fy2012 h1 financial results...fy2012 h1 financial results author isuzu motors limited created date...

1 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

FY20FY201212 H1 Financial ResultsH1 Financial Results

November 8, 2011November 8, 2011


Ⅰ． President and Representative Director : Susumu Hosoi

:FY2012 H1 Financial Summary Outline

Ⅱ． Director ： Toshio Sasaki1. Business Status2. FY2012 H1 Financial Summary3. FY2012 Full-year Outlook

Ⅲ． President and Representative Director : Susumu Hosoi

:Mid-term Business Strategy

Ⅳ． Q&A Session

ContentsContents

Statements 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 Director

Susumu Hosoi


( JPY Bil. ) FY12 H1Previous Forecast

(June 22)Changes FY11 H1

Net Sales 658.1 700.0 -41.9 724.9

Operating Income 43.8 30.0 13.8 46.8

Ordinary Income 45.1 30.0 15.1 47.7

Net Income 33.7 23.0 10.7 29.2

FY2012 H1 Consolidated ResultsFY2012 H1 Consolidated Results-- YearYear--onon--year Comparison year Comparison --

* FX: FY12 H1 = 81JPY/US$FY11 H1= 89JPY/US$


FY2012 FullFY2012 Full--Year OutlookYear Outlook--Actions FY2012Actions FY2012　　H2H2--

Meet increase in demand mainly in emerging economies and reconstruction demand in disaster-stricken area in Japan.Quickly eliminate outstanding orders from FY2012　H1.⇒Planned CV shipments exceed shipment volume before global financial crisis.Production increase by flexible two shift-operation at LD line following HMD line/overtime work/work on Sundays and holidays

Meet increase in demand mainly in emerging economies and reconstruction demand in disaster-stricken area in Japan.Quickly eliminate outstanding orders from FY2012　H1.⇒Planned CV shipments exceed shipment volume before global financial crisis.Production increase by flexible two shift-operation at LD line following HMD line/overtime work/work on Sundays and holidays

Impact ofFlooding in Thailand

Impact ofFlooding in Thailand

ProductionIncreaseIn Japan

ProductionIncreaseIn Japan

No direct damage to Isuzu Group entities (IMCT,IEMT,TID,IT Forging) because of floodingProduction suspension from October 11, 2011 due to supply chain disruption from suppliers affected by the flooding ( production decrease of 1,000 CV units/24,000 LCV units up to November 11, 2011)Isuzu and its subsidiaries and suppliers are working hard to put its production back to normal after flooding stabilizes through sourcing adjustment and reinforcements sent from Japan.No impact on production in Japan as of today

No direct damage to Isuzu Group entities (IMCT,IEMT,TID,IT Forging) because of floodingProduction suspension from October 11, 2011 due to supply chain disruption from suppliers affected by the flooding ( production decrease of 1,000 CV units/24,000 LCV units up to November 11, 2011)Isuzu and its subsidiaries and suppliers are working hard to put its production back to normal after flooding stabilizes through sourcing adjustment and reinforcements sent from Japan.No impact on production in Japan as of today


FY2012 FullFY2012 Full--year Outlookyear Outlook-- YearYear--onon--year Comparisonyear Comparison --

Previous Forecast（June 22）

FY11

Net Sales 1,430.0 1,480.0 -50.0 1,415.5

Operating Income 94.0 80.0 14.0 88.2

Ordinary Income 95.0 80.0 15.0 91.3

Net Income 74.0 65.0 9.0 51.6

ChangesFY12(JPY Bil)

※FX: FY12 = 78JPY/US$FY11 = 85JPY/US$

＊　Not including impacts of flood in Thailand.


Director of the Board, and Managing Executive Officer, Corporate Planning and Financial

Toshio Sasaki


ⅡⅡ--11 ．． Business StatusBusiness Status


CVCV//LCV Global ShipmentLCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--unitsunits

90 99 96 54 42 47 54

151 148 170194

127206 233

302 306

259

346345

73

203

377 364372

0

200

400

600

800

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12

LCVOverseas

CVOverseas

619643

543

CVDomestic

(453)

(520)(547)

640(567)

554(500)

427(386)

598(552)

632(578)

ForecastForecast

･Reinforcing overseas operating Capabilities

･Entering New Markets

( ):Overseas unit

Global Financial crisis

Inventory Adjustment


JapanJapan

23

42

6

5

16

3 4

1111 22

2525

AsiaAsia11

34

3

EuropeEurope

ChinaChina

5858

471212

333377

2525

45455656

1010

7

CV Global ShipmentCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--unitsunits

25

323244

13

29 18

9

20

5

： H1Shipment FY10 FY11 FY12H1 63,013 131,278 118,488H2 105,811 120,901 168,000

Full-year 168,894 252,179 287,000

6644

’10/3 ’11/3 ’’12/312/3

ForecastForecast

ForecastForecast

54541212

3030

50505252

141424

29

13

5

499

3

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

North AmericaNorth

America

Mid-South America

Mid-South AmericaOceaniaOceania

Mid-East/ Africa

Mid-East/ Africa

’10/3 ’11/3 ’’12/312/3

ForecastForecast


43,15336,855

17,85826,137

41,963

26,109

23,764

25,275

23,762

28.4%

32.8%

32.9%29.7%

31.4%

0

20,000

40,000

60,000

80,000

100,000

120,000

FY08 FY09 FY10 FY11 FY125%

10%

15%

20%

25%

30%

35%

H2

H1

（Unit）（Share）FY08-FY11 : FY ActualFY12: FY12-H1 ActualFY08-FY11 : FY ActualFY12: FY12-H1 Actual

5511,412,412

Japan Industry Sales and Isuzu ShareJapan Industry Sales and Isuzu Share-- H/D, M/D Truck:4ton or aboveH/D, M/D Truck:4ton or above --

85,116

62,964

41,622

M/D Truck Share

FY11 41.5% → FY12 31.8%


（Unit）

45,618 38,88222,159 26,489 26,823

44,213

31,177

26,70027,980

41.1%40.2%40.0%39.1%38.6%

0

20,000

40,000

60,000

80,000

100,000

120,000

FY08 FY09 FY10 FY11 FY1215%

20%

25%

30%

35%

40%

45%

H2

H1

（Share）

70,059

54,46948,859

Japan Industry Sales and Isuzu ShareJapan Industry Sales and Isuzu Share-- L/D(2L/D(2--3ton) Truck3ton) Truck --

89,831

FY08-FY11 : FY ActualFY12: FY12-H1 ActualFY08-FY11 : FY ActualFY12: FY12-H1 Actual


18

OceaniaOceania

10AsiaAsia

96

57

1414

EuropeEurope ChinaChina

2323202202

1818

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

33 32

13

14142 99

5

9

16

13

60

155

18

43

9

22

： H1

Shipment FY10 FY11 FY12H1 100,376 179,172 163,109H2 158,177 167,065 182,000

Full-year 258,553 346,237 345,000

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

25251144

3535

119999

5858

1515

ForecastForecast

131388

12

9226

66

Mid-South America

Mid-South America

Mid-East/ Africa

Mid-East/ Africa


PickPick--up truck monthly sales up truck monthly sales in Thailandin Thailand

（K-unit）

10.7 10.610.9

13.1

14.3

16.0

10.6

13.4

14.5

11.7 12.1 12.3

11.2

12.3

9.410.2

9.8

7.88.28.3

7.97.88.0

10.9

9.9

11.9

9.9

10.911.810.8

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR

FY10 FY11 FY12


Thailand LCV ShipmentThailand LCV Shipment-- Thai Domestic / Export Markets Thai Domestic / Export Markets --

188,090

72,805

71,160

153,464

81,641

79,245

122,724

67,772

64,485

118,120

55,128

44,325

154,656

69,151

64,530

145,000

66,000

67,000

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

FY07 FY08 FY09 FY10 FY11 FY12

Domestic

Export

KD-SET

Forecast

217,573

279,000254,981

332,055 314,350

(Unit)

288,337


Industrial EngineIndustrial Engine Global ShipmentGlobal Shipment-- KK--UnitsUnits--

IndustrialEngine

～1.1　1.6　2.2　2.4　3.0　　5.2　　　7.8　　　　　9.8　　　　　　15.7　　ℓ　　

　　　　

C(IDI) C(DI) 4L 4J 4H 6H 6U 6W　　

　　　

5063 56

15

54

60

70

28

33

71

70

76

0

20

40

60

80

100

120

140

160


110

133

84

48

126

146

H2

H1

Forecast


ⅡⅡ--22.. FY2012 H1 Financial SummaryFY2012 H1 Financial SummaryApril 2011 April 2011 –– September 2011September 2011


(JPY Bil.) FY12 H1 FY11 H1 Changes

Net Sales 658.1 724.9 -66.8Operating Income 43.8 46.8 -3.0Ordinary Income 45.1 47.7 -2.6

Net Income 33.7 29.2 4.5* FX: FY12 H1 = 81JPY/US$

FY11 H1= 89JPY/US$

FY2012 H1 Consolidated ResultsFY2012 H1 Consolidated Results-- YearYear--onon--year Comparison year Comparison --


FY201FY20111 vs. FY2012 H1 Fluctuationsvs. FY2012 H1 Fluctuations-- Consolidated operating income: analysis of change, Consolidated operating income: analysis of change, JPY:BilJPY:Bil. . --

46.8

-3.0

7.3

-3.7

-8.7

4.4

-2.3 43.8

Operating Incomefor FY11 H1

Operating Incomefor FY12 H1

Material C

ost R

eduction

FX

Sales/Model M

ix

Steel, Oil Price

etc. Fluctuations

FixedC

ost Fluctuation


FY2012 H1 Consolidated ResultsFY2012 H1 Consolidated Results-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--yearyear --

Operating Income Change -3.0* Equity in Earnings of Affiliates: -1.6* Financial account balance/ FX gain and loss, Other 2.0

Total -2.6

Ordinary Income 45.1* Loss due to Disaster (-0.7) / Loss on disposalof noncurrent assets,etc 0.0* Tax and minority interests: -11.4

Net Income 33.7

OrdinaryIncom

eExtra Profit /

Loss etc.

( JPY Bil. ) FY12 H1 FY11 H1 Changes

Net Sales 658.1 724.9 -66.8Operating Income 43.8 46.8 -3.0Ordinary Income 45.1 47.7 -2.6

Net Income 33.7 29.2 4.5


ⅡⅡ--33.. FY2012 FullFY2012 Full--year Outlookyear Outlook


FY2012 FullFY2012 Full--year Outlookyear Outlook-- YearYear--onon--year Comparisonyear Comparison --

※FX: FY12 = 78JPY/US$FY11 = 85JPY/US$

( JPY Bil. ) FY12 FY11 Changes

Net Sales 1,430.0 1,415.5 14.5

Operating Income 94.0 88.2 5.8

Ordinary Income 95.0 91.3 3.7

Net Income 74.0 51.6 22.4


FY2011 vs. FY2012FY2011 vs. FY2012 FluctuationsFluctuations-- Consolidated operating income: analysis of change, Consolidated operating income: analysis of change, JPY:BilJPY:Bil..

88.2

5.8

10.0

12.0 94.0

-6.0

-11.0

-6.3

7.1

（Forecast）

Operating Income for FY12Operating Income for FY11

Sales/Model M

ix

Material C

ost R

eduction

FixedC

ost Fluctuation

Steel, Oil Price

etc. Fluctuations

FX Impact of

Previous year


FY2012 FullFY2012 Full--year Outlookyear Outlook-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--year year --

( JPY Bil. ) FY12 FY11 ChangesNet Sales 1,430.0 1,415.5 14.5

Operating Income 94.0 88.2 5.8Ordinary Income 95.0 91.3 3.7

Net Income 74.0 51.6 22.4

Operating Income Change 5.8* Equity in Earnings of Affiliates: -2.1* Financial account balance/ FX gain and loss, Other: 0.0

Total 3.7

Ordinary Income 95.0* Loss on disposal of noncurrent assets,etc: -2.0* Tax and minority interests: -19.0

Net Income 74.0

OrdinaryIncom

eExtra Profit /

Loss etc.


President and Representative Director

Susumu Hosoi


Mid-term Business Plan(April 2011 April 2011 –– March 2014March 2014)

November 8, 2011November 8, 2011


[[Appendix]Appendix]

Main Financial IndexMain Financial Index


47.9

28.2

50.6

41.5

66.7

39.6

25.7

39.5

29.4

36.4

51.0

37.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0


（JPY:Bil）

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

*1 *1 *1*1

（Forecast）

CA

PEX

Depreciation

*1 FY09 or later included lease


353.8312.6

360.3375.7

280.6258.4

297.6328.1

274 .8300 .6

256 .8 255 .2

325 .9363 .4

315 .0

273 .6

0.780.960.71 0.681.16 1.41

1.06 0.83

-400.0

-300.0

-200.0

-100.0

0.0

100.0

200.0

300.0

400.0

'08/3 '08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9

-5

0

5

ＤＥＲ

（DER）

Interest Bearing Debt / Equity Capital (Consolidated)Interest Bearing Debt / Equity Capital (Consolidated)

（JPY:Bil） Equity CapitalInterest B

earing Debt


139.4 116.8

381.1323.9 293.3

269.249.0

99.289.7

213.9

147.0

136.9

155.2168.2

129.7128.073.477.7146.1

262.7

183.5275.4

93.3

94.1118.6

64.9

178.8

177.2

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1,000.0

'08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9

Others

PT&Compo

CV

LCV

690.6

565.0

442.8

658.1

859.7

638.1

724.9

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

（JPY:Bil）


328.1353.8

375.7

280.6258.4

297.6312.6

30.3

27.324.9

27.429.5 30.5

26.8

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

'08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

ConsolidatedEquity Ratio

（％）

Consolidated Equity Ratio: Historical TrendConsolidated Equity Ratio: Historical Trend

(JPY:Bil.)C

onsolidated 　

Equity Capital


119.8 110.0 106.4 101.0138.2

109.3

179.1

0.9

1.31.3 1.3

1.5

1.00.9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

'08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9

0.0

0.3

0.6

0.9

1.2

1.5

1.8（Month）

Inventory BalanceInventory Balance-- Consolidated Consolidated --

(JPY:Bil.)

Month Turnover


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

13.3

18.0

14.315.113.811.9

43.0

23.7

18.118.319.819.719.819.8

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

'08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9

(JPY:Bil.)C

APEX

Depreciation

fy2012 h1 financial results...fy2012 h1 financial results author isuzu motors limited created date...

Documents