964	74,766
Investments and other assets
Investment securities	191,682	260,613
Long-term loans receivable	1,043	1,018
Retirement benefit asset	2,372	2,345
Deferred tax assets	43,854	54,078
Other	37,163	40,571
Allowance for doubtful accounts	(1,020)	(1,180)
Total Investments and Other Assets	275,096	357,447
Total Non-Current Assets	1,061,623	1,329,699
TOTAL ASSETS	2,244,970	2,766,077

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