05 12-14 isuzu results-q4-1
TRANSCRIPT
1 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
FY2013 H1 Financial ResultsFY2013 H1 Financial Results
November 7, 2012November 7, 2012
2 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
Ⅰ. President and Representative Director : Susumu Hosoi
:FY2013 H1 Financial Summary Outline:Progress of Mid-term Business Strategy( April 2011-March 2014)
Ⅱ. Director : Toshio Sasaki 1. Business Status2. FY2013 H1 Financial Summary3. FY2013 Full-year Outlook
Ⅲ. Q&A Session
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) 2012 Isuzu Motors Limited All rights reserved
President and Representative Director
Susumu Hosoi
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( JPY Bil. ) FY13 H1 F12 H1 Changes FY13 H1plan
Net Sales 780.1 658.1 122.0 790.0
Operating Income 57.3 43.8 13.5 50.0
Ordinary Income 60.4 45.1 15.3 52.0
Net Income 42.1 33.7 8.4 35.0
FY2013 H1 Consolidated ResultsFY2013 H1 Consolidated Results-- YearYear--onon--year Comparison year Comparison --
* FX: FY13 H1 = 80JPY/US$FY12 H1= 81JPY/US$
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FY2013 FullFY2013 Full--year Outlookyear Outlook-- YearYear--onon--year Comparisonyear Comparison --
FY12 FY13 Previousplan
Net Sales 1,630.0 1,400.1 229.9 1,630.0
Operating Income 126.0 97.4 28.6 123.0
Ordinary Income 133.0 102.9 30.1 127.0
Net Income 91.0 91.3 -0.3 81.0
ChangesFY13 Forecast(JPY Bil)
※FX: FY13 = 80JPY/US$FY12 = 79JPY/US$
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Progress of Mid-term Business Plan
(April 2011 April 2011 –– March 2014March 2014)
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MidMid--term Business Plan Outlineterm Business Plan Outline
[ Japan ]CV foothold for advanced market
[ Indonesia ]CV foothold foremerging market
Low-cost parts/engineering
function sharing
[ Thailand ]LCV foothold
Low-cost parts/base market expansion
Europe, Europe, CISCIS
Middle Middle EastEast
Africa Africa
North North America America
Central and Central and South AmericaSouth America
AustraliaAustralia
Stabilize Japan Stabilize Japan domestic businessdomestic business
Strength/Expand Strength/Expand LCV business LCV business
Enhance ASEAN Enhance ASEAN CV Business CV Business
Secure stable Secure stable position in emerging/position in emerging/
advanced marketsadvanced marketsEstablish support Establish support operationsoperations
Secure stable position Secure stable position in emerging/in emerging/
advanced marketsadvanced markets
Stabilizing Isuzu’s commercial vehicle business
[China (Qingling)]CV support operations
[India, China (Jiangling)]
LCV support operations
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Gateway new plant Commencement ceremony (2012 October)
Strength/Expand LCV Strength/Expand LCV BBusiness usiness -- Thailand Thailand --
Introduce a new LCV model OctoberOctober 2011 : Started the sale of the fully redesigned pick2011 : Started the sale of the fully redesigned pick--up truck in the up truck in the
TThai market.hai market. Introduce derivatives.
Establish an export company (IMIT) and strengthen global sales. 2012 : Started export of the new 2012 : Started export of the new pickpick--up truckup truck for thefor the EuropeEuropeaan and n and
AustralianAustralian markets.markets. Introduce the new pickup model to more markets and develop new markets.
OctoberOctober 2012012 2 : : Launched the new plant Launched the new plant in in Gateway and Gateway and increasedincreased a production a production capacity capacity toto 400,000 units of the 400,000 units of the pickpick--up truck.up truck.
Establish further self-sustained engineering functions in Thailand.
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Thailand Philippine Indonesia Malaysia Vietnam Share
Develop and introduce optimal products for emerging markets. Started sales of F Series in Indonesia and of the truck fit for emerging market (“QCD Started sales of F Series in Indonesia and of the truck fit for emerging market (“QCD
Vehicle”) in Vietnam.Vehicle”) in Vietnam. Strengthen manufacturing functions using Indonesia foothold as a core.
Localized engineering functions and reinforced local workface (2012 April).Localized engineering functions and reinforced local workface (2012 April). SecuredSecured a site for the new plant.a site for the new plant. Expand parts localization (in progress with Isuzu affiliates)Expand parts localization (in progress with Isuzu affiliates) Consolidate a local manufacturing company.
Strengthen the sales network (parts supply system and service network establishment). Launched a new mechanic school in Indonesia (in the local joint venture).Launched a new mechanic school in Indonesia (in the local joint venture).
(thousand units)
[CV total]
Enhance ASEAN CV BusinessEnhance ASEAN CV Business
0
10
20
30
40
50
'09 '10 '11 '1210%
15%
20%
25%
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August August 2012 : Introduced the HD route bus ERGA HYBRID.2012 : Introduced the HD route bus ERGA HYBRID. Strengthen cost competitiveness by streamlining sales/manufacturing.
Integrated dealers to cover extensive areas (consolidation: 15 Integrated dealers to cover extensive areas (consolidation: 15 6 companies, 6 companies, Isuzu Motors Tohoku Limited in Isuzu Motors Tohoku Limited in 2012 April).2012 April).
Converged administrative work between the distributer and dealers (Vehicle Converged administrative work between the distributer and dealers (Vehicle operation center function in 2012 October).operation center function in 2012 October).
Increase core module manufacturing and establish flexible production lines (mutual complementation of HD and LD lines).
Enhance the life cycle business. Started expansion of life cycle business.Started expansion of life cycle business.
H/D route busERGA HYBRIDIsuzu Motors Tohoku Limited,
head office
Stabilize Japan Stabilize Japan DDomestic omestic BBusinessusiness
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Iintroduce heavy-duty truck/engine (CV full line-up ) and strengthen global HD competitiveness. AugustAugust 2012 : Launched Isuzu Qingling (Chongqing) Engineering Co. , Ltd.: 2012 : Launched Isuzu Qingling (Chongqing) Engineering Co. , Ltd.:
Joint development for nextJoint development for next--generation HDgeneration HD AugustAugust 2012 : Isuzu Qingling (Chongqing) Autoparts Co., Ltd. : Localization of 2012 : Isuzu Qingling (Chongqing) Autoparts Co., Ltd. : Localization of
engines and components, export base.engines and components, export base. Incorporate and increase earnings by means of consolidation of component
manufacturing operation and sales expansion thereof including industrial engines.
CV businessCV business
LCV LCV businessbusiness
Contribute to the LCV business by introducing pick-up trucks and derivatives. AugustAugust 2012 : Agreed to launch a joint ventures for vehicle and engine production and 2012 : Agreed to launch a joint ventures for vehicle and engine production and
sales (with Jiangling Motors Co., Ltd.)sales (with Jiangling Motors Co., Ltd.) JIANGXI ISUZU MOTORS CO., LTD. JIANGXI ISUZU MOTORS CO., LTD. ((VVehicleehicle)) JIANGXI ISUZU ENGINE CO., LTD.JIANGXI ISUZU ENGINE CO., LTD. (Engine)(Engine)
Establish Establish SSupport upport OOperations perations -- China China --
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CV CV businessbusiness
July 2011 : Introduced best suited product for India equipped with Isuzu components July 2011 : Introduced best suited product for India equipped with Isuzu components based on the existing SML truck.based on the existing SML truck.
Strengthen SMLI functions. April April 2012 2012 : : Increased the investment ratio Increased the investment ratio from 4 to 15%) and dispatched from 4 to 15%) and dispatched
engineering and sales personnel.engineering and sales personnel. Establish a dedicated task force team in SMLI
to reorganize DLR network.
LCV businessLCV business
EEstablish stablish SSupport upport OOperations perations -- India India --
Introduce a low cost LCV model and emerging market products (new market entry).
Establish Isuzu-led manufacturing operations and sales network. AugustAugust 2012 2012 : Launched Isuzu Motors India (Chennai).: Launched Isuzu Motors India (Chennai).
Contribute to CV/LCV business for emerging market through low-cost parts and products.
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Middle EastMiddle East
June 2011 : Launched Isuzu Saudi Arabia and launched the KD assembly plant by 2011 : Launched Isuzu Saudi Arabia and launched the KD assembly plant by the end of 2012.the end of 2012.
2012 : Expanded the territory of Isuzu Middle East (After2012 : Expanded the territory of Isuzu Middle East (After--Sales Center) (East Africa).Sales Center) (East Africa).
South America / Africa South America / Africa
Further Isuzu involvement CV Sales business in South America, CV
sales/manufacturing in South Africa
CIS / Australia CIS / Australia
* DB: DistributerKD Assembly plant in Saudi Arabia
ReRe--strengthened business in Russia: Increased the investment ratio in strengthened business in Russia: Increased the investment ratio in SollersSollersIsuzu (from 29 to 45%).Isuzu (from 29 to 45%).
Strengthened parts business of the Australia DB subsidiary (serves as a hub for Strengthened parts business of the Australia DB subsidiary (serves as a hub for parts operation in Oceania).parts operation in Oceania).
Secure Secure SStable table PPosition in osition in EEmerging/merging/AAdvanced dvanced MMarketsarkets
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Changing points from the Mid-term Business Plan development
Surrounding environment at the Mid-term Business Plan development
Greater uncertainty for global economy.- Chinese/India economy slowdown, European sovereign debt crisis.
Higher environmental awareness, diversified fuel types
Worse environment in manufacturing in Japan.- Manufacturers in Japan face six-fold difficulties (continuous strong JPY /power restrain, etc.)
Global eonomy: Economic stagnation continues in the advanced countries.
Competition: Rise of Chinese, Korean, and Indian manufacturers.
Product/technologies: Expand product ranges for customer needs. Drastic rise of cost for environmental measures.
Domestic Operations: Deteriorated business environment surrounding transport business.
Supply chain in Japan: Risk of overconcentration in Japan.
Steady execution of the Mid-term Business PlanHigh efficiency DE development and activities toward future technology
Toward MidToward Mid--term Business Plan Advancementterm Business Plan Advancement
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Director of the Board, and Managing Executive Officer, Corporate Planning and Financial
Toshio Sasaki
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ⅡⅡ--1 1 .. Business StatusBusiness Status
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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 60
151 148 170194
127206 211 221
302 306
259
346 299
407
73
203
372364377
0
200
400
600
800
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
LCV
CVOverseas
619643
543
CVDomestic
(453)
(520)(547)
640(567)
554(500)
427(386)
598(552)
( ):Overseas Unit568(509)
ForecastForecast
The Great East Japan Earthquake
Flooding in Thailand
689
(628)
・Reinforcing overseas operating Capabilities
・Entering New Markets
Global Financial crisis
Inventory Adjustment
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Japan
25
47
North America
6
1425
4 4
Asia29
27
4
Europe China
5858
592727252577
1010
2828
5656
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 131,278 118,488 135,447H2 120,901 150,869 146,153
Full-year 252,179 269,357 281,600
3434
’11/3 ’12/3 ’13/3’13/3ForecastForecast
ForecastForecast
60601111
3232
7070
5353
121234
3
1010
’11/3 ’12/3 ’13/3’13/3ForecastForecast
’11/3 ’12/3 ’13/3’13/3ForecastForecast
’11/3 ’12/3 ’13/3’13/3ForecastForecast
’11/3 ’12/3 ’13/3’13/3ForecastForecast
’11/3 ’12/3 ’13/3’13/3ForecastForecast
’11/3 ’12/3 ’13/3’13/3ForecastForecast
’11/3 ’12/3 ’13/3’13/3ForecastForecast
223232
5656
51010
55
12133 5
91414
5
29
4747
48
: H2
30
22 20
2345
28
29
20
25
5
6
155
Mid-South America
Oceania
Mid-East/ Africa
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43,153 36,855
17,85826,137 31,927
41,963
26,109
23,764
25,275
23,762
35,548
33.7%
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)
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
59,31059,310
ForecastForecast
H1 ActualH1 ActualFY08-FY12 : FY ActualFY13: FY13-H1 ActualFY08-FY12 : FY ActualFY13: FY13-H1 Actual
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(Unit)
45,618 38,88222,159 26,489
36,905
44,213
31,177
26,700
26,823
38,48627,980
38.6% 39.1% 40.0% 40.2% 40.2% 39.6%
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
65,309
ForecastForecast
H1 ActualH1 Actual
FY08-FY12 : FY ActualFY13: FY13-H1 ActualFY08-FY12 : FY ActualFY13: FY13-H1 Actual
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: H1
: H2
1812
Asia
92
49
1414
EuropeChina
2525202202
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 179,172 163,109 197,638H2 167,065 135,508 209,462
Full-year 346,237 298,617 407,100
21211717
3030
263263
6464
1212
ForecastForecast
99
’11/3 ’12/3 ’13/3’13/3ForecastForecast
177177
84
14141212
57
24
88
1312
24
8 3
121
12
32
11
166
’11/3 ’12/3 ’13/3’13/3ForecastForecast
’11/3 ’12/3 ’13/3’13/3ForecastForecast
’11/3 ’12/3 ’13/3’13/3ForecastForecast
’11/3 ’12/3 ’13/3’13/3ForecastForecast
’11/3 ’12/3 ’13/3’13/3ForecastForecast
Oceania Mid-South America
Mid-East/ Africa
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PickPick--up truck monthly sales up truck monthly sales in Thailandin Thailand
(K-Unit)
10.9
13.1
14.3
16.0
11.712.1
16.8
19.0
12.1
15.4 15.614.8
17.6
15.7
10.6
14.5
13.4
10.610.710.9
9.9
11.9
10.2
7.5
2.0
4.7
9.9
10.911.810.8
0
2
4
6
8
10
12
14
16
18
20
APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR
FY11 FY12 FY13
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Thailand LCV ShipmentThailand LCV Shipment-- 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
285,000
57,000
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
342,000
192,019
240,501 229,600
(Unit)
237,481211,242
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6356
15
5470
70
28
33
71
67
46
56
0
20
40
60
80
100
120
140
160
FY08 FY09 FY10 FY11 FY12 FY13
138133
84
48
126
102
H2
H1
Forecast
Industrial EngineIndustrial Engine Global ShipmentGlobal Shipment-- KK--UnitsUnits--
IndustrialEngine
~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
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ⅡⅡ--22.. FY2013 H1 Financial SummaryFY2013 H1 Financial SummaryApril 2012 April 2012 –– September 2012September 2012
26 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
( JPY Bil. ) FY13 H1 F12 H1 Changes FY13 H1plan
Net Sales 780.1 658.1 122.0 790.0
Operating Income 57.3 43.8 13.5 50.0
Ordinary Income 60.4 45.1 15.3 52.0
Net Income 42.1 33.7 8.4 35.0
FY2013 H1 Consolidated ResultsFY2013 H1 Consolidated Results-- YearYear--onon--year Comparison year Comparison --
* FX: FY13 H1 = 80JPY/US$FY12 H1= 81JPY/US$
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FY2012 vs. FY2013 H1 FluctuationsFY2012 vs. FY2013 H1 Fluctuations-- Consolidated operating income: analysis of change, JPY:Bil. Consolidated operating income: analysis of change, JPY:Bil. --
-11.4
’
43.8
13.5
22.3
3.4
-0.3 57.3
1.2
-1.7
Operating Incomefor FY12 H1
Operating Incomefor FY13 H1
Material C
ost R
eduction
Sales/Model M
ix
Steel, Oil Price
etc. Fluctuations
Fixed Cost
Fluctuation
FX Effect of previous FY
(Loss on disaster/ Fixed cost),others
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FY2013 H1 Consolidated ResultsFY2013 H1 Consolidated Results-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--yearyear --
Operating Income Change 13.5* Equity in Earnings of Affiliates: 1.9* Financial account balance/ FX gain and loss, Other -0.1
Total 15.3
Ordinary Income 60.4* Loss on disposal of noncurrent assets,etc -0.8* Tax and minority interests: -17.5
Net Income 42.1
OrdinaryIncom
eExtra Profit /
Loss etc.
( JPY Bil. ) FY13 H1 FY12 H1 Changes
Net Sales 780.1 658.1 122.0Operating Income 57.3 43.8 13.5Ordinary Income 60.4 45.1 15.3
Net Income 42.1 33.7 8.4
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ⅡⅡ--33.. FY2013 FullFY2013 Full--year Outlookyear Outlook
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FY2013 FullFY2013 Full--year Outlookyear Outlook-- YearYear--onon--year Comparisonyear Comparison --
FY12 FY13 Previousplan
Net Sales 1,630.0 1,400.1 229.9 1,630.0
Operating Income 126.0 97.4 28.6 123.0
Ordinary Income 133.0 102.9 30.1 127.0
Net Income 91.0 91.3 -0.3 81.0
ChangesFY13 Forecast(JPY Bil)
※FX: FY13 = 80JPY/US$FY12 = 79JPY/US$
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FY2012 vs. FY2013FY2012 vs. FY2013 FluctuationsFluctuations-- Consolidated operating income: analysis of change, JPY:Bil.Consolidated operating income: analysis of change, JPY:Bil.
97.4
28.6
32.5
8.0
126.0
(Forecast)
-1.5
-11.4
-1.5
2.5
Operating Income for FY12 Operating Income for FY13
Effect of previous FY
(Loss on disaster/ Fixed cost)
FX
Fixed Cost
Fluctuation
Steel, Oil Price
etc. Fluctuations
Sales/Model M
ix
Material C
ost R
eduction
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FY2013 FullFY2013 Full--year Outlookyear Outlook-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--year year --
( JPY Bil. ) FY13 FY12 ChangesNet Sales 1,630.0 1,400.1 229.9
Operating Income 126.0 97.4 28.6Ordinary Income 133.0 102.9 30.1
Net Income 91.0 91.3 -0.3
Operating Income Change 28.6* Equity in Earnings of Affiliates: 4.0* Financial account balance/ FX gain and loss, Other: -2.5
Total 30.1
Ordinary Income 133.0* Loss on disposal of noncurrent assets,etc: -0.5* Tax and minority interests: -41.5
Net Income 91.0
OrdinaryIncom
eExtra Profit /
Loss etc.
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[Appendix][Appendix]
Main Financial IndexMain Financial Index
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CAPEX and Depreciation (Consolidated)CAPEX and Depreciation (Consolidated)-- Recent Trend and Forecast Recent Trend and Forecast --
*1 *1 *1*1
(Forecast)
*1
(JPY:Bil)
*1 FY09 or later included lease
50.6
41.5
66.7
39.6
25.7
39.5
29.4
36.433.3
36.0
67.0
35.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
FY08 FY09 FY10 FY11 FY12 FY13
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442.9
353.8
280.6 258.4 297.6 312.6328.1
415.5
196.0274.8
325.9 363.4315.0 300.6 273.6
203.1
0.440.78
1.16 1.411.06 0.96 0.83
0.49
-500
-400
-300
-200
-100
0
100
200
300
400
500
'09/3 '09/9 '10/3 '10/9 '11/3 '11/9 '12/3 '12/9
-5
0
5
DER
(DER)
Interest Bearing Debt / Equity Capital (Consolidated)Interest Bearing Debt / Equity Capital (Consolidated)
(JPY:Bil)Interest B
earing Debt
Equity Capital
36 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
116.8 107.8182.2
275.4293.3
269.2385.3
372.792.2
94.193.3
52.5
147.0
136.9
155.2177.2
178.8
172.7
139.4129.7128.073.477.7
323.9262.7
183.5
63.689.7
64.9
49.0
185.3168.2
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1000.0
'09/3 '09/9 '10/3 '10/9 '11/3 '11/9 '12/3 '12/9
Others
PT&Compo
CV
LCV
690.6
565.0
442 .8
658.1742 .0
638 .1
724.9780.1
Consolidated Net Sales by SegmentConsolidated Net Sales by Segment-- LCV, CV, PT&Compo, Others(KD, parts) LCV, CV, PT&Compo, Others(KD, parts) --
(JPY:Bil)
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353.8
415.5
280.6 258.4297.6 312.6 328.1
442.9
27.324.9 26.8
29.5 30.534.2 36.2
27.4
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
'09/3 '09/9 '10/3 '10/9 '11/3 '11/9 '12/3 '12/9
0
5
10
15
20
25
30
35
40
45
50
ConsolidatedEquity Ratio
(%)
Consolidated Equity Ratio: Historical TrendConsolidated Equity Ratio: Historical Trend
(JPY:Bil.)C
onsolidated Equity C
apital
38 Copyright(C) 2012 Isuzu Motors Limited All rights reserved
110.0 106.4 109.3138.2 154.5 157.1
101.0119.8
1.3 1.31.2
1.3
1.5
1.00.9 0.9
0
50
100
150
200
250
300
'09/3 '09/9 '10/3 '10/9 '11/3 '11/9 '12/3 '12/9
0.0
0.3
0.6
0.9
1.2
1.5
1.8
Inventory BalanceInventory Balance-- Consolidated Consolidated --
(JPY:Bil.) (Month)
Month Turnover
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CAPEX and Depreciation (Consolidated)CAPEX and Depreciation (Consolidated)-- Recent Trend Recent Trend --
26.9
16.9
20.0
13.314.3
15.113.8
11.9
18.018.018.118.319.819.7
0.0
5.0
10.0
15.0
20.0
25.0
30.0
'09/9 '10/3 '10/9 '11/3 '11/9 '12/3 '12/9
(JPY:Bil.)
Depreciation
CA
PEX
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