17
Copyright(C) 2020 Isuzu Motors Limited All rights reserved FY2021 1Q Financial Results August 5, 2020 ISUZU MOTORS LIMITED
Copyright(C) 2020 Isuzu Motors Limited All rights reserved
FY2021 1Q Financial Results
August 5, 2020ISUZU MOTORS LIMITED
1 Copyright(C) 2020 Isuzu Motors Limited All rights reserved
ContentsⅠ ．Director of the Board, Senior Executive Officer
Corporate Strategy Division ExecutiveCorporate Planning & Finance Division Executive︓
Shinsuke Minami1．FY2021 1Q Outline
Ⅱ． Executive Officer, Deputy Division Executive, Corporate Planning & Finance DivisionGroup Chief Financial Officer :
Naoto Nakamata1．Business Status2．FY2021 1Q Financial Results
Ⅲ．Q&A Session
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Director of the Board,Senior Executive Officer
Corporate Strategy Division Executive
Corporate Planning & Finance Division Executive
Shinsuke Minami
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� Sales Units︓Units slid to about a half of the previous year, the level assumed in our forecast announced in May.
� Financial Results︓Operating income dropped due to low sales units, as per our outlook.
Overview: FY2021 1Q Consolidated Results
FY2021 1Q FY2020 1QCV-Japan 14 19 -5 -25%CV-Overseas 33 49 -16 -33%
CV Total 47 68 -21 -31%LCV-Thailand 12 41 -29 -71%LCV-Export 18 40 -22 -53%
LCV Total 30 81 -51 -63%Total 77 149 -72 -48%
327.4 509.1 -181.7 -36%2.2 46.0 -43.8 -95%0.5 44.0 -43.5 -99%
-9.8 27.4 -37.2 -
Changes
Financial Results (Bil. Yen)
Global Sales Units (K-units)
Net IncomeOrdinary IncomeOperating Income
Sales
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Overview: FY2021 Financial Forecast
FY2021Forecast
FY2021Previous Plan
CV-Japan 69 68 1 ±0%CV-Overseas 170 167 3 2%
CV Total 239 235 4 2%LCV-Thailand 125 108 17 16%LCV-Export 120 133 -13 -10%
LCV Total 245 241 4 2%Total 484 476 8 2%
1,700.0 1,700.0 ±0.0 ±0%50.0 50.0 ±0.0 ±0%48.0 - - -12.0 - - -
16 Yen - -
Changes
Financial Forecast (Bil. Yen)
Global Sales Units (K-units)
Dividends
Ordinary IncomeOperating Income
Sales
Net Income
� Revised mainly our forecast for LCVs in consideration of the 1Q results and the most recent market information.
� Announced forecast for ordinary income and net income. No changes to our forecast of sales amount and operating income.
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Executive Officer,Deputy Division Executive,
Corporate Planning & Finance Division
Group Chief Financial Officer
Naoto Nakamata
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Ⅱ-1. Business Status
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Outlook of Sales Units for FY2021� Though slowdown in Thai LCV market was somewhat smaller than our
assumptions, 1Q ended in line with the outlook. While LCV-Thailand is forecasted to show recovery in 2Q and onwards, we are beginning to see delay in recovery in some regions for CV-Overseas and LCV-Export.
Outlook of Market/Sales Units
CV-Japan
Newly registered vehicles are in line with the outlook (2Q-YoY 75%,3Q-80%, 4Q-90%), new orders has restored to YoY 80% for both H/D& M/D trucks and L/D trucks.
CV-Overseas
Assumptions of bottom of demand in 1Q and recovery in latter half ofFY2021 to YoY 90% remain unchanged. We are seeing differences inthe pace of recovery.(Recovery:China, Australia Low demand: Indonesia, Philippines,Mid/South America)
LCV-Thailand
While recorded higher demand than our assumptions in 1Ｑ and 2Q,recovery from 3Q and onwards remain uncertain.
LCV-Export
Slow recovery is apparent in the Philipiines, Mid/South America, Mid-East etc. Our assumptions of 90% recovery in FY2021 is awkward.
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4 5 3
FY19 FY20 FY21
5 4 2
FY19 FY20 FY21
5 5 3
FY19 FY20 FY21
19 15 7
FY19 FY20 FY21
4 2 1
FY19 FY20 FY21 8 7 9
FY19 FY20 FY21
3 3 3
FY19 FY20 FY21 Mid/South AmericaOceania
AsiaAfrica
EuropeChina
19
33
12
1711
26
7669
10
20
North America
8 8 4
FY19 FY20 FY21
31 29
17 19 14
FY19 FY20 FY21
Japan
83 81
69
Mid-East
18 22
2017
� Japan suffers from the backdrop of the last-minute surge in demand of changes in emissions regulations for L/D trucks.
� As to markets outside Japan, severe slowdown is seen in markets where COVID-19 continues to spread.
20
40
49
7
11
18
14
10
1Q FY 1Q FY 1Q FYJapan 17 83 19 81 14 69
Overseas 56 223 49 208 33 170Total 73 306 68 289 47 239
SalesUnits
FY2019 FY2020 FY2021
Global Sales Units-CV
（K-units）
： Full Year： 1Q
Details of Global Sales Units-CV
Japan：Wholesale & Direct Sales to Customers North America / Australia: Wholesale of Local Distributors
Other Regions: Shipment from Japan
Forecast
Forecast
Forecast
Forecast
Forecast
ForecastForecast
Forecast
Forecast
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6 6 6
28.6%28.8%
31.2%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
0
5
10
15
20
25
30
FY19 FY20 FY21
20
18
21
8 11
7
35.8%
45.4%
40.1%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
0
5
10
15
20
25
30
FY19 FY20 FY21
22
25
� H/D & M/D: Although industry sales dropped due to reaction in last-minute demand in changes in regulations, shares restored 30%.
� L/D︓Backdrop of last-minute surge demand in changes in emissions regulations caused industry sales to decline. Maintained 40% share.
17
H/D & M/D Trucks (1Q)(4 tons or above)
Japan Industry Sales and Isuzu Share
（K-units） （Share） L/D Trucks (1Q) (2-3 tons)
（K-units） （Share）
ISUZU
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12 9 7
FY19 FY20 FY21
10 4 3
FY19 FY20 FY21
6 3 1
FY19 FY20 FY21
2 6 4
FY19 FY20 FY21
3 7 0
FY19 FY20 FY21
8 8 2
FY19 FY20 FY21
38 41
12
FY19 FY20 FY21
Oceania
Asia
Mid-East
19
Europe
China
30
17
11
15
24
24
29
20
Thailand
7
163163
125
1724
Africa
48 43
4
8
18
20
6
32
15
� Units in Thailand declined due to market slowdown and inventory adjustment.� Not only worldwide COVID-19 pandemics, but also model-change in Europe and
Australia caused units for LCV-Export to fall.
1Q FY 1Q FY 1Q FYThailand 38 163 41 163 12 125*Export 45 179 40 148 18 120
Total 83 342 81 311 30 245
Sales UnitsFY2019 FY2020 FY2021
*Includes OEM shipments
Global Sales Units-LCV
*Details of Global Sales Units-LCV
China: Shipment from Thailand and Japan
Other Regions: Shipment from Thailand only
（K-units）
： Full Year
： 1Q
3 2 1
FY19 FY20 FY21
Mid/South America
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
Forecast
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38 40 31
32.3%
32.1%
44.6%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
0
20
40
60
80
100
120
140
FY19 FY20 FY21
119
126
69
39 41
12
18 23
8
19 14
9
0
20
40
60
80
100
FY19 FY20 FY21
Vehicle-Thailand Vehicle-Export
KD-Set
7678
29
Thailand LCV Industry Sales & Share /LCV Production Units
Thailand LCV Industry Sales/Isuzu Share (1Q)（K-units） （Share）
LCV Production Units in Thailand（1Q）（K-units）
ISUZU
� In spite of sharp drop of industry sales, shares rose due to last year’s full-model change of pickup trucks.
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31 30 27
0
30
60
90
120
150
FY19 FY20 FY21
201 197 118
0
200
400
600
800
1,000
FY19 FY20 FY21
731
847
135
123
� While shipment volume of industrial engines dropped in 1Q, favorable demand continues in the Chinese construction machinery market.
114
607
Industrial Engine Global Shipment/Diesel Engine Production
Global Shipment of Industrial Engines (1Q)
（K-units） Production Units of Diesel Engines (1Q)（K-units）
： Full Year
： 1Q
Forecast Forecast
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Ⅱ-2. FY2021 1Q Financial Results
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FY2021 1Q Consolidated Results- Year-on-year Comparison -
( JPY Bil. ) FY2021 1Q FY2020 1Q
Sales 327.4 509.1 -181.7 -36%
Operating Income 2.2 46.0 -43.8 -95%
Ordinary Income 0.5 44.0 -43.5 -99%
*Net Income -9.8 27.4 -37.2 -FX
USD/JPY 108 111THB/JPY 3.37 3.48AUD/JPY 71 78
Changes
* Net income attributable to owners of parent
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USD -0.4
AUD -0.5
THB -1.1
R&D+1.2
Dep. -0.5
Labor costs +0.1
Others+1.2
46.0
-43.8
2.2
-0.2
� Decreased sales resulted in substantial fall of operating income. Accelerated cost reduction activities and reduction of fixed costs to secure profit.
-47.8
＋2.0
＋1.2
-2.0
＋3.0
Allo
ca
tion
of C
OV
ID-1
9 e
xp
en
se
s
to e
xtra
ord
ina
ry lo
ss
es
FY2020 1Q vs. FY2021 1Q Fluctuations- Consolidated operating income : analysis of change -
(JPY Bil.)
Operating Income for FY2020 1Q
Sa
les
/Mo
de
l Mix
FX
Ste
el, O
il Pric
e e
tc.
Flu
ctu
atio
ns
Co
st R
ed
uc
tion
Ac
tivity
Fix
ed
Co
st
Flu
ctu
atio
n
Operating Income for FY2021 1Q
CV-Japan -4.0
CV-Overseas -13.0
LCV-23.0
Others -7.8
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