FHI Announces Second Quarter Financial Results for FY 2013
Tokyo, October 30, 2012 - Fuji Heavy Industries Ltd. (FHI), the maker of Subaru automobiles, today announced its financial results for the second quarter of fiscal year ending March 31, 2013.
<1st Half Consolidated Results: Net Sales>
Due to strong sales led by new models including the Impreza series and a recovery from last year' s production plunge caused by the 2011 March earthquake in Japan, Subaru vehicle sales in overseas rose from a year ago in every market, up 43.0% to 276,000 units. In Japan, while passenger car sales increased, mini car sales decline led the total Japan sales to drop 0.8% to 72,000 units. In total, Subaru' s global vehicle sales increased 31.0% from a year earlier to 348,000 units, setting the brand' s all-time record* for April-September period.
Led by the strong vehicle sales, FHI' s consolidated net sales grew 37.1% to 898 billion yen, the company' s record net sales* for the fiscal first half period.
<1st Half Consolidated Results: Profit and Loss>
While the new model launches increased expenses such as SG&A and manufacturing fixed costs, improvements on product mix and other factors pushed operating income to jump 130.6% to 43.3 billion yen. Ordinary income and net income rose 110.0% to 45.3 billion yen and 23.5% to 40.4 billion yen, respectively.
<FY 2013 Forecasts>
Based on changes from the previous forecasts including the lower unit sales result for the first half period and higher yen/US$ rate assumption for the second half, net sales projection is lowered to 1,840 billion yen. Reflecting the improvements in product mix and other favorable factors, the full-year earnings outlooks are revised upward with Operating income at 82 billion yen, Ordinary income at 81 billion yen and Net income at 67 billion yen.
Currency rate assumptions: 79 yen/US$, 102yen/euro
Based on the consolidated financial results for the first half and the consolidated financial forecasts for the full year, FHI will raise the interim dividend and year-end dividend forecast both by 0.5 yen from the previous announcement to 5.0 yen. Accordingly, the projected dividend per share for fiscal 2013 will be up by 1.0 yen over the previous year to 10.0 yen.
FY2013 Previous Forecasts (Announced on August 3, 2012)
Net sales: 1,860 billion yen
Operating income: 67 billion yen
Ordinary income: 63 billion yen
Net income: 48 billion yen
Currency rate assumptions: 80 yen/US$, 99 yen/euro
* Best records since fiscal year ended March 2001 - the year FHI started interim financial reporting.
Forward-looking statements in this document including the earnings forecasts are based on the information available at the time of the announcement and are subject to various risk and uncertainty factors that could cause actual results vary materially.