Subaru Corporation Announces Consolidated Financial Results for FYE2018
Tokyo, May 11, 2018 - Subaru Corporation today announced its consolidated financial results for the fiscal year ended March 31, 2018.
< FYE2018 Results: Consolidated Net Sales >
Global sales of Subaru vehicles increased 0.2% to 1,067,000 units.
Unit sales in Japan rose 2.8% to 163,000 units, as passenger car sales driven by the Impreza and the Subaru XV offset a decline in mini vehicle sales. Overseas unit sales decreased 0.2% to 903,000 units, as a decline in the competitive Chinese market offset growth led by the Impreza and the Subaru XV*1 in North America and other markets.
Consolidated net sales increased 2.4% to 3,405.2 billion yen due mainly to foreign exchange gains and unit sales growth.
Unit sales in North America marked an all-time record*2 for the 9th consecutive year.
Net sales and global unit sales posted all-time records*2 for the 6th consecutive year.
< FYE2018 Results: Consolidated Profit and Loss >
Operating income decreased 7.6% to 379.4 billion yen, as foreign exchange gains were offset by a rise in sales expenses due to higher interest rates in the U.S., higher costs of raw materials, an increase in R&D expenses, and other factors. Ordinary income decreased 3.7% to 379.9 billion yen. Net income attributable to owners of parent declined 22.0% to 220.4 billion yen, reflecting an extraordinary loss of 81.3 billion yen to account for airbag-related losses.
< FYE2019 Forecasts >
In prospect of further growth in North America and other regions, global unit sales are projected to increase 3.1% to 1,100,000 units.
Net sales are projected to decrease 4.6% to 3,250 billion yen, as unit sales growth is expected to be offset by factors including foreign exchange losses and accounting policy change.
The company projects operating income of 300 billion yen (down 20.9%), ordinary income of 305 billion yen (down 19.7%), and net income attributable to owners of parent of 220 billion yen (down 0.2%), as unit sales growth is expected to be offset by factors including foreign exchange losses, a rise in sales expenses due to higher interest rates in the U.S., and raw material cost increases.
Global unit sales, overseas unit sales, and North American unit sales are projected to post all-time records*2.
Currency rate assumptions: 105 yen/US$, 130 yen/euro
*1: Called “Crosstrek” in the North American market.
*2: Since fiscal year ended March 1986, when the company started full-year consolidated financial reporting.
Forward-looking statements in this document including financial and other forecasts are based on the information available at the time of the announcement and are subject to various risks and uncertainties that could cause actual results to vary materially.
###