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1 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
August 4, 2010August 4, 2010
FY20FY20111 Q1 Financial Results1 Q1 Financial Results
2 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
1.1. FY20FY20111 Q1 Outline1 Q1 OutlineDirector : Toshio Sasaki
2.2. FY20FY20111 Q1 Financial Summary1 Q1 Financial Summary
3. 3. FY2011FY2011 FullFull--year Outlookyear OutlookExecutive Officer : Masayuki Fujimori
4. Q&A4. 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.
3 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
1. FY2011 Q1 Outline1. FY2011 Q1 Outline
4 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
(JPY Bil.) FY11 Q1 FY10 Q1 Changes
Net Sales 366.3 187.4 178.9
Operating Income 23.8 -14.6 38.4
Ordinary Income 23.1 -16.2 39.3
Net Income 12.4 -16.6 29.0
* FX: FY11 Q1 = 93JPY/US$FY10 Q1= 97JPY/US$
FY2011 Q1 Consolidated ResultsFY2011 Q1 Consolidated Results-- YearYear--onon--year Comparison year Comparison --
5 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
FY2011 FullFY2011 Full--year Outlookyear Outlook-- YearYear--onon--year Comparisonyear Comparison --
※FX: FY11 = 86JPY/US$FY10 = 91JPY/US$
1HF 2HF TotalNet Sales 740.0 710.0 1,450.0 1,080.9 369.1 110.0
Operating Income 38.0 27.0 65.0 11.0 54.0 20.0Ordinary Income 37.0 28.0 65.0 11.4 53.6 23.0
Net Income 20.0 20.0 40.0 8.4 31.6 20.0
( JPY Bil. )FY11
Changes Changes fromPrevious Forecast
(May 11)
FY10
6 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
22--11. Market Information. Market Information
7 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
JapanJapan
816
5542
North AmericaNorth
America
1
6 6
9
Mid-South America
Mid-South America
33
2
16
3
OceaniaOceania
91
99
9 4 1111
25
AsiaAsia
31
16 3
64
1515
34
Mid-East/Africa
Mid-East/Africa
83
25
EuropeEurope 4
ChinaChina
25
6565
45455
3388
2424
46465959
99
9
Shipment FY09 FY10 FY11Q1 66,411 22,687 67,142
Full-Year 248,423 168,894 264,000(Forecast)
ISUZU CV Global ShipmentISUZU CV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--units units --
: Q1
1212
191922
’09/3 ’10/3 ’’11/311/3
(Forecast)(Forecast)
2266
’09/3 ’10/3 ’’11/311/3
((ForecastForecast))
( ):Previous Forecast( ):Previous Forecast
(7)(7)
(65)(65)
(45)(45)
(8)(8)
(22)
(9)(9)
(41)(41)(55)(55)
( 253,000)
’09/3 ’10/3 ’’11/311/3
(Forecast)(Forecast)
’09/3 ’10/3 ’’11/311/3
(Forecast)(Forecast)
’09/3 ’10/3 ’’11/311/3
(Forecast)(Forecast)
’09/3 ’10/3 ’’11/311/3
(Forecast)(Forecast)
’09/3 ’10/3 ’’11/311/3
(Forecast)(Forecast)
’09/3 ’10/3 ’’11/311/3
(Forecast)(Forecast)
8 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
ISUZU CV Global Shipment FY2011 OutlookISUZU CV Global Shipment FY2011 Outlook-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--units units --
1HF 2HF TotalJapan 24 21 45 45 0
North America 4 5 9 8 1Asia 22 24 46 41 5
Europe 4 4 8 7 1Mid-South Amer ica 13 11 24 22 2
Mid-East 19 21 41 39 2Africa 9 9 18 16 2
Oceania 4 5 9 9 0China 33 31 65 65 0Total 131 133 264 253 11
PreviousForecast Changes
9 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
49
26
883
OceaniaOceania
5
18
66
2226
155
AsiaAsia
165
23 7
67
5151
6767
4 1
11 1616
EuropeEurope
4
ChinaChina
182626
139
16
191988
43
2121
ISUZU LCV Global ShipmentISUZU LCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--units units --
9944
: Q1
56
1616
(190)(190)
(21)(21)(14)(14)
3333 (24)(24)(22)(22)
(59)(59)
( 329,400)( 329,400)
’09/3 ’10/3 ’’11/311/3(Forecast)
Mid-East/Africa
Mid-East/Africa
( ):Previous Forecast( ):Previous Forecast
Shipment FY09 FY10 FY11Q1 102,071 40,645 94,285
Full-Year 305,801 258,553 361,000
(Forecast)
Mid-South America
Mid-South America
’09/3 ’10/3 ’’11/311/3(Forecast)
’09/3 ’10/3 ’’11/311/3(Forecast)
’09/3 ’10/3 ’’11/311/3(Forecast)
’09/3 ’10/3 ’’11/311/3(Forecast)
’09/3 ’10/3 ’’11/311/3(Forecast)
10 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
ISUZU Global ProductionISUZU Global Production-- Country Segment, Country Segment, Diesel EngineDiesel Engine: K: K--units units --
JapanJapan
243
378
36126
ChinaChina
7
32
1212
41
164
55
168
4 556
2515
ISPOLISPOL
2749
3535
150150144
DMAXDMAX
30
70
ThailandThailand
IndonesiaIndonesia
122
404099
5151
208208
6969
2244
5555
(369)(369)
9696
29
(199)(199)
8
(69)(69)
(21)(21)
(135)(135)
(49)(49)72
20
(( 560560))
(( 9898))
(( 184184))
(( 842842))( ):Previous Forecast( ):Previous Forecast
: Q1FY09 FY10 FY11
Q1 168 71 139Full-Year 517 414 584
Q1 26 6 25Full-Year 84 49 127
Q1 80 46 35Full-Year 214 194 206
Q1 274 123 200Full-Year 815 657 917
(Forecast)
Total
Global Production
Vehicle/KD set
Industrial Engine
GM Vehicles’09/3 ’10/3 ’’11/311/3(Forecast)
’09/3 ’10/3 ’’11/311/3(Forecast)
’09/3 ’10/3 ’’11/311/3(Forecast)
’09/3 ’10/3 ’’11/311/3(Forecast)
’09/3 ’10/3 ’’11/311/3(Forecast)
’09/3 ’10/3 ’’11/311/3(Forecast)
11 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
23,557 18,094 16,5906,893
32,871
25,05920,265
10,965
49,000
41,963
26,109
23,764
12,632
14,400
18,000
29.3%31.4%
29.7%
32.9% 34.0%
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
FY07 FY08 FY09 FY10 FY110%
5%
10%
15%
20%
25%
30%
35%
H2
Q1
Q2
(Unit) FY07-FY10 : FY Actual
FY11: FY11-Q1 Actual
(Share)FY07FY07--FY10 : FY ActualFY10 : FY Actual
FY11: FY11FY11: FY11--QQ1 Actual1 Actual
445,0005,000 ((ForecastForecast))
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 --
105,428
85,116
62,964
41,622((444,000)4,000)
(18,000)(18,000)
(26,000)(26,000)
( ):Previous Forecast( ):Previous Forecast
12 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
(Unit)
29,58721,244 17,954
9,298 10,875
37,196
24,37420,928
12,861
54,047
44,213
31,177
26,700
15,500
24,500
39.0% 38.6% 39.1% 40.0%40.9%
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
FY07 FY08 FY09 FY10 FY110%
6%
12%
18%
24%
30%
36%
42%
H2
Q2
Q1
70,059 551,0001,000(Forecast)
48,859
(Share)
Japan Industry Sales and Isuzu ShareJapan Industry Sales and Isuzu Share-- L/D(2L/D(2--3ton) Truck3ton) Truck --
89,831
120,830
FY07-FY10 : FY ActualFY11: FY11-Q1 ActualFY07FY07--FY10 : FY ActualFY10 : FY ActualFY11: FY11FY11: FY11--QQ1 Actual1 Actual
(50,000)(50,000)
(24,000)(24,000)
(26,000)(26,000)
( ):Previous Forecast( ):Previous Forecast
13 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
IsuzuIsuzu pickpick--up truck monthly sales in Thailandup truck monthly sales in Thailand
(K-Units)
DD--MAXMAX
8.2
10.1 10.2
9.4 9.5
10.8
7.8
10.2
12.3
9.4
11.2
9.910.9
11.9
9.6
13.7
10.1
12.1 11.8
9.69.8
8.28.3
7.97.88.08.2
7.16.7
12.3
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
2008 2009 2010
14 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
Thailand LCV ProductionThailand LCV Production-- Thai Domestic / Export Markets Thai Domestic / Export Markets --
193,286
73,827
52,530
188,090
72,805
71,160
153,464
81,641
79,245
122,724
67,772
64,485
118,120
55,128
44,325
147,000
77,000
74,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
FY06 FY07 FY08 FY09 FY10 FY11
Domestic
Export
KD-SET217,573
319,643
(Forecast)
254,981
332,055 314,350
(Unit)
298,000(278,000)(278,000)
(57,000)(57,000)
( ):Previous Forecast( ):Previous Forecast
(74,000)(74,000)
(147,000)(147,000)
15 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
22--2.2. FY2011 Q1 Financial SummaryFY2011 Q1 Financial Summary
16 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
FY2011 Q1 Consolidated ResultsFY2011 Q1 Consolidated Results-- YearYear--onon--year Comparison year Comparison --
※FX: FY11 Q1=93JPY/US$FY10 Q1=97JPY/US$
( JPY Bil. ) FY11 Q1 FY10 Q1 Changes
Net Sales 366.3 187.4 178.9
Operating Income 23.8 -14.6 38.4
Ordinary Income 23.1 -16.2 39.3
Net Income 12.4 -16.6 29.0
17 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
FY2010 vs. FY2011 Q1 FluctuationsFY2010 vs. FY2011 Q1 Fluctuations-- Consolidated operating income: analysis of change, Consolidated operating income: analysis of change, JPY:BilJPY:Bil. . --
-14.6
Q1
Q1
23.8
38.4
35.0
1.4 -1.10.72.4
Operating Incomefor FY11
Operating Incomefor FY10
FX Fixed Cost
Fluctuation
Material C
ost R
eduction
Steel, Oil Price etc.
Fluctuations
Sales/Model M
ix
18 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
Operating Income Change 38.4* Equity in Earnings of Affiliates: 1.6* Others: -0.7
Total 39.3
Ordinary Income 23.1* Loss on disposal of noncurrent assets,etc: -1.9* Tax and minority interests: -8.8
Net Income 12.4
OrdinaryIncom
eExtra Profit /
Loss etc.
FY2011 Q1 Consolidated ResultsFY2011 Q1 Consolidated Results-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--year year --
( JPY Bil. ) FY11 Q1 FY10 Q1 Changes
Net Sales 366.3 187.4 178.9Operating Income 23.8 -14.6 38.4Ordinary Income 23.1 -16.2 39.3
Net Income 12.4 -16.6 29.0
19 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
3. FY2011 Full3. FY2011 Full--year Outlookyear OutlookApril 2010 April 2010 -- March 2011March 2011
20 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
FY2011 FullFY2011 Full--year Outlookyear Outlook-- YearYear--onon--year Comparisonyear Comparison --
※FX: FY11 = 86JPY/US$FY10 = 91JPY/US$
1HF 2HF TotalNet Sales 740.0 710.0 1,450.0 1,080.9 369.1 110.0
Operating Income 38.0 27.0 65.0 11.0 54.0 20.0Ordinary Income 37.0 28.0 65.0 11.4 53.6 23.0
Net Income 20.0 20.0 40.0 8.4 31.6 20.0
( JPY Bil. )FY11
Changes Changes fromPrevious Forecast
(May 11)
FY10
21 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
FY2010 vs. FY2011FY2010 vs. FY2011 FluctuationsFluctuations-- Consolidated operating income: analysis of change, Consolidated operating income: analysis of change, JPY:BilJPY:Bil.. --
11.0
54.066.0
13.0
-10.0
65.0
-12.0
-3.0
Operating Incomefor FY10 (Forecast)
Operating Incomefor FY11
Sales/Model M
ix
( ):Previous Forecast( ):Previous Forecast (+11.0) (+47.0) (-12.0) (-12.0) (±0) (45.0)M
aterial Cost
Reduction
Steel, Oil Price
etc. Fluctuations
FixedC
ost Fluctuation
FX
22 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
FY2011 FullFY2011 Full--year Outlookyear Outlook-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--yearyear --
Operating Income Change 54.0* Equity in Earnings of Affiliates: 1.6* FX gain and loss, Other: -2.0
Total 53.6
Ordinary Income 65.0* Loss on disposal of noncurrent assets,etc: -5.0* Tax and minority interests: -20.0
Net Income 40.0
OrdinaryIncom
eExtra Profit /
Loss etc.
( JPY Bil. ) FY11 FY10 ChangesNet Sales 1,450.0 1,080.9 369.1
Operating Income 65.0 11.0 54.0Ordinary Income 65.0 11.4 53.6
Net Income 40.0 8.4 31.6
23 Copyright(C) 2010 Isuzu Motors Limited All rights reserved
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