FY2020 1H Financial Results · 2019-11-07 · 0dvdqrul .dwd\dpd )< + )lqdqfldo 6xppdu\ dqg )xoo...

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Copyright(C) 2019 Isuzu Motors Limited All rights reserved

FY2020 1H Financial Results

November 8, 2019ISUZU MOTORS LIMITED

1 Copyright(C) 2019 Isuzu Motors Limited All rights reserved

Ⅰ．President, and Representative Director:Masanori Katayama

:FY2020 1H Financial Summary and Full-year Outlook Outline

Ⅱ．Director of the Board, Senior Executive Officer Corporate Planning & Finance Division Executive:

Shinsuke Minami1. Business Status2. FY2020 1H Financial Summary 3. FY2020 Full-year Outlook

Ⅲ．Q&A Session

Contents


President, and Representative Director

Masanori Katayama


Sales Units: Full-model change of LCVs in Thailand and falling overseas markets resulted in decrease of all categories excluding CV-Japan.

Financial Results: Sales/profit decreased due to FX and in result of decline in sales units of CV-Overseas and LCVs.

Overview: FY2020 1H Consolidated Results

FY2020 1H FY2019 1HCV-Japan 45 40 + 5 +13%CV-Overseas 106 112 - 6 -5％

CV Total 151 152 - 1 -1%LCV-Thailand 70 74 - 4 -5%LCV-Export 76 94 - 18 -19%

LCV Total 146 168 - 22 -13%Total 297 320 - 23 -7%

1,020.1 1,035.0 -14.9 -1%71.4 87.5 -16.1 -18%73.5 93.3 -19.8 -21%39.8 56.4 -16.6 -29%

Changes

Financial Results (Bil. Yen)

Global Sales Units (K-units)

Net IncomeOrdinary IncomeOperating Income

Sales


Overview: FY2020 Full-year Outlook Sales Units: Though sales of CV-Japan and LCV-Thailand remains firm, weak sales are

forecasted in other markets, resulting in decrease of total sales units as a whole. Financial Forecast: Revised downwards our financial forecast in consideration of low

profitability of LCV-Export caused by strong Thai Baht.

FY2020Forecast

FY2019FY2020

Previous Plan

CV-Japan 85 83 + 2 +2% 82CV-Overseas 217 223 - 6 -3% 233

CV Total 302 306 - 4 -1% 315LCV-Thailand 171 163 + 8 +5% 161LCV-Export 161 179 - 18 -10% 171

LCV Total 332 342 - 10 -3% 332Total 634 648 - 14 -2% 647

2,160.0 2,149.2 + 10.8 +1% 2,160.0150.0 176.8 - 26.8 -15% 165.0156.0 189.0 - 33.0 -17% 170.090.0 113.4 - 23.4 -21% 100.0

Changes

Financial Forecast (Bil. Yen)

Global Sales Units (K-units)

Net IncomeOrdinary IncomeOperating Income

Sales


Director of the Board,Senior Executive Officer

Corporate Planning & Finance Division Executive

Shinsuke Minami


Ⅱ-1. Business Status


12 8 9

14 9 10

FY18 FY19 FY20

5 9 11 8 9 10

FY18 FY19 FY20

32 39 32

37 37 43

FY18 FY19 FY20

75

9 8 6 7 9 6

FY18 FY19 FY20 15 17 16

20 16 9

FY18 FY19 FY20

6 7 5 6 5 7

FY18 FY19 FY20

12 8 10 9 9 9 10

FY18 FY19 FY20

Europe

17

35

12

16 17 33

69 76

12

19

12 16 17 13

15 15

FY18 FY19 FY20

26 31

41 40 45

39 44 40

FY18 FY19 FY20

80 83 85

32

12 25

19Mid-East

13 18 21

191726

1H: Strong sales in Japan thanks to favorable sales of L/D trucks. Overseas sales decreased mainly in Asia, especially in Indonesia.

Full-year: Though solid sales remains in Japan, overseas sales are forecasted to decrease mainly due to the sluggish Chinese market. CV sales units as a total will also decrease.

Global Sales Units-CV

（K-units）

: 2H： 1H

Africa

*Details of Global Sales Units-CVJapan：Wholesale & Direct Sales to Customers North America / Australia: Wholesale of Local DistributorsOther Regions: Shipment from Japan

China

Asia

Japan

Oceania

North America

Mid/South America

Forecast

Forecast

Forecast

ForecastForecast

Forecast

Forecast

Forecast

1H Full-year 1H Full-year 1H Full-year

Japan 41 80 40 83 45 85Overseas 100 215 112 223 106 217CV Total 141 295 152 306 151 302

Sales Units (K-units)

FY2018 FY2019 FY2020

Forecast


91 91

104110

H/D & M/D: Shares declined while industry sales increased mainly in H/D trucks. Revised full-year forecast of industry sales to a slight rise when compared with the previous year.

L/D: Shares in 1H increased as Isuzu successfully took in the last minute surge demand before the implementation of new emission regulations in to force. The industry sales for the full year is forecasted to increase slightly.

105

Japan Industry Sales and Isuzu Share

H/D & M/D Trucks(4 tons or above)

L/D Trucks (2-3 tons) （K-units）（Share）（Share）（K-units）

45 44 48

46 47 44

34.2%31.8% 31.3%

0.0%

10.0%

20.0%

30.0%

40.0%

0

20

40

60

80

100

120

140

FY18 FY19 FY20

92

(Full Year)

(Full Year) (1H)

49 51 58

55 59 46

38.5%40.6%

46.1%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

0

20

40

60

80

100

120

140

FY18 FY19 FY20

(Full Year)

(Full Year)

(1H)

1H

2H

ForecastForecast


12 26 19

26 22 27

FY18 FY19 FY20

12 18 7

12 6 8

FY18 FY19 FY20

11 9 6

11 11 12

FY18 FY19 FY20

17 12 8

21 12 17

FY18 FY19 FY20

2 5 13 5 10 11

FY18 FY19 FY20

9 8 7 7 11 0

FY18 FY19 FY20

8 16 14

25 14 10

FY18 FY19 FY20

73 74 70

81 89 101

FY18 FY19 FY20

16

33

20

24

7

30

24

15

22

19 7 15 163154

171

25

24

38

25

24

18

3848 46

1H: Full-model change in October caused sales units to decline in Thailand. Exports from Thailand struggled with weak markets.

Full-year: Units for LCV-Thailand is forecasted to increase. Export units to Europe and China will decrease while units to Mid-East increase. Total LCV sales units are forecasted to decrease.

： 2H

： 1H

Global Sales Units-LCV

（K-units）

Europe

Mid-East

Africa

*Details of Global Sales Units-LCVChina: Shipment from Thailand and JapanOther Regions: Shipment from Thailand only

Oceania

Asia

China

Thailand

Mid/South America

ForecastForecast

Forecast

Forecast

Forecast

ForecastForecast

Forecast

1H Full-year 1H Full-year 1H Full-year

Thailand 73 154 74 163 70 171Export 78 178 94 179 76 161

LCV Total 151 332 168 342 146 332

Sales Units (K-units)

FY2018 FY2019 FY2020

Forecast


73 74 70

39 38 42

30 42

29

0

20

40

60

80

100

120

140

160

180

FY18 FY19 FY20

Vehicle-Thailand Vehicle-Export

KD-Set

142154

Industry sales started strong in 1Q, but slowed down from July. The total for April-Sept. finished lower than the previous year. Maintained same level of shares as the previous year.

Production units grew for Vehicle-Export in result of favorable sales in Mid-East. On the other hand, total production units decreased due to the full-model change in Thailand and falling units of KD-sets for export.

いすゞ

141

Thailand LCV Industry Sales & Share /LCV Production Units

Thailand LCV Industry Sales/Isuzu Share (April-Sept.)

LCV Production Units in Thailand（April-Sept.）

70 74 73

35.9%

30.4% 30.8%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

0

50

100

150

200

250

FY18 FY19 FY20

242 237

196

（K-units）（K-units）

（Share）

ISUZU


52 63 59

62

72 71

0

30

60

90

120

150

FY18 FY19 FY20

130

373 430 366

432 417

431

0

200

400

600

800

1,000

FY18 FY19 FY20Forecast

847805

135

114 797

Industrial Engines: Taking in account of the unclear construction machine market in China, revised downward the global shipment forecast for FY2020.

Industrial Engine Global Shipment/Diesel Engine Production

Global Shipment of Industrial Engines（K-units）

Forecast

（K-units）

Production Units of Diesel Engines

： 2H

： 1H


Ⅱ-2. FY2020 1H Financial SummaryApril 2019 – September 2019


( JPY Bil. ) FY2020 1H FY2019 1H

Sales 1,020.1 1,035.0 -14.9 -1%

Operating Income 71.4 87.5 -16.1 -18%

Ordinary Income 73.5 93.3 -19.8 -21%

*Net Income 39.8 56.4 -16.6 -29%FX

USD/JPY 109 110

THB/JPY 3.49 3.40

AUD/JPY 75 82

Changes

FY2020 1H Consolidated Results- Year-on-year Comparison -

* Net income attributable to owners of parent

NOTE: Please note that the FX rates for USD/JPY and AUD/JPY shown above has been changed to the average rate of each period.


CV-Japan +2.5CV-Overseas -5.0LCV -4.5Others -0.4

USD +0.2 AUD -1.1THB -7.3

R&D +0.7Dep. -0.8Labor Cost -1.1Strengthening Infrastructure -1.0Others +0.3

87.5

-16.1

Cost Reduction Activity

71.4

＋6.7

FX

-5.3

Steel, oil Price etc. Fluctuations

-1.9Fixed Cost Fluctuations

-8.2

-7.4

FY2019 1H vs. FY2020 1H Fluctuations- Consolidated operating income : analysis of change - Cost reduction and increased sales of CV-Japan gave a positive impact, while FX and

weak sales of CV-Overseas and LCVs gave negative impacts to the operating income. Operating income decreased compared to the previous year.

(JPY Bil.)

Operating Income for FY2019 1H

Sales/Model M

ix

Operating Income for FY2020 1H


Ⅱ-3. FY2020 Full-year Outlook


( JPY Bil. ) FY2020Forecast

FY2019FY2020

Previous Plan

Net Sales 2,160.0 2,149.2 + 10.8 +1% 2,160.0

Operating Income 150.0 176.8 - 26.8 -15% 165.0

Ordinary Income 156.0 189.0 - 33.0 -17% 170.0

*Net Income 90.0 113.4 - 23.4 -21% 100.0FX

USD/JPY 107 111 110THB/JPY 3.50 3.43 3.40AUD/JPY 74 81 80

Changes

FY2020 Full-year Outlook- Year-on-year Comparison -

* Net income attributable to owners of parent

NOTE: Please note that the FX rates for USD/JPY and AUD/JPY shown above has been changed to the average rate of each period.


176.8

-26.8

150.0

‘

＋12.0

-8.8

-20.0-9.0-1.0 (-10.0)

(-8.8)

(-1.0)(-4.0)

(＋12.0)

(-11.8)

(165.0)

FY2019 vs. FY2020 Fluctuations- Consolidated operating income : analysis of change -

Substantial negative influence from strong Thai Baht. Revised forecast for FY2020 operating income due to low profitability of exports from Thailand.

(JPY Bil.)

Operating Income for FY2019

Operating Income for FY2020

Co

st R

edu

ction

Activity

Sales

/Mo

del M

ix

CV-Japan +1.1CV-Overseas -0.5LCV -3.0Others +1.4

Stee

l, Oil P

rice etc. F

luctu

ation

s

FX

USD -4.4AUD -3.6THB -12.0

Fix

ed C

ost

Flu

ctuatio

n

R&D -2.0Dep. -2.0Labor Cost -3.0StrengtheningInfrastructure -2.0Others +0.2


48.6 48.4 50.8 48.2 50.1

'17/9 '18/3 '18/9 '19/3 '19/9

R&D Costs

(JPY Bil.)

28.3

48.3

34.537.8 36.9

'17/9 '18/3 '18/9 '19/3 '19/9

CAPEX (JPY Bil.)

30.1 29.8 30.2 30.7 31.0

'17/9 '18/3 '18/9 '19/3 '19/9

Depreciation Cost

(JPY Bil.)

16 17 18 19 19

0

300

'17/9 '18/3 '18/9 '19/3 '19/9

Dividends per Share(Yen)

390.6 396.3 391.4 427.8 417.1

72.9 70.286.7 80.1 87.8

287.1353.3 311.1

333.5277.0

234.1

265.9245.8

272.8

238.2

'17/9 '18/3 '18/9 '19/3 '19/9

Consolidated Sales by

Regions (JPY Bil.)

Japan North America Asia Others

33 29 31 30 28

81 88 88 91 84

35 35 39 33 36

0

250

'17/9 '18/3 '18/9 '19/3 '19/9

Production Units in

Japan (K-units)

H/D L/D KDSET

868.0919.6

895.1 929.8941.9

44.4 44.5 43.7 43.6 44.8

0

70

0.0

'17/9 '18/3 '18/9 '19/3 '19/9

Shareholders’ Equity (JPY Bil./%)

(Appendix) Main Financial Index (6 months)

74.1

92.787.5 89.3

71.4

7.5

8.5 8.5 8.0

7.0

0

12

0.0

130.0

'17/9 '18/3 '18/9 '19/3 '19/9

Operating Income

(JPY Bil./%)

FY2020 1H Financial Results · 2019-11-07 · 0dvdqrul .dwd\dpd )< + )lqdqfldo 6xppdu\ dqg )xoo...

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