Japanese OEMs revise FY 2015 sales and profit outlooks due to yen depreciation

Global sales volume expected to grow 3.3% year-over-year to 25.65 million units

2014/12/09

Summary

 

 日本乗用車メーカーのOperating profit率 Global sales plan revised downward by 500,000 units
  In the fiscal year to end in March 2015 (FY 2015: Nissan, Mitsubishi, and Suzuki uses "FY2014" to refer to the same term. In this report, MarkLines uses "FY 2015" to refer to the term, following the term choice by many OEMs), the ten Japanese OEMs are expected to achieve the record high consolidated sales volume for the third straight year with a total of 25.65 million units, up 3.3% from the previous year. It is, however, 500,000 units less than the original plan. Downturn after the consumption tax hike in Japan, has been prolonged more than each OEM predicted and the Thailand market is still declining. Against these backdrops, Suzuki and Mazda raised their outlooks for sales.

FY 2015 sales in Japan expected to drop 5.6% to 4.98 million units
  For the second half of FY 2015, the ten OEMs plan to reduce the consolidated sales volume by 8.4% year-over-year (y/y) to 2.56 million units, due to the pre-tax hike rush demand in the previous fiscal year. This should decrease the full-year sales by 5.6% y/y to 4.98 million units. According to LMC Automotive’s forecast in the third quarter of 2014, Japanese light vehicle sales in the 2014 calendar year  will slightly increase to 5.3 million units by 0.9% from the previous year. In the calendar year 2015, however, total vehicle sales are expected to decrease sharply to 4.67 million units, 11.9% down compared to the 2014 level.

Revenue plan revised upward to JPY 62.8 trillion
  The ten OEMs plan to increase their combined revenue by 4.8% y/y to JPY 62.8 trillion. Although they revised their outlooks for sales volume downward, they increased the revenue outlooks by a total of JPY 0.8 trillion based on the weaker yen. Specifically, six OEMs- Toyota, Nissan, Mazda, Fuji Heavy Industries (FHI: the maker of Subaru automobiles), Isuzu and Hino, revised their revenue plans upward.

Operating profit
  The ten OEMs revised their combined profit plans upward as well. They plan to increase the consolidated operating profit by JPY 252 billion from their original plan to JPY 4.89 trillion, up 7.7% y/y. Their average assumed exchange rate for the second half of FY 2015 is JPY 105 to the U.S. dollar. If the rate of JPY 117 in late November continues, their profits will further increase.

Operating profit ratio
  In the seven passenger-car OEMs' announcements of revised full-year business outlooks, Toyota, Mitsubishi and FHI revised their operating profit ratios upward. Backed by the weaker yen and other factors, Toyota and FHI plan high operating profit ratios of 9.4% and 13.7% respectively. Mitsubishi revised its revenue outlook down, but maintained its initial profit plans supported by the weaker yen and cost reduction.


Related Reports: Japanese OEMs aim for third consecutive year of record sales in FY 2014 (May, 2014)


 

Japanese OEMs' FY2015 outlooks (Bold figures represent record highs)

Automobile sales volume
(in 1,000 units)
Consolidated revenue
(in 100 millions of JPY)
Operating profit
(in 100 millions of JPY)
FY 2015 original planFY 2015 revised plan
(Upon results announcement for the 1H-first half-period)
FY 2015 original planFY 2015 revised plan
(Upon 1H results
announcement)
FY 2015 original planFY 2015 revised plan
(Upon 1H results
announcement)
Toyota 9,100 9,050 Downward 257,000 265,000 Upward 23,000 25,000 Upward
Nissan 5,650 5,450 Downward 107,900 108,000 Upward 5,350 5,350 Unchanged
Honda 4,830 4,620 Downward 127,500 127,500 Unchanged 7,600 7,700 Upward
Suzuki 2,756 2,812 Upward 30,000 30,000 Unchanged 1,880 1,880 Unchanged
Mazda 1,200 1,205 Upward 29,000 29,300 Upward 2,100 2,100 Unchanged
Mitsubishi 1,182 1,089 Downward 23,000 21,800 Downward 1,350 1,350 Unchanged
Daihatsu 1,095 1,075 Downward 18,300 18,000 Downward 1,400 1,100 Downward
FHI 916 909 Downward 27,200 27,800 Upward 3,400 3,820 Upward
Isuzu 517 511 Downward 18,400 18,500 Upward 1,650 1,650 Unchanged
Hino 177 172 Downward 16,000 16,600 Upward 900 1,000 Upward
Total 26,151 25,646 - 620,000 627,900 - 46,330 48,850 -

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

 



Consolidated sales volume revised downward to 25.65 million units

日本メーカーの連結販売台数  The ten Japanese OEMs are expected to renew their consolidated sales volume record in FY 2015 for the third straight year, selling a total of 25.65 million units, up 3.3% y/y. Compared to the original plan, however, it was revised downward by 500,000 units. For the recovering North American market, they upwardly revised the sales plan, which, however, seems not enough to make up for the sluggish sales in Thailand as well as in Japan, where effects of the consumption tax hike have been prolonged more than each OEM anticipated.

  Suzuki and Mazda, however, made upward revisions to their sales volume outlooks. Suzuki expects growth in India as the market is recovering after their regime change. Mazda's strong sales in Europe have contributed to the upward revision, although it has not changed its global sales outlook that includes sales through its Chinese joint venture company.

  The remaining eight OEMs downwardly revised their sales volume outlooks due to weak sales in Japan and Asia. Five OEMs- Nissan, Honda, Suzuki, FHI and Hino, however, plan to achieve the record high sales although their target figures were revised down.

  In the first half (1H) of FY 2015, the global consolidated sales of the ten OEMs increased by 3.8% y/y to 12.35 million units. In Japan, however, the consolidated sales dropped by 2.2% y/y to 2.33 million units, negatively affected by the rush demand before the consumer tax hike in April 2014. For the second half (2H) of FY 2015, the ten OEMs plan to sell a total of 2.65 million units, down 8.4% from the same period last year, when the market was enjoying the rush demand. For the full FY 2015, their outlook stands at 4.98 million units, down 5.6% y/y. In the first half of FY 2015, the ten OEMs sold a total of 10.02 million units outside Japan, up 5.3% y/y, contributed by expanding North American market.


 



Revenue plan revised upward to JPY 62.8 trillion backed by depreciated yen

日本メーカーの売り上げ高 For the FY 2015, the ten Japanese OEMs had planned their consolidated revenue to increase by 4.8% y/y to JPY 62.8 trillion. While the consolidated sales volume was downwardly revised from the original plan, the consolidated revenue was revised upward by JPY 0.8 trillion, because the yen is depreciating more than expected. Although the consolidated revenue has been recovering slower than the consolidated sales volume, it is expected to exceed the FY 2008 record high of JPY 62.3 trillion.

Six OEMs- Toyota, Nissan, Mazda, FHI, Isuzu and Hino made upward revisions. Toyota revised its revenue plan upward by JPY 800 billion from its original plan and expects to rewrite a record after seven years. Honda and Suzuki maintained their plans, while Mitsubishi and Daihatsu made downward revisions, as both OEMs struggled in the Japanese and Southeast Asian markets. In addition to Toyota, Nissan, Honda and FHI also plan to achieve record high revenues.

The consolidated revenue of the ten OEMs for the first half (1H) of FY 2015 expanded by 5.7% y/y to JPY 30.2 trillion, as the eight OEMs, except for Daihatsu and Hino, recorded gains. FHI (16.4%), Mazda (15.9%) and Mitsubishi (11.4%) reported high rate of increase.




Operating profit plan upwardly revised to JPY 4.89 trillion

日本メーカーのOperating profit  The outlook of consolidated operating profit of the ten OEMs was revised upward by JPY 252 billion from the original plan to JPY 4.89 trillion (a 7.7% increase from the previous year), due to the yen depreciating more than initially expected.

  Four OEMs -Toyota, Honda, FHI and Hino upwardly revised their operating profit outlooks. Toyota increased it by JPY 200 billion to JPY 2.5 trillion, positioning the FY 2015 as an "intentional plateau" for sustainable growth. It plans to renew the record for the second consecutive year. Four OEMs- Suzuki, Mazda, Mitsubishi and FHI plan record high operating profits as well. Daihatsu is the only OEM that revised the operating profit plan downward, which is due to adverse market conditions in Japan and a weakening Indonesian Rupiah.

  At the time of the OEMs' 1H earnings announcements, the full FY 2015 average assumed exchange rate was JPY 103.9 to the U.S. dollar. The average closing exchange rate for the 1H was JPY 102.7 and the average assumed exchange rate for the 2H is JPY 105. Therefore if the JPY 117 level as of late November 2014 continues, Japanese OEMs' performances will move upward further.

  Each OEM, except for Daihatsu, Isuzu and Hino, increased profits in the first half. As for the consolidated results of the ten OEMs, operating profit grew 9.0% y/y to JPY 2.5 trillion, current profit increased by 17.5% y/y to JPY 2.75 trillion and the net profit was JPY 2.02 trillion, up 18.1% y/y.


 



Weaker yen increases operating profit plans

The ten OEMs' combined FY 2015 outlook in operating profits was revised upward by JPY 252 billion to JPY 4.89 trillion. The biggest factor behind this is JPY 43.2 billion in "Impact from exchange fluctuation," revised upward from the negative outlook of JPY 247.7 billion profit fall, supported by the yen depreciation in the assumed exchange rate. This increase offset the decrease in "Changes in sales" caused by lowered outlook in sales volume.

The ten OEMs' consolidated operating profit for the first half of the FY 2015 amounted to JPY 2,496.1 billion, up JPY 206.3 billion y/y. "Changes in sales" accounted for a JPY 76.6 billion increase, "Impact from exchange fluctuation" for a JPY 141 billion increase and "Cost reduction, etc." for a JPY 251.3 billion increase. On the other hand, increased "Overhead, R&D costs, etc." accounted for a JPY 252.1 billion loss.

Factors to cause increase in operating profits
(FY 2014 vs. FY 2015 original plan)
Factors to cause increase in operating profits
(FY 2014 vs. FY 2015 revised plan)
日本メーカーのOperating profit増加要因(FY2013v.s.2014年度) 日本メーカーのOperating profit増加要因(2007年度v.s.FY2013)



Record high investments in facilities and R&D still planned for FY 2015

  The ten OEMs plan to spend a total of JPY 2,915 billion in capital expenditure in FY 2015, up 2.9% y/y, the highest in six years with a slight increase from the original plan. The OEMs revised their combined R&D cost plan slightly upward from the original plan to JPY 2,597 billion, up 5.3% y/y, to make a record high for the second consecutive year.

 

日本メーカーの設備投資額 日本メーカーの研究開発費

 

 



Summary of FY 2015 first half results and full-year plans by Japanese OEMs

Toyota FY 2015 1H results Toyota marked a record high profit in the first half period for the first time in seven years with JPY 1.35 trillion. Increased sales in North America covered sales drop in Japan and Asia. A weaker yen and reduced costs contributed to the growth as well.
FY 2015 plan Toyota plans 9.05 million units for its FY 2015 consolidated sales, down 50,000 units from its initial plan. It increased its unit sales outlooks for Europe and the U.S., while revising them down for Japan and Asia. The OEM revised its assumed exchange rate toward further yen depreciation and therefore increased the operating profit outlook by JPY 200 billion to JPY 2.5 trillion. It aims to attain the record high operating profit for the second straight year.
Nissan FY 2015 1H results Nissan increased profit in the first half period for the first time in four years, achieving the operating profit of JPY 261.9 billion, up 18% y/y. Strong sales in China, North America and Europe along with weaker yen contributed to the growth.
FY 2015 plan Nissan decreased sales volume outlook by 200,000 units to 5.45 million units, anticipating fall in emerging markets including China, where the OEM expected 160,000 unit-less sales. While it revised the revenue outlook upward by JPY 10 billion, it held the operating profit outlook unchanged. Although it anticipated less sales volume, sales data in China is not consolidated into Nissan's revenue. Profit expansion is therefore assumed, supported also by the weaker yen.
Honda FY 2015 1H results Honda hit record highs in sales volume at 2.13 million units and in revenue at JPY 6.0 trillion, supported by strong sales in Asia. The operating profit increased by 1.7% y/y to JPY 362.4 billion.
FY 2015 plan Honda revised its sales volume plan downward to 4.62 million units, 210,000 units less than the initial plan but still the largest in history. 100,000 unit-less outlook for Japan affected by the delay of new model launches due to its recall problem; 100,000 unit-less outlook for China with the swelling inventory; and 10,000 unit-less outlook for Indonesia. Although it had revised the revenue outlook upward by JPY 50 billion at the first quarter results announcement, it revised downward by JPY 50 billion at the first half results announcement, resuming the original JPY 12.75 trillion, which is still the highest in history. Backed by weaker yen, Honda kept its operating profit outlook, which had been revised upward by JPY 10 billion at the first quarter results announcement. It downwardly revised its net profit.
Suzuki FY 2015 1H results Suzuki enjoyed strong sales in Japan, India and China, achieving the record high sales volume of 1.38 million units in the first half period. Its operating profit of JPY 90.5 billion was also the highest in history, although the y/y increase was only 0.3%. Reduced cost/expenditures compensated for the increased depreciation.
FY 2015 plan Suzuki upgraded the full FY 2015 sales outlook by 56,000 units to 2.81 million units. In anticipation of sales increase in India, it revised its Asian sales outlook upward by 57,000 units. It held the revenue/profit outlooks untouched due to sluggish motorcycle business.
Mazda FY 2015 1H results Mazda rewrote its operating profit record for the second consecutive year. Its current profit was the highest in seven years, while its net profit was the highest in nine years. Strong sales in North America, Europe and China contributed.
FY 2015 plan Mazda revised upward its consolidated unit sales outlook by 5,000 units, thanks to strong sales in Europe. (It kept its full-year global sales volume outlook including its Chinese JV sales unchanged. Mazda downwardly revised outlooks for Japan and China by 5,000 units respectively, which was offset by an increase of 10,000 units in sales outlook for Europe.)
While revising its revenue outlook upward by JPY 30 billion, it kept the profit targets unchanged. It aims, however, to achieve the record highs in operating profit for the second straight year, current profit for the first time in seven years and net profit for the second straight year.
Mitsubishi FY 2015 1H results Mitsubishi Motors marked record highs in all the three profit items. Strong sales in Europe and the U.S., the weak yen and cost reduction contributed to the increased profits.
FY 2015 plan Mitsubishi Motors revised its full year sales volume outlook downward by 93,000 units, especially in Japan and Asia. It revised its revenue outlook down by JPY 120 billion. Supported by the weak yen and cost reduction, however, it held its initial plans for the profit items unchanged in an aim to achieve record highs in all the three items. It plans to meet the operating profit target of JPY 135 billion for the mid-term through FY 2017 two years ahead.
Daihatsu FY 2015 1H results Daihatsu' sales dropped, especially in Japan, to total 503,000 units, down 3% y/y. It reported over 40% operating loss as a result of decreased sales volume, fluctuated yen and increased capital expenditures.
FY 2015 plan Daihatsu revised its outlook for sales volume downward by 20,000 units to 1.08 million units. It held its outlook for the sluggish domestic sales untouched. It downwardly revised, however, its outlooks for revenue, operating profit and net profit due to deteriorating Japanese market and weaker Indonesian Rupiah.
FHI FY 2015 1H results FHI achieved record highs in sales (432,000 units), revenue (JPY 1.31 trillion) and operating profit (JPY 185.7 billion) for the third consecutive half-year period. Strong sales in North America and China and the weak yen contributed.
FY 2015 plan FHI revised sales volume outlook for the full FY 2015 downward by 7,000 units. It revised its Japanese sales outlook down by 28,000 units, while increasing the outlook for North America by 23,000 units. It further upgraded outlooks for revenue and operating profit, for which it had expected the highest in history in the beginning.
Isuzu FY 2015 1H results Isuzu' sales volume dropped by 4.7% y/y affected by decreased pickup truck sales in Thailand. Its operating profit fell to JPY 77 billion, down 14.7% y/y. Its growth strategy-related cost was also a negative factor.
FY 2015 plan Isuzu revised its sales volume outlook downward by 6,000 units. In consideration of the exchange rate fluctuation, it increased revenue outlook by JPY 10 billion. It kept its initial outlook for the operating profit, that is, a decrease for the first time in five years.
Hino FY 2015 1H results Hino increased sales in Japan, but the total sales dropped by 1,000 units y/y due to slow sales outside of Japan. The revenue decreased by 5.2% y/y and the operating profit fell by 18.5% y/y as well.
FY 2015 plan Hino revised its sales volume outlook downward, affected by the sluggish sales overseas although it increased its sales outlook for Japan. Backed by the favorable Japanese market situations, however, it upwardly revised outlooks for revenue and the three profit items.



Production Forecast by LMC Automotive: Japanese production to decline to 8.2 million units in 2017

(LMC Automotive、October 2014)

日本の生産予測(LMC Automotive) According to LMC Automotive's forecast in October 2014, Japanese light vehicle production in 2014 will be 9.31 million units, a 0.6% increase year-on-year.

LMC Automotive projects that production in Japan is expected to decline over next three years and will decrease to 8.18 million units in 2017.

LMC Automotive states; "… given the unavoidable contraction in the domestic market and low expectations for increased exports, vehicle production in Japan will inevitably see a gradual decrease. In longer term it will become progressively more important for domestic plants in Japan to transfer and nurture production know-how to overseas production sites. In spite of a weakening Japanese currency under the Abe administration, it is now becoming increasingly obvious that manufacturers will strengthen overseas production, in lieu of exporting from Japan"


Japan light vehicle production forecast by make (calendar year basis)

(Units)
SALES GROUP GLOBAL MAKE 2011 2012 2013 2014 2015 2016 2017
Total 8,095,258 9,602,382 9,256,683 9,307,859 8,705,905 8,332,419 8,177,539
Toyota Group Toyota 2,394,926 3,147,030 2,953,080 2,774,554 2,587,585 2,535,716 2,444,096
Daihatsu 564,957 682,546 675,514 715,598 659,714 565,188 555,311
Lexus 315,268 388,411 418,067 448,908 472,149 507,117 514,327
Scion 42,702 57,052 55,266 54,893 70,595 75,542 75,318
Hino 38,137 58,484 60,022 40,977 35,450 34,788 34,165
Toyota Group sub-total 3,355,990 4,333,523 4,161,949 4,034,930 3,825,493 3,718,351 3,623,217
Renault-Nissan Group Nissan 1,117,663 1,181,867 1,030,305 998,503 841,706 798,661 783,201
Infiniti 145,441 123,083 145,579 136,131 174,053 165,159 166,507
Renault-Nissan Group sub-total 1,263,104 1,304,950 1,175,884 1,134,634 1,015,759 963,820 949,708
Mazda Motors Mazda 841,837 881,522 1,014,274 1,027,335 1,063,349 1,025,130 966,420
Mazda Motors sub-total 841,837 881,522 1,014,274 1,027,335 1,063,349 1,025,130 966,420
Honda Group Honda 676,425 1,009,557 841,192 942,038 851,076 767,755 841,222
Acura 34,212 22,855 11 0 0 0 0
Honda Group sub-total 710,637 1,032,412 841,203 942,038 851,076 767,755 841,222
Suzuki Group Suzuki 787,447 885,828 842,612 884,572 769,644 696,535 712,447
Suzuki Group sub-total 787,447 885,828 842,612 884,572 769,644 696,535 712,447
Fuji Heavy Subaru 458,739 555,425 650,974 675,938 601,100 573,494 503,932
Fuji Heavy sub-total 458,739 555,425 650,974 675,938 601,100 573,494 503,932
Mitsubishi Motors Mitsubishi 560,970 486,379 445,595 472,031 470,811 470,928 469,449
Mitsubishi Motors sub-total 560,970 486,379 445,595 472,031 470,811 470,928 469,449
Isuzu Motors Isuzu 90,305 97,099 97,401 107,047 86,249 86,012 82,834
Isuzu Motors sub-total 90,305 97,099 97,401 107,047 86,249 86,012 82,834
Daimler Group Fuso 18,343 20,963 26,185 28,639 17,695 18,518 16,420
Daimler Group sub-total 18,343 20,963 26,185 28,639 17,695 18,518 16,420
Other UD Trucks 1,108 1,023 606 695 238 236 230
Other sub-total 1,108 1,023 606 695 238 236 230
Fiat Chrysler Automobiles Alfa Romeo 0 0 0 0 4,491 11,640 11,660
Fiat Chrysler Automobiles sub-total 0 0 0 0 4,491 11,640 11,660
PSA Group Peugeot 3,390 1,885 0 0 0 0 0
Citroen 3,388 1,373 0 0 0 0 0
PSA Group sub-total 6,778 3,258 0 0 0 0 0
Source: LMC Automotive "Global Automotive Sales Forecast (October 2014)
(Note) 1. Data indicate figures of only small-size vehicles, including passenger cars and light commercial vehicles with a gross vehicle weight of under 6 tons.
2. All rights reserved. Reproduction of any data will require permission of LMC Automotive.
3. For more detailed information or inquiries of forecast data, please contact LMC Automotive.



Statistics

Ten Japanese OEMs' consolidated unit sales of automobiles

(in 1,000 units)
FY 2012FY 2013FY 2014FY 2015 (Plans)First halfSecond half
FY 2014FY 2015FY 2014FY 2015
(Plans)
OriginalRevised
upon
1H results
announce-
ment
TotalToyota 7,352 8,871 9,116 9,100 9,050 4,468 4,477 4,648 4,573
Nissan *5 4,456 4,914 5,188 5,650 5,450 2,439 2,581 2,749 2,869
Honda 3,108 4,014 4,323 4,830 4,620 2,046 2,132 2,277 2,488
Suzuki 2,560 2,661 2,711 2,756 2,812 1,272 1,380 1,439 1,432
Mazda 1,016 1,053 1,115 1,200 1,205 524 582 591 623
Mitsubishi 1,001 987 1,047 1,182 1,089 499 521 548 568
Daihatsu 973 1,042 1,109 1,095 1,075 519 503 590 572
FHI 640 724 825 916 909 393 432 432 477
Isuzu 381 534 495 517 511 255 243 240 268
Hino 129 155 166 177 172 79 78 87 94
Total 20,514 23,758 24,820 26,151 25,646 11,896 12,348 12,924 13,298
JapanToyota 2,071 2,279 2,365 2,210 2,190 1,101 1,030 1,264 1,160
Nissan 639 647 719 640 640 315 291 404 349
Honda 588 692 818 990 890 320 378 498 512
Suzuki 596 672 728 675 675 341 367 387 308
Mazda 226 226 250 235 230 116 94 134 136
Mitsubishi 152 134 143 147 110 66 57 77 53
Daihatsu 606 655 701 663 663 322 307 379 356
FHI 172 163 182 195 167 87 72 95 95
Isuzu 54 63 68 74 74 32 36 36 38
Hino 37 44 52 50 54 21 25 31 29
Total 4,498 4,876 5,273 5,166 4,976 2,378 2,325 2,895 2,651
Outside
Japan
Toyota 5,281 6,592 6,751 6,890 6,860 3,367 3,447 3,384 3,413
Nissan 3,817 4,267 4,469 5,010 4,810 2,124 2,290 2,345 2,520
Honda 2,520 3,322 3,505 3,840 3,730 1,726 1,754 1,779 1,976
Suzuki 1,964 1,989 1,983 2,081 2,137 931 1,013 1,052 1,124
Mazda 790 827 865 965 975 408 488 457 487
Mitsubishi 849 853 904 1,035 979 433 464 471 515
Daihatsu 368 387 408 432 412 197 197 211 215
FHI 468 561 643 721 743 305 360 338 383
Isuzu 327 471 427 443 437 223 207 204 230
Hino 92 111 114 127 118 58 53 56 65
Total 16,016 18,882 19,547 20,985 20,671 9,517 10,023 10,030 10,648
Source: OEMs' financial flash reports and earnings announcements
(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 (same for the tables hereafter). Consolidated unit sales include components for production.
4. Toyota revised its total group unit sales downward to 10.10 million from 10.25 million for FY 2015 including the units of non-consolidated JVs. It achieved 10.13 million unit sales in FY 2014 and 5.03 million units in the first half FY 2015.
5. Nissan's figures for FY 2013 and later represent global sales volumes while those up to FY 2012 show consolidated volumes. This is because the company's accounting method was changed in FY 2014.
6. Honda has changed its range of disclosed items for its unit sales from FY 2013. Before FY 2013, 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 FY 2013, 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" are now disclosed as the "Honda group unit sales." Honda's figure in the table above shows "Honda group unit sales," starting from the FY 2012.
7. Suzuki's sales volume shows the number of Suzuki brand vehicles, excluding those supplied under the agreements with other automakers. The FY 2015 overseas sales include some estimated values by Suzuki.
8. Daihatsu and Hino show the sales volumes of their own brand vehicles (Toyota's sales volume includes those of Daihatsu and Hino).
9. The planned figures for the second half of FY 2015 are calculated values based on the ten companies' FY 2015 full-year plans and the first half-year performances.

Seven Japanese passenger car OEMs' sales volumes by region

(in 1,000 units)
ToyotaNissanHondaSuzukiMazdaMitsubishiFHITotal
JapanFY 2012 2,071 655 588 596 206 152 172 4,440
FY 2013 2,279 647 692 672 216 134 163 4,803
FY 2014 2,365 719 818 728 244 143 182 5,199
FY 2015 plan (original) 2,210 640 990 675 230 147 195 5,087
FY 2015 outlook
(upon 1H results announcement)
2,190 640 890 675 225 110 167 4,897
North
America
FY 2012 1,872 1,404 1,323 32 372 106 309 5,418
FY 2013 2,469 1,466 1,731 30 372 85 390 6,543
FY 2014 2,529 1,648 1,757 - 391 97 478 6,900
FY 2015 plan (original) 2,620 1,760 1,810 - 440 109 531 7,270
FY 2015 outlook
(upon 1H results announcement)
2,740 1,810 1,810 - 440 116 554 7,470
EuropeFY 2012 798 713 158 223 183 218 55 2,348
FY 2013 799 660 171 197 172 181 61 2,241
FY 2014 844 676 169 205 207 202 47 2,350
FY 2015 plan (original) 850 780 170 208 220 225 60 2,513
FY 2015 outlook
(upon 1H results announcement)
870 780 170 200 230 213 55 2,518
Asia &
others
FY 2012 2,611 2,073 1,039 1,710 486 525 104 8,548
FY 2013 3,324 2,141 1,420 1,761 475 587 110 9,818
FY 2014 3,378 2,145 1,579 1,778 489 605 118 10,092
FY 2015 plan (original) 3,420 2,470 1,860 1,873 530 701 130 10,984
FY 2015 outlook
(upon 1H results announcement)
3,250 2,220 1,750 1,937 525 650 133 10,984
TotalFY 2012 7,352 4,845 3,108 2,560 1,247 1,001 640 20,753
FY 2013 8,871 4,914 4,014 2,660 1,235 987 724 23,405
FY 2014 9,116 5,188 4,323 2,711 1,331 1,047 825 24,541
FY 2015 plan (original) 9,100 5,650 4,830 2,756 1,420 1,182 916 25,854
FY 2015 outlook
(upon 1H results announcement)
9,050 5,450 4,620 2,812 1,420 1,089 909 25,350
Source: OEMs' financial flash reports and earnings announcements
(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 up to FY 2011 are based on unit sales. From FY 2012, 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 FY 2011 performance).

Ten Japanese OEMs' consolidated revenues

(in 100 millions of JPY)
FY 2012FY 2013FY 2014FY 2015 (Plans)First halfSecond half
FY 2014FY 2015FY 2014FY 2015
(Plans)
OriginalUpon
1H results
announce-
ment
RevenueToyota 185,837 220,641 256,919 257,000 265,000 125,374 129,455 131,545 135,545
Nissan *2 94,090 87,373 104,825 107,900 108,000 47,562 51,446 57,263 56,554
Honda 79,481 98,779 118,424 127,500 127,500 57,243 60,030 61,181 67,470
Suzuki 25,122 25,783 29,383 30,000 30,000 13,702 14,307 15,681 15,693
Mazda 20,331 22,053 26,922 29,000 29,300 12,543 14,539 14,379 14,761
Mitsubishi 18,073 18,151 20,934 23,000 21,800 9,290 10,351 11,644 11,449
Daihatsu 16,313 17,649 19,132 18,300 18,000 9,001 8,486 10,131 9,514
FHI 15,171 19,130 24,081 27,200 27,800 11,256 13,102 12,825 14,698
Isuzu 14,001 16,556 17,609 18,400 18,500 8,752 8,821 8,857 9,679
Hino 13,146 15,414 16,996 16,000 16,600 8,354 7,916 8,642 8,684
Total 452,105 508,466 599,097 620,000 627,900 285,722 302,051 313,375
Revenue
in Japan
Toyota 56,621 55,026 64,067
Nissan 19,466 19,041 20,771 9,266 8,814 11,506
Honda 15,179 16,530 19,125 7,819 9,033 11,306
Suzuki 9,868 10,409 11,327 10,500 10,500 5,043 5,207 6,284 5,293
Mazda 5,602 5,880 6,557 6,300 6,200 3,052 2,613 3,505 3,587
Mitsubishi 3,571 3,295 4,741 5,000 4,400 2,026 2,127 2,715 2,273
Daihatsu 11,608 11,820 12,629 5,764 5,457 6,865
FHI 4,985 6,718 6,721 7,032 6,582 3,306 2,928 3,415 3,654
Isuzu 5,584 5,922 6,306 6,600 6,600 2,894 3,301 3,412 3,299
Hino 8,926 9,854 10,837
Total 120,877 122,821 139,615
Revenue
outside
Japan
Toyota 129,215 165,615 192,852
Nissan 74,624 68,332 84,054 38,296 42,632 45,757
Honda 64,302 82,249 99,299 49,424 50,997 49,875
Suzuki 15,254 15,374 18,056 19,500 19,500 8,659 9,100 9,397 10,400
Mazda 14,729 16,173 20,365 22,700 23,100 9,491 11,926 10,874 11,174
Mitsubishi 14,502 14,856 16,193 18,000 17,400 7,264 8,224 8,929 9,176
Daihatsu 4,705 5,829 6,503 3,237 3,029 3,266
FHI 10,186 12,411 17,361 20,168 21,218 7,951 10,174 9,410 11,044
Isuzu 8,417 10,634 11,303 11,800 11,900 5,858 5,520 5,445 6,380
Hino 4,220 5,560 6,159
Total 331,228 385,644 459,483
Source: OEMs' financial flash reports and earnings announcement documents
(Note) 1. Japan/overseas revenues represent revenues by the external customer locations. Blanks mean that the data are not announced by the automakers (same for the tables hereafter).
2. In FY 2014, Nissan changed the consolidation method for its Chinese JVs from the proportionate consolidation method to the equity method. Nissan's FY 2013 data in the table have been revised retroactively. Using the proportionate consolidation method, revenues are calculated as JPY 9.63 trillion in FY 2013, JPY 11.43 trillion in FY 2014, and JPY 11.95 trillion for the FY 2015 original plan.

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

(in 100 millions of JPY)
FY 2012FY 2013FY 2014FY 2015 (Plans)First halfSecond half
FY 2014FY 2015FY 2014FY 2015
(Plans)
OriginalUpon
1H results
announce-
ment
Operating
profit
Toyota 3,556 13,208 22,921 23,000 25,000 12,554 13,519 10,367 11,481
Nissan 5,458 4,388 4,984 5,350 5,350 2,219 2,619 2,765 2,731
Honda 2,313 5,448 7,502 7,600 7,700 3,564 3,624 3,938 4,076
Suzuki 1,193 1,446 1,877 1,880 1,880 903 905 974 975
Mazda (387) 539 1,821 2,100 2,100 740 1,040 1,081 1,060
Mitsubishi 637 674 1,234 1,350 1,350 508 627 726 723
Daihatsu 1,155 1,330 1,467 1,400 1,100 702 371 765 729
FHI 440 1,204 3,265 3,400 3,820 1,507 1,857 1,758 1,963
Isuzu 974 1,308 1,742 1,650 1,650 903 770 839 880
Hino 375 651 1,122 900 1,000 605 493 517 507
Total 14,184 28,215 45,346 46,330 48,850 22,898 24,961 22,448 23,889
Current
profit
Toyota 4,328 14,036 24,410 23,900 27,000 13,435 15,091 10,975 11,909
Nissan 5,351 5,044 5,272 6,200 6,200 2,313 3,282 2,959 2,918
Honda 2,574 4,888 7,289 7,450 7,650 3,376 3,786 3,913 3,864
Suzuki 1,306 1,556 1,978 1,980 1,980 924 972 1,054 1,008
Mazda (368) 331 1,407 2,100 2,100 363 1,071 1,044 1,029
Mitsubishi 609 939 1,295 1,380 1,380 610 736 685 644
Daihatsu 1,282 1,481 1,634 1,530 1,260 780 457 854 803
FHI 373 1,006 3,144 3,300 3,700 1,462 1,760 1,682 1,940
Isuzu 1,029 1,417 1,866 1,750 1,750 966 847 900 903
Hino 346 669 1,091 860 970 575 509 516 461
Total 15,202 29,217 46,661 48,060 51,760 23,449 27,545 23,212 24,215
Net
profit
Toyota 2,835 9,621 18,231 17,800 20,000 10,006 11,268 8,225 8,732
Nissan 3,414 3,411 3,890 4,050 4,050 1,898 2,370 1,992 1,680
Honda 2,114 3,671 5,741 5,950 5,650 2,428 2,884 3,313 2,766
Suzuki 539 804 1,075 1,150 1,150 517 539 558 611
Mazda (1,077) 343 1,357 1,600 1,600 250 933 1,107 667
Mitsubishi 239 380 1,047 1,100 1,100 467 609 580 491
Daihatsu 651 814 836 820 670 367 204 469 466
FHI 385 1,196 2,066 2,150 2,410 998 1,130 1,068 1,280
Isuzu 913 965 1,193 1,000 1,000 568 496 625 504
Hino 163 477 891 580 650 396 327 495 323
Total 9,362 20,391 34,600 34,800 36,960 17,132 20,229 17,468 16,731
Source: OEMs' financial flash reports and earnings announcement documents
(Note) 1. The Current Profit data of Toyota and Honda shows respective pre-tax current profits since they adopt the U.S. Generally Accepted Accounting Principles.
2. In FY 2014, Nissan changed the consolidation method for its Chinese JVs from the proportionate consolidation method to the equity method. Nissan's FY 2013 data in the table has been revised retroactively. Using the proportionate consolidation method, operating profits are calculated as JPY 523.5 billion in FY 2013, JPY 605.7 billion in FY 2014, and JPY 680 billion for the FY 2015 original plan. In the same way, current profits are calculated as JPY 529.3 billion in FY 2013, JPY 552.4 billion in FY 2014, and JPY 675 billion for the FY 2015 original plan.
3. Honda revised its method of depreciation for its tangible fixed assets (excluding operating lease assets) from a fixed percentage method to a straight-line method from FY 2013. As a result, the net profit for FY 2013 increased by JPY 35.7 billion from the previous method.

Ten Japanese OEMs' operating profit ratios

 FY 2012FY 2013FY 2014FY 2015 (Plans)First halfSecond half
FY 2014FY 2015FY 2014FY 2015
(Plans)
OriginalUpon
1H results
announce-
ment
Toyota 1.9% 6.0% 8.9% 8.9% 9.4% 10.0% 10.4% 7.9% 8.5%
Nissan 5.8% 5.0% 4.8% 5.0% 5.0% 4.7% 5.1% 4.8% 4.8%
Honda 2.9% 5.5% 6.3% 6.0% 6.0% 6.2% 6.0% 6.4% 6.0%
Suzuki 4.7% 5.6% 6.4% 6.3% 6.3% 6.6% 6.3% 6.2% 6.2%
Mazda -1.9% 2.4% 6.8% 7.2% 7.2% 5.9% 7.2% 7.5% 7.2%
Mitsubishi 3.5% 3.7% 5.9% 5.9% 6.2% 5.5% 6.1% 6.2% 6.3%
Daihatsu 7.1% 7.5% 7.7% 7.7% 6.1% 7.8% 4.4% 7.6% 7.7%
FHI 2.9% 6.3% 13.6% 12.5% 13.7% 13.4% 14.2% 13.7% 13.4%
Isuzu 7.0% 7.9% 9.9% 9.0% 8.9% 10.3% 8.7% 9.5% 16.6%
Hino 2.9% 4.2% 6.6% 5.6% 6.0% 7.2% 6.2% 6.0% 5.8%
Total 3.1% 5.5% 7.6% 7.5% 7.8% 8.0% 8.3% 7.2% 7.3%


Statistics2

 

Exchange rate of yen to dollar and euro by ten Japanese OEMs (Results and outlooks)

(JPY)
FY 2012FY 2013FY 2014FY 2015 (Plans)First halfSecond half
FY 2014FY 2015FY 2014FY 2015
(Plans)
OriginalUpon
1H results
announce-
ment
USDToyota 79 83 100 100 104 99 103 101 105
Nissan 79.1 82.9 100.2 100 104.0 98.9 103.0 101.5 105
Honda 79 84 100 100 104 99 103 101 105
Suzuki 79 83 100 100 104 99 103 101 105
Mazda 79 83 100 100 102 99 103 101 101
Mitsubishi 79 82 100 100 105 98 103 102 106
Daihatsu 80 84 99 100 104 97 102 101 106
FHI 79 82 100 100 104 98 102 102 106
Isuzu 79 82 98 100 104 96 103 100 105
Hino 79 82 100 100 104 98 102 102 106
Average 79.1 82.8 99.7 100.0 103.9 98.2 102.7 101.3 105.1
EuroToyota 109 107 134 140 137 130 139 138 135
Nissan 109.0 106.8 134.2 140.0 138.0 130.0 138.9 138.4 137.1
Honda 108 108 136 135 137 130 139 142 135
Suzuki 109 107 134 135 138 130 139 138 137
Mazda 109 107 134 135 137 130 139 138 135
Mitsubishi 111 105 134 138 138 129 139 139 137
Daihatsu 109 0 0
FHI 108 106 133 135 137 129 139 137 135
Isuzu 0 0
Hino 0 0
Average 109.0 106.7 134.2 136.9 137.4 129.7 139.0 138.6 135.9

Source: OEMs' financial flash reports, financial results, and press releases
(Note) If an OEM announced multiple figures for the exchange rate, the rate used for sales is included in the table above.

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

(in 100 millions of JPY)
FY 2012FY 2013FY 2014FY 2015 (Plans)First halfSecond half
FY 2014FY 2015FY 2014FY 2015
(Plans)
OriginalRevised
upon
1H results
announce-
ment
TotalOperating profit 14,184 29,062 45,346 46,330 48,850 22,898 24,961 22,448 23,889
Changes in operating profits (5,003) 14,877 16,283 983 3,503 8,232 2,063 8,051 1,440
Changes in sales 1,518 10,774 4,600 3,050 2,345 288 766 4,312 1,579
Impact from exchange fluctuation (6,575) 2,574 18,647 (2,477) 432 10,904 1,410 7,743 (978)
Cost reduction, etc. 2,153 9,426 6,303 3,688 4,247 2,486 2,513 3,817 1,734
Overhead, R&D cost, etc. (2,226) (7,000) (10,674) (4,388) (4,531) (4,376) (2,521) (6,298) (2,010)
Others 127 (897) (2,593) 1,110 1,010 (1,070) (105) (1,523) 1,115
ToyotaOperating profit 3,556 13,208 22,921 23,000 25,000 12,554 13,519 10,367 11,481
Changes in operating profits (1,126) 9,652 9,712 79 2,079 5,617 965 4,095 1,114
Business/sales 1,500 6,500 1,800 (450) (100) 400 (200) 1,400 100
Cost improvement 1,500 4,500 2,900 1,650 2,150 1,400 1,200 1,500 950
Financial business 0 0
Impact from exchange fluctuation (2,500) 1,500 9,000 (950) 400 5,400 700 3,600 (300)
Miscellaneous expenditures (1,000) (3,000) (4,800) (2,000) (2,200) (1,900) (1,300) (2,900) (900)
(thereof:)R&D cost (500) (200) (1,000) (500) 0
(thereof:)Facility cost 300 200 100 (350) 0
(thereof:)Labor cost (1,000) (700) (1,000) (650) 0
(thereof:)Others 200 (2,300) (2,900) (500) 0
Others (626) 152 812 1,829 1,829 317 564 495 1,265
Nissan
*1
Operating profit 5,458 5,235 4,984 5,350 5,350 2,219 2,619 2,765 2,731
Changes in operating profits 83 (223) (251) 366 366 (651) 400 400 (34)
Impact from exchange fluctuation (1,700) 302 2,476 (550) (550) 1,449 173 1,027 (723)
Sales volume/mix 2,236 (572) 704 250 250 (607) 270 1,311 (20)
Purchasing cost, etc. 845 1,904 2,026 850 850 857 525 1,169 325
Production& QC related costs (537) (1,089) (461) (153) (628) 153
Sales finance 498 2 0 0
Reserve for loss of leasing 0 0
R&D cost (331) (370) (242) (154) (44) (88) 44
Sales cost (1,513) (535) (2,665) (1,061) (347) (1,604) 347
Effect on equity method (1,073) (428) (645) 0
Others 48 (417) (388) (184) (184) (246) (24) (142) (160)
HondaOperating profit 2,313 5,448 7,502 7,600 7,700 3,564 3,624 3,938 4,076
Changes in operating profits (3,384) 3,134 2,054 97 197 795 60 1,259 137
Sales fluctuation, vehicle type mix, etc. (1,551) 2,934 533 1,257 737 (120) (67) 653 804
Impact from exchange fluctuation (1,140) 358 2,887 (670) (10) 1,766 (7) 1,121 (3)
Cost reduction, etc. (928) 1,666 150 500 430 (351) 403 501 27
R&D cost (322) (404) (493) (120) (120) (138) (106) (355) (14)
Sales administration cost 558 (1,419) (1,023) (870) (840) (361) (160) (662) (680)
Impact from the Earthquakes 0 0
Suzuki *2Operating profit 1,193 1,446 1,877 1,880 1,880 903 905 974 975
Changes in operating profits 124 253 431 3 3 242 2 189 1
Sales, vehicle type mix, etc. (542) 327 478 33 (107) 178 (57) 300 (50)
Impact from exchange fluctuation (289) (69) 543 (90) 50 342 47 201 3
Cost reduction 226 284 252 250 250 92 81 160 169
Depreciation 353 94 (235) (80) (80) (59) (127) (176) 47
R&D cost (57) (95) (78) (30) (30) (17) (7) (61) (23)
Miscellaneous expenditures 433 (288) (529) (80) (80) (294) 65 (235) (145)
MazdaOperating profit (387) 539 1,821 2,100 2,100 740 1,040 1,081 1,060
Changes in operating profits (625) 926 1,282 279 279 625 300 657 (21)
Sales volume/vehicle type mix (363) 338 550 600 600 213 381 337 219
Impact from exchange fluctuation (376) 184 1,127 (30) 60 603 133 524 (73)
Improving product appeal 0 0
Cost reduction 56 367 220 100 150 107 115 113 35
Material cost 0 0
Sales cost (27) (68) (192) (150) (150) (124) (109) (68) (41)
Others 85 105 (423) (241) (381) (174) (220) (249) (161)
MitsubishiOperating profit 637 674 1,234 1,350 1,350 508 627 726 723
Changes in operating profits 234 37 560 116 116 200 119 360 (3)
Sales volume/vehicle type mix 168 123 (48) 310 10 (102) 12 54 (2)
Impact from exchange fluctuation (105) (34) 659 (130) 40 307 140 352 (100)
Impact from exchange fluctuation 272 432 404 180 250 190 118 214 132
Cost reduction, etc. 0 0
Others (106) (323) (152) (174) (144) (14) (126) (138) (18)
Sales cost 5 (161) (303) (70) (40) (181) (25) (122) (15)
US sales finance business 0 0
Daihatsu *3Operating profit 1,154 1,330 1,467 1,400 1,100 702 371 765 729
Changes in operating profits 120 176 137 (67) (367) (34) (331) 171 (36)
Sales/vehicle type mix 237 267 393 (70) (210) (25) (121) 418 (89)
Impact from exchange fluctuation (39) 55 88 (170) (130) 117 (83) (29) (47)
Cost reduction 78 55 60 60 70 22 30 38 40
Sales cost 0 0
Miscellaneous expenditures (156) (202) (404) 113 (97) (148) (157) (256) 60
FHI *4Operating profit 440 1,204 3,265 3,400 3,820 1,507 1,857 1,758 1,963
Changes in operating profits (401) 764 2,061 135 555 1,074 350 987 205
Sales mix difference 12 817 511 920 855 213 452 298 403
Impact from exchange fluctuation (420) 293 1,702 (37) 412 872 215 830 197
Cost reduction, etc. (22) 315 197 70 109 135 50 62 59
Testing & research cost (52) (10) (109) (139) (239) (50) (65) (59) (174)
Miscellaneous expenditures 80 (650) (240) (679) (582) (96) (302) (144) (280)
IsuzuOperating profit 974 1,308 1,742 1,650 1,650 903 770 839 880
Changes in operating profits 92 334 434 (92) (92) 330 (133) 104 41
Sales fluctuation/vehicle type mix 58 307 72 130 100 113 (25) (41) 125
Impact from exchange fluctuation (45) 40 253 (20) 30 165 9 88 21
Changes in economic conditions (74) 44 (45) (40) (30) (4) (17) (41) (13)
Streamlining 112 89 202 150 150 89 66 113 84
Cost reduction, etc. 92 (131) (48) (62) (92) (33) (45) (15) (47)
Growth strategy-related cost (250) (250) (121) (129)
Impact from previous FY (loss from the Earthquake, etc.) (51) (15)
Profitability improvement, etc.
Facility, R&D related
Changed accounting period of subsidiaries
HinoOperating profit 375 651 1,122 900 1,000 605 493 517 507
Changes in operating profits 86 276 471 (222) (122) 308 (112) 163 (10)
Impact from sales 360 308 180 (100) (90) 110 (64) 70 (26)
Changes in business climate (308) 28 215 (195) (115) 195 (79) 20 (36)
Cost reduction 186 199 195 200 210 82 89 113 121
Cost fluctuation, etc. (152) (198) (119) (127) (127) (79) (58) (40) (69)
Impact from the Earthquake (61) 0
Changes in sales volume
Source: OEMs' financial flash reports and earnings announcements
(Note) 1. Nissan did not announce outlooks for profit increase/decrease factors for FY 2015 at the time of results announcement for the FY 2015 1H period. Increase/decrease factors, therefore, are assumed to be unchanged. 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.

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

(in 100 million of JPY)
FY 2012FY 2013FY 2014FY 2015 (Plans)First halfSecond half
FY 2014FY 2015FY 2014FY 2015
(Plans)
OriginalRevised
upon
1H results
announce-
ment
Capital
expenditure
Toyota 7,067 8,527 10,007 10,200 10,300 4,272 4,402 5,735 5,898
Nissan 4,064 4,687 5,363 5,250 5,250 2,223 1,760 2,464 3,490
Honda 4,065 5,936 7,261 6,500 6,700 3,037 3,002 2,899 3,698
Suzuki 1,267 1,693 2,136 2,300 2,300 1,010 944 683 1,356
Mazda 780 772 1,332 1,500 1,500 487 546 285 954
Mitsubishi 710 514 722 900 900 328 228 186 672
Daihatsu 693 731 973 1,150 1,200 379 682 352 518
FHI 543 702 685 1,200 1,200 273 597 429 603
Isuzu 333 575 819 1,000 1,000 348 327 227 673
Hino 429 499 662 890 890 159 223 340 667
Total 18,829 23,406 28,325 28,850 29,150 11,978 11,806 12,908 17,344
DepreciationToyota 7,329 7,273 7,759 8,100 8,100 3,687 3,762 3,586 4,338
Nissan 3,344 2,966 3,471 3,750 3,750 1,560 1,799 1,406 1,951
Honda 2,937 2,866 3,758 4,150 4,150 1,842 1,978 1,024 2,172
Suzuki 1,031 937 1,172 1,250 1,250 517 644 420 606
Mazda 688 600 577 700 700 268 322 332 378
Mitsubishi 534 503 527 580 580 260 252 243 328
Daihatsu 611 562 596 670 700 284 323 278 377
FHI 537 559 549 660 660 260 277 299 383
Isuzu 360 356 416 470 470 195 229 161 241
Hino 435 408 379 410 410 188 180 220 230
Total 16,760 16,060 18,229 19,660 19,660 8,589 9,263 7,471 10,397
R&D costToyota 7,798 8,074 9,105 9,600 9,800 4,769 4,894 3,305 4,906
Nissan 4,280 4,578 5,006 5,000 5,000 2,343 2,414 1,937 2,586
Honda 5,198 5,602 6,341 6,450 6,450 2,927 3,054 2,271 3,396
Suzuki 1,098 1,193 1,271 1,300 1,300 595 602 503 698
Mazda 917 899 994 1,000 1,100 494 550 423 550
Mitsubishi 550 599 675 720 720 317 344 233 376
Daihatsu 338 357 464 460 460 210 230 128 230
FHI 481 491 601 740 840 299 363 182 477
Isuzu 588 612 666 760 760 339 370 249 390
Hino 404 434 463 520 530 216 222 188 308
Total 20,910 22,048 24,659 25,570 25,970 12,083 12,591 9,103 13,379

Source: OEMs' financial flash reports and earnings announcements
(Note) Honda revised its method of depreciation for its tangible fixed assets (excluding operating lease assets) from a fixed percentage method to a straight-line method from FY 2013. As a result, the depreciation cost for FY 2013 decreased by JPY 56.3 billion from the previous method.

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