LATEST COMPANY NEWS. - Free Online Library (2024)

Link/Page Citation

The Edge Malaysia - Japan's Honda to start selling micro-sized electric vans in October 2024 - 13/6/2024

Honda Motor will start selling a micro-sized electric van targeted at Japan's delivery industry in October this year.

For the complete story see:

https://theedgemalaysia.com/node/715322

Nikkei Asia - Isuzu pickup trucks, big in Thailand, face uphill climb over interest rates - 12/6/2024

Isuzu Motors is under pressure in the crucial market of Thailand, where tougher borrowing conditions are squeezing buyers of its pickup trucks.

For the complete story see:

https://asia.nikkei.com/Business/Automobiles/Isuzu-pickup-trucks-big-in-Thailand-face-uphill-climb-over-interest-rates

Just Auto - Japan finds more automaker malpractice - 11/6/2024

Japan's ministry of land, infrastructure, transport and tourism (MLIT) has stepped up its investigation into vehicle certification malpractice by the country's automakers, to include Honda, Mazda, Suzuki and Yamaha.

For the complete story see:

https://www.just-auto.com/news/japan-finds-more-automaker-malpractice/

Hino & the Toyota Group

Under the HINO brand, we represent the Toyota Group in the global market for heavy-duty trucks and buses. We also produce Toyota-badged vehicles on commission, including the popular sport-utility vehicle, the Land Cruiser Prado; the FJ Cruiser; Dyna trucks; and Toyoace commercial vehicles.

We use the Toyota Production System to achieve continuing gains in productivity and in quality throughout our operations. We have adapted that system to our model line to offer customers the best-possible products at competitive prices.

Our operations are growing globally in step with the globalization of the Toyota Group. One of the largest Hino plants outside Japan is a Thai manufacturing operation established in 1964. It produces axle assemblies for Toyota's lMV model line, which includes pickup trucks and utility vehicles, as well as producing trucks under the HINO brand. Similarly, we manufacture parts in the United States for installation in Toyota vehicles produced in North America.

https://www.hino-global.com/corp/about_us/hinoandtoyota.html

Financial Results for the Fiscal Year Ended March 31, 2024

Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023- March 31, 2024)

25 April 2024

https://www.hino-global.com/corp/for_investors/financial_results/assets/Summary_Financial%20Results%20for%20the%20Fiscal%20Year%20Ended%20March%2031%2C%202024.pdf

Honda Motor Co., Ltd. (NYSE: HMC, JP: 72670)

About Honda

Company Overview

Company Name Honda Motor Co., Ltd.

Head Office 2-1-1, Minami-Aoyama, Minato-ku, Tokyo 107-8556, Japan

Tel: +81-(0)3-3423-1111 (main)

Established September 1948

President and

Representative Director Takahiro Hachigo

Executives of Honda

Motor Co., Ltd.

Executives

Main Products Motorcycles, automobiles, and power products

Capital (as of March 31, 2019) 86 Billion yen

No. of Associates

(As of March 31, 2019) 219,722 people (Consolidated basis)

22,675 people (Nonconsolidated basis)

Honda group companies 435 affiliated companies in and out of Japan (as of March 31, 2019)

Main Businesses

Motorcycles

Yearning to Give Everyone Freedom in Mobility

From commuter models loved all over the world, to fun-to-ride dynamic sports models, Honda manufactures a wide range of motorcycles that provide the convenience and pleasure of riding to customers worldwide.

In October 2017, the Super Cub, the world's most loved, ultra long-selling commuter model, reached an accumulated production of 100 million units. In 2018, Honda released several unique models, including a completely revamped Gold Wing Tour flagship tourer, and a new generation CB series, the CB1000R, CB250R and CB125R. Honda leads the motorcycle market, continuing to pursue even more joy of mobility.

Automobiles

Making World-class Cars with Our Own Hands

Manufactured at a specialized factory in North America, the NSX showcases Honda's cutting-edge technologies, and is assembled only by the most experienced associates. Its premium performance and quality is realized through 34 years of manufacturing in North America, and Honda's passion to "bring the joy of driving to this modern era."

To satisfy customers worldwide, Honda boasts a full range of cars, from the best-selling Civic and HR-V / Vezel global models, to the Ridgeline pickup truck for North America, and the N-BOX mini-vehicle for the Japanese-specific category. Acura, Honda's luxury brand in North America, China and other regions, produces high-quality cars in line with its brand slogan "precision crafted performance."

https://global.honda/about/profile.html

HONDA MOTOR CO., LTD. REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED MARCH 31, 2024

10 May 2024

Tokyo, May 10, 2024--- Honda Motor Co., Ltd. today announced its consolidated financial results for the fiscal year ended March 31, 2024.

Fiscal Year Results

Honda's consolidated sales revenue for the fiscal year ended March 31, 2024 increased by 20.8%, to JPY 20,428.8 billion from the fiscal year ended March 31, 2023, due mainly to increased sales revenue in Automobile business as well as positive foreign currency translation effects. Operating profit increased by 77.0%, to JPY 1,381.9 billion from the previous fiscal year, due mainly to an increase in profit attributable to price and cost impacts as well as sales impacts, which was partially offset by increased expenses. Profit before income taxes increased by 86.7%, to JPY 1,642.3 billion from the previous fiscal year. Profit for the year attributable to owners of the parent increased by 70.0%, to JPY 1,107.1 billion from the previous fiscal year.

Earnings per share attributable to owners of the parent for the year amounted to JPY 225.88, an increase of JPY 97.87 from the previous fiscal year. One Honda American Depository Share represents one common share.

Note: As of the effective date of October 1, 2023, the Company implemented a three-for-one stock split of its common stock to shareholders as of the record date of September 30, 2023. Earnings per share attributable to owners of the parent are calculated based on the assumption that the stock split had been implemented at the beginning of the year ended March 31, 2023.

Consolidated Statements of Financial Position for the Fiscal Year Ended March 31, 2024

Total assets increased by JPY 5,104.0 billion, to JPY 29,774.1 billion from March 31, 2023 due mainly to an increase in receivables from financial services, cash and cash equivalents as well as positive foreign currency translation effects. Total liabilities increased by JPY 3,600.5 billion, to JPY 16,768.2 billion from March 31, 2023 due mainly to increased financing liabilities as well as positive foreign currency translation effects. Total equity increased by JPY 1,503.5 billion, to JPY 13,005.8 billion from March 31, 2023 due mainly to increased retained earnings attributable to profit for the year as well as positive foreign currency translation effects.

Consolidated Statements of Cash Flows for the Fiscal Year Ended March 31, 2024

Consolidated cash and cash equivalents on March 31, 2024 increased by JPY 1,151.5 billion from March 31, 2023, to JPY 4,954.5 billion. The reasons for the increases or decreases for each cash flow activity, when compared with the previous fiscal year, are as follows:

Net cash provided by operating activities amounted to JPY 747.2 billion of cash inflows. Cash inflows from operating activities decreased by JPY 1,381.7 billion compared with the previous fiscal year, due mainly to an increase in payments for parts and raw materials as well as in receivables from financial services, which was partially offset by increased cash received from customers. Net cash used in investing activities amounted to JPY 867.2 billion of cash outflows. Cash outflows from investing activities increased by JPY 189.2 billion compared with the previous fiscal year, due mainly to increased payments for acquisitions of investments accounted for using the equity method.

Net cash provided by financing activities amounted to JPY 918.6 billion of cash inflows. Cash inflows from financing activities increased by JPY 2,387.0 billion compared with the previous fiscal year, due mainly to increased proceeds from financing liabilities.

https://global.honda/en/investors/library/financialresult/main/0/teaserItems3/06/linkList/0/link/FY202403_4Q_financial_result_e.pdf

Isuzu Motors Limited (JP: 72020)

About Isuzu

Corporate Data

We at Isuzu Motors are aggressively striving to create products and services that can truly satisfy our customers around the world. Considering CV (Commercial Vehicles) business as a core, Isuzu are dedicated to develop diesel engine business and LCV (Light Commercial Vehicles) business represented by pickup trucks/SUV which support our business development.

Isuzu aims at a company which grows with you by developing and offering various products, technologies and services that can make a valuable contribution to the livable earth and the affluent society progress.

Isuzu believes that you continue to give us your cordial support.

Name:

Isuzu Motors Limited

Established:

April 9, 1937

Head Office:

6-26-1 Minami-oi, Shinagawa-ku, Tokyo 140-8722, Japan

President:

Masanori Katayama

Business Operations:

Manufacture, sales and service of motor vehicles, internal combustion engines and components

Capital:

40.6 billion yen (As of March 2019)

Employees:

37,263 (Consolidated as of March 2019)

Our Corporate Vision

Isuzu will always mean the best

Our Corporate Mission

Trust, Action, Excellence

A global team delivering inspired products and services committed to exceeding expectations

Origin of the Isuzu Name

The name "Isuzu" appeared in the first trademark of 1934, when the current Isuzu's predecessor started mass producing vehicles that met government standards. The name comes from the Isuzu River near Japan's oldest shrine, the Ise Shrine of Mie prefecture. The name "Isuzu Motors Limited" was adopted in 1949.

https://www.isuzu.co.jp/world/investor/fact/profile.html

FY2024 Consolidated Financial Results

14 May 2024

1. Overview of Financial Results and Financial Position

(1) Overview of Consolidated Financial Results

(1) Financial Results for FY2024 ended March 2024

The total number of vehicles sold at home and abroad for the current fiscal year decreased by 84,835 units (11.3%) compared with the previous fiscal year to 666,809 units.

Vehicle unit sales in Japan rose by 5,084 units (8.8%) over the previous fiscal year to 62,932 units as the parts-shortage situation improved. Regarding overseas unit sales, due to the impact of inflation and rising interest rates, the unit sales of commercial vehicle (CV), i.e. truck and bus, dropped by 39,032 units (13.8%) year-on-year to 244,305 units, and the unit sales of light commercial vehicle (LCV), i.e. pick-up truck and its derivative vehicle, decreased by 50,887 (12.4%) year-on-year, mainly in Thailand, to 359,572 units.

Sales amounts of industrial engines fell by 5.1 billion yen (4.3%) year-over-year to 114.6 billion yen, and other sales grew by 33 billion yen (4.7%) year-over-year to 742 billion yen, thanks to a growth in business segments such as the vehicle life-cycle management business.

Consequently, net sales rose by 191.1 billion yen (6.0%) over the previous fiscal year to 3,386.7 billion yen, which comprised 1,108.9 billion yen posted for the Japanese market, up 12.0% year-on-year, and 2,277.8 billion yen for the rest of the world, up 3.3% year-on-year.

On the profit and loss front, the Company enjoyed an increase in operating income, which amounted to 293.1 billion yen, up 15.6% year-over-year, thanks to the price realization, cost reduction activities, and weaker Japanese yen, despite a profit decreasing impact due to severe market conditions mainly in emerging countries and fluctuations in such things as material costs. Ordinary income reached 313.0 billion yen, up 16.0% year-over-year, and net income attributable to owners of the parent company stood at 176.4 billion yen, up 16.3% year-over-year.

(2) Forecast for FY2025 ending March 2025

For FY2025 ending March 2025, we aim to increase the unit sales in the Japanese market through the sales expansion of new vehicle models with a full lineup and keep the overseas unit sales at the level of the previous fiscal year amid the overseas sales facing severe market conditions in emerging countries. Regarding LCV, the unit sales are expected to decrease significantly in Thailand due to severe market conditions, and the unit sales for export markets are also projected to fall due to the normalization of backorders.

As regards profits and losses, even though a decline in the LCV unit sales and the prices of such things as material costs are expected to further escalate, the Company expects to generate an operating income of 260 billion yen by trimming down the profit decrease through driving price realization and cost reduction initiatives.

The forecast full-year consolidated financial results for FY2025 ending March 2025 are as follows:

Net sales 3,350 billion yen

Operating Income 260 billion yen

Ordinary Income 275 billion yen

Net Income Attributable to Owners of Parent Company 160 billion yen *

This forecast for FY2025 is calculated by the Company based on information available at this moment of various markets around the world, as well as on the assumption about possible timing of recovery in demand. It also includes risks and uncertainties such as global economic trends and exchange rate fluctuations. The Company's actual consolidated financial results may differ considerably from the forecast above, which therefore should not be the sole basis for any investment decisions.

https://www.isuzu.co.jp/world/company/investor/financial/results/assets/pdf/kessan202403e_3.pdf

Mazda Motor Corporation (JP: 72610)

About Mazda

Company name

Mazda Motor Corporation

Founded

January 30, 1920

Headquarters

3-1 Shinchi, Fuchu-cho, Aki-gun, Hiroshima 730-8670 Japan

Representative

Akira Marumoto, Representative Director; President and CEO (Chief Executive Officer)

Main business

Manufacture and sales of passenger cars and commercial vehicles

Stock Information

Authorized: 1,200,000,000 shares Issued: 631,803,979

shares Number of shareholders: 162,708

Capital

284,000,000,000

Employees

Unconsolidated Total: 22,617 (Male: 20,538 Female: 2,079) (including dispatchees) Consolidated: 49,755

Research and development sites

Head Office, Mazda R&D Center (Yokohama), Mazda North American Operations (USA), Mazda Motor Europe (Germany), China Engineering Support Center (China)

Production sites

Japan: Hiroshima Plant (Head Office, Ujina), Hofu Plant (Nishinoura, Nakanoseki), Miyoshi Plant Overseas: China, Thailand, Mexico, Vietnam*1, Malaysia*2, Russia*2

Sales companies

Japan: 220, Overseas: 140

Principal products

Four-wheeled vehicles, gasoline reciprocating engines, diesel engines, automatic and manual transmissions for vehicles

https://www.mazda.com/en/about/profile/outline/

RESEARCH & DEVELOPMENT

R&D Sites

Mazda is dedicated to developing vehicles that are distinctive and innovative, using the latest and most advanced technologies to satisfy the diverse needs of customers worldwide. To accomplish this, Mazda created a global R&D network with operations in Japan, the United States, Germany and China.

https://www.mazda.com/en/about/

Consolidated Financial Results For the Fiscal Year Ended March 31, 2024

10 May 2024

(1) Overview of Financial Results

In the business environment surrounding the Mazda Group in the fiscal year ended March 31, 2024, the global economy as a whole showed signs of recovery as economic activities returned to normal following the end of the COVID-19 pandemic. Nevertheless, the outlook continued to remain uncertain due to the prolonged Russia-Ukraine crisis, the outbreak of conflicts in the Middle East, and concerns about an economic slowdown amid global financial tightening.

Under these conditions, we faced various logistics constraints including a shortage of vessels, congestion at unloading ports, and longer transportation periods due to rerouting. To secure profits in this environment, in addition to introducing a range of Large Product lineup, we implemented various measures to strengthen sales such as shifting product destinations to markets where sales are strong and reviewing our model mix, sales prices, and equipment. At the same time, we worked to improve management efficiency by increasing investment efficiency and inventory turnover. In addition, we have been promoting initiatives such as electrification to realize our 2030 management policy. In November last year, we established Electrification Business Division (e-Mazda for short) to accelerate the shift of resources to the electrification business. We are steadily working toward the introduction of our first battery electric vehicle with a dedicated battery electric vehicle platform in 2027.

In terms of products, during the consolidated fiscal year ended March 31, 2024, we commenced sales of the Mazda CX-90 in North America in April 2023 and later in other parts of the world. In November of the same year, we released the Mazda MX-30 Rotary-EV in Japan. At the Japan Mobility Show 2023 in October last year, we unveiled the Mazda Iconic SP, a compact sports car concept designed to adapt to a new era. This model features Mazda's unique two-rotor rotary-EV system, which remains compact and thus offers a high degree of layout flexibility, enabling the concept model to have a low center of gravity that enhances driving performance.

Mazda will redouble its efforts to further cultivate people's love of cars through human-centered research and development and unique brand experiences, and will win the support of customers by continuing to evolve Mazda's signature driving pleasure through technology that is in tune with the times and the creation of exciting moving experiences.

[Global sales]

Global sales volume for the fiscal year was 1,241 thousand units, up 11.8% year on year. In addition to strong performance in the United States, growth in vehicle sales was driven by Large Products, the newly introduced CX90 and the Mazda CX-50, which is manufactured at the Alabama plant in the U.S.

Sales declined 2.8% year on year to 160 thousand units amid increasingly intense competition, particularly for crossover SUVs. The improved Roadster, a product upgrade model, introduced in January this year, has been performing well.

North America

In the United States, sales were driven by the newly introduced CX-90 and the CX-50, following an increase in production volume with the start of two-shift operations at the Alabama plant, resulting in a 24.6% record-high growth in sales to 375 thousand units. Performance in North America as a whole was also strong, with a 26.4% year-on-year growth in sales to 514 thousand units, thanks to robust sales in Canada and Mexico.

Europe

Increased sales in major markets such as Germany and the UK boosted sales in Europe by 12.6% year on year to 180 thousand units. By model, the Mazda CX-60 and Mazda CX-30 in particular contributed to the increase in sales.

China

Sales of the Mazda3, Mazda CX-5, and newly introduced CX-50 contributed to an increase in sales volume, resulting in a 14.7% increase year on year to 97 thousand units.

Other Markets

In Australia, one of Mazda's major markets, the newly introduced CX-60, the CX-3 and CX-30 contributed to an increase in sales, resulting in an 8.0% year-on-year growth to 98 thousand units. In other markets as a whole, however, overall sales declined 1.7% year on year to 289 thousand units due to a contraction in sales in Thailand and other ASEAN markets.

(Consolidated Financial Results)

Financial performance on a consolidated basis for the first nine months of the fiscal year ending March 31, 2024 was as follows. Net sales amounted to ¥3,566.5 billion, an increase of ¥870.2 billion or 32.3% compared to the corresponding period in the previous fiscal year. Operating income amounted to ¥200.2 billion, an increase of ¥90.7 billion or 82.9% compared to the corresponding period in the previous fiscal year. Ordinary income amounted to ¥239.0 billion, an increase of ¥103.6 billion or 76.5% compared to the corresponding period in the previous fiscal year. Net income attributable to owners of the parent amounted to ¥165.5 billion, an increase of ¥61.9 billion or 59.8% compared to the corresponding period in the previous fiscal year, reflecting the factors such as income taxes of ¥68.8 billion.

Consolidated Financial Position and Cash Flows

Overview of Financial Position

As of March 31, 2024, total assets increased ¥532.5 billion from the end of the previous fiscal year, to ¥3,791.8 billion. Total liabilities increased ¥231.9 billion from the end of the previous fiscal year to ¥2,034.4 billion. Net assets as of March 31, 2024 increased ¥300.6 billion from the end of the previous fiscal year to ¥1,757.4 billion, reflecting net income attributable to owners of the parent of ¥207.7 billion and others. Equity ratio increased 1.6 percentage points from the end of the previous fiscal year to 45.8% (Percentage after consideration of the equity credit attributes of the subordinated loan was 46.7%).

(Assets, Liabilities and Net Assets)

As of December 31, 2023, total assets increased ¥255.8 billion from the end of the previous fiscal year, to ¥3,515.0 billion. Total liabilities increased ¥71.6 billion from the end of the previous fiscal year to ¥1,874.1 billion.

Net Assets as of December 31, 2023 increased ¥184.1 billion from the end of the previous fiscal year to ¥1,640.9 billion, mainly reflecting net income attributable to owners of the parent of ¥165.5 billion. Equity ratio increased 2.0 percentage points from the end of the previous fiscal year to 46.2% (Percentage after consideration of the equity credit attributes of the subordinated loan was 47.1%).

Overview of Cash Flows

Cash and cash equivalent as of March 31, 2024 increased ¥202.2 billion from the end of the previous fiscal year to ¥919.3 billion. Interest-bearing debt as of March 31, 2024 decreased ¥47.7 billion from the end of previous fiscal year to ¥567.8 billion. As a result, we are in a net cash position of ¥351.5 billion. Cash flows for the fiscal year ended March 31, 2024 by activities were as follows.

Cash flows from operating activities

Net cash provided by operating activities was ¥418.9 billion, mainly reflecting income before income taxes of ¥298.3 billion, additionally a decrease in inventories, etc. (For the previous fiscal year, net cash provided by operating activities was ¥137.4 billion.)

Cash flows from investing activities

Net cash used in investing activities was ¥179.9 billion, mainly reflecting capital expenditure for the purchase of property, plant and equipment and loans receivable. (For the previous fiscal year, net cash used in investing activities was ¥99.4 billion.) As a result, consolidated free cash flow (net of operating and investing activities) was positive ¥239.0 billion. (For the previous fiscal year, consolidated free cash flow was positive ¥38.0 billion.)

Cash flows from financing activities

Net cash used in financing activities was ¥84.7 billion, mainly reflecting the repayments of long-term loans payable. (For the previous fiscal year, net cash used in financing activities was ¥89.9 billion.)

Financial Forecast

For the next fiscal year ending March 31 2025, we are targeting further top-line growth. In terms of sales, we expect an increase in unit sales, mainly driven by four Large Products that are globally available. In terms of the consolidated business forecast, operating income is expected to reach a new record high as a result of a further volume growth, especially of Large products, and an improvement in variable profit per unit.

https://www.mazda.com/globalassets/en/assets/investors/library/result/files/result20240510_e.pdf

Mitsubishi Fuso Truck & Bus Corporation

About Mitsubishi Fuso

The FUSO brand is known for its trusted quality, economic efficiency, solid & functional design and committed services. FUSO is the leading Japanese brand across many markets, known for its track record of technological innovations and high customer satisfaction based on the lowest total cost of ownership.

http://www.mitsubishi-fuso.com/en/aboutus/fusobrand/history.html

Corporate Profile

Shaping future transportation:

FUSO is an integral part of Daimler AG, one of the world's most successful automotive companies. With its divisions for Mercedes-Benz passenger cars and vans, Daimler trucks and buses, and financial services, the Daimler Group is a leading global vehicle manufacturer and the world's biggest manufacturer of commercial vehicles with a global reach. FUSO serves as a center for the development of light-duty trucks and hybrid technologies. Together with BharatBenz, FUSO is a corporation that represents Daimler Trucks Asia.

Company Name:

Mitsubishi Fuso Truck and Bus Corporation

Head Office:

10 Ohkura-cho, Nakahara-ku, Kawasaki-shi,

Kanagawa, 211-8522 Japan

Tel : +81-44-330-7700

Chairman of the Board:

Kazuo Matsunaga

President & CEO:

Hartmut Schick

Capital:

35 Billion yen

Established:

January 6, 2003

Employees:

About 10,000

(December 2015)

Major shareholder:

Daimler Truck AG (89.29%)

Mitsubishi group companies (10.71%)

https://www.mitsubishi-fuso.com/content/fuso/en/aboutus/corporate_profile/index.html

FUSO shows strong performance, Daimler Truck achieves record revenues in 2023

Daimler Truck achieved record results in 2023 including a 10% increase in revenue and a 39% increase in adjusted EBIT*

Trucks Asia segment** increased unit sales, revenue, EBIT and RoS above 2022 levels

MFTBC achieved record ZEV group sales, debuted all-electric eCanter in multiple international markets

MFTBC achieved 2nd highest sales of all time in Europe, best-ever after-sales revenue

Stuttgart, Germany/Kawasaki, Japan - Mitsubishi Fuso Truck and Bus Corporation (MFTBC; headquarters: Kawasaki City, Kanagawa Prefecture; President and CEO: Karl Deppen) announces that majority shareholder Daimler Truck achieved financial targets for 2023.

* Daimler Truck once again increased its unit sales worldwide in 2023 despite supply bottlenecks in important regions, selling 526,053 trucks and buses (2022: 520,291 units). The company benefitted from strong demand in its key markets to deliver record-level results in revenue of [euro]55.9 billion (2022: [euro]50.9), adjusted EBIT [euro]5, 489 million (2022: [euro]3,959), and free cash flow for a robust outlook for 2024.

* The group's Trucks Asia segment, which includes the FUSO brand, increased unit sales by 3% to 161,171 units and increased revenue by 9% to [euro]7,060 million. Adjusted EBIT increased by 93% to [euro]330 million and adjusted RoS reached 4.7%.

* In Europe, FUSO achieved its highest sales result since 2007 with more than 10,000 units in sales, a 14% increase from 2022. Vehicle production also increased by 10%, including more than 600 eCanters. Additionally, FUSO Europe achieved its best after-sales revenue to date with a record year in both the parts and remanufactured parts businesses. Europe remains a key ZEV market and an active base for eCanter activities including sales training, fleet testing, drive events, and sales.

* FUSO eCanter sales reached an all-time high with 1,680 units in 2023. Since launching the eCanter in Japan in 2017 as the first all-electric light-duty truck in series production, MFTBC has continued to expand eCanter sales to global markets, aided by the offering of eMobility solutions such as FUSO Green Lease***, which was designed specifically to help customers transition to EV fleets.

The new eCanter officially launched in Chile in August 2023, and more recently in Hong Kong in January of 2024, demonstrating MFTBC as an industry leader in the light-duty ZEV segment.

The new eCanter debuted at trade shows in other core FUSO markets including Indonesia and Australia, with prelaunch orders also received from Taiwan. This shows MFTBC's commitment to ZEVs on a global level with more launches planned internationally in 2024, and reflects the strong demand of customers for EV trucks and related services worldwide.

Overall, MFTBC has achieved strong results in key markets, despite supply chain bottlenecks and global logistics. As part of Daimler Truck, MFTBC keeps working towards its ambitions to lead the industry's transformation to zero-emission transportation, as well as to lead in sustained profitability.

"Daimler Truck Asia and MFTBC achieved excellent results in 2023," said Karl Deppen, Head of Daimler Truck Asia and President & CEO of MFTBC . "We are truly grateful for the support and loyalty of our customers, employees and partners who contributed to these achievements - Our unit sales climbed 3% and revenue was up by 9%. In addition to that, our adjusted EBIT increased even further. This shows our commitment to resilient financial performance and our ability to be sustainably successful. In particular, our FUSO brand demonstrated strong leadership in the ZEV market, thanks to the introduction of our latest all-electric eCanter in multiple international markets and the welcoming reception of customers worldwide."

*Figures provided by Daimler Truck Holding AG

**Trucks Asia develops, manufactures, and sells commercial vehicles under the FUSO, RIZON and BharatBenz brands. It also sells commercial vehicles under the Mercedes-Benz brand in the Asian region.

*** FUSO Green Lease is a lease product exclusively for the new eCanter, designed to meet the specific needs of EV trucks. This package covers all items necessary for the introduction and operation of EV trucks, including the eCanter vehicle itself, vehicle maintenance services, and special warranties. Created by Daimler Truck Financial Services Asia Co., Ltd (Headquarters: Minato-ku, Tokyo, Representative Director and CEO: Hans-Georg von Gumppenberg), this product facilitates the introduction and operation of the eCanter and supports safer, more secure, and more efficient EV truck operations. Currently only available in Japan.

https://www.mitsubishi-fuso.com/en/news-main/press-release/2024/03/04/fuso-shows-strong-performance-daimler-truck-achieves-record-revenues-in-2023/

Mitsubishi Motors Corporation (JP: 72110)

About Mitsubishi

We aim for profit-oriented, sustainable growth.

Although MMC is relatively small compared to its competitors, we have unique strengths that play a major role on the technology and product fronts in our core markets. For example, the Outlander PHEV is the world's biggest-selling plug-in hybrid, and our four-wheel control technology provides unique value. Looking beyond the technology and product fronts, MMC also has solid traditions and a rich corporate culture. We are proud to be a member of the Mitsubishi Group-one of Japan's strongest corporate groups-and we play a major role as a member of a robust automaker alliance.

I am extremely pleased to have been appointed COO of such a company, and I aim to make MMC an even more appealing company.

Fiscal Year Ending March 31, 2020: The Run-up Period to a New Mid-Term Business Plan

In the year ended March 31, 2019, our operating performance was robust, but certain issues have begun to surface regarding our growth trajectory to date, highlighted by the increasing number of difficulties in our operating environment. For this reason, we are revising our management direction and adopting a focus on sustainable profitability. We will follow the "selection and concentration" approach to prioritize profitability over scale even if the trajectory of our V-shaped recovery flattens.

Fiscal 2019 will be extremely important, as it marks the final year of our current mid-term business plan, as well as being the run-up period to our next midterm business plan. Under our new CEO, Takao Kato, we will make every effort to ensure that MMC is "small but beautiful."

Regional Strategies

First, even more than in the past we will invest resources in the ASEAN region-an area of strength for MMC-reinforcing sales in terms of both quality and quantity. We aim to expand the market with the XPANDER, which is popular not just in Indonesia but also in the Philippines, Thailand and surrounding countries; the new Triton, which we launched in Thailand in 2018; and the new Pajero Sport, which we launched in Thailand in July 2019.

In addition to the new eK Wagon and the eK X, in our home market of Japan, we will launch a new model that we expect to serve as an engine of growth. We will also renew existing vehicle models, such as the RVR. By enhancing our sales network, after-sales service and sales financing, and providing customers with services throughout the value chain, we aim to maintain a firmly profitable structure.

Our market share in Oceania is similar to that in the ASEAN region. Oceania, and particularly resourceproducing Australia, has been hit hard by China's economic deceleration. We will focus on selling SUVs and light commercial vehicles-categories slated for further market growth-to further increase our market share.

In China, we will reinforce our sales network, enhance our service level and make more effective use of online advertising to fortify our sales structure both qualitatively and quantitatively. To underpin our growth in this market, we have begun manufacturing engines locally. Moving toward 2020, we plan to expand our R&D facilities there. With fuel efficiency requirements growing more stringent in China, we will need to adopt electric vehicle initiatives. We will strengthen our partnership with Guangzhou Automobile Group and work to enhance our foundations and expand our business there in a bid for sustainable growth.

In North America, demand is shifting rapidly from sedans to SUVs, and competition in this segment is heating up. We will address this situation by further augmenting our selling capabilities, continuing to enhance our brand image and level of awareness, thoroughly controlling costs and managing the business with a keen eye to profits.

Ashwani Gupta

Representative Executive Officer, COO

We will ensure stable profitability by selecting investments carefully and managing costs thoroughly.

Fiscal 2018 in Review

Sales volume (retail) was up year on year across all regions, rising 143,000 units (13%) to 1,244,000 units. In the ASEAN region, sales volume increased 17% to 318,000 units as we launched the XPANDER in the Philippines, Thailand and Vietnam, as well as Indonesia. In Japan, sales of the Eclipse Cross, the Outlander PHEV and the new-model Delica D:5 increased, boosting sales volume 7% to 105,000 vehicles as recovery continued. We also launched new-model keicars, the eK Wagon and the eK X, at the end of the year ended March 31, 2019. In addition, sales volume exceeded our initial forecasts in all regions, including mainstay Oceania and focus regions such as North America, China, and other areas.

Net sales rose ¥322.2 billion (15%) year on year to ¥2,514.6 billion; operating profit expanded ¥13.6 billion (14%) to ¥111.8 billion; and profit attributable to owners of the parent grew ¥25.3 billion (24%) to ¥132.9 billion.

Outlook for the Year Ending March 31, 2020

In the upcoming fiscal year, we expect sales volume (retail) and net sales to outpace levels for the year ended March 31, 2019, reaching 1,305,000 vehicles and ¥2,580.0 billion, respectively. We expect profit to decrease, however, and are targeting operating profit of ¥90.0 billion and profit attributable to owners of the parent of ¥65.0 billion.

In addition to global fluctuations in demand, we are considering exchange rate fluctuations and other external environmental factors as thoroughly as possible, against an international backdrop characterized by mounting uncertainty due to trade friction.

We are also being affected significantly by ballooning R&D investment into next-generation vehicles that will respond to demands for stringent environmental regulations and technological innovation. If the higher fixed costs stemming from aggressive investment can be covered through higher sales, it will be possible to achieve a balanced level of growth. In reality, however, we face growing concerns about a global economic slowdown and the difficulties of boosting sales to match our anticipatory investment.

We have adjusted our management direction from the previous focus on rapid growth to being "Small but Beautiful." In line with this strategy, we will vet investments carefully and strive to curtail major rises in fixed costs.

Koji Ikeya

Representative Executive Officer, Executive Vice President CFO

Source: Mitsubishi Motors Corporation Annual Report 2019

https://www.mitsubishi-motors.com/content/dam/com/ir_en/pdf/annual/2019/annual2019.pdf

Consolidated Financial Results for FY 2023 Full Year (April 1, 2023 through March 31, 2024)

8 May 2024

https://www.mitsubishi-motors.com/en/investors/library/pdf/financial/2024/240508_FY23Q4_1e.pdf

Nissan Motor Co., Ltd. (JP: 72010)

About us

Established in Yokohama City, Kanagawa Prefecture in 1933, Nissan Motors Co., Ltd. Currently manufactures vehicles in 20 markets around the world, including Japan. Nissan offers products and services in more than 160 markets worldwide.

As of September 16, 2019

Company Name

Nissan Motor Co., Ltd.

Representative Executive Officer, Acting President and CEO

Yasuhiro Yamauchi

Registered Head Office

2, Takara-cho, Kanagawa-ku, Yokohama-shi, Kanagawa 220-8623, Japan

Headquarters

1-1, Takashima 1-chome, Nishi-ku, Yokohama-shi, Kanagawa

220-8686, Japan

TEL. 81(0)45-523-5523

Business Outline

Manufacturing, sales and related business of automotive products.

Date of Establishment

December 26, 1933

Paid-in Capital

605,813 million yen

Stock Information

Number of authorized shares:6,000,000,000

Common stock (issued and outstanding):4,220,715,112

Number of shareholders:571,797

Number of Employees

22,791 (non-consolidated basis)

138,893 (consolidated basis)

https://www.nissan-global.com/EN/COMPANY/PROFILE/

NISSAN

Nissan continues its quest to optimize product development and deliver highly innovative technology. Today, in various countries and regions around the world, we enjoy a stellar reputation for creating truly innovative vehicles and service programs.

INFINITI

The Infiniti brand is highly regarded for its advanced design and powerful performance in each of its markets, including the U.S., Canada, Russia, the Middle East and Korea. With its highly refined style and responsiveness, Infiniti promises a driving experience with unparalleled appeal.

Datsun

Datsun will provide an appealing and sustainable motoring experience to optimistic up-and-coming customers in high-growth markets. Datsun combines Nissan Motor's 80 years of Japanese car-making expertise with the nearly century-old Datsun Brand DNA. Datsun vehicles will be Local Products ensured by a Global Brand, and starts sales in India, Indonesia, Russia and South Africa from 2014.

https://www.nissan-global.com/EN/PRODUCTS/

Nissan reports financial results for fiscal year 2023

9 May 2024

In brief:

Full year operating profit of 568.7 billion yen, up +51% year over year

Solid free cash flow of 323 billion yen and operating profit of 260 billion yen in the automotive business for the full year

FY24 operating profit forecasted at 600 billion yen and annual dividend forecasted to be 25 yen or more per share

Full year operating profit of 568.7 billion yen, up +51% year over year

Solid free cash flow of 323 billion yen and operating profit of 260 billion yen in the automotive business for the full year

FY24 operating profit forecasted at 600 billion yen and annual dividend forecasted to be 25 yen or more per share

YOKOHAMA, Japan - Nissan Motor Co., Ltd. today announced financial results for the full year and the fourth quarter of fiscal year 2023, ending March 31, 2024.

Full year financial results

Nissan has strengthened its business foundation by steadily implementing key initiatives under the Nissan NEXT business transformation plan. In FY2023, the final year of the plan, despite a very challenging business environment, Nissan has been continuously improving the quality of sales in each market.

Global sales remained at 3.44 million units impacted by intensified sales competition. Nissan's consolidated net revenue was 12.686 trillion yen, resulting in an operating profit of 568.7 billion yen with an operating margin of 4.5%. This was due to logistics, other risks such as the Noto Earthquake and various cost relief made to suppliers such as inflation, and other factors.

Net income 1 was 426.6 billion yen. Automotive net cash was 1.546 trillion yen. The increase in operating profit and net income compared to the April 19 forecast revision is due to the reversal of previously recorded litigation provision.

Nissan plans to propose the payment of a yearend dividend of 15 yen per share for fiscal year 2023 at the general shareholders meeting.

TSE report basis - China JV equity basis 2

Yen in billions

FY 2022

FY 2023

Variance vs FY22

Revenue

10,596.7

12,685.7

+2,089.0

Operating profit

377.1

568.7

+191.6

Operating margin %

3.6%

4.5%

+0.9 ppt

Ordinary profit

515.4

702.2

+186.7

Net income 1

221.9

426.6

+204.7

Based on average foreign exchange rates of 145 JPY /USD and 157JPY /EUR for FY2023

On a China joint venture proportionate basis, operating profit was 570 billion yen, which equates to a 4.2% operating margin and net income 1 was 426.6 billion yen.

Fourth quarter financial highlights

In the fourth quarter of fiscal year 2023, consolidated net revenue was 3.514.3 trillion yen, consolidated operating profit was 90.3 billion yen, and operating profit margin was 2.6%. Net income 1 in the fourth quarter was 101.3 billion yen.

TSE report basis - China JV equity basis 2

Yen in billions

FY22 4Q

FY23 4Q

Variance vs FY22

Revenue

3,097.0

3,514.3

+417.3

Operating profit

87.4

90.3

+2.9

Net income 1

106.9

101.3

-5.6

Based on average foreign exchange rates of 149 JPY/USD and 161 JPY/EUR for FY23 Q4

FY2024 outlook

Nissan expects the business to continue to face intense competition and inflationary pressure.

With the Arc business plan, Nissan will aim for steady growth toward achieving its targets with attractive and competitive products.

The company has filed the following fiscal year forecasts with the Tokyo Stock Exchange. Calculated under the equity accounting method for Nissan's joint venture in China, the forecasts for the fiscal year ending March 31, 2025, are:

FY2024 outlook TSE report basis - China JV equity basis 2 (yen in billions)

Net revenue

13,600.0

Operating profit

600.0

Net income 1

380.0

Annual dividend per share (yen)

FY2023

20 yen

FY2024 (Outlook)

25 yen or more

Commenting on the results, Nissan president and CEO Makoto Uchida said: "Through our Nissan NEXT initiatives, we have been working to strengthen our business foundation. From fiscal year 2024, we have launched a new business plan, 'The Arc'. We aim to achieve sustainable, profitable growth while providing high value to customers. We will do this step by step with a balanced product portfolio and by implementing optimal business strategies in response to market conditions and customer needs."

1. Net income attributable to owners of the parent

2. Since the beginning of fiscal year 2013, Nissan has reported figures calculated under the equity method accounting for its joint venture with Dong Feng in China. Although net income reporting remains unchanged under this accounting method, the equity-accounting income statements no longer include Dong-Feng-Nissan's results in revenues and operating profit.

* The financial forecast is based on judgements and estimates that have been made using currently available information. By nature, such financial forecast is subject to uncertainty and risk. Therefore, the final results may differ from the aforementioned forecast.

https://global.nissannews.com/en/releases/240509-01-e

Subaru Corporation (JP: 72700)

About Subaru

Ever since the Subaru 360 was released in 1958, SUBARU has been consistently aiming to produce vehicles that offer high safety in all road conditions, excellent driving performance, and intelligent packaging. This concept is applied to each and every vehicle that SUBARU produces. SUBARU's Symmetrical All Wheel Drive (AWD) was developed as an extension of this concept. And the power train has been designed to be perfectly symmetrical left and right with the compact, low center of gravity Horizontally-Opposed Engine (SUBARU BOXER) at its heart. SUBARU believes that these technologies enable owners to control their vehicles exactly as they intend to, and it is this level of ideal performance that SUBARU is striving for. And this is backed with reliable driving performance in any weather and road conditions. Driving safety is also fine-tuned to exceptional levels together with crash safety and prevention safety.

Sustainability

Vehicle production with the environment in mind

Manufacturing cars requires a tremendous amount of energy and resources. Subaru believes that reducingthe environmental impact while manufacturing vehicles is the sole responsibility of vehicle manufacturers.

Recycling

Recovering useful materials from used vehicles for new vehicles

Subaru recovers bumpers, steel, shredder dust, airbags and CFC substitutes from used vehicles in an attempt to make effective use of these limited resources. Improving the recycling potential requires vehicles to be constructed with recycling in mind from the design stage. Steps include using materials that can easily be recycled, a structure that can be easily dismantled, and labels on materials.

* Residue remaining after sorting metals from vehicles that have been crushed by a shredder. Also called ASR (Automobile Shredder Residue).

Factory

Clean factories for green vehicle production

Since FY2004, Subaru plants in Japan and overseas continue to achieve "Zero-emission factory status," where waste generated at factories during the production process is reduced to zero. Combined with energy-efficient production processes and lower water consumption, Subaru is seeking a more environmental approach to vehicle production. Recycling and the use of returnable packaging materials has been adopted on the logistical side of production logistics, such as transporting components and parts, with every stage of vehicle production tailored to present a lower burden on the environment.

http://www.subaru-global.com/about/

Subaru Corporation Announces Consolidated Financial Results for FYE 2024

Tokyo, May 13, 2024 - Subaru Corporation today announced its consolidated financial results for the fiscal year ended March 31, 2024.

Results for FYE 2024: Consolidated Revenue

Despite continued parts supply constraints, particularly for semiconductors, and logistical challenges, the impact was minimized through various initiatives, including flexible adjustment of production plans. As a result, global production increased 10.9% to 970,000 units.

Production in Japan rose 4.7% to 602,000 units, while production in the U.S. grew 23.0% to 368,000 units. As a result of the production increase, global unit sales rose 14.5% to 976,000 units, led by steady sales in the key North American market.

Consolidated revenue rose 24.6% to 4,702.9 billion yen, due to factors including the increase in sales volume and the positive impact of foreign exchange rates.

Results for FYE 2024: Consolidated Profit and Loss

As factors such as increased sales volume and the positive impact of foreign exchange rates more than offset the increase in SG&A expenses, operating profit rose 75.0% to 468.2 billion yen, profit before tax grew 91.3% to 532.6 billion yen, and profit for the period attributable to owners of parent increased 92.1% to 385.1 billion yen.

Forecast for FYE 2025

Global unit sales are projected at 980,000 units (up 0.4% y/y), with solid sales expected especially in the key U.S. market.

While SG&A expenses are expected to decrease, the Company forecasts revenue of 4,720 billion yen (up 0.4% y/y), operating profit of 400 billion yen (down 14.6% y/y), profit before tax of 420 billion yen (down 21.1% y/y), and profit for the period attributable to owners of parent of 300 billion yen (down 22.1% y/y), reflecting higher R&D expenses and sales incentives, as well as the impact of foreign exchange rates.

Forecasts for FYE 2025 are based on exchange rate assumptions of 142 yen to the U.S. dollar and 153 yen to the euro.

Notes on figures in the results:

Vehicle volume figures are rounded to the nearest thousand. Yen figures are rounded to the nearest hundred million.

Forward-looking statements in this document, including financial and other projections, are based on information available at the time of publication and are subject to various risks and uncertainties that could cause actual results to vary materially.

Reference for FYE 2024 Consolidated Financial Results

https://www.subaru.co.jp/news-en/2024_05_13_160748/

Suzuki (JP: 7269)

About Suzuki

Outline

Starting business in 1909 as Suzuki Loom Works, the firm was incorporated in 1920. Since foundation in Hamamatsu, Japan, SUZUKI has steadily grown and expanded. During the post-W.W.II period, our auxiliary bicycle engine 'Power Free'* which earned a good reputation was followed by our 125cc motorcycle 'Colleda', and later by the pioneering 'Suzulight'* minicar that helped brtoyotaing Japan's automotive revolution. Each of these was epoch-making in their own right as they were developed and manufactured by optimising the most advanced technologies of that period. Today, constantly going forward to meet changing lifestyles, the SUZUKI name is seen on a full range of motorcycles, automobiles, outboard motors and related products such as motorised wheelchairs and industrial equipment. The

trademark is recognised by people throughout the world as a brand of quality products that offer both reliability and originality. SUZUKI stands behind this global symbol with a sure determination to maintain this confidence in the future as well, never stopping in creating such advanced 'value-packed products'.

https://www.globalsuzuki.com/corporate/outline/index.html

Research & Development

SUZUKI develops "value-packed products" for the new generation and changeable lifestyles, constantly creating new technologies and applying them to the products with affluent imagination. Applying this philosophy and approach to our R&D, the SUZUKI teams cover a wide range of the latest advances in such fields as energy, environmental, electronics, communication, information and control applications. All this R&D energy is devoted to the output of products that meet the challenge of the next generation.

https://www.globalsuzuki.com/corporate/rd/index.html

Consolidated Financial Summary for FY2023

13 May 2024

Consolidated Operating Results for FY2023 (April 1, 2023 -March 31, 2024)

https://www.globalsuzuki.com/ir/library/financialresults/pdf/2023/financial_summary.pdf

Toyota Motor Corporation (NYSE: TM, JP: 72030)

About Toyota

Company Name

Toyota Motor Corporation

President and Representative Director

Akio Toyoda

Establishment

August 28, 1937

Capital 635 billion yen

Number of Staff 74,515 (Consolidated 370,870)

(As of March 31, 2019

Financial Results: FY ended 3/'19(Consolidated*)

Net Revenues 30,226 billion yen

Operating Income 2,468 billion yen

Net Income 1,883 billion yen

*Consolidated subsidiaries: 608 companies Affiliates under equity method: 63 companies

Head Office: 1 Toyota-Cho, Toyota City, Aichi

https://global.toyota/pages/global_toyota/company/profile/overview/company_profile_en.pdf

"Bringing the joy and freedom of movement to all"-This is the future mobility society that we envision. We will continue to create mobility that is valued and cherished. Moving forward, Toyota will provide a diverse range of mobility services and transportation solutions to people around the world as we transform Toyota into a mobility company. However, we cannot do everything within the Toyota Group alone. We will take on the challenges of the future alongside the help of a wide range of partners.

A Once-in-a-Century Period of Profound Transformation as Toyota shifts toward a mobility company. As we endeavor toward a future mobility society, we will remain committed to the consistent production of ever-better cars, to create mobility that is valued and cherished.

https://global.toyota/en/sp/mobility-for-all/

https://global.toyota/en/

FY2024 Consolidated Financial Results

Consolidated Results for FY2024 (April 1,2023 through March 31, 2024)

8 May 2024

https://global.toyota/pages/global_toyota/ir/financial-results/2024_4q_summary_en.pdf

UD Trucks (SEK: VOLV A)

About us

UD Trucks is a leading Japanese commercial vehicle solutions provider, active in more than 60 countries on all continents.

Since its inception in 1935, the company has been an innovation leader with a clear vision to provide the trucks and services the world needs today.

The company is committed to go the extra mile for smart logistics with the most dependable solutions for demanding customers.

To best support across applications and geographies, UD Trucks offers a full range of heavy duty trucks - Quon and Quester, medium duty trucks - Condor and Croner,and light duty trucks - Kazet and Kuzer, as well as associated operational and financial services.

In 2018 the company introduced it's innovation roadmap "Fujin & Raijin. Vision 2030" under the theme Innovation for Smart Logistics.

https://www.udtrucks.com/about-us/company/company-profile

FY2023 Consolidated Financial Results

5 August 2022

1. Qualitative Information Concerning Consolidated Financial Results for FY2023 First Quarter

(1) Overview of Consolidated Financial Results

Commercial vehicle demand, especially in overseas markets, remained steady in the current fiscal year's first quarter. The total number of vehicles sold at home and abroad during the quarter rose by 19,568 units (15.2%) compared with the same period last fiscal year to 148,323 units, despite the negative impact on the production caused by disrupted supply chains.

Vehicle unit sales in Japan fell by 3,543 units (26.5%) over the same period last fiscal year to 9,850 units, due to the aforementioned negative influence on the manufacturing. The number of vehicles sold abroad increased by 23,111 units (20.0%) year-on-year to 138,473 units, mainly due to an increase in sales volumes of pickup trucks thanks to improved parts supply.

As regards sales amounts of products other than vehicles, sales of parts for overseas production rose by 2.6 billion yen (25.2%) year-on-year to 13.0 billion yen, engine and component sales increased by 2.1 billion yen (5.4%) year-on-year to 42.1 billion yen, and other sales grew by 45.4 billion yen (40.3%) year-on-year to 158.3 billion yen.

Consequently, net sales rose by 158.5 billion yen (29.9%) over the same period last fiscal year to 688.2 billion yen, which comprised 207.6 billion yen posted for Japan, up 20.4% year-over-year, and 480.5 billion yen for the rest of the world, up 34.6% year-over-year.

On the profit and loss front, this quarter as a whole resulted in increased sales but lower profits, compared with the same period last fiscal year: Operating income amounted to 54.7 billion yen, down 7.7% year-on-year, as improved sales volumes and favorable foreign exchange rates were more than offset by increases in material and freight costs. Ordinary income reached 58.8 billion yen, down 5.4% year-on-year, and net income attributable to owners of the parent stood at 36.0 billion yen, down 22.4% year-on-year

(2) Overview of Consolidated Financial Position

Total assets as of the end of the current fiscal year's first quarter rose by 75.1 billion yen from March 31, 2022 to 2,931.2 billion yen, mainly due to increases in inventories of 78.9 billion yen, cash and deposits of 30.9 billion yen, and other tangible fixed assets of 11.7 billion yen, partially offset by decreases in notes and accounts receivable, and contract assets of 27.0 billion yen and investment securities of 17.2 billion yen owing to a fall in market values of listed shares and a disposal of DMAX, Ltd. shares.

Liabilities increased by 24.1 billion yen from March 31, 2022 to 1,485.9 billion yen, mainly because of an increase in interest-bearing liabilities of 35.2 billion yen, partially offset by a decrease in notes and accounts payable of 9.9 billion yen.

Net assets grew by 50.9 billion yen from March 31, 2022 to 1,445.3 billion yen, mainly due to 36.0 billion yen posted as net income attributable to owners of the parent and an increase in foreign currency translation adjustment of 33.4 billion yen, partially offset by a decrease in retained earnings of 28.7 billion yen as a result of dividend payments.

The capital adequacy ratio stood at 41.9%, compared with 41.8% as of March 31, 2022.

Interest-bearing liabilities rose by 35.2 billion yen from March 31, 2022 to 565.6 billion yen.

https://www.isuzu.co.jp/world/company/investor/financial/results/assets/pdf/con202303e_1.pdf

ACQ_REF: IS/43976/20240618/JPN/24/2

ACQ_AUTHOR: Associate/Mohammad Azhar Bin Mazlan

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