Suzuki
Suzuki
Suzuki
2018
FINANCIAL SECTION
CONTENTS
Five-Year Summary...................................................................................... 19
Consolidated Financial Statement............................................................... 20
Consolidated Balance Sheets.............................................................................. 20
Consolidated Statement of Income and
Consolidated Statement of Comprehensive Income....................................... 22
Consolidated Statement of Changes in Net Assets.............................................. 24
Consolidated Statement of Cash Flows............................................................... 26
Notes to Consolidated Financial Statements....................................................... 27
Independent Auditor’s Report.............................................................................. 47
— 18 —
SUZUKI MOTOR CORPORATION
Five-Year Summary
SUZUKI MOTOR CORPORATION
CONSOLIDATED
Millions of yen
(except per share amounts)
Cash dividends per share ........... 74.00 44.00 32.00 27.00 24.00
— 19 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
ASSETS
Current assets:
Cash and cash equivalents *NOTE 12 .................................... ¥ 600,846 ¥ 614,031
Receivables:
Notes and accounts receivable-trade *NOTE 4 ................. 388,973 349,224
Allowance for doubtful accounts.................................... (4,769) (4,821)
Inventories........................................................................... 352,916 332,116
Deferred tax assets *NOTE 9 .................................................. 122,092 113,845
Others.................................................................................. 481,022 551,576
Total current assets............................................................. 1,941,081 1,955,973
The accompanying Notes to Consolidated Financial Statement are an integral part of these statements.
— 20 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
Noncurrent liabilities:
Bonds with subscription rights to shares *NOTE 4 and 5 .......... 194,211 200,400
Long-term loans payable *NOTE 4 and 6 ................................... 192,943 222,870
Liabilities for retirement benefits *NOTE 8 .............................. 65,224 63,099
Provision for disaster ......................................................... 1,914 1,976
Deferred tax liabilities *NOTE 9 ............................................... 1,175 1,384
Others *NOTE 6........................................................................ 47,860 51,091
Total noncurrent liabilities................................................... 503,330 540,822
Total liabilities...................................................................... 1,745,601 1,728,943
Net assets:
Shareholders’ equity:
Capital stock:
Common stock:
Authorised: 1,500,000,000 shares Issued:
as of 31 March 2018: 491,018,100 shares
as of 31 March 2017: 491,000,000 shares.................... 138,064 138,014
Capital surplus.................................................................... 143,868 144,035
Retained earnings.............................................................. 1,247,242 1,058,549
Treasury stock .................................................................... (189,126) (191,051)
Total shareholders’ equity................................................... 1,340,047 1,149,548
— 21 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
Millions of yen
SUZUKI MOTOR CORPORATION
AND CONSOLIDATED SUBSIDIARIES 2018 2017
Selling, general and administrative expenses *NOTE 10 and 11.... 731,563 640,942
Operating income............................................................... 374,182 266,685
Yen
The accompanying Notes to Consolidated Financial Statement are an integral part of these statements.
— 22 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
Millions of yen
SUZUKI MOTOR CORPORATION
AND CONSOLIDATED SUBSIDIARIES 2018 2017
The accompanying Notes to Consolidated Financial Statement are an integral part of these statements.
— 23 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
Millions of yen
— 24 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
Millions of yen
Valuation Total
SUZUKI MOTOR difference Deferred Foreign Accumulated accumulated
CORPORATION on gains or currency adjustment other Subscription Non-
AND CONSOLIDATED available-
for-sale losses on translation for retirement comprehensive rights to controlling Total net
SUBSIDIARIES securities hedges adjustment benefits income shares interests assets
The accompanying Notes to Consolidated Financial Statement are an integral part of these statements.
— 25 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
The accompanying Notes to Consolidated Financial Statement are an integral part of these statements.
— 26 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
— 27 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
— 28 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
Amount
Use Location Classification
(Millions of yen)
Machinery, equipment and vehicles, tools,
Thailand 26,346
Assets for automobile business furniture and fixtures, etc.
Asia Machinery, equipment and vehicles, etc. 296
Machinery, equipment and vehicles,
Assets for motorcycle business Asia 5,192
buildings and structures, etc.
Assets for other business Japan Land 1,496
Assets for rent Japan Land 6,007
Idle assets Japan Land 597
Total 39,936
The assets are divided into groups of the assets for business and the assets for rent respectively, mainly in units of business facili-
ties. With respect to the assets which are decided to be disposed and idle assets which are not expected to be used in the future,
tests of impairment are conducted based on individual assets.
[Assets for business]
(Suzuki Motor (Thailand) Co., Ltd,)
Suzuki Motor (Thailand) Co., Ltd, a fully owned subsidiary of the Company in Thailand commenced its automobile production in
March 2012, sells its product in theThailand's domestic market and exports worldwide. However, due to slowdown in the domestic
market as well as appreciation of Thai Baht, the performance of the automotive business in Thailand has remained at low level. In
FY2016, the Company carried out the examination on future recoverability of the business assets of Suzuki Motor (Thailand) Co.,
Ltd. Since the examination indicated that the recoverable amount fell below the book value of the assets, the Company decided
to record an impairment loss.
(Others)
Since the examination indicated that the recoverable amount fell below the book value of the assets, the Company decided to
record an impairment loss.
[Assets for rent and idle assets]
The Company reduced the book value of the group of the assets whose market value particularly fell to the recoverable amount
and recorded an impairment loss.
The impairment loss consists of ¥6,696 million for buildings and structures, ¥15,320 million for machinery, equipment and
vehicles, ¥7,294 million for tools, furniture and fixtures, ¥8,101 million for land, and ¥2,523 million for construction in progress.
The recoverable amount of the asset group is measured by net selling price or value in use, and the land value is evaluated by
price calculated on a rational basis.
The Group recorded impairment loss as of 31 March 2018.
This information is not provided due to its low materiality.
— 30 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
Applications of borrowings are fund for operating capital (mainly short-term) and capital expenditures (long-term), and the
Group uses interest-rate swaps or cross currency interest rate swaps for the risks of the fluctuation of interest rate and ex-
change rate of some long-term borrowings.
Objectives of derivative transactions are foreign currency forward contracts to hedge the risks of the fluctuation of exchange
rate related to receivables and payables denominated in foreign currencies, interest rate swaps to hedge the risks of the
fluctuation of interest rate related to borrowings, and cross currency interest rate swaps to hedge the risks of the fluctuation of
exchange rate and interest rate related to borrowings and lending. The Group executes and manages derivatives within the
actual demand in line with our rules and regulations which set out the authority to trade. In addition, in using derivatives, the
Group deals with financial institutions which have high credit grade in order to reduce credit risks.
In addition, each company of the Group manages liquidity risk related to accounts payable and borrowings by making a
financial plan.
c. Supplement to fair values of financial instruments
Fair values of financial instruments include values based on quoted prices in active markets and values assessed by
rational valuation techniques in case quoted prices are not available. Since the rational valuation techniques include vari-
able factors, the results of valuation may differ when different assumptions are applied. In addition, in Note 4 (d) Derivative
transactions, contract amounts do not present market risks for the derivative transactions.
*1. Matters for methods used to measure fair values of financial instruments
Assets:
(1) Cash and deposits
Since fair values of deposits are approximately equal to the book values, book values are used as fair values.
(2) Notes and accounts receivable-trade
Fair values of sales finance receivables are calculated on the discount method by the expected rate applied to new
loan contract, on each receivable classified into a certain term.
Notes and accounts receivable-trades except sales finance are settled in short term and those fair values are ap-
proximately equal to the book values. Therefore, book values are used as fair values.
(3) Short-term investment securities and Investment securities
With respect to these fair values, fair values of stock are prices of exchanges. With respect to negotiable certificate
of deposit and other types of securities, book values are used as fair values because they are settled in short term
and those fair values are approximately equal to the book values.
— 31 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
Liabilities:
(1) Accounts payable-trade, (2) Short-term loans payable and (4) Accrued expenses
Since these are settled in short term and those fair values are approximately equal to the book values, such book
values are used.
(3) Current portion of long-term loans payable and (6) Long-term loans payable
These fair values are measured by discounting. The discounting is based on the estimated interest rates at which
similar new loans with same amount of principal and interest could have been borrowed.
(5) Bonds with subscription rights to shares
With respect to fair values of bonds with subscription rights to shares, they are calculated based on the prices of-
fered by financial institutions, etc.
Derivatives:
Please refer to Note 4 (d) Derivative transactions.
Millions of yen
2018 2017
Available-for-sale securities
Unlisted stock other than stocks of affiliates..... ¥17,682 ¥17,188
Unlisted stock of affiliates.............................. 24,943 20,514
Others............................................................. 2,880 77
These fair values cannot be reliably measured because market values are unavailable and future cash flows cannot be
estimated. Therefore, they are not included in “(3) Short-term investment securities and Investment securities” of assets.
*3. The amounts to be redeemed after the account settlement date of monetary receivables and available-for-sale securities
Millions of yen
2018 2017
Over 1 year, Over 5 years, Over Over 1 year, Over 5 years, Over
Within Within
Within Within Within Within
1 year 10 years 1 year 10 years
5 years 10 years 5 years 10 years
Cash and deposits ¥ 690,418 ¥ — ¥ — ¥ — ¥ 693,952 ¥ — ¥ — ¥—
Notes and
accounts
receivable- trade 244,273 144,236 462 — 226,403 122,412 409 —
Securities and
investment
securities with
maturities 256,695 — — 16,000 338,756 — — —
Total ¥1,191,387 ¥144,236 ¥462 ¥16,000 ¥1,259,111 ¥122,412 ¥409 ¥—
— 32 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
(c) Securities
Millions of yen
2018 2017
Carrying Acquisition Carrying Acquisition
Amount cost Difference Amount cost Difference
Securities for which the carrying amount exceeds the acquisition costs
Stocks..................................................... ¥133,196 ¥ 45,588 ¥ 87,608 ¥127,569 ¥ 50,691 ¥ 76,878
Bonds..................................................... — — — — — —
Others..................................................... 562,361 490,621 71,739 477,832 413,408 64,423
Sub-Total ¥695,558 ¥536,210 ¥159,348 ¥605,401 ¥464,100 ¥141,301
Securities for which the carrying amount does not exceed the acquisition costs
Stocks..................................................... ¥ 5,546 ¥ 5,703 ¥ (157) ¥ 700 ¥ 758 ¥ (58)
Bonds..................................................... 12,844 16,000 (3,155) — — —
Others..................................................... 40,000 40,000 — 30,000 30,000 —
Sub-Total ¥ 58,391 ¥ 61,703 ¥ (3,312) ¥ 30,700 ¥ 30,758 ¥ (58)
Total ¥753,949 ¥597,913 ¥156,035 ¥636,102 ¥494,858 ¥141,243
Millions of yen
2018 2017
Amounts sold...................................................................... ¥837,716 ¥337,540
Gains on sales of available-for-sale securities.................. 1,281 47,775
— 33 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
(2) Interest and currency related transactions (non-market transactions) Millions of yen
2018 2017
Type Contract/ Amount Contract/ Amount
Gain Gain
notional due after Fair value notional due after Fair value
(loss) (loss)
amount one year amount one year
Cross currency
interest rate swap
Pay fixed
receive floating
Pay INR
receive USD ¥ 2,576 ¥858 ¥ 96 ¥ 96 ¥— ¥— ¥— ¥—
Pay fixed
receive floating
Pay THB
receive USD 13,747 — (83) (83) — — — —
Pay fixed
receive floating
Pay IDR
receive USD 2,656 — (105) (105) — — — —
Total ¥18,980 ¥858 ¥ (91) ¥ (91) ¥— ¥— ¥— ¥—
— 34 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
— 35 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
— 36 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
Millions of yen
2018 2017
Short-term loans payable and Current portion of long-term
loans payable
Unsecured.......................................................................... ¥190,755 ¥216,601
Lease obligations due within one year.............................. 11 12
¥190,766 ¥216,613
— 37 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
As is customary in Japan, both short-term and long-term bank loans are subjected to general agreements which provide that the
banks may, under certain circumstances, request additional security for those loans, and may treat any security furnished to the
banks, as well as cash deposited with them, as security for all present and future indebtedness.
The aggregate annual maturities of long-term debts excluding other interest-bearing debts as of 31 March 2018 were as follows:
Millions of yen
2018 2017
Commitment line contract total.............................................. ¥250,000 ¥250,000
Actual loan balance................................................................ — —
Variance ¥250,000 ¥250,000
— 38 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
Millions of yen
2018 2017
Opening balance retirement of benefit obligation................ ¥162,076 ¥152,161
Service cost........................................................................... 8,719 8,706
Interest cost........................................................................... 467 754
Actuarial differences.............................................................. 309 1,832
Retirement allowance paid................................................... (5,388) (5,844)
Past service cost................................................................... 423 100
Others.................................................................................... 282 4,364
Closing balance of retirement benefit obligation ¥166,888 ¥162,076
(b) Reconciliation of pension assets from the opening balance to the closing balance
Millions of yen
2018 2017
Opening balance of pension assets..................................... ¥ 99,021 ¥95,865
Expected return on pension assets...................................... 1,741 1,698
Actuarial differences.............................................................. (980) (671)
Contribution from employers................................................. 5,688 5,254
Retirement allowance paid................................................... (3,808) (3,599)
Others.................................................................................... 44 473
Closing balance of pension assets ¥101,706 ¥99,021
(c) Reconciliation between closing balance of retirement benefit obligation and pension assets and net amount of liability/asset
for retirement benefits recognised in consolidated balance sheet
Millions of yen
2018 2017
Defined benefit obligation of funded severance plan.......... ¥115,760 ¥112,320
Pension assets........................................................................ (101,706) (99,021)
14,053 13,299
Defined benefit obligation of unfunded severance plan...... 51,128 49,755
Net amount of liability and asset for retirement benefits
recognised in consolidated balance sheet........................... ¥65,181 ¥63,055
— 39 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
2018 2017
Service cost............................................................................ ¥8,719 ¥8,706
Interest cost............................................................................ 467 754
Expected return on pension assets....................................... (1,741) (1,698)
Recognition of actuarial gains and losses............................ 950 1,875
Amortisation of past service cost........................................... 1 (333)
Others..................................................................................... (197) 110
Total amount of retirement benefit expenses
for defined benefit plans........................................................ ¥8,199 ¥9,415
2018 2017
Debt securities........................................................................ 41.7% 45.4%
General account of life insurance companies...................... 38.7% 37.6%
Others..................................................................................... 19.6% 17.0%
Total 100.0% 100.0%
— 40 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
Millions of yen
2018 2017
Deferred tax assets
Impairment loss and Excess-depreciation........................ ¥67,553 ¥54,224
Various provisions............................................................... 45,921 38,171
Unrealised profits elimination............................................. 21,160 21,698
Loss on valuation of securities........................................... 13,379 12,586
Deferred assets .................................................................. 2,601 3,210
Others.................................................................................. 55,420 66,259
Deferred tax assets sub-total.......................................... 206,035 196,151
Valuation allowance............................................................ (34,011) (38,934)
Deferred tax assets total................................................. ¥172,024 ¥157,217
* Net amounts of deferred tax assets are included in the following accounts in the consolidated balance sheets.
Millions of yen
2018 2017
Current assets – Deferred tax assets................................. ¥122,092 ¥113,845
Investment and other assets – Deferred tax assets.......... 23,471 21,140
Current liabilities – Deferred tax liabilities.......................... (929) (55)
Noncurrent liabilities – Deferred tax liabilities.................... (1,175) (1,384)
(b) Breakdown of the differences between the statutory tax rate and the effective tax rate
2018 2017
Statutory tax rate..................................................................... 30.21% 30.21%
Tax rate difference.............................................................. 1.64% 4.15%
Tax credit............................................................................. (2.30)% (3.01)%
Others.................................................................................. (1.28)% 1.7%
Effective tax rate..................................................................... 28.28% 33.06%
— 41 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
2018 2017
Delivery expenses.................................................................. ¥73,240 ¥65,210
Advertising expenses............................................................. 78,508 74,303
Sales promotion expenses..................................................... 77,684 56,468
Wages and salaries................................................................ 86,183 80,426
Research and development costs......................................... 139,390 131,539
Provision of allowance for doubtful accounts........................ (209) (651)
Provision for product warranties............................................ 58,194 41,692
Retirement benefit expenses................................................. 4,214 4,099
Provision for product liability insurance................................. 1,968 12
Provision for recycling............................................................ 1,434 1,865
Millions of yen
2018 2017
Research and development costs......................................... ¥139,390 ¥131,539
2018 2017
Cash and deposits................................................................. ¥690,418 ¥693,952
Short-term investment securities........................................... 256,695 338,756
Time deposits with maturities of over three months.............. (119,571) (79,920)
Bonds etc. with redemption period of over three months...... (226,695) (338,756)
¥600,846 ¥614,031
— 42 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
2018 2017
Valuation difference on available-for-sale securities
Gain (loss) arising during the period................................. ¥42,073 ¥62,839
Reclassification adjustments.............................................. (24,303) (51,445)
Before tax effect.................................................................. 17,769 11,393
Tax effect............................................................................. (1,732) 16,982
Balance at the end of the period........................................ ¥16,036 ¥28,375
Deferred gains or losses on hedges
Gain (loss) arising during the period................................. ¥1,247 ¥5,324
Reclassification adjustments.............................................. (2,778) (4,554)
Before tax effect.................................................................. (1,530) 770
Tax effect............................................................................. 297 (264)
Balance at the end of the period........................................ ¥(1,232) ¥505
Foreign currency translation adjustment
Gain (loss) arising during the period................................. ¥(35,889) ¥3,634
Reclassification adjustments.............................................. (46) —
Balance at the end of the period........................................ ¥(35,936) ¥3,634
Adjustment for retirement benefit
Gain (loss) arising during the period................................. ¥(1,240) ¥(1,684)
Reclassification adjustments.............................................. 464 803
Before tax effect.................................................................. (776) (881)
Tax effect............................................................................. 261 225
Balance at the end of the period........................................ ¥(514) ¥(655)
Share of other comprehensive income of associates
accounted for using equity method
Gain (loss) arising during the period................................. ¥234 ¥(2,318)
Total other comprehensive income................................ ¥(21,411) ¥29,541
Resolutions
Ordinary General Meeting of the
Meeting of Shareholders Board of Directors
held on 29 June 2017 held on 2 November 2017
Total amount of cash dividends ¥11,914 million ¥13,239 million
Cash dividends per share ¥27.00 ¥30.00
Record date 31 March 2017 30 September 2017
Effective date 30 June 2017 30 November 2017
Dividends which record date was in the current fiscal year and effective date was in the next fiscal year:
Resolution
Ordinary General
Meeting of Shareholders
held on 28 June 2018
Total amount of cash dividends ¥19,439 million
Cash dividends per share ¥44.00
Record date 31 March 2018
Effective date 29 June 2018
— 43 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
(1) A person who is allocated subscription rights to shares shall be able to exercise share sub-
scription rights only up until 10th day (the next business day if the 10th day falls on a non-busi-
Terms of exercise of ness day) from the day immediately following the date of resignation as the Company’s Director
subscription rights to as well as the Senior Managing Officer or Managing Officer without the role of Director being
shares served concurrently.
(2) If a person who is allocated subscription rights to shares was dead, the person’s heir shall be
able to exercise the rights.
— 44 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
2. Methods of measurement for the amounts of net sales, profit or loss, assets and other items for each reportable segment
The accounting policies of the reportable segments are consistent to the description of the “Summary of significant accounting
policies” (Note 2).
3. Information about the amounts of net sales, profit or loss, assets and other items by reportable segment
Millions of yen
2018
Automobile Motorcycle Marine
business business business, etc. Total Adjustment Consolidated
Net Sales:
Net sales to external customers...... ¥3,435,802 ¥246,362 ¥75,053 ¥3,757,219 ¥ — ¥3,757,219
Segment profit.............................. 355,027 4,606 14,548 374,182 — 374,182
Segment assets............................ 2,446,239 222,057 47,105 2,715,402 625,425 3,340,828
Other content:
Depreciation..................................... 136,293 11,281 3,302 150,877 — 150,877
Amortisation of goodwill................... 69 55 0 124 — 124
Impairment loss................................ 2,366 17 201 2,585 — 2,585
Investments in affiliated companies
accounted for by equity method..... 29,869 5,459 180 35,509 — 35,509
Increase in property, plant and
equipment and intangible assets.... 198,731 13,502 1,142 213,376 — 213,376
Millions of yen
2017
Automobile Motorcycle Marine
business business business, etc. Total Adjustment Consolidated
Net Sales:
Net sales to external customers...... ¥2,895,619 ¥206,289 ¥67,633 ¥3,169,542 ¥ — ¥3,169,542
Segment profit (loss).................... 255,060 (930) 12,555 266,685 — 266,685
Segment assets............................ 2,205,138 204,159 46,375 2,455,673 660,311 3,115,985
Other content:
Depreciation..................................... 150,475 9,796 3,124 163,397 — 163,397
Amortisation of goodwill................... 1,547 54 0 1,602 — 1,602
Impairment loss................................ 33,077 5,343 1,514 39,936 — 39,936
Investments in affiliated companies
accounted for by equity method..... 48,957 3,796 87 52,841 — 52,841
Increase in property, plant and
equipment and intangible assets.... 181,268 15,814 1,699 198,782 — 198,782
— 45 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
(Reference information)
As reference information, operating results by geographical areas were as follows:
Millions of yen
2018
Japan India Others Consolidated
Net sales............................................... ¥1,116,764 ¥1,306,616 ¥1,333,838 ¥3,757,219
Millions of yen
2017
Japan India Others Consolidated
Net sales............................................... ¥1,037,546 ¥1,018,813 ¥1,113,182 ¥3,169,542
(Supplementary information)
The amount of net sales, operating income or loss based on location of the Company and its consolidated subsidiaries
Millions of yen
2018
Other
Japan Europe Asia areas Total Eliminations Consolidated
Net Sales:
Net sales to external customers.... ¥ 1,381,093 ¥428,974 ¥1,782,112 ¥165,038 ¥3,757,219 ¥ — ¥3,757,219
Internal net sales or transfer
among geographical areas........... 647,578 190,866 123,917 728 963,091 (963,091) —
Total 2,028,672 619,840 1,906,030 165,766 4,720,310 (963,091) 3,757,219
Operating income.............................. 161,044 17,174 191,315 5,101 374,635 (453) 374,182
Millions of yen
2017
Other
Japan Europe Asia areas Total Eliminations Consolidated
Net Sales:
Net sales to external customers.... ¥1,293,486 ¥344,591 ¥1,389,743 ¥141,721 ¥3,169,542 ¥ — ¥3,169,542
Internal net sales or transfer
among geographical areas........... 565,322 213,651 117,165 546 896,685 (896,685) —
Total 1,858,809 558,242 1,506,909 142,267 4,066,228 (896,685) 3,169,542
Operating income.............................. 137,240 13,101 121,396 4,060 275,799 (9,113) 266,685
— 46 —
SUZUKI MOTOR CORPORATION
Consolidated Financial Statement
We have audited the accompanying consolidated financial statements of Suzuki Motor Corporation and its consolidated
subsidiaries, which comprise the consolidated balance sheet as of 31 March 2018, and the consolidated statement of
income, consolidated statement of comprehensive income, consolidated statement of changes in net assets and con-
solidated statement of cash flows for the year then ended, all expressed in Japanese Yen, and a summary of significant
accounting policies and other explanatory information.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in Japan. Those standards require that we comply
with ethical requirements and we plan and perform the audit to obtain reasonable assurance about whether the consoli-
dated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of
material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assess-
ments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated
financial statements in order to design audit procedures that are appropriate in the circumstances, while the purpose of
the financial statement audit is not express an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates
made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Suzuki
Motor Corporation and its consolidated subsidiaries as at 31 March 2018, and their financial performance and cash flows
for the year then ended in accordance with accounting principles generally accepted in Japan.
— 47 —
SUZUKI MOTOR CORPORATION
Company Outline
1. Company Name SUZUKI MOTOR CORPORATION
2. Date of Incorporation March 1920 Incorporated as Suzuki Loom Manufacturing Co.
June 1954 Name changed to Suzuki Motor Co., Ltd.
October 1990 Name changed to Suzuki Motor Corporation
The Master Trust Bank of Japan, Ltd. (Trust Account) 37,146 8.4
Japan Trustee Services Bank, Ltd. (Trust Account) 23,507 5.3
Tokio Marine & Nichido Fire Insurance Co., Ltd. 17,961 4.1
The Bank of Tokyo-Mitsubishi UFJ, Ltd. 16,000 3.6
The Shizuoka Bank, Ltd. 13,600 3.1
Resona Bank, Ltd. 13,000 2.9
JP Morgan Chase Bank 380055 12,859 2.9
Sompo Japan Nipponkoa Insurance Inc. 7,761 1.8
Nippon Steel & Sumitomo Metal Corporation 7,759 1.8
Japan Trustee Services Bank, Ltd. (Trust Account5) 7,573 1.7
— 48 —
SUZUKI MOTOR CORPORATION