FY2014 Financial Results · 2014-05-12 · ・FY2014 and FY2015 Outlook Overview Ⅱ．Senior...

FY2014 Financial ResultsFY2014 Financial ResultsFY2014 Financial ResultsFY2014 Financial Results

May 12 , 2014May 12 , 2014

1 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

May 12 , 2014May 12 , 2014

ContentsContents

Ⅰ President and Representative Director : Susumu HosoiPresident and Representative Director : Susumu Hosoi

ContentsContents

Ⅰ． President and Representative Director : Susumu HosoiPresident and Representative Director : Susumu Hosoi

・FY2014 and FY2015 Outlook OverviewⅡ． Senior Executive Officer, Senior Executive Officer,

Corporate Planning and Financial Division ExecutiveCorporate Planning and Financial Division Executive : Makoto Kawahara: Makoto Kawahara1. Business Status2. FY2014 Financial Results3. FY2015 Full-year Outlook

Ⅲ．Ｑ＆Ａ

Statements contained in this presentation except for historical or current facts are based on certain assumptions and our management'sStatements contained in this presentation, except for historical or current facts, are based on certain assumptions and our management's judgment in light of currently available information. Therefore, these statements may be susceptible to various factors, such as uncertainty contained in the assumptions and management's judgment and economic changes in the future, which may cause to bring about different results in Isuzu's 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.

President and Representative DirectorPresident and Representative Director

Susumu Hosoi


FY2014 Consolidated ResultsFY2014 Consolidated Results

＜Reference＞

FY2014 Consolidated ResultsFY2014 Consolidated Results-- YearYear--onon--year Comparison year Comparison --

＜Reference＞

( JPY Bil. ) FY14 FY13 Changes FY14 PreviousForecast

Net Sales 1,760.9 1,655.6 105.3 1,820.0

Operating Income 174.2 130.8 43.4 180.0

O di I 186 6 141 7 44 9 190 0Ordinary Income 186.6 141.7 44.9 190.0

Net Income 119 3 96 5 22 8 115 0Net Income 119.3 96.5 22.8 115.0

* FX: FY14 = 98JPY/US$FY13 82JPY/US$


FY13 = 82JPY/US$

FY2015 FullFY2015 Full--year Outlookyear OutlookFY2015 FullFY2015 Full year Outlookyear Outlook-- Consolidated, YearConsolidated, Year--onon--year Comparisonyear Comparison --

(JPY Bil.) ChangesFY15Forecast FY14

Net Sales 1,840.0 1,760.9 79.1Operating Income 165 0 174 2 9 2Operating Income 165.0 174.2 -9.2Ordinary Income 175.0 186.6 -11.6

Net Income 100.0 119.3 -19.3

※FX: FY15＝ 100 JPY/US$FY14＝ 98 JPY/US$


Senior Executive Officer, C t Pl i d Fi i l Di i i E tiCorporate Planning and Financial Division Executive

Makoto KawaharaMakoto Kawahara


Ⅱ-1. Business Status


CV/LCV Global ShipmentCV/LCV Global ShipmentCV/LCV Global ShipmentCV/LCV Global Shipment-- Vehicle and KDVehicle and KD--SET, SET, etcetc: : KK--unitsunits

･Reinforcing overseas operating Capabilities

800

643 640690

(628) 639700

(619)

･Entering New Markets

Global Financial crisis

The Great East Japan

Earthquake

Flooding in

600

619 643

543(453)

(520)(547)640

(567)554(500)

598(552)568

(509)

(628) 639(564)

(619)crisis

Inventory Adjustment

( ): Overseas unitThailand

306 346 299414 343

377

372 364377400

LCV

( ) (500)

427(386)

302 306

259

299400

CVOverseas

151 148 170194

127206 211 214 221 242

203200

CVDomestic


90 99 96 54 42 47 59 62 75 81730

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

Domestic

ForecastForecast

CV Global ShipmentCV Global ShipmentCV Global ShipmentCV Global Shipment-- Vehicle and KDVehicle and KD--SET, SET, etcetc: : KK--unitsunits--

62

363675

222216161010

4242

1111 1212

525281

62516161010

202055 4132

202061111

55

2121 21

’13/3 ’14/3 ’15/3’15/3

ForecastForecast ’13/3 ’14/3 ’15/3’15/3

ForecastForecastChinaEurope

30 6

38

675252

1212346

1110

5858 606767

57’13/3 ’14/3 ’15/3’15/3

ForecastForecast’13/3 ’14/3 ’15/3’15/3

ForecastForecastNorth Japan

China

2729 34

38

25

27

27

31 26

’13/3 ’14/3 ’15/3’15/3

Americap

11

27

5 4

2020

9 910121555

S 13 14 1

10

2424’13/3 ’14/3 ’15/3’15/3

ForecastForecast

’13/3 ’14/3 ’15/3’15/3

Mid-East/ Africa

Asia’13/3 ’14/3 ’15/3’15/3

ForecastForecast


5 4： H1

ForecastForecast

： H2

Shipment FY13 FY14 FY15H1 135,447 142,371 -H2 140,884 153,260 -

Full-year 276,331 295,631 323,000 ： FY15 Forecast

ForecastForecast

OceaniaMid-South America

’13/3 ’14/3 ’15/3’15/3

ForecastForecast

Japan Industry Sales and Isuzu ShareJapan Industry Sales and Isuzu Share

（Unit）（Share）※ FY09 - FY14 :FY Actual※ FY09 - FY14 :FY Actual

p yp y-- H/D, M/D Truck:4ton or aboveH/D, M/D Truck:4ton or above --

29 %32.9% 32.8% 31 1%

33.9%33.4%

35%120,000

（）（）

29.7% 31.1%

25%

30%

80,000

100,000

68 535

79,929

26,109 36,60846,322 20%

25%

60,000

80,000H2

51,41251,412

68,53562,964

41 622

59,31059,310

36 855 31 927 33 607

26,109

23,76425,275 35,548

,

10%

15%

20,000

40,000H1

41,622

36,85517,858

26,137 23,762 31,927 33,607

5%

0%

0

0,000

FY09 FY10 FY11 FY12 FY13 FY14 FY15


FY09 FY10 FY11 FY12 FY13 FY14 FY15ForecastForecast

Japan Industry Sales and Isuzu ShareJapan Industry Sales and Isuzu Share

（Unit）（Share）

p yp y-- L/D(2L/D(2--3ton) Truck3ton) Truck --

※ FY09 ～ FY14 : FY Actual※ FY09 ～ FY14 : FY Actual

39.1% 40.0% 40.2% 40.2% 39.5%45%120,000

（Share）

39.6%39.6%39.5%

35%

40%

80,000

100,000

H270,05975,637

91,520

31,177

27 98038,486

38,73251,120

25%

30%

40 000

60,000H270,059

54,46948,859

65,309

38,88222 159 26 489 26 823

36,905 40,400

26,70027,980

,

20%

25%

20,000

40,000H1

22,159 26,489 26,823

15%0FY09 FY10 FY11 FY12 FY13 FY14 FY15


ForecastForecast

LCV Global ShipmentLCV Global ShipmentLCV Global ShipmentLCV Global Shipment-- Vehicle and KDVehicle and KD--SET, SET, etcetc: K: K--units units --

218

141488

7474

22

108 1010

126202088

1818 15152626 168 161161

7474121210 66’13/3 ’14/3 ’15/3’15/3

ForecastForecast’13/3 ’14/3 ’’15/315/3

ForecastForecast

1212

EuropeChina

9267 94

36

64

32

76

51 52

151531 29

1332

12

32

923

30

21

51

211536

2028

’13/3 ’14/3 ’’15/315/3

ForecastForecastThailand

1656’13/3 ’14/3 ’15/3’15/3

ForecastForecast

’13/3 ’14/3 ’15/3’15/3

ForecastForecast’13/3 ’14/3 ’15/3’15/3

ForecastForecast

’13/3 ’14/3 ’15/3’15/3

ForecastForecast

149

6 10Mid-East/

AfricaAsia Oceania Mid-South


Shipment FY13 FY14 FY15H1 197,662 186,813 -H2 215,973 156,170 -

Full-year 413,635 342,983 377,000Forecast

： H1

： H2

： FY15 Forecast

America

Thailand Isuzu LCV ProductionThailand Isuzu LCV ProductionThailand Isuzu LCV ProductionThailand Isuzu LCV Production-- Thai Domestic / Export Markets Thai Domestic / Export Markets --

40 0,00 0353,545

(Unit)

30 0,00 0

35 0,00 0

80 325

55,560

63,585

77,000KD-SET

329,000,

237 481

300,923

15 0 00 0

20 0,00 0

25 0,00 0

27,865

80,325

69,33091,000

64,485 44,325

64,53057,645

,

VehicleExport

177,922192,019

237,481211,242

50 ,0 00

10 0,00 0

15 0,00 0

115,207 113,477

145,086119,384

217,660168,008

161,00012,327 20,120

,34,213

,3 5

VehicleFor Thailand

0

FY09 FY10 FY11 FY12 FY13 FY14 FY15Forecast


Industrial EngineIndustrial Engine Global ShipmentGlobal ShipmentIndustrial EngineIndustrial Engine Global ShipmentGlobal Shipment-- KK--Unit Unit --

160

138

67 100

120

140138

91

126

104104

28

71

41 54

60

80

9184

48

H2

56

15

54 70

50 50 33

0

20

40 H1

C(IDI) C(DI) 4L 4J 4H 6H 6U 6W

FY09 FY10 FY11 FY12 FY13 FY14 FY15Ｆｏｒｅｃａｓｔ

Industrial Engine


〜1.1 1.6 2.2 2.4 3.0 5.2 7.8 9.8 15.7 ℓ

ⅡⅡ--2. 2. FY2014 Financial SummaryFY2014 Financial Summary


FY2014 Consolidated ResultsFY2014 Consolidated Results

＜Reference＞

FY2014 Consolidated ResultsFY2014 Consolidated Results-- YearYear--onon--year Comparison year Comparison --

＜Reference＞

( JPY Bil. ) FY14 FY13 Changes FY14 PreviousForecast

Net Sales 1,760.9 1,655.6 105.3 1,820.0

Operating Income 174.2 130.8 43.4 180.0

O di I 186 6 141 7 44 9 190 0Ordinary Income 186.6 141.7 44.9 190.0

Net Income 119 3 96 5 22 8 115 0Net Income 119.3 96.5 22.8 115.0

* FX: FY14 = 98JPY/US$FY13 82JPY/US$


FY13 = 82JPY/US$

FY2013FY2013 vs.vs. FY2014FY2014 FluctuationsFluctuationsFY2013 FY2013 vs. vs. FY2014 FY2014 FluctuationsFluctuations-- Consolidated operating income: analysis of change, JPY Consolidated operating income: analysis of change, JPY BilBil..

43 443.4

174.2-4.8-4.525.3

130 8

20.2

7.2

FX

Steel, OFluctua

Fixed Fluctu

130.8

‘

Sales/

X

Materia

Reduct

Oil Price

eations

Cost

uation

‘

/Model M

i

al Cost

tion

etc.

ix17 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

FY2014 Consolidated ResultsFY2014 Consolidated ResultsFY2014 Consolidated ResultsFY2014 Consolidated Results-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--year year --

( JPY Bil ) FY14 FY13 Changes( JPY Bil. ) FY14 FY13 ChangesNet Sales 1,760.9 1,655.6 105.3

Operating Income 174.2 130.8 43.4

O ti I Ch 43 4

Ordinary Income 186.6 141.7 44.9Net Income 119.3 96.5 22.8

Operating Income Change 43.4* Equity in Earnings of Affiliates -0.3* Financial account balance/ FX gain and loss, Other 1.8

OrdinaryIncom

e

Total 44.9

y eEx

Ordinary Income 186.6* Extraordinary Income / loss 1.8* Tax and minority interests -69.1

xtra IncomLoss etc


Tax and minority interests 69.1

Net Income 119.3

me/

c.

Ⅱ-3． FY2015 Full-year Outlook


FY2015 FullFY2015 Full--year Outlookyear OutlookFY2015 FullFY2015 Full year Outlookyear Outlook-- Consolidated, YearConsolidated, Year--onon--year Comparisonyear Comparison --

(JPY Bil.) ChangesFY15Forecast FY14

Net Sales 1,840.0 1,760.9 79.1Operating Income 165 0 174 2 9 2Operating Income 165.0 174.2 -9.2Ordinary Income 175.0 186.6 -11.6

Net Income 100.0 119.3 -19.3

※FX: FY15＝ 100 JPY/US$FY14＝ 98 JPY/US$


FY2014FY2014 vs.vs. FY2015FY2015 FluctuationsFluctuationsFY2014 FY2014 vs. vs. FY2015FY2015 FluctuationsFluctuations-- Consolidated operating income: analysis of change, Consolidated operating income: analysis of change, JPY:BilJPY:Bil.. --

9 2-9.2

15.0

13 0-6.2 25 0

-4.0-2.0

174.213.0

165.0

-25.0

F t

Steel, Fluctu

FixedFluctu

FX

Ef

Mate

ReduSa

ForecastOil Price

uations

Cost

uation

Expensesfor grow

t

rial Cost

uction

ales/Mode e

etc.

s h strategy

el Mix

y

21 Copyright(C) 2014 Isuzu Motors Limited All rights reservedOperating Income for FY15Operating Income

for FY14

FY2015 FullFY2015 Full--year Outlookyear OutlookFY2015 FullFY2015 Full year Outlookyear Outlook-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--yearyear --

( JPY Bil. ) FY15 FY14 ChangesNet Sales 1,840.0 1,760.9 79.1

Operating Income 165.0 174.2 -9.2Ordinary Income 175.0 186.6 -11.6

Net Income 100.0 119.3 -19.3

Operating Profit Change -9.2* Equity in Earnings of Affiliates -2.4* Financial account balance/ FX gain and loss Other 0 0

OrdinaIncom

Financial account balance/ FX gain and loss, Other 0.0

Total -11.6

ary m

eE

Ordinary Income 175.0* Loss on disposal of noncurrent assets,etc. -3.0* Tax and minority interests -72.0

Extra IncomLoss etc


Tax and minority interests 72.0

Net Income 100.0

me/

c.

[Appendix][Appendix]

Main Financial IndexMain Financial Index


CAPEX and Depreciation (Consolidated)CAPEX and Depreciation (Consolidated)CAPEX and Depreciation (Consolidated)CAPEX and Depreciation (Consolidated)-- Recent Trend and ForecastRecent Trend and Forecast --

100.0

120.0

100.0

80.0

100.0

66.7

81.9

60.0

66.7

57.5

39.6 39.5 41.6

47.0

20.0

40.0

25.7 29.4 33.3

39.6 39.5 36.4 36.0 35.6

41.6 CA

PEX

Deprecia

0.0FY09 FY10 FY11 FY12 FY13 FY14 FY15

（Forecast）

ation


（Forecast）

*1 FY09 or later included lease

Consolidated Revenue byConsolidated Revenue by SegmentSegment

2,000.0

Consolidated Revenue by Consolidated Revenue by SegmentSegment(JPY Bil.)

435 81,600.0

1,800.0Others

1 415 5

1 ,655 .6

1 424 7 1 400 1

1 ,760 .9

437 5 361 5 345 6

388 .2

435 .8

1,200.0

1,400.0

1,600.0

Asia

1 ,415 .51 ,424 .7

1 ,080 .9

1 ,400 .1

Overseas(24%)(24%)

(25%)(25%)

424 0602 .8

595 .8

437 .5

242 .7

361 .5 345 .6

800.0

1,000.0

1,200.0 Asia, Overseas(64%)(25%)(25%)

(31%)(31%)

(22%)(22%)

(26%)(26%)

(34%)(34%)

84 .152 7

62 .872 .1 72 .4

98 .7369 .3

352 .5

492 .6 424 .0

600.0

800.0

Domestic

North America

(30%)(30%)(36%)(36%)

(4%)(4%)

(26%)(26%) (35%)(35%)

(33%)(33%)

(22%)(22%)

(5%)(5%)(6%)(6%)

(34%)(34%)

(5%)(5%)

533 .8 433 .0 498 .6 558 .4592 .2

630 .6

52 .7

200.0

400.0Domestic

Domestic(36%)

(37%)(37%)

(5%)(5%)

(40%)(40%) (35%)(35%)

(4%)(4%) (5%)(5%)

(40%)(40%) (36%)(36%)


0.0FY09 FY10 FY11 FY12 FY13 FY14

(37%)(37%) (40%)(40%) (35%)(35%) (40%)(40%) (36%)(36%) (36%)(36%)

Consolidated Revenue by SegmentConsolidated Revenue by SegmentConsolidated Revenue by SegmentConsolidated Revenue by Segment-- LCV, CV, LCV, CV, PT&CompoPT&Compo, Others (KD, parts) , Others (KD, parts) --

(JPY Bil.)

344 2 378.9 1600.0

1800.0

1 415 51 424 7 1 400 1

1,655.61 ,760.9

109.4 112.5 360.9 345.4 364.1

344.2

1200.0

1400.0 Others

PT&Compo

1 ,415.51,424.7 1 ,400.1

1,080.9

223.8 269.1 224.6

448.5 455.9 183.5

141 2

183.8 156.9 292.1 800.0

1000.0LCV

656.5 446 2

617.2 654.5 753.5 813.6 201.4 141.2

200.0

400.0

600.0

CV446.2

0.0

200.0

FY09 FY10 FY11 FY12 FY13 FY14

CV



Operating Margin: HistoricalOperating Margin: Historical TrendTrend

（％）

Operating Margin: Historical Operating Margin: Historical TrendTrend

(JPY Bil.)

174.2 9.9

10

12

160.0

180.0

109.6 97 4

130.8 8

10

120.0

140.0

88.2 97.4 5.7

6.27.0

7.96

80.0

100.0 Opera

(Cons

Operating Margin

21.7 11 0 2

4

40.0

60.0

ating Incosolidated)11.0

1.5 1.0 0

2

0.0

20.0

ome

)


FY08 FY09 FY10 FY11 FY12 FY13 FY14

Consolidated Equity Ratio: Historical TrendConsolidated Equity Ratio: Historical Trend

（％）

Consolidated Equity Ratio: Historical TrendConsolidated Equity Ratio: Historical Trend-- ConsolidatedConsolidated--

(JPY Bil )

41.6

40

45

800 0

900.0

（％）(JPY Bil.)

Consolidated Equity Ratio

529 0

633.434.2

39.5

30

35

40

600.0

700.0

800.0

328 1

415.5

529.0 27.3

26.8

29.5

20

25

400.0

500.0 Con

Equ

280.6 297.6 328.1

10

15

200.0

300.0

nsolidateduity C

apit

0

5

0.0

100.0


d tal


Inventory BalanceInventory Balance

（Month)

Inventory BalanceInventory Balance-- Consolidated Consolidated --

1 .31 .4250 .0

（Month)

Month turnover

154 5

175 .9 182 .9

1 .0

1 .2

1 .3 1 .3 1 .3

1 .0

1 .2

200 .0

119 .8 106 .4 101 .0

154 .5 1 .0

0 .9

0 .6

0 .8

100 0

150 .0

0 .4

0 .6

50.0

100 .0

0 .0

0 .2

0 .0




FY2014 Financial Results · 2014-05-12 · ・FY2014 and FY2015 Outlook Overview Ⅱ．Senior...

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