Business performance

Past results and forecasts for the current fiscal year.

Latest Results
Past 5 years
Forecast

Latest Results

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.

FYE 2023
Analysis of Variance in Operating Profit (Consolidated)

The main drivers of higher profit were improvements in currency exchange and sales volume & mixture, etc.
Sales volume & mixture, etc. rose 168.7 billion yen due mainly to an increase in unit sales and revised selling prices. The gain on currency exchange was 222.6 billion yen, caused mainly by the approximately 23-yen depreciation of the yen against the U.S. dollar. On the other hand, in addition to the rise in inventory units, the impact of the rise in unit price per vehicle and the effects of currency exchange resulted in an increase in eliminations on unrealized gain on inventory, pushing down profit by 38.2 billion yen. The currency exchange effect accounted for 15.1 billion yen of this.
Although rare metal prices have gradually been stabilizing in the second half of FYE 2023, the main factors working to reduce profit were soaring costs of other materials, etc., together with measures taken to mitigate the impact on suppliers of surging energy costs, etc., depressing it by 120.0 billion yen due to cost impacts. SG&A expenses, etc. had a negative impact of 77.6 billion yen.

Past 5 years

Revenue & Operating profit

Revenue

Operating Profit / Operating Margin

* 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.

Consolidated automobile unit sales

Overall automobile demand in the United States, our mainstay market, was approximately 14.2 million units, roughly unchanged from the previous fiscal year. Total automobile demand in Japan increased by around 4% to approximately 4.35 million units. Under such business environment, despite production constraints caused by shortage of semiconductor supply throughout the year, production increased year on year by 147,000 units (20.3%) as we strived to minimize the impact by flexibly adjusting the production plan.
Demand for SUBARU vehicles was strong primarily in the U.S., which is our mainstay market, and overseas and domestic unit sales increased year on year by 108,000 units (16.8%) to 753,000 units and by 10,000 units (11.4%) to 100,000 units, respectively. This resulted in an increase in combined overseas and domestic unit sales by 118,000 units (16.1%) to 852,000 units.

Forecast

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

Announced on February 8, 2024

(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	4,500	1,825	68.2%
Profit before tax		2,784	4,900	2,116	76.0%
Profit for the period attributable to owners of parent		2,004	3,400	1,396	69.6%
Consolidated unit sales (1,000 units)		852	980	128	15.0%
	Overseas	753	877	125	16.6%
	Japan	100	103	3	3.0%
SUBARU exchange rate		¥135/US$ ¥141/EURO	¥143/US$ ¥154/EURO

Global unit sales are forecast at 1,000,000 units, with the key U.S. market expected to lead sales growth.
As the positive impact of foreign exchange rates and an improvement in sales mix are expected to more than offset an increase in SG&A expenses and potential parts supply constraints, the Company forecasts revenue of 4,650 billion yen (up 23.2% y/y), operating profit of 450 billion yen (up 68.2% y/y), profit before tax of 490 billion yen (up 76.0% y/y), and profit for the period attributable to owners of parent of 340 billion yen (up 69.6% y/y).
The forecasts are based on exchange rate assumptions of 143 yen to the U.S. dollar and 154 yen to the euro.

Forecast of Consolidated Results for FYE2023 (*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.