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4-Traders Homepage  >  Equities  >  Tokyo  >  Honda Motor Co Ltd    7267   JP3854600008

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Honda Motor : Summary of Consolidated Financial Results for the Fiscal 4th Quarter and the Fiscal Year ended March 31, 2012

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04/27/2012 | 11:01am CEST
Corporate April 27, 2012 Summary of Consolidated Financial Results for the Fiscal 4th Quarter and the Fiscal Year ended March 31, 2012

TOKYO, Japan, April 27, 2012 - Honda Motor Co., Ltd. announced its consolidated financial results for the fiscal fourth quarter and the fiscal year ended March 31, 2012.

Consolidated Financial Summary:

Despite the unfavorable currency effects due to the appreciation of the Japanese yen and increase in R&D expenses, consolidated operating income for the fiscal fourth quarter (January 1, 2012 through March 31, 2012) amounted to 111.9 billion yen, approximately 2.4 times greater than the same period of last year, primarily due to motorcycle business, which marked record-high unit sales for any quarter, increased revenue in automobile business mainly in Japan and North America and decreased selling, general and administrative (SG&A) expenses.

Despite the increased revenue in motorcycle business, consolidated operating income for the fiscal year (April 1, 2011 through March 31, 2012) declined by 59.4% compared to the previous fiscal year and amounted to 231.3 billion yen, primarily due to the impact of decreased automobile production due to the Great East Japan Earthquake and the flooding in Thailand, increased R&D expenses and the unfavorable currency effects due to the appreciation of the Japanese yen. Consolidated net income attributable to Honda Motor Co., Ltd. for the fiscal year amounted 211.4 billion yen, 60.4% decrease from the previous fiscal year.

Honda plans for year-end cash dividends of JPY 15 per share. Together with the quarterly cash dividends of JPY 15 for the first, second and third fiscal quarters, the total cash dividends to be paid for the fiscal year ended March 31, 2012 are planned to be JPY 60 per share, which is an increase of JPY 6 per share from the annual dividends paid for the fiscal year ended March 31, 2011. The year-end dividends are matters to be resolved at the general shareholders' meeting.

Consolidated Financial Results for the Fiscal 4th Quarter Consolidated Financial Results for the Fiscal Year ended March 31, 2012 (FY12) *1 Unit sales of approximately 0.81 million units for the current fiscal 4th quarter, and approximately 2.94 million units for the current fiscal year ended March 31, 2012 of Honda-brand motorcycle products are not included in the total sales of the motorcycle segment or in the measure of unit sales, in conformity with U.S. generally accepted accounting principles because they are manufactured and sold by overseas affiliates accounted for under the equity method but do not use any parts supplied from Honda and its consolidated subsidiaries. *2 Certain sales of automobiles that are financed with residual value type auto loans by Honda's Japanese finance subsidiaries are accounted for as operating leases in conformity with U.S. generally accepted accounting principles. As a result, they are not included in the total sales of the automobile segment or in the measure of unit sales. Forecasts for the Fiscal Year ending March 31, 2013 (FY13)

Honda's financial forecasts for the fiscal year ending March 31, 2013 are described below, with assumption of the average currency exchange rates of JPY 80 = USD 1 and JPY 105 = Euro 1 for the fiscal year.

Concerning automobile unit sales of Honda group, Honda plans to set a record-high for annual unit sales of 4.3 million units, with plans for a significant increase in sales mainly in North America and Asia.

The total cash dividends for the fiscal year ending March 31, 2013 are planned to be JPY 76 per share, an increase of JPY 16 from the annual dividends to be paid for the fiscal year ended March 31, 2012.

Honda will be making changes in disclosure regarding "unit sales" starting with the new fiscal year ending March 31, 2013. For details, please refer to footnote *3.

*3 Changes in disclosure regarding "unit sales" starting with the new fiscal year ending March 31, 2013
From fiscal year ending March 31, 2013 (FY13), Honda discloses the total of unit sales of completed products of Honda, its consolidated subsidiaries and its affiliates accounted for under the equity method as "Honda Group Unit Sales".

*4 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 segment. As a result, they are not included in Consolidated Unit Sales, but are included in Honda Group Unit Sales of our automobile segment.
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Financials ( JPY)
Sales 2017 13 802 951 M
EBIT 2017 -
Net income 2017 455 012 M
Debt 2017 4 903 225 M
Yield 2017 3,17%
P/E ratio 2017 10,99
P/E ratio 2018 9,52
EV / Sales 2017 0,73x
EV / Sales 2018 0,69x
Capitalization 5 147 174 M
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 3 191  JPY
Spread / Average Target 12%
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NameTitle
Takahiro Hachigo President & Chief Executive Officer
Fumihiko Ike Chairman
Mitsugu Matsukawa Executive Officer & GM-Information Technology
Tetsuo Iwamura Representative Director & Executive Vice President
Nobuo Kuroyanagi Outside Director
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