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FY March 2023 Financial Results were announced on May 12, 2023

FY March 2023 Results

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For the fiscal year ended March 31, 2023 (April 1, 2022 through March 31, 2023), global sales volume was 1,110,000 units, down 11% year on year, mainly due to reductions in production stemming from semiconductor supply shortages in the first half of the fiscal year and a shortage of car transport vessels. Consolidated wholesale volume was 1,059,000 units, up 7％ year on year. Net sales were ¥3,826.8 billion, up 23% from the prior year, hitting a record-high. Operating income was up 36% to ¥142 billion, ordinary income was up 51% to ¥185.9 billion, and net income attributable to owners of the parent was ¥142.8 billion. As we achieved year-on-year growth in net sales and profits, operating return on sales improved to 3.7%.

Amid an extremely difficult and challenging environment with chronic semiconductor shortages, hikes in raw material prices, and insufficient car transport vessels, we quickly took measures to wholesale as many vehicles as possible, improve per-unit price, and reduce marketing expenses. We also benefited from the effects of weaker yen. As a result, we were able to offset the impact of raw material price hikes.

Regarding exchange rates, the yen weakened against the US dollar, depreciating ¥23 from the prior year to ¥136, while the yen weakened ¥10 against the euro to ¥141.

FY March 2024 FORECAST

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For the fiscal year ending March 31, 2024 (April 1, 2023 through March 31, 2024), global sales volume forecast is 1,300,000 units, up 17% year on year. Consolidated wholesales are projected to be 1,200,000 units, up 13% year on year, and the net sales is forecasted at ¥4.5 trillion, up 18% year on year. Operating income is projected to be ¥180 billion, ordinary income to be ¥172 billion, and net income attributable to owners of the parent to be ¥130 billion. During the phase of stronger growth in our Medium-Term Management Plan, we will grow our profit through increases in wholesale and sales volumes as well as the full-scale introduction of our Large Products, and we are projecting a 4% operating return on sales.

Our exchange rate assumptions are ¥128 to the US dollar, ¥7 stronger from the prior year, and ¥139 to the euro, ¥2 stronger from the prior year.

We will continue our efforts and make ongoing improvements in all areas to reach our targets this fiscal year and achieve the strong growth we committed to in our Medium-Term Management Plan.

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