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FY2004 Interim Financial ResultsFY2004 Interim Financial ResultsSix months ended September 30, 2003Six months ended September 30, 2003
November 20, 2003
Isuzu Motors LimitedIsuzu Motors LimitedNote: This is an English translation from the original presentation in Japanese.
4
Sales revenue: 722.9
Operating profit: 35.7Operating margin 4.93%
Working profit: 35.6Recurring margin 4.93%
Net income: 24.9Net margin 3.44%
Domestic sales: (k.units) 50 (+78.6%)Worldwide sales: (k.units) 85 (- 23.4%)
FY2004 H1 Highlight: Consolidated ResultsFY2004 H1 Highlight: Consolidated Results- Six Months, Apr - Sept ‘03, in JPY Bil. -
5
Consolidated Six-Month Results
4.5
-8.3
-23.6
10.66.3
-19.4 -21.4
-34.0
-84.2
36.930.4
-60.1
35.7 35.6
24.9
-100.0
-80.0
-60.0
-40.0
-20.0
0.0
20.0
40.0
FY02 H1 FY02 H2 FY03 H1 FY03 H2 FY04 H1
(JPY Bil.)
Oper
atin
g P
rofit
Work
ing P
rofit
Net
Inco
me
7
2.2. IsuzuIsuzu--GM Partnership: GM Partnership: Current Status and FutureCurrent Status and Future
9Chevrolet Silverado
Opel Astra
Opel Signum
SAAB 9-5
Isuzu Diesel Powers GM VehiclesIsuzu Diesel Powers GM Vehicles
Launched in 2003
World First Euro-IV Compliance
US Share 3% → 26%
Luxury Car of the Year in 2002
10
● Next generation pickup truck concept (Revealed in 2001)
Thailand share 36% → 42%US Debut in Sept ‘03
● Chevrolet Colorado ● Isuzu D-Max (Launched in 2002)
IsuzuIsuzu--GM Joint Pickup Truck ProjectGM Joint Pickup Truck Project
11
Isuzu and GM: Going Forward (1)Isuzu and GM: Going Forward (1)
Enhance partnership synergy;
Step up to a New Stage
Enhance partnership synergy;
Step up to a New Stage
12
CVCV LCVLCV SUVSUV PCPC
DieselDiesel
AUVAUV
Isuzu and GM: Going Forward (Isuzu and GM: Going Forward (22))-- Product Collaboration Product Collaboration --
13
Isuzu and GM: Going Forward (3)Isuzu and GM: Going Forward (3)-- Market CoverageMarket Coverage--
16
Japan HD Truck Industry Sales : Japan HD Truck Industry Sales : Isuzu ShareIsuzu Share
24.9%
25.1%
23.8%
24.4% 24.5%
0
20,000
40,000
60,000
80,000
100,000
120,000
FY00 FY01 FY02 FY03 FY04
23.0%
23.5%
24.0%
24.5%
25.0%
25.5%
Isuzu Share
(Units)
H2
H1
H2
Fo
reca
st
17
Japan 2 to 3Japan 2 to 3--ton Truck ton Truck Industry Sales : Isuzu ShareIndustry Sales : Isuzu Share
33.9%
37.4%
31.8%
33.7%
34.9%
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
2000 2001 2002 2003 2004
29.0%
30.0%
31.0%
32.0%
33.0%
34.0%
35.0%
36.0%
37.0%
38.0%
Isuzu Share
H2
H1
(Units)
H2
Fo
reca
st
18
GIGA, Low PMGIGA, Low PM
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
FY02 H1 FY02H2 FY03 H1 FY03 H2 FY04 H1 FY04 H2
53,000
45,335
36,22238,553
34,935
57,175
All
Oth
er R
egio
nKan
to
H2 F
ore
cast
Regulation Impact on Japan Industry Sales- (1) Kanto vs All other Region (above GVW 2t), Six Months -
(Units)
19
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
FY02 H1 FY02H2 FY03 H1 FY03 H2 FY04 H1 FY04 H2
65,000
49,973
43,63149,800
48,483
70,012
Regulation Impact on Japan Industry Sales- (2) Kanto vs All other Region (GVW 2t – 3t), Six Months -
(Units)
All
Oth
er R
egio
nKan
to
H2 F
ore
cast
20
FY03
Base demandBase demand
NOx, PM complianceNOx, PM complianceComplianceCompliancePurchasingPurchasing
Regulation Impact on Japan Industry Sales- Conceptual Image of HD Sales Going Forward -
FY04 FY05 FY06
21
65%
72%
66%
64% 56%
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
FY02 H1 FY02 H2 FY03 H1 FY03 H2 FY04 H10%
10%
20%
30%
40%
50%
60%
70%
80%
830.7
760.7
632.5
710.9 722.9
Sales Revenue; International vs Japan- Consolidated Revenue, Six-month: FY02 H1 to FY04 H1 -
Jap
an
O
vers
eas
23
(JPY Bil.) FY04 H1 FY03 H1 ChangesConsl.-to-
Parent Ratio
Sales Revenue 722.9 632.5 +90.4 1.62
Operating Profit 35.7 -21.4 +57.1 1.13
Working Profit 35.6 -34.6 +70.2 1.30
Net Income 24.9 -84.2 +119.1 1.45
FY04 H1 Consolidated ResultsFY04 H1 Consolidated Results- Six Months, Year-on-Year Comparison -
PARENT FY04 H1 FY03 H1 Changes
Sales Revenue 446.2 363.2 +83.0
Operating Profit 31.5 -16.0 +47.5
Working Profit 27.3 -20.4 +47.7
Net Income 17.2 -114.0 +131.2
24
(JPY Bil.) FY04 H1 FY03 H1 Changes
Sales Revenue 722.9 632.5 +90.4
Operating Profit 35.7 -21.4 +57.1
Working Profit 35.6 -34.6 +70.2
Net Income 24.9 -84.2 +109.1
FY04 H1 FY03 H1 Changes
Isuzu Parent 446.2 363.2 83.0
Domestic Dealers 223.1 165.9 57.2
North America 132.3 150.9 -18.6
ISPOL, DMAX - 73.8 -73.8
ASEAN and other 208.5 128.3 +80.2
Consl. Adj. -287.2 -249.6 -37.6
Total 722.9 632.5 +90.4
Sale
s R
evenue b
yS
egm
ent
FY04 H1 Consolidated ResultsFY04 H1 Consolidated Results- Sales Revenue: Six Months, Year-on-Year by Segment-
25
(JPY Bil.) FY04 H1 FY03 H1 Changes
Sales Revenue 722.9 632.5 +90.4
Operating Profit 35.7 -21.4 +57.1Working Profit 35.6 -34.6 +70.2
Net Income 24.9 -84.2 +109.1
FY04 H1 FY03 H1 Changes
Isuzu Parent 31.5 -16.0 +47.5
Domestic Dealers 3.2 -0.4 +3.6
North America -2.8 -12.1 +9.3
ISPOL, DMAX - 5.0 -5.0
ASEAN and Other 6.4 1.6 +4.8
Consl. Adj. -2.6 0.5 -3.1
Total 35.7 -21.4 +57.1
OP
by
Se
gm
en
t
FY04 H1 Consolidated Results- Operating Profit : Six Months, Year-on-Year by Segment-
26
(JPY Bil.) FY04 H1 FY03 H1 Changes
OperatingProfit 31.5 -16.0 +47.5
Favorable ◆ Rationalization +10.9◆ Expense reduction +14.8◆ Sales/production mix +27.5
+53.2
Unfavorable ◆ FX -0.7◆ Increase in expense -5.0
-5.7
Total +47.5
Va
ria
nce
FY04 H1 Parent ResultsFY04 H1 Parent Results- Operating Profit : Six Months, Year-on-Year -
27
FY04 H1 Consolidated Results- WP and Net Income : Six Months, Year-on-Year -
(JPY Bil.) FY04 H1 FY03 H1 Changes
Sales Revenue 722.9 632.5 +90.4Operating Profit 35.7 -21.4 +57.1
Working Profit 35.6 -34.6 +70.2
Net Income 24.9 -84.2 +109.1
Changes in OP +57.1Favorable ◆ On-equity income +8.0
◆ Balance of financial income +2.0◆ FX +3.1
Unfavorable ◆ Other -0.1
Total +70.2Changes in WP +70.2Favorable ◆ Special severance pay +22.9
◆ Corp. tax, etc. +32.5Unfavorable ◆ Return of pension fund agency to Gov. -13.4
◆ Evaluation loss on investment in affiliates, etc -2.2
Total +109.1
Work
ing
Pro
fit
Net
Inco
me
28
1.3
1.2
1.3
0.9
1.0
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
200.0
FY02 H1 FY02 H2 FY03 H1 FY03 H2 FY04 H1-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
176.0
156.3
135.4
109.0
121.4
Inventory: TermInventory: Term--end Balanceend Balance- Consolidated, Six Months, CBU-basis -
(JPY Bil.) (Months)
Pare
nt
Oth
er
29
455.4517.9
678.2818.4
738.7
1,012.6 1,068.2
0.0
200.0
400.0
600.0
800.0
1,000.0
1,200.0
FY01 H1 FY01 H2 FY02 H1 FY02 H2 FY03 H1 FY03 H2 FY04 H1
(JPY Bil.)
Interest-bearing Debt: Term-end Balance- Six Months, Total Assets and Debt Balance -
31
FY04 Full-Year Outlook- Consolidated, Year-on-Year Comparison -
(JPY Bil.) FY04 FY03 ChangesConsl.-to-
ParentRatio
Sales Revenue 1,400.0 1,349.4 +50.6 1.65
Operating Profit 70.0 15.5 +54.5 1.21
Working Profit 67.0 -4.2 +71.2 1.34
Net Income 40.0 -144.3 +184.3 1.25
PARENT FY04 H1 FY03 H1 Changes
Sales Revenue 850.0 760.6 +89.4
Operating Profit 58.0 13.1 +44 .9
Working Profit 50.0 4.9 +45 .1
Net Income 32.0 -189.4 +221.4
32
(JPY Bil.) FY04 FY03 Changes
Sales Revenue 1,400.0 1,349.4 +50.6
Operating Profit 70.0 15.5 +54.5
Working Profit 67.0 -4.2 71.2
Net Income 40.0 -144.3 +184.3
FY04 FY03 Changes
Isuzu Parent 850.0 760.6 +89.4
Domestic Dealers 450.0 352.2 +97.8
North America 300.0 439.6 -139.6
ISPOL, DMAX - 148.1 -148.1
ASEAN and Other 410.0 308.2 +101.8
Consl. Adj. -610.0 -659.2 +49.2
Total 1.400.0 1349.4 +50.6
Sale
s R
evenue b
yS
egm
ent
FY04 Full-Year Outlook- Consolidated Sales Revenue, Year-on-Year By Segment -
33
FY04 Full-Year Outlook- Consolidated Operating Profit, Year-on-Year By Segment -
(JPY Bil.) FY04 FY03 Changes
Sales Revenue 1,400.0 1,349.4 +50.6
Operating Profit 70.0 15.5 +54.5
Working Profit 67.0 -4.2 -71.2
Net Income 40.0 -144.3 +184.3
FY04 FY03 Changes
Isuzu Parent 60.0 13.1 +46.9
Domestic Dealers 6.0 3.5 +2.5
North America -3.0 -24.0 +21.0
ISPOL, DMAX - 7.8 -7.8
ASEAN and Other 10.0 5.6 +4.4
Consl. Adj. -3.0 9.5 -12.5
Total 70.0 15.5 +54.5
OP
by S
egm
en
t
34
FY04 Full-Year Outlook- Parent, Operating Profit, Year-on-Year -
(JPY Bil.) FY04 FY03 Changes
OperatingProfit 58.0 -13.1 +44.9
Favorable ◆ Rationalization +19.0◆ Expense reduction +16.7◆ Sa;les/production mix +30.4
Total +66.1
Unfavorable ◆ FX -4.0◆ Increase in expense 6.5◆ Decrease in engineering fee income -10.7
Total -21.2
Total +44.9
Vari
ance
35
FY04 Full-Year Outlook- Consolidated WP and Net Income, Year-on-Year -
(JPY Bil.) FY04 FY03 Changes
Sales Revenue 1,400.0 1,349.4 +50.6Operating Profit 70.0 15.5 +54.5
Working Profit 67.0 -4.2 +71.2
Net Income 40.0 -144.3 +184.3Changes in OP +54.5Favorable ◆ On-equity income +7.8
◆ FX +2.6◆ Balance of financial income +6.3
Total +71.2
Changes in WP +71.2Favorable ◆ NA restructuring charges +75.1
◆ Special severance pay +24.8◆ Corp. tax, etc. +43.3
Unfavorable ◆ Return of pension fund agency to Go -14.0◆ Evaluation loss on sale of marketablesecurities etc 16.1
Total +184.3
Work
ing
Pro
fit
Net
Inco
me
36
(JPY Bil.) FY03 (Mar '03) FY04 (Mar '04) FY05 (Mar '05)
Sales Revenue 1270.0 1250.0 1270.0Act:1,349.4 Est: 1,400.0
Operating Profit 5.0 50.0 Over 60.0Act:15.5 Est: 70.0
Net Income -170.0 35.0 Over 50.0Act: -144.3 Est: 40.0
Debt Balance 560.0 510.0 450.0
Act: 517.9 Est: 450.0
New 3-year Business Plan Targets- Consolidated, Full-year -