Isuzu kessan2403e

1 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

FY2012 Financial ResultsFY2012 Financial Results

May 10, 2012May 10, 2012


Ⅰ． President and Representative Director : Susumu HosoiPresident and Representative Director : Susumu Hosoi

・FY2012 Overview

Ⅱ． Director Director of the Board, and Managing Executive Officer, Director Director of the Board, and Managing Executive Officer, Corporate Planning and FinancialCorporate Planning and Financial : Toshio Sasaki: Toshio Sasaki

1. Business Status2. FY2012 Financial Results3. FY2013 Full-year Outlook

Ⅲ．Ｑ＆Ａ

ContentsContents

Statements contained in this presentation, except for historical or current facts, are based on certain assumptions and our management's judgment in light of currently available information. Therefore, these statements may be susceptible to various factors, such as uncertainty contained in the assumptions and management's judgment and economic changes in the future, which may cause to bring about different results in Isuzu's future earnings and operating results.

Moreover, this presentation is not intended to solicit investment in Isuzu. Isuzu assumes no responsibility for any losses and liabilities that may be incurred because of the information in this presentation.


President and Representative Director

Susumu Hosoi


( JPY Bil. ) FY12 FY11 ChangesPreviousForecast

Net Sales 1,400.1 1,415.5 -15.4 1,430.0

Operating Income 97.4 88.2 9.2 94.0

Ordinary Income 102.9 91.3 11.6 95.0

Net Income 91.3 51.6 39.7 74.0

FY2012 Consolidated ResultsFY2012 Consolidated Results-- YearYear--onon--year Comparison year Comparison --

* FX: FY12 = 79JPY/US$FY11 = 85JPY/US$


FY2013 FullFY2013 Full--year Outlookyear Outlook-- Consolidated, YearConsolidated, Year--onon--year Comparisonyear Comparison --

※FX: FY13＝ 80JPY/US$FY12＝ 79JPY/US$

(JPY Bil.)

Net Sales 1,630.0 1,400.1 229.9Operating Income 123.0 97.4 25.6Ordinary Income 127.0 102.9 24.1

Net Income 81.0 91.3 -10.3

ChangesFY13 FY12


MidMid--term Business Plan: Targets and Tasksterm Business Plan: Targets and Tasks

Strengthen life-cycle business

Targets Change of Business Model（”Global 3-Core Business Organization”）

Stabilize Japan domestic business

CV No.1 in ASEAN

Strengthen/Expand LCV business

Establish manufacturing operations in emerging market (New CV foothold in Indonesia)

Support Operation

Strength global salesEstablish self-sustained functions

Com

pany Expansion and Developm

ent

India

Sharing CV engineering functions

low-cost parts

procurement

Expand LCV base

market

China

Secure stable position in emerging/advanced

markets

RussiaSaudi-ArabiaASCetc

Enhance functions

Enhance after-sales business (expand After-Sales Center)

Improve efficiency for manufacturing and salesExtend added value operation

More involvement in sales activities and its operationStabilize business in advanced market


VOL & Share in 5 ASEAN countries

0

10

20

30

40

'09 '10 '11 '1210%

15%

20%

25%

0

5

10

15

20

'09 '10 '11 '1210%

15%

20%

25%

0

10

20

30

40

50

'09 '10 '11 '1210%

15%

20%

25%(K.units) (K.units) (K.units)

【LD】【MD/HD】【Total CV】

Sales

Manufacturing/Engineering

• Launch “Light-weight truck”, “Emerging market HD”

• Consolidate distributor in Malaysia• Fully introduce “Emerging market LD”

- Compete with Chinese/Korean makers

• Launch F series/Expand sales network in Indonesia

• Reorganization of distributors in Malaysia (Integrate LCV and CV)

• Launch “Emerging market LD” in Vietnam

• Consolidate local manufacturing businesses• Establish engineering process to develop

emerging market products• Increase local supply

• Enhance manufacturing/engineering capability in Indonesia foothold as a core

• Dispatch engineers from ISZJ• Purchase land for new plant• Construct CV coating line in Thailand (Gateway)

Fcst FcstFcst

MidMid--term Business Plan: Progressterm Business Plan: Progress①① CV Business in ASEANCV Business in ASEAN

Source: Isuzu Motors Limited Thailand Philippines Indonesia Malaysia Vietnam Share

Future TasksAchievement


MidMid--term Business Plan: Progressterm Business Plan: Progress②② Domestic Business / LCV BusinesDomestic Business / LCV Busines

• Market Share No.1 (2H of FY2012)- HD: 33.0%, 2-3t: 39.5%, Bus: 36.0%

• Integrate dealers to enlarge market coverage (Isuzu Motors Tohoku limited)

• Core module production (part of LD engine)

• Expand in-house production for transmission components

Stabilize Japan

domestic business

Strengthen/Expand LCV

business

• Further stabilize domestic business• Launch next-generation HD

(synchronizing with China HD development)

• Further improve efficiency and expand in-house production.

• Launch new pick-up derivative• Fully implement export business• Increase self-sustainability of local

engineering function• Develop new small-displacement

diesel engine

• Launch new D-MAX model• Establish Isuzu new export company

(IMIT)• Develop marketing footholds in Europe

and Central America by IMIT• New plant (Gateway) construction

- Scheduled completion: in Fall of 2012

Future tasksAchievement


MidMid--term Business Plan: Progress term Business Plan: Progress ③③ LifeLife--Cycle BusinessCycle Business / / Overseas BusinessOverseas Business

Future tasksAchievement

• Start construction of assembly plant in Saudi Arabia

• Re-strengthening business in Russia• Increase ownership stake in SMLI and

launch CV with Isuzu’s component in India

Strengthen life-cycle business

Secure stable position in

emerging/advanced markets

Establish support

operation

• Expand business in after market • Further development of After-Sales

Center- ASEAN, South America, Africa

• Increase after sales income at consolidated dealers.

• Expand new After-Sales Center- Mid-east, Central America, Australia, Europe

• Strengthen Isuzu-led CV business in South America

- GMICA development to other regions• Consolidate DB in Mexico• Implement manufacturing operation in

South Africa• Stabilize business in advanced market• Implement HD business in China• Consolidation of component

manufacturing company in China• Study continuing business with Jiangling• Implement LCV manufacturing and

sales operations in India

• Launch HD Engineering Center in Chongqing

• Newly-created “India Project Team”


Director of the Board, and Managing Executive Officer, Corporate Planning and Financial

Toshio Sasaki


Ⅱ-1. Business Status


CV/LCV Global ShipmentCV/LCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--unitsunits

90 99 96 54 42 47 59 57

151 148 170194

127206 211 243

302 306

259

346 299

393

73

203

372364377

0

200

400

600

800

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

LCV

619643

543(453)

(520)(547)

640(567)

554(500)

427(386)

598(552)

568(509)

Forecast

The Great East Japan

Earthquake

Flooding in Thailand

693(636)

･Reinforcing overseas operating Capabilities

･Entering New Markets

CVOverseas

CVDomestic

( ):Overseas unit

Global Financial

crisis

Inventory Adjustment


Japan

25

47

6

1425

4

Oceania

4

22 20

23

Asia29

27

4

Europe

China

5858

592727252577

2828

455656

1010

9

CV Global ShipmentCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--unitsunits--

24

292944

13

18

7

： H1Shipment FY11 FY12 FY13H1 131,278 118,488 -H2 120,901 150,869 -

Full-Year 252,179 269,357 300,000

7575

ForecastForecast

57571111

2929

52525454

131334

88

3

223232

5656

51010

55

12133 5

91414

5

29

4747 28

48

： H2

’11/3 ’12/3 ’13/3’13/3

ForecastForecast’11/3 ’12/3 ’13/3’13/3

ForecastForecast

’11/3 ’12/3 ’13/3’13/3

ForecastForecast

’11/3 ’12/3 ’13/3’13/3

ForecastForecast

’11/3 ’12/3 ’13/3’13/3

ForecastForecast

’11/3 ’12/3 ’13/3’13/3

ForecastForecast

’11/3 ’12/3 ’13/3’13/3

ForecastForecastNorth America

Mid-South America

Mid-East/ Africa

’11/3 ’12/3 ’13/3’13/3

ForecastForecast


43,15336,855

17,85826,137

41,963

26,109

23,764

25,275

23,762

35,548

31.4% 29.7%32.9% 32.8%

31.1%

0

20,000

40,000

60,000

80,000

100,000

120,000

FY08 FY09 FY10 FY11 FY12 FY135%

10%

15%

20%

25%

30%

35%

H2

H1

（Unit）（Share）

※※ FY08FY08--FY12 :FY ActualFY12 :FY Actual※※ FY08FY08--FY12 :FY ActualFY12 :FY Actual

51,41251,412

Japan Industry Sales and Isuzu ShareJapan Industry Sales and Isuzu Share-- H/D, M/D Truck:4ton or aboveH/D, M/D Truck:4ton or above --

85,116

62,964

41,622

59,31059,31063,00063,000

ForecastForecast


（Unit）

45,61838,882

22,159 26,489

44,213

31,177

26,700

26,823

38,48627,980

38.6% 39.1% 40.0% 40.2% 40.2%

0

20,000

40,000

60,000

80,000

100,000

120,000

FY08 FY09 FY10 FY11 FY12 FY1315%

20%

25%

30%

35%

40%

45%

H2

H1

（Share）

70,059

54,46948,859

Japan Industry Sales and Isuzu ShareJapan Industry Sales and Isuzu Share-- L/D(2L/D(2--3ton) Truck3ton) Truck --

89,831

※※ FY08FY08--FY12 : FY ActualFY12 : FY Actual※※ FY08FY08--FY12 : FY ActualFY12 : FY Actual

65,309 67,00067,000

ForecastForecast


： H1

： H2

18

Oceania

12

Asia

92

49

1414

Europe China

2525

202202

1515

LCV Global ShipmentLCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--units units --

2632

23

13139 885

14

96

106

33

24

10

18

Shipment FY11 FY12 FY13H1 179,172 163,109 -H2 167,065 135,508 -

Full-Year 346,237 298,617 393,400

27271818

2828

241241

6969

1212

Forecast

99

’11/3 ’12/3 ’13/3’13/3

ForecastForecast 177177

84

14141212

57

24

88

1312

24

8 3’11/3 ’12/3 ’13/3’13/3



ForecastForecast

’11/3 ’12/3 ’13/3’13/3

ForecastForecast

’11/3 ’12/3 ’13/3’13/3

ForecastForecast

Mid-South America

Mid-East/ Africa


PickPick--up truck monthly sales up truck monthly sales in Thailandin Thailand

（K-unit）

10.9

13.1

14.3

16.0

10.6

13.4

14.5

11.7 12.1

16.8

19.0

12.3

11.2

12.3

9.410.2

9.8

7.88.28.37.97.88.0

10.610.710.9

9.9

11.9 10.2

7.5

2.0

4.7

9.9

10.911.810.8

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR

FY10 FY11 FY12


Thailand Isuzu LCV ProductionThailand Isuzu LCV Production-- Thai Domestic / Export Markets Thai Domestic / Export Markets --

169,341

71,160

150,355

79,245

127,534

64,485

133,597

44,325

172,951

64,530

153,597

57,645

269,300

60,700

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

FY07 FY08 FY09 FY10 FY11 FY12 FY13

Vehicle

KD-SET

Forecast

177,922

330,000

192,019

240,501229,600

(Unit)

237,481211,242


Industrial EngineIndustrial Engine Global ShipmentGlobal Shipment-- KK--UnitsUnits--

Industrial Engine

～1.1 1.6 2.2 2.4 3.0 5.2 7.8 9.8 15.7 ℓ

C(IDI) C(DI) 4L 4J 4H 6H 6U 6W

63 56

15

5470

70

28

33

71

67

0

20

40

60

80

100

120

140

160

FY08 FY09 FY10 FY11 FY12 FY13

138133

84

48

126

138

H2

H1

Forecast


Ⅱ-2. FY2012 Financial Results


( JPY Bil. ) FY12 FY11 Changes

Net Sales 1,400.1 1,415.5 -15.4

Operating Income 97.4 88.2 9.2

Ordinary Income 102.9 91.3 11.6

Net Income 91.3 51.6 39.7

FY2012 Consolidated ResultsFY2012 Consolidated Results-- YearYear--onon--year Comparison year Comparison --

* FX: FY12 = 79JPY/US$FY11 = 85JPY/US$


FY2011 vs. FY2012 FluctuationsFY2011 vs. FY2012 Fluctuations-- Consolidated operating income: analysis of change, JPY Bil.Consolidated operating income: analysis of change, JPY Bil.

88.2

9.2

11.2

FX

5.897.4

-4.5

-7.4

-5.1

9.2

Sales/Model M

ix

Fixed Cost

Fluctuation

Material C

ost R

eduction

Steel, Oil Price

etc. Fluctuations

Operating Incomefor FY11

Operating Incomefor FY12

Effect of previous FY

（Loss on disaster/ Fixed cost), others


FY2012 Consolidated ResultsFY2012 Consolidated Results-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--year year --

Operating Income Change 9.2* Equity in Earnings of Affiliates -2.4* Financial account balance/ FX gain and loss 4.8

Total 11.6

Ordinary Income 102.9* Loss on disposal of noncurrent assets,etc -1.0* Tax and minority interests -10.6

Net Income 91.3

OrdinaryIncom

eExtra Profit /

Loss etc.

( JPY Bil. ) FY12 FY11 ChangesNet Sales 1,400.1 1,415.5 -15.4

Operating Income 97.4 88.2 9.2Ordinary Income 102.9 91.3 11.6

Net Income 91.3 51.6 39.7


Ⅱ-3． FY2013 Full-year Outlook


FY2013 FullFY2013 Full--year Outlookyear Outlook-- Consolidated, YearConsolidated, Year--onon--year Comparisonyear Comparison --

※FX: FY13＝ 80JPY/US$FY12＝ 79JPY/US$

(JPY Bil.)


Net Income 81.0 91.3 -10.3

ChangesFY13 FY12


FY2012 vs. FY2013FY2012 vs. FY2013 FluctuationsFluctuations-- Consolidated operating income: analysis of change, JPY:Bil.Consolidated operating income: analysis of change, JPY:Bil. --

97.4

25.68.0

FX

32.0

123.0

（Forecast）

-0.5

-12.4

-1.5

0

Operating Income for FY12 Operating Income for FY13

Steel, Oil Price

etc. FluctuationsSales/M

odel Mix

Material C

ost R

eduction

Fixed Cost

Fluctuations

Effect of previous FY（Loss on disaster/ Fixed cost)


FY2013 FullFY2013 Full--year Outlookyear Outlook-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--yearyear --

Operating Profit Change 25.6* Equity in Earnings of Affiliates 1.3* Financial account balance/ FX gain and loss, Other -2.8

Total 24.1

Ordinary Income 127.0* Loss on disposal of noncurrent assets,etc. -1.0* Tax and minority interests -45.0

Net Income 81.0

OrdinaryIncom

eExtra Profit/

Loss etc.

( JPY Bil. ) FY13 FY12 Changes


Net Income 81.0 91.3 -10.3


[Appendix][Appendix]

Main Financial IndexMain Financial Index


CAPEX and Depreciation (Consolidated)CAPEX and Depreciation (Consolidated)-- Recent Trend and ForecastRecent Trend and Forecast --

50.6

41.5

66.7

39.6

25.7

39.5

29.4

36.4

33.336.0

66.0

35.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

FY08 FY09 FY10 FY11 FY12 FY13*1 *1 *1*1*1

（Forecast）*1 FY09 or later included lease

(JPY Bil.)

Depreciation

CAPEX


654.7 533.8 433.0 498.6

142.084.1

52.762.8

463.2

437.5

242.7

361.5

558.4

72.1

424.0492.6352.5

369.3

531.7345.6

0.0

200.0

400.0

600.0

800.0

1,000.0

1,200.0

1,400.0

1,600.0

1,800.0

2,000.0

FY08 FY09 FY10 FY11 FY12

Domestic

NorthAmerica

Asia

Others

1,415.5

1,791.6

1,400.11,424.7

1,080.9

Consolidated Revenue by SegmentConsolidated Revenue by Segment

Overseas

(60%)

Domestic

(40%)

(26%)(26%)

(35%)(35%)(30%)(30%)

(5%)(5%)

(30%)(30%)

(36%)(36%)

(25%)(25%)

(26%)(26%)

(33%)(33%)(26%)(26%)

(6%)(6%)

(37%)(37%)

(31%)(31%)

(40%)(40%)

(5%)(5%)

(22%)(22%)

(4%)(4%)

(35%)(35%) (40%)(40%)

(8%)(8%)

(JPY Bil.)

Exc ASEANJan-Mar


744.6

654.5

141.2

183.8

426.6

360.9

292.1

345.4

224.6269.1201.4223.8334.2

617.2

446.2656.5

156.9

286.2

183.5

364.1

0.0

200.0

400.0

600.0

800.0

1000.0

1200.0

1400.0

1600.0

1800.0

2000.0


Others

PT&Compo

CV

LCV/SUV

1,080.9

1,791.6

1,415.5 1,400.11,424.7

Consolidated Revenue by SegmentConsolidated Revenue by Segment-- LCV, CV, PT&Compo, Others (KD, parts) LCV, CV, PT&Compo, Others (KD, parts) --

(JPY Bil.)

Exc ASEANJan-Mar


21.7

88.297.4

109.6

11.0

107.0

1.0

6.45.7

1.5

6.27.0

0

20

40

60

80

100

120

FY07 FY08 FY09 FY10 FY11 FY120

2

4

6

8

10

12

（％）

Operating Margin

Operating Margin: Historical TrendOperating Margin: Historical TrendO

perating Income

(Consolidated)

(JPY Bil.)


360.3

280.6297.6

328.1

415.5

34.2

27.328.9

26.8

29.5

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0


0

5

10

15

20

25

30

35

40

45

（％）

Consolidated Equity Ratio: Historical TrendConsolidated Equity Ratio: Historical Trend-- ConsolidatedConsolidated--

Consolidated Equity Ratio

(JPY Bil.)

Consolidated

Equity Capital


154.5152.1

119.8

106.4 101.01.0 1.0

1.2

0.9

1.3

0

20

40

60

80

100

120

140

160

180


0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

（Month）

Month Turnover

Inventory BalanceInventory Balance-- Consolidated Consolidated ----

(JPY Bil.)
