Honda Motor

HMC · NYSE

Motor Vehicles & Passenger Car Bodies · Fiscal year ends Mar 31 · Reports in JPY

Honda Motor reported revenue of JPY 11,842B in the fiscal year ended Mar 2014, up 19.9% from the year before. Operating income was JPY 750B, an operating margin of 6.3%, and net income was JPY 574B. Operating cash flow of JPY 1,229B less capital expenditure of JPY 774B left free cash flow of JPY 455B. Net debt was JPY 3,369B.

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014
Revenue	JPY 8,579B	JPY 8,937B	JPY 7,948B	JPY 9,878B	JPY 11,842B
Cost of revenue	JPY 6,415B	JPY 6,497B	JPY 5,920B	JPY 7,345B	JPY 8,761B
Gross profit	JPY 2,164B	JPY 2,440B	JPY 2,028B	JPY 2,533B	JPY 3,081B
Research & development	JPY 463B	JPY 488B	JPY 520B	JPY 560B	JPY 634B
Selling, general & admin	JPY 1,337B	JPY 1,383B	JPY 1,277B	JPY 1,428B	JPY 1,697B
Operating income	JPY 364B	JPY 570B	JPY 231B	JPY 545B	JPY 750B
Interest expense	JPY 12.6B	JPY 8.5B	JPY 10.4B	JPY 12.2B	JPY 12.7B
Pre-tax income	JPY 336B	JPY 631B	JPY 257B	JPY 489B	JPY 729B
Income tax	JPY 147B	–	JPY 136B	JPY 179B	JPY 253B
Net income	JPY 268B	JPY 534B	JPY 211B	JPY 367B	JPY 574B
Diluted EPS	147.91	295.67	117.34	203.71	318.54

Balance sheet

Fiscal year	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014
Cash & equivalents	JPY 1,120B	JPY 1,279B	JPY 1,247B	JPY 1,206B	JPY 1,169B
Inventory	JPY 936B	JPY 900B	JPY 1,036B	JPY 1,215B	JPY 1,303B
Current assets	JPY 4,614B	JPY 4,690B	JPY 4,739B	JPY 5,323B	JPY 5,771B
Net PP&E	JPY 2,087B	JPY 1,939B	JPY 1,973B	JPY 2,400B	JPY 2,818B
Goodwill	JPY 12.1B	JPY 12B	JPY 10.4B	JPY 10.3B	JPY 11.4B
Total assets	JPY 11,629B	JPY 11,578B	JPY 11,788B	JPY 13,635B	JPY 15,622B
Payables	JPY 802B	JPY 692B	JPY 942B	JPY 957B	JPY 1,071B
Current liabilities	JPY 3,419B	JPY 3,568B	JPY 3,580B	JPY 4,089B	JPY 4,711B
Short-term debt	JPY 722B	JPY 962B	JPY 911B	JPY 945B	JPY 1,303B
Long-term debt	JPY 2,313B	JPY 2,043B	JPY 2,235B	JPY 2,711B	JPY 3,234B
Total liabilities	JPY 7,173B	JPY 6,988B	JPY 7,270B	JPY 8,430B	JPY 9,509B
Shareholders' equity	JPY 4,329B	JPY 4,450B	JPY 4,392B	JPY 5,044B	JPY 5,919B

Cash flow

Fiscal year	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014
Operating cash flow	JPY 1,544B	JPY 1,097B	JPY 762B	JPY 801B	JPY 1,229B
Capital expenditure	JPY 392B	JPY 319B	JPY 397B	JPY 627B	JPY 774B
Free cash flow	JPY 1,152B	JPY 778B	JPY 364B	JPY 174B	JPY 455B
Depreciation & amortisation	JPY 630B	JPY 589B	JPY 555B	JPY 590B	JPY 795B
Dividends paid	JPY 61.7B	JPY 92.2B	JPY 108B	JPY 130B	JPY 142B
Dividend per share	34.00	51.00	60.00	72.00	79.00

Key ratios

Fiscal year	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014
Revenue growth (YoY)	–	4.2%	−11.1%	24.3%	19.9%
Operating income growth (YoY)	–	56.6%	−59.4%	135.5%	37.7%
EPS growth (YoY)	–	99.9%	−60.3%	73.6%	56.4%
Gross margin	25.2%	27.3%	25.5%	25.6%	26.0%
Operating margin	4.2%	6.4%	2.9%	5.5%	6.3%
Net margin	3.1%	6.0%	2.7%	3.7%	4.8%
Return on equityBlank when equity is negative	6.2%	12.0%	4.8%	7.3%	9.7%
ROCEEBIT ÷ (assets − current liabilities)	4.4%	7.1%	2.8%	5.7%	6.9%
Free cash flow margin	13.4%	8.7%	4.6%	1.8%	3.8%
Cash conversion (CFO ÷ net income)	5.75x	2.05x	3.60x	2.18x	2.14x
Inventory days	53	51	64	60	54
Payable days	46	39	58	48	45
Interest cover	29.0x	67.2x	22.3x	44.8x	59.1x
Debt ÷ equity	0.70x	0.68x	0.72x	0.72x	0.77x
Net debtDebt − cash & equivalents; excludes investments; negative = net cash	JPY 1,915B	JPY 1,727B	JPY 1,899B	JPY 2,450B	JPY 3,369B
Current ratio	1.35x	1.31x	1.32x	1.30x	1.22x

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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.