FY2012 Financial Results - ISUZU · • Establish Isuzu new export company (IMIT) ... •...
Transcript of FY2012 Financial Results - ISUZU · • Establish Isuzu new export company (IMIT) ... •...
1 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
FY2012 Financial ResultsFY2012 Financial Results
May 10, 2012May 10, 2012
2 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
Ⅰ. President and Representative Director : Susumu HosoiPresident and Representative Director : Susumu Hosoi
・FY2012 Overview
Ⅱ. Director Director of the Board, and Managing Executive Officer, Director Director of the Board, and Managing Executive Officer, Corporate Planning and FinancialCorporate Planning and Financial : Toshio Sasaki: Toshio Sasaki
1. Business Status2. FY2012 Financial Results3. FY2013 Full-year Outlook
Ⅲ.Q&A
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.
3 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
President and Representative Director
Susumu Hosoi
4 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
( JPY Bil. ) FY12 FY11 ChangesPreviousForecast
Net Sales 1,400.1 1,415.5 -15.4 1,430.0
Operating Income 97.4 88.2 9.2 94.0
Ordinary Income 102.9 91.3 11.6 95.0
Net Income 91.3 51.6 39.7 74.0
FY2012 Consolidated ResultsFY2012 Consolidated Results-- YearYear--onon--year Comparison year Comparison --
* FX: FY12 = 79JPY/US$FY11 = 85JPY/US$
5 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
FY2013 FullFY2013 Full--year Outlookyear Outlook-- Consolidated, YearConsolidated, Year--onon--year Comparisonyear Comparison --
※FX: FY13= 80JPY/US$FY12= 79JPY/US$
(JPY Bil.)
Net Sales 1,630.0 1,400.1 229.9Operating Income 123.0 97.4 25.6Ordinary Income 127.0 102.9 24.1
Net Income 81.0 91.3 -10.3
ChangesFY13 FY12
6 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
MidMid--term Business Plan: Targets and Tasksterm Business Plan: Targets and Tasks
Strengthen life-cycle business
Targets Change of Business Model(”Global 3-Core Business Organization”)
Stabilize Japan domestic business
CV No.1 in ASEAN
Strengthen/Expand LCV business
Establish manufacturing operations in emerging market (New CV foothold in Indonesia)
Support Operation
Strength global salesEstablish self-sustained functions
Com
pany Expansion and Developm
ent
India
Sharing CV engineering functions
low-cost parts
procurement
Expand LCV base
market
China
Secure stable position in emerging/advanced
markets
RussiaSaudi-ArabiaASCetc
Enhance functions
Enhance after-sales business (expand After-Sales Center)
Improve efficiency for manufacturing and salesExtend added value operation
More involvement in sales activities and its operationStabilize business in advanced market
7 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
VOL & Share in 5 ASEAN countries
0
10
20
30
40
'09 '10 '11 '1210%
15%
20%
25%
0
5
10
15
20
'09 '10 '11 '1210%
15%
20%
25%
0
10
20
30
40
50
'09 '10 '11 '1210%
15%
20%
25%(K.units) (K.units) (K.units)
【LD】 【MD/HD】 【Total CV】
Sales
Manufacturing/Engineering
• Launch “Light-weight truck”, “Emerging market HD”
• Consolidate distributor in Malaysia• Fully introduce “Emerging market LD”
- Compete with Chinese/Korean makers
• Launch F series/Expand sales network in Indonesia
• Reorganization of distributors in Malaysia (Integrate LCV and CV)
• Launch “Emerging market LD” in Vietnam
• Consolidate local manufacturing businesses• Establish engineering process to develop
emerging market products• Increase local supply
• Enhance manufacturing/engineering capability in Indonesia foothold as a core
• Dispatch engineers from ISZJ• Purchase land for new plant• Construct CV coating line in Thailand (Gateway)
Fcst FcstFcst
MidMid--term Business Plan: Progressterm Business Plan: Progress①① CV Business in ASEANCV Business in ASEAN
Source: Isuzu Motors Limited Thailand Philippines Indonesia Malaysia Vietnam Share
Future TasksAchievement
8 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
MidMid--term Business Plan: Progressterm Business Plan: Progress②② Domestic Business / LCV BusinesDomestic Business / LCV Busines
• Market Share No.1 (2H of FY2012)- HD: 33.0%, 2-3t: 39.5%, Bus: 36.0%
• Integrate dealers to enlarge market coverage (Isuzu Motors Tohoku limited)
• Core module production (part of LD engine)
• Expand in-house production for transmission components
Stabilize Japan
domestic business
Strengthen/Expand LCV
business
• Further stabilize domestic business• Launch next-generation HD
(synchronizing with China HD development)
• Further improve efficiency and expand in-house production.
• Launch new pick-up derivative• Fully implement export business• Increase self-sustainability of local
engineering function• Develop new small-displacement
diesel engine
• Launch new D-MAX model• Establish Isuzu new export company
(IMIT)• Develop marketing footholds in Europe
and Central America by IMIT• New plant (Gateway) construction
- Scheduled completion: in Fall of 2012
Future tasksAchievement
9 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
MidMid--term Business Plan: Progress term Business Plan: Progress ③③ LifeLife--Cycle BusinessCycle Business / / Overseas BusinessOverseas Business
Future tasksAchievement
• Start construction of assembly plant in Saudi Arabia
• Re-strengthening business in Russia• Increase ownership stake in SMLI and
launch CV with Isuzu’s component in India
Strengthen life-cycle business
Secure stable position in
emerging/advanced markets
Establish support
operation
• Expand business in after market • Further development of After-Sales
Center- ASEAN, South America, Africa
• Increase after sales income at consolidated dealers.
• Expand new After-Sales Center- Mid-east, Central America, Australia, Europe
• Strengthen Isuzu-led CV business in South America
- GMICA development to other regions• Consolidate DB in Mexico• Implement manufacturing operation in
South Africa• Stabilize business in advanced market• Implement HD business in China• Consolidation of component
manufacturing company in China• Study continuing business with Jiangling• Implement LCV manufacturing and
sales operations in India
• Launch HD Engineering Center in Chongqing
• Newly-created “India Project Team”
10 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
Director of the Board, and Managing Executive Officer, Corporate Planning and Financial
Toshio Sasaki
11 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
Ⅱ-1. Business Status
12 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
CV/LCV Global ShipmentCV/LCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--unitsunits
90 99 96 54 42 47 59 57
151 148 170194
127206 211 243
302 306
259
346 299
393
73
203
372364377
0
200
400
600
800
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
LCV
619643
543(453)
(520)(547)
640(567)
554(500)
427(386)
598(552)
568(509)
Forecast
The Great East Japan
Earthquake
Flooding in Thailand
693(636)
・Reinforcing overseas operating Capabilities
・Entering New Markets
CVOverseas
CVDomestic
( ):Overseas unit
Global Financial
crisis
Inventory Adjustment
13 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
Japan
25
47
6
1425
4
Oceania
4
22 20
23
Asia29
27
4
Europe
China
5858
592727252577
2828
455656
1010
9
CV Global ShipmentCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--unitsunits--
24
292944
13
18
7
: H1Shipment FY11 FY12 FY13H1 131,278 118,488 -H2 120,901 150,869 -
Full-Year 252,179 269,357 300,000
7575
ForecastForecast
57571111
2929
52525454
131334
88
3
223232
5656
51010
55
12133 5
91414
5
29
4747 28
48
: H2
’11/3 ’12/3 ’13/3’13/3
ForecastForecast’11/3 ’12/3 ’13/3’13/3
ForecastForecast
’11/3 ’12/3 ’13/3’13/3
ForecastForecast
’11/3 ’12/3 ’13/3’13/3
ForecastForecast
’11/3 ’12/3 ’13/3’13/3
ForecastForecast
’11/3 ’12/3 ’13/3’13/3
ForecastForecast
’11/3 ’12/3 ’13/3’13/3
ForecastForecastNorth America
Mid-South America
Mid-East/ Africa
’11/3 ’12/3 ’13/3’13/3
ForecastForecast
14 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
43,15336,855
17,85826,137
41,963
26,109
23,764
25,275
23,762
35,548
31.4% 29.7%32.9% 32.8%
31.1%
0
20,000
40,000
60,000
80,000
100,000
120,000
FY08 FY09 FY10 FY11 FY12 FY135%
10%
15%
20%
25%
30%
35%
H2
H1
(Unit) (Share)
※※ FY08FY08--FY12 :FY ActualFY12 :FY Actual※※ FY08FY08--FY12 :FY ActualFY12 :FY Actual
51,41251,412
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
59,31059,31063,00063,000
ForecastForecast
15 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
(Unit)
45,61838,882
22,159 26,489
44,213
31,177
26,700
26,823
38,48627,980
38.6% 39.1% 40.0% 40.2% 40.2%
0
20,000
40,000
60,000
80,000
100,000
120,000
FY08 FY09 FY10 FY11 FY12 FY1315%
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
※※ FY08FY08--FY12 : FY ActualFY12 : FY Actual※※ FY08FY08--FY12 : FY ActualFY12 : FY Actual
65,309 67,00067,000
ForecastForecast
16 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
: H1
: H2
18
Oceania
12
Asia
92
49
1414
Europe China
2525
202202
1515
LCV Global ShipmentLCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--units units --
2632
23
13139 885
14
96
106
33
24
10
18
Shipment FY11 FY12 FY13H1 179,172 163,109 -H2 167,065 135,508 -
Full-Year 346,237 298,617 393,400
27271818
2828
241241
6969
1212
Forecast
99
’11/3 ’12/3 ’13/3’13/3
ForecastForecast 177177
84
14141212
57
24
88
1312
24
8 3’11/3 ’12/3 ’13/3’13/3
ForecastForecast’11/3 ’12/3 ’13/3’13/3
ForecastForecast’11/3 ’12/3 ’13/3’13/3
ForecastForecast
’11/3 ’12/3 ’13/3’13/3
ForecastForecast
’11/3 ’12/3 ’13/3’13/3
ForecastForecast
Mid-South America
Mid-East/ Africa
17 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
PickPick--up truck monthly sales up truck monthly sales in Thailandin Thailand
(K-unit)
10.9
13.1
14.3
16.0
10.6
13.4
14.5
11.7 12.1
16.8
19.0
12.3
11.2
12.3
9.410.2
9.8
7.88.28.37.97.88.0
10.610.710.9
9.9
11.9 10.2
7.5
2.0
4.7
9.9
10.911.810.8
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR
FY10 FY11 FY12
18 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
Thailand Isuzu LCV ProductionThailand Isuzu LCV Production-- Thai Domestic / Export Markets Thai Domestic / Export Markets --
169,341
71,160
150,355
79,245
127,534
64,485
133,597
44,325
172,951
64,530
153,597
57,645
269,300
60,700
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
FY07 FY08 FY09 FY10 FY11 FY12 FY13
Vehicle
KD-SET
Forecast
177,922
330,000
192,019
240,501229,600
(Unit)
237,481211,242
19 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
Industrial EngineIndustrial Engine Global ShipmentGlobal Shipment-- KK--UnitsUnits--
Industrial Engine
~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
63 56
15
5470
70
28
33
71
67
0
20
40
60
80
100
120
140
160
FY08 FY09 FY10 FY11 FY12 FY13
138133
84
48
126
138
H2
H1
Forecast
20 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
Ⅱ-2. FY2012 Financial Results
21 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
( JPY Bil. ) FY12 FY11 Changes
Net Sales 1,400.1 1,415.5 -15.4
Operating Income 97.4 88.2 9.2
Ordinary Income 102.9 91.3 11.6
Net Income 91.3 51.6 39.7
FY2012 Consolidated ResultsFY2012 Consolidated Results-- YearYear--onon--year Comparison year Comparison --
* FX: FY12 = 79JPY/US$FY11 = 85JPY/US$
22 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
FY2011 vs. FY2012 FluctuationsFY2011 vs. FY2012 Fluctuations-- Consolidated operating income: analysis of change, JPY Bil.Consolidated operating income: analysis of change, JPY Bil.
88.2
9.2
11.2
FX
5.897.4
-4.5
-7.4
-5.1
9.2
Sales/Model M
ix
Fixed Cost
Fluctuation
Material C
ost R
eduction
Steel, Oil Price
etc. Fluctuations
Operating Incomefor FY11
Operating Incomefor FY12
Effect of previous FY
(Loss on disaster/ Fixed cost), others
23 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
FY2012 Consolidated ResultsFY2012 Consolidated Results-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--year year --
Operating Income Change 9.2* Equity in Earnings of Affiliates -2.4* Financial account balance/ FX gain and loss 4.8
Total 11.6
Ordinary Income 102.9* Loss on disposal of noncurrent assets,etc -1.0* Tax and minority interests -10.6
Net Income 91.3
OrdinaryIncom
eExtra Profit /
Loss etc.
( JPY Bil. ) FY12 FY11 ChangesNet Sales 1,400.1 1,415.5 -15.4
Operating Income 97.4 88.2 9.2Ordinary Income 102.9 91.3 11.6
Net Income 91.3 51.6 39.7
24 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
Ⅱ-3. FY2013 Full-year Outlook
25 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
FY2013 FullFY2013 Full--year Outlookyear Outlook-- Consolidated, YearConsolidated, Year--onon--year Comparisonyear Comparison --
※FX: FY13= 80JPY/US$FY12= 79JPY/US$
(JPY Bil.)
Net Sales 1,630.0 1,400.1 229.9Operating Income 123.0 97.4 25.6Ordinary Income 127.0 102.9 24.1
Net Income 81.0 91.3 -10.3
ChangesFY13 FY12
26 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
FY2012 vs. FY2013FY2012 vs. FY2013 FluctuationsFluctuations-- Consolidated operating income: analysis of change, JPY:Bil.Consolidated operating income: analysis of change, JPY:Bil. --
97.4
25.68.0
FX
32.0
123.0
(Forecast)
-0.5
-12.4
-1.5
0
Operating Income for FY12 Operating Income for FY13
Steel, Oil Price
etc. FluctuationsSales/M
odel Mix
Material C
ost R
eduction
Fixed Cost
Fluctuations
Effect of previous FY(Loss on disaster/ Fixed cost)
27 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
FY2013 FullFY2013 Full--year Outlookyear Outlook-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--yearyear --
Operating Profit Change 25.6* Equity in Earnings of Affiliates 1.3* Financial account balance/ FX gain and loss, Other -2.8
Total 24.1
Ordinary Income 127.0* Loss on disposal of noncurrent assets,etc. -1.0* Tax and minority interests -45.0
Net Income 81.0
OrdinaryIncom
eExtra Profit/
Loss etc.
( JPY Bil. ) FY13 FY12 Changes
Net Sales 1,630.0 1,400.1 229.9Operating Income 123.0 97.4 25.6Ordinary Income 127.0 102.9 24.1
Net Income 81.0 91.3 -10.3
28 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
[Appendix][Appendix]
Main Financial IndexMain Financial Index
29 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
CAPEX and Depreciation (Consolidated)CAPEX and Depreciation (Consolidated)-- Recent Trend and ForecastRecent Trend and Forecast --
50.6
41.5
66.7
39.6
25.7
39.5
29.4
36.4
33.336.0
66.0
35.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
FY08 FY09 FY10 FY11 FY12 FY13*1 *1 *1*1*1
(Forecast)*1 FY09 or later included lease
(JPY Bil.)
Depreciation
CAPEX
30 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
654.7 533.8 433.0 498.6
142.084.1
52.762.8
463.2
437.5
242.7
361.5
558.4
72.1
424.0492.6352.5
369.3
531.7345.6
0.0
200.0
400.0
600.0
800.0
1,000.0
1,200.0
1,400.0
1,600.0
1,800.0
2,000.0
FY08 FY09 FY10 FY11 FY12
Domestic
NorthAmerica
Asia
Others
1,415.5
1,791.6
1,400.11,424.7
1,080.9
Consolidated Revenue by SegmentConsolidated Revenue by Segment
Overseas
(60%)
Domestic
(40%)
(26%)(26%)
(35%)(35%)(30%)(30%)
(5%)(5%)
(30%)(30%)
(36%)(36%)
(25%)(25%)
(26%)(26%)
(33%)(33%)(26%)(26%)
(6%)(6%)
(37%)(37%)
(31%)(31%)
(40%)(40%)
(5%)(5%)
(22%)(22%)
(4%)(4%)
(35%)(35%) (40%)(40%)
(8%)(8%)
(JPY Bil.)
Exc ASEANJan-Mar
31 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
744.6
654.5
141.2
183.8
426.6
360.9
292.1
345.4
224.6269.1201.4223.8334.2
617.2
446.2656.5
156.9
286.2
183.5
364.1
0.0
200.0
400.0
600.0
800.0
1000.0
1200.0
1400.0
1600.0
1800.0
2000.0
FY08 FY09 FY10 FY11 FY12
Others
PT&Compo
CV
LCV/SUV
1,080.9
1,791.6
1,415.5 1,400.11,424.7
Consolidated Revenue by SegmentConsolidated Revenue by Segment-- LCV, CV, PT&Compo, Others (KD, parts) LCV, CV, PT&Compo, Others (KD, parts) --
(JPY Bil.)
Exc ASEANJan-Mar
32 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
21.7
88.297.4
109.6
11.0
107.0
1.0
6.45.7
1.5
6.27.0
0
20
40
60
80
100
120
FY07 FY08 FY09 FY10 FY11 FY120
2
4
6
8
10
12
(%)
Operating Margin
Operating Margin: Historical TrendOperating Margin: Historical TrendO
perating Income
(Consolidated)
(JPY Bil.)
33 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
360.3
280.6297.6
328.1
415.5
34.2
27.328.9
26.8
29.5
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
FY08 FY09 FY10 FY11 FY12
0
5
10
15
20
25
30
35
40
45
(%)
Consolidated Equity Ratio: Historical TrendConsolidated Equity Ratio: Historical Trend-- ConsolidatedConsolidated--
Consolidated Equity Ratio
(JPY Bil.)
Consolidated
Equity Capital
34 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
154.5152.1
119.8
106.4 101.01.0 1.0
1.2
0.9
1.3
0
20
40
60
80
100
120
140
160
180
FY08 FY09 FY10 FY11 FY12
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
(Month)
Month Turnover
Inventory BalanceInventory Balance-- Consolidated Consolidated ----
(JPY Bil.)
35 Copyright(C) 2012 Isuzu Motors Limited All rights reserved