Consolidated Financial Results
for the First Quarter of FYE2022
(April 1, 2021 to June 30, 2021)

Update: August 5, 2021

(100 Millions of yen)

FYE2021
1Q
Results
FYE2022
1Q
Results
Change %
Revenue 4,570 6,352 1,782 39.0%
Operating profit −157 295 452
Profit before tax −107 343 450
Profit for the period attributable
to owners of parent
−77 185 262
Consolidated unit sales
(1,000 units)
133 175 42 31.7%
  Overseas 115 151 37 32.1%
Japan 19 24 5 29.5%
SUBARU exchange rate ¥107/US$
¥118/EURO
¥109/US$
¥131/EURO
   

With the overall industry showing a recovery trend especially in Subaru's key U.S. market, global sales of Subaru vehicles increased 31.7% to 175,000 units despite the impact of the global shortage of semiconductor supplies on production. Overseas vehicle sales rose 32.1% to 151,000 units, while vehicle sales in Japan grew 29.5% to 24,000 units.
Consolidated revenue rose 39.0% to 635.2 billion yen led by the increase in vehicle sales.Due mainly to the increase in vehicle sales, the Company posted operating profit of 29.5 billion yen (an increase of 45.2 billion yen), profit before tax of 34.3 billion yen (an increase of 45.0 billion yen), and profit for the period attributable to owners of parent of 18.5 billion yen (an increase of 26.2 billion yen).

  • Consolidated Financial Results for FYE2021 (April 1, 2020 to March 31, 2021)

    (100 Millions of yen)

    FYE2020
    Full Year
    Results
    FYE2021
    Full Year
    Results
    Change %
    Revenue 33,441 28,302 −5,139 −15.4%
    Operating profit 2,103 1,025 −1,079 −51.3%
    Profit before tax 2,077 1,140 −937 −45.1%
    Profit for the period attributable
    to owners of parent
    1,526 765 −761 −49.9%
    Consolidated unit sales
    (1,000 units)
    1,034 860 −174 −16.8%
      Overseas 908 758 −150 −16.5%
    Japan 126 102 −24 −19.1%
    SUBARU exchange rate ¥109/US$
    ¥121/EURO
    ¥106/US$
    ¥123/EURO
       

    Subaru's global vehicle sales showed a recovery trend from the second quarter, especially in its key North American market and posted a year-over-year increase in the October–December period. However, due to the impact of the semiconductor shortage on fourth quarter operations, global vehicle sales for the full year decreased 16.8% to 860,000 units. Overseas vehicle sales fell 16.5% to 758,000 units, while vehicle sales in Japan dropped 19.1% to 102,000 units.
    Consolidated revenue decreased 15.4% to 2,830.2 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 107.9 billion yen to 102.5 billion yen, profit before tax fell 93.7 billion yen to 114 billion yen, and profit for the period attributable to owners of parent declined 76.1 billion yen to 76.5 billion yen.

Forecast of Consolidated Results for FYE2022
(April 1,2021 to March 31,2022)

Update: August 5, 2021

(100 Millions of yen)

FYE2021
Full Year
Results
FYE2022
Full Year
Forecast
Change %
Revenue 28,302 33,000 4,698 16.6%
Operating profit 1,025 2,000 975 95.2%
Profit before tax 1,140 2,030 890 78.1%
Profit for the period attributable
to owners of parent
765 1,400 635 83.0%
Consolidated unit sales
(1,000 units)
860 960 100 11.6%
  Overseas 758
Japan 102
SUBARU exchange rate ¥106/US$
¥123/EURO
¥109/US$
¥130/EURO
   

Reflecting the impact of the shortage of semiconductor supplies on production, the Company revises its previous forecast for global vehicle sales (announced on May 11, 2021) to 960,000 units (up 11.6% from previous year), a decrease of 40,000 units from previous forecast. Meanwhile, in prospect of the improvements such as the changes in exchange rate assumptions and the control of spending on sales incentives, forecasts for consolidated revenue and profit at each stage (operating profit, profit before tax, and profit for the period attributable to owners of parent) remain unchanged from the previous announcement.The projections are based on exchange rate assumptions of 109 yen to the U.S. dollar and 130 yen to the euro.

  • Forecast of Consolidated Results for FYE2022 *announced on May 11, 2021

    (100 Millions of yen)

    FYE2021
    Full Year
    Results
    FYE2022
    Full Year
    Forecast
    Change %
    Revenue 28,302 33,000 4,698 16.6%
    Operating profit 1,025 2,000 975 95.2%
    Profit before tax 1,140 2,030 890 78.1%
    Profit for the period attributable
    to owners of parent
    765 1,400 635 83.0%
    Consolidated unit sales
    (1,000 units)
    860 1,000 140 16.3%
      Overseas 758
    Japan 102
    SUBARU exchange rate ¥106/US$
    ¥123/EURO
    ¥108/US$
    ¥128/EURO
       

    As sales are expected to recover especially in its key North American market, Subaru projects consolidated global vehicle sales of one million units.
    While there are uncertainties surrounding the semiconductor shortage, the Company, in prospect of the increase in unit sales, projects consolidated revenue of 3,300 billion yen, operating profit of 200 billion yen, profit before tax of 203 billion yen, and profit for the period attributable to owners of parent of 140 billion yen.
    The projections are based on exchange rate assumptions of 108 yen to the U.S. dollar and 128 yen to the euro.