Isuzu 2010 Annual Report Download

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2010
Year ended March 31, 2010
Transforming to a Business Model for Growth

Table of contents

  • Page 1
    Transforming to a Business Model for Growth Year ended March 31, 2010 2010

  • Page 2
    ... vehicles and diesel engines, supporting our customers and respecting the environment Our Corporate Mission Trust, Action, Excellence A global team delivering inspired products and services committed to exceeding expectations CONTENTS Profile Consolidated Financial Highlights Major Press...

  • Page 3
    ...' sales networks, General Motors Group companies' sales networks, trading companies, and other partners. 1. Principal products â- Light- to heavy-duty trucks â- Buses â- Pickup trucks â- Industrial diesel engines 2. Features In Japan, Isuzu boasts No. 1 share in the light-duty truck market...

  • Page 4
    ... dollars 2010 Per Share: Net income (loss) - primary ¥ 4.96 2009 ¥ (15.85) 2008 ¥ 44.60 2010 $ 0.05 Note: U.S. dollar figures have been calculated at the rate of ¥93.04=U.S.$1, the approximate rate of exchange prevailing on the Foreign Exchange Market on March 31, 2010. Net Sales (Millions...

  • Page 5
    ... natural gas, multi-point injection (CNG MPI) to meet the Post New Long Term (P-NLT) Regulations requiring diesel vehicle emissions to be as clean as gasoline engine emissions. Isuzu also launched diesel trucks with its Smoother-Ex automatic transmission that meet Japan's 2015 Trucks and Buses Fuel...

  • Page 6
    ... 259 Israel 1-ton Pickup Trucks 49.7% Commercial Vehicles GVM 7-10 ton 60.5% Hong Kong Light Duty Trucks 65.2% Heavy Duty Trucks (C&E) 40.1% Heavy Duty Bus Chassis 46.8% 200 151 148 170 203 194 127 208 Morocco Bus (40 seats and over) 51.5% Vietnum Light Duty Trucks (payload/1.4-5.5 ton 48...

  • Page 7
    Isuzu Motors Limited Annual Report 2010 Europe: A bleak outlook for recovery in demand 50 (K-units) North America: Introduced N-series that meets US10 emission standards 40 (K-units) South and Central America: Recovery of demand in Columbia and Mexico 70 (K-units) 39 18 40 30 60 33 50 40 31 ...

  • Page 8
    ... in the second half on rising demand in the domestic Japanese market with support from government subsidies, tax incentives, and other programs to promote eco-friendly car sales, and recovering demand in the ASEAN region, China, and other overseas markets. Within the Company, we continued the...

  • Page 9
    ...the vehicle life cycle business. The second step taken during the year was the transfer, announced on March 26 and concluded in April, of the main development operations for our next-generation light pickup trucks from Japan to our engineering centers in Thailand, our largest market for light pickup...

  • Page 10
    ...that meet Japan's 2015 fuel efficiency standards for trucks and buses. Compliance stands at 99% of GIGA models sold and 80% of FORWARD models sold. Compliance with Japan's Post New Long-term Emissions Regulations: Isuzu achieved compliance with mediumduty trucks (vehicles featuring the 4HK1 engine...

  • Page 11
    Isuzu Motors Limited Annual Report 2010 GIGA heavy-duty trucks: Prioritizing fuel efficiency Due to the current economic slowdown and rapidly rising fuel prices, improving vehicle economics has become the ultimate sales proposition. Isuzu focused on fuel efficiency in the development of the new ...

  • Page 12
    ...GREEN ACTION Isuzu is working with Keio University and Kanagawa Prefecture to develop electric buses. (Shown: Artist's concept) Isuzu exhibits the ELF plug-in hybrid, currently under development, at the 2010 Automotive Engineering Exposition (held in May 2010 by the Society of Automotive Engineers...

  • Page 13
    ... Isuzu Motors Limited Annual Report 2010 Corporate Governance and Compliance Striving to ensure integrity, compliance and transparency in management Isuzu is striving to strengthen corporate governance structures to ensure its ability to earn the trust of all stakeholders. At the same time...

  • Page 14
    Board of Directors Isuzu Motors Limited Annual Report 2010 Directors Yoshinori Ida Chairman and Director Susumu Hosoi President and Representative Director Yoshihiro Tadaki Executive Vice President and Representative Director Ryozo Tsukioka Executive Vice President, and Director Yasuaki ...

  • Page 15
    ... Sec tion ISUZU MOTORS LIMITED Annual Report 2010 Consolidated Five-Year Summary MD&A Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Change in Net Assets Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Report of Independent...

  • Page 16
    Financial Section Consolidated Five-Year Summary Millions of yen Thousands of U.S. dollars 2010 For the Year: Net sales Cost of sales Gross profit Selling, general and administrative expenses Operating income Income before extraordinary items Income before income taxes Net income (loss) At Year-...

  • Page 17
    ... to the minority shareholders of Isuzu's locally incorporated subsidiaries in the ASEAN region and North America and its Japanese parts manufacturers. Minority interests in fiscal 2010 decreased to ¥4.9 billion, compared to ¥5.3 billion in fiscal 2009. 8. Net income The Group posted a net profit...

  • Page 18
    ... decline in demand in the Group's major markets -Japan, North America, and other Asian countries-could have a negative impact on the Group's performance and financial position. Price competition also entails the risk of price fluctuation for Isuzu products. Cash flow from investing activities...

  • Page 19
    ...Motors Corporation and other major customers The Isuzu Group supplies vehicle components to General Motors Corporation (Detroit, MI) and its affiliates as well as to other vehicle manufacturers. Sales to these customers are affected by fluctuations in production and sales at these customer companies...

  • Page 20
    ... Consolidated Balance Sheets Assets Current Assets: Cash and time deposits (Note 2) Receivables : Notes and accounts Less : allowance for doubtful receivables Securities (Note 3) Inventories Deferred tax assets (Note 6) Other current assets Total Current Assets Investments and Advances: Investments...

  • Page 21
    Isuzu Motors Limited Annual Report 2010 Millions of yen Thousands of U.S. dollars Liabilities and Net Assets Current Liabilities : Bank loans Current portion of bonds Notes and accounts payable Lease obligations Accrued expenses Accrued income taxes (Note 6) Deposits received Other current ...

  • Page 22
    ... and equipment, net Loss on revaluation of investments Impairment loss on fixed assets (Note 13) Special warranty cost Loss on withdrawal from the North American SUV project Environmental expenses Others, net Income before Income Taxes and Minority Interests Income Taxes (Note 6): Current Deferred...

  • Page 23
    Isuzu Motors Limited Annual Report 2010 Consolidated Statements of Change in Net Assets (Note 7) Unrealized holding gain on securities (For the years ended March 31, 2010, 2009 and 2008) Millions of yen Treasury stock, at cost Unrealized holding gain on land revaluation Unrealized gain on hedging...

  • Page 24
    ... Repayment of lease obligations Payment on acquisition of preferred stock Payment on acquisition of treasury stock Payment on dividends made by parent company Payment on dividends to minority shareholders Net Cash Provided by (Used in) Financing Activities Effect of Exchange Rate Changes on Cash and...

  • Page 25
    ...Limited Annual Report 2010 Notes to Consolidated Financial Statements 1. Basis of Presenting the Financial Statements The accompanying consolidated financial statements of Isuzu Motors Limited ("the Company") and consolidated subsidiaries are prepared on the basis of accounting principles generally...

  • Page 26
    ...,820 $ 1,674,770 j) Net Income per Share Net income per share of common stock is calculated based upon the weighted average number of shares of common stock outstanding during each year. Basis for the calculation of net income per share at the year ended March 31, 2010 is as follows: Thousands of...

  • Page 27
    ..., tax-qualified pension funds and lump-sum payment plans. Several of the domestic consolidated subsidiaries have defined contribution pension plans for parts of the unfunded lump-sum benefit plans. Discount rate Expected rate of return on plan assets Amortization period of prior service cost 2010...

  • Page 28
    Financial Section 6. Income Taxes Accrued income taxes in the balance sheets include corporation tax, inhabitant tax and enterprise tax. Income taxes in the consolidated statements of income include corporation tax and inhabitant tax and enterprise tax. The significant components of the Company and...

  • Page 29
    Isuzu Motors Limited Annual Report 2010 10. Lease Transactions (1) Finance lease transactions, except for those which meet the conditions that the ownership of the leased assets is substantially transferred to the lessee, are as follows. a) As a lessee i Amounts equivalent to acquisition costs, ...

  • Page 30
    ...1,238 419 $ 9,607 Business Assets Buildings and Machinery Assets for rent Buildings, Machinery and other Buildings and structures Machinery and equipment Construction in progress Other ¥ 138 59 692 2 $ 1,488 642 7,445 31 As a general rule, assets were grouped into business assets, idle assets...

  • Page 31
    Isuzu Motors Limited Annual Report 2010 14. Segment Information (1) The business segment information for the company and its consolidated subsidiaries for the years ended March 31, 2010 and 2009 As net sales, operating income and total assets from the automotive business of the Company and its ...

  • Page 32
    ... of Independent Auditors The Board of Directors Isuzu Motors Limited We have audited the accompanying consolidated balance sheets of Isuzu Motors Limited and consolidated subsidiaries as of March 31, 2010, 2009 and 2008 and the related consolidated statements of operations, changes in net assets...

  • Page 33
    ... Autoparts Manufacturing Corporation (IAMC) 114 North Main Avenue, Phase III, Special Economic Zone, Laguna Technopark, Binan, Laguna 4024, Philippines Tel: 63-49-541-1458 Isuzu Truck (UK) Ltd. 164 Great North Road, Hatfield, Hertfordshire AL9 5JN, U.K. Tel: 44-1707-28-2930 Oceania Isuzu Australia...

  • Page 34
    ...Isuzu Motors America, Inc., (ISZA) is established. American Isuzu Motors Inc. (AIMI) is established. Hokkaido Plant begins operations. Isuzu signs a joint venture agreement on local production in the U.S. with Fuji Heavy Industries Ltd. Isuzu's headquarters relocates to the company's new Head Office...

  • Page 35
    ...-8722, Japan Tel: +81-3-5471-1141 Fax: +81-3-5471-1043 Plants Tochigi Plant Fujisawa Plant Manufacturing of engines and parts Manufacturing of trucks, engines, components and parts Head Office Tochigi Plant Fujisawa Plant Common Stock and Number of Shareholders Shares authorized: Shares issued...

  • Page 36
    ISUZU MOTORS LIMITED 6-26-1, Minami-oi, Shinagawa-ku Tokyo 140-8722, Japan Tel: +81-3-5471-1141 Fax: +81-3-5471-1043 ht tp: // w w w.isuzu.co.jp / world /