Consolidated Financial Results
for the First Nine Months of FYE 2021
(April 1, 2020 to December 31, 2020)

Update: February 9, 2021

(100 Millions of yen)

FYE2020
Nine Months
Results
FYE2021
Nine Months
Results
Change %
Revenue 24,846 20,748 −4,097 −16.5%
Operating profit 1,527 983 −544 −35.6%
Profit before tax 1,532 1,057 −475 −31.0%
Profit for the period attributable
to owners of parent
1,117 742 −375 −33.6%
Consolidated unit sales
(1,000 units)
771 631 −140 −18.1%
  Overseas 676 561 −115 −17.0%
Japan 95 70 −25 −26.5%
Subaru exchange rate ¥109/US$
¥121/EURO
¥106/US$
¥122/EURO
   

Subaru's global vehicle sales continued to show a recovery trend since the second quarter, especially in its key North American market and posted a year-over-year increase in the October–December period. However, the consolidated global vehicle sales in the nine month period from April to December decreased 18.1% to 631,000 units as the impact of the Covid-19 pandemic on first quarter operations more than offset the recovery.
Overseas vehicle sales fell 17.0% to 561,000 units, while vehicle sales in Japan dropped 26.5% to 70,000 units.
Consolidated revenue decreased 16.5% to 2,074.8 billion yen.
As the decline in unit sales more than offset the reduction in SG&A expenses and the decrease in warranty expenses, operating profit decreased 54.4 billion yen to 98.3 billion yen, profit before tax fell 47.5 billion yen to 105.7 billion yen, and profit for the period attributable to owners of parent declined 37.5 billion yen to 74.2 billion yen.

  • Consolidated Financial Results for the First Half of FYE 2021 (April 1, 2020 to September 30, 2020)

    (100 Millions of yen)

    FYE2020
    1st Half Results
    FYE2021
    1st Half Results
    Change %
    Revenue 16,057 12,184 −3,873 −24.1%
    Operating profit 948 306 −642 −67.7%
    Profit before tax 931 361 −570 −61.2%
    Profit for the period attributable
    to owners of parent
    683 237 −446 −65.3%
    Consolidated unit sales
    (1,000 units)
    504 363 −140 −27.9%
      Overseas 436 321 −115 −26.4%
    Japan 68 43 −25 −37.4%
    Subaru exchange rate ¥109/US$
    ¥123/EURO
    ¥107/US$
    ¥120/EURO
       

    While vehicle sales in North America made a faster-than-expected recovery in the second quarter (July–September 2020), consolidated global vehicle sales decreased 27.9% to 363,000 units due to the major impact of the Covid-19 pandemic on first quarter operations.Overseas vehicle sales fell 26.4% to 321,000 units, while vehicle sales in Japan dropped 37.4% to 43,000 units.
    Due to the same reason noted above, consolidated revenue decreased 24.1% to 1,218.4 billion yen.
    Operating profit decreased 64.2 billion yen to 30.6 billion yen, profit before tax fell 57 billion yen to 36.1 billion yen, and profit for the period attributable to owners of parent declined 44.6 billion yen to 23.7 billion yen.

  • Consolidated Financial Results for FYE2020 (April 1, 2019 to March 31, 2020)

    (100 Millions of yen)

    FYE2019
    Full Year
    FYE2020
    Full Year
    Change %
    Revenue 31,562 33,441 1,880 6.0%
    Operating profit 1,817 2,103 286 15.7%
    Profit before tax 1,860 2,077 216 11.6%
    Profit for the period attributable
    to owners of parent
    1,414 1,526 112 7.9%
    Consolidated unit sales
    (1,000 units)
    1,001 1,034 33 3.3%
      Overseas 865 908 43 5.0%
    Japan 136 126 −10 −7.7%
    Subaru exchange rate ¥111/US$
    ¥129/EURO
    ¥109/US$
    ¥121/EURO
       

    *The SUBARU Group has voluntarily adopted the IFRS from the first quarter of the fiscal year ended March 2020, and the figures for the FYE 2019 have also been reclassified to the IFRS basis and presented.

    Revenue rose 188.0 billion yen, or 6.0%, to 3,344.1 billion yen, due to unit sales growth and other factors.
    Despite negative impact on profit from exchange rates, operating profit increased 28.6 billion yen, or 15.7%, to 210.3 billion yen as a result of unit sales growth and other efforts including sales incentive control. Profit before tax rose 20.8 billion yen, or 11.6%, to 207.7 billion yen, and profit for the period attributable to owners of parent grew 11.2 billion yen, or 7.9%, to 152.6 billion yen.

Forecast of Consolidated Results for FYE2021
(April 1,2020 to March 31,2021)

Update: February 9, 2021

(100 Millions of yen)

FYE2020
Full Year
Results
FYE2021
Full Year
Forecast
Change %
Revenue 33,441 28,500 −4,941 −14.8%
Operating profit 2,103 1,000 −1,103 −52.5%
Profit before tax 2,077 1,090 −987 −47.5%
Profit for the period attributable
to owners of parent
1,526 750 −776 −50.8%
Consolidated unit sales
(1,000 units)
1,034 868 −166 −16.1%
  Overseas 908 762 −146 −16.1%
Japan 126 106 −20 −15.6%
Subaru exchange rate ¥109/US$
¥121/EURO
¥106/US$
¥123/EURO
   

Reflecting the decrease in production and sales volume as a result of production adjustments due to the global shortage of semiconductor supplies, the Company revises its previous forecasts for FYE 2021 (announced on November 4, 2020) as follows:

  • Consolidated global vehicle sales: 868,000 units (a decrease of 43,000 units from previous forecast; down 16.1% from previous year)
  • Revenue: 2,850 billion yen (a decrease of 100 billion yen from previous forecast; down 14.8% from previous year)
  • Operating profit: 100 billion yen (a decrease of 10 billion yen from previous forecast; down 52.5% from previous year)
  • Profit before tax: 109 billion yen (a decrease of 8 billion yen from previous forecast; down 47.5% from previous year)
  • Profit for the period attributable to owners of parent: 75 billion yen (a decrease of 5 billion yen from previous forecast; down 50.8% from previous year)

The revised forecasts are based on exchange rate assumptions of 106 yen to the U.S. dollar and 123 yen to the euro.

  • Forecast of Consolidated Results for FYE2021 *announced on November 4, 2020

    (100 Millions of yen)

    FYE2020
    Full Year
    Results
    FYE2021
    Full Year
    Forecast
    Change %
    Revenue 33,441 29,500 −3,941 −11.8%
    Operating profit 2,103 1,100 −1,003 −47.7%
    Profit before tax 2,077 1,170 −907 −43.7%
    Profit for the period attributable
    to owners of parent
    1,526 800 −726 −47.6%
    Consolidated unit sales
    (1,000 units)
    1,034 911 −123 −11.9%
      Overseas 908 793 −115 −12.6%
    Japan 126 117 −8 −6.7%
    Subaru exchange rate ¥109/US$
    ¥121/EURO
    ¥106/US$
    ¥120/EURO
       

    In light of the faster-than-expected sales recovery especially in the U.S., the Company revises its previous forecasts for FYE 2021 (announced on August 4, 2020) and projects consolidated global vehicle sales of 911,000 units (down 11.9% from the previous year), consolidated revenue of 2,950 billion yen (down 11.8%), operating profit of 110 billion yen (down 47.7%), profit before tax of 117 billion yen (down 43.7%), and profit for the period attributable to owners of parent of 80 billion yen (down 47.6%).The projections are based on exchange rate assumptions of 106 yen to the U.S. dollar and 120 yen to the euro.

  • Forecast of Consolidated Results for FYE2021 *announced on August 4, 2020

    (100 Millions of yen)

    FYE2020
    Full Year
    Results
    FYE2021
    Full Year
    Forecast
    Change %
    Revenue 33,441 29,000 −4,441 −13.3%
    Operating profit 2,103 800 −1,303 −62.0%
    Profit before tax 2,077 870 −1,207 −58.1%
    Profit for the period attributable
    to owners of parent
    1,526 600 −926 −60.7%
    Consolidated unit sales
    (1,000 units)
    1,034 900 −134 −12.9%
      Overseas 908
    Japan 126
    Subaru exchange rate ¥109/US$
    ¥121/EURO
    ¥105/US$
    ¥120/EURO

     

    At the time of its previous earnings report (for the fiscal year ended March 2020) on May 18, 2020, the Company announced that forecasts for the fiscal year ending March 2021 were yet to be determined due to the difficulty of reasonably assessing the impact of the Covid-19 pandemic.

    Based on the information available at present, Subaru has formulated projections for FYE 2021 as follows. While it remains uncertain when the pandemic will end, Subaru projects consolidated vehicle sales of 900,000 units on the assumption that automobile demand will recover to a certain level toward the second half of the fiscal year, especially in the U.S., its largest market. The Company projects consolidated revenue of 2,900 billion yen, operating profit of 80 billion yen, profit before tax of 87 billion yen, and profit for the period attributable to owners of parent of 60 billion yen. The projections are based on exchange rate assumptions of 105 yen to the U.S. dollar and 120 yen to the euro.