Honda Motor Co., Ltd. today announced its consolidated financial results for the fiscal third quarter ended December 31, 2011.
Despite the enormous impact of the flooding in Thailand to the company’s business and the unfavorable currency effects due to the appreciation of the Japanese yen, consolidated operating income for the fiscal third quarter (October 1, 2011 through December 31, 2011) amounted to 44.2 billion yen, due mostly to the recovery of automobile sales in major markets, the contribution of steady motorcycle business in emerging markets, and companywide efforts. Furthermore, net income*1 amounted to 47.6 billion yen despite the impact of tax revisions on the company’s deferred tax assets.
As per the previously announced forecast, the quarterly dividend for the fiscal third quarter will be 15 yen per share of common stock with the record date of December 31, 2011. Despite the negative impact of the Great East Japan Earthquake, the flooding in Thailand, and the appreciation of the Japanese yen, the total annual dividend per share of common stock to be paid for this fiscal year (ending March 31, 2012) is also expected to remain 60 yen as per the previously announced forecast.
With companywide efforts to minimize the negative impacts of the decline in worldwide automobile production because of the Great East Japan Earthquake and the flooding in Thailand, and the historic appreciation of the Japanese yen, Honda made a revision to the forecasts for the consolidated financial results for this fiscal year as follows with:
· Net sales and other operating revenue: 7,850 billion yen
· Operating income: 200 billion yen
· Income before income taxes: 250 billion yen
· Net income*1: 215 billion yen
These forecasts are based on the assumption of worldwide automobile sales of 3.15 million units and the average currency exchange rates of 77 yen = USD 1 and 97 yen = Euro 1 for the fiscal fourth quarter and 78 yen = USD 1 and 106 yen = Euro1 for the fiscal year.
Consolidated financial results for the fiscal third quarter and the fiscal nine months ended December 31, 2011
|
|
|
3rd quarter ended Dec. 31, 2010 |
3rd quarter ended Dec. 31, 2011 |
Difference |
Fiscal nine months ended Dec. 31, 2010 |
Fiscal nine months ended Dec. 31, 2011 |
Difference |
|
Unit sales (million units) |
Motorcycles*2 |
2.895 |
3.076 |
+0.181 |
8.511 |
9.103 |
+0.592 |
|
Automobiles*3 |
0.855 |
0.830 |
-0.025 |
2.652 |
2.149 |
-0.503 |
|
|
Power Products |
1.157 |
1.021 |
-0.136 |
3.763 |
3.809 |
+0.046 |
|
|
Financial results (billion yen) |
Net sales and other operating revenue |
2,110.4 |
1,942.5 |
-167.8 |
6,723.7 |
5,543.0 |
-1,180.7 |
|
Operating income |
125.6 |
44.2 |
-81.3 |
523.5 |
119.3 |
-404.1 |
|
|
Income before incometaxes |
131.5 |
58.4 |
-73.0 |
553.9 |
164.3 |
-389.5 |
|
|
Equity in income of affiliates |
43.4 |
22.9 |
-20.5 |
114.7 |
67.1 |
-47.6 |
|
|
Net income*1 |
81.1 |
47.6 |
-33.4 |
489.5 |
139.8 |
-349.6 |
|
|
Honda’s average rates (yen) |
USD = |
83 |
77 |
Yen up by 6 yen |
87 |
78 |
Yen up by 9 yen |
|
EUR = |
112 |
105 |
Yen up by 7 yen |
114 |
110 |
Yen up by 4 yen |
Revised forecasts for the consolidated financial results for the fiscal year ending March 31, 2012
|
|
|
FY11 results |
FY12 forecast revised on Jan. 31, 2012 |
Difference |
|
Unit sales (million units) |
Motorcycles*2 |
11.445 |
12.660 |
+1.215 |
|
Automobiles*3 |
3.512 |
3.150 |
-0.362 |
|
|
Power Products |
5.509 |
5.850 |
+0.341 |
|
|
Financial results (billion yen) |
Net sales and other operating revenue |
8,936.8 |
7,850.0 |
-1,086.8 |
|
Operating income |
569.7 |
200.0 |
-369.7 |
|
|
Income before income taxes |
630.5 |
250.0 |
-380.5 |
|
|
Equity in income of Affiliates |
139.7 |
95.0 |
-44.7 |
|
|
Net income*1 |
534.0 |
215.0 |
-319.0 |
|
|
Honda’s average rates (yen) |
USD = |
86 |
78 |
Yen up by 8 yen |
|
EUR = |
114 |
106 |
Yen up by 8 yen |
*1 Net income attributable to Honda Motor Co., Ltd. based on U.S. generally accepted accounting principles.
*2 Unit sales of approximately 0.75 million units for the current fiscal 3rdquarter, approximately 2.13 million units for the current fiscal nine months and approximately 2.94 million units for the forecast of the fiscal year ending March 31, 2012 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 total sales of our motorcycle segment or in our measure of unit sales, in conformity with U.S. generally accepted accounting principles.
*3 Certain sales of automobiles that are financed with residual value type auto loans by our Japanese finance subsidiaries are accounted for as operating leases in conformity with U.S. generally accepted accounting principles. As a result, they are not included in the sales total for our automobile business segment or in our measure of unit sales.
For additional information, please visit:
//world.honda.com/investors/library/financialresult/
where you can download financial results information.
