Japanese OEMs aim to continue record-breaking profits in FY 2016

Despite expected slowdown in growth, OEMs maintain aggressive sales plans

2015/06/03

Summary

Ten Japanese OEMs' Consolidated Sales Total financial results of ten Japanese OEMs set new records in the fiscal year ended in March 2015 (FY 2015: Nissan, Mitsubishi, and Suzuki uses "FY 2014" 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); consolidated sales were up 7.2% year-over-year (y/y), operating profit was up 12.6% y/y, and net profit increased 12.9% y/y. However, the rate of growth declined compared to that of FY 2013 and FY 2014. While the OEMs have targeted setting new records in FY 2016 as well, the y/y rates of growth are predicted to decline even further. They are aiming for a 4.4% increase in sales, a 4.6% increase in operating profit, and a 3.8% increase in net profit.

 Contrasts can be seen in performance by region. On one hand, the North American market is expected to remain strong and the European market will see continued improvement. On the other hand, the Japanese market is forecast to shrink. In addition, the OEMs are concerned about lower performance in emerging countries (mainly in Asia), as the Chinese market is forecast to slowdown, and the recoveries in the Thai and Indonesian markets are slower than expected. Nevertheless, the Japanese OEMs have announced aggressive sales plans for Asia and other emerging markets, where they target selling 491,000 units more, which will be a 4.8% increase y/y.

 While favorable currency exchange gains increased operating profits in FY 2014 and FY 2015, operating profits are expected to be JPY 165.3 billion lower in FY 2016, as a result of lower valuations of emerging-countries' currencies.

 Under these circumstances, Japanese OEMs which have improved their profitability, plan to spend record amounts in capital investments (JPY 3.06 trillion) and R&D (JPY 2.82 trillion) in FY 2016 to enhance their competitive strength. Toyota Motor Corporation, which had postponed plans to build new production plants for three years, announced in April 2015 that it would build new plants in China and Mexico.


Related reports:
2015 Japanese market (Part 1): Outlook and vehicle tax revision (Feb. 2015)
2015 Japanese market (Part 2): Suzuki and Honda expand market shares (Feb. 2015)
Japanese OEMs surpass global production record for third consecutive year (May 2015)



Ten Japanese OEMs' FY 2016 financial results set to make new records

Eight Japanese OEMs' Operating profit margin The FY 2015 consolidated sales of 10 Japanese OEMs was JPY 64.24 trillion (7.2% increase y/y), the operating profit was JPY 5.1 trillion (12.6% increase y/y), and the net profit was JPY 3.91 trillion (12.9% increase y/y). However, the FY 2015 rate of growth was  lower, compared to that in FY 2013 and FY 2014 when there was a rapid recovery from the global financial crisis and the Great East Japan Earthquake that occurred in March 2011.

 Even though the 10 OEMs plan to increase their sales and profits in FY 2016 as well, they expect lower rates of growth. They have targeted a 4.4% increase in sales, a 4.6% increase in operating profit, and a 3.8% increase in net profit.

 The average operating profit margin among the 10 OEMs is forecast to be 8.0%, a relatively high percentage. (It was 7.9% in FY 2014.) By OEM, Fuji Heavy Industries, Ltd. (FHI), the maker of Subaru automobiles, is expecting a big increase in its operating profit margin at 16.6%. (It was 14.7% in FY 2015.) Toyota is planning to achieve an operating profit margin of 10.2%. (It was 10.1% in FY 2015.)
 The OEMs are reflecting current developments taking place in their major markets, into their financial plans. For example, Nissan Motor Co., Ltd. which is achieving strong results in North America, is predicting that its FY 2016 operating profit will grow by 14.5% (to JPY 675 billion); and FHI is predicting that its operating profit will grow by 18.9% (to JPY 503 billion). Nissan, in its FY 2015 financial statements stated, “Robust demand, especially for new products for North America and Western Europe, offset challenging market conditions in Japan and several emerging markets.” In FY 2016 Nissan is targeting increased sales in Asia and other emerging countries, as well as in North America and Europe.

 Toyota, which is keeping a careful watch on the situation, plans to set new records in FY 2016 also, but it is predicting only very slight increases y/y in terms of sales (1.0%) and operating profit (1.8%). Moreover, it is even predicting a y/y decrease in consolidated unit sales by 0.8%. Honda Motor Co., Ltd., in its FY 2015 financial statements, reported its first decrease in operating profit in three years, due to lower sales in Japan and North America, and expenses it incurred for quality-control issues. Honda is predicting that it will achieve a 9.5% y/y increase in sales and a 1.3% increase in operating profit in FY 2016, as a result of currency exchange loss and further expenses still, to respond to quality-control issues that occurred during FY 2015. Daihatsu Motor Co., Ltd. is predicting lower sales and profits. Mitsubishi Motors Corporation is predicting lower operating profit.


Ten Japanese OEMs' consolidated sales and profit

(in 100 millions of JPY )
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Plan
Sales 493,626 436,356 464,621 452,105 508,466 599,097 642,438 670,600
Operating profit (3,410) 9,640 19,187 14,184 28,215 45,346 51,040 53,380
Operating profit margin -0.7% 2.2% 4.1% 3.1% 5.5% 7.6% 7.9% 8.0%
Net profit (7,294) 5,393 13,640 9,362 20,391 34,600 39,066 40,570
Percentage change from the previous year
Sales 88.4% 106.5% 97.3% 112.5% 117.8% 107.2% 104.4%
Operating profit - 199.0% 73.9% 198.9% 160.7% 112.6% 104.6%
Net profit - 252.9% 68.6% 217.8% 169.7% 112.9% 103.8%
Source: OEMs' financial reports

 

Ten OEMs' FY2016 targets

Consolidated sales (in 100 Mil.JPY) Operating profit (in 100 Mil. JPY) Unit sales (in 1,000 units)
FY 2015 FY 2016
Plan
YoY
2015-2016
FY 2015 FY 2016
Plan
YoY
2015-2016
FY 2015 FY 2016
Plan
YoY
2015-2016
Toyota 272,345 275,000 1.0% 27,506 28,000 1.8% 8,972 8,900 -0.8%
Nissan 113,752 121,000 6.4% 5,896 6,750 14.5% 5,318 5,550 4.4%
Honda 126,467 138,500 9.5% 6,516 6,600 1.3% 4,364 4,655 6.7%
Suzuki 30,155 31,000 2.8% 1,794 1,900 5.9% 2,867 2,979 3.9%
Mazda 30,339 32,500 7.1% 2,029 2,100 3.5% 1,397 1,490 6.6%
Mitsubishi 21,807 22,800 4.6% 1,359 1,250 -8.0% 1,090 1,100 0.9%
Daihatsu 18,171 17,700 -2.6% 1,106 1,000 -9.6% 1,085 1,065 -1.8%
FHI 28,779 30,300 5.3% 4,230 5,030 18.9% 911 928 1.9%
Isuzu 18,794 19,500 3.8% 1,711 1,750 2.3% 511 520 1.2%
Hino 16,853 17,400 3.2% 1,055 1,100 4.2% 169 178 5.3%
Total 642,438 670,600 4.4% 51,041 53,380 4.6% 25,430 26,122 2.7%
Source: OEMs' financial reports
Notes 1. Since amounts for Daihatsu and Hino Motors, Ltd. are included in Toyota's consolidated financial statements, results for eight OEMs are shown in "Total". The same applies to all of the total amounts in the tables below.
2. From FY 2014, Nissan changed the accounting basis for its Chinese operations, from a pro-rata-consolidated basis to the equity-method basis. On a pro-rata-consolidated basis, FY 2015 sales were JPY 12.41 trillion, and FY 2016 estimated sales are JPY 13.27 trillion.
3. From FY 2016, Honda will make its financial statements based on the International Financial Reporting Standards (IFRS), changing from the Generally Accepted Accounting Principles (GAAP) used in the US. In order to give equal y/y comparisons in this report, the FY 2016 estimates are still based on GAAP. Honda's estimated FY 2015 figures based on IFRS are as follows: consolidated sales of JPY 14.50 trillion, and an operating profit of JPY 685 billion.
4. Financial results are not disclosed by Mitsubishi Fuso Truck and Bus, and for UD Trucks.
5. Unit sales by Toyota, FHI, and Isuzu Motors Limited are consolidated sales. For other OEMs, sales amounts are either retail-sale units or own-brand units. In either case, they are shown in OEMs' Supplemental Material for consolidated financial results. (The same applies to all of the total amounts in the tables below.)

 

 



Unit sales in North America remain strong, sales in Japan decrease

 The total global sales target for seven passenger-car OEMs (Daihatsu and Hino are included in Toyota's consolidated results) is 25.6 million units for FY 2016. Except for Toyota, all other passenger-car OEMs are targeting sales increases.

 When looking at sales targets by region, all the OEMs, which are operating in healthy North American market, are planning to expand unit sales there by an aggregate total of 415,000 units (5.6% increase y/y). In Japan, where the negative impact of the consumption tax increase is still hampering sales, all the OEMs, except for Mazda, have set lower sales targets. The aggregate decrease for all seven OEMs is 201,000 units, a 4.2% decrease y/y.

 In Asia and emerging markets elsewhere, i.e., all regions except for Japan, the U.S., and Europe, the OEMs plan to increase sales by 491,000 units. Looking at the major markets, we see that in China growth is slowing while competition is heating up. The market in Russia is continuing to shrink. The recoveries in Thailand and Indonesia, the two major automotive markets in Southeast Asia, are taking longer than expected. However, among all the OEMs, only Toyota is targeting lower sales in Asia and other emerging markets and all other OEMs are expecting sales expansion.

Seven Japanese passenger-car OEMs' unit sales by region

(in thousands of units)
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Plan
Japan 4,344 4,624 4,211 4,440 4,803 5,199 4,797 4,596
North America 5,599 5,148 5,510 5,418 6,543 6,900 7,402 7,817
Europe 2,916 2,352 2,335 2,348 2,241 2,350 2,479 2,456
Asia & other 6,824 7,087 8,509 8,548 9,818 10,092 10,242 10,733
Total 19,682 19,210 20,565 20,753 23,405 24,541 24,919 25,602

Source: OEMs' financial results

Seven Japanese passenger-car OEMs' unit sales
Toyota 7,567 7,237 7,308 7,352 8,871 9,116 8,972 8,900
Nissan 3,411 3,515 4,185 4,845 4,914 5,188 5,318 5,550
Honda 3,517 3,392 3,512 3,108 4,014 4,323 4,364 4,655
Suzuki 2,305 2,350 2,643 2,560 2,660 2,711 2,867 2,979
Mazda 1,261 1,193 1,273 1,247 1,235 1,331 1,397 1,490
Mitsubishi 1,066 960 987 1,001 987 1,047 1,090 1,100
FHI 555 563 657 640 724 825 911 928
Total 19,682 19,210 20,565 20,753 23,405 24,541 24,919 25,602

 Note: Daihatsu's and Hino's results are included in Toyota's consolidated unit sales.

 

 



Currency exchange loss predicted to reduce operating profit in FY 2016

Effects of changes in Exchange rates to Operating profit Currency exchange was favorable the past two years, increasing the ten OEMs' total operating profits by 1.87 trillion in FY 2014 and by 590 billion in FY 2015. However, in FY2016, the OEMs are predicting operating profits will drop by JPY 165 billion. Currency translation in FY 2015 worked favorably in terms of the Japanese yen to the US dollar, with the yen weakening by JPY 10, from JPY 100 to JPY 110 to the US dollar. However, in FY 2016, the yen is predicted to weaken by only JPY 5 to the US dollar. This will reduce profits. Also, weaker currencies such as the euro, Indonesian rupiah, and Russian ruble against the yen, will negatively impact results.

 Out of the ten OEMs, only FHI and Isuzu Motors are predicting higher results y/y because of currency exchange gains.

 Toyota predicts its results will improve by JPY 200 billion due to exchange gains from US dollars, but this will be offset by a exchange loss of JPY 75 billion from the Russian ruble and JPY 20 billion from Australian dollars. Honda, which has expanded its suppliers worldwide, is predicting its operating profit will be lower by JPY 106 billion due to the worsening profit levels at its plants in emerging countries that buy parts in US dollars. For Honda, foreign exchange gains from USD will result in a JPY 690 million increase of profit, but overall results will be lower by JPY 850 million due to the exchange loss of other foreign currencies, offsetting the profit increase.


Impact of foreign-currency translation on financial results

(in 100 millions of JPY)
FY 2014 FY 2015 FY 2016 Notes about FY2016
Toyota 9,000 2,800 (450) In terms of US dollars, JPY 200 billion gain. In terms of Russian rubles, JPY 75 billion decrease; and in terms of Australian dollars, JPY 200 billion decrease.
Nissan 2,476 686 (400)
Honda 2,887 790 (850) Predicting decrease of JPY 106 billion, due to worsening profit margins at plants in emerging markets, which buy parts in US dollars.
Suzuki 543 222 (90) In terms of the euro, JPY 9.8 billion gain. In terms of Indonesian rupiah and Thai baht, decreases. In terms of Indian rupees, JPY 3.5 billion gain.
Mazda 1,127 170 (340) Predicting USD 1=JPY 120
Mitsubishi 659 123 (410) Decreases in terms of Thai baht, JPY 16.5 billion; euro,JPY14.0 billion; and ruble, JPY 10.0 billion
Daihatsu 88 (76) (65) Weak Indonesian rupiah and Malaysian ringgit will negatively impact results
FHI 1,702 1,037 827 Predicting USD 1=JPY 118
Isuzu 253 83 60
Total 18,647 5,911 (1,653)
Source: OEMs' financial results, Nihon Keizai Newspaper 2015.5.20, Nikkan Kogyo Newspaper 2015.5.15
(Notes) 1-1. In its FY2015 financial statements, Toyota reported gains in terms of sales based on US dollars (JPY 380 billion) and on the euro (JPY 15 billion). The company reported decreases based on sales in all other currencies (JPY 110 billion). In the end, the company as a whole reported a gain of JPY 280 billion.
1-2. In its FY2015 financial statements, Nissan reported a gain in terms of sales based on US dollars (JPY 118.7 billion). However, the company reported decreases based on sales in Russian rubles (JPY 34.7 billion), Thai baht (JPY 11.7 billion), and Indian rupees (JPY 9.9 billion). The company as a whole reported a JPY 68.6 billion gain.
2. Hino does not provide data about foreign-currency translation.

 

Currency conversion rates used by ten Japanese OEMs

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Forecast
Dollar Toyota 101 93 86 79 83 100 110 115
Nissan 100.7 92.9 85.7 79.1 82.9 100.2 109.8 115.0
Honda 101 93 86 79 84 100 110 115
Suzuki 101 93 86 79 83 100 110 115
Mazda 101 93 86 79 83 100 110 120
Mitsubishi 101 92 85 79 82 100 109 117
Daihatsu 101 92 85 80 84 99 108 115
FHI 102 93 86 79 82 100 108 118
Isuzu 101 91 85 79 82 98 107 115
Hino 101 93 86 79 82 100 109 115
Average 101.1 92.6 85.7 79.1 82.8 99.7 109.1 116.0
Euro Toyota 144 131 113 109 107 134 139 125
Nissan 144.1 131.2 113.1 109.0 106.8 134.2 138.7 130.0
Honda 142 130 114 108 108 136 139 125
Suzuki 144 131 113 109 107 134 139 125
Mazda 144 131 113 109 107 134 139 130
Mitsubishi 144 130 113 111 105 134 139 127
Daihatsu 152 131 110 109
FHI 147 132 114 108 106 133 140 125
Average 145.1 130.9 112.9 109.0 106.7 134.2 139.1 126.7

Source: OEMs' financial results

 

 



Record-breaking spending planned for capital investments and R&D in FY 2016

Ten Japanese OEMs' Capital Investment and R&D costs The ten OEMs will increase their total spending on capital investments 6.2% y/y in FY 2016, to JPY 3.06 trillion. This is the first time that capital-investment spending will surpass the amount that was spent in FY 2008, the peak year.

 Toyota, which will spend JPY 1.2 trillion in capital investments, announced in April 2015 that it would build new plants in China and Mexico. It had put these construction projects of new plants on hold for three years. Toyota will build new plants or replace facilities at its existing plants when redesigning models to produce new models designed under the Toyota New Global Architecture (TNGA). Mitsubishi Motors will spend most of the JPY 105 billion targeted for capital investments, in its new production plant in Indonesia, which will go online in April 2017. FHI, which invested JPY 110.7 billion in FY 2015, plans to invest JPY 130 billion in FY 2016, in order to increase its North American production capacity, which was 200,000 units at the end of 2014, to 394,000 units by the end of 2016.

 In terms of spending on R&D, the OEMs plan to spend a record amount in FY 2016 (JPY 2.82 trillion) to enhance their competitive strength in areas such as green technology and safety technology.


Capital Investments and R&D costs

Capital Investments
(in 100 millions of JPY)
R&D costs
(in 100 millions of JPY)
FY 2008 FY 2014 FY 2015 FY2016
Plan
Toyota 14,802 10,007 11,774 12,000
Nissan 4,289 5,363 4,631 5,500
Honda 6,540 7,261 6,579 6,700
Suzuki 2,436 2,136 1,945 1,800
Mazda 755 1,332 1,310 1,050
Mitsubishi 567 722 680 1,050
Daihatsu 1,117 973 1,290 1,000
FHI 563 685 1,107 1,300
Isuzu 506 819 780 1,200
Hino 437 662 693 890
Total 30,458 28,325 28,806 30,600
FY 2008 FY2014 FY2015 FY 2016
Plan
9,588 9,105 10,045 10,500
4,575 5,006 5,061 5,300
5,879 6,341 6,626 7,100
1,087 1,271 1,259 1,300
1,144 994 1,084 1,250
776 675 746 820
442 464 452 500
520 601 835 970
603 666 776 910
395 463 501 580
24,172 24,659 26,432 28,150

Source: OEMs' financial results

 

 



Sales Forecast by LMC Automotive: Japan Light Vehicle sales will be 4.36 million units in 2018

(LMC Automotive, Quarter 1, 2015)

Japan Sales Forecast According to LMC Automotive's forecast (Q1, 2015), Light Vehicle sales in Japan will be 5.15 million units in 2015, down 5.4% from 2014 and 4.36 million units in 2018, down 19.8% from 2014.

 In 2014, Light vehicle sales in Japan increased by 3.5% to 5.4 million units. Q1 saw a buying rush resulting from the rise in the consumption tax from 5% to 8% in April. Although strong Q1 sales were partly offset by the ensuing bounceback, overall sales ended the year with a slight increase.

 Sales of Kei (mini) cars were particularly favorable in 2014; seven models among the top ten best-sellers were Kei cars.

 In 2014, sales of hybrid and plug-in hybrids increased by 10.3% to 1.03 million units, surpassing 1 million units for the first time. Demand for hybrids remains high accounting for 36.5% of Passenger Vehicles sales in Japan in January 2015.

 LMC Automotive's long-term view on Japan sales remains unchanged: the market in Japan will shrink gradually in line with the decreasing driving population.

 The global research company forecasts that Toyota Group's sales in Japan in 2018 will be 1.93 million units, down 14.8% from 2014. However, their market share in 2018 will be 44.2%, up by 2.6% from 41.6% in 2014.

 LMC Automotive also forecasts that Honda Group's sales in Japan in 2018 will be 710,000 units, down by 16.4% from 2014. Their market share will be, however, 16.3%, up by 0.7% from 2014.

 Renault-Nissan Group's sales in Japan in 2018 will be 539,000 units, down by 20.0% from 2014, and their market share will remain at 12.4%, the same rate as in 2014.

Japan sales forecast through 2018

GLOBAL MAKE 2012 2013 2014 2015 2016 2017 2018
Total 5,268,979 5,255,108 5,439,522 5,146,228 4,905,191 4,653,272 4,360,367
Toyota Group Toyota 1,613,112 1,516,002 1,487,958 1,470,160 1,482,002 1,304,581 1,325,787
Daihatsu 675,731 662,688 708,176 664,297 582,488 546,988 518,528
Lexus 43,116 46,769 44,196 73,240 90,310 86,727 75,779
Hino 16,411 18,323 22,455 13,107 10,925 10,654 8,701
Toyota Group sub-total 2,348,370 2,243,782 2,262,785 2,220,804 2,165,725 1,948,950 1,928,795
Honda Group Honda 749,414 742,295 848,640 791,822 710,305 766,450 709,622
Honda Group sub-total 749,414 742,295 848,640 791,822 710,305 766,450 709,622
Renault-Nissan Group Nissan 658,524 678,123 669,109 689,569 649,616 610,881 537,571
Renault 2,944 3,471 4,315 1,759 1,645 1,949 1,562
Samsung 141 301 347 70 63 79 62
Renault-Nissan Group sub-total 661,609 681,895 673,771 691,398 651,324 612,909 539,195
Suzuki Group Suzuki 671,707 699,760 785,829 615,165 572,056 582,721 505,856
Nissan 1,609 1,555 1,529 695 736 806 733
Suzuki Group sub-total 673,316 701,315 787,358 615,860 572,792 583,527 506,589
Mazda Motors Mazda 218,365 228,088 219,092 248,749 232,856 203,490 191,561
Mazda Motors sub-total 218,365 228,088 219,092 248,749 232,856 203,490 191,561
Fuji Heavy Subaru 177,379 181,924 168,171 194,107 192,664 178,859 162,353
Fuji Heavy sub-total 177,379 181,924 168,171 194,107 192,664 178,859 162,353
Mitsubishi Motors Mitsubishi 140,723 138,930 125,072 120,353 126,642 114,933 91,324
Mitsubishi Motors sub-total 140,723 138,930 125,072 120,353 126,642 114,933 91,324
Daimler Group Mercedes-Benz 41,920 53,734 62,433 42,022 42,111 40,705 37,030
Fuso 18,765 21,863 25,182 16,471 17,875 15,827 15,260
Smart 1,401 1,298 1,114 1,386 1,330 1,325 1,258
Daimler Group sub-total 62,086 76,895 88,729 59,879 61,316 57,857 53,548
Volks-wagen Group Volkswagen 56,190 67,280 67,439 38,342 38,331 32,362 29,491
Audi 24,161 28,679 31,412 19,790 18,818 18,372 18,237
Porsche 4,661 4,869 5,385 3,353 3,277 3,483 2,948
Lamborghini 173 180 187 140 115 95 105
Bentley 219 295 317 68 66 53 64
Volkswagen Group sub-total 85,404 101,303 104,740 61,693 60,607 54,365 50,845
BMW Group BMW 41,238 46,533 46,089 31,790 30,092 27,926 27,130
MINI 15,186 16,982 17,597 18,175 14,965 17,912 17,557
Rolls-Royce 90 116 154 34 34 31 37
BMW Group sub-total 56,514 63,631 63,840 49,999 45,091 45,869 44,724
Isuzu Motors Isuzu 34,125 37,604 42,753 27,605 27,920 24,980 24,237
Isuzu Motors sub-total 34,125 37,604 42,753 27,605 27,920 24,980 24,237
Geely Group Volvo 14,123 17,146 13,520 16,293 12,374 13,150 13,704
Geely Group sub-total 14,123 17,146 13,520 16,293 12,374 13,150 13,704
Fiat Chrysler Automobiles Fiat 5,667 7,007 7,561 4,586 4,076 4,896 4,107
Jeep 4,979 4,929 6,692 4,032 3,794 3,770 3,521
Dodge 1,083 725 504 1,913 1,748 1,919 1,816
Alfa Romeo 4,448 3,148 2,657 1,575 1,485 2,303 1,679
Chrysler 765 1,563 1,290 1,503 1,455 1,451 1,351
Ferrari 516 551 561 428 418 440 406
Maserati 311 491 1,407 283 276 270 270
Lancia 148 292 38 176 164 197 182
Fiat Chrysler Automobiles sub-total 17,917 18,706 20,710 14,496 13,416 15,246 13,332
PSA Group Peugeot 5,649 5,975 5,710 7,104 6,776 7,085 6,360
DS 2,040 2,178 1,203 1,036 914 996 986
Citroen 1,755 769 1,118 971 874 949 906
PSA Group sub-total 9,444 8,922 8,031 9,111 8,564 9,030 8,252
Ford Group Ford 3,951 4,189 4,759 7,770 7,452 7,436 7,329
Ford Group sub-total 3,951 4,189 4,759 7,770 7,452 7,436 7,329
General Motors Group Cadillac 1,255 1,277 965 1,733 1,685 1,701 1,559
Chevrolet 1,490 1,311 1,260 1,108 1,065 1,178 1,114
Hummer 225 91 34 145 140 146 135
GM 107 110 92 70 62 67 67
Pontiac 11 12 11 0 0 0 0
General Motors Group sub-total 3,088 2,801 2,362 3,056 2,952 3,092 2,875
Tata Group Land Rover 1,840 3,422 3,225 1,849 1,664 1,908 1,620
Jaguar 1,014 990 1,065 1,037 993 980 933
Tata Group sub-total 2,854 4,412 4,290 2,886 2,657 2,888 2,553
DRB-Hicom Lotus 260 298 321 99 102 108 101
DRB-Hicom sub-total 260 298 321 99 102 108 101
Hyundai Group Hyundai 44 15 13 78 62 64 73
Hyundai Group sub-total 44 15 13 78 62 64 73
MG Rover Group Rover 56 49 35 0 0 0 0
MG Rover Group sub-total 56 49 35 0 0 0 0
Mahindra Group Ssangyong 3 1 0 0 0 0 0
Mahindra Group sub-total 3 1 0 0 0 0 0
Other Others 9,380 319 90 9,806 10,003 9,707 9,010
UD Trucks 352 339 248 254 257 255 238
Aston Martin 166 210 170 86 87 89 86
Saab 21 6 0 13 12 13 13
Morgan 15 33 22 11 11 5 8
Other sub-total 9,934 907 530 10,170 10,370 10,069 9,355
Source: LMC Automotive "Global Automotive Sales Forecast (Quarter 1 2015)"
(Note) 1. Data indicates figures of only small-size vehicles, including passenger cars and light commercial vehicles with gross vehicle weight of under 6 tons.
2. All rights reserved. Reproduction of any data will require permission of LMC Automotive.
3. For more information or inquiries of forecast data, please contact LMC Automotive.

 

 



Statistics on Japanese OEMs' FY 2015 financial statements/ FY 2016 targets

 

Seven Japanese OEMs' unit sales by region

(in thousands of units)
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Plan
Japan Toyota 1,945 2,163 1,913 2,071 2,279 2,365 2,154 2,120
Nissan 612 630 600 655 647 719 623 600
Honda 556 646 582 588 692 818 761 740
Suzuki 665 622 588 596 672 728 756 645
Mazda 219 221 206 206 216 244 225 240
Mitsubishi 168 171 164 152 134 143 115 107
FHI 179 171 158 172 163 182 163 144
Total 4,344 4,624 4,211 4,440 4,803 5,199 4,797 4,596
North
America
Toyota 2,212 2,098 2,031 1,872 2,469 2,529 2,715 2,830
Nissan 1,133 1,067 1,245 1,404 1,466 1,648 1,829 1,920
Honda 1,496 1,297 1,458 1,323 1,731 1,757 1,746 1,890
Suzuki 85 41 33 32 30 - - -
Mazda 347 307 342 372 372 391 425 449
Mitsubishi 119 88 94 106 85 97 117 128
FHI 207 250 307 309 390 478 570 600
Total 5,599 5,148 5,510 5,418 6,543 6,900 7,402 7,817
Europe Toyota 1,062 858 796 798 799 844 859 820
Nissan 530 517 607 713 660 676 755 790
Honda 350 249 198 158 171 169 167 160
Suzuki 302 281 244 223 197 205 195 205
Mazda 322 239 212 183 172 207 229 240
Mitsubishi 272 169 218 218 181 202 227 191
FHI 78 39 60 55 61 47 47 50
Total 2,916 2,352 2,335 2,348 2,241 2,350 2,479 2,456
Asia
&
other
regions
Toyota 2,348 2,118 2,568 2,611 3,324 3,378 3,244 3,130
Nissan 1,136 1,301 1,733 2,073 2,141 2,145 2,111 2,240
Honda 1,115 1,200 1,274 1,039 1,420 1,579 1,690 1,865
Suzuki 1,253 1,407 1,778 1,710 1,761 1,778 1,917 2,129
Mazda 373 426 513 486 475 489 518 561
Mitsubishi 507 532 511 525 587 605 631 674
FHI 92 103 132 104 110 118 131 134
Total 6,824 7,087 8,509 8,548 9,818 10,092 10,242 10,733
Global Toyota 7,567 7,237 7,308 7,352 8,871 9,116 8,972 8,900
Nissan 3,411 3,515 4,185 4,845 4,914 5,188 5,318 5,550
Honda 3,517 3,392 3,512 3,108 4,014 4,323 4,364 4,655
Suzuki 2,305 2,350 2,643 2,560 2,660 2,711 2,867 2,979
Mazda 1,261 1,193 1,273 1,247 1,235 1,331 1,397 1,490
Mitsubishi 1,066 960 987 1,001 987 1,047 1,090 1,100
FHI 555 563 657 640 724 825 911 928
Total 19,682 19,210 20,565 20,753 23,405 24,541 24,919 25,602

Source: OEMs' financial results
(Note) Toyota's consolidated unit sales include units sales by Daihatsu and Hino.

 

Ten Japanese OEMs consolidated sales

(in 100 millions of JPY)
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Plan
Consolidated
sales
Toyota 205,296 189,509 189,937 185,837 220,641 256,919 272,345 275,000
Nissan 84,370 75,173 87,731 94,090 87,373 104,825 113,752 121,000
Honda 100,112 85,792 89,368 79,481 98,779 118,424 126,467 138,500
Suzuki 30,049 24,691 26,082 25,122 25,783 29,383 30,155 31,000
Mazda 25,359 21,639 23,257 20,331 22,053 26,922 30,339 32,500
Mitsubishi 19,736 14,456 18,285 18,073 18,151 20,934 21,807 22,800
Daihatsu 16,314 15,747 15,594 16,313 17,649 19,132 18,171 17,700
FHI 14,458 14,287 15,806 15,171 19,130 24,081 28,779 30,300
Isuzu 14,247 10,809 14,155 14,001 16,556 17,609 18,794 19,500
Hino 10,695 10,235 12,427 13,146 15,414 16,996 16,853 17,400
Total 493,627 436,356 464,621 452,105 508,466 599,097 642,438 670,600
Domestic Toyota 54,218 57,291 53,250 56,621 55,026 64,067 60,956
Nissan 20,383 18,032 18,694 19,466 19,041 20,771 18,530
Honda 14,465 15,773 15,038 15,179 16,530 19,125 18,103
Suzuki 9,656 9,526 9,374 9,868 10,409 11,327 10,946 9,500
Mazda 6,203 5,750 5,415 5,602 5,880 6,557 6,174 6,400
Mitsubishi 3,984 3,685 3,633 3,571 3,295 4,741 4,453 4,400
Daihatsu 11,913 11,296 10,567 11,608 11,820 12,629 12,108
FHI 5,075 5,208 4,673 4,985 6,718 6,721 6,529 5,655
Isuzu 5,338 4,330 4,986 5,584 5,922 6,306 6,818 6,700
Hino 6,944 6,754 8,455 8,926 9,854 10,837 11,102
Total 119,322 119,595 115,063 120,877 122,821 139,615 132,509
Overseas Toyota 151,078 132,218 136,687 129,215 165,615 192,852 211,389
Nissan 63,987 57,141 69,037 74,624 68,332 84,054 95,222
Honda 85,647 70,019 74,330 64,302 82,249 99,299 108,365
Suzuki 20,393 15,165 16,708 15,254 15,374 18,056 19,209 21,500
Mazda 19,156 15,889 17,842 14,729 16,173 20,365 24,165 26,100
Mitsubishi 15,752 10,771 14,652 14,502 14,856 16,193 17,354 18,400
Daihatsu 4,401 4,452 5,027 4,705 5,829 6,503 6,063
FHI 9,383 9,079 11,132 10,186 12,411 17,361 22,250 24,645
Isuzu 8,909 6,479 9,170 8,417 10,634 11,303 11,978 12,800
Hino 3,751 3,481 3,972 4,220 5,560 6,159 5,751
Total 374,305 316,761 349,558 331,228 385,644 459,483 509,932

Source: OEMs' financial results
(Note) As for Japan domestic sales figures and overseas sales figures, the sales figures are shown by location of external customers.

 

Ten Japanese OEMs' consolidated operating profit, current profit and net profit

(in 100 millions of JPY)
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Plan
Operating
profit
Toyota (4,610) 1,475 4,682 3,556 13,208 22,921 27,505 28,000
Nissan (1,379) 3,116 5,375 5,458 4,388 4,984 5,896 6,750
Honda 1,896 3,637 5,697 2,313 5,448 7,502 6,516 6,600
Suzuki 769 794 1,069 1,193 1,446 1,877 1,794 1,900
Mazda (284) 95 238 (387) 539 1,821 2,029 2,100
Mitsubishi 39 139 403 637 674 1,234 1,359 1,250
Daihatsu 382 407 1,034 1,155 1,330 1,467 1,106 1,000
FHI (58) 274 841 440 1,204 3,265 4,230 5,030
Isuzu 217 110 882 974 1,308 1,742 1,711 1,750
Hino (194) 11 289 375 651 1,122 1,055 1,100
Total (3,410) 9,640 19,187 14,184 28,215 45,346 51,040 53,380
Current
profit
Toyota (5,604) 2,914 5,632 4,328 14,036 24,410 28,928 29,700
Nissan (1,727) 2,077 5,378 5,351 5,044 5,272 6,942 7,650
Honda 1,617 3,361 6,305 2,574 4,888 7,289 6,896 6,500
Suzuki 797 938 1,225 1,306 1,556 1,978 1,943 2,000
Mazda (187) 46 369 (368) 331 1,407 2,126 2,150
Mitsubishi (149) 130 389 609 939 1,295 1,516 1,300
Daihatsu 395 438 1,122 1,282 1,481 1,634 1,271 1,100
FHI (46) 224 822 373 1,006 3,144 3,936 4,950
Isuzu 152 114 913 1,029 1,417 1,866 1,874 1,880
Hino (304) (19) 251 346 669 1,091 1,046 1,090
Total (5,147) 9,804 21,033 15,202 29,217 46,661 54,161 56,130
Net
profit
Toyota (4,369) 2,094 4,081 2,835 9,621 18,231 21,733 22,500
Nissan (2,337) 424 3,192 3,414 3,411 3,890 4,576 4,850
Honda 1,370 2,684 5,340 2,114 3,671 5,741 5,228 5,250
Suzuki 274 289 452 539 804 1,075 969 1,100
Mazda (715) (65) (600) (1,077) 343 1,357 1,588 1,400
Mitsubishi (549) 48 156 239 380 1,047 1,182 1,000
Daihatsu 221 212 526 651 814 836 681 600
FHI (699) (165) 503 385 1,196 2,066 2,619 3,370
Isuzu (269) 84 516 913 965 1,193 1,171 1,100
Hino (618) (30) (100) 163 477 891 754 740
Total (7,294) 5,393 13,640 9,362 20,391 34,600 39,066 40,570

Source: OEMs' financial results

 

Ten Japanese OEMs' consolidated operating profit margin, current profit ratio, and net profit ratio

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Plan
Operating
profit
margin
Toyota -2.2% 0.8% 2.5% 1.9% 6.0% 8.9% 10.1% 10.2%
Nissan -1.6% 4.1% 6.1% 5.8% 5.0% 4.8% 5.2% 5.6%
Honda 1.9% 4.2% 6.4% 2.9% 5.5% 6.3% 5.2% 4.8%
Suzuki 2.6% 3.2% 4.1% 4.7% 5.6% 6.4% 5.9% 6.1%
Mazda -1.1% 0.4% 1.0% -1.9% 2.4% 6.8% 6.7% 6.5%
Mitsubishi 0.2% 1.0% 2.2% 3.5% 3.7% 5.9% 6.2% 5.5%
Daihatsu 2.3% 2.6% 6.6% 7.1% 7.5% 7.7% 6.1% 5.6%
FHI -0.4% 1.9% 5.3% 2.9% 6.3% 13.6% 14.7% 16.6%
Isuzu 1.5% 1.0% 6.2% 7.0% 7.9% 9.9% 9.1% 9.0%
Hino -1.8% 0.1% 2.3% 2.9% 4.2% 6.6% 6.3% 6.3%
Total -0.7% 2.2% 4.1% 3.1% 5.5% 7.6% 7.9% 8.0%
Current
profit
ratio
Toyota -2.7% 1.5% 3.0% 2.3% 6.4% 9.5% 10.6% 10.8%
Nissan -2.0% 2.8% 6.1% 5.7% 5.8% 5.0% 6.1% 6.3%
Honda 1.6% 3.9% 7.1% 3.2% 4.9% 6.2% 5.5% 4.7%
Suzuki 2.7% 3.8% 4.7% 5.2% 6.0% 6.7% 6.4% 6.5%
Mazda -0.7% 0.2% 1.6% -1.8% 1.5% 5.2% 7.0% 6.6%
Mitsubishi -0.8% 0.9% 2.1% 3.4% 5.2% 6.2% 7.0% 5.7%
Daihatsu 2.4% 2.8% 7.2% 7.9% 8.4% 8.5% 7.0% 6.2%
FHI -0.3% 1.6% 5.2% 2.5% 5.3% 13.1% 13.7% 16.3%
Isuzu 1.1% 1.1% 6.5% 7.3% 8.6% 10.6% 10.0% 9.6%
Hino -2.8% -0.2% 2.0% 2.6% 4.3% 6.4% 6.2% 6.3%
Total -1.0% 2.2% 4.5% 3.4% 5.7% 7.8% 8.4% 8.4%
Net
profit
ratio
Toyota -2.1% 1.1% 2.1% 1.5% 4.4% 7.1% 8.0% 8.2%
Nissan -2.8% 0.6% 3.6% 3.6% 3.9% 3.7% 4.0% 4.0%
Honda 1.4% 3.1% 6.0% 2.7% 3.7% 4.8% 4.1% 3.8%
Suzuki 0.9% 1.2% 1.7% 2.1% 3.1% 3.7% 3.2% 3.5%
Mazda -2.8% -0.3% -2.6% -5.3% 1.6% 5.0% 5.2% 4.3%
Mitsubishi -2.8% 0.3% 0.9% 1.3% 2.1% 5.0% 5.4% 4.4%
Daihatsu 1.4% 1.3% 3.4% 4.0% 4.6% 4.4% 3.7% 3.4%
FHI -4.8% -1.2% 3.2% 2.5% 6.3% 8.6% 9.1% 11.1%
Isuzu -1.9% 0.8% 3.6% 6.5% 5.8% 6.8% 6.2% 5.6%
Hino -5.8% -0.3% -0.8% 1.2% 3.1% 5.2% 4.5% 4.3%
Total -1.5% 1.2% 2.9% 2.1% 4.0% 5.8% 6.1% 6.0%

Source: OEMs' financial results

 

Ten Japanese OEMs' capital investment, depreciation, and R&D expenses

(in 100 millions of JPY)
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Plan
Capital
Investment
Toyota 13,025 5,790 6,423 7,067 8,527 10,007 11,774 12,000
Nissan 3,836 2,736 3,120 4,064 4,687 5,363 4,631 5,500
Honda 5,991 3,297 3,113 4,065 5,936 7,261 6,579 6,700
Suzuki 2,162 1,312 1,303 1,267 1,693 2,136 1,945 1,800
Mazda 818 298 447 780 772 1,332 1,310 1,050
Mitsubishi 719 471 525 710 514 722 680 1,050
Daihatsu 767 367 406 693 731 973 1,290 1,000
FHI 580 561 431 543 702 685 1,107 1,300
Isuzu 667 257 294 333 575 819 780 1,200
Hino 584 285 300 429 499 662 693 890
Total 27,798 14,722 15,656 18,829 23,406 28,325 28,806 30,600
Depreciation Toyota 10,721 10,320 8,123 7,329 7,273 7,759 8,062 8,700
Nissan 4,212 3,633 3,721 3,344 2,966 3,471 3,733 3,830
Honda 4,082 3,666 3,252 2,937 2,866 3,456 4,083 4,550
Suzuki 1,412 1,418 1,384 1,031 937 1,172 1,344 1,600
Mazda 752 764 716 688 600 577 689 800
Mitsubishi 790 690 627 534 503 527 533 600
Daihatsu 837 729 637 611 562 596 725 730
FHI 651 571 498 537 559 549 648 670
Isuzu 396 395 364 360 356 416 481 550
Hino 475 452 457 435 408 379 382 440
Total 23,016 21,457 18,685 16,760 16,060 17,927 19,573 21,300
R&D costs Toyota 9,040 7,253 7,303 7,798 8,074 9,105 10,045 10,500
Nissan 4,555 3,855 3,993 4,280 4,578 5,006 5,061 5,300
Honda 5,631 4,633 4,875 5,198 5,602 6,341 6,626 7,100
Suzuki 1,150 1,088 1,041 1,098 1,193 1,271 1,259 1,300
Mazda 960 852 910 917 899 994 1,084 1,250
Mitsubishi 640 444 494 550 599 675 746 820
Daihatsu 442 437 382 338 357 464 452 500
FHI 428 372 429 481 491 601 835 970
Isuzu 677 552 586 588 612 666 776 910
Hino 409 381 411 404 434 463 501 580
Total 23,081 19,049 19,631 20,910 22,048 24,659 26,432 28,150

Source: OEMs' financial results



Statistics on Japanese OEMs' FY 2015 financial statements/ FY 2016 targets(2)

Factors that increase or decrease operating profit at Japanese OEMs

(in 100 millions of JPY)
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Plan
Toyota Operating profit (4,610) 1,475 4,682 3,556 13,208 22,921 27,505 28,000
Increase (decrease) in operating profit (27,314) 6,085 3,207 (1,126) 9,652 9,712 4,584 495
Sales & marketing activities (14,800) (3,700) 4,900 1,500 6,500 1,800 (700) 1,600
Cost improvements 0 5,200 1,800 1,500 4,500 2,900 2,800 2,650
Financial business 2,700
Currency translation (7,600) (3,200) (2,900) (2,500) 1,500 9,000 2,800 (450)
Total Misc. expenses (4,791) 4,700 (300) (1,000) (3,000) (4,800) (1,600) (2,500)
(Above amount only for) R&D expenses 548 1,787 (250) (500) (200) (1,000) (1,000)
(Above amount only for) capital investment expenses (904) 378 1,200 300 200 100 (100)
(Above amount only for) labor costs 1,088 627 (400) (1,000) (700) (1,000) (800)
(Above amount only for) other costs (5,523) 1,908 (850) 200 (2,300) (2,900) 300
Others (122) 385 (293) (626) 152 812 1,284 (805)
Nissan Operating profit (1,379) 3,116 5,375 5,458 5,235 4,984 5,896 6,750
Increase (decrease) in operating profit (9,287) 4,495 2,259 83 (223) (251) 912 854
Currency translation (2,230) (1,625) (1,475) (1,700) 302 2,476 686 (400)
No. of units sold/model line-up (5,252) 269 4,331 2,236 (572) 704 324
Purchasing costs, etc. (1,342) 2,154 1,058 845 1,904 2,026 1,127
Production/quality-control costs (537) (1,089) (201) 1,100
Sales financing 295 498 2
Reserve for loss on lease (918) 1,417
R&D expenses 645 (185) (331) (370) (242)
Marketing expenses 271 (1,915) (1,513) (535) (2,665) (833) 350
Applying equity method of accounting (1,073)
Other 455 1,364 150 48 (417) (388) (191) (196)
Honda Operating profit 1,896 3,637 5,697 2,313 5,448 7,502 6,516 6,600
Increase (decrease) in operating profit (7,634) 1,741 2,060 (3,384) 3,134 2,054 (986) 84
Changes to revenue/ model line-up (2,477) (2,465) 3,222 (1,551) 2,934 533 (825) 1,673
Currency translation (2,695) (1,675) (1,376) (1,140) 358 2,887 790 (850)
Cost-reductions (1,825) 674 1,533 (928) 1,666 150 344 600
R&D expenses 247 998 (242) (322) (404) (493) (177) (440)
Sales-management expenses (883) 4,209 (620) 558 (1,419) (1,023) (1,118) (900)
Natural disasters (457)
Suzuki Operating profit 769 794 1,069 1,193 1,446 1,877 1,794 1,900
Increase (decrease) in operating profit (725) 25 275 124 253 431 (83) 106
Changes in revenue/model line-up (1,422) (696) 253 (542) 327 478 (181) 156
Currency translation (707) (469) (283) (289) (69) 543 222 (90)
Cost reductions 201 172 355 226 284 252 272 290
Depreciation expenses 204 (6) 34 353 94 (235) (172) (260)
R&D expenses (63) 62 47 (57) (95) (78) 12 (40)
Misc. expenses, etc. 1,062 962 (131) 433 (288) (529) (236) 50
Mazda Operating profit (284) 95 238 (387) 539 1,821 2,029 2,100
Increase (decrease) in operating profit (1,905) 379 143 (625) 926 1,282 208 71
Units/model lineup (865) (606) 357 (363) 338 550 486 400
Currency translation (1,020) (765) (437) (376) 184 1,127 170 (340)
Production improvements (190)
Cost reductions 440 680 112 56 367 220 175 155
Raw material market (440)
Marketing expenses 65 227 (56) (27) (68) (192) (150) 0
Others 105 843 167 85 105 (423) (473) (144)
Mitsubishi Operating profit 39 139 403 637 674 1,234 1,359 1,250
Increase (decrease) in operating profit (1,047) 100 264 234 37 560 125 (109)
No. of units/model lineup (720) (856) 533 168 123 (48) (65) 290
Currency translation (761) (418) (342) (105) (34) 659 123 (410)
Cost reductions 365 544 211 272 432 404 292 200
High cost of raw materials (317)
Others 335 578 (86) (106) (323) (152) (150) (149)
Marketing expenses 174 252 (51) 5 (161) (303) (75) (40)
U.S. sales financing business (123)
Daihatsu Operating profit 381 407 1,034 1,154 1,330 1,467 1,106 1,000
Increase (decrease) in operating profit (271) 26 627 120 176 137 (361) (106)
Changes in revenue structure/model line-up 113 (258) 224 237 267 393 (192) (75)
Currency translation (80) (79) (17) (39) 55 88 (76) (65)
Cost reductions 105 123 150 78 55 60 105 100
Marketing expenses (37)
Misc. expenses (408) 239 306 (156) (202) (404) (198) (66)
FHI Operating profit (58) 274 841 440 1,204 3,265 4,230 5,030
Increase (decrease) in operating profit (515) 332 567 (401) 764 2,061 965 800
Difference in revenue lineup 3 87 831 12 817 511 703 306
Currency translation (435) (304) (356) (420) 293 1,702 1,037 827
Cost reductions (32) 260 89 (22) 315 197 124 133
Testing/R&D expenses 92 57 (57) (52) (10) (109) (232) (135)
Misc. expenses (143) 232 61 80 (650) (240) (666) (331)
Isuzu Operating profit 217 110 882 974 1,308 1,742 1,711 1,750
Increase (decrease) in operating profit (879) (107) 772 92 334 434 (31) 39
Fluctuations in revenue/ variances in model lineup (800) (807) 705 58 307 72 110 150
Currency translation (156) (23) (24) (45) 40 253 83 60
Economic changes (273) 181 (98) (74) 44 (45) (17) 10
Rationalizing 190 130 177 112 89 202 151 150
Cost reductions, etc. 412 12 92 (131) (48) (90) (81)
Growth-strategy expenses (268) (250)
Residual factors from previous years
(idle time due to natural disasters, etc.)
(51) (15)
Profit margin improvements 344
Capital investment/R&D expenses (108)
Changes to accounting periods at subsidiaries (76)
Hino Operating profit (194) 11 289 375 651 1,122 1,055 1,100
Increase (decrease) in operating profit (653) 205 278 86 276 471 (67) 45
Sales activities (330) 231 337 360 308 180 (102) 85
Changes in management structure (366) (70) (111) (308) 28 215 (28) (10)
Cost improvements 163 199 187 186 199 195 189 180
Cost fluctuations, etc. (120) 190 (135) (152) (198) (119) (126) (210)
Other (345) (61)
Total Operating profit (3,410) 9,640 19,187 14,184 29,062 45,346 51,040 53,380
Increase (decrease) in operating profit (49,306) 13,050 9,547 (5,003) 14,877 16,283 5,694 2,340
Fluctuations in revenue (26,333) (8,774) 15,132 1,518 10,774 4,600 (148) 4,575
Currency translation (15,604) (8,479) (7,193) (6,575) 2,574 18,647 5,911 (1,653)
Cost reductions, etc. (2,416) 10,226 5,347 2,153 9,426 6,303 5,195 4,097
General expenses/R&D expenses (4,348) 12,615 (3,449) (2,226) (7,000) (10,674) (5,075) (3,986)
Other (605) 7,462 (290) 127 (897) (2,593) (189) (693)

Source: OEMs financial results

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