Index Company Outline

Balance Sheet Company Name Suzuki Motor Corporation

Income Statement Year of Incorporation 1920
Cash Flow Automobiles, Motorcycles, Outboard Motors
Ratio Analysis Main Products Motorised Wheelchairs
Electro Senior Vehicles, Industrial Equipment
Fiscal Year End 31st March
Website http://www.globalsuzuki.com

Capital and Shareholders 31st March 2017

Capital ¥138,014 million
Authorised shares 1,500 million
Shares Issued 491,000,000
Number of shareholders 26,548
Stock Listing Tokyo Stock Exchange
Top 3 Shareholders
The Master Trust Bank of Japan, Ltd.
Japan Trustee Services Bank, Ltd.
Tokio Marine & Nichido Fire Insurance Co., Ltd
As of 31 March 2017 and 2016 Index
¥ in millions 2016 2017 Loan Break-up
Assets
Current Assets Short-term debt
Cash and Cash Equivalents 450,088 614,031
Notes and accounts receivables-trade 329,815 344,403
Inventories 286,301 332,116
Deferred Tax Assets 116,378 113,845
Others 450,046 551,576 Long term debt:
Total Current Assets 1,632,628 1,955,971

Property Plant and Equipment

PPE - Gross 2,416,660 2,507,061
Accumulates Depreciation 1,659,584 1,750,717
PPE - Net 757,076 756,344

Total Investmet and Other Assets 312,301 403,667

Aggregate annual maturities of lon
Total Assets 2,702,005 3,115,982 Year ending 31st March

Liabilities and Net Assets

Current Liabilities
Short-term loans payable 201,507 96,643
Current portion of long-term loans payable 64,982 119,958
Accounts payable-trade 402,624 428,063
Accrued Expenses 183,695 191,068
Provision for product warranties 66,032 76,995
Others 227,111 275,390
Total Current Liabilities 1,145,951 1,188,117

Non-current Liabilities
Bonds with subscription rights to shares - 200,400
Long-term loans payable 262,797 222,870
Liabilities for retirement benefits 56,346 63,099
Provision for disaster 3,056 1,976
Deferred tax liabilities 7,484 1,384
Other 38,663 51,091
Total Non-current Liabilities 368,346 540,820

Total Liabilities 1,514,297 1,728,937

Net Assets
Shareholder's Equity
Capital Stock 138,014 138,014
Capital Surplus 144,166 144,035
Retained Earnings 913,656 1,058,549
Treasury Stock -191,169 -191,051
Accumulated and Other comprehenshive i -46,970 -29,683
Total shareholders equity 957,697 1,119,864
Subscription rights to shares 195 132
Non-controlling interests 229,816 267,049
Total Net Assets 1,187,708 1,387,045

Total Liabilities and Net Assets 2,702,005 3,115,982

Check - -
 As of 31 March 2017 and 2016
Loan Break-up 2016 2017
¥ in millions
Short-term debt Loan Commitment
Loans Payable - Unsecured 266,490 216,601
Lease Obligations due within one year 41 12
Total 266,531 216,613

Long term debt: Assets pledged as collateral

Loans Payable - Unsecured 262,797 222,870
Lease obligations due more than one year 16 7
Other interest-bearing debts 11,900 12,540
Total 274,713 235,417

Cash and Cash Equivalents 450,088 614,031

Net Debt/(Cash) position 91,156 -162,001

Aggregate annual maturities of long term debt (as of 31st Mar 2017)
Year ending 31st March
2019 79,110
2020 28,188
2021 18,578
Thereafter 97,000
Total 222,876
 As of 31 March 2017 and 2016
Committed Line of Credit 2016 2017
¥ in millions
Loan Commitment
Commitment line contract 250,000 250,000
Actual Loan Balance - -
Variance 250,000 250,000

Assets pledged as collateral

¥ in millions 2017
Buildings and structures 552
Land 97
Total 649

Secured liabilities
Others (noncurrent liabilities) 300
As of 31 March 2017 and 2016 Index
¥ in millions 2016 2017
Net Sales 3,180,659 3,169,542
Cost of Sales 2,313,779 2,261,914 -2.2%
Gross Profit 866,880 907,628

SG & A 671,571 640,942

Operating Income 195,309 266,686

Other Income (expenses)

Interest and Dividend Income 20,885 16,827
Interest Expense -6,381 -4,771
Equity in earnings (losses) of affiliates -2,492 2,327
Impairment loss -322 -39,936
Others, net 38,633 54,067
Total Other Income (expenses) 50,323 28,514

Income before income taxes 245,632 295,200

Adjusted PBT before exceptionals 245,954 335,136

Income Taxes 92330 97583

Net Income 153,302 197,617

Net income attributable to non-controlling in 36,640 37,660
Net income attributable to owners of the par 116,662 159,957
Adjusted Net Income before exceptionals 153,624 237,553

Net Income per share (Yen):

Primary 234.98 362.54
Fully diluted 234.92 362.48
Cash dividends per share 32.00 44.00

Outstanding Shares
Primary 496,476,295.85 441,212,004.19
Fully Diluted 496,603,098.93 441,285,036.42
As of 31 March 2017 and 2016 Index
¥ in millions 2016 2017
Cash flows from operating activities Cash and cash equ
Income before income taxes etc 245,631 295,200
Depreciation and amortization 168,315 163,397
Adjustments made before non cash WC -44,935 -22,825
Changes in Non- cash WC
Decrease (increase) in notes and accounts receivable-trade 3,479 -17,023
Decrease (increase) in inventories 8,298 -50,386
Increase (decrease) in notes and accounts payable-trade 593 45,218 Free Cash Flows
Increase (decrease) in accrued expenses 14,857 6,473
Others, net -36,630 20,370
Sub-total 359,608 440,424
Interest and dividend income received 20,328 15,412
Interest expenses paid -7,833 -4,613
Income taxes paid -78,010 -84,906
Net cash provided by (used in) operating activities 294,093 366,317

Cash flows from investing activities

Payments into time deposits -61,915 -38,552
Proceeds from withdrawal of time deposits 28,956 8,367
Purchases of short-term investment securities -274,553 -297,947
Proceeds from sales of short-term investment securities 173,478 268,519
Purchases of property, plant and equipment -162,574 -192,054
Others, net 54,533 -36,898
Net cash provided by (used in) investing activities -242,075 -288,565

Cash flows from financing activities

Net increase (decrease) in short-term loans payable 27,088 -102,949
Proceeds from long-term loans payable 45,400 83,172
Repayment of long-term loans payable -108,365 -63,449
Proceeds from issuance of bonds with subscription
- 200,500
rights to shares
Purchase of treasury stock -460,479 -4
Cash dividends paid -16,156 -15,003
Cash dividends paid to non-controlling interests -7,504 -9,417
Others, net -344 -3,342
Net cash provided by (used in) financing activities -520,360 89,508
Effect of exchange rate changes on cash and cash equivalents -13,471 -3,313
Net increase (decrease) in cash and cash equivalents -481,813 163,947
Cash and cash equivalents at beginning of period 932,261 450,448
Cash and cash equivalents at end of period 450,448 614,395

Adjustment to match the cash reported on BS 360 364

Cash Reported on the BS 450,088 614,031
 ¥ in millions 2016 2017
Cash and cash equivalents
Cash and deposits 497,187 693,952
Short-term investment securities 279,571 338,756
Time deposits with maturities of ove -47,098 -79,920
Bonds etc. with redemption period o -279,571 -338,756
Total 450,089 614,032

Free Cash Flows

Cash Flow from Operations 379,936 455,836

Capital Expenditure -162,574 -192,054
FCFF 217,362 263,782

Net CFO 294,093 366,317

Capital Expenditure -162,574 -192,054

Debt Movement
Net inc/dec in ST debt 27,088 -102,949
Net inc/dec in LT debt -62,965 19,723
Total -35,877 -83,226
FCFE 95,642 91,037
 Index
Inputs Unit 2016 2017
1. Operating Performance
Sales - Volume
Gross Profit Margin GPM/Sales % 27.25% 28.64%
EBITDA EBITDA/Sales % 11.43% 13.57% Automobile Production
PBT PBT/Sales % 7.73% 10.57%
Net Profit Margin NPM/Sales % 4.83% 7.49%
Total
2. Debt Structure/Coverage Automobile Sales
Debt Ratio Debt/Total Assets x 0.10 0.08
Debt/Total Capital Debt/(debt+equity) x 0.31 0.25
Gross Gearing Gross Debt/Equity x 0.46 0.33 Total
Net Gearing Net Debt/Equity x 0.08 -0.12 Sales to Production
Interest Cover EBITDA/Interest x 56.99 90.15 Net Sales (¥ in millions)

3. Turnover (t/o) Ratio

Asset t/o Sales/Total asset x 1.18 1.02
Inventory t/o COGS/Inventory x 8.08 6.81
Inventory o/s 365/ITO days 45.16 53.59
Receivables t/o Sales/Receivables x 9.64 9.20
Receivables o/s 365/RTO days 37.85 39.66
Payables t/o COGS/Payables x 5.75 5.28
Payables o/s 365/PTO days 63.51 69.08
Operating Cycle DIO+DRO-DPO x 19.50 24.18

4. Liquidity Ratio
Current Ratio CA/CL x 1.42 1.65
Acid test (CA-Inventory)/CL x 1.17 1.37
Cash Ratio (Cash+Mkt Sec)/CL x 0.39 0.52
Working Capital CA-CL ¥ 486,677 767,854
 thousands of units 2016 2017 Growth (%)
Automobile Production
Overseas 2090 2203
Japan 861 871
Total 2951 3074 4.2%
Automobile Sales
Overseas 2231 2279
Japan 630 639
Total 2861 2918 2.0%
Sales to Production 97.0% 94.9%
Net Sales (¥ in millions) 3,180,659 3,169,542 -0.3%

¥ in billion FY16 FY17 Change (%) Margin (%)

Net Sales 3169 3400 7.3%
Operating Income 264 240 -9.1% 7.1%
Ordinary Income 283 255 -10.0% 7.5%
Net Income 159 145 -8.6% 4.3%
Automobiles Volume 2918 3071 5.2%
Motorcycle Volume 1367 1419 3.8%