Table of Contents

No.1-7628

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF FEBRUARY 2023

COMMISSION FILE NUMBER: 1-07628

HONDA GIKEN KOGYO KABUSHIKI KAISHA

(Name of registrant)

HONDA MOTOR CO., LTD.

(Translation of registrant’s name into English)

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

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  ☒    Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

 

 

Table of Contents

Table of Contents

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

HONDA GIKEN KOGYO KABUSHIKI KAISHA (HONDA MOTOR CO., LTD.)

/s/ Masaharu Hirose

Masaharu Hirose
General Manager
Finance Division
Honda Motor Co., Ltd.

Date: February 10, 2023

Table of Contents

February 10, 2023

HONDA MOTOR CO., LTD. REPORTS

CONSOLIDATED FINANCIAL RESULTS

FOR THE FISCAL THIRD QUARTER AND

THE FISCAL NINE-MONTH PERIOD ENDED DECEMBER 31, 2022

Tokyo, February 10, 2023 — Honda Motor Co., Ltd. today announced its consolidated financial results for the fiscal third quarter and the fiscal nine-month period ended December 31, 2022.

 

—1—

Table of Contents

[1] Condensed Consolidated Statements of Financial Position

March 31, 2022 and December 31, 2022

 

     Yen (millions)  
     Mar. 31, 2022     Dec. 31, 2022  

Assets

     

Current assets:

     

Cash and cash equivalents

      3,674,931       3,595,087  

Trade receivables

      896,768       839,340  

Receivables from financial services

      1,694,113       1,797,630  

Other financial assets

      217,743       382,727  

Inventories

      1,918,548       2,111,587  

Other current assets

      439,322                              363,750  
  

 

 

    

 

 

  

Total current assets

      8,841,425       9,090,121  
  

 

 

    

 

 

  

Non-current assets:

     

Investments accounted for using the equity method

      967,404       963,507  

Receivables from financial services

      3,740,383       3,808,031  

Other financial assets

      819,654       854,897  

Equipment on operating leases

      5,159,129       4,816,342  

Property, plant and equipment

      3,079,407       3,177,995  

Intangible assets

      849,507       870,116  

Deferred tax assets

                               91,592       98,882  

Other non-current assets

      424,652       462,700  
  

 

 

    

 

 

  

Total non-current assets

      15,131,728       15,052,470  
  

 

 

    

 

 

  

Total assets

      23,973,153       24,142,591  
  

 

 

    

 

 

  

Liabilities and Equity

     

Current liabilities:

     

Trade payables

      1,236,233       1,159,084  

Financing liabilities

      3,118,304       3,284,843  

Accrued expenses

      375,601       353,250  

Other financial liabilities

      236,900       363,636  

Income taxes payable

      96,116       91,947  

Provisions

      268,388       251,672  

Other current liabilities

      672,857       666,026  
  

 

 

    

 

 

  

Total current liabilities

      6,004,399       6,170,458  
  

 

 

    

 

 

  

Non-current liabilities:

     

Financing liabilities

      4,984,252       4,370,308  

Other financial liabilities

      282,083       291,652  

Retirement benefit liabilities

      282,054       290,351  

Provisions

      253,625       246,611  

Deferred tax liabilities

      990,754       942,800  

Other non-current liabilities

      403,440       427,347  
  

 

 

    

 

 

  

Total non-current liabilities

      7,196,208       6,569,069  
  

 

 

    

 

 

  

Total liabilities

      13,200,607        12,739,527  
  

 

 

    

 

 

  

Equity:

     

Common stock

      86,067       86,067  

Capital surplus

      185,495       185,579  

Treasury stock

      (328,309 )      (418,051 ) 

Retained earnings

      9,539,133       9,908,565  

Other components of equity

      990,438       1,338,798  
  

 

 

    

 

 

  

Equity attributable to owners of the parent

      10,472,824       11,100,958  

Non-controlling interests

      299,722       302,106  
  

 

 

    

 

 

  

Total equity

      10,772,546       11,403,064  
  

 

 

    

 

 

  

Total liabilities and equity

      23,973,153       24,142,591  
  

 

 

    

 

 

  

 

—2—

Table of Contents

[2] Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Statements of Income

For the nine months ended December 31, 2021 and 2022

 

     Yen (millions)  
     Nine months ended
Dec. 31, 2021		     Nine months ended
Dec. 31, 2022		  

Sales revenue

      10,677,013       12,523,490  

Operating costs and expenses:

     

Cost of sales

      (8,486,750 )      (10,045,494 ) 

Selling, general and administrative

      (955,247 )      (1,142,140 ) 

Research and development

      (563,371 )      (601,913 ) 
  

 

 

    

 

 

  

Total operating costs and expenses

      (10,005,368 )      (11,789,547 ) 
  

 

 

    

 

 

  

Operating profit

      671,645       733,943  
  

 

 

    

 

 

  

Share of profit of investments accounted for using the equity method

      157,034       148,887  

Finance income and finance costs:

     

Interest income

      18,737       48,023  

Interest expense

      (9,669 )      (25,214 ) 

Other, net

      7,491       (46,262 ) 
  

 

 

    

 

 

  

Total finance income and finance costs

      16,559       (23,453 ) 
  

 

 

    

 

 

  

Profit before income taxes

      845,238       859,377  

Income tax expense

      (229,035 )      (225,503 ) 
  

 

 

    

 

 

  

Profit for the period

      616,203       633,874  
  

 

 

    

 

 

  

Profit for the period attributable to:

     

Owners of the parent

                             582,169                              583,169  

Non-controlling interests

      34,034       50,705  
     Yen  

Earnings per share attributable to owners of the parent

     

Basic and diluted

      337.92       342.38  

 

—3—

Table of Contents

Condensed Consolidated Statements of Comprehensive Income

For the nine months ended December 31, 2021 and 2022

 

     Yen (millions)  
     Nine months ended
Dec. 31, 2021		     Nine months ended
Dec. 31, 2022		  

Profit for the period

         616,203          633,874  

Other comprehensive income, net of tax:

     

Items that will not be reclassified to profit or loss

     

Remeasurements of defined benefit plans

      —         (12 ) 

Net changes in revaluation of financial assets measured at fair value through other comprehensive income

      78,760       (34,472 ) 

Share of other comprehensive income of investments accounted for using the equity method

      113       (1,428 ) 

Items that may be reclassified subsequently to profit or loss

     

Net changes in revaluation of financial assets measured at fair value through other comprehensive income

      (97 )      (817 ) 

Exchange differences on translating foreign operations

      219,152       345,693  

Share of other comprehensive income of investments accounted for using the equity method

      43,385       41,495  
  

 

 

    

 

 

  

Total other comprehensive income, net of tax

      341,313       350,459  
  

 

 

    

 

 

  

Comprehensive income for the period

      957,516       984,333  
  

 

 

    

 

 

  

Comprehensive income for the period attributable to:

     

Owners of the parent

                             918,110                              931,267  

Non-controlling interests

      39,406       53,066  

 

—4—

Table of Contents

Condensed Consolidated Statements of Income

For the three months ended December 31, 2021 and 2022

 

     Yen (millions)  
     Three months ended
Dec. 31, 2021		     Three months ended
Dec. 31, 2022		  

Sales revenue

      3,688,785       4,438,186  

Operating costs and expenses:

     

Cost of sales

      (2,924,975 )      (3,539,583 ) 

Selling, general and administrative

      (329,644 )      (397,362 ) 

Research and development

      (204,717 )      (220,750 ) 
  

 

 

    

 

 

  

Total operating costs and expenses

      (3,459,336 )      (4,157,695 ) 
  

 

 

    

 

 

  

Operating profit

      229,449       280,491  
  

 

 

    

 

 

  

Share of profit of investments accounted for using the equity method

      49,788       65,941  

Finance income and finance costs:

     

Interest income

      7,657       22,998  

Interest expense

      (3,241 )      (9,564 ) 

Other, net

      1,189       (16,320 ) 
  

 

 

    

 

 

  

Total finance income and finance costs

      5,605       (2,886 ) 
  

 

 

    

 

 

  

Profit before income taxes

      284,842       343,546  

Income tax expense

      (77,240 )      (78,411 ) 
  

 

 

    

 

 

  

Profit for the period

      207,602       265,135  
  

 

 

    

 

 

  

Profit for the period attributable to:

     

Owners of the parent

                             192,960                              244,655  

Non-controlling interests

      14,642       20,480  
     Yen  

Earnings per share attributable to owners of the parent

     

Basic and diluted

      112.42       144.49  

 

—5—

Table of Contents

Condensed Consolidated Statements of Comprehensive Income

For the three months ended December 31, 2021 and 2022

 

     Yen (millions)  
     Three months ended
Dec. 31, 2021		     Three months ended
Dec. 31, 2022		  

Profit for the period

         207,602                              265,135  

Other comprehensive income, net of tax:

     

Items that will not be reclassified to profit or loss

     

Remeasurements of defined benefit plans

      —         (1 ) 

Net changes in revaluation of financial assets measured at fair value through other comprehensive income

      20,742       (6,737 ) 

Share of other comprehensive income of investments accounted for using the equity method

      (1,207 )      (319 ) 

Items that may be reclassified subsequently to profit or loss

     

Net changes in revaluation of financial assets measured at fair value through other comprehensive income

      (79 )      76  

Exchange differences on translating foreign operations

      182,103       (572,014 ) 

Share of other comprehensive income of investments accounted for using the equity method

      16,709       (27,653 ) 
  

 

 

    

 

 

  

Total other comprehensive income, net of tax

      218,268       (606,648 ) 
  

 

 

    

 

 

  

Comprehensive income for the period

      425,870       (341,513 ) 
  

 

 

    

 

 

  

Comprehensive income for the period attributable to:

     

Owners of the parent

                             403,390       (345,614 ) 

Non-controlling interests

      22,480       4,101  

 

—6—

Table of Contents

[3] Condensed Consolidated Statements of Changes in Equity

For the nine months ended December 31, 2021

 

    Yen (millions)  
    Equity attributable to owners of the parent     Non-controlling
interests		     Total
equity		  
    Common
stock		     Capital
surplus		     Treasury
stock		     Retained
earnings		     Other
components
of equity		     Total  

Balance as of April 1, 2021

     86,067       172,049       (273,786 )      8,901,266       196,710         9,082,306       290,533         9,372,839  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive income for the period

                

Profit for the period

           582,169         582,169       34,034       616,203  

Other comprehensive income, net of tax

             335,941       335,941       5,372       341,313  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income for the period

           582,169       335,941       918,110       39,406       957,516  

Reclassification to retained earnings

           (39 )      39       —           —    

Transactions with owners and other

                

Dividends paid

           (188,402 )        (188,402 )      (43,148 )      (231,550 ) 

Purchases of treasury stock

         (62,756 )          (62,756 )        (62,756 ) 

Disposal of treasury stock

         442           442         442  

Share-based payment transactions

       (174 )            (174 )        (174 ) 

Equity transactions and others

       13,679       7,657           21,336       (21,336 )      —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total transactions with owners and other

       13,505       (54,657 )      (188,402 )        (229,554 )      (64,484 )      (294,038 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as of December 31, 2021

     86,067       185,554       (328,443 )      9,294,994          532,690         9,770,862       265,455       10,036,317  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

For the nine months ended December 31, 2022

 

    Yen (millions)  
    Equity attributable to owners of the parent     Non-controlling
interests		     Total
equity		  
    Common
stock		     Capital
surplus		     Treasury
stock		     Retained
earnings		     Other
components
of equity		     Total  

Balance as of April 1, 2022

     86,067       185,495       (328,309 )      9,539,133       990,438       10,472,824       299,722       10,772,546  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive income for the period

                

Profit for the period

           583,169         583,169       50,705       633,874  

Other comprehensive income, net of tax

             348,098       348,098       2,361       350,459  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income for the period

           583,169       348,098       931,267       53,066       984,333  

Reclassification to retained earnings

           (262 )      262       —           —    

Transactions with owners and other

                

Dividends paid

           (213,475 )        (213,475 )      (50,682 )      (264,157 ) 

Purchases of treasury stock

         (90,005 )          (90,005 )        (90,005 ) 

Disposal of treasury stock

         263           263         263  

Share-based payment transactions

       84              84         84  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total transactions with owners and other

       84       (89,742 )      (213,475 )        (303,133 )      (50,682 )      (353,815 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as of December 31, 2022

     86,067       185,579       (418,051 )      9,908,565       1,338,798       11,100,958       302,106       11,403,064  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

—7—

Table of Contents

[4] Condensed Consolidated Statements of Cash Flows

For the nine months ended December 31, 2021 and 2022

 

     Yen (millions)  
     Nine months ended
Dec. 31, 2021		     Nine months ended
Dec. 31, 2022		  

Cash flows from operating activities:

     

Profit before income taxes

      845,238       859,377  

Depreciation, amortization and impairment losses excluding equipment on operating leases

      457,989       536,890  

Share of profit of investments accounted for using the equity method

      (157,034 )      (148,887 ) 

Finance income and finance costs, net

      (42,769 )      (62,159 ) 

Interest income and interest costs from financial services, net

      (119,818 )      (113,821 ) 

Changes in assets and liabilities

     

Trade receivables

      100,704       65,377  

Inventories

      (200,804 )      (118,123 ) 

Trade payables

      (58,880 )      (122,455 ) 

Accrued expenses

      (136,753 )      (40,187 ) 

Provisions and retirement benefit liabilities

      (131,115 )      (42,037 ) 

Receivables from financial services

      321,333       191,359  

Equipment on operating leases

      620       653,490  

Other assets and liabilities

      (35,454 )      109,352  

Other, net

      (7,053 )      (4,953 ) 

Dividends received

      110,049       147,089  

Interest received

      179,173       230,642  

Interest paid

      (69,296 )      (102,890 ) 

Income taxes paid, net of refunds

      (108,326 )      (325,308 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

      947,804       1,712,756  

Cash flows from investing activities:

     

Payments for additions to property, plant and equipment

      (198,762 )      (386,751 ) 

Payments for additions to and internally developed intangible assets

      (126,575 )      (120,711 ) 

Proceeds from sales of property, plant and equipment and intangible assets

      16,057       14,740  

Payments for acquisitions of investments accounted for using the equity method

      —         (10,340 ) 

Payments for acquisitions of other financial assets

      (409,524 )      (468,123 ) 

Proceeds from sales and redemptions of other financial assets

                             337,025                              386,494  
  

 

 

    

 

 

  

Net cash used in investing activities

      (381,779 )      (584,691 ) 

Cash flows from financing activities:

     

Proceeds from short-term financing liabilities

      5,863,983       6,782,961  

Repayments of short-term financing liabilities

      (6,106,635 )      (6,364,866 ) 

Proceeds from long-term financing liabilities

      1,229,804       482,029  

Repayments of long-term financing liabilities

      (1,328,446 )      (1,817,099 ) 

Dividends paid to owners of the parent

      (188,402 )      (213,475 ) 

Dividends paid to non-controlling interests

      (41,722 )      (40,214 ) 

Purchases and sales of treasury stock, net

      (62,314 )      (89,742 ) 

Repayments of lease liabilities

      (58,406 )      (58,406 ) 
  

 

 

    

 

 

  

Net cash used in financing activities

      (692,138 )      (1,318,812 ) 

Effect of exchange rate changes on cash and cash equivalents

      58,544       110,903  
  

 

 

    

 

 

  

Net change in cash and cash equivalents

      (67,569 )      (79,844 ) 

Cash and cash equivalents at beginning of year

      2,758,020       3,674,931  
  

 

 

    

 

 

  

Cash and cash equivalents at end of period

      2,690,451       3,595,087  
  

 

 

    

 

 

  

 

—8—

Table of Contents

[5] Assumptions for Going Concern

None

[6] Notes to Consolidated Financial Statements

[A] Segment Information

Based on Honda’s organizational structure and characteristics of products and services, Honda discloses segment information in four categories: Reportable segments of Motorcycle business, Automobile business and Financial services business, and other segments that are not reportable. The other segments are combined and disclosed in Power product and other businesses. Segment information is based on the components of Honda for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The accounting policies used for segment information are consistent with the accounting policies used in the Company’s condensed consolidated interim financial statements.

Principal products and services, and functions of each segment are as follows:

 

Segment

  

Principal products and services

  

Functions

Motorcycle Business   Motorcycles, all-terrain vehicles (ATVs), side-by-sides (SxS) and relevant parts  

Research and development

Manufacturing

Sales and related services

Automobile Business   Automobiles and relevant parts  

Research and development

Manufacturing

Sales and related services

Financial Services Business   Financial services  

Retail loan and lease related to Honda products

Others

Power Product and Other Businesses*   Power products and relevant parts, and others  

Research and development

Manufacturing
Sales and related services

Others

Explanatory note:

 

*

Life creation business has been renamed Power product business as a result of organizational changes effective April 1, 2022.

Segment information based on products and services

As of and for the nine months ended December 31, 2021

 

     Yen (millions)  
     Motorcycle
Business		      Automobile
Business		      Financial
Services
Business		      Power Product
and Other
Businesses		     Segment
Total		      Reconciling
Items		     Consolidated  

Sales revenue:

                   

External customers

      1,602,096        6,668,657        2,114,335        291,925       10,677,013        —         10,677,013  

Intersegment

      —          155,020        2,124        17,041       174,185        (174,185 )      —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total

      1,602,096        6,823,677        2,116,459        308,966       10,851,198        (174,185 )      10,677,013  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Segment profit (loss)

      232,395        188,547        258,149        (7,446 )      671,645        —         671,645  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Segment assets

      1,465,871        8,795,380        10,914,940        385,776       21,561,967           687,812       22,249,779  

Depreciation and amortization

      49,127        381,128        661,252        12,728       1,104,235        —         1,104,235  

Capital expenditures

      30,189        287,082        1,639,003        10,501       1,966,775        —         1,966,775  

As of and for the nine months ended December 31, 2022

 

     Yen (millions)  
     Motorcycle
Business		      Automobile
Business		      Financial
Services
Business		      Power Product
and Other
Businesses		     Segment
Total		      Reconciling
Items		     Consolidated  

Sales revenue:

                   

External customers

      2,202,355        7,723,596        2,261,049        336,490       12,523,490        —         12,523,490  

Intersegment

      —          135,426        1,653        20,389       157,468        (157,468       —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total

      2,202,355        7,859,022        2,262,702        356,879       12,680,958        (157,468 )      12,523,490  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Segment profit (loss)

      376,535        112,934        220,371         24,103        733,943        —         733,943  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Segment assets

      1,549,384        9,754,332        11,120,960        465,635       22,890,311        1,252,280       24,142,591  

Depreciation and amortization

      49,966        440,624        695,034        13,906       1,199,530        —         1,199,530  

Capital expenditures

      33,651        500,630        1,125,920        8,987       1,669,188        —         1,669,188  

 

—9—

Table of Contents

For the three months ended December 31, 2021

 

     Yen (millions)  
     Motorcycle
Business		      Automobile
Business		      Financial
Services
Business		      Power Product
and Other
Businesses		     Segment
Total		      Reconciling
Items		     Consolidated  

Sales revenue:

                                        

External customers

         578,366        2,333,388             671,777        105,254         3,688,785        —           3,688,785  

Intersegment

      —          55,365        834        6,008       62,207        (62,207 )      —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total

      578,366        2,388,753        672,611        111,262       3,750,992        (62,207 )      3,688,785  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Segment profit (loss)

      84,258        71,443        81,335        (7,587 )      229,449        —         229,449  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

For the three months ended December 31, 2022

 

     Yen (millions)  
     Motorcycle
Business		      Automobile
Business		      Financial
Services
Business		      Power Product
and Other
Businesses		     Segment
Total		      Reconciling
Items		     Consolidated  

Sales revenue:

                                        

External customers

         789,673        2,803,404             733,134        111,975         4,438,186        —           4,438,186  

Intersegment

      —          51,684        472        8,814       60,970        (60,970 )      —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total

      789,673        2,855,088        733,606        120,789        4,499,156        (60,970 )      4,438,186  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Segment profit (loss)

      151,760        49,366        67,322        12,043       280,491        —         280,491  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Explanatory notes:

 

1.

Intersegment sales revenues are generally made at values that approximate arm’s-length prices.

2.

Reconciling items include elimination of intersegment transactions and balances as well as unallocated corporate assets. Unallocated corporate assets, included in reconciling items as of December 31, 2021 and 2022 amounted to JPY 847,711 million and JPY 1,418,600 million, respectively, which consist primarily of the Company’s cash and cash equivalents and financial assets measured at fair value through other comprehensive income.

In addition to the disclosure required by IFRS, Honda provides the following supplemental information for the financial statements users:

Supplemental geographical information based on the location of the Company and its subsidiaries

As of and for the nine months ended December 31, 2021

 

     Yen (millions)  
     Japan      North
America		      Europe      Asia      Other
Regions		      Total      Reconciling
Items		     Consolidated  

Sales revenue:

                       

External customers

      1,713,992        5,681,155        440,255        2,400,719        440,892        10,677,013        —         10,677,013  

Inter-geographic areas

      1,506,703        341,172        89,067        491,398        7,479        2,435,819        (2,435,819 )      —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total

      3,220,695        6,022,327        529,322        2,892,117        448,371        13,112,832        (2,435,819 )      10,677,013  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Operating profit (loss)

      26,663        414,075        17,764        232,250        18,642        709,394        (37,749 )      671,645  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Assets

      5,250,120        12,310,903        553,219        3,491,191        505,794        22,111,227        138,552       22,249,779  

Non-current assets other than financial instruments, deferred tax assets and net defined benefit assets

      3,006,685        5,196,501        55,887        667,201        133,948        9,060,222        —         9,060,222  

As of and for the nine months ended December 31, 2022

 

     Yen (millions)  
     Japan      North
America		      Europe      Asia      Other
Regions		      Total      Reconciling
Items		     Consolidated  

Sales revenue:

                       

External customers

      1,782,790        6,579,359        462,650        3,087,127        611,564        12,523,490        —         12,523,490  

Inter-geographic areas

      1,637,726        378,038        20,632        590,728        4,153        2,631,277        (2,631,277 )      —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total

      3,420,516        6,957,397        483,282        3,677,855        615,717        15,154,767        (2,631,277 )      12,523,490  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Operating profit (loss)

      117,535        242,296        10,743        319,044        45,786        735,404        (1,461 )      733,943  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Assets

      5,343,485        13,068,508        626,675        3,705,885        640,052        23,384,605        757,986       24,142,591  

Non-current assets other than financial instruments, deferred tax assets and net defined benefit assets

      2,936,517        5,296,689        46,749        674,213        170,065        9,124,233        —         9,124,233  

 

—10—

Table of Contents

For the three months ended December 31, 2021

 

     Yen (millions)  
     Japan      North
America		      Europe      Asia      Other
Regions		      Total      Reconciling
Items		     Consolidated  

Sales revenue:

                       

External customers

      607,190        1,849,299        122,244        949,803        160,249        3,688,785        —         3,688,785  

Inter-geographic areas

      514,470        104,766        8,779        181,501        2,340        811,856        (811,856 )      —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total

      1,121,660        1,954,065        131,023        1,131,304        162,589        4,500,641        (811,856 )      3,688,785  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Operating profit (loss)

      11,614        134,619        4,897        98,383        1,575        251,088        (21,639 )      229,449  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

For the three months ended December 31, 2022

 

     Yen (millions)  
     Japan      North
America		      Europe      Asia      Other
Regions		      Total      Reconciling
Items		     Consolidated  

Sales revenue:

                       

External customers

      638,188        2,362,914        156,707        1,070,673        209,704        4,438,186        —         4,438,186  

Inter-geographic areas

      597,436        132,009        7,103        211,446        1,474        949,468        (949,468 )      —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total

      1,235,624        2,494,923        163,810        1,282,119        211,178        5,387,654        (949,468 )      4,438,186  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Operating profit (loss)

      36,800        98,281        3,053        116,304        16,250        270,688        9,803       280,491  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Explanatory notes:

 

1.

Major countries in each geographic area:

 

North America

    United States, Canada, Mexico

Europe

    United Kingdom, Germany, Belgium, Italy, France

Asia

    Thailand, China, India, Vietnam, Malaysia

Other Regions

    Brazil, Australia

 

2.

Sales revenues between geographic areas are generally made at values that approximate arm’s-length prices.

 

3.

Reconciling items include elimination of inter-geographic transactions and balances as well as unallocated corporate assets. Unallocated corporate assets, included in reconciling items as of December 31, 2021 and 2022 amounted to JPY 847,711 million and JPY 1,418,600 million, respectively, which consist primarily of the Company’s cash and cash equivalents and financial assets measured at fair value through other comprehensive income.

 

—11—

Table of Contents

[B] Subsequent Event

Acquisition of the Company’s Own Shares

The Board of Directors of the Company, at its meeting held on February 10, 2023, resolved that the Company will acquire its own shares pursuant to Article 459, Paragraph 1 of the Company Law and Article 36 of the Company’s Articles of Incorporation.

1. Reason for acquisition of own shares

The Company will acquire its own shares for the purpose, among others, of improving efficiency of its capital structure and implementing a flexible capital strategy.

2. Details of the acquisition

 

(1)

Class of shares to be acquired:

Shares of common stock

 

(2)

Total number of shares to be acquired:

Up to 25,000,000 shares (1.5 % of total number of issued shares (excluding treasury stock))

 

(3)

Total amount of shares to be acquired:

Up to 70,000 million yen

 

(4)

Period of acquisition:

Starting on February 13, 2023 and ending on April 30, 2023

 

(5)

Method of acquisition:

Market purchases on the Tokyo Stock Exchange

 

  1.

Purchases through the Tokyo Stock Exchange Trading Network Off-Auction Own Share Repurchase Trading System (ToSTNeT-3)

 

  2.

Market purchases based on a discretionary trading contract regarding acquisition of own shares

[C] Other

Loss related to airbag inflators

Honda has been conducting market-based measures in relation to airbag inflators. Honda recognizes a provision for specific warranty costs when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. There is a possibility that Honda will need to recognize additional provisions when new evidence related to the product recalls arise, however, it is not possible for Honda to reasonably estimate the amount and timing of potential future losses as of the date of this report.

 

—12—

Table of Contents

[7] Forecast for the Fiscal Year Ending March 31, 2023

 

     Yen (billions)         
     FY 2022 results      FY 2023 forecasts       Change (%)   

Sales revenue

      14,552.6        17,250.0        18.5  

Operating profit

      871.2        870.0        - 0.1  

Profit before income taxes

      1,070.1        1,080.0        0.9  

Profit for the year

      760.7        795.0        4.5  

Profit for the year attributable to owners of the parent

      707.0        725.0        2.5  
     Yen         
     FY 2022 results      FY 2023 forecasts         

Earnings per share attributable to owners of the parent Basic and diluted

      411.09          427.59  

[8] Dividend per Share of Common Stock

 

     FY 2022      FY 2023  
             Results                          Results                   Forecasts    

Interim dividend (yen)

                   55.00                     60.00     

Year-end dividend (yen)

      65.00                          60.00  

Total annual dividend (yen)

      120.00           120.00  

This announcement contains “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on management’s assumptions and beliefs taking into account information currently available to it. Therefore, please be advised that the actual results of the Company could differ materially from those described in these forward-looking statements as a result of numerous factors, including general economic conditions in the principal markets of the Company, its consolidated subsidiaries and its affiliates accounted for by the equity-method, and fluctuation of foreign exchange rates, as well as other factors detailed from time to time. The various factors for increases and decreases in profit have been classified in accordance with a method that Honda considers reasonable.

 

—13—

Table of Contents

[Translation]

             February 10, 2023

 

To:  

Shareholders of Honda Motor Co., Ltd.

From:  

Honda Motor Co., Ltd.

 

1-1, Minami-Aoyama 2-chome,

 

Minato-ku, Tokyo, 107-8556

 

Toshihiro Mibe

 

Director, President and Representative Executive Officer

Notice Concerning Acquisition of the Company’s Own Shares

(Acquisition of the Company’s own shares pursuant to the Articles of Incorporation of the Company

in accordance with Article 459, Paragraph 1 of the Company Law)

The Board of Directors of Honda Motor Co., Ltd. (the “Company”), at its meeting held on February 10, 2023, resolved that the Company will acquire its own shares pursuant to Article 459, Paragraph 1 of the Company Law and Article 36 of the Company’s Articles of Incorporation.

Particulars

 

1.

Reason for acquisition of own shares

The Company will acquire its own shares for the purpose, among others, of improving efficiency of its capital structure and implementing a flexible capital strategy.

 

2.

Details of the acquisition

 

    (1)

Class of shares to be acquired:

Shares of common stock

 

    (2)

Total number of shares to be acquired:

Up to 25,000,000 shares (1.5 % of total number of issued shares (excluding treasury stock))

 

    (3)

Total amount of shares to be acquired:

Up to 70 billion yen

 

    (4)

Period of acquisition:

Starting on February 13, 2023 and ending on April 30, 2023

 

    (5)

Method of acquisition:

Market purchases on the Tokyo Stock Exchange

 

  1.

Purchases through the Tokyo Stock Exchange Trading Network Off-Auction Own Share Repurchase Trading System (ToSTNeT-3)

 

  2.

Market purchases based on a discretionary trading contract regarding acquisition of own shares

 

Reference:

The Company’s treasury stock held as of December 31, 2022

                     Total number of issued shares (excluding treasury stock):    1,683,960,364 shares                    
  Total number of treasury stock:    127,468,066 shares   
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