Subaru : Announces Consolidated Financial Results for FYE 2024

Subaru Corporation Announces Consolidated Financial Results for FYE 2024

Tokyo, May 13, 2024 - Subaru Corporation today announced its consolidated financial results for the fiscal year ended March 31, 2024.

Results for FYE 2024: Consolidated Revenue

Despite continued parts supply constraints, particularly for semiconductors, and logistical challenges, the impact was minimized through various initiatives, including flexible adjustment of production plans. As a result, global production increased 10.9% to 970,000 units.

Production in Japan rose 4.7% to 602,000 units, while production in the U.S. grew 23.0% to 368,000 units.

As a result of the production increase, global unit sales rose 14.5% to 976,000 units, led by steady sales in the key North American market.

Consolidated revenue rose 24.6% to 4,702.9 billion yen, due to factors including the increase in sales volume and the positive impact of foreign exchange rates.

Results for FYE 2024: Consolidated Profit and Loss

As factors such as increased sales volume and the positive impact of foreign exchange rates more than offset the increase in SG&A expenses, operating profit rose 75.0% to 468.2 billion yen, profit before tax grew 91.3% to 532.6 billion yen, and profit for the period attributable to owners of parent increased 92.1% to 385.1 billion yen.

Forecast for FYE 2025

Global unit sales are projected at 980,000 units (up 0.4% y/y), with solid sales expected especially in the key U.S. market.

While SG&A expenses are expected to decrease, the Company forecasts revenue of 4,720 billion yen (up 0.4% y/y), operating profit of 400 billion yen (down 14.6% y/y), profit before tax of 420 billion yen (down 21.1% y/y), and profit for the period attributable to owners of parent of 300 billion yen (down 22.1% y/y), reflecting higher R&D expenses and sales incentives, as well as the impact of foreign exchange rates.

Forecasts for FYE 2025 are based on exchange rate assumptions of 142 yen to the U.S. dollar and 153 yen to the euro.

Notes on figures in the results:

Vehicle volume figures are rounded to the nearest thousand. Yen figures are rounded to the nearest hundred million.

Forward-looking statements in this document, including financial and other projections, are based on information available at the time of publication and are subject to various risks and uncertainties that could cause actual results to vary materially.

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											May 13, 2024
											Subaru Corporation
			Reference for FYE 2024 Consolidated Financial Results
								(Yen in 100 millions, Units in thousands)
				FYE 2023		FYE 2024			FYE 2025
				2022. 4 - 2023. 3	2023. 4 ‒ 2024. 3	2024. 4 ‒ 2025. 3
				RESULTS	RESULTS		FORECASTS
							Change	%			Change		%
	Revenue		37,745	47,029		9,285	24.6	47,200		171		0.4
			Japan	5,810	6,275		466	8.0	6,580		305		4.9
			Overseas	31,935	40,754		8,819	27.6	40,620		(134)		(0.3)
	Operating profit		Profit margin (%)	2,675	4,682		2,007	75.0	4,000		(682)		(14.6)
			7.1	10.0				8.5
	Profit before tax	Profit margin (%)	2,784	5,326		2,542	91.3	4,200		(1,126)		(21.1)
			7.4	11.3				8.9
	Profit for the period attributable to	2,004	3,851		1,847	92.1	3,000		(851)		(22.1)
	owners of parent	Profit margin (%)	5.3	8.2				6.4
	Factors contributing to		Sales volume, mix, etc.	1,875	Decrease in	SG&A		209
		exp., etc.
	change in operating profit		Effects of foreign	1,265	Sales volume, mix, etc.	(331)
					exchange rates
					Decrease in R&D exp.	9	Effects of foreign	(282)
					exchange rates
					Increase in SG&A exp.,	(1,032)	Increase in R&D exp.	(256)
					etc.
					Cost impacts	(98)	Other				(12)
					Other			(12)	Cost impacts	(10)
	Exchange rates	JPY/US$	135/US$		144/US$			142/US$
			JPY/EUR	141/EUR		154/EUR			153/EUR
	Capital expenditures		1,228		1,675			1,800
	Depreciation		1,030		974			1,000
	R&D expenditures *		1,078		1,306			1,550
	Interest bearing debts	3,126		3,995			-
					- Increase in revenue for two	- Increase in revenue for three
	Performance description		consecutive years		consecutive years
					- Increase in profit at each stage for	- First decrease in profit at each
					two consecutive years		stage in three years
					- Increase in consolidated unit sales	- Increase in consolidated unit sales
					for two consecutive years		for three consecutive years
	Consolidated unit sales	100	99		(1)	(0.8)	108		9		9.4
	Japan		Passenger Cars	81	87		5	6.7	94		8		8.7
			Minicars	19	12		(6)	(33.7)	14		2		14.0
	Consolidated unit sales	753	878		125	16.6	872		(6)		(0.6)
	Overseas		North America	635	763		128	20.2	764		1		0.1
			Europe	23	27		4	17.3	15		(12)		(44.0)
			China	10	6		(4)	(37.5)	5		(1)		(18.4)
			Other	84	81		(4)	(4.3)	87		6		8.0
	Consolidated unit sales total	852	976		124	14.5	980		4		0.4
	Production units total		874	970		96	10.9	960		(10)		(1.0)
			Japan	575	602		27	4.7	-		-		-
			U.S.	299	368		69	23.0	-		-		-
	Revenue by		Automobile	36,906	45,936		9,031	24.5	45,662		(275)		(0.6)
		Aerospace	790	1,043		253	32.0	1,487		444		42.6
	business segment
		Other	49	50		1	1.9	51		1		2.1
			Automobile	2,633	4,615		1,983	75.3	3,946		(670)		(14.5)
	Operating profit
		Aerospace	(21)	27		47	-	38		11		41.9
	by business
		Other	63	36		(26)	(42.0)	16		(20)		(54.8)
	segment
			Elimination &	0	4		3	769.8	0		(4)		(100.0)
			Corporate

• "R&D expenditures" indicate R&D activity related costs incurred during the reporting period. Under IFRS, a part of these costs that meets capitalization criteria is recognized as an intangible asset and amortized over its estimated useful life; thus, the amount of "R&D expenditures" stated here does not match that of "R&D expenses" stated on the Consolidated Statement of Income.

Forward-looking statements in this document are based on the information available at the time of the announcement and are subject to various risks and uncertainties that could cause actual results to vary materially.