Japanese OEM's plans for FY 2016: 28% profit loss due to yen appreciation
Expected USD rate for second half set at JPY 102, performance may rise depending on exchange rates
2016/12/13
- Overview
- Vehicle sales by region: Global sales expected to hit all-time high in FY 2016, but revised downward from initial projections
- Sales figures: Full-year projections revised downward due to effects of the strong yen
- Operating income: Japanese automakers forecasted to generate JPY 3.9 trillion for a loss of 28% with an anticipated exchange rate of USD 1=JPY 102 in the second half
- Causes of operating income fluctuations: JPY 2.24 trillion in profits expected to be lost due to strong yen
- Capital investments, research and development costs: continuing to plan for record-high figures
- Summary of financial results for the first half of FY 2016 and year-round prospects
- Sales forecast by LMC Automotive: Japan Light Vehicle sales will be 4.86 million units in 2019
- Fact sheets (Part 1): Unit sales, Revenue
- Fact sheets (Part 2):Operating profit & margin、Exchange rate
- Fact sheets (Part 3): analysis of variance in operating profit, capital investment , R&D costs
Overview
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Variables for the total operating income of the nine Japanese OEMs |
From the end of October to November 8th, 2016, the nine Japanese OEMs announced financial results for the first half of fiscal year 2016 (ends in March 2017) as well as revisions to their outlooks for the full year. This report will focus on the companies' new outlooks for the full year of FY 2016.
Vehicle sales: plans for an all-time high revised slightly downward
The nine Japanese OEMs expected to sell a total of 26.36 million vehicles (year-over-year (y/y) increase of 2.3%) in FY 2016. Although this would be an all-time high, the total sales figures have been revised downward by 70,000 units from initial plans (announced along with the previous fiscal year financial results) due to the loss of last-minute demand that had been expected from the now delayed consumption tax hike in Japan, as well as downward revisions to vehicle sales in North America. However, Honda's healthy sales in Asia and North America, in combination with Fuji Heavy Industries' healthy sales in North America raised sales forecasts.
Operating income: Appreciation of the yen leads to a JPY 2.2 trillion loss in profits, but an increase when the impact of exchange rate fluctuations is excluded
The total operating income forecast for the nine OEMs was revised downward slightly, and is expected to be roughly JPY 75 billion less than the original projection of JPY 3.91 trillion (y/y decrease of 28.3%), due to the greater than anticipated appreciation of the yen. By automaker, Honda and Suzuki revised their forecasts upward, and Nissan maintained its initial projection. Toyota lowered its operating income projection in its Q1 financial results announcement, but through emergency cost reductions, reverted to the original forecast of JPY 1.7 trillion. As of the first half of the fiscal year, the automaker had accomplished 66% of its yearly operating income forecast, and is expected to revise its forecast upward.
Because the exchange rate has fluctuated from USD 1=JPY 120 in FY 2015 to a forecast of USD 1=JPY 104 in FY 2016, making for a major appreciation of the yen, each company has planned for major y/y losses. The total amount of financial impact will be roughly JPY 2.2 trillion. In order to offset losses caused by the fluctuation in exchange rates, the nine OEMs revised their sales mixes and are making efforts to reduce costs among other measures. The estimated total operating income for 2016, excluding the effects of exchange rates, is now JPY 6.1 trillion, making for a y/y increase of 12.8%. Individually, excluding Mitsubishi Motors, which is suffering from the effects of its fuel consumption scandal, as well as Toyota, the other seven OEMs have increased sales profits when the effects of changes in exchange rates are excluded.
Japanese OEMs estimate the USD exchange rate for the second half of FY 2016 to be at an average of USD 1=JPY 102. If the current exchange rate of USD 1=JPY 109 (as of November 18) continues, the nine automakers will generate an increased operating income of JPY 300 billion.
Japanese OEMs' FY 2016 outlooks
Unit sales (Thousand units) | Operating profit (billion yen) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
FY 2015 Results |
FY 2016 Initial Projection |
FY 2016 Revised Projection in Q2 |
FY 2015 Results |
FY 2016 Initial Projection |
FY 2016 Plan | |||||
Revised Projection in Q2 | Currency impact |
Estimated operating profit excluding currency impact |
||||||||
Toyota | 8,681 | 8,900 | 8,850 | Downward | 2,854 | 1,700 | 1,700 | Unchanged | -1,080 | 2,780 |
Nissan | 5,423 | 5,600 | 5,600 | Unchanged | 793 | 710 | 710 | Unchanged | -255 | 965 |
Honda | 4,743 | 4,915 | 4,980 | Upward | 503 | 600 | 650 | Upward | -370 | 1,020 |
Suzuki | 2,861 | 2,956 | 2,873 | Downward | 195 | 180 | 200 | Upward | -86 | 286 |
Mazda | 1,534 | 1,550 | 1,550 | Unchanged | 227 | 170 | 150 | Downward | -123 | 273 |
Mitsubishi | 1,048 | 962 | 933 | Downward | 138 | 25 | -27.6 | Downward | -91 | 63.4 |
FHI | 958 | 1,050 | 1,062 | Upward | 566 | 420 | 373 | Downward | -197 | 570 |
Isuzu | 509 | 488 | 508 | Upward | 172 | 175 | 150 | Downward | -41 | 191 |
Hino | 168 | 175 | 172 | Downward | 98.3 | 80 | 60 | Downward | -40 | 100 |
Total | 25,757 | 26,421 | 26,356 | Downward | 5,448 | 3,980 | 3,905 | Downward | -2,243 | 6,148 |
Source: OEMs' financial flash reports and earnings announcements | |
(Note) 1. | The Total row does not include Hino Motors' consolidated figures as they are already included in the figures for Toyota. Since becoming a fully owned company of Toyota in August 2016, Daihatsu has been delisted, and no longer announces its results. |
2. | The comparison column with the Revised Projection of each automaker is in comparison to the initial projection announced by each company at the time their FY 2015 results were announced. Toyota and Fuji Heavy Industries revised their full-year plans at the time of their Q1 financial results announcements. |
Related Reports:
Japanese OEMs' Financial Outlook for FY 2016: Downturn in sales and profit due to foreign exchange (May 2016)
Vehicle sales by region: Global sales expected to hit all-time high in FY 2016, but revised downward from initial projections
Globally, the seven Japanese OEMs expect to sell a total of 25.85 million vehicles (y/y increase of 2.4%) in FY 2016, but the total number has been lowered by roughly 90,000 vehicles from the initial projections announced at the time of their financial results announcements for the first half of the year. Although the sales forecasts have been revised upward in Europe with its recovering market, the projections for North America, where growth is stagnant, and Japan, where the OEMs can no longer expect rush demand due to the delayed consumption tax hike, have both been revised downward.
The only OEMs that raised their expectations are Honda and Fuji Heavy Industries. Honda is recording healthy sales in Asia, primarily in China, and Fuji Heavy Industries increased its sales plan in North America. Nissan and Mazda have both maintained their initial sales plans.
Although a few automakers have made downward revisions to their sales forecasts, Nissan, Honda, Suzuki, Mazda, and Fuji Heavy Industries are still expecting record-high sales.
In the first half of FY 2016, the seven OEMs sold a total of 12.53 million vehicles for y/y growth of 1.7%. Although sales outside of Japan primarily grew in North America, Europe, and China, domestically, Mitsubishi Motors' and Nissan suspended sales of their light vehicles, due to Mitsubishi Motors' fuel consumption scandal, leading to both OEMs selling 2.08 million vehicles for a y/y loss of 1.0%.
By automaker, Honda, with healthy sales of its Civic, and Fuji Heavy Industries, with growing sales in North America, have recorded a y/y growth of 6.3% and 8.5%, respectively. At the same time, Nissan and Mitsubishi Motors recorded a y/y loss. In particular, Mitsubishi Motors recorded a y/y loss of 16.3% with 436,000 vehicles sold. Not only has the automaker recorded a loss in Japan due to its suspended sales, but its sales are also decreasing across the globe, excluding North America.
(Click here for the statistical table)
Sales figures: Full-year projections revised downward due to effects of the strong yen
For FY 2016, the nine Japanese OEMs project consolidated sales to decrease 7.0% to JPY 64.3 trillion. This decline, which was the first in five years, resulted from the strong yen. The companies made these adjustments because of the downward revisions to their sales forecasts, as well as the changes to the expected exchange rate towards a strong yen.
The only OEM that has made upward revisions to its initial forecast is Fuji Heavy Industries (see note). Nissan and Suzuki have maintained their initial projections, while other automakers have made downward revisions to their sales forecasts.
In the first half of FY 2016, all of the automakers saw their sales drop, and the total for their consolidated sales was JPY 31.5 trillion, a y/y decrease of 8.0%. Mitsubishi (y/y fall of 19.2%) and Nissan (y/y fall of 10.3%) experienced significant declines in sales.
(Note) At the timing of the Q1 financial results announcements, Fuji Heavy Industries made revisions to its full year projection, and even with the upward revision, these figures are still lower than its first revised plan.
(Click here for the statistical table)
Operating income: Japanese automakers forecasted to generate JPY 3.9 trillion for a loss of 28% with an anticipated exchange rate of USD 1=JPY 102 in the second half
The total profit projection for the nine OEMs for the full year have been revised downward slightly, with the forecast for operating income decreasing by 75 billion to JPY 3.91 trillion (y/y decrease of 28.3%), due to revisions to the expected exchange rate towards a stronger yen than initially anticipated.
By OEM, the only companies that made upward revisions in comparison to their initial projections were Honda and Suzuki. Honda primarily made upward revisions to its sales forecasts in Asia thanks to increased profits resulting from pension processing in the first half. Suzuki enjoyed healthy sales in the first half, and has achieved a record high profit.
Toyota and Nissan have maintained their initial projections. At the timing of its Q1 financial results announcements, Toyota made downward revisions to its operating income forecast, but reverted back to its initial figures when its financial results for the first half were announced as a result of emergency efforts to reduce costs, as well as revisions to its exchange rate forecasts for a stronger yen.
Mitsubishi Motors is anticipating its first business deficit (JPY 27.6 billion) since FY 2004, due to costs relating to its fuel consumption scandal incident, loss of sales, and a strong yen. The OEM aims to be JPY 4 billion in the black in the second half. Additionally, the automaker expects a net loss of JPY 239.6 billion in FY 2016 due to impairment losses at its Mizushima plant.
The expected exchange rate for FY 2016 (at the time of first-half financial result announcements) was set at an average of USD 1=JPY 104.1. The average settlement rate for the first half of FY 2016 was JPY 106.4, and the second half is expected to be an average of roughly JPY 102. Since Donald Trump was elected as the next U.S. president on November 9th, the yen has rapidly depreciated. If the rate of USD 1=JPY 109 continues (as of November 18), the total operating income of the nine Japanese OEMs may swing upward by roughly JPY 300 billion.
The total operating income of the nine OEMS in the first half of FY 2016 decreased y/y by 21.0% to JPY 2.40 trillion. Although other companies suffered losses due to the effects of the strong yen, Honda and Suzuki have recorded healthy sales and increased profits.
(Click here for the statistical table)
Causes of operating income fluctuations: JPY 2.24 trillion in profits expected to be lost due to strong yen
The total operating income of the nine Japanese automakers for FY 2016 has been revised downward by JPY 74.5 billion in comparison to the initial forecasts announced on the occasion of first-half financial results announcements to an expected JPY 3.91 trillion. This drop off was caused by expected exchange rates anticipating a strong yen, which has increased loss factors by JPY 360 billion from JPY 1.88 trillion to JPY 2.24 trillion. Changes in sales composition have increased profits, and efforts to reduce costs have largely contributed to increased profit factors, but failed to cover overall losses.
The total operating income of the nine OEMs in the first half of FY 2016 was JPY 2.40 trillion, marking a y/y loss of 638.7 billion. At the same time there were increases in profit due to sales fluctuations accounting for JPY 431.7 billion, and cost reductions amounting to JPY 530.7 billion. However, JPY 1,169.6 billion was lost due to fluctuations in exchange rates, along with 359.7 billion due to increases in expenses and test-development costs.
Capital investments, research and development costs: continuing to plan for record-high figures
The total capital investment plan for the nine companies in FY 2016 has increased 4.1% y/y to JPY 3.11 trillion, maintaining record-high figures, although it has decreased slightly in comparison to initial projections. Furthermore, research and development cost plan totals have also marginally decreased in comparison to initial forecasts for a y/y increase to 2.3% at JPY 2.89 trillion, but FY 2016 marks the fourth consecutive year in which the automakers have planned for all-time high figures.
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Summary of financial results for the first half of FY 2016 and year-round prospects
Toyota | First half results | * Increased sales in Japan and Asia contributed to a boost in consolidated vehicle sales, which increased 2.0% y/y to 4.363 million vehicles. Group vehicle retail figures including joint venture companies in China increased by 1.8% to 5.067 million vehicles. * Operating income fell 29.5% y/y to JPY 1.1 trillion. Improvements in sales and costs contributed respective increases of JPY 205 billion and JPY 220 billion to total profits, but the strong yen lead to a loss of JPY 565 billion, and increases in various expenses to losses of JPY 225 billion. |
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Full year outlook | * The company's consolidated vehicle sales forecast has been revised downward by 50,000 vehicles to 8.85 million vehicles (y/y increase by 1.9%). The revision will apply to regions excluding Europe. In spite of this, the forecast expects a marginal y/y increase in retail sales to 10.1 million vehicles. * The automaker reverted its full year operating income outlook to the initial forecast of JPY 1.7 trillion (Toyota had reduced its forecast to JPY 1.6 trillion at the time of its Q1 financial results announcement). The OEM will secure profits through revisions to the expected exchange rate since the Q1 financial announcements for a weaker yen, emergency efforts to reduce costs following Brexit, marketing efforts, and cost reduction. * In contrast with the full year operating income outlook of JPY 1.7 trillion, the company's progress rate in the first half was 66% with operating income of JPY 1.1 trillion, and depending on future exchange rates, an upward swing has been forecasted. |
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Nissan | First half results | * The automaker's vehicle sales decreased marginally by 0.1%. Sales of light vehicles jointly-developed with Mitsubishi Motors declined in Japan due to the fuel consumption Mitsubishi Motors' scandal caused by Mitsubishi and the sales suspension that resulted. Sales in North America and China have increased. * The OEM's operating income decreased 14.0% y/y to JPY 339.7 billion. Although boosts in sales and cost reductions have contributed to increased profits, these figures have been exceeded by losses caused by increases in sales expenses and the strong yen. |
Full year outlook | * At the time of the company's financial results announcements (November 7th), the appreciation of the yen had advanced further than initially expected, but the OEM has maintained its initial outlook. Vehicle sales have increased by 3.3% y/y to 5.6 million vehicles, whereas operating income decreased by 10.5% to JPY 710 billion. | |
Honda | First half results | * With healthy sales of the redesigned Civic in China and North America, the automaker's vehicle sales increased by 6.3% to 2.431 million vehicles. * Operating income suffered a loss of JPY 178 billion due to the strong yen, but increases in sales, cost reductions, and pension accounting processing has helped increase profits by 22.5% y/y to JPY 494.9 billion. |
Full year outlook | * The OEM increase its sales target by 65,000 vehicles primarily in Asia to 4.98 million vehicles. * The company revised operating income upward by 50 billion for a projection for the full year of 650 billion. Although revisions for a stronger yen to the expected exchange rate lead to a fall in profits, cost reductions have compensated for the losses, and the effects of the pension accounting processing in the first half contributed to an increase in profit of JPY 84 billion. |
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Suzuki | First half results | * The OEM had record-high sales of 1.404 million vehicles in the first half (y/y increase of 1.2%). Sales increased in India and Europe, where new models are performing well. * Operating income also hit an all-time high figure of JPY 115.5 billion (14.2% increase). Although the strong yen has caused major losses (JPY 50.2 billion), increases in sales and model mix changes have covered the losses (JPY 75.1 billion). |
Full year outlook | * The company reduced its full year outlook for vehicle sales by 83,000 units to 2.873 million vehicles (y/y increase of 0.4%). Although the automaker revised its sales forecast for India upward, it revised the forecasts for Japan, China, and Indonesia downward. * The automaker initially projected that its operating income would decrease, but the forecast was revised upward to JPY 200 billion for a y/y increase of 2.4%. Although the revisions for a stronger yen have lead to a loss, the OEM's performance in the first half has been reflected. |
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Mazda | First half results | * The CX-9 released in North America and the CX-4 released in China have been selling well, and the automaker achieved all-time high sales of 775,000 vehicles. * Operating income decreased by roughly 30% to JPY 88.3 billion due to the strong yen. |
Full year outlook | * The company maintained its forecast for record vehicle sales of 1.55 million units. Although forecasts for Japan were lowered, healthy sales in China are expected to compensate for the decrease. * The automaker revised its operating income forecast downward by JPY 20 billion to JPY 150 billion. The OEM aims for an increase of JPY 17 billion through additional cost reductions, but expects the effects of the strong yen to become more prominent. |
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Mitsubishi | First half results | * Mitsubishi Motors' vehicle sales, suffering the effects of its fuel consumption scandal in Japan, dropped by 16.3% y/y to 436,000 units. In particular, the OEM's suspension of vehicle sales in Japan resulted in a drop of 37.0% to 29,000 units. Outside of Japan, the automaker has been experiencing across the board sales decreases in markets other than North America. * The loss in sales relating to the fuel consumption scandal, market measure costs, and strong yen have lead to a JPY 31.6 billion deficit in operating income for the company. * The OEM has recorded an extraordinary loss of JPY 166.2 billion relating to the fuel consumption scandal, for a net loss of JPY 219.6 billion. |
Full year outlook | * The company has lowered its full year vehicle sales outlook by 11.0% y/y to 933,000 vehicles. For the first time in four years, the OEM has set its sales outlook at under 1 million vehicles, and has replaced Fuji Heavy Industries as the Japanese passenger vehicle manufacturer with the lowest sales. * The forecast released by the OEM after the fuel consumption scandal came to light projected full year operating income to maintain a surplus, but this was revised to a deficit of JPY 27.6 billion, due to decreased sales, the strong yen, and the effects of market measures. In the second half only the automaker aims for a surplus of JPY 4 billion. * The projection for full year net losses has been revised downward from JPY 145 billion to JPY 239.6 billion due to impairment reviews at the Mizushima plant, depletion of capital investments at overseas subsidiaries, and reevaluation of overseas investments. |
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FHI | First half results | * The OEM has performed well in the U.S., and recorded all-time high vehicle sales for the fifth consecutive year with 512,000 vehicles. * Operating income fell 26.9% y/y to JPY 208.5 billion. Although there vehicle sales increased, the loss in profit was caused by the strong yen, airbag related expenses, and increased incentives in the U.S. |
Full year outlook | * Since its initial projection, the automaker issued a new forecast that full year will exceed 1 million vehicles, and raised this outlook further to 1.062 million vehicles. * The company decreased its full year operating income outlook by 34.1% y/y to JPY 373 billion, marking the second consecutive time following the Q1 financial results announcements that the OEM has made downward revisions. The reasons for the revisions are the same as for its first half results. |
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Isuzu | First half results | * The OEM has experienced increased sales in Japan, but saw a decrease overseas, particularly in emerging countries, for an overall decline of 4.3% y/y to 243,000 vehicles. * The company operating income also declined by 20.6% y/y to JPY 68.4 billion, due to decreased sales and the strong yen. |
Full year outlook | * The automaker raised its global sales outlook to 508,000 vehicles, as the OEM believes overseas sales will exceed its expectations. * It revised its operating income outlook downward to JPY 150 billion due to the strong yen. |
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Hino | First half results | * Thanks to the increase in sales in Japan, global sales have hit a record high of 82,000 vehicles. Overseas, while sales grew in Asia, they fell in Africa and the Middle/Near East. * Operating income declined by roughly 40%, due to the strong yen, and decreased shipments overseas and to Toyota. |
Full year outlook | * The automaker reduced its global sales outlook by 3,000 vehicles overseas for a marginal downward revision to a total of 172,000 vehicles. * Its initial operating income forecast of JPY 80 billion has been revised to JPY 60 billion due to the decreased sales and the strong yen. |
Sales forecast by LMC Automotive: Japan Light Vehicle sales will be 4.86 million units in 2019
(LMC Automotive, Q3 2016)
According to LMC Automotive's forecast (Q3, 2016), light vehicle sales in Japan will be 4.78 million units in 2016, down 4.4% from 2015, and experience a 1.0% increase in 2017 to 4.83 million units. 2016 sales will end up slightly better than expected in spite of incidents including an accident at an Aichi Steel plant, the Kumamoto earthquakes, and Mitsubishi and Suzuki's fuel efficiency scandals. The Toyota Prius and Daihatsu's mini cars lead the market.
In the medium term, Japanese light vehicle sales will hover around the 4.8 million-unit level. These are expected to rise to 4.82 million units in 2018, up 0.8% from 2016, and hit 4.86 million units in 2019, up 1.6% from 2016.
LMC Automotive comments; "in the long term, Light Vehicle sales in Japan are projected to decline progressively, to eventually plateau at around 4.3‐4.4 mn units. As previously outlined, this gradual contraction will be driven by Japan's rapidly aging population and the younger generation's lack of interest in driving or in vehicle ownership. As the population ages, older drivers will not necessarily give up driving altogether, but they will be less inclined to replace their cars. Together, these factors will drive down new vehicle sales, while the vehicle parc will remain at the same level. Indeed, vehicle density in Japan is even expected to see a slight increase. However, should both the vehicle parc and vehicle density begin to decline, in line with sales, this is likely to occur beyond our forecast horizon".
LMC Automotive also comments; "One of the major factors likely to affect Light Vehicle sales in Japan in the future is the rescheduled consumption tax hike. Originally due to be implemented in 2017, the government announced in June this year that it had postponed the tax increase by two‐and‐a‐half years to October 2019. This decision was taken as a way of safeguarding the economy from any negative impacts that may ensue from the higher duty rate. We now assume that the inevitable pre‐tax hike buying rush will begin in late 2018 and continue into 2019."
Japanese light vehicle sales forecast by make
GLOBAL MAKE | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
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Total | 5,255,108 | 5,442,170 | 5,001,057 | 4,783,195 | 4,831,819 | 4,822,974 | 4,860,878 | |
Toyota Group | Toyota | 1,516,002 | 1,487,958 | 1,439,542 | 1,451,909 | 1,359,907 | 1,480,479 | 1,405,122 |
Daihatsu | 662,688 | 708,176 | 620,794 | 659,733 | 682,538 | 639,505 | 606,228 | |
Lexus | 46,769 | 44,196 | 48,228 | 61,436 | 67,774 | 62,798 | 69,986 | |
Hino | 18,323 | 22,455 | 6,750 | 6,588 | 6,292 | 5,469 | 6,779 | |
Toyota Group sub-total | 2,243,782 | 2,262,785 | 2,115,314 | 2,179,666 | 2,116,511 | 2,188,251 | 2,088,115 | |
Honda Group | Honda | 742,295 | 849,914 | 726,970 | 706,045 | 752,260 | 696,359 | 791,668 |
Suzuki Group | Suzuki | 699,760 | 785,829 | 635,590 | 626,999 | 647,282 | 593,856 | 637,394 |
Nissan | 1,555 | 1,529 | 1,140 | 809 | 918 | 921 | 1,017 | |
Suzuki Group sub-total | 701,315 | 787,358 | 636,730 | 627,808 | 648,200 | 594,777 | 638,411 | |
Renault-Nissan Group | Nissan | 678,123 | 669,109 | 587,238 | 478,888 | 517,287 | 539,637 | 514,122 |
Renault | 3,471 | 4,310 | 5,082 | 2,878 | 1,874 | 1,686 | 1,941 | |
Samsung | 301 | 347 | 0 | 0 | 0 | 0 | 0 | |
Renault-Nissan Group sub-total | 681,895 | 673,766 | 592,320 | 481,766 | 519,161 | 541,323 | 516,063 | |
Mazda Motors | Mazda | 228,088 | 219,092 | 245,457 | 228,255 | 271,494 | 254,513 | 248,607 |
Fuji Heavy | Subaru | 181,924 | 168,171 | 162,262 | 153,045 | 143,516 | 138,112 | 144,140 |
Volkswagen Group | Volkswagen | 67,280 | 67,328 | 54,766 | 44,993 | 44,435 | 43,357 | 50,830 |
Audi | 28,679 | 32,304 | 30,573 | 24,059 | 25,260 | 31,057 | 32,002 | |
Porsche | 4,869 | 5,361 | 6,706 | 5,429 | 5,154 | 5,271 | 5,173 | |
Bentley | 295 | 317 | 370 | 276 | 227 | 242 | 246 | |
Lamborghini | 180 | 187 | 349 | 206 | 78 | 92 | 100 | |
Volkswagen Group sub-total | 101,303 | 105,497 | 92,764 | 74,963 | 75,154 | 80,019 | 88,351 | |
Mitsubishi Motors | Mitsubishi | 138,930 | 125,072 | 123,424 | 64,617 | 61,305 | 70,801 | 83,726 |
Isuzu Motors | Isuzu | 37,604 | 42,753 | 74,731 | 74,169 | 68,947 | 74,351 | 77,947 |
Daimler Group | Mercedes-Benz | 53,734 | 61,453 | 65,159 | 51,115 | 44,651 | 48,203 | 47,194 |
Fuso | 21,863 | 25,182 | 26,459 | 24,523 | 22,221 | 21,820 | 22,559 | |
Smart | 1,298 | 1,114 | 1,011 | 2,153 | 4,266 | 4,844 | 4,857 | |
Daimler Group sub-total | 76,895 | 87,749 | 92,629 | 77,791 | 71,138 | 74,867 | 74,610 | |
BMW Group | BMW | 46,533 | 47,928 | 47,235 | 40,180 | 37,444 | 41,301 | 40,149 |
MINI | 16,982 | 17,597 | 19,494 | 16,635 | 14,534 | 15,375 | 14,909 | |
Rolls-Royce | 116 | 154 | 156 | 105 | 63 | 68 | 68 | |
BMW Group sub-total | 63,631 | 65,679 | 66,885 | 56,920 | 52,041 | 56,744 | 55,126 | |
Fiat Chrysler Automobiles | Fiat | 7,007 | 7,079 | 7,504 | 6,091 | 5,444 | 5,096 | 5,070 |
Jeep | 4,929 | 6,692 | 7,129 | 5,594 | 4,208 | 4,350 | 4,456 | |
Dodge | 725 | 504 | 256 | 961 | 1,739 | 1,795 | 1,792 | |
Alfa Romeo | 3,148 | 2,657 | 2,321 | 1,215 | 1,984 | 1,698 | 1,743 | |
Chrysler | 1,563 | 1,290 | 464 | 834 | 1,278 | 1,294 | 1,345 | |
Maserati | 491 | 1,407 | 1,449 | 576 | 226 | 243 | 248 | |
Lancia | 292 | 38 | 22 | 6 | 0 | 0 | 0 | |
Fiat Chrysler Automobiles sub-total | 18,155 | 19,667 | 19,145 | 15,277 | 14,879 | 14,476 | 14,654 | |
PSA Group | Peugeot | 5,975 | 5,710 | 5,905 | 7,939 | 9,388 | 9,181 | 9,130 |
Citroen | 769 | 1,087 | 1,978 | 1,514 | 1,540 | 1,616 | 1,627 | |
DS | 2,178 | 1,203 | 925 | 914 | 809 | 863 | 853 | |
PSA Group sub-total | 8,922 | 8,000 | 8,808 | 10,367 | 11,737 | 11,660 | 11,610 | |
Geely Group | Volvo | 17,146 | 14,304 | 13,509 | 10,173 | 9,092 | 10,149 | 10,477 |
Tata Group | Jaguar | 990 | 1,065 | 1,349 | 2,058 | 1,926 | 2,109 | 2,121 |
Land Rover | 3,422 | 3,225 | 2,979 | 2,458 | 1,970 | 1,835 | 1,924 | |
Tata Group sub-total | 4,412 | 4,290 | 4,328 | 4,516 | 3,896 | 3,944 | 4,045 | |
General Motors Group | Cadillac | 1,277 | 965 | 710 | 1,098 | 1,586 | 1,579 | 1,666 |
Chevrolet | 1,311 | 1,258 | 653 | 918 | 1,497 | 1,563 | 1,542 | |
GM | 110 | 92 | 24 | 39 | 58 | 63 | 66 | |
Pontiac | 12 | 13 | 16 | 2 | 0 | 0 | 0 | |
Hummer | 91 | 0 | 10 | 3 | 0 | 0 | 0 | |
General Motors Group sub-total | 2,801 | 2,328 | 1,413 | 2,060 | 3,141 | 3,205 | 3,274 | |
DRB-Hicom | Lotus | 298 | 321 | 271 | 141 | 86 | 85 | 98 |
Mahindra Group | Ssangyong | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
Hyundai Group | Hyundai | 15 | 0 | 14 | 0 | 0 | 0 | 0 |
MG Rover Group | Rover | 49 | 35 | 46 | 11 | 0 | 0 | 0 |
Ford Group | Ford | 4,189 | 4,447 | 4,856 | 3,726 | 0 | 0 | 0 |
Other | Others | 319 | 90 | 18,295 | 11,221 | 8,669 | 8,738 | 9,313 |
Ferrari | 551 | 407 | 658 | 482 | 462 | 462 | 489 | |
Aston Martin | 210 | 170 | 164 | 117 | 70 | 75 | 85 | |
UD Trucks | 339 | 248 | 46 | 45 | 45 | 45 | 50 | |
Saab | 6 | 5 | 4 | 7 | 12 | 12 | 12 | |
Morgan | 33 | 22 | 14 | 7 | 3 | 6 | 7 | |
Other sub-total | 1,458 | 942 | 19,181 | 11,879 | 9,261 | 9,338 | 9,956 |
Source: LMC Automotive "Global Automotive Production Sales (Q3 2016)" | |
(Note) 1. | Data indicates figures of only small-size vehicle, 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. For more information or inquiries of forecast data, please contact LMC Automotive. |
Fact sheets (Part 1): Unit sales, Revenue
Seven Japanese passenger car OEMs' sales volumes by region
(Thousand units)
FY 2009 |
FY 2010 |
FY 2011 |
FY 2012 |
FY 2013 |
FY 2014 |
FY 2015 |
FY 2016 Outlook |
First half | Second half | |||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Initial Plan |
Revised in Q2 |
FY 2015 |
FY 2016 |
FY 2015 |
FY 2016 Plan |
|||||||||
Japan | Toyota | 2,163 | 1,913 | 2,071 | 2,279 | 2,365 | 2,154 | 2,059 | 2,240 | 2,200 | 984 | 1,078 | 1,075 | 1,122 |
Nissan | 630 | 600 | 655 | 647 | 719 | 623 | 573 | 580 | 580 | 265 | 211 | 308 | 369 | |
Honda | 646 | 582 | 588 | 692 | 818 | 761 | 668 | 650 | 655 | 315 | 302 | 353 | 353 | |
Suzuki | 622 | 588 | 596 | 672 | 728 | 756 | 630 | 650 | 635 | 304 | 299 | 326 | 336 | |
Mazda | 221 | 206 | 206 | 216 | 244 | 225 | 232 | 233 | 210 | 120 | 93 | 112 | 117 | |
Mitsubishi | 171 | 164 | 152 | 134 | 143 | 115 | 102 | 60 | 64 | 46 | 29 | 56 | 35 | |
FHI | 171 | 158 | 172 | 163 | 182 | 163 | 145 | 156 | 159 | 67 | 68 | 78 | 91 | |
Total | 4,624 | 4,211 | 4,440 | 4,803 | 5,199 | 4,797 | 4,409 | 4,569 | 4,503 | 2,101 | 2,080 | 2,308 | 2,423 | |
North America |
Toyota | 2,098 | 2,031 | 1,872 | 2,469 | 2,529 | 2,715 | 2,839 | 2,850 | 2,820 | 1,413 | 1,400 | 1,426 | 1,420 |
Nissan | 1,067 | 1,245 | 1,404 | 1,466 | 1,648 | 1,829 | 2,011 | 2,070 | 2,070 | 995 | 1,048 | 1,016 | 1,022 | |
Honda | 1,297 | 1,458 | 1,323 | 1,731 | 1,757 | 1,750 | 1,929 | 1,990 | 1,985 | 970 | 989 | 959 | 996 | |
Suzuki | 41 | 33 | 32 | 30 | - | - | - | - | - | - | - | - | - | |
Mazda | 307 | 342 | 372 | 372 | 391 | 425 | 438 | 449 | 449 | 233 | 224 | 205 | 225 | |
Mitsubishi | 88 | 94 | 106 | 85 | 97 | 117 | 135 | 138 | 143 | 69 | 69 | 66 | 74 | |
FHI | 250 | 307 | 309 | 390 | 478 | 570 | 630 | 696 | 714 | 317 | 355 | 313 | 359 | |
Total | 5,148 | 5,510 | 5,418 | 6,543 | 6,900 | 7,406 | 7,982 | 8,193 | 8,181 | 3,997 | 4,085 | 3,985 | 4,096 | |
Europe | Toyota | 858 | 796 | 798 | 799 | 844 | 859 | 844 | 920 | 950 | 407 | 434 | 437 | 516 |
Nissan | 517 | 607 | 713 | 660 | 676 | 755 | 754 | 770 | 770 | 367 | 362 | 387 | 408 | |
Honda | 249 | 198 | 158 | 171 | 169 | 161 | 172 | 190 | 180 | 74 | 90 | 98 | 90 | |
Suzuki | 281 | 244 | 223 | 197 | 205 | 195 | 207 | 232 | 232 | 101 | 116 | 106 | 116 | |
Mazda | 239 | 212 | 183 | 172 | 207 | 229 | 257 | 260 | 260 | 124 | 134 | 133 | 126 | |
Mitsubishi | 169 | 218 | 218 | 181 | 202 | 227 | 206 | 187 | 181 | 104 | 90 | 102 | 91 | |
FHI | 39 | 60 | 55 | 61 | 47 | 47 | 48 | 50 | 47 | 23 | 22 | 25 | 25 | |
Total | 2,352 | 2,335 | 2,348 | 2,241 | 2,350 | 2,473 | 2,488 | 2,609 | 2,620 | 1,200 | 1,248 | 1,288 | 1,372 | |
Asia and Others |
Toyota | 2,118 | 2,568 | 2,611 | 3,324 | 3,378 | 3,244 | 2,939 | 2,890 | 2,880 | 1,474 | 1,451 | 1,465 | 1,429 |
Nissan | 1,301 | 1,733 | 2,073 | 2,141 | 2,145 | 2,111 | 2,085 | 2,180 | 2,180 | 989 | 992 | 1,096 | 1,188 | |
Honda | 1,200 | 1,274 | 1,039 | 1,420 | 1,579 | 1,695 | 1,974 | 2,085 | 2,160 | 927 | 1,050 | 1,047 | 1,110 | |
Suzuki | 1,407 | 1,778 | 1,710 | 1,761 | 1,778 | 1,917 | 2,025 | 2,074 | 2,006 | 983 | 989 | 1,042 | 1,017 | |
Mazda | 426 | 513 | 486 | 475 | 489 | 518 | 607 | 608 | 631 | 287 | 324 | 320 | 307 | |
Mitsubishi | 532 | 511 | 525 | 587 | 605 | 631 | 605 | 577 | 545 | 302 | 248 | 303 | 297 | |
FHI | 103 | 132 | 104 | 110 | 118 | 131 | 134 | 148 | 142 | 65 | 67 | 69 | 75 | |
Total | 7,087 | 8,509 | 8,548 | 9,818 | 10,092 | 10,247 | 10,369 | 10,562 | 10,544 | 5,027 | 5,121 | 5,342 | 5,423 | |
Total | Toyota | 7,237 | 7,308 | 7,352 | 8,871 | 9,116 | 8,972 | 8,681 | 8,900 | 8,850 | 4,278 | 4,363 | 4,403 | 4,487 |
Nissan | 3,515 | 4,185 | 4,845 | 4,914 | 5,188 | 5,318 | 5,423 | 5,600 | 5,600 | 2,616 | 2,613 | 2,807 | 2,987 | |
Honda | 3,392 | 3,512 | 3,108 | 4,014 | 4,323 | 4,367 | 4,743 | 4,915 | 4,980 | 2,286 | 2,431 | 2,457 | 2,549 | |
Suzuki | 2,350 | 2,643 | 2,560 | 2,660 | 2,711 | 2,868 | 2,861 | 2,956 | 2,873 | 1,388 | 1,404 | 1,473 | 1,469 | |
Mazda | 1,193 | 1,273 | 1,247 | 1,235 | 1,331 | 1,397 | 1,534 | 1,550 | 1,550 | 764 | 775 | 770 | 775 | |
Mitsubishi | 960 | 987 | 1,001 | 987 | 1,047 | 1,090 | 1,048 | 962 | 933 | 521 | 436 | 527 | 497 | |
FHI | 563 | 657 | 640 | 724 | 825 | 911 | 958 | 1,050 | 1,062 | 472 | 512 | 486 | 550 | |
Total | 19,210 | 20,565 | 20,753 | 23,405 | 24,541 | 24,923 | 25,248 | 25,933 | 25,848 | 12,325 | 12,534 | 12,923 | 13,314 |
Source: OEMs' financial results. | |
(Note) 1. | Figures for Toyota, Suzuki, and Fuji Heavy Industries (FHI) are based on consolidated sales volumes. |
2. | The planned figures for the second half of FY 2016 are calculated values based on the ten companies' FY 2016 full-year plans and the first half-year performances. |
Consolidated revenue of nine OEMs
(Billion Yen)
FY 2009 |
FY 2010 |
FY 2011 |
FY 2012 |
FY 2013 |
FY 2014 |
FY 2015 |
FY2016 Plan | First half | Second half | |||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Initial Plan |
Revised in Q2 |
FY 2015 |
FY 2016 |
FY 2015 |
FY 2016 Plan |
|||||||||
Revenue | Toyota | 18,951 | 18,994 | 18,584 | 22,064 | 25,692 | 27,235 | 28,403 | 26,500 | 26,000 | 14,091 | 13,071 | 14,312 | 12,930 |
Nissan | 7,517 | 8,773 | 9,409 | 8,737 | 10,483 | 11,375 | 12,190 | 11,800 | 11,800 | 5,933 | 5,321 | 6,256 | 6,479 | |
Honda | 8,579 | 8,937 | 7,948 | 9,878 | 11,842 | 13,328 | 14,601 | 13,750 | 13,400 | 7,326 | 6,735 | 7,275 | 6,665 | |
Suzuki | 2,469 | 2,608 | 2,512 | 2,578 | 2,938 | 3,016 | 3,181 | 3,100 | 3,100 | 1,556 | 1,499 | 1,625 | 1,601 | |
Mazda | 2,164 | 2,326 | 2,033 | 2,205 | 2,692 | 3,034 | 3,407 | 3,280 | 3,150 | 1,701 | 1,546 | 1,706 | 1,604 | |
Mitsubishi | 1,446 | 1,829 | 1,807 | 1,815 | 2,093 | 2,181 | 2,268 | 1,910 | 1,840 | 1,070 | 865 | 1,198 | 975 | |
FHI | 1,429 | 1,581 | 1,517 | 1,913 | 2,408 | 2,878 | 3,232 | 3,170 | 3,180 | 1,602 | 1,578 | 1,631 | 1,602 | |
Isuzu | 1,081 | 1,416 | 1,400 | 1,656 | 1,761 | 1,879 | 1,927 | 1,860 | 1,860 | 971 | 908 | 956 | 952 | |
Hino | 1,024 | 1,243 | 1,315 | 1,541 | 1,700 | 1,685 | 1,746 | 1,670 | 1,630 | 858 | 799 | 887 | 831 | |
Total | 43,636 | 46,462 | 45,211 | 50,847 | 59,910 | 64,925 | 69,208 | 65,370 | 64,330 | 34,249 | 31,522 | 34,959 | 32,808 |
Source: OEMs' financial results. | |
(Note) 1. | Hino's results are included in Toyota's consolidated unit sales. |
2. | In FY 2013, Nissan changed the consolidation method for its Chinese JVs from the proportionate consolidation method to the equity method. |
3. | Starting from FY 2015, Honda is using the International Financial Reporting Standards (IFRS). FY 2014's results are also shown for reference, calculated into values based on the IFRS. Results up to and including FY 2013 are calculated using the US Generally Accepted Accounting Principles. |
Fact sheets (Part 2):Operating profit & margin、Exchange rate
Nine OEMs' Operating profit/Ordinary profit/Net income
(Billion Yen)
FY 2009 |
FY 2010 |
FY 2011 |
FY 2012 |
FY 2013 |
FY 2014 |
FY 2015 |
FY2016 Plan | First half | Second half | |||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Initial Plan |
Revised in Q2 |
FY 2015 |
FY 2016 |
FY 2015 |
FY 2016 Plan |
|||||||||
Operating Profit |
Toyota | 148 | 468 | 356 | 1,321 | 2,292 | 2,751 | 2,854 | 1,700 | 1,700 | 1,583 | 1,117 | 1,271 | 583 |
Nissan | 312 | 538 | 546 | 439 | 498 | 590 | 793 | 710 | 710 | 395 | 340 | 398 | 370 | |
Honda | 364 | 570 | 231 | 545 | 750 | 671 | 503 | 600 | 650 | 404 | 495 | 99 | 155 | |
Suzuki | 79 | 107 | 119 | 145 | 188 | 179 | 195 | 180 | 200 | 101 | 116 | 94 | 85 | |
Mazda | 10 | 24 | -39 | 54 | 182 | 203 | 227 | 170 | 150 | 126 | 88 | 101 | 62 | |
Mitsubishi | 14 | 40 | 64 | 67 | 123 | 136 | 138 | 25 | -28 | 58 | -32 | 80 | 4 | |
FHI | 27 | 84 | 44 | 120 | 327 | 423 | 566 | 420 | 373 | 285 | 209 | 281 | 165 | |
Isuzu | 11 | 88 | 97 | 131 | 174 | 171 | 172 | 175 | 150 | 86 | 68 | 85 | 82 | |
Hino | 1 | 29 | 38 | 65 | 112 | 106 | 98 | 80 | 60 | 54 | 33 | 44 | 27 | |
Total | 964 | 1,919 | 1,418 | 2,822 | 4,535 | 5,123 | 5,448 | 3,980 | 3,905 | 3,039 | 2,401 | 2,409 | 1,505 | |
Ordinary profit |
Toyota | 291 | 563 | 433 | 1,404 | 2,441 | 2,893 | 2,983 | 1,900 | 1,900 | 1,675 | 1,177 | 1,308 | 724 |
Nissan | 208 | 538 | 535 | 504 | 527 | 694 | 862 | 800 | 800 | 428 | 397 | 435 | 403 | |
Honda | 336 | 631 | 257 | 489 | 729 | 806 | 635 | 705 | 770 | 493 | 559 | 142 | 211 | |
Suzuki | 94 | 123 | 131 | 156 | 198 | 194 | 209 | 185 | 210 | 112 | 122 | 97 | 88 | |
Mazda | 5 | 37 | -37 | 33 | 141 | 213 | 224 | 176 | 155 | 121 | 83 | 103 | 72 | |
Mitsubishi | 13 | 39 | 61 | 94 | 130 | 152 | 141 | 32 | -28 | 59 | -28 | 83 | 0 | |
FHI | 22 | 82 | 37 | 101 | 314 | 394 | 577 | 420 | 397 | 285 | 228 | 292 | 169 | |
Isuzu | 11 | 91 | 103 | 142 | 187 | 187 | 187 | 187 | 153 | 99 | 72 | 88 | 81 | |
Hino | -2 | 25 | 35 | 67 | 109 | 105 | 96 | 79 | 59 | 52 | 32 | 44 | 27 | |
Total | 980 | 2,103 | 1,520 | 2,922 | 4,666 | 5,533 | 5,818 | 4,405 | 4,357 | 3,271 | 2,609 | 2,547 | 1,748 | |
Net income |
Toyota | 209 | 408 | 284 | 962 | 1,823 | 2,173 | 2,313 | 1,500 | 1,550 | 1,258 | 946 | 1,055 | 604 |
Nissan | 42 | 319 | 341 | 341 | 389 | 458 | 524 | 525 | 525 | 326 | 282 | 198 | 243 | |
Honda | 268 | 534 | 211 | 367 | 574 | 509 | 345 | 390 | 415 | 314 | 352 | 31 | 63 | |
Suzuki | 29 | 45 | 54 | 80 | 108 | 97 | 117 | 93 | 145 | 79 | 100 | 38 | 45 | |
Mazda | -7 | -60 | -108 | 34 | 136 | 159 | 134 | 115 | 100 | 88 | 56 | 46 | 44 | |
Mitsubishi | 5 | 16 | 24 | 38 | 105 | 118 | 89 | -145 | -240 | 52 | -220 | 37 | -20 | |
FHI | -17 | 50 | 39 | 120 | 207 | 262 | 437 | 293 | 278 | 193 | 164 | 244 | 114 | |
Isuzu | 8 | 52 | 91 | 97 | 119 | 117 | 115 | 115 | 90 | 53 | 39 | 62 | 51 | |
Hino | -3 | -10 | 16 | 48 | 89 | 75 | 65 | 55 | 41 | 37 | 23 | 28 | 18 | |
Total | 539 | 1,364 | 936 | 2,039 | 3,460 | 3,893 | 4,073 | 2,886 | 2,863 | 2,363 | 1,719 | 1,709 | 1,144 |
Source: OEMs' financial results.
(Note) The Ordinary Profit data of Toyota and Honda shows respective pre-tax current profits since Toyota adopt the U.S. Generally Accepted Accounting Principles and Honda adopt IFRS.
Operating margin
FY 2009 |
FY 2010 |
FY 2011 |
FY 2012 |
FY 2013 |
FY 2014 |
FY 2015 |
FY2016 Plan | First half | Second half | |||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Initial Plan |
Revised in Q2 |
FY 2015 |
FY 2016 |
FY 2015 |
FY 2016 Plan |
|||||||||
Operating margin |
Toyota | 0.8% | 2.5% | 1.9% | 6.0% | 8.9% | 10.1% | 10.0% | 6.4% | 6.5% | 11.2% | 8.5% | 8.9% | 4.5% |
Nissan | 4.1% | 6.1% | 5.8% | 5.0% | 4.8% | 5.2% | 6.5% | 6.0% | 6.0% | 6.7% | 6.4% | 6.4% | 5.7% | |
Honda | 4.2% | 6.4% | 2.9% | 5.5% | 6.3% | 5.0% | 3.4% | 4.4% | 4.9% | 5.5% | 7.3% | 1.4% | 2.3% | |
Suzuki | 3.2% | 4.1% | 4.7% | 5.6% | 6.4% | 5.9% | 6.1% | 5.8% | 6.5% | 6.5% | 7.7% | 5.8% | 5.3% | |
Mazda | 0.4% | 1.0% | -1.9% | 2.4% | 6.8% | 6.7% | 6.7% | 5.2% | 4.8% | 7.4% | 5.7% | 5.9% | 3.8% | |
Mitsubishi | 1.0% | 2.2% | 3.5% | 3.7% | 5.9% | 6.2% | 6.1% | 1.3% | -1.5% | 5.5% | -3.7% | 6.7% | 0.4% | |
FHI | 1.9% | 5.3% | 2.9% | 6.3% | 13.6% | 14.7% | 17.5% | 13.2% | 11.7% | 17.8% | 13.2% | 17.2% | 10.3% | |
Isuzu | 1.0% | 6.2% | 7.0% | 7.9% | 9.9% | 9.1% | 8.9% | 9.4% | 8.1% | 8.9% | 7.5% | 8.9% | 8.6% | |
Hino | 0.1% | 2.3% | 2.9% | 4.2% | 6.6% | 6.3% | 5.6% | 4.8% | 3.7% | 6.3% | 4.1% | 5.0% | 3.3% | |
Average | 2.2% | 4.1% | 3.1% | 5.5% | 7.6% | 7.9% | 7.9% | 6.1% | 6.1% | 8.9% | 7.6% | 6.9% | 4.6% |
Foreign exchange rates
(Yen)
FY 2009 |
FY 2010 |
FY 2011 |
FY 2012 |
FY 2013 |
FY 2014 |
FY 2015 |
FY2016 Plan | First half | Second half | |||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Initial Plan |
Revised in Q2 |
FY 2015 |
FY 2016 |
FY 2015 |
FY 2016 Plan |
|||||||||
USD | Toyota | 93 | 86 | 79 | 83 | 100 | 110 | 120 | 105 | 103 | 122 | 105 | 118 | 101 |
Nissan | 92.9 | 85.7 | 79.1 | 82.9 | 100.2 | 109.8 | 120.2 | 105 | 105 | 121.9 | 105.2 | 119 | 105 | |
Honda | 93 | 86 | 79 | 84 | 100 | 110 | 120 | 105 | 103 | 122 | 105 | 118 | 100 | |
Suzuki | 93 | 86 | 79 | 83 | 100 | 110 | 120 | 105 | 104 | 122 | 105 | 118 | 103 | |
Mazda | 93 | 86 | 79 | 83 | 100 | 110 | 120 | 110 | 104 | 122 | 105 | 118 | 103 | |
Mitsubishi | 92 | 85 | 79 | 82 | 100 | 109 | 121 | 106 | 103 | 122 | 108 | 120 | 100 | |
FHI | 93 | 86 | 79 | 82 | 100 | 108 | 121 | 105 | 104 | 122 | 107 | 120 | 101 | |
Isuzu | 91 | 85 | 79 | 82 | 98 | 107 | 120 | 110 | 107 | 121 | 110 | 119 | 104 | |
Hino | 93 | 86 | 79 | 82 | 100 | 109 | 120 | 105 | 104 | 121 | 107 | 119 | 101 | |
Average | 92.6 | 85.7 | 79.1 | 82.8 | 99.7 | 109.1 | 120.2 | 106.2 | 104.1 | 121.6 | 106.4 | 118.9 | 102.0 | |
EUR | Toyota | 131 | 113 | 109 | 107 | 134 | 139 | 133 | 120 | 114 | 135 | 118 | 131 | 110 |
Nissan | 131.2 | 113.1 | 109 | 106.8 | 134.2 | 138.7 | 132.6 | 120 | 120 | 135.1 | 118.0 | 130.1 | 122 | |
Honda | 130 | 114 | 108 | 108 | 136 | 139 | - | - | - | - | - | - | - | |
Suzuki | 131 | 113 | 109 | 107 | 134 | 139 | 133 | 120 | 116 | 135 | 118 | 131 | 113 | |
Mazda | 131 | 113 | 109 | 107 | 134 | 139 | 133 | 123 | 116 | 135 | 118 | 131 | 114 | |
Mitsubishi | 130 | 113 | 111 | 105 | 134 | 139 | 133 | 123 | 115 | 135 | 119 | 131 | 111 | |
FHI | 132 | 114 | 108 | 106 | 133 | 140 | 133 | 120 | 115 | 135 | 120 | 131 | 110 | |
Average | 130.9 | 112.9 | 109 | 106.7 | 134.2 | 139.1 | 132.9 | 121 | 116.0 | 135.0 | 118.5 | 130.9 | 113.3 |
Source: OEMs' financial results.
(Note) If an OEM announced multiple figures for the exchange rate, the rate used for sales is included in the table above.
Fact sheets (Part 3): analysis of variance in operating profit, capital investment , R&D costs
Analysis of variance in operating profit
(Billion Yen)
FY 2009 |
FY 2010 |
FY 2011 |
FY 2012 |
FY 2013 |
FY 2014 |
FY 2015 |
FY2016 Plan | FY2016 | ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Initial Plan |
Revised in Q2 |
First half results |
Second half plan |
|||||||||
Total | Operating profit | 964 | 1,919 | 1,418 | 2,906 | 4,535 | 5,104 | 5,448 | 3,980 | 3,905 | 2,401 | 1,505 |
Increase (decrease) in operating profit | 1,305 | 955 | -500 | 1,488 | 1,628 | 569 | 325 | -1,468 | -1,543 | -639 | -904 | |
Fluctuations in revenue | -877 | 1,513 | 152 | 1,077 | 460 | -14.8 | 401 | 342 | 452 | 432 | 20.3 | |
Currency impact | -848 | -719 | -658 | 257 | 1,865 | 591 | 140 | -1,879 | -2,243 | -1,170 | -1,073 | |
Cost reductions, etc. | 1,023 | 535 | 215 | 943 | 630 | 520 | 871 | 574 | 703 | 531 | 172 | |
General expenses/R&D expenses | 1,262 | -345 | -223 | -700 | -1,067 | -508 | -966 | -412 | -415 | -360 | -55.6 | |
Other | 746 | -29 | 12.7 | -89.7 | -259 | -18.9 | -121 | -93.4 | -39.9 | -71.8 | 31.9 | |
Toyota | Operating profit | 148 | 468 | 356 | 1,321 | 2,292 | 2,751 | 2,854 | 1,700 | 1,700 | 1,117 | 583 |
Increase (decrease) in operating profit | 609 | 321 | -113 | 965 | 971 | 458 | 103 | -1,154 | -1,154 | -467 | -687 | |
Sales & marketing activities | -370 | 490 | 150 | 650 | 180 | -70 | -120 | 135 | 185 | 205 | -20 | |
Cost improvements | 520 | 180 | 150 | 450 | 290 | 280 | 390 | 340 | 415 | 220 | 195 | |
Financial business | 270 | |||||||||||
Currency impact | -320 | -290 | -250 | 150 | 900 | 280 | 160 | -935 | -1,080 | -565 | -515 | |
Total expenses | 470 | -30 | -100 | -300 | -480 | -160 | -340 | -540 | -485 | -225 | -260 | |
(Above amount only for) R&D expenses | 179 | -25 | -50 | -20 | -100 | -100 | -50 | -25 | -15 | -5 | -10 | |
(Above amount only for) capital investment expenses | 37.8 | 120 | 30 | 20 | 10 | -10 | -50 | -100 | -80 | -30 | -50 | |
(Above amount only for) labor costs | 62.7 | -40 | -100 | -70 | -100 | -80 | -110 | -115 | -115 | -50 | -65 | |
(Above amount only for) other costs | 191 | -85 | 20 | -230 | -290 | 30 | -130 | -300 | -275 | -140 | -135 | |
Others | 38.5 | -29.3 | -62.6 | 15.2 | 81.2 | 128 | -130 | -154 | -189 | -102 | -87.4 | |
Nissan | Operating profit | 312 | 538 | 546 | 524 | 498 | 590 | 793 | 710 | 710 | 340 | 370 |
Increase (decrease) in operating profit | 450 | 226 | 8.3 | -22.3 | -25.1 | 91.2 | 204 | -83.3 | -83.3 | -55.3 | -28 | |
Currency impact | -163 | -148 | -170 | 30.2 | 248 | 68.6 | -13.3 | -255 | -255 | -180 | -75.2 | |
Sales volume/model mix effect | 26.9 | 433 | 224 | -57.2 | 70.4 | 32.4 | 113 | 43.5 | -43.5 | |||
Purchasing costs, etc. | 215 | 106 | 84.5 | 190 | 203 | 113 | 224 | 143 | -143 | |||
Production/quality-related costs | -53.7 | -109 | -20.1 | -19.7 | 112 | 112 | -9.6 | 121 | ||||
Sales financing | 142 | 29.5 | 49.8 | 0.2 | ||||||||
R&D expenses | 64.5 | -18.5 | -33.1 | -37 | -24.2 | -24.4 | 19.6 | -19.6 | ||||
Marketing expenses | 27.1 | -192 | -151 | -53.5 | -267 | -83.3 | -72.4 | 60 | 60 | -76.8 | 137 | |
Applying equity method of accounting | -107 | |||||||||||
Others | 136 | 15 | 4.8 | -41.7 | -38.8 | -19.1 | -3.4 | 5.1 | -5.1 | |||
Honda | Operating profit | 364 | 570 | 231 | 545 | 750 | 652 | 503 | 600 | 650 | 495 | 155 |
Increase (decrease) in operating profit | 174 | 206 | -338 | 313 | 205 | -98.6 | -167 | 96.6 | 147 | 90.8 | 55.9 | |
Changes to revenue/model-mix | -247 | 322 | -155 | 293 | 53.3 | -82.5 | 220 | 49.6 | 28.6 | 60.9 | -32.3 | |
Currency impact | -168 | -138 | -114 | 35.8 | 289 | 79 | -60.1 | -303 | -370 | -178 | -192 | |
Cost-reductions | 67.4 | 153 | -92.8 | 167 | 15 | 34.4 | 110 | 113 | 161 | 101 | 60 | |
R&D expenses | 99.8 | -24.2 | -32.2 | -40.4 | -49.3 | -17.7 | -39.7 | -54 | -60 | -36.2 | -23.8 | |
Sales-management expenses | 421 | -62 | 55.8 | -142 | -102 | -112 | -397 | 291 | 303 | 59 | 244 | |
Impact of pension accounting treatment | 84 | 84 | 0 | |||||||||
Natural disasters | -45.7 | |||||||||||
Suzuki | Operating profit | 79.4 | 107 | 119 | 145 | 188 | 179 | 195 | 180 | 200 | 116 | 84.5 |
Increase (decrease) in operating profit | 2.5 | 27.5 | 12.4 | 25.3 | 43.1 | -8.3 | 15.9 | -15.3 | 4.7 | 14.4 | -9.7 | |
Changes in revenue/model-lineup | -69.6 | 25.3 | -54.2 | 32.7 | 47.8 | -18.1 | 58.6 | 54.7 | 108 | 75.1 | 32.6 | |
Currency impact | -46.9 | -28.3 | -28.9 | -6.9 | 54.3 | 22.2 | -2.9 | -62 | -86 | -50.2 | -35.8 | |
Cost reductions | 17.2 | 35.5 | 22.6 | 28.4 | 25.2 | 27.2 | 24.6 | 29 | 24 | 6.4 | 17.6 | |
Depreciation expenses | -0.6 | 3.4 | 35.3 | 9.4 | -23.5 | -17.2 | -33.9 | -2 | -2 | 0.3 | -2.3 | |
R&D expenses | 6.2 | 4.7 | -5.7 | -9.5 | -7.8 | 1.2 | -5.1 | -9 | -9 | 0.1 | -9.1 | |
Misc. expenses, etc. | 96.2 | -13.1 | 43.3 | -28.8 | -52.9 | -23.6 | -25.4 | -26 | -30 | -17.3 | -12.7 | |
Mazda | Operating profit | 9.5 | 23.8 | -38.7 | 53.9 | 182 | 203 | 227 | 170 | 150 | 88.3 | 61.7 |
Increase (decrease) in operating profit | 37.9 | 14.3 | -62.5 | 92.6 | 128 | 20.8 | 23.9 | -56.8 | -76.8 | -37.6 | -39.2 | |
Volume change/model mix | -60.6 | 35.7 | -36.3 | 33.8 | 55 | 48.6 | 56 | 18 | 19 | 0.5 | 18.5 | |
Currency impact | -76.5 | -43.7 | -37.6 | 18.4 | 113 | 17 | -42.4 | -81 | -123 | -64.8 | -58.2 | |
Cost reductions | 68 | 11.2 | 5.6 | 36.7 | 22 | 17.5 | 43.7 | 31 | 48 | 30.8 | 17.2 | |
Marketing expenses | 22.7 | -5.6 | -2.7 | -6.8 | -19.2 | -15 | 1.7 | -4 | -3 | 2.3 | -5.3 | |
Others | 84.3 | 16.7 | 8.5 | 10.5 | -42.3 | -47.3 | -35.1 | -20.8 | -17.8 | -6.4 | -11.4 | |
Mitsubishi | Operating profit | 13.9 | 40.3 | 63.7 | 67.4 | 123 | 136 | 138 | 25 | -27.6 | -31.6 | 4 |
Increase (decrease) in operating profit | 10 | 26.4 | 23.4 | 3.7 | 56 | 12.5 | 2.5 | -113 | -166 | -90 | -76 | |
Volume/model mix | -85.6 | 53.3 | 16.8 | 12.3 | -4.8 | -6.5 | 18.7 | -17 | -27 | -9.8 | -17.2 | |
Currency impact | -41.8 | -34.2 | -10.5 | -3.4 | 65.9 | 12.3 | -17.2 | -57 | -91 | -33.9 | -57.1 | |
Cost reductions | 54.4 | 21.1 | 27.2 | 43.2 | 40.4 | 29.2 | 30.9 | 8 | ||||
Costs on quality measures in market | -32 | -52.7 | 20.7 | |||||||||
Others | 57.8 | -8.6 | -10.6 | -32.3 | -15.2 | -15 | -24.7 | -26.4 | 10 | 7.3 | 2.7 | |
Marketing expenses | 25.2 | -5.1 | 0.5 | -16.1 | -30.3 | -7.5 | -5.2 | -21 | -26 | -0.9 | -25.1 | |
FHI | Operating profit | 27.4 | 84.1 | 44 | 120 | 327 | 423 | 566 | 420 | 373 | 209 | 165 |
Increase (decrease) in operating profit | 33.2 | 56.7 | -40.1 | 76.4 | 206 | 96.5 | 143 | -146 | -193 | -76.6 | -116 | |
Model mix | 8.7 | 83.1 | 1.2 | 81.7 | 51.1 | 70.3 | 58.8 | 99.9 | 135 | 67.8 | 67.5 | |
Currency impact | -30.4 | -35.6 | -42 | 29.3 | 170 | 104 | 108 | -169 | -197 | -81.7 | -115 | |
Cost reductions | 26 | 8.9 | -2.2 | 31.5 | 19.7 | 12.4 | 33.1 | 32 | 33.9 | 21.8 | 12.1 | |
Testing/R&D expenses | 5.7 | -5.7 | -5.2 | -1 | -10.9 | -23.2 | -18.8 | -17.6 | -14.6 | -7.1 | -7.5 | |
Misc. expenses | 23.2 | 6.1 | 8 | -65 | -24 | -66.6 | -39 | -91.3 | -151 | -77.4 | -73.3 | |
Isuzu | Operating profit | 11 | 88.2 | 97.4 | 131 | 174 | 171 | 172 | 175 | 150 | 68.4 | 81.6 |
Increase (decrease) in operating profit | -10.7 | 77.2 | 9.2 | 33.4 | 43.4 | -3.1 | 0.5 | 3.4 | -21.6 | -17.8 | -3.8 | |
Fluctuations in revenue/in model mix | -80.7 | 70.5 | 5.8 | 30.7 | 7.2 | 11 | -4.1 | 1.4 | 3.4 | -11.3 | 14.7 | |
Currency impact | -2.3 | -2.4 | -4.5 | 4 | 25.3 | 8.3 | 7.5 | -17 | -41 | -16.2 | -24.8 | |
Economic changes | 18.1 | -9.8 | -7.4 | 4.4 | -4.5 | -1.7 | 7.3 | 7 | 7 | 6 | 1 | |
Cost reductions/Rationalizing | 13 | 17.7 | 11.2 | 8.9 | 20.2 | 15.1 | 21 | 20 | 20 | 9 | 11 | |
Spending changes, etc. | 41.2 | 1.2 | 9.2 | -13.1 | -4.8 | -9 | -6.1 | 1 | 1 | -1 | 2 | |
Growth-strategy expenses | -26.8 | -25.1 | -9 | -12 | -4.3 | -7.7 | ||||||
Residual factors from previous years (idle time due to natural disasters, etc.) | -5.1 | -1.5 | ||||||||||
Hino | Operating profit | 1.1 | 28.9 | 37.5 | 65.1 | 112 | 106 | 98.3 | 80 | 60 | 32.9 | 27.1 |
Increase (decrease) in operating profit | 20.5 | 27.8 | 8.6 | 27.6 | 47.1 | -6.7 | -7.2 | -18.3 | -38.3 | -21.3 | -17 | |
Sales activities | 23.1 | 33.7 | 36 | 30.8 | 18 | -10.2 | -4.9 | 6 | -1 | -4.2 | 3.2 | |
Changes in management environment | -7 | -11.1 | -30.8 | 2.8 | 21.5 | -2.8 | 3.6 | -27 | -35 | -14.1 | -20.9 | |
Cost improvements | 19.9 | 18.7 | 18.6 | 19.9 | 19.5 | 18.9 | 16.9 | 20 | 19 | 7.2 | 11.8 | |
Cost fluctuations, etc. | 19 | -13.5 | -15.2 | -19.8 | -11.9 | -12.6 | -22.8 | -17.3 | -21.3 | -10.2 | -11.1 | |
Other | -34.5 | -6.1 |
Source: OEMs' financial results.
Capital investment/Depreciation expenses/R&D costs
(Billion Yen)
FY 2009 |
FY 2010 |
FY 2011 |
FY 2012 |
FY 2013 |
FY 2014 |
FY 2015 |
FY 2016 Outlook |
First half | Second half | |||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Initial Plan |
Revised in Q2 |
FY 2015 |
FY 2016 |
FY 2015 |
FY 2016 Plan |
|||||||||
Capital investment |
Toyota | 579 | 642 | 707 | 853 | 1,001 | 1,177 | 1,293 | 1,350 | 1,340 | 561 | 511 | 732 | 829 |
Nissan | 274 | 312 | 406 | 469 | 536 | 463 | 479 | 540 | 540 | 172 | 170 | 307 | 370 | |
Honda | 330 | 311 | 407 | 594 | 726 | 658 | 647 | 560 | 560 | 283 | 194 | 364 | 366 | |
Suzuki | 131 | 130 | 127 | 169 | 214 | 195 | 172 | 220 | 220 | 74.9 | 95.1 | 96.6 | 125 | |
Mazda | 29.8 | 44.7 | 78 | 77.2 | 133 | 131 | 89.2 | 105 | 105 | 36.9 | 35.8 | 52.3 | 69.2 | |
Mitsubishi | 47.1 | 52.5 | 71 | 51.4 | 72.2 | 68 | 69 | 80 | 71 | 35.4 | 21.5 | 33.6 | 49.5 | |
FHI | 56.1 | 43.1 | 54.3 | 70.2 | 68.5 | 111 | 136 | 160 | 160 | 50.6 | 63.7 | 85.1 | 96.3 | |
Isuzu | 25.7 | 29.4 | 33.3 | 57.5 | 81.9 | 78 | 98 | 110 | 110 | 49.9 | 40.9 | 48.1 | 69.1 | |
Hino | 28.5 | 30 | 42.9 | 49.9 | 66.2 | 69.3 | 88.1 | 83 | 83 | 20.5 | 37.5 | 67.6 | 45.5 | |
Total | 1,472 | 1,566 | 1,883 | 2,341 | 2,833 | 2,881 | 2,982 | 3,125 | 3,106 | 1,263 | 1,132 | 1,719 | 1,974 | |
Depreciation Expenses |
Toyota | 1,032 | 812 | 733 | 727 | 776 | 806 | 885 | 930 | 910 | 417 | 421 | 468 | 489 |
Nissan | 363 | 372 | 334 | 297 | 347 | 373 | 402 | 400 | 400 | 199 | 185 | 203 | 216 | |
Honda | 367 | 325 | 294 | 287 | 346 | 408 | 440 | 440 | 440 | 220 | 208 | 221 | 0 | |
Suzuki | 142 | 138 | 103 | 93.7 | 117 | 134 | 168 | 170 | 170 | 76.8 | 76.5 | 91.5 | 93.5 | |
Mazda | 76.4 | 71.6 | 68.8 | 60 | 57.7 | 68.9 | 79 | 83 | 83 | 38.8 | 39.4 | 40.2 | 43.6 | |
Mitsubishi | 69 | 62.7 | 53.4 | 50.3 | 52.7 | 53.3 | 53.6 | 55 | 50 | 25.8 | 23.8 | 27.8 | 26.2 | |
FHI | 57.1 | 49.8 | 53.7 | 55.9 | 54.9 | 64.8 | 65 | 80 | 80 | 31.3 | 33.5 | 33.7 | 46.5 | |
Isuzu | 39.5 | 36.4 | 36 | 35.6 | 41.6 | 48.1 | 55.8 | 60 | 60 | 26.6 | 28.7 | 29.2 | 31.3 | |
Hino | 45.2 | 45.7 | 43.5 | 40.8 | 37.9 | 38.2 | 42.8 | 47 | 47 | 20.8 | 20.4 | 22 | 26.6 | |
Total | 2,146 | 1,869 | 1,676 | 1,606 | 1,793 | 1,957 | 2,149 | 2,218 | 2,193 | 1,035 | 1,015 | 1,114 | 946 | |
R&D costs | Toyota | 725 | 730 | 780 | 807 | 911 | 1,005 | 1,056 | 1,080 | 1,070 | 530 | 532 | 526 | 538 |
Nissan | 386 | 399 | 428 | 458 | 501 | 506 | 532 | 560 | 560 | 256 | 225 | 276 | 335 | |
Honda | 463 | 488 | 520 | 560 | 634 | 663 | 720 | 690 | 690 | 329 | 308 | 391 | 0 | |
Suzuki | 109 | 104 | 110 | 119 | 127 | 126 | 131 | 140 | 140 | 62.8 | 62.7 | 68.2 | 77.3 | |
Mazda | 85.2 | 91 | 91.7 | 89.9 | 99.4 | 108 | 117 | 125 | 125 | 55 | 58.8 | 61.6 | 66.2 | |
Mitsubishi | 44.4 | 49.4 | 55 | 59.9 | 67.5 | 74.6 | 78.7 | 97 | 93 | 38.5 | 40.6 | 40.2 | 52.4 | |
FHI | 37.2 | 42.9 | 48.1 | 49.1 | 60.1 | 83.5 | 102 | 120 | 117 | 46.3 | 53.4 | 56.1 | 63.6 | |
Isuzu | 55.2 | 58.6 | 58.8 | 61.2 | 66.6 | 77.6 | 91.1 | 94 | 97 | 47.3 | 47.7 | 43.8 | 49.3 | |
Hino | 38.1 | 41.1 | 40.4 | 43.4 | 46.3 | 50.1 | 61 | 61 | 63 | 27.4 | 30.7 | 33.6 | 32.3 | |
Total | 1,905 | 1,963 | 2,091 | 2,205 | 2,466 | 2,643 | 2,827 | 2,906 | 2,892 | 1,364 | 1,328 | 1,463 | 1,182 |
Source: OEMs' financial results.
Keyword
Japanese, OEM, results, forecast, outlooks, plan
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