Subaru : Financial Review & ReferencePDF/359kB

Subaru Corporation Announces Consolidated Financial Results for the First Quarter of FYE 2023

Tokyo, August 3, 2022 - Subaru Corporation today announced its consolidated financial results for the first quarter of the fiscal year ending March 31, 2023.

Results for April-June 2022: Consolidated Revenue

While production constraints continued due to the global shortage of semiconductors, global production increased 11.7% to 205,000 units. Production in Japan rose 15.3% to 135,000 units, while production in the U.S. grew 5.4% to 70,000 units.

Global vehicle sales increased 11.7% to 196,000 units, led by sales growth in Subaru's key U.S. market. Due to the increase in vehicle sales and other factors, consolidated revenue rose 31.3% to 834.1 billion yen.

Results for April-June 2022: Consolidated Profit and Loss

As positive factors such as the effects of foreign exchange rates and the growth in unit sales more than offset a steep rise in raw material prices and an increase in SG&A expenses, operating profit rose 7.4 billion yen to 37 billion yen, profit before tax grew 4.2 billion yen to 38.4 billion yen, and profit for the period attributable to owners of parent increased 8.7 billion yen to 27.2 billion yen.

Forecasts for FYE 2023

Full-year forecasts for FYE 2023 remain unchanged from the previous announcement made on May 12, 2022.

Forecasts for FYE 2023 (Announced on May 12, 2022):

Revenue: 3,500 billion yen

Operating profit: 200 billion yen

Profit before tax: 200 billion yen

Profit for the period attributable to owners of parent: 140 billion yen

Currency rate assumptions: 120 yen/US$, 130 yen/euro

Notes on results:

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

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

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													August 3, 2022
													Subaru Corporation
	Reference for the First Quarter of FYE 2023 Consolidated Financial Results
										(Yen in 100 millions, Units in thousands)
				FYE 2022		FYE 2023		FYE 2022		FYE 2023
				1st Quarter		1st Qarter		Full Year		Full Year
				[ 2021. 4-6 ]	[ 2022. 4-6 ]		[ '21.4 - '22.3 ]	[ 2022.4 - 2023.3 ]
				RESULTS		RESULTS		RESULTS	FORECASTS
							Change		%				Change		%
	Revenue		6,352	8,341		1,989		31.3	27,445	35,000		7,555		27.5
			Japan	1,130	1,271		140		12.4	4,880	-		-		-
			Overseas	5,222	7,070		1,849		35.4	22,565	-		-		-
	Operating profit (loss)		295	370		74		25.2	905	2,000		1,095		121.1
			Profit margin (%)	4.6	4.4					3.3	5.7
	Profit (loss) before tax		343	384		42		12.1	1,070	2,000		930		87.0
			Profit margin (%)	5.4	4.6					3.9	5.7
	Profit (loss) for the period attributable	185	272		87		47.0	700	1,400		700		100.0
	to owners of parent	Profit margin (%)	2.9	3.3					2.6	4.0
					Effects of foreign	444		Sales volume, mix, etc.	2,365
	Factors contributing to			exchange rates
	change in operating profit			Sales volume, mix, etc.	112		Effects of foreign	859
						exchange rates
					Dencrease in R&D exp.	2		Increase in SG&A exp.,	(1,006)
						etc.
					Increase in SG&A exp.,	(338)		Cost impacts	(987)
					etc.
					Cost impacts	(158)		Increase in R&D exp.	(156)
					Other				12		Other				20
	Exchange rates	JPY/US$	109/US$			125/US$		112/US$			120/US$
			JPY/EUR	131/EUR			134/EUR		130/EUR			130/EUR
	Capital expenditures		192		280			861		1,400
	Depreciation		228		238			946		1,000
	R&D expenditures *		271		231			1,138		1,200
	Interest bearing debts		3,360		3,314			3,340		-
					- Increase in revenue for two			- First increase in revenue in three
	Performance description			consecutive years			years
					- Increase in profit at each stage for		- First increase in profit at each stage
					two consecutive years			in three years
					- Increase in consolidated unit sales		- First increase in consolidated unit
					for two consecutive years			sales in three years
	Consolidated unit sales		24	20		(4)		(14.8)	89	115		25		28.2
	< Japan >		Passenger Cars	19	16		(3)		(14.4)	73	91		18		25.4
			Minicars	5	4		(1)		(16.5)	17	24		7		40.1
	Consolidated unit sales		151	175		24		15.9	645	826		181		28.1
	< Overseas >		North America	129	150		21		16.2	555	688		133		24.0
			Europe **	3	5		1		37.0	15	-		-		-
			China	4	3		(1)		(25.3)	14	19		5		37.0
			Other	15	18		3		19.3	60	-		-		-
	Consolidated unit sales total	175	196		21		11.7	734	940		206		28.1

Production units total		184	205	22	11.7	727	1,000	273	37.6
	Japan	117	135	18	15.3	455
	U.S.	67	70	4	5.4	272
Revenue by	Automobile	6,177	8,181	2,004	32.4	26,775
Aerospace	163	148	(15)	(9.0)	623
business segment
	12	12	0	1.9	48
	Other
	Automobile	287	364	77	26.8	925
Operating profit (loss)	Aerospace	(8)	(21)	(12)	-	(70)
by business
Other	16	26	10	60.2	48
segment
	Elimination &	0	0	-	-	1
	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.
  • Starting from the August 1, 2022 reporting, the regions under "Europe" have been redefined. (The figures of the previous-year results have been changed accordingly.)
• Forward-lookingstatements 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. >