Isuzu Motors

Profit Statement 2015 2016 2017
Sales JPY bil 1,927 1,953 2,070
Gross Profit JPY bil 352 329 370
EBITDA JPY bil 231 210 236
EBIT JPY bil 171 146 167
Financing Cost JPY bil -15.1 2.38 1.89
Pre-Tax Profit JPY bil 186 149 176
Net Profit JPY bil 115 93.9 106
Dividends JPY bil 25.0 25.2 25.2
Balance Sheet 2015 2016 2017
Total Assets JPY bil 1,809 1,881 2,068
Non-Current Assets JPY bil 880 923 972
Current Assets JPY bil 930 957 1,095
Working Capital JPY bil 146 183 205
Shareholders' Equity JPY bil 751 716 797
Liabilities JPY bil 1,058 1,165 1,271
Total Debt JPY bil 259 244 276
Net Debt JPY bil -26.9 -30.7 -2.98
Ratios 2015 2016 2017
ROE % 15.2 12.8 14.0
ROCE % 11.4 8.80 9.25
Gross Margin % 18.3 16.9 17.9
EBITDA Margin % 12.0 10.8 11.4
EBIT Margin % 8.89 7.50 8.05
Net Margin % 5.95 4.81 5.10
Net Debt/EBITDA -0.117 -0.146 -0.013
Net Debt/Equity % -3.59 -4.29 -0.374
Cost of Financing % -6.22 0.947 0.726
Valuation 2015 2016 2017
Market Capitalisation USD mil 9,034 10,441 12,002
Enterprise Value (EV) USD mil 8,810 10,177 11,976
Number Of Shares mil 828 828 828
Share Price JPY 1,314 1,472 1,632
EV/EBITDA 4.59 5.74 5.83
EV/Sales 0.549 0.618 0.664
Price/Earnings (P/E) 9.49 13.0 12.8
Price/Book Value (P/BV) 1.45 1.70 1.70
Dividend Yield % 2.30 2.07 1.86

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summary Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                          
Sales JPY bil ...                           1,400 1,656 1,761 1,879 1,927    
Gross Profit JPY bil ...                           211 255 319 336 352    
EBIT JPY bil ...                           97.4 126 179 168 171    
Net Profit JPY bil ...                           91.3 96.5 119 117 115    
ROE % ...                           21.1 17.5 19.0 16.9 15.2    
EBIT Margin % ...                           6.95 7.61 10.1 8.94 8.89    
Net Margin % ...                           6.52 5.83 6.78 6.23 5.95    
Employees ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 30,864 32,418    
balance sheet                                          
Total Assets JPY bil ...                           1,213 1,341 1,522 1,802 1,809    
Non-Current Assets JPY bil ...                           620 675 776 862 880    
Current Assets JPY bil ...                           593 666 746 939 930    
Shareholders' Equity JPY bil ...                           480 621 633 755 751    
Liabilities JPY bil ...                           734 720 888 1,047 1,058    
Non-Current Liabilities JPY bil ...                           253 209 378 462 493    
Current Liabilities JPY bil ...                           481 511 510 585 565    
Net Debt/EBITDA ...                           0.296 -0.272 -0.438 -0.513 -0.117    
Net Debt/Equity % ...                           8.22 -7.10 -15.3 -14.8 -3.59    
Cost of Financing % ... ...                         0.115 -5.57 -7.32 -9.73 -6.22    
cash flow                                          
Total Cash From Operations JPY bil ...                           79.5 137 168 152 135    
Total Cash From Investing JPY bil ...                           -34.8 -57.5 -110 -97.4 -96.8    
Total Cash From Financing JPY bil ...                           -82.9 -72.2 -25.2 11.4 -84.0    
Net Change In Cash JPY bil ...                           -38.2 7.50 32.8 65.7 -46.3    
valuation                                          
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ...       3,917 4,997 10,526 10,389 9,034    
Number Of Shares mil ... ... ... ... ... ... ... ... ... ... ...       847 847 847 840 828    
Share Price JPY ... ... ... ... ... ... ... ... ... ... ...       356 511 1,308 1,482 1,314    
Earnings Per Share (EPS) JPY ... ... ... ... ... ... ... ... ... ... ...       108 114 141 139 138    
Book Value Per Share JPY ... ... ... ... ... ... ... ... ... ... ...       566 733 748 898 907    
Dividend Per Share JPY ... ... ... ... ... ... ... ... ... ... ...       14.0 24.0 25.9 31.7 30.2    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ...       3.30 4.48 9.29 10.6 9.49    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ...       0.629 0.697 1.75 1.65 1.45    
Dividend Yield % ... ... ... ... ... ... ... ... ... ... ...       3.93 4.69 1.98 2.14 2.30    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ...     76.9 5.79 23.6 -1.07 -0.658    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ...     23.9 29.5 2.00 20.1 0.978    
income statement Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                          
Sales JPY bil ...                           1,400 1,656 1,761 1,879 1,927    
Cost of Goods & Services JPY bil ...                           1,189 1,401 1,441 1,544 1,575    
Gross Profit JPY bil ...                           211 255 319 336 352    
EBITDA JPY bil ...                           133 162 221 218 231    
Depreciation JPY bil ...                           36.0 35.9 42.7 50.3 59.5    
EBIT JPY bil ...                           97.4 126 179 168 171    
Financing Cost JPY bil ...                           0.270 -9.49 -10.2 -17.8 -15.1    
Extraordinary Cost JPY bil ...                           -4.78 -2.71 0.260 1.56 0.020    
Pre-Tax Profit JPY bil ...                           102 138 188 184 186    
Tax JPY bil ...                           3.76 28.4 44.6 44.3 50.0    
Minorities JPY bil ...                           6.87 13.3 24.5 22.9 21.7    
Net Profit JPY bil ...                           91.3 96.5 119 117 115    
Dividends JPY bil                             11.8 20.3 21.9 26.7 25.0    
growth rates                                          
Total Revenue Growth % ... ...                         -1.09 18.3 6.36 6.73 2.53    
EBITDA Growth % ... ...                         7.15 21.4 36.6 -1.30 5.70    
EBIT Growth % ... ...                         10.4 29.4 41.7 -5.88 1.93    
Pre-Tax Profit Growth % ... ...                         32.8 35.7 36.3 -2.23 1.15    
Net Profit Growth % ... ...                         76.9 5.79 23.6 -1.89 -2.03    
ratios                                          
ROE % ...                           21.1 17.5 19.0 16.9 15.2    
ROCE % ... ...                         13.7 13.0 14.2 12.4 11.4    
Gross Margin % ...                           15.1 15.4 18.1 17.9 18.3    
EBITDA Margin % ...                           9.53 9.78 12.6 11.6 12.0    
EBIT Margin % ...                           6.95 7.61 10.1 8.94 8.89    
Net Margin % ...                           6.52 5.83 6.78 6.23 5.95    
Payout Ratio % ...                           13.0 21.0 18.4 22.8 21.8    
Cost of Financing % ... ...                         0.115 -5.57 -7.32 -9.73 -6.22    
Net Debt/EBITDA ...                           0.296 -0.272 -0.438 -0.513 -0.117    
balance sheet Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                          
Non-Current Assets JPY bil ...                           620 675 776 862 880    
Property, Plant & Equipment JPY bil ...                           476 501 573 618 644    
Intangible Assets JPY bil ... ... ... ...                     7.26 8.75 11.3 14.0 16.4    
Goodwill JPY bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.27 1.24 1.97 1.71 3.30    
Current Assets JPY bil ...                           593 666 746 939 930    
Inventories JPY bil ...                           155 176 183 233 249    
Receivables JPY bil ...                           232 254 252 249 248    
Cash & Cash Equivalents JPY bil ...                           160 185 235 340 286    
Total Assets JPY bil ...                           1,213 1,341 1,522 1,802 1,809    
Shareholders' Equity JPY bil ...                           480 621 633 755 751    
Of Which Minority Interest JPY bil ...                           64.2 92.0 136 160 146    
Liabilities JPY bil ...                           734 720 888 1,047 1,058    
Non-Current Liabilities JPY bil ...                           253 209 378 462 493    
Long-Term Debt JPY bil ...                           127 80.7 83.2 143 187    
Deferred Tax Liabilities JPY bil ... ...                         2.31 2.00 52.9 47.3 44.3    
Current Liabilities JPY bil ...                           481 511 510 585 565    
Short-Term Debt JPY bil ...                           73.4 60.0 54.8 84.9 71.7    
Trade Payables JPY bil ...                           313 315 318 353 352    
Provisions JPY bil ...                           83.0 87.5 69.4 72.5 66.0    
Equity And Liabilities JPY bil ...                           1,213 1,341 1,522 1,802 1,809    
growth rates                                          
Total Asset Growth % ... ...                         9.07 10.5 13.5 18.4 0.408    
Shareholders' Equity Growth % ... ...                         23.9 29.5 2.00 19.1 -0.421    
Net Debt Growth % ... ...                         -43.9 -212 120 15.6 -75.9    
Total Debt Growth % ... ...                         -26.0 -29.6 -1.93 65.1 13.6    
ratios                                          
Total Debt JPY bil ...                           200 141 138 228 259    
Net Debt JPY bil ...                           39.4 -44.1 -96.9 -112 -26.9    
Working Capital JPY bil ...                           72.7 114 117 129 146    
Capital Employed JPY bil ...                           693 789 893 991 1,025    
Net Debt/Equity % ...                           8.22 -7.10 -15.3 -14.8 -3.59    
Cost of Financing % ... ...                         0.115 -5.57 -7.32 -9.73 -6.22    
cash flow Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                          
Net Profit JPY bil ...                           91.3 96.5 119 117 115    
Depreciation JPY bil ...                           36.0 35.9 42.7 50.3 59.5    
Non-Cash Items JPY bil ... ...                         -8.05 46.5 8.67 -3.54 -23.1    
Change in Working Capital JPY bil ... ...                         -39.7 -41.8 -2.31 -12.2 -16.6    
Total Cash From Operations JPY bil ...                           79.5 137 168 152 135    
Capital Expenditures JPY bil ... ... ...                       -26.9 -51.3 -79.6 -87.3 -106    
Other Investments JPY bil ... ... ...                       -7.91 -6.19 -30.8 -10.1 9.52    
Total Cash From Investing JPY bil ...                           -34.8 -57.5 -110 -97.4 -96.8    
Dividends Paid JPY bil                             -11.8 -20.3 -21.9 -26.7 -25.0    
Issuance Of Debt JPY bil ... ...                         -70.2 -59.2 -2.71 89.8 31.0    
Total Cash From Financing JPY bil ...                           -82.9 -72.2 -25.2 11.4 -84.0    
Net Change In Cash JPY bil ...                           -38.2 7.50 32.8 65.7 -46.3    
ratios                                          
Days Sales Outstanding days ...                           60.4 56.0 52.3 48.4 47.1    
Days Sales Of Inventory days ...                           47.4 45.8 46.3 55.1 57.7    
Days Payable Outstanding days ...                           96.2 82.1 80.6 83.5 81.6    
Cash Conversion Cycle days ...                           11.6 19.7 18.0 20.0 23.2    
Cash Earnings JPY bil ...                           127 132 162 167 174    
Cash Earnings Per Share JPY ... ... ... ... ... ... ... ... ... ... ...       150 156 191 199 210    
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ...       2.37 3.27 6.84 7.44 6.25    
Free Cash Flow JPY bil ...                           44.7 79.7 58.0 54.3 37.8    
Free Cash Flow Yield % ... ... ... ... ... ... ... ... ... ... ...       14.3 20.0 5.63 4.64 3.48    
other data Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                          
ROA % ...                           7.85 7.56 8.34 7.04 6.35    
Gross Margin % ...                           15.1 15.4 18.1 17.9 18.3    
Employees ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 30,864 32,418    
Effective Tax Rate % ...                           3.69 20.5 23.7 24.0 26.8    
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ...       4,429 4,489 9,606 9,454 8,810    
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ...       2.65 2.21 4.25 4.87 4.59    
EV/Capital Employed ... ... ... ... ... ... ... ... ... ... ...       0.492 0.493 1.13 1.14 1.04    
EV/Sales ... ... ... ... ... ... ... ... ... ... ...       0.252 0.216 0.533 0.566 0.549    
EV/EBIT ... ... ... ... ... ... ... ... ... ... ...       3.62 2.84 5.26 6.33 6.18    
Domestic Sales JPY bil ...             ...             592 631 682 693 ... ... ...
Capital Expenditures (As % of Sales) % ... ... ...                       1.92 3.10 4.52 4.64 5.52    
Revenues From Abroad JPY bil ...             ...             808 1,025 1,079 1,186 ... ... ...
Revenues From Abroad (As % Of Total) % ...             ...             57.7 61.9 61.3 63.1 ... ... ...
Price Per Vehicle Sold JPY ... ... ... ... ... ...                 2,464,870 2,399,400 2,757,310 2,811,780 2,884,680    
EBIT Per Vehicle Sold JPY ... ... ... ... ... ...                 171,431 182,628 279,535 251,370 256,379    
Net Profit Per Vehicle Sold JPY ... ... ... ... ... ...                 160,662 139,909 186,836 175,130 171,674    
Price Per Vehicle Sold (USD) USD ... ... ... ... ... ...                 30,931 30,055 28,198 24,983 24,005    
EBIT Per Vehicle Sold (USD) USD ... ... ... ... ... ...                 2,151 2,288 2,859 2,233 2,133    
Net Profit Per Vehicle Sold (USD) USD ... ... ... ... ... ...                 2,016 1,753 1,911 1,556 1,429    
Sales From Automotive JPY bil ...         ... ... ... ... ... ... ...     1,202 1,175 1,180 1,336 ... ... ...
Production of Vehicles vehicles ... ... ...                       600,470 621,893 637,931 671,229 668,000    
Sales of Vehicles vehicles ... ... ... ... ... ...                 568,000 690,000 638,614 668,418 668,000    
Production of Vehicles (At Home) vehicles ... ...                         241,247 243,803 247,321 272,449 250,000    
Domestic Production (As % Of Total) % ... ... ...                       40.2 39.2 38.8 40.6 37.4    
Production of Diesel Engines ... ... ... ... ... ... ... ... ... ... ... ... ...   787,932 721,005 724,622 642,980 725,000    
Sales of Heavy & Medium Duty Trucks & Buses vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... 58,407 71,128 67,622 68,980 72,500    
Sales of Light Duty Vehicles vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... 322,270 462,715 428,264 442,311 595,500    
Sales of LCV + CV in Australia vehicles ... ... ... ... ... ...                 14,972 ... ... ... ... ... ...
Sales of LCV + CV in Japan vehicles ... ... ... ... ... ...                 58,612 62,000 75,064 82,609 81,000    
Sales of LCV + CV in Malaysia vehicles ... ... ... ... ... ... ...               9,299 10,673 ... ... ... ... ...
Sales of LCV + CV in South Africa vehicles ... ... ... ... ... ... ...               15,988 16,515 ... ... ... ... ...
Sales of LCV + CV in Thailand vehicles ... ... ... ... ... ... ...               120,442 191,583 ... ... ... ... ...
Sales of LCV + CV in UK vehicles ... ... ... ... ... ... ...               3,390 3,904 ... ... ... ... ...
Sales of LCV + CV in the USA vehicles ... ... ... ... ... ... ...               10,074 10,208 ... ... ... ... ...
Sales of LCV + CV in Vietnam vehicles ... ... ... ... ... ... ...               1,608 1,217 ... ... ... ... ...
Sales of LCV in Greece vehicles ... ... ... ... ... ... ... ... ... ...         386 235 ... ... ... ... ...
Sales of LCV in Ireland vehicles ... ... ... ... ... ... ... ... ... ...         503 34.0 ... ... ... ... ...
Sales of LCV in Japan vehicles ... ... ... ... ... ... ...               7,701 11,696 ... ... ... ... ...
Sales of LCV in Malaysia vehicles ... ... ... ... ... ... ...               9,297 10,669 ... ... ... ... ...
Sales of LCV in South Africa vehicles ... ... ... ... ... ... ...               13,228 13,393 ... ... ... ... ...
Sales of LCV in Sweden vehicles ... ... ... ... ... ... ... ... ... ...         360 355 ... ... ... ... ...
Sales of LCV in UK vehicles ... ... ... ... ... ... ...               2,630 3,010 ... ... ... ... ...
Sales of LCV in Vietnam vehicles ... ... ... ... ... ... ...               1,165 933 ... ... ... ... ...
Sales of HCV in Australia vehicles ... ... ... ... ... ... ...               6,617 7,190 ... ... ... ... ...
Sales of HCV in Ireland vehicles ... ... ... ... ... ... ... ... ... ...         76.0 47.0 ... ... ... ... ...
Sales of HCV in Mexico vehicles ... ... ... ... ... ... ... ... ... ...         1,624 1,737 ... ... ... ... ...
Exports Of Vehicles vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 628,000 564,000 586,000 587,000    
Exports (As % Of Total Vehicles Sold) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 91.0 88.3 87.7 87.9    

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Nov 2013
Statistical Dossier
Nov 2013
Company Report

Isuzu Motors Ltd. is a Japanese commercial vehicles and diesel engine manufacturing company headquartered in Tokyo, Japan. Its principal activity is the production, distribution and sale of Isuzu commercial vehicles and diesel engines. The company was founded by Yoshisuke Aikawa in 1916, as the Tokyo Gas Company, a Japanese oil and gasoline manufacturer, which in 1934 fused with the carmaker and was renamed Isuzu, after Isuzu River. Isuzu is famous for producing commercial vehicles and diesel engines. Isuzu-branded vehicles are sold in most commercial markets worldwide. Isuzu diesel engines are used by Renault-Nissan Alliance and General Motors. It operates a 50:50 joint venture with Anadolu Group called Anadolu Isuzu, which was formed in 1984 and is developing a range of minibus, city bus and intercity bus for sale Turkey