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Annual Report 2009Honda Motor Co., Ltd.
Annual Report 2009
Year Ended March 31, 2009
Honda Motor Co., Ltd.

Table of contents

  • Page 1
    Honda Motor Co., Ltd. Annual Report 2009 Annual Report 2009 Honda Motor Co., Ltd. Year Ended March 31, 2009

  • Page 2
    ...Product and Other Businesses Financial Services Business 36 37 39 46 49 81 Preparing for the Future Risk Factors Corporate Governance Board of Directors, Corporate Auditors and Operating Officers Financial Section Corporate Information Principal Manufacturing Facilities Honda Group Honda's History...

  • Page 3
    ...subsidiaries and 105* affiliates accounted for under the equity method, Honda develops, manufactures and markets a wide variety of products, ranging from small generalpurpose engines and scooters to specialty sports cars, to earn the Company an outstanding reputation from customers worldwide. *As of...

  • Page 4
    ... innovative products that enhance mobility and benefit society. To meet the particular needs of customers in different regions around the world, we base our sales networks, research & development centers and manufacturing facilities in each region. Furthermore, as a socially responsible corporate...

  • Page 5
    Summary of Operating Results by Business Percentage of Net Sales by Business Motorcycle Business 14.1% Automobile Business 76.7% Power Product and Other Businesses 3.4% Financial Services Business 5.8% Annual Report 2009 3

  • Page 6
    ... March 31 Net Sales (left scale) Yen (billions) Operating Income (right scale) Yen (billions) Unit Sales by Region (Thousands) Years ended March 31 2007 2008 2009 1,600 160 7,523 1,200 120 800 80 1,763 400 40 232 320 North America 276 Europe Asia Other Regions CZ-i 110 Japan 0 0 05 Yen...

  • Page 7
    Summary of Operating Results by Business Motorcycle Business Automobile Business Power Product and Other Businesses Financial Services Business

  • Page 8
    ...income taxes, minority interest and equity in income of affiliates Equity in income of affiliates Net income Cash dividends paid during the period Research and development Total assets Stockholders' equity Capital expenditures (excluding purchase of operating lease assets) 2008 ¥12,002,834 953,109...

  • Page 9
    ...Japan North America Europe Asia Other Regions Total 232 (25.4) % 320 (29.4) 276 (11.8) 7,523 1,763 10,114 13.4 9.5 8.5 % 1,496 (19.1) 350 (10.5) 793 322 5.0 2.5 1,893 (21.6) 1,306 (22.9) 970 502 6.0 3.7 3,517 (10.4) % 5,187 (14.4) % Net Sales Breakdown Yen (millions) Motorcycle Business 2008...

  • Page 10
    To Our Shareholders Takanobu Ito President & Chief Executive Officer 8 Annual Report 2009

  • Page 11
    ... of growth slowed, and certain countries in the region went into recession. Japan showed signs of a rapid deterioration in economic conditions, such as decreased consumer spending and a decline in capital expenditures. Under these business conditions, Honda's consolidated revenue for the fiscal year...

  • Page 12
    ... Shareholders Motorcycle Business Total unit sales of motorcycles rose, despite substantially lower sales in Japan, North America, Europe and certain other areas due to deteriorating economic conditions, as unit sales expanded in Asia and other regions including South America. In Asia, where market...

  • Page 13
    ... machinery, high-pressure washing equipment, and lawn mowers in North America, a decrease in sales of engines for OEM use in construction machinery and generators in Europe, and other factors. Amid this environment, the Honda Group worked to strengthen its operating and financial positions to enable...

  • Page 14
    ...changes in the operating environment, Honda has made changes in some of its scheduled plans. However, we have not made any changes in our policy of emphasizing responsiveness to environmental and energy-related issues. We are, therefore, continuing to pursue the challenges of developing new products...

  • Page 15
    Annual Report 2009 13

  • Page 16
    To Our Shareholders 14 Annual Report 2009

  • Page 17
    ... our motorcycle business. Honda offers many models ranging from commuter models that provide daily transportation needs to large-scale models that meet individual rider tastes and preferences. Among these, the Super Cub C100 is a regular part of riders' daily lives in a total of 160 countries. Sales...

  • Page 18
    ... March 31, 2010, we plan to pay quarterly dividends of ¥8 per share, or ¥32 per share for the full year. We will continue to do our utmost to meet the expectations of our shareholders. Honda is a company where each and every member of management and the organization sets challenging objectives...

  • Page 19
    We look forward to the continued understanding and support of our shareholders and other investors for the long term. June 23, 2009 Takanobu Ito President & Chief Executive Officer 17

  • Page 20
    Review of Operations Motorcycle Business Years ended March 31 Unit Sales Thousands Japan North America Europe Asia Other Regions Total 2008 311 453 313 6,633 1,610 9,320 2008 93,592 265,609 226,687 484,418 488,390 ¥1,558,696 2009 232 320 276 7,523 1,763 10,114 2009 81,822 182,284 ...

  • Page 21
    ...thousand units, increased by 9.7%, due mainly to an increase in unit sales of parts for local production at affiliates accounted for under the equity method in Asia and an increase in unit sales in Other Regions including Brazil. Revenue from external customers decreased ¥147.1 billion, or 9.4%, to...

  • Page 22
    ... equipped with electronically controlled "Combined ABS" for super sports models. In fiscal 2009, although sales of new models and the Lead 110 scooter were strong, Honda's sales in all categories were lackluster because of more-intense market competition and other factors. As a result, Honda's total...

  • Page 23
    ... and Austria. Cell assembly line in the Kumamoto Factory FourTrax Rancher AT (North America) Features the first dual-clutch transmission on an ATV and a newly designed water-cooled engine XL700V (Europe) A dual-purpose sports model equipped with a V-type, twocylinder engine Annual Report 2009 21

  • Page 24
    ... sales of about 2.6 million units, in seven countries, mainly in the ASEAN region. Following the introduction in Thailand, Honda plans to introduce this Wave series lineup to the rest of the ASEAN region. In Vietnam, Honda introduced the Wave RSX in April 2008. In India, Honda Motorcycle and Scooter...

  • Page 25
    ...motorcycle registration market includes eight countries: Thailand, Indonesia, Malaysia, the Philippines, Vietnam, India, Pakistan and China. *2: This total includes sales of completed products of Honda and its consolidated subsidiaries and unit sales of parts to Honda's affiliate companies accounted...

  • Page 26
    Review of Operations Automobile Business Years ended March 31 Unit Sales Thousands Japan North America Europe Asia Other Regions Total 2008 615 1,850 391 755 314 3,925 2008 ¥1,321,005 5,209,446 1,182,666 1,048,463 727,811 ¥9,489,391 2009 556 1,496 350 793 322 3,517 2009 ¥1,225,384 3,723,...

  • Page 27
    ... mix brought by shift of customers' demands towards more compact and fuel efficient models along with expenses related to withdrawal from some racing activities and cancellations of development of new models, despite continuing cost reduction, the change in sales price, a decrease in quality-related...

  • Page 28
    ... 2008 onward the economy moved into a downturn, and mini-vehicle sales for the fiscal year fell 4% from the level of the previous year, to 1.81 million units. Amid these business operating conditions, Honda worked to strengthen its product lineup by introducing the new model FREED, a brand-new...

  • Page 29
    ... other automakers reported declining sales. In May 2008, the Honda Civic took the number one spot for new car sales among all models on the market. However, along with the deterioration in the real economy, sales began to fall in all segments, and, for the fiscal year, unit sales in North America as...

  • Page 30
    ... Honda introduced the all-new Accord in June and Jazz (sold as the Fit in Japan) in October 2008 into European markets, unit sales in this region were down 10.5% from the previous year to 350,000 units mainly due to decreased total demands. In production activities, Honda of the U.K. Manufacturing...

  • Page 31
    ... Asia/Oceania region, Honda began production at its second plant in Thailand in October 2008, which has an annual production capacity of 60,000 units. In India, in view of the drastic changes in the market environment, Honda announced that plans for the start-up of a new automobile plant have been...

  • Page 32
    Review of Operations Power Product and Other Businesses Years ended March 31 Unit Sales Thousands Japan North America Europe Asia Other Regions Total 2008 550 2,415 1,693 915 484 6,057 2008 ¥147,775 109,445 96,847 39,449 27,678 ¥421,194 2009 516 1,893 1,306 970 502 5,187 2009 ¥115,252 80,...

  • Page 33
    ...sales in North America and Europe. Revenue from external customers decreased ¥78.1 billion, or 18.5%, to ¥343.0 billion, from the previous fiscal year, due mainly to the decreased unit sales of power products and negative foreign currency translation effects. Honda estimates that, had the exchange...

  • Page 34
    ...sales of water pumps, GX series engines for electric power generators sold to original equipment manufacturers (OEM*), and other products. * OEM (Original equipment manufacturer) refers to the manufacturing of products and components sold under a third-party brand. NORTH AMERICA Unit sales in North...

  • Page 35
    ...North Carolina and moved to the new headquarters in July 2008. This company is scheduled to begin production of Honda's HF120 turbofan engines in 2011 and aims to expand production to 200 units annually. Cogeneration units HondaJet HF120 compact turbofan engine (aircraft engine) An original Honda...

  • Page 36
    Review of Operations Financial Services Business Years ended March 31 Net Sales Yen (millions) Japan North America Europe Asia Other Regions Total 2008 ¥ 23,405 483,925 13,234 4,936 8,053 ¥533,553 2009 ¥ 24,083 527,905 12,685 4,736 12,852 ¥582,261 % change 2.9 % 9.1 (4.1) (4.1) 59.6 9.1 ...

  • Page 37
    REVIEW OF PERFORMANCE To support the sale of its products, Honda provides retail lending and leasing to customers and wholesale financing to dealers through our finance subsidiaries in Japan, the United States, Canada, the United Kingdom, Germany, Brazil and Thailand. In North America, the financial...

  • Page 38
    ... expand product lines through the innovative use of IT and will show its continued commitment to different customers among the world by upgrading its sales and service structure. become a company whose presence is welcomed by our shareholders, customers and society. 4. Product Quality In response...

  • Page 39
    ...Honda's Business Generally Currency and Interest Rate Risks 1. Honda's operations are subject to currency fluctuations Honda has manufacturing operations throughout the world, including Japan, and exports products and components to various countries. Honda purchases materials and sells its products...

  • Page 40
    ... the lease or purchase of Honda's products through a variety of other sources that compete with our financing services, including commercial banks and finance and leasing companies. The financial services offered by us also involve credit risk as well as risks relating to lease residual values, cost...

  • Page 41
    ... Division IT Division Motorcycle Operations Automobile Operations Power Product Operations Customer Service Operations Production Operations Purchasing Operations Business Support Operations Business Management Operations Corporate Project Quality Audit & Compliance Division Audit Office 26 staff...

  • Page 42
    ...--such as Customer Service Operations, Production Operations, Purchasing Operations, Business Support Operations, and Business Management Operations--supports the other functional operations, with the aim of increasing Honda's effectiveness and efficiencies. Research and development activities are...

  • Page 43
    ...Conducted Efficiently In line with its fundamental corporate philosophy, Honda has established organizational operating systems for each region, business, and function and a member of the Board of Directors or an operating officer has been assigned to each headquarters and main division. In addition...

  • Page 44
    ... the Audit Office, either separately or working together, implemented audits of business activities. â- Accounting Audits KPMG AZSA & Co. provided auditing services for Honda under the Company Law, Japan's Financial Instruments and Exchange Law, and the U.S. Securities Exchange Act. A total of 45...

  • Page 45
    ... four times a year and meetings with the president twice a year. Company representatives visit and hold information meetings as needed for major Japanese and overseas institutional investors to explain the Honda Group's future business strategies. Representatives based in North America and Europe...

  • Page 46
    ... of corporate information that is disclosed through announcements of the closing of accounts and other financial reports, the Company has formed the Disclosure Committee, which is composed of directors responsible for disclosure and other members. 8. Directors' Remuneration The total amount...

  • Page 47
    ... term of each director of Honda is one year. With respect to the requirements of Rule 10A-3 under the U.S. Securities Exchange Act of 1934 relating to listed company audit committees, Honda relies on an exemption under that rule which is available to foreign private issuers with boards of corporate...

  • Page 48
    Board of Directors, Corporate Auditors and Operating Officers Front row: Chairman and Representative Director President and Representative Director Executive Vice President and Representative Director Satoshi Aoki Takanobu Ito Koichi Kondo Back row: Senior Managing Director Senior Managing...

  • Page 49
    ... Support Operations Chief Officer of Driving Safety Promotion Center Corporate Communications Chief Operating Officer for Power Product Operations Chief Operating Officer for Business Management Operations Chief Operating Officer for Automobile Operations Chief Operating Officer for Customer Service...

  • Page 50
    ... Director of Honda Motor Europe Limited General Manager of Corporate Project of the Company Production for Regional Operations (China) Executive Vice President of American Honda Motor Co., Inc. General Manager of Automobile Purchasing Division 2 in Purchasing Operations Manufacturing of Honda Canada...

  • Page 51
    ... Sheets Divided into Non-Financial Services Businesses and Finance Subsidiaries Consolidated Statements of Cash Flows Divided into Non-Financial Services Businesses and Finance Subsidiaries Financial Summary Selected Quarterly Financial Data 50 64 66 67 69 70 75 76 77 78 80 Annual Report 2009 49

  • Page 52
    ... Company and its material foreign manufacturing subsidiaries in North America, Europe and other regions. (3) With respect to "changes in net sales and the model mix", management analyzed changes in sales volume and the mix of product models sold in major markets which resulted in increases/decreases...

  • Page 53
    ...and expenses related to withdrawal from some racing activities and cancellations of development of new models, which was offset by continuing cost reduction, price increases, a decrease in costs for product warranties, decreased R&D expenses and reduced sales incentives in North America. Net Income...

  • Page 54
    ...Services Business To support the sale of its products, Honda provides retail lending and leasing to customers and wholesale financing to dealers through our finance subsidiaries in Japan, the United States, Canada, the United Kingdom, Germany, Brazil, Thailand and other countries. In North America...

  • Page 55
    .... Motorcycle Business In the motorcycle business, Honda is committed to developing products with new value-added features that meet the individual needs of customers around the world, and to implementing the timely local development of products tailored to specific regions at its overseas locations...

  • Page 56
    ..., 2008 2009 Yen (millions) Increase (Decrease) Motorcycle Business Automobile Business Financial Services Business Financial Services Business (Excluding Property on Operating Leases) Power Product and Other Businesses Total Total (Excluding Property on Operating Leases) Note: Intangible assets are...

  • Page 57
    ... changed. The planned timing of the start of operation in 2010 on the new R&D center in Sakura City, Tochigi, Japan has been postponed. The planned timing of the start of operation at the end of 2009 on the new auto plant of Honda Siel Cars India Limited, which is one of the Company's consolidated...

  • Page 58
    ... the manufacturing and sale of motorcycles, automobiles and power products. To support this business, it also provides retail financing and automobile leasing services for customers, as well as wholesale financing services for dealers. Honda requires operating capital mainly to purchase parts and...

  • Page 59
    ...product, the geographic location of their sales and other factors. We recognize costs for general warranties on products we sell and product recalls. We provide for estimated warranty costs at the time products are sold to customers or the time new warranty programs are initiated. Estimated warranty...

  • Page 60
    ... claims incurred in the future may differ from the original estimates, which may result in material revisions to the warranty expense accruals. The changes in provisions for those product warranties and net sales and other operating revenue for each business segment for each of the years in the...

  • Page 61
    ...the effect of exchange rate changes, incremental depreciation increased by ¥11.6 billion or 545% due to the increase in operating lease assets and declines in estimated residual values. Impairment losses of ¥9.7 billion were recognized in accordance with Statement of Financial Accounting Standards...

  • Page 62
    ... expected long-term rate of return for fiscal 2009 was 6.5-8.0% for foreign plans. We believe that the accounting estimates related to our pension plans is "critical accounting estimate" because changes in these estimates can materially affect our financial condition and results of operations...

  • Page 63
    ... exchanges rates, in interest rates and in prices of marketable equity securities. Honda is a party to derivative financial instruments in the normal course of business in order to manage risks associated with changes in foreign currency exchange rates and in interest rates. Honda does not hold...

  • Page 64
    ... accounted for as "trading" securities and is reported at fair value. *3 : The finance subsidiaries-receivables include finance subsidiaries-receivables included in trade receivables and other assets in the consolidated balance sheets. Long-Term Debt (including current portion) 2008 Yen (millions...

  • Page 65
    ...,845 120,203 (Equity Price Risk) Honda is exposed to equity price risk as a result of its holdings of marketable equity securities. Marketable equity securities included in Honda's investment portfolio are held for purposes other than trading, and are reported at fair value, with unrealized gains...

  • Page 66
    ... assets: Cash and cash equivalents Trade accounts and notes receivable, net of allowance for doubtful accounts of ¥8,181 million in 2008 and ¥7,455 million ($76 million) in 2009 Finance subsidiaries-receivables, net Inventories Deferred income taxes Other current assets Total current assets 2008...

  • Page 67
    Yen (millions) U.S. dollars (millions) Liabilities, Minority Interests and Stockholders' Equity Current liabilities: Short-term debt Current portion of long-term debt Trade payables: Notes Accounts Accrued expenses Income taxes payable Other current liabilities Total current liabilities 2008 ...

  • Page 68
    ... of Income Honda Motor Co., Ltd. and Subsidiaries Years ended March 31, 2007, 2008 and 2009 2007 Yen (millions) U.S. dollars (millions) 2008 2009 2009 Net sales and other operating revenue Operating costs and expenses: Cost of sales Selling, general and administrative Research and development...

  • Page 69
    ... and Comprehensive Income Honda Motor Co., Ltd. and Subsidiaries Years ended March 31, 2007, 2008 and 2009 Common stock Capital surplus Legal reserves Yen (millions) Retained earnings Accumulated other comprehensive income (loss), net Treasury stock Total stockholders' equity Balance at March...

  • Page 70
    ...277 ¥(71,712) U.S. dollars (millions) Common stock Capital surplus Legal reserves Retained earnings Accumulated other comprehensive income (loss), net Treasury stock Total stockholders' equity Adjusted balance at March 31, 2008 Transfer to legal reserves Cash dividends Comprehensive income (loss...

  • Page 71
    ...operating lease assets Net cash used in investing activities Cash ï¬,ows from financing activities: Increase (decrease) in short-term debt, net Proceeds from long-term debt Repayments of long-term debt Cash dividends paid Cash dividends paid to minority interests Sales (purchases) of treasury stock...

  • Page 72
    ... parts, and others Retail loan and lease related to Honda products Others Research & Development Manufacturing Sales and related services Others Segment Information As of and for the year ended March 31, 2007 Yen (millions) Motorcycle Business Automobile Business Financial Services Business...

  • Page 73
    ... ended March 31, 2008 Yen (millions) Motorcycle Business Automobile Business Financial Services Business Power Product and Other Businesses Segment Total Reconciling Items Consolidated Net sales and other operating revenue: External customers Intersegment Total Cost of sales, SG&A and R&D expenses...

  • Page 74
    ... 31, 2009 related to purchases of operating lease assets. External Sales and Other Operating Revenue by Product or Service Groups Yen (millions) U.S. dollars (millions) Years ended March 31: 2007 2008 2009 2009 Motorcycles and relevant parts All-terrain vehicles (ATVs), personal watercraft and...

  • Page 75
    ... following supplemental information as required by Financial Instruments and Exchange Law: (1) Overseas sales and revenues based on the location of the customer Yen (millions) U.S dollars (millions) Years ended March 31: 2007 2008 2009 2009 North America Europe Asia Other regions ¥5,980,876...

  • Page 76
    ... geographical information based on the location of the Company and its subsidiaries As of and for the year ended March 31, 2007 Yen (millions) Japan North America Europe Asia Other Regions Total Reconciling Items Consolidated Net sales and other operating revenue: External customers Transfers...

  • Page 77
    ...2009 U.S dollars (millions) Japan North America Europe Asia Other Regions Total Reconciling Items Consolidated Net sales and other operating revenue: External customers Transfers between geographic areas Total Cost of sales, SG&A and R&D expenses Operating income (loss) Assets Long-lived assets $19...

  • Page 78
    ... Yen (millions) At March 31, 2008 and 2009 2008 2009 Assets Non-financial services businesses Current assets: Cash and cash equivalents Trade accounts and notes receivable, net Inventories Other current assets Investments and advances Property, plant and equipment, net Other assets Total assets...

  • Page 79
    ... from sales of operating lease assets Net cash used in investing activities Cash ï¬,ows from financing activities: Increase (decrease) in short-term debt, net Proceeds from long-term debt Repayment of long-term debt Proceeds from issuance of common stock Cash dividends paid Cash dividends paid to...

  • Page 80
    ... of sales Cash dividends paid during the period Research and development Interest expense Assets, long-term debt, and stockholders' equity Total assets Long-term debt Total stockholders' equity Capital expenditures (excluding purchase of operating lease assets) Purchase of operating lease assets...

  • Page 81
    Yen (millions) U.S. dollars (millions) 2003 2004 2005 2006 2007 2008 2009 2009 ¥7,971,499 724,527 619,413 245,065 (9,658) 61,972 426,662 5.4% 30,176 436,...114 3,517 5,187 181,876 ¥ 120 122 ¥ 106 113 ¥ 107 108 ¥ 117 113 ¥ 118 117 ¥ 100 114 ¥ 98 101 Annual Report 2009 79

  • Page 82
    ... ended March 31, 2008 Year ended March 31, 2009 I Net sales and other operating revenue Operating income (loss) Income before income taxes (loss) Net income (loss) Basic net income (loss) per American depositary share Tokyo Stock Exchange: (TSE) (in yen) High Low New York Stock Exchange: (NYSE) (in...

  • Page 83
    Corporate Information Principal Manufacturing Facilities Honda Group Honda's History Investor Information 82 84 86 88 Annual Report 2009 81

  • Page 84
    ... Facilities Location Start of Operations *As of March 31, 2009 Number of Employees* Principal Products Manufactured Motorcycles All-terrain vehicles Automobiles Power products Engines Transmissions U.K. 1992 Swindon, Wiltshire 3,744 France 1986 Ormes 111 Atessa 822 India 1988 India 2001...

  • Page 85
    ...U.S.A. 1998 Russells Point, Ohio 1,086 Swepsonville, North Carolina 543 Timmonsville, South Carolina 680 Tallapoosa, Georgia 489 Mexico 1988 El Salto 2,047 U.S.A. 2005 Peru 2007 Iquitos 70 Brazil 1976 Manaus 8,249 Brazil 1997 Sumare 3,464 Argentina Buenos Aires 2006 310 Annual Report 2009 83

  • Page 86
    ... Country of Incorporation Main Lines of Business Percentage Ownership and Motorcycle Automobile Financial Services Power Product & Other Businesses Voting Interest Business Business Business Region Company Function Research & Development Manufacturing and Sales of machine tools, equipment...

  • Page 87
    ...Country of Incorporation Company Main Lines of Business Percentage Ownership and Motorcycle Automobile Financial Services Power Product & Other Businesses Voting Interest Business Business Business Function Coordination of Subsidiaries Operation and Sales Manufacturing Manufacturing Manufacturing...

  • Page 88
    ... (TN trucks, Life, Civic). Accord introduced. Kumamoto Factory begins operation. Motorcycle production in Italy begins. Motorcycle production in Brazil begins. Listed on the New York Stock Exchange (NYSE). Honda of America Mfg., Inc., in the United States, begins motorcycle production. Listed on the...

  • Page 89
    ... begin in Japan. Honda celebrates 25 years of automobile production in the United States. Cumulative motorcycle production of 200 million units achieved. Kumamoto Factory completed. Freed introduced. 50th anniversary of Super Cub sales launch. New-model City introduced in India. Yukios introduced...

  • Page 90
    ...honda.com/investors/ Stock Information Securities Code Number of Shares Authorized Total Number of Shares Issued Number of Shareholders Number of Shares per Trading Unit Stock Exchange Listings General Meeting of Shareholders Record Dates for Dividends 7267 7,086,000,000 shares 1,834,828,430 shares...

  • Page 91
    ... 10.3% Government and municipal corporations 0.0% Domestic companies and others 10.0% Securities companies 0.8% Financial institutions 44.9% Honda's Stock Price and Trading Volume on the Tokyo Stock Exchange Yen Stock (millions) 5,000 Share prices prior to stock split have been adjusted to...

  • Page 92
    This annual report is printed on recycled paper using soy ink with no volatile organic content. Furthermore, a waterless printing process was used to prevent toxic emissions. Printed in Japan