JAPAN: Flood recovery boosts Honda in fiscal 2013
Honda Motor said it all but tripled operating profit for the fiscal third quarter ended 31 December, 2012 to JPY131.9bn yen. The 198% year on year rise was due to recovery from the impact of the Thai floods in 2011 and an increase in car sales, mainly in North America.
Operating income for the fiscal first nine months (1 April to 31 December) rose 242% to JPY408.8bn. Nine-month net income was up 108% to JPY291.3bn.
Revenue rose JPY483bn to JPY2.4 trillion in the third quarter and from JPY5.5 trillion to JPY7.1 trillion for the nine months.
Global car sales were up to 841,000, from 622,000 in the third quarter and from 1.65m to 2.5m in the nine-month period.
Honda has maintained its operating income forecast for the full fiscal year (ending 31 March) at JPY520bn, factoring in a decline in automobile sales in Europe and China due to severe economic conditions which offset the positive impact of the recent depreciation of the yen.
It has cut its car unit sales expectation from 4.12m to 4.06m units for the full fiscal year.
Expected foreign exchange losses due to rapid depreciation of the yen since the end of 2012 were factored into the downward revision of net income forecast from JPY375bn to JPY370bn.
The dividend forecast is unchanged at JPY19yen, a JPY4 increase year on year. Total fiscal year cash payments are pegged at JPY76 per share, up JPY16.
Consolidated Financial Summary for the Fiscal 3rd Quarter ended December 31, 2012
TOKYO, Japan, January 31, 2013 - Honda Motor Co., Ltd. announced its consolidated financial results for the fiscal third quarter ended December 31, 2012.
Consolidated operating income for the fiscal third quarter (October 1, 2012 through December 31, 2012) amounted to 131.9 billion yen, which is approximately triple the total from the same period last year representing an increase of 197.8%, due to the recovery from the impact of the major flooding in Thailand as well as an increase in automobile sales mainly in North America as a result of the positive effects of new model introductions. Consolidated operating income for the fiscal nine months (April 1, 2012 through December 31, 2012) amounted to 408.8 billion yen, an increase of 242.4% compared to the same period last year.
Consolidated net income*1 for the fiscal nine months (April 1, 2012 through December 31, 2012) amounted to 291.3 billion yen, an increase of 108.3% compared to the same period last year.
Honda has maintained the forecast for operating income for the current fiscal year (ending March 31, 2013) at 520 billion yen, factoring in a decline in automobile sales in Europe and China due to severe economic conditions which offset the positive impact of the recent depreciation of the yen. The market valuation losses on foreign exchange contracts due to rapid depreciation of the yen since the end of 2012 was factored into the downward revision of the forecast for consolidated net income*1 for the current fiscal year from 375.0 billion yen to 370.0 billion yen.
The dividend forecast will remain unchanged from the previous announcement. The quarterly dividend for the current fiscal third quarter will be 19 yen per share, a 4 yen increase compared to the quarterly dividend for the same period last year. The total cash dividends to be paid for the fiscal year ending March 31, 2013 are planned to be 76 yen per share, an increase of 16 yen per share from the previous fiscal year.
Consolidated Financial Results for the Fiscal 3rd Quarter and Fiscal Nine Months
Forecasts for the Fiscal Year ending March 31, 2013 (FY13)
- Net income attributable to Honda Motor Co., Ltd. based on U.S. generally accepted accounting principles.
- Honda Group Unit Sales is the total unit sales of completed products (motorcycles, ATVs, automobiles, power products) of Honda, its consolidated subsidiaries and its affiliates accounted for under the equity method.
- Consolidated Unit Sales is the total unit sales of completed products (motorcycles, ATVs, automobiles, power products) corresponding to consolidated net sales, which consists of unit sales of completed products of Honda and its consolidated subsidiaries.
- Honda Group Unit Sales and Consolidated Unit Sales of ATVs included in motorcycle business for the fiscal 3rd quarter ended December 31, 2011 and 2012 are 34 thousand units and 30 thousand units, respectively. Consolidated Unit Sales of ATVs included in motorcycle business for the fiscal nine months ended December 31, 2011 and 2012 are 91 thousand units and 89 thousand units, respectively. The 73 thousand unit downward revision made to the fiscal 2nd quarter results (ended September 30, 2012) was reflected to Honda Group Unit Sales and Consolidated Unit Sales for the current fiscal nine months results.
- 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 and are not included in consolidated net sales to the external customers in our automobile business. As a result, they are not included in Consolidated Unit Sales, but are included in Honda Group Unit Sales of our automobile business.
Original source: http://world.honda.com/news/2013/c130131Financial-Summary/index.html00.0000
After it looked a bit like just-auto had become part of the global Toyota PR machine last week, this week, for a day or two at least, you could have been forgiven for thinking we had now 'crossed over...
New vehicle sales in the ASEAN region's six main markets grew by just 4.9% to 888,240 units in the second quarter of 2013, from 847,105 units a year earlier, according to data compiled by AsiaMotorBus...
The media days for the 2013 Frankfurt Internationale Automobil-Ausstellung (IAA) are 10 & 11 September. Each of the following vehicles is a world premiere at the show....
Sales growth of 34% in the first half of this year has catapulted Suzuki into the UK top 20, ahead of Volvo and Mazda and nibbling at the heels of Renault....
Analysts are confident that vehicle sales in Malaysia will improve in the second half of the year, driven by attractive seasonal offers and model launches....
Flush with the success of its recently launched entry-level Amaze sedan, Honda's Indian unit has fast tracked plans to launch a seven-seater multi purpose vehicle (MPV) to compete with Maruti Suzuki's...
Honda will release a hybrid, compact sport utility vehicle in November, the latest in a series of moves to broaden its lineup of hybrid cars, company sources have said....
Honda's redesigned Fit - sold as the Jazz is some markets - which goes on sale in Japan in September is expected to account for around 25% of global sales by the time the company reaches its target of...
- COMMENT: The diminution of Fiat
- COMMENT: BMW & Mercedes battle over self parking
- Q&A: Volvo XC90 chief engineer Håkan Ivarsson
- RESEARCH SNAPSHOT: Review of front-end modules
- COMMENT: No wizards needed at US$100 a barrel
- Arrested Toyota executive quits
- UK auto sector delivering on growth
- Infrastructure and logistics make Brazil costly
- "Levelling off" continues in China's car market
- GM pleased judge tosses out 'ignition switch' suit
- Global light vehicle safety systems market- forecasts to 2029
- Magna International Inc. (MG) - Financial and Strategic SWOT Analysis Review
- Global light vehicle OE connectivity market- forecasts to 2029
- Global electric light vehicles market- forecasts to 2018
- Global light vehicle instrumentation and cockpits market- forecasts to 2029