fy2016 h1 financial results · 2015. 11. 5. · ( jpy bil. ) fy16 h1 fy15 h1 changes fy16 h1plan...
TRANSCRIPT
1 Copyright(C) 2015 Isuzu Motors Limited All rights reserved
FY2016 H1 Financial Results
November 6, 2015
2 Copyright(C) 2015 Isuzu Motors Limited All rights reserved
Ⅰ. President and Representative Director : Masanori Katayama :FY2016 H1 Financial Summary and Full-year Outlook Outline
Ⅱ. Director of the Board and Managing Executive Officer :Makoto Kawahara 1. Business Status2. FY2016 H1 Financial Summary3. FY2016 Full-year Outlook
Ⅲ. Q&A Session
Contents
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.
3 Copyright(C) 2015 Isuzu Motors Limited All rights reserved
President and Representative Director
Masanori Katayama
4 Copyright(C) 2015 Isuzu Motors Limited All rights reserved
【Reference】
( JPY Bil. ) FY16 H1 FY15 H1 Changes FY16 H1plan
Net Sales 971.0 882.1 88.9 950.0
Operating Income 86.2 77.0 9.2 75.0
Ordinary Income 98.6 84.7 13.9 79.0
* Net Income 53.1 49.6 3.5 42.0
FY2016 H1 Consolidated Results- Year-on-year Comparison -
* FX: FY16 H1 = 121 JPY/US$FY15 H1= 103 JPY/US$
*Net income attributable to owners of parent
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FY2016 Full-year Outlook- Year-on-year Comparison -
【Reference】
FY15FY16
Previous plan
Net Sales 1,960.0 1,879.4 80.6 1,950.0
Operating Income 183.0 171.1 11.9 175.0
Ordinary Income 198.0 187.4 10.6 188.0
*Net Income 120.0 117.1 2.9 110.0
ChangesFY16 Forecast(JPY Bil.)
* FX: FY16 = 120 JPY/US$FY15 = 107 JPY/US$
*Net income attributable to owners of parent
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Director of the Board, and Managing Executive Officer, Corporate Planning and Finance Division Executive
Makoto Kawahara
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Ⅱ-1. Market Information
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CV/LCV Global Shipment- Vehicle and KD-SET, etc: K-units
90 99 96 54 42 47 59 62 75 83 80
151 148 170194
127206 211 214 221 248 248
68 53 45 5051
42
57 64 60 4235 35
153 193 188 153123
118
155 125218
168 132 121
81 132
99
134 110
136133 171 190
73
203
126 161144
0
200
400
600
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
LCVThailand
CVOverseas
619 643
543(453)
(520)(547)640
(567)554
(500)
427(386)
598(552)568
(509)
Forecast
690(628) 674
(594)639(564)
LCVOthers
LCVExport
668(586)
・Reinforcing overseas operating Capabilities
・Entering New Markets
Global Financial crisis
Inventory Adjustment
The Great East Japan Earthquake
Flooding in Thailand
CVDomestic
( ):OverseasUnit
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Japan
Asia
Europe
China
CV Global Shipment- Vehicle and KD-SET, etc: K-units
: H1
Forecast
’14/3 ’15/3 ’16/3
Forecast
: H2
58
81
57
’14/3 ’15/3 ’16/3
Forecast
’14/3 ’15/3 ’16/3
Forecast
’14/3 ’15/3 ’16/3
Forecast
’14/3 ’15/3 ’16/3
Forecast’14/3 ’15/3 ’16/3
Forecast
’14/3 ’15/3 ’16/3
Forecast
’14/3 ’15/3 ’16/3
Forecast
27
31
37
44
40
77
65
13 168
11
5 9
34
26
60
28
32
60
26
20
22
42
2418
42
21
40
459
459
6
11
34
41
75
42
41
83
38
80
911
20
1213
25
13
23
1011
21
99
18
13
26
North America
Mid-East/ Africa
Oceania Mid-South America
Shipment FY14 FY15 FY16H1 142,371 162,710 164,730H2 153,260 167,955 163,270
Full-year 295,631 330,665 328,000: H2 Forecast
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17,858 26,137 23,762 31,927 33,607 39,315 42,31223,764
25,275 35,54836,608
46,32248,320
32.9% 32.8%31.1%
33.9% 33.4% 34.5% 34.0%
5%
10%
15%
20%
25%
30%
35%
0
20,000
40,000
60,000
80,000
100,000
120,000
FY10 FY11 FY12 FY13 FY14 FY15 FY16
H1
H2
(Unit) (Share)
51,412
Japan Industry Sales and Isuzu Share- H/D, M/D Truck:4ton or above -
91,000
41,622
59,310
Forecast
68,53579,929 87,635
※ FY10-FY15 : FY ActualFY16: FY16 H1 Actual
※ FY10-FY15 : FY ActualFY16: FY16 H1 Actual
H1 Actual
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(Unit)
22,159 26,489 26,82336,905 40,400 44,107 46,672
26,70027,980
38,48638,732
51,120 52,440
40.0% 40.2% 40.2% 39.5% 39.6% 40.6% 39.9%
15%
20%
25%
30%
35%
40%
0
20,000
40,000
60,000
80,000
100,000
120,000
FY10 FY11 FY12 FY13 FY14 FY15 FY16
H2
H1
(Share)
54,46948,859
Japan Industry Sales and Isuzu ShareL/D(2-3ton) Truck
Forecast
65,30975,637
96,54791,520
98,000
※ FY10-FY15 : FY ActualFY16: FY16 H1 Actual
※ FY10-FY15 : FY ActualFY16: FY16 H1 Actual
H1 Actual
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: H1
: H2
OceaniaAsia
Europe China
LCV Global Shipment- Vehicle and KD-SET, etc: K-units -
Shipment FY14 FY15 FY16H1 186,813 167,555 180,807H2 156,170 170,198 164,993
Full-year 342,983 337,753 345,800
Forecast
’14/3 ’15/3 ’16/3
Forecast
’14/3 ’15/3 ’16/3
Forecast
’14/3 ’15/3 ’16/3
Forecast
’14/3 ’15/3 ’16/3
Forecast
’14/3 ’15/3 ’16/3
Forecast’14/3 ’15/3 ’16/3
Forecast
’14/3 ’15/3 ’16/3
Forecast
Thailand
36
31
67
37
44
81
39
78
68
14
108
18
9
15
12820
117
18
22
39
2115
36
2220
42
23
44
51015
91120
14
24
94
74
168
66
66
132
62
121
149
23
141125
12
25
Mid-East/ Africa
Mid-South America
: H2 Forecast
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Thailand LCV Shipment- Thai Domestic / Export Markets -
177,922
311,200303,163
353,545(Unit)
237,481211,242
300,923
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15
54 70
50 50 54 40
33
71
67
41 54 44
0
20
40
60
80
100
120
140
160
FY10 FY11 FY12 FY13 FY14 FY15 FY16
48
H2
H1
98
77
138
104
126
Forecast
91
Industrial Engine Global Shipment- K-Units-
~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
IndustrialEngine
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Ⅱ-2. FY2016 H1 Financial SummaryApril 2015 – September 2015
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【Reference】
( JPY Bil. ) FY16 H1 FY15 H1 Changes FY16 H1plan
Net Sales 971.0 882.1 88.9 950.0
Operating Income 86.2 77.0 9.2 75.0
Ordinary Income 98.6 84.7 13.9 79.0
* Net Income 53.1 49.6 3.5 42.0
FY2016 H1 Consolidated Results- Year-on-year Comparison -
* FX: FY16 H1 = 121 JPY/US$FY15 H1= 103 JPY/US$
*Net income attributable to owners of parent
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FY2015 vs. FY2016 H1 Fluctuations- Consolidated operating income: analysis of change, JPY:Bil.
77.0
9.2
15.07.1
86.2
-5.6-18.3
9.1 1.9
Operating Income for FY15 H1 Operating Income for FY16 H1
Sales/Model M
ix
Cost R
eduction A
ctivity
FX
Fixed Cost
Fluctuation
Steel, Oil Price
etc. Fluctuations Expenses
for growth strategy
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FY2016 H1 Consolidated Results- Ordinary income, Net income, Year-on-year -
( JPY Bil. ) FY16 H1 FY15 H1 ChangesNet Sales 971.0 882.1 88.9
Operating Income 86.2 77.0 9.2Ordinary Income 98.6 84.7 13.9
*Net Income 53.1 49.6 3.5
*Net income attributable to owners of parent
*Net income attributable to owners of parent
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Ⅱ-3. FY2016 Full-year Outlook
20 Copyright(C) 2015 Isuzu Motors Limited All rights reserved
FY2016 Full-year Outlook- Year-on-year Comparison -
【Reference】
FY15FY16
Previous plan
Net Sales 1,960.0 1,879.4 80.6 1,950.0
Operating Income 183.0 171.1 11.9 175.0
Ordinary Income 198.0 187.4 10.6 188.0
*Net Income 120.0 117.1 2.9 110.0
ChangesFY16 Forecast(JPY Bil.)
* FX: FY16 = 120 JPY/US$FY15 = 107 JPY/US$
*Net income attributable to owners of parent
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171.1
11.9
20.0
13.0183.0
Forecast
FY2015 vs. FY2016 Fluctuations- Consolidated operating income: analysis of change, JPY:Bil.
8.0 -7.1 -26.04.0
Sales/Model M
ix
Cost R
eduction A
ctivity
FX
Steel, Oil Price
etc. Fluctuations
Fixed Cost
Fluctuation Expenses for grow
th strategy
Operating Income for FY15
Operating Income for FY16
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FY2016 Full-year Outlook- Ordinary income, Net income, Year-on-year -
( JPY Bil. ) FY16 FY15 ChangesNet Sales 1,960.0 1,879.4 80.6
Operating Income 183.0 171.1 11.9Ordinary Income 198.0 187.4 10.6
*Net Income 120.0 117.1 2.9*Net income attributable to owners of parent
*Net income attributable to owners of parent
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[Appendix]
Main Financial IndexBy 6 months, etc.
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CAPEX and Depreciation (Consolidated)- Recent Trend and Forecast -
(Forecast)
(JPY:Bil.)
* FY09 or later included lease
CA
PEX
Depreciation
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CAPEX and Depreciation (By 6 months Consolidated)- Recent Trend -
13.3
20.0
26.9
30.6
34.8
47.1
32.7
45.3
49.9
18.0 18.0 16.9 18.7 19.5 22.1 22.9
25.2 26.6
0.0
10.0
20.0
30.0
40.0
50.0
60.0
'11/9 '12/3 '12/9 '13/3 '13/9 '14/3 '14/9 '15/3 '15/9
* included lease
(JPY:Bil.)C
APEX
Depreciation
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116.8 107.8 182.2 266.3 236.2 219.7 203.5 254.5 239.3 269.2 385.3
372.7 380.8 403.2 410.4 409.8
467.7 456.5 93.3 63.6
52.5 67.5 54.2 58.3 55.4
54.4 48.8
178.8 185.3 172.7
160.9 181.6 197.3 213.4
220.7 226.4
0.0
200.0
400.0
600.0
800.0
1,000.0
'11/9 '12/3 '12/9 '13/3 '13/9 '14/3 '14/9 '15/3 '15/9
Others
PT&Compo
CV
LCV
780.1875.5
658.1742.0
971.0997.3875.2 885.7 882.1
Consolidated Sales by 6 months- LCV, CV, PT&Compo, Others (KD, parts) -
(JPY:Bil.)
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353.8 415.5 442.9 529.0 592.3 633.4 660.5 754.5 769.2
30.534.2 36.2
39.542.6 41.6 39.6
41.9 43.4
0
10
20
30
40
0.0
200.0
400.0
600.0
800.0
1,000.0
'11/9 '12/3 '12/9 '13/3 '13/9 '14/3 '14/9 '15/3 '15/9
(%)
Consolidated Equity Ratio: Historical Trend by 6 months
Consolidated Equity Ratio
(JPY:Bil.)
Consolidated
Equity Capital
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138.2 154.5 157.1 175.9 191.7 182.9 216.7 233.0 231.0
1.3 1.3 1.2 1.2 1.3 1.3 1.5 1.4 1.4
0.0
0.3
0.6
0.9
1.2
1.5
1.8
0.0
50.0
100.0
150.0
200.0
250.0
300.0
'11/9 '12/3 '12/9 '13/3 '13/9 '14/3 '14/9 '15/3 '15/9
Inventory Balance- Consolidated -
(JPY:Bil.) (Month)
Month Turnover
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