Consolidated Financial Results
for the Second Quarter of FYE2024
(April 1, 2023 to June 30, 2023)

Announced on November 2, 2023

(100 Millions of yen)

FYE2023
1st Half
Results
FYE2024
1st Half
Results
Change %
Revenue 17,509 22,135 4,626 26.4%
Operating profit 1,104 1,858 754 68.3%
Profit before tax 1,204 2,265 1,061 88.2%
Profit for the period attributable
to owners of parent
779 1,509 731 93.9%
Consolidated unit sales
(1,000 units)
398 469 71 17.8%
  Overseas 350 424 75 21.3%
Japan 49 45 −4 −7.3%
SUBARU exchange rate ¥130/US$
¥137/EURO
¥139/US$
¥151/EURO
   

Global production increased 15.9% to 493,000 units as a result of continued initiatives in production and parts purchasing.
Production in Japan rose 13.2% to 320,000 units, while production in the U.S. grew 21.2% to 173,000 units.
As a result of the production increase, global unit sales rose 17.8% to 469,000 units, led by steady sales in Subaru’s key U.S. market.
Due to the increase in unit sales and other factors, consolidated revenue rose 26.4% to 2,213.5 billion yen.
As sales volume growth, the effects of foreign exchange rates, and other factors more than offset the increases in raw material costs and SG&A expenses, operating profit rose 68.3% to 185.8 billion yen, profit before tax grew 88.2% to 226.5 billion yen, and profit for the period attributable to owners of parent increased 93.9% to 150.9 billion yen.

  • Consolidated Financial Results for the First Quarter of FYE2024 (April 1, 2023 to June 30, 2023)

    (100 Millions of yen)

    FYE2023
    1Q
    Results
    FYE2024
    1Q
    Results
    Change %
    Revenue 8,341 10,821 2,480 29.7%
    Operating profit 370 845 475 128.4%
    Profit before tax 384 1,154 770 200.4%
    Profit for the period attributable
    to owners of parent
    272 732 460 169.2%
    Consolidated unit sales
    (1,000 units)
    196 236 40 20.3%
      Overseas 175 215 39 22.3%
    Japan 20 21 1 2.7%
    SUBARU exchange rate ¥125/US$
    ¥134/EURO
    ¥135/US$
    ¥145/EURO
       

    Global production increased 18.3% to 243,000 units, despite continued production constraints due to the semiconductor shortage.
    Production in Japan rose 17.9% to 159,000 units, while production in the U.S. grew 19.1% to 84,000 units.
    As a result of the production increase, global unit sales rose 20.3% to 236,000 units, led by steady sales in Subaru's key U.S. market.
    Due to the increase in unit sales and other factors, consolidated revenue rose 29.7% to 1,082.1 billion yen.
    As positive factors such as sales volume growth and the effects of foreign exchange rates more than offset the negative effects of increases in raw material costs and SG&A expenses, operating profit rose 128.4% to 84.5 billion yen, profit before tax grew 200.4% to 115.4 billion yen, and profit for the period attributable to owners of parent increased 169.2% to 73.2 billion yen.

  • Consolidated Financial Results for FYE2023 (April 1, 2022 to March 31, 2023)

    (100 Millions of yen)

    FYE2022
    Full Year
    Results
    FYE2023
    Full Year
    Results
    Change %
    Revenue 27,445 37,745 10,299 37.5%
    Operating profit 905 2,675 1,770 195.7%
    Profit before tax 1,070 2,784 1,714 160.2%
    Profit for the period attributable
    to owners of parent
    700 2,004 1,304 186.3%
    Consolidated unit sales
    (1,000 units)
    734 852 118 16.1%
      Overseas 645 753 108 16.8%
    Japan 89 100 10 11.4%
    SUBARU exchange rate ¥112/US$
    ¥130/EURO
    ¥135/US$
    ¥141/EURO
       

    While production constraints continued throughout the fiscal year, mainly due to semiconductor shortages, global production increased 20.3% to 874,000 units as the company worked to minimize the impact through measures such as flexible rescheduling of production plans.
    Production in Japan rose 26.3% to 575,000 units, while production in the U.S. grew 10.1% to 299,000 units.
    As a result of the production increase, global unit sales rose 16.1% to 852,000 units, led by steady sales in Subaru's key U.S. market.
    Due to the positive effects of foreign exchange rates, the unit sales growth, and other factors, consolidated revenue rose 37.5% to 3,774.5 billion yen.
    As positive factors such as the effects of foreign exchange rates and sales volume growth more than offset the negative effects of material cost increases and higher SG&A expenses, operating profit rose 177.0 billion yen to 267.5 billion yen, profit before tax grew 171.4 billion yen to 278.4 billion yen, and profit for the period attributable to owners of parent increased 130.4 billion yen to 200.4 billion yen.

Forecast of Consolidated Results for FYE2024
(April 1,2023 to March 31,2024)

Announced on November 2, 2023

(100 Millions of yen)

FYE2023
Full Year
Results
FYE2024
Full Year
Forecast
Change %
Revenue 37,745 46,500 8,755 23.2%
Operating profit 2,675 4,200 1,525 57.0%
Profit before tax 2,784 4,600 1,816 65.3%
Profit for the period attributable
to owners of parent
2,004 3,200 1,196 59.7%
Consolidated unit sales
(1,000 units)
852 1,010 158 18.5%
  Overseas 753 894 141 18.7%
Japan 100 116 17 16.9%
SUBARU exchange rate ¥135/US$
¥141/EURO
¥140/US$
¥150/EURO
   

As the effects of foreign exchange rates, an improvement in sales mix, and a decline in market prices, particularly for precious metals, are expected to more than offset the increase in SG&A expenses and potential constraints in parts supply and logistics, the Company is revising its previous forecasts for FYE 2024 (announced on August 2, 2023) as follows:

  • Revenue: 4,650 billion yen (an increase of 450 billion yen from the previous forecast)
  • Operating profit: 420 billion yen (an increase of 120 billion yen from the previous forecast)
  • Profit before tax: 460 billion yen (an increase of 160 billion yen from the previous forecast)
  • Profit for the period attributable to owners of parent: 320 billion yen (an increase of 110 billion yen from the previous forecast)

The forecasts for FYE 2024 are based on exchange rate assumptions of 140 yen to the U.S. dollar and 150 yen to the euro.

  • Forecast of Consolidated Results for FYE2023 (*Announced on August 2, 2023)

    (100 Millions of yen)

    FYE2023
    Full Year
    Results
    FYE2024
    Full Year
    Forecast
    Change %
    Revenue 37,745 42,000 4,255 11.3%
    Operating profit 2,675 3,000 325 12.2%
    Profit before tax 2,784 3,000 216 7.8%
    Profit for the period attributable
    to owners of parent
    2,004 2,100 96 4.8%
    Consolidated unit sales
    (1,000 units)
    852 1,010 158 18.5%
      Overseas 753 884 131 17.4%
    Japan 100 126 27 26.8%
    SUBARU exchange rate ¥135/US$
    ¥141/EURO
    ¥128/US$
    ¥138/EURO
       

    Global unit sales are forecast at 1,010,000 units, with the key U.S. market expected to lead sales growth.
    While the negative impact of the stronger yen is expected, taking into account sales volume growth, the Company forecasts revenue of 4,200 billion yen (up 11.3% y/y), operating profit of 300 billion yen (up 12.2% y/y), profit before tax of 300 billion yen (up 7.8% y/y), and profit for the period attributable to owners of parent of 210 billion yen (up 4.8% y/y).
    The forecasts are based on exchange rate assumptions of 128 yen to the U.S. dollar and 138 yen to the euro.