Isuzu 2015 Annual Report Download
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Table of contents
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Page 1
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Page 2
...40 41
Our Corporate Vision
At a Glance Message from the President Special Feature: Mid-Term Business Plan CSR Corporate Governance Board of Directors Financial Section Consolidated Five-Year Summary
Isuzu will always mean the best
A leader in transportation, commercial vehicles and diesel engines...
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Page 3
...sales networks, trading companies, and other partners.
Susumu Hosoi
Chairman and Representative Director
Masanori Katayama
President and Representative Director
1
Principal products
l Light- to heavy-duty trucks l Buses
l Pickup trucks
l Industrial diesel engines
2
Features
l In Japan, Isuzu...
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Page 4
...
Yen
U.S. dollars
2015
2014
Â¥ 140.85
2015 $ 1.15
Per Share: Net income - primary
Â¥ 139.34
Note: U.S. dollar figures have been calculated at the rate of ¥120.17=U.S.$1, the approximate rate of exchange prevailing on the Foreign Exchange Market on March 31, 2015.
Net Sales
(Millions of yen...
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Page 5
... to produce and supply the 6.0L V8 gasoline engine and six-speed transmission for Isuzu gasoline-powered low cab forward trucks. April 10, 2015
ELGA Hybrid
Isuzu Launches Redesigned ELF Hybrid Light-duty Truck in Japan
Product-related
October 28, 2014
The newly-designed model adds an EV mode that...
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Page 6
....
Asia
l Despite an overall decline in sales volume due primarily to market conditions in Thailand, sales are generally increasing in other countries. l Isuzu retained No. 1 market share in CVs (commercial vehicles) in Thailand, the Philippines, Malaysia, and other countries in the region.
4
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Page 7
Isuzu Motors Limited
â- A n n u a l R e p o r t 2015
Europe
l Sales of CVs (commercial vehicles) grew in Turkey, while sales of LCVs grew in the UK.
North America
l The market is recovering. l Isuzu maintained high market share in the cab-over truck segment (classes 3 to 5). (Isuzu has enjoyed No...
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Page 8
... principal market of Thailand persisted longer than anticipated. However, sales in other markets, for example in the Middle East and Africa, generally turned bullish thanks in part to efforts undertaken as part of the Mid-Term Business Plan to strengthen our overseas sales business. As a result of...
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Page 9
...vision for the ï¬scal year ending March 2018. The plan seeks to expand and deepen the growth trend that made good progress under the previous Mid-Term Business Plan, and to achieve growth and build partnerships by closely linking engineering, purchasing and manufacturing operations with after-sales...
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Page 10
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Page 11
Isuzu Motors Limited
â- A n n u a l R e p o r t 2015
F E AT U R E
9
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Page 12
10
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Page 13
Isuzu Motors Limited
â- A n n u a l R e p o r t 2015
F E AT U R E
11
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Page 14
... to achieve sustainable development 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...
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Page 15
... tasked with supervision of the Company's management, function adequately and fulï¬ll their duty of accountability toward shareholders. Overview of Isuzu's corporate governance structures The Company has established a Board of Directors and an Audit Committee as internal bodies to oversee and audit...
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Page 16
...Director of the Board and Managing Executive Officer
Kuniharu Nakagawa
Director of the Board and Managing Executive Officer
Kazuhiko Ito
Director of the Board and Managing Executive Officer
Katsumasa Nagai
Director of the Board and Managing Executive Officer
Yukio Narimatsu
Director of the Board...
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Page 17
Financial Section
ISUZU MOTORS LIMITED
Annual Report 2015
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 to...
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Page 18
Consolidated Five-Year Summary
Millions of yen Thousands of U.S. dollars
2015 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
... of operation in fiscal 2015. The following information contains forward-looking statements that reflect the judgment of management as of June 26, 2015. Cost reduction activities and sales and model mix fluctuations contributed ¥15.1 billion and ¥11.0 billion, respectively, while exchange rate...
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Page 20
... and equipment, and ¥28.3 billion in investment securities.
4. Dependence on major customers
The Isuzu Group supplies its products in the form of vehicles and vehicle components to large customers including Tri Petch Isuzu Sales Co., Ltd., (Bangkok, Thailand) as well as General Motors Corporation...
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Page 21
...supplies, which could also have a negative impact on the Group's performance and financial position by triggering rising costs if the increases cannot be absorbed internally, for example through improved productivity, or passed on to sales prices.
financial condition of the companies in which Isuzu...
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Page 22
...Note 4) Land (Note 8) Buildings and structures Machinery and equipment Lease assets Vehicles on operating leases Construction in progress Less: accumulated depreciation Net Property, Plant and Equipment Other Assets Total Assets
See accompanying notes to consolidated financial statements.
79,985 77...
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Page 23
... stock Common stock: Authorized 1,700,000,000 shares in 2015, 3,369,000,000 in 2014 and 2013 Issued 848,422,669 shares in 2015, 1,696,845,339 in 2014 and 2013 Capital surplus Retained earnings Less: treasury stock, at cost 14,996,522 common shares in 2015 Total Shareholders' Equity Accumulated...
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Page 24
Consolidated Statements of Income
Net Sales Cost of Sales Gross Profit Selling, General and Administrative Expenses Operating Income Other Income (Expenses): Interest and dividend income Interest expense Equity in earnings of unconsolidated subsidiaries and affiliates Foreign exchange gain Others, ...
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Page 25
... Common stock Capital Retained earnings
(For the years ended March 31, 2015 and 2014 )
surplus
Revaluation reserve for land
Unrealized losses on hedging instruments
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Minority interests
Balance at March 31, 2013...
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Page 26
... sales of treasury shares Payment on acquisition of treasury stock Payment on dividends made by parent company Payment on dividends to minority shareholders Purchase of subsidiaries stock resulting in no changes in scope of consolidation Net Cash Used in Financing Activities Effect of Exchange Rate...
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Page 27
... receipt of lease payments. The company is also a lessee of various assets. Lease assets relating to finance lease transactions without transfer of ownership are depreciated over the lease period by the straight-line method, assuming the residual value is zero. In addition, lease transactions whose...
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Page 28
...is recorded in the fiscal year in which such appropriation is approved by the board of directors or shareholders.
l) Cash and Cash Equivalents
For the purpose of the consolidated statements of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to...
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Page 29
Isuzu Motors Limited
â- A n n u a l R e p o r t 2015
F I N A N CI A L S E C T I O N
scope of consolidation, as well as cash flow on expenses in connection with acquisition or sale by the Company of a subsidiary's shares, where such acquisition or sale would not change the scope of consolidation,...
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Page 30
... certain loans and other liabilities at March 31, 2015 and 2014 are as follows:
Millions of yen Thousands of U.S. dollars
Benefit paid Prior service cost New consolidations Others Projected benefit obligation at end of the year
2015
2014
2015
Building and structures Machinery and equipment Land...
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Page 31
... Adjustment to retirement benefit (before tax effects)
Millions of yen
Thousands of U.S. dollars
2015
2014
2015
2015
2014
2015
Plan Assets Aggregated amount of actuarial obligation in pension financing calculation and minimum reserve combined * Difference
- ¥ 10,936
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Prior service cost...
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Page 32
... 0.2 23.7%
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, 2015 and 2014 are as follows:
Millions...
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Page 33
Isuzu Motors Limited
â- A n n u a l R e p o r t 2015
F I N A N CI A L S E C T I O N
7. Shareholders' Equity
Changes in the numbers of shares issued and outstanding for the years ended March 31, 2015 and 2014 are as follows: Common stock outstanding
Balance at the beginning of the year Decrease ...
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Page 34
... financial statements for the fiscal year ended March 31, 2015 and 2014 are as follows: 1. Derivative transactions for which hedge accounting is not applied (1) Foreign exchange-related
As of March 31, 2015 Classiï¬cation Type of derivative transactions Foreign exchange forward contracts Buy...
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Page 35
Isuzu Motors Limited
â- A n n u a l R e p o r t 2015
F I N A N CI A L S E C T I O N
As of March 31, 2014 Classiï¬cation Type of derivative transactions Foreign exchange forward contracts Buy Japanese yen Non-market transaction U.S. dollar Foreign exchange forward contracts Sell Australian ...
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Page 36
...,573 $ 377,573
$ 353,178 $ 353,178
(2*) -
(2*) Since interest rate swaps under the exceptional accounting method are accounted for as an integral part of long-term debt, the hedged item, their fair values are included in the fair value of the underlying long-term debt.
12. Financial Instruments...
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Page 37
...
As a general rule, assets were grouped into business assets, idle assets and assets for rent. Idle assets and assets for rent were individually grouped by each item. For assets for rent, idle assets that were in need for impairment due to the decline in fair value of land, and business assets to...
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Page 38
... and business descriptions of the acquired companies
Name of acquired companies Description of their business
2015
2014
2015
Isuzu Motors International Operations Thailand Limited Sales of automobiles Manufacture of automobile engines Thai International Die Making Manufacture of automobile parts...
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Page 39
Isuzu Motors Limited
â- A n n u a l R e p o r t 2015
F I N A N CI A L S E C T I O N
(2) The amount of the capital surplus decreased due to the transaction with minority shareholders 9,082 million yen ($75,584 thousands)
c) Information by major customer
Net sales Name of customers Tri Petch ...
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Page 40
Report of Independent Auditors
38
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Page 41
...
Isuzu Commercial Truck of America, Inc. (ICTA)
1400 S. Douglass Road, Suite 100, Anaheim, CA 92806 Tel: 1-714-935-9300
P.T. Asian Isuzu Casting Center (AICC)
Karawang International Industrial City (KIIC) Lot N6-9 Jl.Toll Jakarta-Cikampek Km.47 Karawang 41361, Indonesia Tel: 62-21-8904590
DMAX...
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Page 42
...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...
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Page 43
...
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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