Isuzu 2014 Annual Report Download
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Table of contents
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Page 1
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Page 2
Corporate Statement
CONTENTS Profile Consolidated Financial Highlights Major Press Releases 1 2 3 4 6 8 12 14 15 16 17 20 22 23 23 24 25 36 37 38 39
Our Corporate Vision
At a Glance Message from the President Special Feature: Fifty years of manufacturing Isuzu trucks in Thailand CSR Board of ...
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Page 3
... engines
2
Features
l In Japan, Isuzu boasts No. 1 share in the light-duty truck market and No. 2 share in the medium- and heavy-duty truck market. (CY 2013 actual results) l Isuzu products are sold in well over 100 countries worldwide, and overseas sales account for more than 60% of our business...
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Page 4
...374
Yen
U.S. dollars
2014
2013
Â¥ 56.98
2014 $ 0.68
Per Share: Net income - primary
Â¥ 70.43
Note: U.S. dollar figures have been calculated at the rate of ¥102.92=U.S.$1, the approximate rate of exchange prevailing on the Foreign Exchange Market on March 31, 2014.
Net Sales
(Millions of yen...
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Page 5
Major Press Releases
Business-related
April 1, 2013 January 24, 2014
Isuzu Establishes New Auto-lease Company: Isuzu Leasing Service Ltd. (ILS) in Japan
The Isuzu Group will put structures in place to meet a broad range of customer needs by adding ï¬nancial services to its existing life cycle ...
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Page 6
... a leading position in growth markets worldwide.
Overseas CV shipments post a record high for the fourth consecutive year.
In addition to actively investing resources in building a manufacturing system centered on the ASEAN region, China, and India, Isuzu Motors is working to expand sales in fast...
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Page 7
...-duty truck in Colombia this year.
Middle East/Africa
l Isuzu's N series light-duty trucks continued to maintain dominant market share in Saudi Arabia. l In South Africa, Isuzu achieved No. 1 market share for CVs with a GVW of 3.5 tons and over for the first time.
China
l Demand for CVs began...
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Page 8
..., a greater-than-expected slowdown in demand in Thailand, a key market for Isuzu, led to a year-on-year decline in total sales volume, including pickup trucks. However, (commercial) truck sales were generally brisk in North America, the Middle East, Africa, and other regions. As a result, we shipped...
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Page 9
...to implement a growth strategy in emerging markets and maintain our business in advanced markets in order to "aim at excellence in respecting the environment to meet the demands of society,
maximizing vehicle operating rates and minimizing life-cycle costs to meet customers' needs." To that end, in...
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Page 10
... procurement rate of 90% and higher, and contribution to pickup trucks and derivatives in more than 110 countries worldwide, Isuzu's Thailand operations are the largest of any of Isuzu's overseas businesses, in terms of both net sales and proï¬t. Just as Japan serves as the company's production and...
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Page 11
... of Isuzu. It was designed to evoke a similar water tower at the company's Fujisawa Plant, which still stands today.
Dedication of the new Gateway Plant (2012)
to the Thai government's program of fostering the development of a national industry by building a supply chain of companies in Thailand...
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Page 12
...of an Isuzu diesel truck by Isuzu-Mitsubishi Corporation in 1957 marked the start of Isuzu's Thai business.
1963-1969
Start of production In November 1963, Isuzu completed its ï¬rst overseas plant in Thailand. The new facility began assembling trucks that previously had been imported from Japan in...
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Page 13
..., and initiatives to promote automobile technologies in Thailand.
Isuzu Social Club
Local employees of Isuzu Motors Co., (Thailand) Ltd. (IMCT) are involved in a wide range of community service activities. The Isuzu Social Club (ISC), a clubstyle group of local employee volunteers, started its...
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Page 14
... together with society, it is important for Isuzu to fulï¬ll Isuzu's corporate social responsibilities and implement our Corporate Vision while establishing credible relationship with the stakeholders. Isuzu has deï¬ned Isuzu Motors CSR activities as activities by
all employees that aim...
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Page 15
... Motors and Euglena have concluded a joint research agreement in an effort to commercialize next-generation biodiesel fuel derived from the microscopic algae Euglena gracilis. As a ï¬rst step in the project, on July 1, 2014 Isuzu began operating a scheduled shuttle bus service at its Fujisawa Plant...
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Page 16
... Nagai
Director of the Board and Managing Executive Officer
Makoto Kawahara
Director of the Board and Senior Executive Officer
Kuniharu Nakagawa
Director of the Board and Senior Executive Officer
Hiroyuki Miyagaki
Director of the Board and Senior Executive Officer
Chikao Mitsuzaki
Director of...
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Page 17
Financial Section
ISUZU MOTORS LIMITED
Annual Report 2014
Consolidated Five-Year Summary MD&A Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Comprehensive Income Consolidated Statements of Change in Net Assets Consolidated Statements of Cash Flows Notes ...
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Page 18
Consolidated Five-Year Summary
Millions of yen Thousands of U.S. dollars
2014 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 At Year-End: Total assets Net assets...
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Page 19
... ¥435.8 billion, reflecting increased sales, particularly in the Middle East, Africa, and other regions.
6. Taxes
Isuzu's net tax expense in fiscal 2013 including current income taxes and deferred income taxes was ¥28.3 billion. In fiscal 2014, the net tax expense was ¥44.6 billion.
7. Minority...
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Page 20
...Isuzu sells vehicles. Therefore, economic recession and an ensuing decline in demand in the Group's major markets 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 operating...
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Page 21
...The Isuzu Group invests in securities to produce, sell, and distribute its products as well as to build and maintain good relationships with its business partners. For marketable securities, a downturn in share prices could have a negative impact on the Group's performance and financial position. In...
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Page 22
... companies Others Long-term loans Deferred tax assets (Note 6) Other investments and advances Less: allowance for doubtful accounts Total Investments and Advances Property, Plant and Equipment (Note 4) Land (Note 8) Buildings and structures Machinery and equipment Lease assets Vehicles on operating...
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Page 23
Financial Section
Millions of yen
Thousands of U.S. dollars
Liabilities and Net Assets Current Liabilities: Short-term loans Electronically recorded obligations - operating Notes and accounts payable Lease obligations Accrued expenses Accrued income taxes (Note 6) Deposits received Other current ...
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Page 24
...and Minority Interests Income Taxes (Note 6): Current Deferred Income Before Minority Interests Minority Interests in Income of Consolidated Subsidiaries Net Income
96,537
Per Share of Common Stock Net Income -Basic
See accompanying notes to consolidated financial statements.
Â¥
70.43
Â¥
56.98...
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Page 25
...,199 $ 491,200 $ 4,503,428 $ (16,684) $ 3,092 (990) $ 224,567 75,304 (174,931) 423,325 823
Net changes on items other than shareholders' equity Balance at March 31, 2014 $ 394,917
(6,579) $ 117,523 $ 754,229
$ (174,931) $1,317,272
See accompanying notes to consolidated financial statements.
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Page 26
...minority shareholders Repayment of lease obligations Proceeds from sales of treasury shares Payment on acquisition of treasury stock Payment on dividends made by parent company Payment on dividends to minority shareholders Net Cash Used in Financing Activities Effect of Exchange Rate Changes on Cash...
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Page 27
... financial statements of Isuzu Motors Limited ("the Company") and consolidated subsidiaries are prepared on the basis of accounting principles generally accepted in Japan, which are different in certain respects as to application and disclosure requirement of International Financial Reporting...
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Page 28
... to financial reporting and international trends. (2) Scheduled date of adoption The revised accounting standard and guidance were adopted as of the end of the fiscal year ended March 31, 2014. However, revisions to the calculation method for the retirement benefit obligation and service costs...
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Page 29
...benefit corporate pension plan, and the multi-employer welfare pension fund plan. Among the above-mentioned plans, those, for which it is possible to figure out, in a rational manner, the amount of the pension assets which corresponds to the amount of the contributions
2014
2013
2014
Loans Lease...
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Page 30
... on consolidated balance sheet as of March 31, 2014
Millions of yen Thousands of U.S. dollars
Cash and deposits Life insurance company general accounts Other assets Total
2014
2014
In order to determine the expected long-term rate of return on assets, were considered the current and expected...
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Page 31
...multi-employer pension plan 11.2%
6. Income Taxes
Accrued income taxes in the balance sheets include corporation tax, inhabitant tax and enterprise tax. The significant components of the Company and its consolidated subsidiaries' deferred tax assets and liabilities as of March 31, 2014 and 2013 are...
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Page 32
... due to convertible stocks converted Balance at end of the year Guarantees of bank loans ¥
2014
2013
2014
697
Â¥
1,128
$
6,776
Other contingencies
2014 2013
Isuzu Motors Co., (Thailand) Ltd., a subsidiary of the Company in Thailand engaged in production and distribution of vehicles...
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Page 33
... payments to be received Estimated unguaranteed residual value of leased assets Amounts equivalent to interest income Net investment in direct finance leases
Â¥
18,573 1,821 (1,868) 18,526
$ 180,467 17,697 (18,155) 180,008
2014
2013
2014
Acquisition costs Accumulated depreciation Net balance...
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Page 34
... accounting method
Buy Japanese yen Sell U.S. dollar Australian dollar Foreign exchange forward contracts Sell U.S. dollar Australian dollar Total
4,457 11,306 3,858
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(14) 6 (86)
43,308 109,855 37,486
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(138) 65 (844)
Foreign exchange forward contracts under the designated hedge...
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Page 35
... current period change, before income taxes Income taxes on net current period change Net unrealized loss from hedging instruments ¥ ¥ 668 (374) 294 23 318 $ $ 6,496 (3,637) 2,859 233 3,092
Â¥
370
As a general rule, assets were grouped into business assets, idle assets and assets for rent. Idle...
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Page 36
... Ltd. TDF Corporation Description of their businesses: Manufacture of automobile parts and others
4. Share exchange ratio, method of calculating the ratio, and number of shares issued (1) Share exchange ratio
1) For one share of common stock of I Metal Technology, 0.34 share of common stock of IJT...
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Page 37
...Thailand
Other
Total
4,563,189
676,461
325,832
5,565,483
(Note) Net sales are geographically classified by country or region in which customers are located.
c) Information by each major customer
Millions of yen
Name of customers
Net sales
Tri Petch Isuzu Sales Co., Ltd. ITOCHU Corporation...
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Page 38
Report of Independent Auditors
36
I s u z u M o t o r s L i m i t e d â- A n n u a l R e p o r t 2014
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Page 39
.... J-Bus Limited Nippon Fruehauf Co., Ltd.
Isuzu Autoparts Manufacturing Corporation (IAMC)
114 North Main Avenue, Phase III, Special Economic Zone, Laguna Technopark, Binan, Laguna 4024, Philippines Tel: 63-49-541-1458
Middle East
Isuzu Motors Middle East FZE
S3A2SR10 Jebel Ali Free Zone P.O.BOX...
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Page 40
...sells all its Isuzu shares to Mitsubishi Corporation, ITOCHU Corporation, and Mizuho Corporate Bank, Ltd.
November April
2008 2013
Isuzu Motors America LLC (ISZA-LLC) is established and subsequently absorbs ISZA. Isuzu established new auto-lease company: Isuzu Leasing Services Ltd. (ILS) in Japan...
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Page 41
Corporate Data
Isuzu Motors Limited
Date of Establishment
April 9, 1937
Head Office
Head Office
26-1, Minami-oi 6-chome, Shinagawa-ku, Tokyo 140-8722, Japan Tel: +81-3-5471-1141 Fax: +81-3-5471-1043
Plants
Tochigi Plant Fujisawa Plant Manufacturing of engines and parts Manufacturing of trucks, ...
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