OREANDA-NEWS. Fuji Heavy Industries Ltd. (FHI), the manufacturer of Subaru automobiles, today announced its consolidated financial results for the fiscal year ended March 31, 2016.

< FYE2016 Results: Consolidated Net Sales >
Subaru’s consolidated global unit sales rose 5.2% to 958,000 units. Unit sales in Japan fell 10.7% to 145,000 units, as passenger car sales decreased due to a decline in new model launch momentum. Overseas unit sales grew 8.6% to 813,000 units, driven by strong sales of the Impreza and the Crosstrek in North America as well as high demand for the Legacy and the Outback throughout the year.

Consolidated net sales rose 12.3% to 3,232.3 billion yen due to exchange rate gains, unit sales growth and other factors.

< FYE2016 Results: Consolidated Profit and Loss >
Operating income rose 33.7% to 565.6 billion yen, as increases in SG&A and R&D expenses were offset by exchange rate gains, unit sales growth, cost reduction progress and other factors. Ordinary income grew 46.6% to 577.0 billion yen and net income attributable to owners of parent increased 66.7% to 436.7 billion yen.

Consolidated unit sales in North America marked an all-time record for the 7th consecutive year. Consolidated global unit sales, consolidated overseas unit sales, net sales and all profit figures posted all-time records*2 for the 4th consecutive year.

< FYE2017 Forecasts >
In prospect of further growth in North America and other regions, Subaru’s consolidated global unit sales are projected to increase 9.6% to 1,050,000 units, surpassing the 1-million milestone for the first time in the company’s history.

Unit sales growth and cost reduction progress are expected to offset increases in SG&A and R&D expenses; but on the assumption of a stronger yen, FHI forecasts net sales of 3,170 billion yen (down 1.9%), operating income of 420 billion yen (down 25.7%), ordinary income of 420 billion yen (down 27.2%) and net income attributable to owners of parent of 293 billion yen (down 32.9%).

Consolidated unit sales in North America are projected to mark an all-time record for the 8th consecutive year. Consolidated global unit sales, consolidated overseas unit sales are projected to post all-time records*2 for the 5th consecutive year.
Currency rate assumptions: 105 yen/US$, 120 yen/euro.