Honda Motor Co., Ltd. announced its consolidated financial results for the fiscal second quarter ended September 30, 2009.
Consolidated Financial Summary:
Results for Fiscal 2nd Quarter (3 months ended September 30, 2009)
Consolidated net sales and other operating revenue for the fiscal second quarter ended September 30, 2009 amounted
to JPY 2,056.6 billion, a decrease of 27.2% compared to the same period last year, primarily due to decreased sales in automobile business and the unfavorable impact of currency translation.
Consolidated operating income amounted to JPY 65.5 billion, a decrease of 56.0% compared to the same period last year, due to decreased profit from lower revenue, the unfavorable currency effects by the appreciation of the Japanese yen, and increased fixed costs per unit as a result of reduced production, offsetting decreased selling, general and administrative (SG&A) expenses and R&D expenses and continuing cost reduction efforts.
Consolidated income before income taxes amounted to JPY 66.1 billion, a decrease of 55.7% from the same period last year, and net income attributable to Honda Motor Co., Ltd. amounted to JPY 54.0 billion, a decrease of 56.2% compared to the same period last year.
|
Yen (billions) |
2nd quarter ended Sep 30, 2008 |
2nd quarter ended Sep 30, 2009 |
Difference (% change) |
|
|
Net sales and other operating revenue |
2,826.8 |
2,056.6 |
– 770.2 |
(-27.2) |
|
Operating Income |
148.8 |
65.5 |
– 83.3 |
(-56.0) |
|
Income before income taxes |
149.4 |
66.1 |
– 83.3 |
(-55.7) |
|
Equity in income of affiliates |
27.2 |
22.3 |
– 4.9 |
(-18.1) |
|
Net Income attributable to Honda Motor Co., Ltd. |
123.3 |
54.0 |
– 69.2 |
(-56.2) |
Exchange rate:
Honda’s average rates for this fiscal 2nd quarter:
JPY 94=USD1 / JPY 134=Euro1
Honda’s average rates for the previous fiscal 2nd quarter:
JPY 108=USD1 / JPY 161=Euro1
Results for Fiscal Six Months (6 month period from April 1, 2009 through September 30, 2009)
Consolidated net sales and other operating revenue for the fiscal six months amounted to JPY 4,058.8 billion,a decrease of 28.7% compared to the same period a year ago, primarily due to decreased sales in automobile business and the unfavorable impact of currency translation.
Consolidated operating income amounted to JPY 90.7 billion, a decrease of 74.8% compared to the same period last year, due to decreased profit from lower revenue, the unfavorable currency effects by the appreciation of the Japanese yen, and increased fixed costs per unit as a result of reduced production, offsetting decreased SG&A expenses and R&D expenses and continuing cost reduction efforts.
Consolidated income before income taxes amounted to JPY 71.5 billion, a decrease of 80.8% from the same period last year, and net income attributable to Honda Motor Co., Ltd. amounted to JPY 61.5 billion, a decrease of 79.2% compared to the same period last year.
|
Yen (billions) |
Previous fiscal 6 months (*) |
Current fiscal 6 months |
Difference (% change) |
|
|
Net sales and other operating revenue |
5,694.0 |
4,058.8 |
-1,635.2 |
(-28.7) |
|
Operating Income |
359.3 |
90.7 |
– 268.6 |
(-74.8) |
|
Income before income taxes |
373.6 |
71.5 |
– 302.0 |
(-80.8) |
|
Equity in income of affiliates |
65.4 |
36.5 |
– 28.8 |
(-44.1) |
|
Net Income attributable to Honda Motor Co., Ltd. |
296.7 |
61.5 |
– 235.1 |
(-79.2) |
Exchange rate:
Honda’s average rates for the current fiscal 6 months:
JPY95=USD1 / JPY133=Euro1
Honda’s average rates for the previous fiscal 6 months:
JPY106=USD1 / JPY163=Euro1
At the board of directors meeting held today, Honda resolved to make the quarterly dividend for the second quarter JPY 8 per share of the common stock with the record date of September 30, 2009. The total annual dividend per share of common stock to be paid for the fiscal year is expected to be JPY 32 per share.
Consolidated Unit Sales
(Consolidated unit sales are the total of sales of completed products of Honda and its consolidated subsidiaries, and sales of parts for local production at Honda’s affiliates accounted for under the equity method.)
|
(million units) |
2nd quarter ended Sep 30, 2008 |
2nd quarter ended Sep 30, 2009 |
Difference (% change) |
Major factors of increase/decrease |
|
Motorcycles |
2.893 |
2.407 |
(-16.8) |
Decreased sales mainly in Japan, Asia, and the Other region which includes South America |
|
Automobiles |
0.935 |
0.838 |
(-10.4) |
Decreased sales mainly in North America despite increased sales in Japan and Asia |
|
Power Products |
1.202 |
0.932 |
(-22.5) |
Decreased sales in all regions |
|
(million units) |
Previous fiscal 6 months |
Current fiscal 6 months |
Difference (% change) |
Major factors of increase/decrease |
|
Motorcycles |
5.608 |
4.659 |
(-16.9) |
Decreased sales mainly in Japan, Asia, and the Other region which includes South America |
|
Automobiles |
1.897 |
1.604 |
(-15.4) |
Decreased sales mainly in North America despite increased sales in Japan and Asia |
|
Power Products |
2.541 |
2.090 |
(-17.7) |
Decreased sales in all regions |
Unit sales of approximately 1.35 million units for the current fiscal 2nd quarter and 2.57 million units for the current fiscal six months of Honda-brand motorcycle products that are manufactured and sold by overseas affiliates accounted for under the equity method, but do not use any parts supplied from Honda and its consolidated subsidiaries, are not included in the total motorcycle sales described above, in conformity with U.S. generally accepted accounting principles.
Forecast for the Fiscal Year Ending March 31, 2010
Honda will conduct its business operations based on the target forecasts for the fiscal year ending March 31, 2010 as described below, with assumption of the average currency exchange rates of JPY 90 = U.S. dollar 1 (Second half: 85) and JPY 129 = Euro 1 (Second half: 125) for the fiscal year.
|
Yen (billions) |
Results for fiscal year ended Mar 31, 2009 |
Forecasts for fiscal year ending Mar 31, 2010 |
Difference (% change) |
|
|
Net sales and other operating revenue |
10,011.2 |
8,450.0 |
-1,561.2 |
(-15.6) |
|
Operating income |
189.6 |
190.0 |
+ 0.3 |
(+ 0.2) |
|
Income before Income taxes |
161.7 |
170.0 |
+ 8.2 |
(+ 5.1) |
|
Equity in income of affiliates |
99.0 |
78.0 |
– 21.0 |
(-21.2) |
|
Net Income attributable to Honda Motor Co., Ltd. |
137.0 |
155.0 |
+ 17.9 |
(+13.1) |
Exchange rate:
Honda’s average rates for the fiscal year ended March 31, 2009:
JPY 101=USD1 / JPY 142=Euro1
Consolidated Unit Sales Forecasts
|
(million units) |
Fiscal year ended Mar 31, 2009 |
Fiscal year ending Mar 31, 2010 |
Difference |
(% change) |
|
Motorcycles |
10.114 |
9.565 |
-0.549 |
(- 5.4) |
|
Automobiles |
3.517 |
3.400 |
-0.117 |
(- 3.3) |
|
Power Products |
5.187 |
4.455 |
-0.732 |
(-14.1) |
Unit sales of approximately 5.41 million units of Honda-brand motorcycle products that are manufactured and sold by overseas affiliates accounted for under the equity method, but do not use any parts supplied from Honda and its consolidated subsidiaries are not included in this total motorcycle sales described above, in conformity with U.S. generally accepted accounting principles.
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