Subaru Corporation Announces Consolidated Financial Results
for the Nine Months of FYE 2023
Tokyo, February 8, 2023 – Subaru Corporation today announced its consolidated financial results for the first nine months of the fiscal year ending March 31, 2023.
Results for April–December 2022: Consolidated Revenue
While production constraints due mainly to semiconductor shortages continued, global production increased 22.2% to 671,000 units as the Company worked to minimize the impact by taking measures such as flexibly rescheduling production plans. Production in Japan rose 30.7% to 457,000 units, while production in the U.S. grew 7.4% to 214,000 units.
As a result of the production increase, global unit sales rose 16.0% to 635,000 units led by steady sales in Subaru’s key U.S. and Japanese markets.
Due to the positive effects of foreign exchange rates, the unit sales growth, and other factors, consolidated revenue rose 39.9% to 2,808.0 billion yen.
Results for April–December 2022: Consolidated Profit and Loss
As positive factors such as the effects of foreign exchange rates and the growth in unit sales more than offset the impact of continuing material cost increases and higher SG&A expenses, operating profit rose 136.5 billion yen to 213.7 billion yen, profit before tax grew 123.9 billion yen to 215.1 billion yen, and profit for the period attributable to owners of parent increased 91.6 billion yen to 154.4 billion yen.
Forecasts for FYE 2023
With the production constraints due to semiconductor shortages expected to continue, the Company revises its previous forecasts (announced on November 2, 2022) for global production, global unit sales, and revenue as follows:
- Global production: 880,000 units (a decrease of 90,000 units from previous forecast; up 21.1% from previous year)
- Global unit sales: 870,000 units (a decrease of 50,000 units from previous forecast; up 18.5% from previous year)
- Revenue: 3,700 billion yen (a decrease of 100 billion yen from previous forecast; up 34.8% from previous year)
Meanwhile, the forecasts for profit at each stage remain unchanged from the previous announcement*, reflecting the Company’s efforts to carefully examine expenses and increase the efficiency of its value chain from manufacturing through sales as well as the changes in exchange rate assumptions.
The latest forecasts for FYE 2023 are based on exchange rate assumptions of 134 yen to the U.S. dollar and 140 yen to the euro.
*Profit forecasts for FYE 2023 announced on November 2, 2022:
- Operating profit: 300 billion yen
- Profit before tax: 300 billion yen
- Profit for the period attributable to owners of parent: 210 billion yen
(Based on exchange rate assumptions of 133 yen to the U.S. dollar and 136 yen to the euro)
Notes on results:
Vehicle volume figures are rounded off to the nearest thousand. Yen figures are rounded off to the nearest hundred million.
Forward-looking statements in this document including financial and other forecasts are based on the information available at the time of announcement and are subject to various risks and uncertainties that could cause actual results to vary materially.
Reference for the First Nine Months of FYE 2023 Consolidated Financial Results
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