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Old 05-12-2005, 06:44 AM   #1
flyinpig
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Default Fuji Heavy's Net Profit Halves on Rising Costs - Update

An article from http://www.forbes.com/home/feeds/afx...fx2020442.html
Quote:
AFX News Limited
Japan's Fuji Heavy yr to March net profit halves on rising costs - UPDATE
05.12.2005, 03:40 AM

(Updates with assumed exchange rate, details on cost reduction effects, plan to strength dealerships in the US, Europe)

TOKYO (AFX) - Fuji Heavy Industries Ltd, the maker of Subaru cars, said its year to March 2005 net profit fell by 52.8 pct from a year earlier, as it failed to hit its cost reduction target because of higher commodity prices and unfavorable exchange rate movements.

Fuji Heavy, which is 20 pct owned by General Motors Corp, posted year to March net profit of 18.2 bln yen, down from 38.6 bln yen a year earlier.

Its operating profit fell 16.5 pct year-on-year to 42 bln yen while current profit declined 23 pct to 43.6 bln yen. Revenue reached 1.446 trln yen, up 0.5 pct from a year earlier.

For the year to March 2006, the automaker projected a dip in net profit, citing persistently high commodity prices as well as concerns about US economic growth.

It expects net profit of just 15 bln yen with current profit seen at 27 bln yen and revenue at 1.47 trln yen.

For the year just ended, sales by volume increased in both the domestic and overseas markets. But in North America, where 36 pct of Fuji Heavy vehicles are sold, sales by value declined by 7.6 pct from the previous year, which trimmed overall sales growth.

Sales by volume in Japan increased 3.5 pct year-on-year, while in North America they rose 2.3 pct and sales in Europe surged 13 pct.

'In the year to March 2005, 15.1 bln yen vanished due to the negative effect of the foreign exchange rate,' said Shunsuke Takagi, executive director of Fuji Heavy.

It assumed the dollar-yen exchange rate at 108 yen in the year, compared to 116 yen in the previous year. For the current year to March 2006, it assumes 105 yen per dollar.

Even though the automaker secured profit of 12.5 bln yen from cost-reduction efforts, this 'failed to meet the initial target of 20 bln yen in annual cost reductions, due to higher commodity prices,' Takagi said.

The automaker revised downwards its net profit forecast for the year to March 2007 to 27 bln yen from 48 bln, as it overhauled its five-year business plan through to March 2007.

It also slashed its current and operating profit forecasts and its sales projection for the year, saying it expected to sell fewer vehicles than previously forecast because of severe competition.

The revenue forecast for the year to March 2007 was cut to 1.58 trln yen from 1.72 trln.

'We decided to start immediately a new cost-structure plan. We have also revised our product line-up for the coming years,' said Fuji Heavy president Kyoji Takenaka.

The automaker set a cost-reduction target of 100,000 yen per vehicle, excluding rises in the prices of base materials.

'We also aim to slash development costs by 30 pct through the integration of several R&D activities,' said Takenaka.

As for its product line-up, Takenaka revealed a plan to introduce a new mini-vehicle in the year to March 2007, a year earlier than initially envisioned.

As a means to hedge the risk of foreign exchange rate fluctuations, the automaker plans to export another new model, the B9 Tribeca, from the US to other markets, chiefly to Europe.

Fuji Heavy also said it now plans to reduce its interest-bearing debt to 400 bln yen by March 2007, instead of 420 bln yen.

The automaker sees the US market as its primary growth engine and plans to strengthen its sales network nationwide there. It plans to increase the number of dealers to 608 by the year to March 2007, from 581 at the end of March 2005.

In Europe, it aims to increase the number of dealers by 166 to 1,140 by the year to March 2007.



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Old 05-12-2005, 10:41 AM   #2
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FHI has posted a bunch of .pdf files on their site that might be of interest to financial types:
Consolidated Annual Financial Results - 16KB
Accompanying materials to Consolidated Annual Financial Results - 189KB
Overview of Non-consolidated Financial Results - 15KB
Accompanying materials to Non-consolidated Financial Results - 55KB

FHI executives also made some presentations to analysts today and here are copies of the slides they used:
Presentation of Business Results - 932KB
The Mid-Term Business Plan - 214KB
There are two links that include audio (dubbed into English) of the presentations that don't seem to work yet:
Presentation of Business Results for the Term ending March 2005 - WindowsMediaPlayer
Presentation of Business Results for the Term ending March 2005 - RealPlayer

Here's an enigmatic slide from the Mid-Term Business Plan presentation:

Impreza is shown without a symbol. What does FMC mean? And it looks like nothing new in calander year 2006 for the US.

I also noticed in the other presentation that Subaru plans to produce 0 cars for Saab for the next fiscal year in Japan. I guess the 9-2x is dead.
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Old 05-12-2005, 11:19 AM   #3
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Looks like to me the Tribeca and the Impreza are sharing the FMC/New model symbol !!! And does anyone know what FMC means?
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Old 05-12-2005, 11:40 AM   #4
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Thanks for the links Jon.

My guess is...FMC = full model change
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Old 05-12-2005, 12:14 PM   #5
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Quote:
Originally Posted by flyinpig
Thanks for the links Jon.

My guess is...FMC = full model change
Good find Jon...

Hmm, but if that's what FMC means then of course it's not specifying the model. Unless it applies to the obvious, Impreza and Legacy.
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Old 05-12-2005, 12:28 PM   #6
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If anything, this muddles an already confusing picture of what is happening to the Impreza. For instance, the consensus seems to be we get some kind of facelift, which implies minor styling changes, probably front and rear, and a 2.5. Yet, recently there are signs this car may come with a chassis based on a shortened Legacy platform, which might indeed qualify as a new model. Now we see this "star" next to the Tribeca with the Impreza left blank. What all this means is a mystery to me, but it least it keeps things interesting!
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Old 05-12-2005, 12:40 PM   #7
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My guess is they forgot the major face lift symbol next to the 2005 Impreza and the first red star in 2007 signifies the new JDM Impreza and the second red star in 2007 is the USDM Impreza. Notice too that the US continues to lag JDM with a Legacy refresh.
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Old 05-12-2005, 01:11 PM   #8
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Vet--pretty good guess. They should fire the bozo that put out this chart...
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Old 05-12-2005, 01:41 PM   #9
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Excellent info. Its interesting to see that the legacy will/should be getting a major facelift in mid 2006. Better buy those Legacy GT's before the nose starts looking like the Tribeca.
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Old 05-12-2005, 02:14 PM   #10
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Quote:
It also slashed its current and operating profit forecasts and its sales projection for the year, saying it expected to sell fewer vehicles than previously forecast because of severe competition.
^wOw thats not good..

i do believe in 2007 the legacy/Outback will get the airfoil grill.. not a bad thing IMO..oddly enough I'm guessing the Impreza line will be folded for a shortened Legacy chasis like someone said earlier.. ( which i believe is smart) if they shorten the legacy chasis a little that'll mean the next Impreza replacement will at least be bigger than a 99' wheelbase and dont forget the rumors of the hatchback.. i'm thinkin itll be somethin and hopefully like the Mazda 3 hatch and hopefully the civic interior in size
i want to point out the mini car for the 06 model year.. does that mean the US will be gettin that also?? and then maybe in 08 a slight facelift for the minicar and then the hybrid engine availible?? Man i love to speculate.. and o yea Jon[in CT] welcome back.. havent seen any posts from you in a while.. your factual posts are always missed
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Old 05-12-2005, 02:21 PM   #11
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Default Fmc?

I agree, it probably means "Full Model Change," or something like that. I bet it also includes a name change, with a "B" prefix.

Assuming that's the case, I would bet the first '07 model is the Impreza replacement, and the one later that year the Forester replacement. The last one might possibly be a Baja replacement.

Bob

Last edited by rsholland; 05-12-2005 at 02:45 PM.
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Old 05-12-2005, 02:37 PM   #12
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Quote:
Originally Posted by Scooby-Doode
Excellent info. Its interesting to see that the legacy will/should be getting a major facelift in mid 2006. Better buy those Legacy GT's before the nose starts looking like the Tribeca.
ouch! They would be crazy to do that.
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Old 05-12-2005, 04:26 PM   #13
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FMC does stand for 'Full Model Change.'

I assume that the reason why the Impreza is listed under the 2005 year is the 2.5t, and the final refresh to the chassis.

One of the FMC's for 2007 is definitely the Impreza, and the other one might either be a new Forester, or the smaller Tribeca-like vehicle Subaru was rumored to be developing. Not unless they're one and the same
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Old 05-13-2005, 01:38 PM   #14
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I just took a peek at the Japanese version of the "Restructure Product Planning" slide seen above and it shows the "Major Face Lift" circles adjacent to the Impreza in 2005.

Last edited by Jon [in CT]; 05-13-2005 at 01:44 PM.
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Old 05-13-2005, 02:18 PM   #15
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Can we see it?
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Old 05-13-2005, 02:19 PM   #16
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Nice stuff as usual Jon,,,, interesting.

Rudy
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Old 05-13-2005, 04:36 PM   #17
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Quote:
Originally Posted by MattDell
Can we see it?
Sure. It's on p. 14 of http://www.fhi.co.jp/fina/financial/...hi-vi-2005.pdf.
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Old 05-13-2005, 04:46 PM   #18
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Quote:
Originally Posted by Eyeflyistheeye
One of the FMC's for 2007 is definitely the Impreza, and the other one might either be a new Forester, or the smaller Tribeca-like vehicle Subaru was rumored to be developing. Not unless they're one and the same
The Forester will be about due by then, IIRC the SG was introduced for MY02 or 03.

Too bad the diesel and HEV aren't on this roadmap.

I'd be shocked if a Subaru minicar came to the US, it would be totally against SOA's "upscale" push.
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Old 05-13-2005, 05:56 PM   #19
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This is how the Japanese version is:


Last edited by nu02wrx; 05-13-2005 at 06:43 PM.
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Old 05-15-2005, 04:15 AM   #20
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The English link to the Presentation still doesnt work so I listened to the Presentation in Japanese. Here's a summary of comments made by the FHI President that go along with the previously posted slide, my translation though:
* In the year following the North Ameican debut, depending on the global market enviroment, the B9 Tribeca will be exported to Europe, Japan, and Australia.
* This year the North American Impreza and Forester will undergo a "major change" - which will be highlighted by significant fuel consumption improvements, functionality betterments, and a facelift.
* The 3rd Mini-car is intended for JDM only. Due to anticipation of increased unit sales of "K" cars, the release date has been accelerated one year to 2006.
* The multi-passenger vehicle that has been in the plans for the JDM has been delayed to a release date of sometime after 2007.
* During the last couple of years FHI has been developing its horizontally opposed diesel and hybrid technologies. FHI feels its alliance with GM and their know-how will provide benefit.
* Up to this point FHI has been discussing hybrid car batteries with NLE, and now we plan to expand our horizons with a long-term point of view.
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Old 05-15-2005, 12:22 PM   #21
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how i interperet the chart:
forester and impreza will be redesigned this year
07 model year is a big year WHOLE model line up will have the airfoil grill
forester will have B# and so will the impreza... i believe the legacy will also get it that year

and that new model in 07 im guessing is either the big sedan off of the B9.. or the sports car
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Old 05-16-2005, 09:54 AM   #22
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The English language version of FHI's May 12, 2005 presentation to analysts is now available at:
http://www.net-ir.ne.jp/company/7270/index.html
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