Honda : Consolidated Financial Summary

30.01.2009: Results for Fiscal 3rd Quarter (3 month period from October 1, 2008 through December 31, 2008) Consolidated net sales and other operating revenue for the fiscal third quarter ended December 31, 2008 amounted to JPY 2,533.2 billion, a decrease of 16.8% co

....for the Fiscal 3rd Quarter and Nine Months Ended December 31, 2008

Honda Motor Co., Ltd. announced its consolidated financial results for the fiscal third quarter and the fiscal nine months ended December 31, 2008.

♦ Consolidated Financial Summary:


Results for Fiscal 3rd Quarter (3 month period from October 1, 2008 through December 31, 2008)
Consolidated net sales and other operating revenue for the fiscal third quarter ended December 31, 2008 amounted to JPY 2,533.2 billion, a decrease of 16.8% compared to the same period a year ago, due to factors including the negative impact of currency translation and declined sales of automobile business.

Operating income amounted to JPY 102.4 billion, a decrease of 62.9% compared to the same period a year ago, due to the negative impact of currency effects, increased raw material costs, increased fixed costs per unit as a result of reduced production, and increased selling, general and administrative (SG&A) expenses.

Income before income taxes amounted to JPY 86.7 billion, a decrease of 66.7% compared to the same period a year ago, and net income amounted to JPY 20.2 billion, a decrease of 89.9% compared to the same period a year ago.
 
Yen (billions)     3rd quarter ended Dec. 31, 2007     3rd quarter ended Dec. 31, 2008     Difference
(% change)     Status of the current fiscal 3rd quarter
Net sales and other operating revenue     3,044.8     2,533.2     -511.5 (-16.8)     Decreased for the first time in 9 years


Operating income     276.2     102.4     -173.7 (-62.9)     Decreased for the first time in 4 years
Income before income taxes     260.7     86.7     -173.9 (-66.7)     Decreased for the first time in 3 years
Equity in income of affiliates     31.3     30.7     -0.5 (-1.6)     Decreased for the first time in 2 years
Net income     200.0     20.2     -179.7 (-89.9)     Decreased for the first time in 3 years

< Exchange rate >
Honda’s average rates for this fiscal third quarter:     JPY 96=USD1 / JPY126=Euro1
Honda’s average rates for the previous fiscal third quarter:     JPY113=USD1 / JPY164=Euro1


Results for Fiscal Nine Months (9 month period from April 1, 2008 through December 31, 2008)

Consolidated net sales and other operating revenue for the fiscal nine months amounted to JPY 8,227.3 billion, a decrease of 8.0% compared to the same period a year ago, due to factors including the negative impact of currency translation.

Operating income amounted to JPY 472.6 billion, a decrease of 39.7% compared to the same period a year ago, due to the negative impact of currency effects, increased raw material costs, increased SG&A expenses, and increased depreciation costs, despite continuing cost reduction efforts and higher transaction price, etc. 

Income before income taxes amounted to JPY 471.3 billion, a decrease of 37.1% compared to the same period a year ago, and net income amounted to JPY 323.1 billion, a decrease of 43.8% compared to the same period a year ago.

Yen (billions)     Previous fiscal

9 months     Current fiscal
9 months     Difference
(% change)     Status of the current fiscal 3rd quarter
Net sales and other operating revenue     8,947.2     8,227.3     -719.9 (-8.0)     Decreased for the first time in 9 years
Operating income     784.2     472.6     -311.6 (-39.7)     Decreased for the first time in 5 years
Income before income taxes     748.9     471.3     -277.6 (-37.1)     Decreased for the first time in 3 years
Equity in income of affiliates     94.5     96.2     +1.7 (+1.8)     Increased 9th consecutive year
Net income     574.6     323.1     -251.4 (-43.8)     Decreased for the first time in 3 years

< Exchange rate >

Honda’s average rates for the current fiscal 9 months:     JPY103=USD1 / JPY149=Euro1
Honda’s average rates for the previous fiscal 9 months:     JPY117=USD1 / JPY163=Euro1


At the board of directors meeting held today, Honda resolved to pay 11 yen per share for the fiscal third quarter dividend with the record date of December 31, 2008. As of today, the year-end dividend for this fiscal year has not been determined yet. Honda would like to make a proposal after considering the results for the current fiscal year and the forecasts for the following fiscal year.


♦     Consolidated Unit Sales

Consolidated unit sales are the total of sales of finished products of Honda and its consolidated subsidiaries, and sales of parts for use in local production at Honda's affiliates accounted for under the equity method.

     
3rd Quarter ended

Dec.31, 2008     Difference
  (% change)
    Major factors of increase/decrease
Motorcycles    
2.504 million units     (+5.8)
    Increased sales in Asia
Automobiles    
0.94 million units     (-5.1)
    Decreased sales in North America despite an increase in Asia
Power Products    
1.115 million units     (-5.3)
    Decreased sales in North America and Europe

     
Current fiscal

9 months     Difference
  (% change)
    Major factors of increase/decrease
Motorcycles    
8.112 million units     (+5.8)
    Increased sales of parts for use in local production at Honda's overseas affiliates in Asia accounted for under the equity method
Automobiles    
2.837 million units     (-5.1)
    Decreased sales in North America despite an increase in Asia and the Other region which includes Brazil
Power Products    
3.656 million units     (-7.8)
    Decreased sales in North America and Europe
      Unit sales of approximately 1.11 million units for the current fiscal 3rd quarter and 3.59 million units for the current fiscal nine months of Honda-brand motorcycle products are not included in the totals listed above, 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 by Honda and its consolidated subsidiaries.


♦     Forecast for the Fiscal Year Ending March 31, 2009

Honda will conduct its business operations based on the target for a financial results forecast for the fiscal year ending March 31, 2009 as described below, with assumption of the average currency exchange rate of JPY100=U.S. dollar 1 (4th quarter: JPY85) and JPY140=Euro 1 (4th quarter: JPY110) for the entire year.

Yen (billions)     Fiscal year ended

March 31, 2008     Forecast for
Fiscal year ending
March 31, 2009     Difference
(% change)     Forecast Status
Net sales and other operating revenue     12,002.8     10,100.0     -1,902.8 (-15.9)     Decrease for the first time in 9 years
Operating income     953.1     140.0     -813.1 (-85.3)     Decrease for the first time in 2 years
Income before income taxes     895.8     135.0     -760.8 (-84.9)     Decrease for the first time in 2 years
Equity in income of affiliates     118.9     105.0     -13.9 (-11.7)     Decrease for the first time in 10 years
Net income     600.0     80.0     - 520.0 (-86.7)     Decrease for the first time in 2 years


< Exchange rate >

Honda’s average rates for the fiscal year ended March 31, 2008:     JPY114=USD1 / JPY162=Euro1


Consolidated Unit Sales Forecast

     
Fiscal year ending

March 31, 2009     Difference
  (% change)
Motorcycles    
10.175 million units     (+9.2)
Automobiles    
3.525 million units     (-10.2)
Power Products    
5.26 million units     (-13.2)
      Unit sales of approximately 4.74 million units of Honda-brand motorcycle products are not included in this total, 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 by Honda and its consolidated subsidiaries.

<Reference: Changes in forecast for the fiscal year ending March 31, 2009

in comparison to the previous forecast made in December 2008>
Yen (billions)     Previous forecast
(Dec. 17, 2008)     Latest forecast
(Jan. 30, 2009)     Difference
(% change)
Net sales and other operating revenue     10,400.0     10,100.0     -300.0 (-2.9)
Operating income     180.0     140.0     -40.0 (-22.2)
Income before income taxes     190.0     135.0     -55.0 (-28.9)
Equity in income of affiliates     125.0     105.0     -20.0(-16.0)
Net income     185.0     80.0     - 105.0 (-56.8)


< Exchange rate >
Honda’s average rates used for the latest forecast:     JPY100=USD1 / JPY140=Euro1
Honda’s average rates used for the previous forecast:     JPY101=USD1 / JPY136=Euro1



- Honda Motor Co., Ltd. Tokyo, Japan-

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30.01.2009 / MaP

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