1 Copyright(C) 2011 Isuzu Motors Limited All rights reserved
FY20FY201212 H1 Financial ResultsH1 Financial Results
November 8, 2011November 8, 2011
2 Copyright(C) 2011 Isuzu Motors Limited All rights reserved
Ⅰ. President and Representative Director : Susumu Hosoi
:FY2012 H1 Financial Summary Outline
Ⅱ. Director : Toshio Sasaki1. Business Status2. FY2012 H1 Financial Summary3. FY2012 Full-year Outlook
Ⅲ. President and Representative Director : Susumu Hosoi
:Mid-term Business Strategy
Ⅳ. Q&A Session
ContentsContents
Statements contained in this presentation, except for historical or current facts, are based on certain assumptions and our management's judgment in light of currently available information. Therefore, these statements may be susceptible to various factors, such as uncertainty contained in the assumptions and management's judgment and economic changes in the future, which may cause to bring about different results in Isuzu's future earnings and operating results.
Moreover, this presentation is not intended to solicit investment in Isuzu. Isuzu assumes no responsibility for any losses and liabilities that may be incurred because of the information in this presentation.
3 Copyright(C) 2011 Isuzu Motors Limited All rights reserved
President and Representative Director
Susumu Hosoi
4 Copyright(C) 2011 Isuzu Motors Limited All rights reserved
( JPY Bil. ) FY12 H1Previous Forecast
(June 22)Changes FY11 H1
Net Sales 658.1 700.0 -41.9 724.9
Operating Income 43.8 30.0 13.8 46.8
Ordinary Income 45.1 30.0 15.1 47.7
Net Income 33.7 23.0 10.7 29.2
FY2012 H1 Consolidated ResultsFY2012 H1 Consolidated Results-- YearYear--onon--year Comparison year Comparison --
* FX: FY12 H1 = 81JPY/US$FY11 H1= 89JPY/US$
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FY2012 FullFY2012 Full--Year OutlookYear Outlook--Actions FY2012Actions FY2012 H2H2--
Meet increase in demand mainly in emerging economies and reconstruction demand in disaster-stricken area in Japan.Quickly eliminate outstanding orders from FY2012 H1.⇒Planned CV shipments exceed shipment volume before global financial crisis.Production increase by flexible two shift-operation at LD line following HMD line/overtime work/work on Sundays and holidays
Meet increase in demand mainly in emerging economies and reconstruction demand in disaster-stricken area in Japan.Quickly eliminate outstanding orders from FY2012 H1.⇒Planned CV shipments exceed shipment volume before global financial crisis.Production increase by flexible two shift-operation at LD line following HMD line/overtime work/work on Sundays and holidays
Impact ofFlooding in Thailand
Impact ofFlooding in Thailand
ProductionIncreaseIn Japan
ProductionIncreaseIn Japan
No direct damage to Isuzu Group entities (IMCT,IEMT,TID,IT Forging) because of floodingProduction suspension from October 11, 2011 due to supply chain disruption from suppliers affected by the flooding ( production decrease of 1,000 CV units/24,000 LCV units up to November 11, 2011)Isuzu and its subsidiaries and suppliers are working hard to put its production back to normal after flooding stabilizes through sourcing adjustment and reinforcements sent from Japan.No impact on production in Japan as of today
No direct damage to Isuzu Group entities (IMCT,IEMT,TID,IT Forging) because of floodingProduction suspension from October 11, 2011 due to supply chain disruption from suppliers affected by the flooding ( production decrease of 1,000 CV units/24,000 LCV units up to November 11, 2011)Isuzu and its subsidiaries and suppliers are working hard to put its production back to normal after flooding stabilizes through sourcing adjustment and reinforcements sent from Japan.No impact on production in Japan as of today
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FY2012 FullFY2012 Full--year Outlookyear Outlook-- YearYear--onon--year Comparisonyear Comparison --
Previous Forecast(June 22)
FY11
Net Sales 1,430.0 1,480.0 -50.0 1,415.5
Operating Income 94.0 80.0 14.0 88.2
Ordinary Income 95.0 80.0 15.0 91.3
Net Income 74.0 65.0 9.0 51.6
ChangesFY12(JPY Bil)
※FX: FY12 = 78JPY/US$FY11 = 85JPY/US$
* Not including impacts of flood in Thailand.
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Director of the Board, and Managing Executive Officer, Corporate Planning and Financial
Toshio Sasaki
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ⅡⅡ--11 .. Business StatusBusiness Status
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CVCV//LCV Global ShipmentLCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--unitsunits
90 99 96 54 42 47 54
151 148 170194
127206 233
302 306
259
346345
73
203
377 364372
0
200
400
600
800
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12
LCVOverseas
CVOverseas
619643
543
CVDomestic
(453)
(520)(547)
640(567)
554(500)
427(386)
598(552)
632(578)
ForecastForecast
・Reinforcing overseas operating Capabilities
・Entering New Markets
( ):Overseas unit
Global Financial crisis
Inventory Adjustment
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JapanJapan
23
42
6
5
16
3 4
1111 22
2525
AsiaAsia11
34
3
EuropeEurope
ChinaChina
5858
471212
333377
2525
45455656
1010
7
CV Global ShipmentCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--unitsunits
25
323244
13
29 18
9
20
5
: H1Shipment FY10 FY11 FY12H1 63,013 131,278 118,488H2 105,811 120,901 168,000
Full-year 168,894 252,179 287,000
6644
’10/3 ’11/3 ’’12/312/3
ForecastForecast
ForecastForecast
54541212
3030
50505252
141424
29
13
5
499
3
’10/3 ’11/3 ’’12/312/3
ForecastForecast
’10/3 ’11/3 ’’12/312/3
ForecastForecast
’10/3 ’11/3 ’’12/312/3
ForecastForecast
’10/3 ’11/3 ’’12/312/3
ForecastForecast’10/3 ’11/3 ’’12/312/3
ForecastForecast
’10/3 ’11/3 ’’12/312/3
ForecastForecast
North AmericaNorth
America
Mid-South America
Mid-South AmericaOceaniaOceania
Mid-East/ Africa
Mid-East/ Africa
’10/3 ’11/3 ’’12/312/3
ForecastForecast
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43,15336,855
17,85826,137
41,963
26,109
23,764
25,275
23,762
28.4%
32.8%
32.9%29.7%
31.4%
0
20,000
40,000
60,000
80,000
100,000
120,000
FY08 FY09 FY10 FY11 FY125%
10%
15%
20%
25%
30%
35%
H2
H1
(Unit) (Share)FY08-FY11 : FY ActualFY12: FY12-H1 ActualFY08-FY11 : FY ActualFY12: FY12-H1 Actual
5511,412,412
Japan Industry Sales and Isuzu ShareJapan Industry Sales and Isuzu Share-- H/D, M/D Truck:4ton or aboveH/D, M/D Truck:4ton or above --
85,116
62,964
41,622
M/D Truck Share
FY11 41.5% → FY12 31.8%
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(Unit)
45,618 38,88222,159 26,489 26,823
44,213
31,177
26,70027,980
41.1%40.2%40.0%39.1%38.6%
0
20,000
40,000
60,000
80,000
100,000
120,000
FY08 FY09 FY10 FY11 FY1215%
20%
25%
30%
35%
40%
45%
H2
H1
(Share)
70,059
54,46948,859
Japan Industry Sales and Isuzu ShareJapan Industry Sales and Isuzu Share-- L/D(2L/D(2--3ton) Truck3ton) Truck --
89,831
FY08-FY11 : FY ActualFY12: FY12-H1 ActualFY08-FY11 : FY ActualFY12: FY12-H1 Actual
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18
OceaniaOceania
10AsiaAsia
96
57
1414
EuropeEurope ChinaChina
2323202202
1818
LCV Global ShipmentLCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--units units --
33 32
13
14142 99
5
9
16
13
60
155
18
43
9
22
: H1
Shipment FY10 FY11 FY12H1 100,376 179,172 163,109H2 158,177 167,065 182,000
Full-year 258,553 346,237 345,000
’10/3 ’11/3 ’’12/312/3
ForecastForecast
’10/3 ’11/3 ’’12/312/3
ForecastForecast’10/3 ’11/3 ’’12/312/3
ForecastForecast
’10/3 ’11/3 ’’12/312/3
ForecastForecast
’10/3 ’11/3 ’’12/312/3
ForecastForecast
’10/3 ’11/3 ’’12/312/3
ForecastForecast
25251144
3535
119999
5858
1515
ForecastForecast
131388
12
9226
66
Mid-South America
Mid-South America
Mid-East/ Africa
Mid-East/ Africa
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PickPick--up truck monthly sales up truck monthly sales in Thailandin Thailand
(K-unit)
10.7 10.610.9
13.1
14.3
16.0
10.6
13.4
14.5
11.7 12.1 12.3
11.2
12.3
9.410.2
9.8
7.88.28.3
7.97.88.0
10.9
9.9
11.9
9.9
10.911.810.8
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR
FY10 FY11 FY12
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Thailand LCV ShipmentThailand LCV Shipment-- Thai Domestic / Export Markets Thai Domestic / Export Markets --
188,090
72,805
71,160
153,464
81,641
79,245
122,724
67,772
64,485
118,120
55,128
44,325
154,656
69,151
64,530
145,000
66,000
67,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
FY07 FY08 FY09 FY10 FY11 FY12
Domestic
Export
KD-SET
Forecast
217,573
279,000254,981
332,055 314,350
(Unit)
288,337
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Industrial EngineIndustrial Engine Global ShipmentGlobal Shipment-- KK--UnitsUnits--
IndustrialEngine
~1.1 1.6 2.2 2.4 3.0 5.2 7.8 9.8 15.7 ℓ
C(IDI) C(DI) 4L 4J 4H 6H 6U 6W
5063 56
15
54
60
70
28
33
71
70
76
0
20
40
60
80
100
120
140
160
FY07 FY08 FY09 FY10 FY11 FY12
110
133
84
48
126
146
H2
H1
Forecast
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ⅡⅡ--22.. FY2012 H1 Financial SummaryFY2012 H1 Financial SummaryApril 2011 April 2011 –– September 2011September 2011
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(JPY Bil.) FY12 H1 FY11 H1 Changes
Net Sales 658.1 724.9 -66.8Operating Income 43.8 46.8 -3.0Ordinary Income 45.1 47.7 -2.6
Net Income 33.7 29.2 4.5* FX: FY12 H1 = 81JPY/US$
FY11 H1= 89JPY/US$
FY2012 H1 Consolidated ResultsFY2012 H1 Consolidated Results-- YearYear--onon--year Comparison year Comparison --
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FY201FY20111 vs. FY2012 H1 Fluctuationsvs. FY2012 H1 Fluctuations-- Consolidated operating income: analysis of change, Consolidated operating income: analysis of change, JPY:BilJPY:Bil. . --
46.8
-3.0
7.3
-3.7
-8.7
4.4
-2.3 43.8
Operating Incomefor FY11 H1
Operating Incomefor FY12 H1
Material C
ost R
eduction
FX
Sales/Model M
ix
Steel, Oil Price
etc. Fluctuations
FixedC
ost Fluctuation
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FY2012 H1 Consolidated ResultsFY2012 H1 Consolidated Results-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--yearyear --
Operating Income Change -3.0* Equity in Earnings of Affiliates: -1.6* Financial account balance/ FX gain and loss, Other 2.0
Total -2.6
Ordinary Income 45.1* Loss due to Disaster (-0.7) / Loss on disposalof noncurrent assets,etc 0.0* Tax and minority interests: -11.4
Net Income 33.7
OrdinaryIncom
eExtra Profit /
Loss etc.
( JPY Bil. ) FY12 H1 FY11 H1 Changes
Net Sales 658.1 724.9 -66.8Operating Income 43.8 46.8 -3.0Ordinary Income 45.1 47.7 -2.6
Net Income 33.7 29.2 4.5
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ⅡⅡ--33.. FY2012 FullFY2012 Full--year Outlookyear Outlook
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FY2012 FullFY2012 Full--year Outlookyear Outlook-- YearYear--onon--year Comparisonyear Comparison --
※FX: FY12 = 78JPY/US$FY11 = 85JPY/US$
( JPY Bil. ) FY12 FY11 Changes
Net Sales 1,430.0 1,415.5 14.5
Operating Income 94.0 88.2 5.8
Ordinary Income 95.0 91.3 3.7
Net Income 74.0 51.6 22.4
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FY2011 vs. FY2012FY2011 vs. FY2012 FluctuationsFluctuations-- Consolidated operating income: analysis of change, Consolidated operating income: analysis of change, JPY:BilJPY:Bil..
88.2
5.8
10.0
12.0 94.0
-6.0
-11.0
-6.3
7.1
(Forecast)
Operating Income for FY12Operating Income for FY11
Sales/Model M
ix
Material C
ost R
eduction
FixedC
ost Fluctuation
Steel, Oil Price
etc. Fluctuations
FX Impact of
Previous year
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FY2012 FullFY2012 Full--year Outlookyear Outlook-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--year year --
( JPY Bil. ) FY12 FY11 ChangesNet Sales 1,430.0 1,415.5 14.5
Operating Income 94.0 88.2 5.8Ordinary Income 95.0 91.3 3.7
Net Income 74.0 51.6 22.4
Operating Income Change 5.8* Equity in Earnings of Affiliates: -2.1* Financial account balance/ FX gain and loss, Other: 0.0
Total 3.7
Ordinary Income 95.0* Loss on disposal of noncurrent assets,etc: -2.0* Tax and minority interests: -19.0
Net Income 74.0
OrdinaryIncom
eExtra Profit /
Loss etc.
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President and Representative Director
Susumu Hosoi
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Mid-term Business Plan(April 2011 April 2011 –– March 2014March 2014)
November 8, 2011November 8, 2011
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[[Appendix]Appendix]
Main Financial IndexMain Financial Index
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47.9
28.2
50.6
41.5
66.7
39.6
25.7
39.5
29.4
36.4
51.0
37.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
FY07 FY08 FY09 FY10 FY11 FY12
(JPY:Bil)
CAPEX and Depreciation (Consolidated)CAPEX and Depreciation (Consolidated)-- Recent Trend and Forecast Recent Trend and Forecast --
*1 *1 *1*1
(Forecast)
CA
PEX
Depreciation
*1 FY09 or later included lease
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353.8312.6
360.3375.7
280.6258.4
297.6328.1
274 .8300 .6
256 .8 255 .2
325 .9363 .4
315 .0
273 .6
0.780.960.71 0.681.16 1.41
1.06 0.83
-400.0
-300.0
-200.0
-100.0
0.0
100.0
200.0
300.0
400.0
'08/3 '08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9
-5
0
5
DER
(DER)
Interest Bearing Debt / Equity Capital (Consolidated)Interest Bearing Debt / Equity Capital (Consolidated)
(JPY:Bil) Equity CapitalInterest B
earing Debt
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139.4 116.8
381.1323.9 293.3
269.249.0
99.289.7
213.9
147.0
136.9
155.2168.2
129.7128.073.477.7146.1
262.7
183.5275.4
93.3
94.1118.6
64.9
178.8
177.2
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1,000.0
'08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9
Others
PT&Compo
CV
LCV
690.6
565.0
442.8
658.1
859.7
638.1
724.9
Consolidated Net Sales by SegmentConsolidated Net Sales by Segment-- LCV, CV, LCV, CV, PT&CompoPT&Compo, , Others(KDOthers(KD, parts) , parts) --
(JPY:Bil)
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328.1353.8
375.7
280.6258.4
297.6312.6
30.3
27.324.9
27.429.5 30.5
26.8
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
'08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
ConsolidatedEquity Ratio
(%)
Consolidated Equity Ratio: Historical TrendConsolidated Equity Ratio: Historical Trend
(JPY:Bil.)C
onsolidated
Equity Capital
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119.8 110.0 106.4 101.0138.2
109.3
179.1
0.9
1.31.3 1.3
1.5
1.00.9
0.0
50.0
100.0
150.0
200.0
250.0
300.0
'08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9
0.0
0.3
0.6
0.9
1.2
1.5
1.8(Month)
Inventory BalanceInventory Balance-- Consolidated Consolidated --
(JPY:Bil.)
Month Turnover
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CAPEX and Depreciation (Consolidated)CAPEX and Depreciation (Consolidated)-- Recent Trend Recent Trend --
13.3
18.0
14.315.113.811.9
43.0
23.7
18.118.319.819.719.819.8
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
'08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9
(JPY:Bil.)C
APEX
Depreciation
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