Having very recently indicated raised expectations for its financial performance in the first half of the current fiscal year (H1 FY2013), Fuji Heavy has now confirmed details of its Q2 FY2013 and half year results, showing the promised year-on-gains.
More importantly, the OEM has issued revised forecasts for the full year, lowering its revenue expectation on lower-than-previously-expected unit sales (China and Europe) and adjusted exchange rate forecasts, but raising earnings on the back of improved model mix and other positive factors.
The company is now forecasting FY2013 revenue of ¥1,840bn (Japan, ¥657bn and overseas ¥1,183bn), down ¥20bn (1.1%) from the previous forecast of ¥1,860bn (¥627.8bn and ¥1,232.2bn), based on total unit sales of 714,000 (721,000). However, operating profit is now forecast at ¥82bn (margin of 4.5%), versus the previous forecast of ¥67bn (3.6%) and ordinary income is forecast at ¥81bn, against ¥63bn previously. The revised net income estimate for FY2013 is ¥67bn, up 39.6% from the previous prediction of ¥48bn. The estimates are based on currency projections of ¥79:US$ (previously ¥80) and ¥102:€ (previously ¥99).
The new revenue forecast still represents significant growth from the disaster-hit FY2012 result of ¥1,517.1bn while the new operating, ordinary and net income earnings estimates compare with the previous year’s results of ¥44.0bn (2.9%), ¥37.3bn and ¥38.5bn, respectively. The forecast ¥38bn improvement in operating income between FY2012 and FY2013 is expected to be driven by improvements in volume/model mix etc (¥83.2bn) and cost reduction efforts (¥27.4bn), which are only partially offset by higher SG&A expenses (¥63.7bn), currency effects (¥7.0bn) and higher R&D expenses (¥1.9bn).
Fuji reported Q2 revenue of ¥469.1bn, versus ¥354.6bn in the same quarter of the previous fiscal year, a gain of ¥114.5bn, or 32.3%, taking the H1 FY2013 revenue total to a record ¥898.0bn, compared to ¥655.0bn, a 37.1% jump. Sales of Subaru vehicles in Q2 FY2013 totalled 182,500, compared with 147,600 in Q2 FY2012, a gain of 35%, driven by the Impreza series, taking the total for the April-September 2012 period to a record 348,400, versus 265,900, a jump of 82.5%.
Operating income in the latest quarter was ¥25.9bn (margin of 5.5%), against the previous ¥8.1bn (2.3%), taking the H1 FY2013 total to ¥43.3bn (4.8%), against ¥18.8bn (2.9%), a jump of 130.6%. The ¥24.5bn gain between the two half years was driven by improvements in volume/model mix etc (¥59.6bn) and cost savings (¥14.4bn), partially offset by higher SG&A expenses associated with new model launch costs (¥43.2bn), currency shifts (¥4.3bn) and higher R&D expenses (¥2.0bn).
Q2 FY2013 ordinary income was ¥26.2bn, versus ¥9.9bn, a rise of 164.6%, taking the H1 FY2013 total to ¥45.3bn (¥21.6bn; +110.0%). Net income in the July-September 2012 quarter was ¥24.1bn, compared with ¥4.3bn in the same quarter of FY2012, a jump of ¥19.8bn, while net income in the fiscal year-to-date period was ¥40.4bn, against ¥32.8bn, a rise of 23.5%.
