Business performance
Past results and forecasts for the current fiscal year.

Business Performance of FYE 2021

Performance in FYE 2021

(100 Millions of yen)

FYE 2020
RESULTS
FYE 2021
RESULTS
Change
Revenue 33,441 28,302 −5,139
Operating profit 2,103 1,025 −1,079
Profit before tax 2,077 1,140 −937
Profit for the period attributable
to owners of parent
1,526 765 −761
Subaru Exchange Rate ¥109/US$
¥121/EURO
¥106/US$
¥123/EURO
−¥3/US$
+¥2/EURO
Consolidated Automobile Sales
(1,000 units)
1,034 860 −174

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.

* The Company is voluntarily adopting International Financial Reporting Standards (IFRS) for its consolidated financial statements from the fiscal year ending March 2020 (FYE2020) in place of the Japanese generally accepted accounting principles (JGAAP) previously adopted. The first-quarter and full-year result figures for the previous fiscal year (FYE2019) have been recalculated based on IFRS for comparison and analysis purposes.

*1
"Net sales" in JGAAP is stated as "revenue" in IFRS.
*2
"Operating income" in JGAAP is stated as "operating profit" in IFRS.
*3
"Income before income taxes" in JGAAP is stated as "profit before tax" in IFRS.
*4
"Net income attributable to owners of parent" in JGAAP is stated as "profit for the period attributable to owners of parent" in IFRS.

Consolidated Automobile Sales

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.

Business Plan of FYE 2022

Projection of Consolidated Results for FYE 2022

Reflecting the impact of the global shortage of semiconductors and the spread of the coronavirus in Southeast Asia on its production and other factors, the Company revises its previous forecasts (Announced on August 3, 2021) for FYE 2022 as follows:

  • Consolidated global vehicle sales: 830,000 units (a decrease of 130,000 units from previous forecast; down 3.5% from previous year)
  • Revenue: 2,900 billion yen (a decrease of 400 billion yen from previous forecast; up 2.5% from previous year)
  • Operating profit: 150 billion yen (a decrease of 50 billion yen from previous forecast; up 46.4% from previous year)
  • Profit before tax: 155 billion yen (a decrease of 48 billion yen from previous forecast; up 36.0% from previous year)
  • Profit for the period attributable to owners of parent: 110 billion yen (a decrease of 30 billion yen from previous forecast; up 43.8% from previous year)

The revised forecasts are based on exchange rate assumptions of 110 yen to the U.S. dollar and 130 yen to the euro.

(* Forecast as of November 5, 2021)