FY2012 plans for Japanese OEMs: aim for record high sales of 24 million units

The strong yen only allows revenue recovery of 85% and operating profit of 60% to the record highs

2012/06/20

Summary

 FY2012 is the year in which Japanese OEMs plan to make a comeback from the damages caused by the natural disasters. Their aggressive plans are backed up by the revived subsidy program in the Japanese market and by the expansion of their overseas sales. The FY2012 planned total sales volume for the ten companies is set at 24,256K units, making a great year-on-year leap of 17.7%. This figure tops the highest sales of 22,624K units in FY2007 by 7.2%. Particularly, seven passenger car manufacturers target on expanding their sales in the Asian markets, setting their goals at a 22.6% year-on-year increase to 10,526 units. This will make up for the 43.3% of the worldwide sales. Nissan, Honda, Suzuki, Daihatsu, Fuji Heavy Industries (FHI), and Hino have respectively set their targeted sales volumes at their record high.

 The ten automakers are also planning to make aggressive investments on their capital expenditures with a 34.7% year-on-year increase to 2,537 billion JPY in total. Nissan, Suzuki, Mazda, Isuzu, and Hino's spending are planned to reach their record high.

On the other hand, planned consolidated revenues of the ten Japanese OEMs are 52.9 trillion JPY, up 16.9% year-on-year, but this figure is 10 trillion JPY (15.1%) short from the record high of 62.2 trillion JPY. The expected total operating profit for the ten companies which is set at 2.73 trillion JPY, up 92.5% year-on-year, only makes for approximately 60% of the record high due to the appreciating yen.

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Japanese OEMs' FY2012 plans

Automobile sales volume
(1,000 units)
Consolidated revenues
(100 million yen)
Operating profit
(100 million yen)
FY2011
results
FY2012
plan
(Reference)
FY2007
results
FY2011
results
FY2012
plan
(Reference)
FY2007
results
FY2011
results
FY2012
plan
(Reference)
FY2007
results
Toyota 7,352 8,700 8,913 185,837 220,000 262,892 3,556 10,000 22,704
Nissan 4,456 4,920 3,698 94,090 103,000 108,242 5,458 7,000 7,908
Honda 3,137 4,300 3,925 79,481 103,000 120,028 2,313 6,200 9,531
Suzuki 2,560 2,811 2,406 25,122 26,000 35,024 1,193 1,200 1,494
Mazda 1,016 1,090 1,240 20,331 22,000 34,758 (387) 300 1,621
Mitsubishi 1,072 1,208 1,337 18,073 19,800 26,821 637 700 1,086
Daihatsu 940 1,001 945 16,313 16,700 17,026 1,155 1,200 652
FHI 640 721 597 15,171 18,600 15,723 440 670 457
Isuzu 381 506 509 14,001 16,300 19,248 974 1,230 1,096
Hino 129 153 112 13,146 14,800 13,686 375 470 459
Total 20,614 24,256 22,624 452,105 528,700 622,736 14,184 27,300 45,897

Source: OEMs' financial flash reports and earnings announcement documents
(Note) "Total" does not include the consolidated data of Daihatsu and Hino to avoid overlaps with Toyota.



Consolidated sales volume: Record high of 24,256K units is planned for FY2012; 43.3% of the total sales is expected from Asia and other regions

 The FY2012 planned total sales volume for the ten Japanese OEMs is 24,256K units, up 17.7% from the FY2011 performance. This figure tops the highest sales volume of 22,624K units by 7.2%, marked in FY2007. The FY2012 expected sales volume for the Japanese market, in which the subsidy program for the new car buyers has revived and is bringing positive impact, is 4,865K units, up 7.6% year-on-year, and for the rest of the world is 19,390K units, up 20.5%.

 Nissan, Honda, Suzuki, Daihatsu, FHI, and Hino have respectively set their targeted sales volumes at their record high. Nissan aims to break its record for three consecutive years and Hino aims to break it for two. Honda plans to increase its sales by more than one million units to 4.3 million units from FY2011 when the sales volume was greatly affected by the natural disasters. The targeted sales volume for Toyota is 8.7 million units which is close to its record high of 8,913K units achieved in FY2007.

 When looking at the seven passenger car manufacturers on a geographic basis, they are planning to increase their sales to 10,526K, up 22.6% year-on-year in "Asia and other regions." The sales volumes will account for 43.3% of the global sales, making nearly a 10% jump from FY2008 which only accounts for 34.7% of their sales. Additionally, the manufacturers are planning to sale 6,482K units, up 19.6% year-on-year, in North America this year.

 The FY2011 total sales volume for the ten companies was 20,614K, a tie with the year before. Despite the great impact that the Great East Japan Earthquake and the flood in Thailand had on their production lines and sales, the revival of the subsidy program for the new car buyers, starting from December 2011, and the recovery of the production capability drove their sales in the latter half of 2011. Nissan made a 14.6% year-on-year increase to 4,456K units and Hino made an 18.9% year-on-year increase to 129K, marking their record highest under these circumstances.

Ten Japanese OEMs' consolidated unit sales of automobiles

(1,000 units)
FY2007 FY2008 FY2009 FY2010 FY2011 FY2012
(Plan)
Sales volumes
of automobiles
Toyota 8,913 7,567 7,237 7,308 7,352 8,700
Nissan 3,698 3,138 3,159 3,888 4,456 4,920
Honda 3,925 3,517 3,392 3,512 3,137 4,300
Suzuki 2,406 2,306 2,350 2,643 2,560 2,811
Mazda 1,240 1,116 963 1,100 1,016 1,090
Mitsubishi 1,337 1,011 805 1,098 1,072 1,208
Daihatsu 945 945 869 893 940 1,001
FHI 597 555 563 657 640 721
Isuzu 509 401 288 408 381 506
Hino 112 99 83 108 129 153
Total 22,624 19,611 18,757 20,614 20,614 24,256
Japan Toyota 2,188 1,945 2,163 1,913 2,071 2,200
Nissan 684 576 599 573 639 673
Honda 615 556 646 582 580 710
Suzuki 673 665 622 588 596 639
Mazda 257 220 219 206 226 237
Mitsubishi 214 164 170 199 184 203
Daihatsu 571 587 568 527 563 605
FHI 209 179 171 158 172 145
Isuzu 74 58 42 47 54 58
Hino 46 35 27 29 37 39
Total 4,914 4,363 4,632 4,266 4,522 4,865
Overseas Toyota 6,725 5,622 5,074 5,395 5,281 6,500
Nissan 3,013 2,562 2,560 3,315 3,817 4,247
Honda 3,310 2,961 2,746 2,930 2,557 3,590
Suzuki 1,732 1,641 1,729 2,053 1,964 2,172
Mazda 983 896 744 894 790 853
Mitsubishi 1,123 847 635 899 888 1,005
Daihatsu 374 358 301 366 377 396
FHI 388 377 392 499 468 575
Isuzu 435 343 246 361 327 448
Hino 66 64 56 83 92 114
Total 17,709 15,248 14,126 16,346 16,092 19,390
Source: OEMs' financial flash reports and earnings announcement documents
Note 1. Daimler's subsidiary, Mitsubishi Fuso, and Volvo's subsidiary, UD Trucks, did not disclose their business results.
2. Toyota and Honda follow the U.S. Generally Accepted Accounting Principles. Mitsubishi represents Mitsubishi Motors.
3. The ten OEMs' total does not include the consolidated data of Daihatsu and Hino to avoid overlaps with Toyota.
4. Some consolidated sales volume data include components for production.
5. The FY2012 plan of Nissan is reference values. It is calculated by adding to the FY2010 records the increase or decrease in the announced global sales volume plans. The global sales volumes are based on a retail basis which include components for production and assembled vehicles at Nissan's equity method foreign affiliates.
6. Honda has changed its range of disclosed items for its unit sales from FY2012. Before FY2012, the disclosed unit sales were a sum of "(A) units sold by Honda and its consolidated subsidiaries" and "(B) sales of parts for local production at Honda's subsidiaries accounted for under the equity method of accounting," but from FY2012, only (A) is disclosed as its "consolidated unit sales." The sum of (A) and the "unit sales made by Honda's subsidiaries accounted for under the equity method of accounting" is now disclosed as the "Honda group unit sales." Honda's figure in the table above shows "Honda group unit sales," starting from the FY2012 projection.
7. Suzuki's sales volume shows the number of Suzuki brand vehicles, excluding those supplied under the OEM agreement. Nevertheless, its sales volume in Japan includes the Chevrolet brand vehicles. The FY2012 overseas sales include some estimated values by Suzuki.
8. The FY2010 data of Mazda include 16K units arising from the 15-month business term of its overseas subsidiaries which changed the account settlement period.
9. Mitsubishi Motors has revised its method to count sold vehicles from FY2011. The newly counted (wholesale) sales volume includes those supplied under the OEM agreement. The new method is applied from FY2010 in the above table. According to the old counting method, sales volume in FY2010 is 1,045K units (166K in Japan and 879K overseas).
10. Daihatsu and Hino show the sales volumes of their own brand vehicles (Toyota's sales volume includes those of Daihatsu and Hino).
11. Isuzu's FY2007 data include the 15-month results of its eight overseas consolidated subsidiaries (the overseas sales volume was 385K units on a 12-month basis).

Seven Japanese OEMs' sales volume by region

(1,000 units)
Toyota Nissan Honda Suzuki Mazda Mitsubishi FHI Total
Japan FY2007 2,188 721 615 673 256 219 209 4,881
FY2008 1,945 612 556 665 219 168 179 4,344
FY2009 2,163 630 646 622 221 171 171 4,624
FY2010 1,913 600 582 588 206 164 158 4,211
FY2011 2,071 655 580 596 206 152 172 4,432
FY2012 (Plan) 2,200 690 710 639 225 167 145 4,776
North
America
FY2007 2,958 1,352 1,850 n.a. 406 160 210 n.a.
FY2008 2,212 1,133 1,496 85 347 119 207 5,599
FY2009 2,098 1,067 1,297 41 307 88 250 5,148
FY2010 2,031 1,245 1,458 33 342 94 307 5,510
FY2011 1,872 1,404 1,323 32 372 106 309 5,418
FY2012 (Plan) 2,350 1,520 1,740 33 390 93 356 6,482
Europe FY2007 1,284 636 391 n.a. 327 341 86 n.a.
FY2008 1,062 530 350 302 322 272 78 2,916
FY2009 858 517 249 281 239 169 39 2,352
FY2010 796 607 198 244 212 218 60 2,335
FY2011 798 713 158 223 183 218 55 2,348
FY2012 (Plan) 860 720 230 227 185 221 82 2,525
Asia &
others
FY2007 2,483 1,061 1,069 n.a. 374 640 92 n.a.
FY2008 2,348 1,136 1,115 1,253 373 507 92 6,824
FY2009 2,118 1,301 1,200 1,407 426 532 103 7,087
FY2010 2,568 1,733 1,274 1,778 513 511 132 8,509
FY2011 2,611 2,073 1,076 1,710 486 525 104 8,585
FY2012 (Plan) 3,290 2,420 1,620 1,912 540 607 137 10,526
Total FY2007 8,913 3,770 3,925 2,406 1,363 1,360 597 22,334
FY2008 7,567 3,411 3,517 2,305 1,261 1,066 555 19,682
FY2009 7,237 3,515 3,392 2,350 1,193 960 563 19,210
FY2010 7,308 4,185 3,512 2,643 1,273 987 657 20,565
FY2011 7,352 4,845 3,137 2,560 1,247 1,001 640 20,782
FY2012 (Plan) 8,700 5,350 4,300 2,811 1,340 1,088 721 24,310
Source: OEMs' financial flash reports and earnings announcement documents.
Note 1. Figures for Toyota, Honda, and Fuji Heavy Industries are based on consolidated sales volumes.
2. Nissan's figures show global sales volume (which includes vehicles assembled by its affiliates that are applicable to the equity method, using shipped parts for the production).
3. Honda's figures before FY2011 are based on unit sales. From FY2012 (planned), the figures are based on Honda group's unit sales.
4. Mazda's figures show global sales volume (representing all retailed volume under the Mazda brand).
5. The figures for Mitsubishi Motors are based on retail sales (a new counting method was introduced from the FY2010 performance).

 



Revenues: only make up for 85% of the history highest despite the planned increase of 16.9% year-on-year to 52.9 trillion JPY

 The FY2012 planned consolidated revenues of the ten Japanese OEMs are 52.9 trillion JPY, up 16.9% year-on-year. In contrary to the planned unit sales marking its record high, the planned revenues fall 10 trillion JPY (15.1%) short of their record high of 62.3 trillion JPY.

 FHI and Hino have set their targeted sales volumes at their record high with an increase of 22.6% year-on-year to 1.86 trillion JPY and an increase of 12.6% year-on-year to 1.48 trillion JPY, respectively. Toyota, by contrast, is planning an increase of 18.4% year-on-year to 22.0 trillion JPY which is 4.3 trillion JPY less than its record high revenue. Both Nissan and Honda have set their planned revenue at 10.3 trillion JPY.

 The FY2011 consolidated revenues for the ten Japanese manufacturers decreased by 2.7% year-on-year to 45.2 trillion JPY. Companies that took a hard plunge that year were Mazda (12.6% decrease) and Honda (11.1% decrease). Revenues for Nissan, Hino, and Daihatsu have increased by 7.2%, 5.8%, and 4.6%, respectively.

Ten Japanese OEMs' consolidated revenues

(Yen in 100 million)
FY2007 FY2008 FY2009 FY2010 FY2011 FY2012
(Plan)
Revenues Toyota 262,892 205,296 189,509 189,937 185,837 220,000
Nissan 108,242 84,370 75,173 87,731 94,090 103,000
Honda 120,028 100,112 85,792 89,368 79,481 103,000
Suzuki 35,024 30,049 24,691 26,082 25,122 26,000
Mazda 34,758 25,359 21,639 23,257 20,331 22,000
Mitsubishi 26,821 19,736 14,456 18,285 18,073 19,800
Daihatsu 17,026 16,314 15,747 15,594 16,313 16,700
FHI 15,723 14,458 14,287 15,806 15,171 18,600
Isuzu 19,248 14,247 10,809 14,155 14,001 16,300
Hino 13,686 10,695 10,235 12,427 13,146 14,800
Total 622,738 493,626 436,356 464,621 452,105 528,700
Japan Toyota 61,362 54,218 57,291 53,250 56,621
Nissan 21,878 20,383 18,032 18,694 19,466
Honda 15,858 14,465 15,773 15,038 15,179
Suzuki 9,814 9,656 9,526 9,374 9,868 10,000
Mazda 8,801 6,203 5,750 5,415 5,602 5,580
Mitsubishi 4,885 3,984 3,685 3,633 3,571 4,000
Daihatsu 11,771 11,913 11,296 10,567 11,303 11,300
FHI 5,440 5,075 5,208 4,673 4,985 6,278
Isuzu 6,547 5,338 4,330 4,986 5,584 5,900
Hino 9,246 6,944 6,754 8,455 8,926
Total 134,586 119,322 119,595 115,063 120,877
Overseas Toyota 201,530 151,078 132,218 136,687 129,215
Nissan 86,364 63,987 57,141 69,037 74,624
Honda 104,171 85,647 70,019 74,330 64,302
Suzuki 25,210 20,393 15,165 16,708 15,254 16,000
Mazda 25,957 19,156 15,889 17,842 14,729 16,420
Mitsubishi 21,936 15,752 10,771 14,652 14,502 15,800
Daihatsu 5,255 4,401 4,452 5,027 5,011 5,400
FHI 10,284 9,383 9,079 11,132 10,186 12,322
Isuzu 12,701 8,909 6,479 9,170 8,417 10,400
Hino 4,440 3,751 3,481 3,972 4,220
Total 488,153 374,304 316,761 349,558 331,228

Source: OEMs' financial flash reports and earnings announcement documents
(Note) Japan/overseas revenues represent revenues by the external customer location.

 



Profits: Planned operating profit set at 2.73 trillion JPY, up 92.5% year-on-year; only makes for 60% of the record high

 The ten companies are expecting a turnaround in their profit for FY2012 with an estimated total operating profit of 2.73 trillion JPY, up 92.5% from last year. However, this only makes for about 60% of the record highest marked in FY2007. Moreover, the planned combined ordinary profit for these companies is 2.87 trillion JPY, up 88.6% from the previous year, and the net profit is 1.86 trillion JPY, up 99.1%.

 The planned operating profit for Toyota is set at one trillion JPY which is a 2.8 times increase from the previous year. This is Toyota's first time in five years to set its target above one trillion JPY. Honda has also set its planned operating profit at 620 billion JPY, which is a 2.7 times increase from last year, to achieve positive operating income. Mazda, which recorded negative for the three profit items for FY2011, is planning to make a turnaround in all these items for FY2012.

 Almost all these OEMs assumed exchange rates to be at 80 JPY to the U.S. dollar with the exception of Nissan which assumed the rate to be slightly higher at 82 JPY to the U.S. dollar. By contrast, Suzuki assumed the exchange rate to be lower at 75 JPY to the U.S. dollar and Mitsubishi at 78 JPY.

 The ten OEMs' total operating profit for FY2011 was down 26.1% year-on-year at 1.42 trillion JPY. The decrease in profit and the negative turnaround taken by Toyota, Honda, Mazda, and FHI made an impact on the negative outcome. Nissan became the number one OEM in Japan by increasing its operating profit to 545.8 billion JPY, up 1.5% year-on-year. Mazda ended its fiscal year with a loss for four consecutive years, marking its highest deficit in the past four years at 107.7 billion JPY.

Ten Japanese OEMs' consolidated operating profits/current profits/net profits

(Yen in 100 million)
FY2007 FY2008 FY2009 FY2010 FY2011 FY2012
(Plan)
Operating profit Toyota 22,704 (4,610) 1,475 4,682 3,556 10,000
Nissan 7,908 (1,379) 3,116 5,375 5,458 7,000
Honda 9,531 1,896 3,637 5,697 2,313 6,200
Suzuki 1,494 769 794 1,069 1,193 1,200
Mazda 1,621 (284) 95 238 (387) 300
Mitsubishi 1,086 39 139 403 637 700
Daihatsu 652 382 407 1,034 1,155 1,200
FHI 457 (58) 274 841 440 670
Isuzu 1,096 217 110 882 974 1,230
Hino 459 (194) 11 289 375 470
Total 45,897 (3,410) 9,640 19,187 14,184 27,300
Current profit Toyota 24,372 (5,604) 2,914 5,632 4,328 11,600
Nissan 7,664 (1,727) 2,077 5,378 5,351 6,800
Honda 8,958 1,617 3,361 6,305 2,574 6,350
Suzuki 1,569 797 938 1,225 1,306 1,350
Mazda 1,485 (187) 46 369 (368) 150
Mitsubishi 857 (149) 130 389 609 520
Daihatsu 666 395 438 1,122 1,282 1,300
FHI 454 (46) 224 822 373 630
Isuzu 1,223 152 114 913 1,029 1,270
Hino 410 (304) (19) 251 346 450
Total 46,583 (5,147) 9,804 21,033 15,202 28,670
Net profit Toyota 17,179 (4,369) 2,094 4,081 2,835 7,600
Nissan 4,823 (2,337) 424 3,192 3,414 4,000
Honda 6,000 1,370 2,684 5,340 2,114 4,700
Suzuki 803 274 289 452 539 700
Mazda 918 (715) (65) (600) (1,077) 100
Mitsubishi 347 (549) 48 156 239 250
Daihatsu 349 221 212 526 651 700
FHI 185 (699) (165) 503 385 480
Isuzu 760 (269) 84 516 913 810
Hino 222 (618) (30) (100) 163 280
Total 31,015 (7,294) 5,393 13,640 9,362 18,640
Source: OEMs' financial flash reports and earnings announcement documents.
Note 1. The Current Profit data of Toyota and Honda shows respective pre-taxed current profits since they adopt the U.S. Generally Accepted Accounting Principles.
2. As natural disaster losses, Nissan posted losses of 21.13 billion JPY due to the Great East Japan Earthquake and 8.74 billion JPY due to the flood in Thailand for extraordinary loss in FY2011.
3. Honda announced its loss from the Thailand flood as 23.42 billion JPY, of which 10.68 billion JPY was allocated to the sales cost and 12.74 billion JPY to sales and general administration costs in the consolidated business results.
4. As a provision of reserve for special countermeasures against disasters (which includes relocation of Ryuyo site in Iwata, Shizuoka), Suzuki posted 18,065 million JPY for extraordinary loss in FY2011.
5. Mazda posted 3,731 million JPY as a loss from natural disasters and 4,079 million JPY as a business structure improvement expense for extraordinary loss in FY2011.
6. As a natural disaster loss, Mitsubishi Motors posted 1,525 million JPY for extraordinary loss in FY2011.
7. As a natural disaster loss, Daihatsu posted 2,260 million JPY for extraordinary loss in FY2011.
8. FHI posted 7,352 million JPY as a natural disaster loss for extraordinary loss, and posted 26.1 billion JPY earned from selling its headquarter building and site in FY2011.
9. Isuzu posted 1,741 million JPY (513 million JPY from the Great East Japan Earthquake and 1,227 million JPY from the flood in Thailand) as a natural disaster loss for extraordinary loss in FY2011.
10. As a natural disaster loss, Hino posted 6.1 billion JPY for extraordinary loss in FY2011.

Exchange rate of yen to dollar and euro by ten Japanese OEMs

(Yen)
FY2007FY2008FY2009FY2010FY2011FY2012
(Assumed)
US DollarToyota 114 101 93 86 79 80
Nissan 114.4 100.7 92.9 85.7 79.1 82.0
Honda 114 101 93 86 79 80
Suzuki 114 101 93 86 79 75
Mazda 114 101 93 86 79 80
Mitsubishi 115 101 92 85 79 78
Daihatsu 114 101 92 85 80 80
FHI 116 102 93 86 79 80
Isuzu 115 101 91 85 79 80
Hino 114 101 93 86 79 80
Average 114.4 101.1 92.6 85.7 79.1 79.5
EuroToyota 162 144 131 113 109 105
Nissan 161.6 144.1 131.2 113.1 109.0 105.0
Honda 162 142 130 114 108 105
Suzuki 160 144 131 113 109 105
Mazda 162 144 131 113 109 105
Mitsubishi 162 144 130 113 111 103
Daihatsu 161 152 131 110 109 100
FHI 147 132 114 108 105
Isuzu
Hino
Average 161.5 145.1 130.9 112.9 109.0 104.1

(Note) If an OEM announced multiple figures for the exchange rate, the rate used for sales is included in the table above.

 



Factors of improving operating profits: increased revenues and lowered costs make up for two...

 The FY2012 outlook of the combined operating profit for the ten Japanese automakers is a 1,311.5 billion JPY increase from the FY2011 performance. Factors that bring the positive effects are 1,403.6 billion JPY from "sales fluctuation" and 669.8 billion JPY from "cost reduction." The 603.9 billion JPY for "(increased) expenses and R&D costs" accounts for most of the depressed earnings growth. The exchange rate fluctuation, which has had a great influence on the depressed earnings in the recent years, is only cumulating to a decreased profit of 1.2 billion JPY for the ten automakers.

 There is a 1,859.7 billion JPY difference when comparing the FY2012 planned operating profit with the highest record marked in FY2007. The leading factors to the depressed earnings growth are: "exchange rate fluctuation" of 3,786.3 billion JPY, followed by "sales fluctuation" of 442.1 billion JPY, and "(increased) expenses and R&D costs" of 344.7 billion JPY. The factors that bring positive effects are: 2,200.8 billion JPY from "cost reduction" and 512.6 billion JPY from "other elements."

Factors to cause increase/decrease in operating profits of Japanese OEMs

(Yen in 100 million)
FY2007FY2008FY2009FY2010FY2011FY2012
(Plan)
ToyotaOperating profit 22,704 (4,610) 1,475 4,682 3,556 10,000
Changes in operating profits 317 (27,314) 6,085 3,207 (1,126) 6,444
Operation/sales 2,900 (14,800) (3,700) 4,900 1,500 5,500
Cost improvements 1,200 0 5,200 1,800 1,500 2,400
Financial business 2,700
Impact from exchange fluctuation 0 (7,600) (3,200) (2,900) (2,500) 0
Miscellaneous expenditures (3,302) (4,791) 4,700 (300) (1,000) (1,456)
(thereof:) R&D cost (681) 548 1,787 (250) (500)
(thereof:) Facility cost (997) (904) 378 1,200 300
(thereof:) Labor cost (602) 1,088 627 (400) (1,000)
(thereof:) Others (1,022) (5,523) 1,908 (850) 200
Others (481) (122) 385 (293) (626)
Nissan
(Note 1)
Operating profit 7,908 (1,379) 3,116 5,375 5,458 7,000
Changes in operating profits 353 (9,287) 4,495 2,259 83 1,542
Impact from exchange fluctuation (162) (2,230) (1,625) (1,475) (1,700) 400
Sales volume/mix 750 (5,252) 269 4,331 2,236 1,750
Purchase cost, etc. 882 (1,342) 2,154 1,058 845 1,800
Sales finance 295 498 (170)
Reserve for loss of leasing (918) 1,417
R&D cost (15) 645 (185) (331)
Sales cost (381) 271 (1,915) (1,513) (1,250)
Others (721) 455 1,364 150 48 (988)
HondaOperating profit 9,531 1,896 3,637 5,697 2,313 6,200
Changes in operating profits 1,012 (7,634) 1,741 2,060 (3,384) 3,886
Difference from sales fluctuation/ mix 1,700 (2,477) (2,465) 3,222 (1,551) 4,768
Impact from exchange fluctuation 376 (2,695) (1,675) (1,376) (1,140) 0
Effects of cost reduction etc. 115 (1,825) 674 1,533 (928) 1,520
R&D cost (361) 247 998 (242) (322) (352)
Sales administration cost (818) (883) 4,209 (620) 558 (2,050)
Impact from the earthquake (457)
Suzuki
(Note 2)
Operating profit 1,494 769 794 1,069 1,193 1,200
Changes in operating profits 165 (725) 25 275 124 7
Sales/mix, etc. 408 (1,422) (696) 253 (542) 327
Impact from exchange fluctuation 225 (707) (469) (283) (289) (250)
Cost reduction 284 201 172 355 226 270
Depreciation (117) 204 (6) 34 353 (140)
R&D cost (166) (63) 62 47 (57) (50)
Miscellaneous expenditures (469) 1,062 962 (131) 433 (150)
MazdaOperating profit 1,621 (284) 95 238 (387) 300
Changes in operating profits 36 (1,905) 379 143 (625) 687
Volume/vehicle type mix 80 (865) (606) 357 (363) 427
Impact from exchange fluctuation 234 (1,020) (765) (437) (376) 32
Improving product appeal (133) (190)
Cost reduction 158 440 680 112 56 321
Raw material market conditions (440)
Sales costs (42) 65 227 (56) (27) (55)
Others (261) 105 843 167 85 (38)
MitsubishiOperating profit 1,086 39 139 403 637 700
Changes in operating profits 684 (1,047) 100 264 234 63
Volume/vehicle type mix 543 (720) (856) 533 168 430
Impact from exchange fluctuation 146 (761) (418) (342) (105) (220)
Cost reduction etc. 154 365 544 211 272 220
Impact from rising raw materials costs (317)
Others 335 578 (86) (106) (217)
For sales cost (64) 174 252 (51) 5 (150)
US sales finance business (95) (123)
Daihatsu
(Note 3)
Operating profit 652 381 407 1,034 1,154 1,200
Changes in operating profits 109 (271) 26 627 120 46
Sales/vehicle type mix 190 113 (258) 224 237 180
Impact from exchange fluctuation 39 (80) (79) (17) (39) 0
Cost reduction 106 105 123 150 78 35
Sales related costs (37)
Miscellaneous expenditures (227) (408) 239 306 (156) (169)
FHI
(Note 4)
Operating profit 457 (58) 274 841 440 670
Changes in operating profits (22) (515) 332 567 (401) 230
Sales mix disparity (8) 3 87 831 12 514
Impact from exchange fluctuation 10 (435) (304) (356) (420) 31
Cost reduction, etc. 70 (32) 260 89 (22) 211
Testing and research costs (13) 92 57 (57) (52) (49)
Miscellaneous expenditures (81) (143) 232 61 80 (477)
IsuzuOperating profit 1,096 217 110 882 974 1,230
Changes in operating profits 26 (879) (107) 772 92 256
Change in sales/difference in product mix (113) (800) (807) 705 58 320
Impact from exchange fluctuation 34 (156) (23) (24) (45) (5)
Changes in economic conditions (82) (273) 181 (98) (74) 0
Streamlining 172 190 130 177 112 80
Compressing costs etc. 412 12 92 (124)
Effect of pervious FY (Earthquake disaster) (51) (15)
Improvement of profitability etc. 76 344
Costs for facilities, R&D (137) (108)
Changed accounting period of subsidiaries 76 (76)
HinoOperating profit 459 (194) 11 289 375 470
Changes in operating profits 92 (653) 205 278 86 95
Impact on sales 82 (330) 231 337 360 290
Changes in business climate (36) (366) (70) (111) (308) (125)
Improvement of costs 190 163 199 187 186 180
Changes in costs (144) (120) 190 (135) (152) (250)
Fluctuation in sales volume (345)
TotalOperating profit 45,897 (3,410) 9,640 19,187 14,184 27,300
Changes in operating profits 2,571 (49,306) 13,050 9,547 (5,003) 13,115
Changes in sales 6,260 (26,333) (8,774) 15,132 1,518 14,036
Impact from exchange fluctuation 863 (15,604) (8,479) (7,193) (6,575) (12)
Cost reduction etc. 3,111 (2,416) 10,226 5,347 2,153 6,698
Overhead, R&D costs, etc. (5,849) (4,348) 12,615 (3,449) (2,226) (6,039)
Others (1,814) (605) 7,462 (290) 127 (1,568)
Source: OEMs' financial flash reports and earnings announcement documents.
Note 1. Nissan's "Purchase costs etc." include costs for raw material and energy.
2. Suzuki's fluctuation in "sales/mix etc." includes influence from raw material cost.
3. Daihatsu's "miscellaneous expenditures" includes depreciation.
4. FHI's "cost reduction etc." includes influence from rising raw material cost.

 



Planned capital expenditures up 35% to 2.5 trillion; Nissan, Suzuki, and Mazda mark their...

 The FY2012 total capital expenditure for the ten OEMs is 2,537 billion JPY, up 34.7% year-on-year, which is the first time in four years to exceed two trillion JPY. The planned capital expenditures for Nissan, Suzuki, Mazda, Isuzu, and Hino are their record high. The planned capital expenditure for Toyota, by contrast, is 820 billion JPY, up 16.0% year-on-year, but only makes for about 50% of its peak investment.

The R&D cost for the ten companies combined is 2,246 billion JPY, up 7.4% year-on-year with Nissan, Suzuki, and Hino marking their record high.

Ten Japanese OEMs' consolidated capital expenditure, depreciation and R&D costs

(Yen in 100 million)
FY2007FY2008FY2009FY2010FY2011FY2012
(Plan)
Capital
expenditure
Toyota 14,802 13,025 5,790 6,423 7,067 8,200
Nissan 4,289 3,836 2,736 3,120 4,064 5,500
Honda 6,540 5,991 3,297 3,113 4,065 5,800
Suzuki 2,436 2,162 1,312 1,303 1,267 2,500
Mazda 755 818 298 447 780 900
Mitsubishi 567 719 471 525 710 1,090
Daihatsu 1,117 767 367 406 693 880
FHI 563 580 561 431 543 720
Isuzu 506 667 257 294 333 660
Hino 437 584 285 300 429 730
Total 30,458 27,798 14,722 15,656 18,829 25,370
Depreciation
cost
Toyota 10,424 10,721 10,320 8,123 7,329 7,300
Nissan 3,709 4,212 3,633 3,721 3,344 3,600
Honda 4,173 4,082 3,666 3,252 2,937 2,850
Suzuki 1,616 1,412 1,418 1,384 1,031 1,170
Mazda 665 752 764 716 688 630
Mitsubishi 719 790 690 627 534 670
Daihatsu 665 837 729 637 611 620
FHI 655 651 571 498 537 600
Isuzu 415 396 395 364 360 350
Hino 442 475 452 457 435 420
Total 22,376 23,016 21,457 18,685 16,760 17,170
R&D costToyota 9,588 9,040 7,253 7,303 7,798 8,100
Nissan 4,575 4,555 3,855 3,993 4,280 4,850
Honda 5,879 5,631 4,633 4,875 5,198 5,550
Suzuki 1,087 1,150 1,088 1,041 1,098 1,150
Mazda 1,144 960 852 910 917 960
Mitsubishi 776 640 444 494 550 690
Daihatsu 442 442 437 382 338 370
FHI 520 428 372 429 481 530
Isuzu 603 677 552 586 588 630
Hino 395 409 381 411 404 420
Total 24,172 23,081 19,049 19,631 20,910 22,460

Source: OEMs' financial flash reports and earnings announcement documents
(Note) Nissan's capital expenditure and depreciation include the figures related to the finance lease from FY2008.

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