Subaru Corporation

Profit Statement 2015 2016 2017
Sales JPY bil 3,232 3,326 3,405
Gross Profit JPY bil 1,045 940 963
EBITDA JPY bil 639 496 482
EBIT JPY bil 566 411 379
Financing Cost JPY bil -0.754 -1.29 0.583
Pre-Tax Profit JPY bil 619 395 297
Net Profit JPY bil 437 282 220
Dividends JPY bil 111 110 110
Balance Sheet 2015 2016 2017
Total Assets JPY bil 2,592 2,762 2,884
Non-Current Assets JPY bil 808 917 989
Current Assets JPY bil 1,784 1,845 1,895
Working Capital JPY bil 58.8 66.8 110
Shareholders' Equity JPY bil 1,349 1,465 1,561
Liabilities JPY bil 1,243 1,297 1,323
Total Debt JPY bil 228 197 129
Net Debt JPY bil -279 -462 -636
Ratios 2015 2016 2017
ROE % 36.7 20.1 14.6
ROCE % 52.6 30.5 21.2
Gross Margin % 32.3 28.3 28.3
EBITDA Margin % 19.8 14.9 14.1
EBIT Margin % 17.5 12.4 11.1
Net Margin % 13.5 8.49 6.47
Net Debt/EBITDA -0.437 -0.930 -1.32
Net Debt/Equity % -20.7 -31.5 -40.8
Cost of Financing % -0.343 -0.604 0.358
Valuation 2015 2016 2017
Market Capitalisation USD mil 25,743 26,985 23,809
Enterprise Value (EV) USD mil 23,425 23,033 18,160
Number Of Shares mil 780 772 769
Share Price JPY 3,975 4,083 3,487
EV/EBITDA 4.41 5.50 4.33
EV/Sales 0.871 0.822 0.612
Price/Earnings (P/E) 7.10 11.2 12.2
Price/Book Value (P/BV) 2.30 2.15 1.72
Dividend Yield % 3.59 3.50 4.12

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summary Unit 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 ...                         1,517 1,913 2,408 2,878 3,232    
Gross Profit JPY bil ...                         295 411 680 860 1,045    
EBIT JPY bil ...                         44.0 112 303 421 566    
Net Profit JPY bil ...                         38.5 120 207 262 437    
ROE % ...                         8.89 22.8 30.2 29.1 36.7    
EBIT Margin % ...                         2.90 5.84 12.6 14.6 17.5    
Net Margin % ...                         2.53 6.25 8.58 9.10 13.5    
Employees                           27,123 27,509 28,545 29,774 31,000    
balance sheet                                        
Total Assets JPY bil ...                         1,353 1,577 1,888 2,200 2,592    
Non-Current Assets JPY bil ...                         590 633 615 726 808    
Current Assets JPY bil ...                         763 944 1,274 1,473 1,784    
Shareholders' Equity JPY bil ...                         452 597 770 1,031 1,349    
Liabilities JPY bil ...                         901 981 1,118 1,169 1,243    
Non-Current Liabilities JPY bil ...                         339 324 285 296 284    
Current Liabilities JPY bil ...                         562 657 833 873 959    
Net Debt/EBITDA ...                         1.01 -0.256 -0.866 -0.938 -0.437    
Net Debt/Equity % ...                         22.9 -7.43 -40.9 -44.9 -20.7    
Cost of Financing % ... ...                       -0.802 -0.596 10.7 8.94 -0.343    
cash flow                                        
Total Cash From Operations JPY bil ...                         54.9 167 313 312 614    
Total Cash From Investing JPY bil ...                         -26.6 -71.4 -33.9 -173 -256    
Total Cash From Financing JPY bil ...                         2.59 -60.8 -63.0 -111 -126    
Net Change In Cash JPY bil ...                         30.8 34.6 216 28.2 232    
valuation                                        
Market Capitalisation USD mil ... ... ... ... ...                 4,713 13,164 20,700 25,989 25,743    
Number Of Shares mil ...                         780 780 780 780 780    
Share Price JPY ... ... ... ... ...                 465 1,461 2,792 3,991 3,975    
Earnings Per Share (EPS) JPY ...                         49.3 153 265 336 560    
Book Value Per Share JPY ...                         579 765 987 1,321 1,729    
Dividend Per Share JPY ...                         9.47 29.9 63.9 109 143    
Price/Earnings (P/E) ... ... ... ... ...                 9.44 9.53 10.5 11.9 7.10    
Price/Book Value (P/BV) ... ... ... ... ...                 0.804 1.91 2.83 3.02 2.30    
Dividend Yield % ... ... ... ... ...                 2.04 2.05 2.29 2.73 3.59    
Earnings Per Share Growth % ... ...                       -23.7 211 72.8 26.7 66.7    
Book Value Per Share Growth % ... ...                       8.97 32.1 29.0 33.8 30.9    
income statement Unit 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 ...                         1,517 1,913 2,408 2,878 3,232    
Cost of Goods & Services JPY bil ...                         1,222 1,502 1,728 2,017 2,187    
Gross Profit JPY bil ...                         295 411 680 860 1,045    
EBITDA JPY bil ...                         103 173 364 493 639    
Depreciation JPY bil ...                         58.6 61.5 61.5 71.8 72.9    
EBIT JPY bil ...                         44.0 112 303 421 566    
Financing Cost JPY bil ...                         -2.69 -1.93 30.8 21.5 -0.754    
Extraordinary Cost JPY bil ...                         -6.23 20.5 -57.0 7.16 -52.7    
Pre-Tax Profit JPY bil ...                         52.9 93.1 329 392 619    
Tax JPY bil ...                         14.3 -26.7 121 127 183    
Minorities JPY bil ...                         0.097 0.144 1.37 3.28 -0.295    
Net Profit JPY bil ...                         38.5 120 207 262 437    
Dividends JPY bil                           7.39 23.4 49.9 84.9 111    
growth rates                                        
Total Revenue Growth % ... ...                       -4.01 26.1 25.9 19.5 12.3    
EBITDA Growth % ... ...                       -26.8 68.9 110 35.3 29.6    
EBIT Growth % ... ...                       -47.8 154 171 39.1 34.4    
Pre-Tax Profit Growth % ... ...                       -16.3 76.0 253 19.3 57.8    
Net Profit Growth % ... ...                       -23.6 211 72.8 26.7 66.7    
ratios                                        
ROE % ...                         8.89 22.8 30.2 29.1 36.7    
ROCE % ... ...                       5.88 17.5 29.6 35.3 52.6    
Gross Margin % ...                         19.4 21.5 28.2 29.9 32.3    
EBITDA Margin % ...                         6.76 9.06 15.1 17.1 19.8    
EBIT Margin % ...                         2.90 5.84 12.6 14.6 17.5    
Net Margin % ...                         2.53 6.25 8.58 9.10 13.5    
Payout Ratio % ...                         19.2 19.5 24.1 32.4 25.5    
Cost of Financing % ... ...                       -0.802 -0.596 10.7 8.94 -0.343    
Net Debt/EBITDA ...                         1.01 -0.256 -0.866 -0.938 -0.437    
balance sheet Unit 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 ...                         590 633 615 726 808    
Property, Plant & Equipment JPY bil ...                         426 445 461 515 573    
Intangible Assets JPY bil ...                         11.8 12.8 14.7 16.9 21.0    
Current Assets JPY bil ...                         763 944 1,274 1,473 1,784    
Inventories JPY bil ...                         212 250 244 296 278    
Receivables JPY bil ...                         116 123 181 163 140    
Cash & Cash Equivalents JPY bil ...                         238 352 585 674 508    
Total Assets JPY bil ...                         1,353 1,577 1,888 2,200 2,592    
Shareholders' Equity JPY bil ...                         452 597 770 1,031 1,349    
Of Which Minority Interest JPY bil ...                         1.31 1.45 4.53 8.30 5.68    
Liabilities JPY bil ...                         901 981 1,118 1,169 1,243    
Non-Current Liabilities JPY bil ...                         339 324 285 296 284    
Long-Term Debt JPY bil ...                         226 201 164 125 93.0    
Deferred Tax Liabilities JPY bil ... ...         ... ... ... ...       22.7 19.1 9.83 14.0 18.8    
Current Liabilities JPY bil ...                         562 657 833 873 959    
Short-Term Debt JPY bil ...                         115 106 106 85.8 135    
Trade Payables JPY bil ...                         251 304 348 392 360    
Provisions JPY bil ...                         86.8 91.8 80.0 59.9 75.5    
Equity And Liabilities JPY bil ...                         1,353 1,577 1,888 2,200 2,592    
growth rates                                        
Total Asset Growth % ... ...                       13.8 16.6 19.7 16.5 17.9    
Shareholders' Equity Growth % ... ...                       9.09 32.2 29.0 33.8 30.9    
Net Debt Growth % ... ...                       -13.1 -143 611 46.7 -39.6    
Total Debt Growth % ... ...                       3.13 -9.92 -12.2 -21.7 8.05    
ratios                                        
Total Debt JPY bil ...                         341 307 270 211 228    
Net Debt JPY bil ...                         103 -44.4 -315 -462 -279    
Working Capital JPY bil ...                         76.2 68.5 77.4 66.7 58.8    
Capital Employed JPY bil ...                         666 702 692 793 867    
Net Debt/Equity % ...                         22.9 -7.43 -40.9 -44.9 -20.7    
Cost of Financing % ... ...                       -0.802 -0.596 10.7 8.94 -0.343    
cash flow Unit 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 ...                         38.5 120 207 262 437    
Depreciation JPY bil ...                         58.6 61.5 61.5 71.8 72.9    
Non-Cash Items JPY bil ... ...                       -30.5 -22.1 53.8 -32.8 96.7    
Change in Working Capital JPY bil ... ...                       -11.7 7.66 -8.91 10.7 7.93    
Total Cash From Operations JPY bil ...                         54.9 167 313 312 614    
Capital Expenditures JPY bil ...                         -49.1 -60.9 -67.4 -115 -127    
Other Investments JPY bil ...                         22.5 -10.5 33.5 -57.6 -129    
Total Cash From Investing JPY bil ...                         -26.6 -71.4 -33.9 -173 -256    
Dividends Paid JPY bil                           -7.39 -7.39 -23.4 -49.9 -84.9    
Issuance Of Shares JPY bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt JPY bil ... ...                       10.4 -33.8 -37.5 -58.5 17.0    
Total Cash From Financing JPY bil ...                         2.59 -60.8 -63.0 -111 -126    
Net Change In Cash JPY bil ...                         30.8 34.6 216 28.2 232    
ratios                                        
Days Sales Outstanding days ...                         27.8 23.5 27.4 20.7 15.8    
Days Sales Of Inventory days ...                         63.2 60.7 51.6 53.5 46.5    
Days Payable Outstanding days ...                         75.0 74.0 73.4 71.0 60.1    
Cash Conversion Cycle days ...                         16.0 10.2 5.57 3.24 2.24    
Cash Earnings JPY bil ...                         97.1 181 268 334 510    
Cash Earnings Per Share JPY ...                         124 232 344 428 653    
Price/Cash Earnings (P/CE) ... ... ... ... ...                 3.74 6.29 8.13 9.33 6.09    
Free Cash Flow JPY bil ...                         28.3 95.3 279 139 359    
Free Cash Flow Yield % ... ... ... ... ...                 7.52 9.07 13.8 4.74 11.6    
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                        
ROA % ...                         3.03 8.16 11.9 12.8 18.2    
Gross Margin % ...                         19.4 21.5 28.2 29.9 32.3    
Employees                           27,123 27,509 28,545 29,774 31,000    
Effective Tax Rate % ...                         27.1 -28.6 36.8 32.4 29.5    
Enterprise Value (EV) USD mil ... ... ... ... ...                 6,056 12,652 17,705 22,131 23,425    
EV/EBITDA ... ... ... ... ...                 4.71 5.83 4.75 5.06 4.41    
EV/Capital Employed ... ... ... ... ...                 0.700 1.56 2.69 3.34 3.26    
EV/Sales ... ... ... ... ...                 0.318 0.528 0.719 0.866 0.871    
EV/EBIT ... ... ... ... ...                 11.0 9.04 5.72 5.92 4.98    
Domestic Sales JPY bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 962    
Capital Expenditures (As % of Sales) % ...                         3.23 3.18 2.80 4.00 3.92    
Revenues From Abroad JPY bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2,270    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 70.2    
Sales From Automotive JPY bil ... ...                       1,392 1,782 2,250 2,703 3,039    
Sales from Aerospace JPY bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 153    
Sales from Other JPY bil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 40.0    
Price Per Vehicle Sold USD ... ...                       27,300 30,813 27,886 26,373 26,949    
EBIT Per Vehicle Sold USD ... ...                       862 1,931 3,751 4,106 5,015    
Net Profit Per Vehicle Sold USD ... ...                       754 2,068 2,561 2,555 3,872    
Production of Vehicles vehicles ... ...                       580,261 753,320 808,919 888,812 938,553    
Sales of Vehicles vehicles ... ...                       639,862 724,466 825,098 910,695 938,553    
Sales of Vehicles At Home vehicles ... ...                       158,698 177,715 180,818 169,553 162,252    
Production of Vehicles (At Home) vehicles ... ...                       418,545 568,537 639,756 695,790 709,749    
Domestic Production (As % Of Total) % ... ...                       72.1 75.5 79.1 78.3 75.6    
Production in the USA vehicles ... ...                       171,000 181,000 200,000 218,000 ... ... ...
Sales in China vehicles ... ... ... ... ... ... ... ...           48,323 50,185 44,807 53,821 44,400    
Sales in the USA vehicles ... ...                       280,356 357,569 441,799 527,630 582,700    
Sales in Canada vehicles ... ...                       28,239 32,644 36,013 42,439 47,600    
Sales in Russia vehicles ... ... ... ... ... ... ... ...           15,860 14,719 15,314 11,559 5,700    
Sales in Australia vehicles ... ...                       36,928 38,120 39,515 38,889 44,600    
Sales in Europe vehicles ... ... ... ... ... ... ... ... ... ... ... ...   39,075 46,382 31,756 35,730 41,800    
Sales in Other Countries vehicles ... ... ... ... ... ... ... ... ... ... ... ...   191,081 184,847 215,894 200,627 171,753    
Exports Of Cars vehicles ... ...                       481,164 546,751 644,280 741,142 776,301    
Exports (As % Of Total Cars Sold) % ... ...                       75.2 75.5 78.1 81.4 82.7    
Sales of Legacy vehicles ... ... ... ... ... ...               233,006 231,667 201,673 249,636 298,300    
Sales of Impreza vehicles ... ... ... ... ... ...               119,271 244,114 271,899 235,865 257,100    
Sales of Forester vehicles ... ... ... ... ... ...               171,636 165,723 357,745 290,752 272,100    
Sales of Tribeca vehicles ... ... ... ... ... ... ... ...           5,702 4,243 2,561 64.0 0    
Sales of Levorg vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 40,559 31,300    
Sales of WRX vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 45,496 50,100    
Sales of Exiga vehicles ... ... ... ... ... ... ... ... ... ...       8,020 7,392 3,853 1,937 4,500    
Sales of Subaru BRZ vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... 287 16,811 19,202 9,804 9,400    
Sales of OEM vehicles ... ... ... ... ... ... ... ... ... ...       9,216 3,369 2,113 1,262 900    
Sales of Other Models vehicles ... ... ... ... ... ... ... ...           535 775 598 35,320 14,853    

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Subaru Corporation (formerly known as Fuji Heavy Industries) is a Japanese multinational corporation and conglomerate primarily involved in aerospace and ground transportation manufacturing, known for its line of Subaru automobiles. Company's aerospace division serves as a defense contractor to the Japanese government, manufacturing Boeing and Lockheed Martin helicopters and airplanes under license along with being a global development and manufacturing partner to both companies. It traces its roots to the Nakajima Aircraft Company, a leading supplier of airplanes to the Japanese government during World War II. Currently, Subaru Corporation employs more than 15,000 people worldwide, operates nine manufacturing plants and sells products in 100 countries. Subaru is 16.5% owned by Toyota. In 2003, the company adopted the logo of its Subaru division as its worldwide corporate symbol

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