Japanese OEMs' Financial Outlook for FY 2016: Concerns about second half

Significant increases of 12% in sales and 21% in operating income achieved during 1H of FY 2016

2015/12/18

Summary

10 Japanese OEMs Consolidated Sales

Operating Income and Operating Margin

 This report consists of the Japanese OEMs' actual financial results for the first half of FY 2016 and their outlook for the entire fiscal year's results.

 The ten Japanese OEMs successfully achieved strong results in the first half of FY 2016. Their sales totaled JPY 34,249 billion, a 12.1% increase year over year (y/y); while their operating income was JPY 3,039.2 billion (up 21.2% y/y). The operating margin also rose, from 8.2%, to 8.9% y/y. The growth in North American sales and the weakening of the Japanese yen against the US dollar helped offset the poor performance in Japan and emerging countries. The OEMs' operating income, thanks to favorable currency translation, increased by JPY 464.4 billion.

 In the first half of FY 2016, global unit sales increased modestly, by 1.2% y/y, to 12.33 million units. By region, sales in Japan decreased 8.1%, and those in Asia and other emerging countries saw a slight increase of 0.8%. North American sales, however, were robust, increasing 6.7% and contributing to the overall increase in sales and operating income.

 In regard to the second half of FY 2016, vehicle markets will remain uncertain in China and other emerging countries and currency translation is predicted to reduce operating income by JPY 376 billion. This is based on using an exchange rate of JPY 116=1 USD for the second half of the fiscal year. Taking these circumstances into consideration, and based on the financial reports of the first half of the fiscal year; we can anticipate a decrease in sales and profits in the second half of this fiscal year in comparison with the second half of FY 2015.

 For all of FY 2016, the amount of increase in operating income is expected to be lower, at JPY 88.4 billion, due to negative currency translation. Sales are forecast to increase 5.2% and operating income to increase 7.3%. Thus, the rate of growth is forecast to decline.


 * The OEM's fiscal year runs from April 1-March 31 of the following year. The first half of fiscal year 2016 covers the six-month period from April 1, 2015-September 30, 2015, while the second half covers the period between October 1, 2015-March 31, 2016.


Related Reports:
Japanese OEMs aim to continue record-breaking profits in FY 2016 (Jun. 2015)




Operating income rises 21.2% in the first half of FY 2016; OEMs have concerns about the second half

The consolidated financial results of the ten Japanese OEMs for the first half of FY 2016 were positive. Sales were JPY 34,249 billion, up 12.1% over the same period in FY2015 and operating income was JPY 3,039.2 billion, up 21.2%. The growth in North American sales and the weakening of the yen against the US dollar helped offset the poor performance in Japan and emerging countries. According to Nissan Motor Co., Ltd., one vehicle sold in the US has a greater impact on profitability than one vehicle sold in an emerging country.

Regarding the second half of FY 2016, vehicle markets will remain uncertain in China and other emerging countries and therefore, the OEMs are being cautious when forecasting their results. From the reports announced by the OEMs, they predict sales will be lower (down 1.1% y/y) and operating income also will be less (down 6.0% y/y). As a result, we expect the rate of growth for the entire FY 2016 to be lower, at 5.2% for sales and 7.3% for operating income.

The predicted decreases in sales and profit for the second half of FY 2016 are partially affected by the exceptionally high level of performance that was achieved in the second half of FY 2015, which is used as the benchmark for comparison. This is because in the second half of FY 2015, sales and operating income increased by 9.7% and 16.5% y/y, respectively, due to the sudden weakening of the yen that started in November 2014.

Ten Japanese OEMs' Consolidated Sales and Profit

(in billions of yen)
> FY2011 FY2012 FY2013 FY2014 FY2015 FY2016
Plan
FY2015
1H
FY2016
1H
Consolidated Sales 46,462.1 45,210.5 50,846.6 59,909.7 64,925.1 68,270.0 30,540.7 34,249.0
Operating Income 1,918.7 1,418.4 2,821.5 4,534.6 5,123.0 5,498.0 2,508.2 3,039.2
Operating Margin 4.1% 3.1% 5.5% 7.6% 7.9% 8.1% 8.2% 8.9%
Net Income 1,364.0 936.2 2,039.1 3,460.0 3,893.2 4,182.0 2,009.6 2,363.2
Percentage Change from the Previous Year
Consolidated Sales -2.7% 12.5% 17.8% 8.4% 5.2% 5.7% 12.1%
Operating Income -26.1% 98.9% 60.7% 13.0% 7.3% 9.0% 21.2%
Net Income -31.4% 117.8% 69.7% 12.5% 7.4% 18.1% 17.6%
Source: OEMs' Financial Results
Notes: 1. Included above are ten Japanese OEMs, excluding Mitsubishi Fuso Truck and Bus Corporation and UD Trucks Corporation that have not disclosed their financial results.
2. Starting from FY 2016, Honda is using the International Financial Reporting Standards (IFRS). FY 2015's results are also shown for reference, calculated into values based on the IFRS. Results up to and including FY 2014 are calculated using the US Generally Accepted Accounting Principles.
3. The plans for all of FY 2016 were announced when the OEMs reported their financial results for the first half of FY 2016.



Unit sales of seven passenger-car OEMs by region in the first half of FY 2016: global sales increase 1.2% and North American sales increase 6.7%

Unit Sales by region Below are the recent unit sales of seven passenger-car OEMs by region. (Toyota Motor Corporation's figures include the results by Daihatsu Motor Co., Ltd. and Hino Motors, Ltd.) Global unit sales for the first half of FY 2016 are 12.33 million units, a 1.2% increase compared to the previous year. The markets in Japan, other countries in Asia, and emerging countries, which account for almost 60% of global sales, continue to stagnate.

1) In Japan, all the passenger-car OEMs except Mazda Motor Corporation posted y/y decreases in terms of unit sales and the total sales of the seven passenger-car OEMs fell by 8.1% y/y.

2) North American sales totaled four million units, a 6.7% increase. Such strong sales in North America as well as the weakening of the yen against the US dollar contributed to the operating income increase at Toyota (17.1%), Nissan (50.8%), and Fuji Heavy Industries Ltd. (53.5%). It is believed that the North American market will continue to be robust, with unit sales likely to increase 7.3% for the full-year.

3) European sales increased 2.7% for the first half of the fiscal year. A slight increase of 0.6% is expected for the full-year.

4) In other countries in Asia and other emerging markets, unit sales by the seven passenger-car OEMs slightly increased, by 0.8%. Toyota's sales, however, fell substantially by 10%. Its sales in Asia alone decreased 13.4%, which was affected especially by the poor sales performance in Thailand and Indonesia. Mazda, Honda Motor Co., Ltd., and Suzuki Motor Corporation were able to increase unit sales in Asia and other emerging markets. For Mazda, its vehicles equipped with Skyactiv technology have been a success in China, countries in the ASEAN Region, and Australia. A total of 287,000 units (20.1% y/y increase) were sold in Asia and other emerging markets. Honda has posted positive results in China and India, selling 92,217 units between April and September (a 10.3% increase). It reported an 18.7% y/y increase in Asia and other emerging markets. Suzuki sold 629,000 units in India, achieving a 12.7% increase y/y, which contributed to its sales growth in this region.


When looking into the global sales of OEMs individually, Mazda's global sales rose by 14.2%, increasing in every region around the world, including Japan. Fuji Heavy Industries Ltd. (FHI) increased its sales in North America by 16.5%, which contributed to the 9.3% increase in their global sales. Toyota's global sales fell 4.4%, which equates to 200,000 units, including 50,000 Daihatsu vehicles.

Global sales forecast to increase 1.8% for all of FY 2016

For all of FY 2016, global unit sales are predicted to reach 25.38 million units, a 1.8% increase y/y. In the second half of the fiscal year alone, 13.05 million units are forecast to be sold, a 2.5% y/y increase.

The number of unit sales by the seven passenger-car OEMs for the full fiscal year, which was announced when they released their first-half results, is 1.1% lower than the initial plan they announced at the beginning of the fiscal year. Toyota, Nissan, Suzuki and Mitsubishi reduced their figures for Asia and other emerging markets, simultaneously lowering their global sales plan. Toyota stated, "The economies and markets in developed countries are running smoothly, but the Asian markets are not returning to a healthy state. Thus, we will remain cautious about the situation."

Unit sales of seven Japanese passenger-car OEMs by region

(1,000 units)
FY2014 FY2015 Plan for Full FY 2016 FY2015
1H
FY 2016 1H
Initial Plan
(April - May)
Revised
(October-
November)
Revised y/y Unit Sales y/y
Japan 5,199 4,797 4,596 4,531 -5.5% 2,285 2,101 -8.1%
North America 6,900 7,402 7,817 7,943 7.3% 3,746 3,997 6.7%
Europe 2,350 2,479 2,456 2,494 0.6% 1,169 1,200 2.7%
Emerging Countries 10,092 10,242 10,793 10,407 1.6% 4,985 5,027 0.8%
Total 24,541 24,919 25,662 25,375 1.8% 12,184 12,325 1.2%
Global unit sales by OEMs
FY2014 FY2015 Plan for Full FY 2016 FY2015
1H
FY 2016 1H
Initial Plan
(April - May)
Revised
(July - August)
Revised y/y Unit Sales y/y
Toyota 9,116 8,972 8,900 8,750 -2.5% 4,477 4,278 -4.4%
Nissan 5,188 5,318 5,550 5,500 3.4% 2,581 2,616 1.4%
Honda 4,323 4,364 4,715 4,730 8.4% 2,124 2,286 7.6%
Suzuki 2,711 2,867 2,979 2,874 0.2% 1,380 1,388 0.6%
Mazda 1,331 1,397 1,490 1,515 8.4% 669 764 14.2%
Mitsubishi 1,047 1,090 1,100 1,053 -3.4% 521 521 0.0%
FHI (Subaru) 825 911 928 953 4.6% 432 472 9.3%
Total 24,541 24,919 25,662 25,375 1.8% 12,184 12,325 1.2%
Source: OEMs' Financial Results
Notes: 1. The initial plans for the full FY2016 were announced when the OEMs announced their FY 2015 business results. The revised versions were announced when the OEMs announced their business results for the first half of FY 2016.
2. Asia and other emerging markets include all regions elsewhere in the world, except for Japan, North America, and Europe. Russia is included in Europe.
3. Toyota goes by consolidated unit sales and includes those sold by Daihatsu and Hino. It does not include the unit sales of Toyota vehicles built in China. FHI figures are also based on consolidated results and include unit sales in China, as they are all exports. All other OEMs' figures are retail unit sales that include China.
4. Honda followed the US Generally Accepted Accounting Principles up to FY 2015. Its FY 2016 plan and performance are stated in IFRS principles.



For the first half of FY 2016, favorable currency translation increased operating income by JPY 464.4 billion

Favorable currency exchange rates increased operating income for the first half of FY 2016 for ten Japanese OEMs, by JPY 464.4 billion. In addition, sales fluctuations (volume/mix) contributed JPY 256.9 billion and cost reduction initiatives contributed a total of JPY 331.3 billion.

Due to growth in North American sales, the effect of favorable currency translation from the US dollar to the Japanese yen resulted in an increase of JPY 699.6 billion. When looking at the greatest increases by OEM, Toyota had an increase of JPY 360 billion; Nissan, and increase of JPY 110.8 billion; and FHI, an increase of JPY 103.8 billion. Honda's operating income increased due to favorable exchange rates between the US dollar and the Japanese yen, amounting to JPY 91.5 billion. However, Honda has advanced local production outside of Japan, decreasing exports. As a result, its business results decreased JPY 88.4 billion because of weakness of other countries' currencies against the US dollar.

Adverse currency translation, except for the US dollar and the Indian rupee, negatively impacted the Japanese OEMs' operating income.

Factors affecting y/y changes in operating income of Japanese OEMs for FY 2016 First Half

(in billions of yen)
Currency translation Sales fluctuations (Volume/Mix) Cost/initial cost reductions Overhead Cost Increases Changes in Operating Profit (Total of the Left Columns) FY 2016 First Half Operating Profit
Toyota 305.0 (60.0) 140.0 (153.6) 231.4 1583.4
Nissan 46.6 125.2 88.6 (127.3) 133.1 395.0
Honda 1.5 100.9 53.5 (126.5) 29.4 404.1
Suzuki 11.8 30.0 7.7 (38.9) 10.6 101.1
Mazda (11.5) 26.6 15.6 (8.8) 21.9 125.9
Mitsubishi 1.5 (0.7) 6.2 (11.3) (4.3) 58.4
FHI (Subaru) 100.4 18.0 12.6 (31.6) 99.4 285.1
Daihatsu 5.1 (13.6) 6.5 (4.8) (6.8) 30.2
Isuzu 9.1 16.9 7.1 (23.9) 9.2 86.2
Hino 0.0 12.8 5.9 (13.8) 4.9 54.2
Total 464.4 256.9 331.3 (521.9) 530.7 3039.2

Source: OEMs' Financial Results

Impact of currency translation on operating income for FY 2016 first half

(in billions of yen)
US dollar Euro Thai baht Russian ruble Indian rupee Other Currencies against the US dollar Others Total
Toyota 360.0 (10.0) (45.0) 305.0
Nissan 110.8 (12.0) (16.8) (35.4) 46.6
Honda 91.5 (88.4) (1.6) 1.5
Suzuki 4.1 (1.9) (1.7) 8.4 2.9 11.8
Mazda 11.0 (4.7) 0.0 (17.8) (11.5)
Mitsubishi 18.4 (2.7) (5.3) (8.2) (0.7) 1.5
FHI (Subaru) 103.8 (0.5) (2.9) 100.4
Total 699.6 (19.8) (19.0) (25.0) 8.4 (88.4) (100.5) 455.3
Source: OEMs' Financial Results
Notes: 1. Some OEMs grouped currencies under "U.S. dollar" and "Others", while other OEMs showed each individual currency.
2. For Honda, the Brazilian real, Canadian dollar and Mexican peso are the major currencies in "Other Currencies against the US Dollar".
3. All currencies except the US dollar, Indian rupee, and Thai baht were weaker against the Japanese yen. This caused a decrease in Japanese OEMs' profits in terms of completed vehicle exports.
4-1. Since 2012, the Thai baht has risen in value against the yen and thus, Thai production costs have increased. Many Japanese OEMs have production and export operations in Thailand, and therefore, their profitability has been falling.
4-2. The rate of the Indian rupee has also increased against the Japanese yen since 2012. This has increased sales and profit for Suzuki's Indian operations, when converted into Japanese yen.
5. Daihatsu, Isuzu Motors Limited, and Hino have not announced the affect that currency translation has had on their operating incomes.

Negative currency translation forecast to reduce profit in the second half of FY 2016

Currency translation is forecast to have a huge, negative impact on income and profit during the second half of the year. In the first half of FY 2016, the yen was JPY 19 lower against the US dollar compared to the previous year. Since the Bank of Japan announced additional monetary easing at the end of October 2014, the yen has sharply depreciated against the US dollar. The yen to the US dollar in the second half of FY2015, was JPY 115=1 USD, which is a one yen difference to JPY 116=1 USD that the OEMs has predicted.

As seen in the table above, the Russian ruble, Brazilian real and currencies of other emerging countries are declining against the US dollar, which means a stronger yen. This has reduced the Japanese OEMs' profit in terms of exports, partially canceling out the impact of the weaker Japanese yen against the US dollar. It is a concern that this situation will intensify further, if the US interest rates are increased, which is expected to happen in December.

OEMs have always been conservative when predicting exchange rates, assuming a stronger yen. In the financial reports for the first half of FY 2015 even, they made their forecasts based on JPY 104=1 USD. In actuality, the exchange rate ended up being JPY 109 to one US dollar. Therefore, we assume that the actual yen rate will be lower than the one used in forecasts.

Effect of currency translation on operating income for 10 Japanese OEMs in FY 2016

Initial Annual Prediction Actual results in the First Half Prediction for the Second Half FY 2016 Full-Year Prediction
(A) JPY/USD rate in FY 2016 116 122 116 119
(B) JPY/USD rate in FY 2015 109 103 115 109
(A) - (B) (JPY) 7 19 1 10
Increase and Decrease in operating income due to currency translation
(in billions of JPY)
(165.3) 464.4 (376) 88.4
Source: OEMs' Financial Results
Notes: 1. (A) and (B) are the average values based on announcements made by the OEMs.
2. The values for the second half are estimated based on the "FY 2016 full-year prediction" and "Performance during the first half" reported by the OEMs.



Operating margin: 17.8% for FHI and 11.2% for Toyota in the first half of FY 2016

Ten Japanese OEM's Operationg Margin In the first half of FY 2016, ten Japanese OEMs' operating margin rose from the 8.2% recorded in 1H FY2015, to 8.9%. By OEM, FHI leads at 17.8%, and Toyota also has a high percentage, at 11.2%. The operating margins of Nissan, Suzuki, Mazda and two commercial-vehicle manufacturers (Isuzu and Hino) improved.

 The operating margin in the second half, however, is predicted to decrease and the full-year operating profit ratio of the ten OEMs combined is forecast to be 8.1%.

 Excluding the predicted full-year operating margin of 17.1% for FHI, other OEMs' operating margins are presumed to be along the lines of FY 2015 outcomes.


Ten Japanese OEMs' operating margins

FY2011 FY2012 FY2013 FY2014 FY2015 FY2016
Plan
FH2015
1H
FH2016
1H
Toyota 2.5% 1.9% 6.0% 8.9% 10.1% 10.2% 10.4% 11.2%
Nissan 6.1% 5.8% 5.0% 4.8% 5.2% 6.0% 5.1% 6.7%
Honda 6.4% 2.9% 5.5% 6.3% 5.0% 4.7% 5.9% 5.5%
Suzuki 4.1% 4.7% 5.6% 6.4% 5.9% 6.3% 6.3% 6.5%
Mazda 1.0% -1.9% 2.4% 6.8% 6.7% 6.8% 7.2% 7.4%
Mitsubishi 2.2% 3.5% 3.7% 5.9% 6.2% 5.5% 6.1% 5.5%
FHI (Subaru) 5.3% 2.9% 6.3% 13.6% 14.7% 17.1% 14.2% 17.8%
Daihatsu 6.6% 7.1% 7.5% 7.7% 6.1% 4.7% 4.4% 3.7%
Isuzu 6.2% 7.0% 7.9% 9.9% 9.1% 9.3% 8.7% 8.9%
Hino 2.3% 2.9% 4.2% 6.6% 6.3% 6.3% 6.2% 6.3%
Total 4.1% 3.1% 5.5% 7.6% 7.9% 8.1% 8.2% 8.9%

 

 



Production Forecast by LMC Automotive: Japanese light vehicle production to be 8.4 million in 2018

(LMC Automotive、October 2015)

Production Forecast in Japan According to LMC Automotive's production forecast (October 2015), light vehicle production in Japan in 2015 will be 8.83 million units, down 5.7% from 2014. Production in Japan will recover to 9.0 million units, up 1.9% from 2015, in 2016, however, will gradually decrease to 8.36 million units in 2018.

 LMC Automotive comments; "in terms of vehicle production in Japan, LMC Automotive's core view remains the same, which, in essence, is that production will decrease as the domestic market shrinks. However, as LMC Automotive has increased exports marginally, production estimates have been raised as well. Domestic sales have been revised downward, leading to a reduction in production level this year to 8.8 million units."

 As for sales in Japan, LMC Automotive also comments; "following favorable sales in 2014, which were supported by the frenzy in the run-up to the consumption tax hike, vehicle sales in Japan have declined. While it was thought that volumes would bounce back towards the end of last year, the negative impact of the consumption tax rise has continued to be felt in 2015. LMC Automotive's current thinking is that the year will end with total sales of 4.9 million units."

 Toyota's production in 2015 will be 3.87 million units, down 4.8% from 2014, and will recover to 3.95 million units in 2016. Toyota's production will remain around 3.84 million units between 2017 and 2018.

 Production of Renault-Nissan Group and Honda Group will, in varying degrees, show a similar trend as whole production in Japan. Production of Mazda Motors and Mitsubishi Motors in 2018, however, will be a little higher than those in 2014.


Production in Japan will be 8.36 million through 2018 (LMC Automotive)

GLOBAL
MAKE
2012 2013 2014 2015 2016 2017 2018
Total 9,604,226 9,256,683 9,364,845 8,828,466 8,996,357 8,609,303 8,358,721
Toyota Group Toyota 3,148,874 2,953,080 2,755,035 2,583,388 2,675,262 2,585,645 2,631,489
Daihatsu 682,546 675,514 703,677 723,603 684,647 642,983 591,434
Lexus 388,411 418,067 494,616 464,156 494,971 509,721 525,767
Scion 57,052 55,266 41,866 38,670 56,511 56,665 55,347
Hino 58,484 60,022 65,931 57,339 40,889 40,472 38,365
Group sub-total 4,335,367 4,161,949 4,061,125 3,867,156 3,952,280 3,835,486 3,842,402
Renault-Nissan
Group
Nissan 1,181,867 1,030,305 1,002,458 920,375 949,159 906,164 855,635
Infiniti 123,083 145,579 122,836 129,271 164,192 166,507 171,507
Group sub-total 1,304,950 1,175,884 1,125,294 1,049,646 1,113,351 1,072,671 1,027,142
Mazda Motors Mazda 881,522 1,014,274 990,234 1,011,540 1,054,641 965,380 997,611
Honda Group Honda 1,009,557 841,192 954,537 683,806 863,515 848,083 772,305
Acura 22,855 11 0 0 0 0 0
Group sub-total 1,032,412 841,203 954,537 683,806 863,515 848,083 772,305
Suzuki Group Suzuki 885,828 842,612 902,979 815,947 668,862 631,852 560,262
Fuji Heavy Subaru 555,425 650,974 711,434 713,829 677,353 596,341 523,927
Mitsubishi
Motors
Mitsubishi 486,379 445,595 467,450 532,513 538,902 536,698 513,682
Isuzu Motors Isuzu 97,099 97,401 118,986 119,875 94,610 93,732 93,023
Daimler Group Fuso 20,963 26,185 31,988 32,926 20,999 17,229 16,645
Fiat Chrysler Fiat 0 0 0 1,137 11,601 11,586 11,496
Other UD Trucks 1,023 606 818 91 243 245 226
PSA Group Peugeot 1,885 0 0 0 0 0 0
Citroen 1,373 0 0 0 0 0 0
Group sub-total 3,258 0 0 0 0 0 0
Source: LMC Automotive "Global Automotive Production Forecast (October 2015)"
Notes: 1. Data indicates figures of only small-size vehicle, including passenger cars and light commercial vehicles with gross vehicle weight of under 6 ton.
2. All rights reserved. Reproduction of any data will require permission of LMC Automotive.
For more information or inquiries of forecast data, please contact LMC Automotive.


The following tables showing financial results are provided below:

* Ten Japanese OEMs' consolidated sales, operating income, and net income

* Seven passenger-car OEMs' unit sales by region

* Yen to US dollar/Euro exchange rates used by 10 Japanese OEMs to prepare financial results

 

Ten Japanese OEMs' consolidated sales, operating income, and net income

(in billions of JPY)
FY2014 FY2015 Plan for Full FY 2016 FY2015
1H
FY2016
1H
Initial Plan
(April - May)
Revised
(October-
November)
Revised
y/y
Unit Sales y/y
Consolidated
Sales
Toyota 25,691.9 27,234.5 27,500.0 6.4% 12,945.5 14,091.4 8.9%
Nissan 10,482.5 11,375.2 12,100.0 12,250.0 7.7% 5,144.6 5,933.3 15.3%
Honda 11,842.4 13,328.0 14,500.0 14,600.0 9.5% 6,338.6 7,326.0 15.6%
Suzuki 2,938.3 3,015.5 3,100.0 2.8% 1,430.7 1,555.5 8.7%
Mazda 2,692.2 3,033.9 3,250.0 3,370.0 11.1% 1,453.9 1,700.5 17.0%
Mitsubishi 2,093.4 2,180.7 2,280.0 4.6% 1,035.1 1,069.8 3.4%
FHI 2,408.1 2,877.9 3,030.0 3,210.0 11.5% 1,310.2 1,601.5 22.2%
Daihatsu 1,913.2 1,817.1 1,770.0 1,700.0 -6.4% 848.6 821.5 -3.2%
Isuzu 1,760.9 1,879.4 1,950.0 1,960.0 4.3% 882.1 971.0 10.1%
Hino 1,699.6 1,685.3 1,740.0 3.2% 791.6 858.3 8.4%
Total 59,909.7 64,925.1 67,710.0 68,270.0 5.2% 30,540.7 34,249.0 12.1%
Operating
Income
Toyota 2,292.1 2,750.5 2,800.0 1.8% 1,351.9 1,583.4 17.1%
Nissan 498.4 589.6 675.0 730.0 23.8% 261.9 395.0 50.8%
Honda 750.2 670.6 685.0 2.1% 374.5 404.1 7.9%
Suzuki 187.7 179.4 190.0 195.0 8.7% 90.5 101.1 11.7%
Mazda 182.1 202.9 210.0 230.0 13.4% 104.0 125.9 21.1%
Mitsubishi 123.4 135.9 125.0 -8.0% 62.7 58.4 -6.9%
FHI 326.5 423.0 503.0 550.0 30.0% 185.7 285.1 53.5%
Daihatsu 146.7 110.6 100.0 80.0 -27.7% 37.1 30.2 -18.6%
Isuzu 174.2 171.1 175.0 183.0 6.9% 77.0 86.2 11.9%
Hino 112.2 105.5 110.0 4.2% 49.3 54.2 9.8%
Total 4,534.6 5,123.0 5,363.0 5,498.0 7.3% 2,508.2 3,039.2 21.2%
Net Income Toyota 1,823.1 2,173.3 2,250.0 3.5% 1,126.8 1,258.1 11.7%
Nissan 389.0 457.6 485.0 535.0 16.9% 237.0 325.6 37.4%
Honda 574.1 509.4 525.0 3.1% 275.1 313.7 14.0%
Suzuki 107.5 96.9 110.0 125.0 29.0% 53.9 79.1 46.8%
Mazda 135.7 158.8 140.0 155.0 -2.4% 93.3 88.3 -5.3%
Mitsubishi 104.7 118.2 100.0 -15.4% 60.9 52.1 -14.4%
FHI 206.6 261.9 337.0 372.0 42.0% 113.0 193.2 71.0%
Daihatsu 83.6 68.1 60.0 47.0 -31.0% 20.4 11.3 -44.6%
Isuzu 119.3 117.1 110.0 120.0 2.5% 49.6 53.1 7.0%
Hino 89.1 74.5 74.0 -0.7% 32.7 37.2 13.7%
Total 3,460.0 3,893.2 4,057.0 4,182.0 7.4% 2,009.6 2,363.2 17.6%

Source: OEMs' Financial Results
Notes: 1. Staring in FY 2016, Honda began using the IFRS. The results in FY 2015 are shown based on IFRS principles. Honda's business results in FY2014 are based on the US Generally Accepted Accounting Principles.

 

Seven passenger-car OEMs' unit sales by region

(1,000 units)
FY2014 FY2015 Plan for Full FY 2016 FY2015
1H
FY2016 1H
Initial Plan
(April-May)
Revised
(July-August)
Revised
y/y
Unit
Sales
y/y
Japan Toyota 2,365 2,154 2,120 -1.6% 1,030 984 -4.5%
Nissan 719 623 600 -3.7% 291 265 -8.9%
Honda 818 761 740 690 -9.3% 378 315 -16.7%
Suzuki 728 756 645 -14.7% 367 304 -17.2%
Mazda 244 225 240 234 4.0% 90 120 33.3%
Mitsubishi 143 115 107 100 -13.0% 57 46 -19.3%
FHI 182 163 144 142 -12.9% 72 67 -6.9%
Total 5,199 4,797 4,596 4,531 -5.5% 2,285 2,101 -8.1%
North
America
Toyota 2,529 2,715 2,830 2,850 5.0% 1,395 1,413 1.3%
Nissan 1,648 1,829 1,920 1,980 8.3% 913 995 9.0%
Honda 1,757 1,746 1,890 1,910 9.4% 883 970 9.9%
Suzuki - - - - - -
Mazda 391 425 449 447 5.2% 226 233 3.1%
Mitsubishi 97 117 128 132 12.8% 57 69 21.1%
FHI 478 570 600 624 9.5% 272 317 16.5%
Total 6,900 7,402 7,817 7,943 7.3% 3,746 3,997 6.7%
Europe Toyota 844 859 820 840 -2.2% 414 407 -1.7%
Nissan 676 755 790 770 2.0% 334 367 9.9%
Honda 169 167 160 175 4.8% 82 74 -9.8%
Suzuki 205 195 205 5.1% 97 101 4.1%
Mazda 207 229 240 255 11.4% 114 124 8.8%
Mitsubishi 202 227 191 198 -12.8% 104 104 0.0%
FHI 47 47 50 51 8.5% 24 23 -4.2%
Total 2,350 2,479 2,456 2,494 0.6% 1,169 1,200 2.7%
Emerging
Countries
Toyota 3,378 3,244 3,130 2,940 -9.4% 1,638 1,474 -10.0%
Nissan 2,145 2,111 2,240 2,150 1.8% 1,043 989 -5.2%
Honda 1,579 1,690 1,925 1,955 15.7% 781 927 18.7%
Suzuki 1,778 1,917 2,129 2,024 5.6% 917 983 7.2%
Mazda 489 518 561 579 11.8% 239 287 20.1%
Mitsubishi 605 631 674 623 -1.3% 303 302 -0.3%
FHI 118 131 134 136 3.8% 64 65 1.6%
Total 10,092 10,242 10,793 10,407 1.6% 4,985 5,027 0.8%
Total Toyota 9,116 8,972 8,900 8,750 -2.5% 4,477 4,278 -4.4%
Nissan 5,188 5,318 5,550 5,500 3.4% 2,581 2,616 1.4%
Honda 4,323 4,364 4,715 4,730 8.4% 2,124 2,286 7.6%
Suzuki 2,711 2,867 2,979 2,874 0.2% 1,380 1,388 0.6%
Mazda 1,331 1,397 1,490 1,515 8.4% 669 764 14.2%
Mitsubishi 1,047 1,090 1,100 1,053 -3.4% 521 521 0.0%
FHI 825 911 928 953 4.6% 432 472 9.3%
Total 24,541 24,919 25,662 25,375 1.8% 12,184 12,325 1.2%
Source: OEMs' Financial Results
Notes: 1. Toyota's unit sales are on a consolidated basis and include sales by Daihatsu and Hino. Sales figures do not include the unit sales of Toyota vehicles built in China. FHI figures are also based on consolidated results and include unit sales in China, as they are all exports. All other OEMs' figures are retail unit sales that include China.
2. Honda used the US Generally Accepted Accounting Principles up to FY 2015. Its FY 2016 plan and actual results are based on the IFRS principles. Looking at the global total for Honda's FY 2016 plan, there is a difference of 60,000 units between the US Generally Accepted Accounting Principle and IFRS principle, with the IFRS-based value being larger.

 

Yen to US dollar/Euro exchange rates used by 10 Japanese OEMs to prepare financial results

(yen)
FY2014 FY2015 Plan for Full FY 2016 FY2015
1H
FY2016
1H
Initial Plan
(April - May)
Revised
(July - August)
US dollar Toyota 100 110 115 118 103 122
Nissan 100.2 109.8 115.0 119.4 103.0 121.9
Honda 100 110 115 118 103 122
Suzuki 100 110 115 118 103 122
Mazda 100 110 120 121 103 122
Mitsubishi 100 109 118 119 103 122
FHI 100 108 118 120 102 122
Daihatsu 99 108 115 119 102 120
Isuzu 98 107 115 120 103 121
Hino 100 109 115 118 102 121
Average 99.8 109.2 116.4 119.2 102.9 121.9
Euro Toyota 134 139 125 133 139 135
Nissan 134.2 138.7 130.0 132.6 138.9 135.1
Honda 136 139 125 - - -
Suzuki 134 139 125 130 139 135
Mazda 134 139 130 135 139 135
Mitsubishi 134 139 127 133 139 135
FHI 133 140 125 133 139 135
Average 134.2 139.1 126.7 132.8 139.0 135.0
Source: OEMs' Financial Results
Notes: 1. During FY 2015, the Japanese yen significantly depreciated against the US dollar. According to announcements released by Toyota, one dollar was equivalent to JPY 102 in the first quarter, JPY 104 in the second quarter, JPY 114 in the third quarter, and JPY 119 in the fourth quarter, with the fiscal-year average at JPY 110.
2. Daihatsu, Isuzu and Hino have not announced their exchange rates of yen against the euro.

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