| ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Common Stock* |
HMC |
New York Stock Exchange | ||
American Depositary Shares** |
| Title of each class |
Outstanding as of March 31, 2022*** | |
Common Stock |
1,710,600,356**** |
| Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ |
Emerging growth company ☐ |
| * | Not for trading purposes, but only in connection with the registration of American Depositary Shares, each representing one share of Common Stock. |
| ** | American Depositary Receipts evidence American Depositary Shares, each American Depositary Share representing one share of Common Stock. |
| *** | Unless otherwise indicated in this Form 20-F, “outstanding shares” excludes the number of shares held by the BIP Trust (as defined under Item 6.B. “Compensation-The Board Incentive Plan”). |
| **** | Shares of Common Stock include 107,517,766 shares represented by American Depositary Shares. |
1 |
||||
1 |
||||
1 |
||||
1 |
||||
1 |
||||
1 |
||||
1 |
||||
7 |
||||
7 |
||||
8 |
||||
33 |
||||
34 |
||||
36 |
||||
36 |
||||
36 |
||||
53 |
||||
56 |
||||
60 |
||||
60 |
||||
67 |
||||
67 |
||||
82 |
||||
88 |
||||
89 |
||||
90 |
||||
90 |
||||
90 |
||||
91 |
||||
91 |
||||
91 |
||||
91 |
||||
92 |
||||
92 |
||||
92 |
||||
92 |
||||
93 |
||||
93 |
||||
93 |
||||
93 |
||||
93 |
||||
93 |
||||
93 |
||||
94 |
||||
94 |
||||
95 |
||||
99 |
||||
99 |
||||
| • | the political, economic and social conditions in Japan and throughout the world including North America, Europe and Asia, including economic slowdowns, recessions, changes in consumer preferences, rising fuel prices, financial crises, exchange rates and other factors, as well as the relevant governments’ specific policies with respect to economic growth, inflation, taxation, currency conversion, imports and sources of supplies and the availability of credit, particularly to the extent such current or future conditions and policies affect the automobile, motorcycle and power product industries and markets in Japan and other markets throughout the world in which Honda conducts its business, and the demand, sales volume and sales prices for Honda’s automobiles, motorcycles and power products; |
| • | the effects of competition in the automobile, motorcycle and power product markets on the demand, sales volume and sales prices for Honda’s automobiles, motorcycles and power products; |
| • | Honda’s ability to finance its working capital and capital expenditure requirements, including obtaining any required external debt or other financing upon favorable interest rates or other terms; |
| • | the effects of environmental, personal information and other governmental regulations and legal proceedings; and |
| • | the effects of events such as environmental or man-made disasters, pandemics, cyber-attacks or other events affecting Honda, its suppliers, customers or the economy as a whole. |
Fiscal years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Yen (billions) |
||||||||||||
| Motorcycle Business |
¥ | 2,059.3 | ¥ | 1,787.2 | ¥ | 2,185.2 | ||||||
| Automobile Business |
9,959.0 | 8,567.2 | 9,147.4 | |||||||||
| Financial Services Business |
2,586.9 | 2,494.2 | 2,820.6 | |||||||||
| Life Creation and Other Businesses |
325.6 | 321.7 | 399.2 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
¥ | 14,931.0 | ¥ | 13,170.5 | ¥ | 14,552.6 | ||||||
| |
|
|
|
|
|
|||||||
Fiscal years ended March 31, |
||||||||||||||||||||||||||||||||||||
2020 |
2021 |
2022 |
||||||||||||||||||||||||||||||||||
Honda Group Unit Sales* |
Consolidated Unit Sales* |
Revenue |
Honda Group Unit Sales* |
Consolidated Unit Sales* |
Revenue |
Honda Group Unit Sales* |
Consolidated Unit Sales* |
Revenue |
||||||||||||||||||||||||||||
Units (thousands) |
Units (thousands) |
Yen (billions) |
Units (thousands) |
Units (thousands) |
Yen (billions) |
Units (thousands) |
Units (thousands) |
Yen (billions) |
||||||||||||||||||||||||||||
| Japan |
205 | 205 | ¥ | 77.2 | 215 | 215 | ¥ | 88.1 | 244 | 244 | ¥ | 105.0 | ||||||||||||||||||||||||
| North America |
330 | 330 | 203.8 | 332 | 332 | 197.1 | 437 | 437 | 230.7 | |||||||||||||||||||||||||||
| Europe |
239 | 239 | 144.3 | 234 | 234 | 146.9 | 317 | 317 | 202.2 | |||||||||||||||||||||||||||
| Asia |
17,262 | 10,348 | 1,338.7 | 13,319 | 8,451 | 1,149.8 | 14,589 | 8,283 | 1,309.9 | |||||||||||||||||||||||||||
| Other Regions |
1,304 | 1,304 | 295.0 | 1,032 | 1,032 | 205.1 | 1,440 | 1,440 | 337.2 | |||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
19,340 | 12,426 | ¥ | 2,059.3 | 15,132 | 10,264 | ¥ | 1,787.2 | 17,027 | 10,721 | ¥ | 2,185.2 | ||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Motorcycle revenue as a percentage of total sales revenue |
14 | % | 14 | % | 15 | % | ||||||||||||||||||||||||||||||
* |
Honda Group Unit Sales is the total unit sales of completed products of Honda, its consolidated subsidiaries and its affiliates and joint ventures accounted for using the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated sales revenue to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries. |
Fiscal years ended March 31, |
||||||||||||||||||||||||||||||||||||
2020 |
2021 |
2022 |
||||||||||||||||||||||||||||||||||
Honda Group Unit Sales* |
Consolidated Unit Sales* |
Revenue |
Honda Group Unit Sales* |
Consolidated Unit Sales* |
Revenue |
Honda Group Unit Sales* |
Consolidated Unit Sales* |
Revenue |
||||||||||||||||||||||||||||
Units (thousands) |
Units (thousands) |
Yen (billions) |
Units (thousands) |
Units (thousands) |
Yen (billions) |
Units (thousands) |
Units (thousands) |
Yen (billions) |
||||||||||||||||||||||||||||
| Japan |
672 | 589 | ¥ | 1,473.7 | 592 | 520 | ¥ | 1,321.4 | 547 | 476 | ¥ | 1,340.7 | ||||||||||||||||||||||||
| North America |
1,825 | 1,825 | 5,650.6 | 1,480 | 1,480 | 4,679.3 | 1,283 | 1,283 | 4,884.9 | |||||||||||||||||||||||||||
| Europe |
133 | 133 | 359.2 | 101 | 101 | 290.3 | 100 | 100 | 319.3 | |||||||||||||||||||||||||||
| Asia |
1,952 | 563 | 2,049.4 | 2,247 | 390 | 2,037.5 | 2,022 | 443 | 2,321.7 | |||||||||||||||||||||||||||
| Other Regions |
208 | 208 | 425.9 | 126 | 126 | 238.5 | 122 | 122 | 280.7 | |||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
4,790 | 3,318 | ¥ | 9,959.0 | 4,546 | 2,617 | ¥ | 8,567.2 | 4,074 | 2,424 | ¥ | 9,147.4 | ||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Automobile revenue as a percentage of total sales revenue |
67 | % | 65 | % | 63 | % | ||||||||||||||||||||||||||||||
* |
Honda Group Unit Sales is the total unit sales of completed products of Honda, its consolidated subsidiaries and its affiliates and joint ventures accounted for using the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated sales revenue to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries. Certain sales of automobiles that are financed with residual value type auto loans and others by our Japanese finance subsidiaries and provided through our consolidated subsidiaries are accounted for as operating leases in conformity with International Financial Reporting Standards (“IFRS”) and are not included in consolidated sales revenue to the external customers in our Automobile business. Accordingly, they are not included in Consolidated Unit Sales, but are included in Honda Group Unit Sales of our Automobile business. |
Fiscal years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Yen (billions) |
||||||||||||
| Japan |
¥ | 358.8 | ¥ | 380.3 | ¥ | 418.3 | ||||||
| North America |
2,176.6 | 2,070.5 | 2,356.9 | |||||||||
| Europe |
11.8 | 11.2 | 10.8 | |||||||||
| Asia |
14.7 | 15.0 | 15.7 | |||||||||
| Other Regions |
24.8 | 17.0 | 18.6 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
¥ | 2,586.9 | ¥ | 2,494.2 | ¥ | 2,820.6 | ||||||
| |
|
|
|
|
|
|||||||
| Financial Services revenue as a percentage of total sales revenue |
17 | % | 19 | % | 19 | % | ||||||
Fiscal years ended March 31, | ||||||||||||||||||||||||
2020 |
2021 |
2022 | ||||||||||||||||||||||
Honda Group Unit Sales / Consolidated Unit Sales* |
Revenue |
Honda Group Unit Sales / Consolidated Unit Sales* |
Revenue |
Honda Group Unit Sales / Consolidated Unit Sales* |
Revenue |
|||||||||||||||||||
Units (thousands) |
Yen (billions) |
Units (thousands) |
Yen (billions) |
Units (thousands) |
Yen (billions) |
|||||||||||||||||||
| Japan |
312 | ¥ | 76.1 | 336 | ¥ | 59.2 | 353 | ¥ | 79.4 | |||||||||||||||
| North America |
2,848 | 133.1 | 2,617 | 133.7 | 2,738 | 152.1 | ||||||||||||||||||
| Europe |
845 | 53.2 | 929 | 63.2 | 1,189 | 79.3 | ||||||||||||||||||
| Asia |
1,375 | 46.8 | 1,405 | 47.6 | 1,487 | 64.0 | ||||||||||||||||||
| Other Regions |
321 | 16.2 | 336 | 17.7 | 433 | 24.3 | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
5,701 | ¥ | 325.6 | 5,623 | ¥ | 321.7 | 6,200 | ¥ | 399.2 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Life Creation and Other businesses revenue as a percentage of total sales revenue |
2 | % | 2 | % | 3 | % | ||||||||||||||||||
* |
Honda Group Unit Sales is the total unit sales of completed power products of Honda, its consolidated subsidiaries and its affiliates and joint ventures accounted for using the equity method. Consolidated Unit Sales is the total unit sales of completed power products corresponding to consolidated sales revenue to external customers, which consists of unit sales of completed power products of Honda and its consolidated |
| subsidiaries. In Life creation business, there is no discrepancy between Honda Group Unit Sales and Consolidated Unit Sales since no affiliate and joint venture accounted for using the equity method was involved in the sale of Honda power products. |
| + | Event Data Recorder (EDR), |
| + | Amendment to electric vehicles traction battery safety requirements, and |
| + | Amendment to electric vehicles safety requirements. |
| + | Establishment of technical requirements related to cyber security, and |
| + | Establishment of security requirements for automobile data collection and requirements for cross-border data transfers, and |
| + | Amendment to battery electric passenger cars – specifications. |
| Company |
Country of Incorporation |
Function |
Percentage Ownership and Voting Interest |
|||||
| Honda R&D Co., Ltd. |
Japan | Research & Development | 100.0 | |||||
| Honda Finance Co., Ltd. |
Japan | Finance | 100.0 | |||||
| American Honda Motor Co., Inc. |
U.S.A. | Coordination of Subsidiaries Operation, Research & Development, Manufacturing and Sales |
100.0 | |||||
| Honda Aero., Inc. |
U.S.A. | Research & Development and Manufacturing |
100.0 | |||||
| American Honda Finance Corporation |
U.S.A. | Finance | 100.0 | |||||
| Honda Development and Manufacturing of America, LLC |
U.S.A. | Research & Development and Manufacturing |
100.0 | |||||
| Honda Aircraft Company, LLC |
U.S.A. | Research & Development, Manufacturing and Sales |
100.0 | |||||
| Honda Canada Inc. |
Canada | Manufacturing and Sales | 100.0 | |||||
| Honda Canada Finance Inc. |
Canada | Finance | 100.0 | |||||
| Honda de Mexico, S.A. de C.V. |
Mexico | Manufacturing and Sales | 100.0 | |||||
| Honda Motor Europe Limited |
U.K. | Coordination of Subsidiaries Operation and Sales |
100.0 | |||||
| Honda of the U.K. Manufacturing Ltd. |
U.K. | Manufacturing | 100.0 | |||||
| Honda Finance Europe plc |
U.K. | Finance | 100.0 | |||||
| Honda Bank GmbH |
Germany | Finance | 100.0 | |||||
| Honda Turkiye A.S |
Turkey | Manufacturing and Sales | 100.0 | |||||
| Honda Motor (China) Investment Co., Ltd. |
China | Coordination of Subsidiaries Operation and Sales |
100.0 | |||||
| Honda Auto Parts Manufacturing Co., Ltd. |
China | Manufacturing | 100.0 | |||||
| Honda Motorcycle & Scooter India (Private) Ltd. |
India | Manufacturing and Sales | 100.0 | |||||
| Honda Cars India Limited |
India | Manufacturing and Sales | 100.0 | |||||
| P.T. Honda Precision Parts Manufacturing |
Indonesia | Manufacturing | 100.0 | |||||
| P.T. Honda Prospect Motor |
Indonesia | Manufacturing and Sales | 51.0 | |||||
| Honda Malaysia Sdn Bhd |
Malaysia | Manufacturing and Sales | 51.0 | |||||
| Honda Philippines Inc. |
Philippines | Manufacturing and Sales | 99.6 | |||||
| Honda Taiwan Co., Ltd. |
Taiwan | Sales | 100.0 | |||||
| Asian Honda Motor Co., Ltd. |
Thailand | Coordination of Subsidiaries Operation and Sales |
100.0 | |||||
| Honda Leasing (Thailand) Co., Ltd. |
Thailand | Finance | 100.0 | |||||
| Honda Automobile (Thailand) Co., Ltd. |
Thailand | Manufacturing and Sales | 89.0 | |||||
| Thai Honda Manufacturing Co., Ltd. |
Thailand | Manufacturing and Sales | 72.5 | |||||
| Honda Vietnam Co., Ltd. |
Vietnam | Manufacturing and Sales | 70.0 | |||||
| Honda Motor de Argentina S.A. |
Argentina | Manufacturing and Sales | 100.0 | |||||
| Honda South America Ltda. |
Brazil | Coordination of Subsidiaries Operation |
100.0 | |||||
| Banco Honda S.A. |
Brazil | Finance | 100.0 | |||||
| Honda Automoveis do Brasil Ltda. |
Brazil | Manufacturing and Sales | 100.0 | |||||
| Moto Honda da Amazonia Ltda. |
Brazil | Manufacturing and Sales | 100.0 | |||||
| Location |
Number of Employees |
Principal Products Manufactured | ||||
| Yorii-machi, Osato-gun, Saitama, Japan |
4,349 | Automobiles | ||||
| Naka-ku, Hamamatsu, Shizuoka, Japan |
1,924 | Power products and transmissions | ||||
| Suzuka, Mie, Japan |
5,663 | Automobiles | ||||
| Ozu-machi, Kikuchi-gun, Kumamoto, Japan |
2,577 | Motorcycles, all-terrain vehicles,power products and engines | ||||
| Greensboro, North Carolina, U.S.A. |
743 | Aircraft | ||||
| Burlington, North Carolina, U.S.A. |
89 | Aircraft engines | ||||
| Marysville, Ohio, U.S.A. |
5,308 | Automobiles | ||||
| Anna, Ohio, U.S.A. |
2,382 | Engines | ||||
| East Liberty, Ohio, U.S.A. |
2,775 | Automobiles | ||||
| Lincoln, Alabama, U.S.A. |
4,557 | Automobiles and engines | ||||
| Greensburg, Indiana, U.S.A. |
2,468 | Automobiles | ||||
| Alliston, Canada |
4,522 | Automobiles and engines | ||||
| El Salto, Mexico |
369 | Motorcycles | ||||
| Celaya, Mexico |
4,589 | Automobiles | ||||
| Gurugram, India |
2,068 | Motorcycles | ||||
| Alwar, India |
2,497 | Motorcycles and automobiles | ||||
| Narasapura, India |
1,811 | Motorcycles | ||||
| Ahemdabad, India |
974 | Motorcycles | ||||
| Karawang, Indonesia |
2,818 | Automobiles and engines | ||||
| Melaka, Malaysia |
2,031 | Automobiles | ||||
| Batangas,Philippines |
1,300 | Motorcycles | ||||
| Ayutthaya, Thailand |
2,632 | Automobiles | ||||
| Prachinburi, Thailand |
1,221 | Automobiles | ||||
| Bangkok, Thailand |
3,703 | Motorcycles and power products | ||||
| Phuc Yen, Vietnam |
4,783 | Motorcycles and automobiles | ||||
| Duy Tien, Vietnam |
678 | Motorcycles | ||||
| Buenos Aires, Argentina |
484 | Motorcycles | ||||
| Itirapina, Brazil |
987 | Automobiles | ||||
| Manaus, Brazil |
6,606 | Motorcycles and power products | ||||
Fiscal years ended March 31, |
||||||||||||
2021 |
2022 |
Increase (Decrease) |
||||||||||
Yen (millions) |
||||||||||||
| Motorcycle Business |
¥ | 30,483 | ¥ | 36,754 | ¥ | 6,271 | ||||||
| Automobile Business |
281,617 | 230,476 | (51,141 | ) | ||||||||
| Financial Services Business |
2,002,158 | 2,026,438 | 24,280 | |||||||||
| Financial Services Business (Excluding Equipment on Operating Leases) |
260 | 340 | 80 | |||||||||
| Life Creation and Other Businesses |
8,934 | 10,835 | 1,901 | |||||||||
| Total |
¥ | 2,323,192 | ¥ | 2,304,503 | ¥ | (18,689) | ||||||
| Total (Excluding Equipment on Operating Leases) |
¥ | 321,294 | ¥ | 278,405 | ¥ | (42,889) | ||||||
Fiscal year ending March 31, 2023 |
||||
Yen (millions) |
||||
| Motorcycle Business |
¥ | 48,100 | ||
| Automobile Business |
440,000 | |||
| Financial Services Business |
200 | |||
| Power Product and Other Businesses |
11,700 | |||
| |
|
|||
| Total |
¥ | 500,000 | ||
| |
|
|||
* |
Source: JAMA (Japan Automobile Manufacturers Association) |
* |
Source: MIC (Motorcycle Industry Council) |
* |
Based on Honda research. Only includes the following 10 countries: the United Kingdom, Germany, France, Italy, Spain, Switzerland, Portugal, the Netherlands, Belgium, and Austria. |
*1 |
Based on Honda research. |
*2 |
Based on Honda research. Only includes the following seven countries: Thailand, Indonesia, Malaysia, the Philippines, Vietnam, Pakistan, and China. |
* |
Source: ABRACICLO (the Brazilian Association of Motorcycle, Moped, and Bicycle Manufacturers) |
*1 |
Source: JAMA (Japan Automobile Manufacturers Association), as measured by the number of regular vehicle registrations (661cc or higher) and mini vehicles (660cc or lower) |
*2 |
Certain sales of automobiles that are financed with residual value type auto loans and others by our Japanese finance subsidiaries and provided through our consolidated subsidiaries are accounted for as operating leases in conformity with IFRS and are not included in consolidated sales revenue to external customers in the Automobile business. Accordingly, they are not included in consolidated unit sales. |
* |
Source: Autodata |
* |
Source: ACEA (Association des Constructeurs Europeens d’Automobiles (the European Automobile Manufacturers’ Association)) New passenger car registrations cover 27 EU countries, three EFTA countries, and the U.K. |
*1 |
The total is based on Honda research and includes the following eight countries: Thailand, Indonesia, Malaysia, the Philippines, Vietnam, Taiwan, India, and Pakistan. |
*2 |
Source: CAAM (China Association of Automobile Manufacturers) |
*3 |
The total includes the following seven countries: Thailand, Indonesia, Malaysia, Vietnam, Taiwan, India, and Pakistan. |
* |
Source: ANFAVEA (Associação Nacional dos Fabricantes de Veiculos Automotores (the Brazilian Automobile Association)) The total includes passenger cars and light commercial vehicles. |
* |
OEM (Original Equipment Manufacturer) engines refer to engines installed on products sold under a third-party brand. |
* |
Source: JAMA (Japan Automobile Manufacturers Association) |
* |
Source: MIC (Motorcycle Industry Council) |
* |
Based on Honda research. Only includes the following 10 countries: the United Kingdom, Germany, France, Italy, Spain, Switzerland, Portugal, the Netherlands, Belgium and Austria. |
* |
Based on Honda research. Only includes the following seven countries: Thailand, Indonesia, Malaysia, the Philippines, Vietnam, Pakistan, and China. |
* |
Source: ABRACICLO (the Brazilian Association of Motorcycle, Moped, and Bicycle Manufacturers) |
* 1 |
Source: JAMA (Japan Automobile Manufacturers Association), as measured by the number of regular vehicle registrations (661cc or higher) and mini vehicles (660cc or lower) |
* 2 |
Certain sales of automobiles that are financed with residual value type auto loans by our Japanese finance subsidiaries and sold through our consolidated subsidiaries are accounted for as operating leases in conformity with IFRS and are not included in consolidated sales revenue to external customers in the Automobile business. Accordingly, they are not included in consolidated unit sales. |
* |
Source: Autodata |
* |
Source: ACEA (Association des Constructeurs Europeens d’Automobiles (the European Automobile Manufacturers’ Association)) New passenger car registrations cover 27 EU countries, three EFTA countries and the U.K. |
* 1 |
Source: CAAM (China Association of Automobile Manufacturers) |
* 2 |
The total is based on Honda research and includes the following eight countries: Thailand, Indonesia, Malaysia, the Philippines, Vietnam, Taiwan, India and Pakistan. |
* 3 |
The total includes the following eight countries: Thailand, Indonesia, Malaysia, the Philippines, Vietnam, Taiwan, India and Pakistan. |
* |
Source: ANFAVEA (Associação Nacional dos Fabricantes de Veiculos Automotores (the Brazilian Automobile Association)) The total includes passenger cars and light commercial vehicles. |
* |
OEM (Original Equipment Manufacturer) engines: refers to engines installed on products sold under a third-party brand. |
Credit ratings for |
||||||||
Short-term unsecured debt securities |
Long-term unsecured debt securities |
|||||||
| Moody’s Investors Service |
P-2 |
A3 | ||||||
| Standard & Poor’s Rating Services |
A-2 |
A- | ||||||
| Rating and Investment Information |
a-1+ |
AA | ||||||
Yen (millions) |
||||||||||||||||||||
Payments due by period |
||||||||||||||||||||
Total |
Within 1 year |
1-3 years |
3-5 years |
Thereafter |
||||||||||||||||
| Financing liabilities |
¥ | 8,391,545 | ¥ | 3,218,988 | ¥ | 3,187,759 | ¥ | 1,219,591 | ¥ | 765,207 | ||||||||||
| Other financial liabilities |
579,669 | 146,949 | 133,571 | 67,480 | 231,669 | |||||||||||||||
| Purchase and other commitments *1 |
60,527 | 51,175 | 8,955 | 397 | — | |||||||||||||||
| Contributions to defined benefit pension plans *2 |
40,976 | 40,976 | — | — | — | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
¥ | 9,072,717 | ¥ | 3,458,088 | ¥ | 3,330,285 | ¥ | 1,287,468 | ¥ | 996,876 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
*1 |
Honda had commitments for purchases of property, plant and equipment as of March 31, 2022. |
*2 |
Since contributions beyond the next fiscal year are not currently determinable, contributions to defined benefit pension plans reflect only contributions expected for the next fiscal year. |
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Provisions for product warranties |
||||||||||||
| Balance at beginning of year |
¥ | 458,482 | ¥ | 380,689 | ¥ | 481,023 | ||||||
| |
|
|
|
|
|
|||||||
| Provision* |
¥ | 212,275 | ¥ | 272,076 | ¥ | 118,378 | ||||||
| Write-offs |
(250,522 | ) | (166,206 | ) | (172,754 | ) | ||||||
| Reversal |
(26,843 | ) | (22,002 | ) | (36,882 | ) | ||||||
| Exchange differences on translating foreign operations |
(12,703 | ) | 16,466 | 29,436 | ||||||||
| |
|
|
|
|
|
|||||||
| Balance at end of year |
¥ | 380,689 | ¥ | 481,023 | ¥ | 419,201 | ||||||
| |
|
|
|
|
|
|||||||
| Sales revenue |
¥ | 14,931,009 | ¥ | 13,170,519 | ¥ | 14,552,696 | ||||||
* |
Provisions for product warranties accrued during the period for the years ended March 31, 2020, 2021 and 2022 are ¥212.2 billion, ¥272.0 billion and ¥118.3 billion, respectively, due mainly to the future warranty costs for product recalls in the Automobile business. |
| Stage 1 | 12-month ECL for financial assets without a significant increase in credit risk since initial recognition |
| Stage 2 | Lifetime ECL for financial assets with a significant increase in credit risk since initial recognition but that are not credit-impaired |
| Stage 3 | Lifetime ECL for credit-impaired financial assets |
Yen (millions) |
||||||||||||||||
| For the year ended March 31, 2020 |
Retail |
Finance lease |
Wholesale |
Total |
||||||||||||
| Allowance for credit losses |
||||||||||||||||
| Balance at beginning of year |
¥ | 39,760 | ¥ | 730 | ¥ | 2,713 | ¥ | 43,203 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Remeasurement |
¥ | 54,833 | ¥ | 142 | ¥ | 1,905 | ¥ | 56,880 | ||||||||
| Write-offs |
(31,436 | ) | (130 | ) | (1,784 | ) | (33,350 | ) | ||||||||
| Exchange differences on translating foreign operations |
(2,916 | ) | (52 | ) | (297 | ) | (3,265 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at end of year |
¥ | 60,241 | ¥ | 690 | ¥ | 2,537 | ¥ | 63,468 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Ending balance of receivables from financial services |
¥ | 4,440,364 | ¥ | 125,958 | ¥ | 666,992 | ¥ | 5,233,314 | ||||||||
| Average balance of receivables from financial services |
¥ | 4,552,643 | ¥ | 132,568 | ¥ | 651,139 | ¥ | 5,336,350 | ||||||||
| Write-offs as a % of average balance of receivables from financial services |
0.69 | % | 0.10 | % | 0.27 | % | 0.62 | % | ||||||||
| Allowance as a % of ending balance of receivables from financial services |
1.36 | % | 0.55 | % | 0.38 | % | 1.21 | % | ||||||||
Yen (millions) |
||||||||||||||||
| For the year ended March 31, 2021 |
Retail |
Finance lease |
Wholesale |
Total |
||||||||||||
| Allowance for credit losses |
||||||||||||||||
| Balance at beginning of year |
¥ | 60,241 | ¥ | 690 | ¥ | 2,537 | ¥ | 63,468 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Remeasurement |
¥ | (4,778 | ) | ¥ | 142 | ¥ | (402 | ) | ¥ | (5,038 | ) | |||||
| Write-offs |
(20,733 | ) | (107 | ) | 18 | (20,822 | ) | |||||||||
| Exchange differences on translating foreign operations |
(444 | ) | 88 | 114 | (242 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at end of year |
¥ | 34,286 | ¥ | 813 | ¥ | 2,267 | ¥ | 37,366 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Ending balance of receivables from financial services |
¥ | 4,847,906 | ¥ | 126,766 | ¥ | 486,138 | ¥ | 5,460,810 | ||||||||
| Average balance of receivables from financial services |
¥ | 4,547,545 | ¥ | 123,547 | ¥ | 501,943 | ¥ | 5,173,035 | ||||||||
| Write-offs as a % of average balance of receivables from financial services |
0.46 | % | 0.09 | % | 0.00 | % | 0.40 | % | ||||||||
| Allowance as a % of ending balance of receivables from financial services |
0.71 | % | 0.64 | % | 0.47 | % | 0.68 | % | ||||||||
Yen (millions) | ||||||||||||||||
| For the year ended March 31, 2022 |
Retail |
Finance lease |
Wholesale |
Total |
||||||||||||
| Allowance for credit losses |
||||||||||||||||
| Balance at beginning of year |
¥ | 34,286 | ¥ | 813 | ¥ | 2,267 | ¥ | 37,366 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Remeasurement |
¥ | 10,263 | ¥ | (255 | ) | ¥ | (726 | ) | ¥ | 9,282 | ||||||
| Write-offs |
(12,256 | ) | (97 | ) | 30 | (12,323 | ) | |||||||||
| Exchange differences on translating foreign operations |
4,474 | 26 | 238 | 4,738 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at end of year |
¥ | 36,767 | ¥ | 487 | ¥ | 1,809 | ¥ | 39,063 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Ending balance of receivables from financial services |
¥ | 5,054,428 | ¥ | 145,932 | ¥ | 284,506 | ¥ | 5,484,866 | ||||||||
| Average balance of receivables from financial services |
¥ | 4,964,846 | ¥ | 134,316 | ¥ | 319,583 | ¥ | 5,418,744 | ||||||||
| Write-offs as a % of average balance of receivables from financial services |
0.25 | % | 0.07 | % | (0.01 | )% | 0.23 | % | ||||||||
| Allowance as a % of ending balance of receivables from financial services |
0.73 | % | 0.33 | % | 0.64 | % | 0.71 | % | ||||||||
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Remeasurement for credit losses on past due lease payments under operating leases |
¥ | 3,046 | ¥ | 3,287 | ¥ | 225 | ||||||
| Impairment losses (reversal of impairment losses) on operating leases due to early termination |
¥ | 36,037 | ¥ | (16,321 | ) | ¥ | 1,872 | |||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
Chairman and Director |
||||||||||
| Seiji Kuraishi |
Joined Honda Motor Co., Ltd. in April 1982 | *3 | 43,000 | |||||||
| (July 10, 1958) |
Operating Officer, appointed in June 2011 |
|||||||||
| President of Honda Motor (China) Technology Co., Ltd., appointed in November 2013 |
||||||||||
| Managing Officer of the Company, appointed in April 2014 |
||||||||||
| Senior Managing Officer, appointed in April 2016 |
||||||||||
| Executive Vice President, Executive Officer and Representative Director, appointed in June 2016 |
||||||||||
| Risk Management Officer, appointed in June 2016 |
||||||||||
| Corporate Brand Officer, appointed in June 2016 |
||||||||||
| Chief Operating Officer, appointed in April 2017 |
||||||||||
| In Charge of Strategy, Business Operations and Regional Operations, appointed in April 2017 |
||||||||||
| Executive Vice President and Representative Director, appointed in June 2017 |
||||||||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
| Director in Charge of Strategy, Business Operations and Regional Operations, appointed in April 2019 |
||||||||||
| Chief Officer for Automobile Operations, appointed in April 2019 |
||||||||||
| Director, Executive Vice President and Representative Executive Officer, appointed in June 2021 |
||||||||||
| Compensation Committee Member, appointed in June 2021 |
||||||||||
| Chairman and Director, appointed in April 2022 (presently held) |
||||||||||
| Chairman of the Board of Directors, appointed in April 2022 (presently held) |
||||||||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
Director and Representative Executive Officers |
||||||||||
| Toshihiro Mibe (July 1, 1961) |
Joined Honda Motor Co., Ltd. in April 1987 | *3 | 22,600 | |||||||
| Managing Officer of Honda R&D Co., Ltd., appointed in April 2012 |
||||||||||
| Operating Officer of the Company, appointed in April 2014 |
||||||||||
| Executive in Charge of Powertrain Business for Automobile Operations, appointed in April 2014 |
||||||||||
| Head of Powertrain Production Supervisory Unit of Automobile Production for Automobile Operations, appointed in April 2014 |
||||||||||
| Executive in Charge of Powertrain Business and Drivetrain Business for Automobile Operations, appointed in April 2015 |
||||||||||
| Head of Drivetrain Business Unit in Automobile Production for Automobile Operations, appointed in April 2015 |
||||||||||
| Senior Managing Officer and Director of Honda R&D Co., Ltd., appointed in April 2016 |
||||||||||
| Managing Officer of the Company, appointed in April 2018 |
||||||||||
| Executive Vice President and Director of Honda R&D Co., Ltd., appointed in April 2018 |
||||||||||
| President and Representative Director of Honda R&D Co., Ltd., appointed in April 2019 |
||||||||||
| In Charge of Intellectual Property and Standardization of the Company, appointed in April 2019 |
||||||||||
| Senior Managing Officer, appointed in April 2020 |
||||||||||
| In Charge of Mono-zukuri (Research & Development, Production, Purchasing, Quality, Parts, Service, Intellectual Property, Standardization and IT), appointed in April 2020 |
||||||||||
| Risk Management Officer, appointed in April 2020 |
||||||||||
| Senior Managing Director, appointed in June 2020 |
||||||||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
| Director in Charge of Mono-zukuri (Research & Development, Production, Purchasing, Quality, Parts, Service, Intellectual Property, Standardization and IT), appointed in June 2020 |
||||||||||
| President and Representative Director, appointed in April 2021 |
||||||||||
| Chief Executive Officer, appointed in April 2021 (presently held) |
||||||||||
| Director, President and Representative Executive Officer, appointed in June 2021 (presently held) |
||||||||||
| Nominating Committee Member, appointed in June 2021 (presently held) |
||||||||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
| Kohei Takeuchi |
Joined Honda Motor Co., Ltd. in April 1982 | *3 | 31,700 | |||||||
| (February 10, 1960) |
Operating Officer, appointed in April 2011 |
|||||||||
| Chief Officer for Business Management Operations, appointed in April 2013 |
||||||||||
| Operating Officer and Director, appointed in June 2013 |
||||||||||
| Managing Officer and Director, appointed in April 2015 |
||||||||||
| Senior Managing Officer and Director, appointed in April 2016 |
||||||||||
| Chief Officer for Driving Safety Promotion Center, appointed in April 2016 |
||||||||||
| Chief Financial Officer (Accounting, Finance, Human Resources, Corporate Governance and IT), appointed in April 2017 |
||||||||||
| Senior Managing Director, appointed in June 2017 |
||||||||||
| Chief Financial Officer and Director in Charge of Finance and Administration (Accounting, Finance, Human Resources, Corporate Governance and IT), appointed in April 2019 |
||||||||||
| Compliance Officer, appointed in April 2019 |
||||||||||
| Chief Financial Officer and Director in Charge of Finance and Administration (Accounting, Finance, Human Resources, and Corporate Governance), appointed in April 2020 |
||||||||||
| Chief Financial Officer, appointed in April 2021 (presently held) |
||||||||||
| Director, Senior Managing Executive Officer, appointed in June 2021 |
||||||||||
| Director, Executive Vice President and Representative Executive Officer, appointed in April 2022 (presently held) |
||||||||||
| Compensation Committee Member, appointed in April 2022 (presently held) |
||||||||||
| Risk Management Officer, appointed in April 2022 (presently held) |
||||||||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
Director, Senior Managing Executive Officer |
||||||||||
| Shinji Aoyama |
Joined Honda Motor Co., Ltd. in April 1986 | *3 | 35,900 | |||||||
| (December 25, 1963) |
Operating Officer, appointed in April 2012 |
|||||||||
| Chief Officer for Motorcycle Operations, appointed in April 2013 |
||||||||||
| Operating Officer and Director, appointed in June 2013 |
||||||||||
| Chief Officer for Regional Operations (Asia & Oceania), appointed in April 2017 |
||||||||||
| President and Director of Asian Honda Motor Co., Ltd., appointed in April 2017 |
||||||||||
| Operating Officer of the Company (resigned from position as Director), appointed in June 2017 |
||||||||||
| Managing Officer, appointed in April 2018 |
||||||||||
| Vice Chief Officer for Regional Operations (North America), appointed in April 2018 |
||||||||||
| Senior Executive Vice President, Chief Operating Officer and Director of Honda North America, Inc., appointed in April 2018 |
||||||||||
| Senior Executive Vice President, Chief Operating Officer and Director of American Honda Motor Co., Inc., appointed in April 2018 |
||||||||||
| President, Chief Operating Officer and Director of Honda North America, Inc., appointed in November 2018 |
||||||||||
| President, Chief Operating Officer and Director of American Honda Motor Co., Inc., appointed in November 2018 |
||||||||||
| Chief Officer for Regional Operations (North America) of the Company, appointed in April 2019 |
||||||||||
| President, Chief Executive Officer and Director of Honda North America, Inc., appointed in April 2019, |
||||||||||
| President, Chief Executive Officer and Director of American Honda Motor Co., Inc. appointed in April 2019, |
||||||||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
| Managing Officer in Charge of Electrification of the Company, appointed in July 2021 |
||||||||||
| Managing Executive Officer, appointed in October 2021 |
||||||||||
| Senior Managing Executive Officer, appointed in April 2022 |
||||||||||
| Chief Officer for Business Development Operations, appointed in April 2022 (presently held) |
||||||||||
| Corporate Brand Officer, appointed in April 2022 (presently held) |
||||||||||
| Chief Officer for Automobile Operations, appointed in June 2022 (presently held) |
||||||||||
| Director, Senior Managing Executive Officer, appointed in June 2022 (presently held) |
||||||||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
| Directors |
||||||||||
| Asako Suzuki |
Joined Honda Motor Co., Ltd. in April 1987 | *3 | 20,600 | |||||||
| (January 28, 1964) |
President of Dongfeng Honda Automobile Co., Ltd., appointed in April 2014 |
|||||||||
| Operating Officer of the Company, appointed in April 2016 |
||||||||||
| Vice Chief Officer for Regional Operations (Japan), appointed in April 2018 |
||||||||||
| Chief Officer for Human Resources and Corporate Governance Operations, appointed in April 2019 |
||||||||||
| Operating Executive, appointed in April 2020 |
||||||||||
| Director, appointed in June 2021 (presently held) |
||||||||||
| Full-time Audit Committee Member, appointed in June 2021 (presently held) |
||||||||||
| Masafumi Suzuki |
Joined Honda Motor Co., Ltd. in April 1987 | *3 | 58,520 | |||||||
| (April 23, 1964) |
General Manager of Regional Operation Planning Office for Regional Operations (Europe, CIS, the Middle & Near East and Africa), appointed in April 2012 |
|||||||||
| General Manager of Accounting Division for Business Management Operations, appointed in April 2013 |
||||||||||
| Director (Full-time Audit and Supervisory Committee Member), appointed in June 2017 |
||||||||||
| Director, appointed in June 2021 (presently held) |
||||||||||
| Full-time Audit Committee Member, appointed in June 2021 (presently held) |
||||||||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
| Kunihiko Sakai (March 4, 1954) |
Public Prosecutor of Tokyo District Public Prosecutors’ Office, appointed in April 1979 |
*3 | 1,200 | |||||||
| President of Research and Training Institute of Ministry of Justice, appointed in June 2012 | ||||||||||
| Superintending Prosecutor of Takamatsu High Public Prosecutors’ Office, appointed in July 2014 |
||||||||||
| Superintending Prosecutor of Hiroshima High Public Prosecutors’ Office, appointed in September 2016 (resigned in March 2017) |
||||||||||
| Registered with the Dai-Ichi Tokyo Bar Association in April 2017 |
||||||||||
| Advisor Attorney to TMI Associates, appointed in April 2017 (presently held) |
||||||||||
| Audit and Supervisory Board Member (Outside) of Furukawa Electric Co., Ltd., appointed in June 2018 (presently held) |
||||||||||
| Director (Audit and Supervisory Committee Member) of the Company, appointed in June 2019 |
||||||||||
| Director, appointed in June 2021 (presently held) |
||||||||||
| Nominating Committee Member, appointed in June 2021 (presently held) |
||||||||||
| Audit Committee Member, appointed in June 2021 (presently held) |
||||||||||
| Fumiya Kokubu |
Joined Marubeni Corporation in April 1975 | *3 | 700 | |||||||
| (October 6, 1952) |
Senior Executive Vice President of Marubeni Corporation, appointed in April 2012 |
|||||||||
| Senior Executive Vice President, Member of the Board of Marubeni Corporation, appointed in June 2012 |
||||||||||
| President and CEO, Member of the Board of Marubeni Corporation, appointed in April 2013 |
||||||||||
| Chairman of the Board of Marubeni Corporation, appointed in April 2019 (presently held) |
||||||||||
| Outside Director of Taisei Corporation, appointed in June 2019 (presently held) |
||||||||||
| Director of the Company, appointed in June 2020 (presently held) |
||||||||||
| Nominating Committee Member (Chairperson), appointed in June 2021 (presently held) |
||||||||||
| Compensation Committee Member, appointed in June 2021 (presently held) |
||||||||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
| Yoichiro Ogawa (February 19, 1956) |
Joined Tohmatsu & Aoki Audit Corporation (currently Deloitte Touche Tohmatsu LLC) in October 1980 | *3 | 200 | |||||||
| Registered as Japanese Certified Public Accountant in March 1984 |
||||||||||
| Vice Chairman of the Board of Directors of Deloitte Touche Tohmatsu Limited (United Kingdom), appointed in June 2011 |
||||||||||
| Deputy CEO of Deloitte Touche Tohmatsu LLC, appointed in October 2013 |
||||||||||
| Deputy CEO of Tohmatsu Group (currently Deloitte Tohmatsu Group), appointed in October 2013 |
||||||||||
| Global Managing Director for Asia Pacific of Deloitte Touche Tohmatsu Limited (United Kingdom), appointed in June 2015 (resigned in May 2018) |
||||||||||
| CEO of Deloitte Tohmatsu Group, appointed in July 2015 |
||||||||||
| Senior Advisor of Deloitte Tohmatsu Group, appointed in June 2018 (resigned in October 2018) |
||||||||||
| Founder of Yoichiro Ogawa CPA Office in November 2018 (presently held) | ||||||||||
| Outside Audit & Supervisory Board Member of Recruit Holdings Co., Ltd., appointed in June 2020 (presently held) |
||||||||||
| Director of the Company, appointed in June 2021 (presently held) |
||||||||||
| Audit Committee Member (Chairperson), appointed in June 2021 (presently held) |
||||||||||
| Compensation Committee Member, appointed in June 2021 (presently held) |
||||||||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
| Kazuhiro Higashi |
Joined Resona Group in April 1982 | *3 | 200 | |||||||
| (April 25, 1957) |
Director, Deputy President and Representative Executive Officer of Resona Holdings, Inc., appointed in April 2011 |
|||||||||
| Executive Officer of Resona Bank, Limited, appointed in April 2011 |
||||||||||
| Representative Director, Deputy President and Executive Officer of Resona Bank, Limited, appointed in April 2012 |
||||||||||
| Director, President and Representative Executive Officer of Resona Holdings, Inc., appointed in April 2013 |
||||||||||
| Representative Director, President and Executive Officer of Resona Bank, Limited, appointed in April 2013 |
||||||||||
| Chairman of Osaka Bankers Association, appointed in June 2013 (resigned in June 2014) |
||||||||||
| Chairman of the Board, President, and Representative Director of Resona Bank, Limited, appointed in April 2017 |
||||||||||
| Chairman of Osaka Bankers Association, appointed in June 2017 (resigned in June 2018) |
||||||||||
| Chairman of the Board, President, Representative Director and Executive Officer of Resona Bank, Limited, appointed in April 2018 |
||||||||||
| Chairman and Director of Resona Holdings, Inc., appointed in April 2020 (presently held) |
||||||||||
| Chairman and Director of Resona Bank, Limited, appointed in April 2020 (presently held) |
||||||||||
| Outside Director of Sompo Holdings, Inc., appointed in June 2020 (presently held) |
||||||||||
| Director of the Company, appointed in June 2021 (presently held) |
||||||||||
| Nominating Committee Member, appointed in June 2021 (presently held) |
||||||||||
| Compensation Committee Member (Chairperson), appointed in June 2021 (presently held) |
||||||||||
| Ryoko Nagata |
Joined Japan Tobacco Inc. in April 1987 | *3 | 200 | |||||||
| (July 14, 1963) |
Executive Officer of Japan Tobacco Inc., appointed in June 2008 |
|||||||||
| Standing Audit & Supervisory Board Member of Japan Tobacco Inc., appointed in March 2018 (presently held) |
||||||||||
| Director of the Company, appointed in June 2021 (presently held) |
||||||||||
| Audit Committee Member, appointed in June 2021 (presently held) |
||||||||||
| *1 | Effective on June 23, 2021, Honda adopted the Three Committees system under the Company Law. |
| *2 | Directors Mr. Kunihiko Sakai, Mr. Fumiya Kokubu, Mr. Yoichiro Ogawa, Mr. Kazuhiro Higashi, and Ms. Ryoko Nagata are Outside Directors. |
| *3 | The term of office of a Director is until at the close of the ordinary general meeting of shareholders of the fiscal year ending March 31, 2023 after his/her election to office at the close of the ordinary general meeting of shareholders on June 22, 2022. |
Director’s Name |
Nominating Committee |
Audit Committee |
Compensation Committee | |||
| Toshihiro Mibe | ○ |
|||||
| Kohei Takeuchi | ○ | |||||
| Asako Suzuki | ○ |
|||||
| Masafumi Suzuki | ○ |
|||||
| Kunihiko Sakai | ○ |
○ |
||||
| Fumiya Kokubu | · |
○ | ||||
| Yoichiro Ogawa | · |
○ | ||||
| Kazuhiro Higashi | ○ |
· | ||||
| Ryoko Nagata | ○ |
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
Managing Executive Officers |
||||||||||
| Noriaki Abe (October 8, 1962) |
Joined Honda Motor Co., Ltd. in April 1986 | *4 | 18,600 | |||||||
| Operating Officer, appointed in April 2014 |
||||||||||
| Chief Officer for Regional Operations (Asia & Oceania), appointed in April 2014 |
||||||||||
| President and Director of Asian Honda Motor Co., Ltd., appointed in April 2014 |
||||||||||
| President and Director of Honda Automobile (Thailand) Co., Ltd., appointed in April 2014 |
||||||||||
| Chief Officer for Motorcycle Operations of the Company, appointed in April 2017 |
||||||||||
| Managing Officer, appointed in April 2019 |
||||||||||
| Chief Officer for Regional Operations (Japan), appointed in April 2021 (presently held) |
||||||||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
| Chief Officer for Traffic Safety Promotion Operations, appointed in April 2021 (presently held) |
||||||||||
| Managing Executive Officer, appointed in June 2021 (presently held) |
||||||||||
| Risk Management Officer, appointed in October 2021 |
||||||||||
| Compliance Officer, appointed in April 2022 (presently held) |
||||||||||
| Name (Date of birth) |
Current Positions and Biographies with Registrant |
Term |
Number of Shares Owned |
|||||||
| Keiji Ohtsu (July 7, 1964) |
Joined Honda R&D Co., Ltd. in April 1983 | *4 | 15,400 | |||||||
| Operating Officer of Honda R&D Co., Ltd., appointed in April 2013 |
||||||||||
| Managing Officer of Honda R&D Co., Ltd., appointed in April 2014 |
||||||||||
| Operating Officer of the Company, appointed in April 2018 |
||||||||||
| Chief Quality Officer, appointed in April 2018 |
||||||||||
| Operating Executive, appointed in April 2020 |
||||||||||
| Chief Officer for Quality Innovation Operations, appointed in April 2020 |
||||||||||
| In Charge of Certification & Regulation Compliance Division, appointed in April 2020 |
||||||||||
| In Charge of Quality & Compliance Audit Division, appointed in April 2020 |
||||||||||
| Managing Officer, appointed in April 2021 |
||||||||||
| President and Representative Director of Honda R&D Co., Ltd., appointed in April 2021 (presently held) |
||||||||||
| Managing Executive Officer of the Company, appointed in June 2021 (presently held) |
||||||||||
| *4 | The term of office of an Executive Officer is until at the close of the first Board of Directors meeting held after the ordinary general meeting of shareholders of the fiscal year ending March 31, 2023 after his/her appointment to office. |
| *5 | The Company has adopted an operating officer system to strengthen operations in regions and local workplaces, and implement quick and appropriate decisions. 20-F. The Company’s Senior Managing Officers and Managing Officers under the operating officer system, as voluntarily disclosed in Japan, are as follows: |
| Senior Managing Officers |
||
| Yasuhide Mizuno |
Honda-Sony JV Prep Office | |
| Hisao Takahashi |
General Manager of Mono-zukuri Center for Automobile Operations | |
| Director of Honda R&D Co., Ltd. | ||
| Managing Officers |
||
| Noriya Kaihara |
Chief Officer for Regional Operations (North America) | |
| President, Chief Executive Officer and Director of American Honda Motor Co., Inc. | ||
| Mitsugu Matsukawa |
President and Director of Honda Development & Manufacturing of America, LLC | |
| Katsushi Inoue |
Chief Officer for Regional Operations (China) | |
| President of Honda Motor (China) Investment Co., Ltd. | ||
| President of Honda Motor (China) Technology Co., Ltd. | ||
| Yoshishige Nomura |
Chief Officer for Motorcycle and Power Products Operations | |
| Masayuki Igarashi |
Chief Officer for Regional Operations (Asia & Oceania) | |
| President and Director of Asian Honda Motor Co., Ltd. | ||
| Kensuke Oe |
Head of Production Supervisory Unit for Automobile Operations | |
| *6 | The Company introduced the Operating Executive position effective April 1, 2020, with the aim of advancing its corporate executive structure and enabling the Company to address changes in the business environment with greater speed and flexibility. Operating Executives will engage in company operations, with responsibility for business execution in their respective areas under the direction and supervision of management. Operating Executives are not statutory positions under the Company Law and do not conform to the definition of “Directors and Senior Management” as defined in Form 20-F. |
| 1. | The Company’s remuneration structure for Directors and Executive Officers is designed to motivate officers to contribute to the improvement of the Company’s business performance not only over the short-term, but also over the mid- to long-term, so that the Company can continuously enhance its corporate value, and it consists of monthly remuneration, a fixed amount paid each month as remuneration for the execution of duties, STI (Short Term Incentive) based on business performance for the relevant fiscal year, and LTI (Long Term Incentive) based on the mid- to long-term business performance. |
| 2. | Monthly remuneration shall be paid as a fixed amount each month based on remuneration standards resolved by the Compensation Committee. |
| 3. | STI shall be determined and paid by resolution of the Compensation Committee, taking into consideration the business performance of each fiscal year. |
| 4. | Based on standards and procedures approved by the Compensation Committee, LTI is based on the mid- to long-term performance and paid in the form of the Company’s shares and cash, in order to function as a sound incentive for sustainable growth. |
| 5. | Remuneration paid to Directors who concurrently serve as Executive Officers and Executive Officers shall consist of monthly remuneration, STI and LTI, and the composition rate shall be determined based on the remuneration standards resolved by the Compensation Committee. The composition ratio of variable compensation is increased according to the weight of management responsibility attributed to each position. |
| 6. | Remuneration paid to Outside Directors and other Directors who do not concurrently serve as Executive Officers shall consist only of monthly remuneration. |
| 7. | In order to advance the Company’s sustainable growth and enhance its corporate value over the mid-to long-term by sharing common interests with the shareholders through having a shareholding in the Company, even Directors and Executive Officers who are not eligible for LTI shall acquire the Company’s stock by contributing a certain portion of their remuneration to the Officers Shareholding Association. |
| 8. | Directors and Executive Officers shall continuously hold, throughout their term of office and for one year after their retirement, any stock of the Company acquired as LTI or acquired through the Officers Shareholding Association. |
| 1. | Outline of remuneration system for Executive Officers |
Type of remuneration |
Based on performance |
Fluctuation |
Payment method |
Payment timing |
Remuneration composition ratio (When STI/LTI are paid at the base amount) | |||||||||
President |
Vice President, Senior Managing Executive Officer |
Managing Executive Officer | ||||||||||||
| Monthly remuneration |
Fixed | — | Cash | Monthly | 25% | 40% | 50% | |||||||
| STI |
Short-term performance-based remuneration |
0 to 180% | Cash | Annually | 25% | 30% | 25% | |||||||
| LTI |
Medium- to long-term performance-based remuneration | 50 to 150% | Stock | Three years after granting points each year | 50% | 30% | 25% | |||||||
| 2. | Monthly remuneration |
| 3. | STI |
KPIs (Consolidated accounting) |
Evaluation method |
Weight of each KPI | ||
| Operating profit margin | Degree of achievement of targets | 50% | ||
| Profit attributable to owners of the parent | 50% |
KPIs |
Evaluation method |
Weight of each KPI | ||
| Individual targets set according to role | Degree of achievement of individual targets | 100% |
| STI payment |
= | Standard STI | x | Company’s performance coefficient |
x | Individual performance coefficient |
| 4. | LTI |
KPIs |
Evaluation method |
Weight |
Fluctuation | |||||
| Financial indicators | Consolidated profit before income taxes | Evaluated based on growth over the past three fiscal years |
35% | 50 to 150% | ||||
| Consolidated operating profit margin | 35% | |||||||
Non-financial indicators |
Brand value | Evaluated based on degree of achievement of targets |
30% | |||||
| SRI index | ||||||||
| Associate Engagement | ||||||||
* |
Non-financial indicators are evaluated based on the following indicators: |
| - | Brand value: Survey of motorcycle/automobile/life creation businesses by a third-party research firm |
| - | SRI index: Dow Jones Sustainability World Index |
| - | Associate Engagement: Survey of employee activeness in each region by a third-party research firm |
| - | Basic policies and annual activity plans |
| - | Remuneration standards for Directors and Executive Officers |
| - | Stock-based compensation plan and share delivery rules |
Fixed remuneration |
Performance-based remuneration |
Total |
||||||||||||||||||||||||||
Remuneration |
STI |
LTI |
||||||||||||||||||||||||||
Number of persons |
Yen (millions) |
Number of persons |
Yen (millions) |
Number of persons |
Yen (millions) |
Yen (millions) |
||||||||||||||||||||||
| Directors excluding Audit and Supervisory Committee Members and outside Directors |
6 |
¥ |
113 |
— |
¥ |
— |
3 |
¥ |
26 |
¥ |
139 |
|||||||||||||||||
| Outside Directors excluding Audit and Supervisory Committee Members |
2 |
8 |
— |
— |
— |
— |
8 |
|||||||||||||||||||||
| Audit and Supervisory Committee Members excluding outside Directors |
2 |
36 |
— |
— |
— |
— |
36 |
|||||||||||||||||||||
| Outside Audit and Supervisory Committee Members |
3 |
12 |
— |
— |
— |
— |
12 |
|||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
13 |
¥ |
169 |
— |
¥ |
— |
3 |
¥ |
26 |
¥ |
195 |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed remuneration |
Performance-based remuneration |
Total |
||||||||||||||||||||||||||
Remuneration |
STI |
LTI |
||||||||||||||||||||||||||
Number of persons |
Yen (millions) |
Number of persons |
Yen (millions) |
Number of persons |
Yen (millions) |
Yen (millions) |
||||||||||||||||||||||
| Directors excluding Outside Directors |
3 |
¥ |
181 |
— |
¥ |
— |
— |
¥ |
— |
¥ |
181 |
|||||||||||||||||
| Outside Directors |
5 |
66 |
— |
— |
— |
— |
66 |
|||||||||||||||||||||
| Executive Officers |
8 |
280 |
8 |
188 |
8 |
133 |
601 |
|||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
16 |
¥ |
527 |
8 |
¥ |
188 |
8 |
¥ |
133 |
¥ |
848 |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
* 1 |
Effective on June 23, 2021, Honda adopted a “company with three committees” corporate governance system (the “Three Committees system”). |
* 2 |
Directors excluding Outside Directors do not include three directors who concurrently serve as Executive Officers. |
| Type of trust |
An individually-operated specified trust of money other than cash trust (third party beneficiary trust) |
| Purpose of trust |
To further enhance mindfulness of Executive Officers Etc. toward contributing to the sustained improvement of corporate value of the Company over the mid- to long-term |
| Trustor |
The Company |
| Trustee |
Mitsubishi UFJ Trust and Banking Corporation |
| Beneficiaries |
Executive Officers Etc. who satisfy the beneficiary requirements |
| Trust administrator |
A third party which has no interests in the Company (a certified public accountant) |
| Date of trust agreement |
August 20, 2018 |
| Period of trust |
From August 20, 2018 to August 31, 2024 |
| Exercise of voting rights of Company shares |
None |
| Class of shares acquired |
Common shares of the Company |
| Amount of trust money added at the time of the trust period extension |
1,975 million yen (including trust fees and trust expenses) |
| Timing of acquisition of shares |
August 20, 2021 |
| Method of acquisition of shares |
Acquisition from stock market |
| Holder of vested rights |
The Company |
| Residual assets |
The residual assets that the Company can obtain as a holder of vested rights shall be included in the trust expenses reserve |
| Total |
Motorcycle Business |
Automobile Business |
Financial Services Business |
Life Creation and Other Businesses | ||||
| 218,674 |
47,013 | 159,555 | 2,455 | 9,651 | ||||
| |
|
|
|
|
| Total |
Motorcycle Business |
Automobile Business |
Financial Services Business |
Life Creation and Other Businesses | ||||
| 211,374 |
46,255 | 153,413 | 2,385 | 9,321 | ||||
| |
|
|
|
|
| Total |
Motorcycle Business |
Automobile Business |
Financial Services Business |
Life Creation and Other Businesses | ||||
| 204,035 |
46,448 | 146,092 | 2,321 | 9,174 | ||||
| |
|
|
|
|
| Title of Class |
Amount Owned |
% of Class | ||
| Common Stock | 248,820 shares | 0.015% |
| Name |
Shares owned (thousands) |
Ownership (%) |
||||||
| The Master Trust Bank of Japan, Ltd. (Trust Account) |
269,361 | 15.7 | ||||||
| Moxley & Co. LLC* |
107,517 | 6.3 | ||||||
| Custody Bank of Japan, Ltd. (Trust Account) |
107,250 | 6.3 | ||||||
| * | Moxley & Co., LLC is the nominee of JPMorgan Chase Bank, N.A., which acts as the Depositary for the Honda’s ADSs. |
Resolution of the Board of Directors |
Resolution of the Board of Directors |
|||||||
November 5, 2021 |
May 13, 2022 |
|||||||
| Dividend per Share of Common Stock (yen) |
55.00 | 65.00 | ||||||
| Total Amount of Dividends (millions of yen) |
95,130 | 111,256 | ||||||
| • | Manufacture, sale, lease and repair of motor vehicles, ships and vessels, aircraft and other transportation machinery and equipment. |
| • | Manufacture, sale, lease and repair of prime movers, agricultural machinery and appliances, generators, processing machinery and other general machinery and apparatus, electric machinery and apparatus and precision machinery and apparatus. |
| • | Manufacture and sale of fiber products, paper products, leather products, lumber products, rubber products, chemical industry products, ceramic products, metal products and other products. |
| • | Overland transportation business, marine transportation business, air transportation business, warehousing business, travel business and other transport business and communication business. |
| • | Sale of sporting goods, articles of clothing, stationery, daily sundries, pharmaceuticals, drink and foodstuffs and other goods. |
| • | Financial business, nonlife insurance agency business, life insurance agency business, construction business including building construction work and real estate business, including real estate brokerage. |
| • | Publishing business, advertising business, translation business, interpretation business, management consultancy business, information services including information processing, information |
| communication and information provision, industrial planning and design, comprehensive security business and labor dispatch services. |
| • | Management of parking garages, driving schools, training and education facilities, racecourses, recreation grounds, sporting facilities, marina facilities, hotels, restaurants and other facilities. |
| • | Electricity generation and supply and sale of electricity. |
| • | Manufacture, sale and licensing of equipment, parts and supplies and all other relevant business activities and investments relating to each of the foregoing items. |
| • | the overall tax consequences of the acquisition, ownership and disposition of shares or ADSs, including specifically the tax consequences under Japanese law; |
| • | the laws of the jurisdiction of which they are resident; and |
| • | any tax treaty between Japan and their country of residence. |
| • | at least 75% of Honda’s gross income for the taxable year is passive income; or |
| • | at least 50% of the value, determined on the basis of a quarterly average, of Honda’s assets is attributable to assets that produce or are held for the production of passive income. |
| • | any gain it realizes on the sale or other disposition of its shares or ADSs; and |
| • | any excess distribution that Honda makes to the U.S. holder (generally, any distributions to it during a single taxable year that are greater than 125% of the average annual distributions received by it in respect of the shares or ADSs during the three preceding taxable years or, if shorter, its holding period for the shares or ADSs). |
| • | the gain or excess distribution will be allocated ratably over the U.S. holder’s holding period for the shares or ADSs, |
| • | the amount allocated to the taxable year in which it realized the gain or excess distribution will be taxed as ordinary income, |
| • | the amount allocated to each prior year, with certain exceptions, will be taxed at the highest tax rate in effect for that year, and |
| • | the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such year. |
| Category (as defined by SEC) |
Depositary Actions |
Associated Fee | ||
| (a) Depositing or substituting the underlying shares |
Each person to whom ADRs are issued against deposits of Shares, including without limitation, deposits and issuances in respect of: • Share distributions, stock split, rights, merger • Exchange of securities or any other transaction or event or other distribution affecting the ADSs or the deposited securities |
USD 5.00 for each 100 ADSs (or portion thereof) evidenced by the new ADRs delivered | ||
| (b) Receiving or distributing dividends | Any Cash distribution made, or for any elective cash/ stock dividend offered. | USD 0.05 or less per ADS | ||
| (c) Selling or exercising rights | Distribution or sale of securities, the fee being in an amount equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities | USD 5.00 for each 100 ADSs (or portion thereof) | ||
| (d) Withdrawing an underlying security |
Acceptance of ADRs surrendered for withdrawal of deposited securities |
USD 5.00 for each 100 ADSs (or portion thereof) evidenced by the ADRs surrendered | ||
| (e) Transferring, splitting or grouping receipts | Transfers, combining or grouping of depositary receipts |
Not applicable | ||
| (f) General depositary services, particularly those charged on an annual basis | Services performed by the depositary in administering the ADSs | An aggregate fee of USD 0.05 or less per ADS per calendar year (or portion thereof) which fee may be charged on a periodic basis during each calendar year and shall be assessed against holders as of the record date or record dates set by the depositary during each calendar year and shall be payable at the sole discretion of the depositary by billing such holders or by deducting such charge from one or more cash dividends or other cash distributions | ||
Category |
Depositary Actions |
Associated Fee | ||
| (g) Expenses of the depositary | Expenses incurred on behalf of holders in connection with | |||
• The servicing of the shares or other deposited securities, the sale of securities (including, without limitation, deposited securities), the delivery of deposited securities or otherwise in connection with the depositary’s or its custodian’s compliance with applicable law, rule or regulation. |
Fees for the reimbursement of such fees, charges and expenses may be charged on a periodic basis during each calendar year and shall be assessed on a proportionate basis against holders as of the record date or record dates set by the depositary during each calendar year and shall be payable at the sole discretion of the depositary by billing such holders or by deducting such charge from one or more cash dividends or other cash distributions. | |||
• Stock transfer or other taxes and other governmental charges. |
Fees for such charges to be payable by the holders or persons depositing shares. | |||
• SWIFT, cable, telex and facsimile transmission and delivery charges incurred at the request of persons depositing, or holders delivering shares, ADSs or deposited securities. |
Fees for such charges to be payable by the persons depositing or holders delivering shares, ADSs or deposited securities. | |||
• Transfer or registration fees for the registration or transfer of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities. |
Fees for such charges to be payable by the persons depositing shares or holders withdrawing deposited securities. | |||
• In connection with the conversion of foreign currency into U.S. dollars, transferring foreign currency or U.S. dollars to the United States, obtaining any approval or license of any governmental authority required for such conversion or transfer or making any sale. |
To be deducted from cash distributed to holders. | |||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Audit Fees |
¥ | 4,152 | ¥ | 4,394 | ||||
Audit-Related Fees |
127 | 136 | ||||||
All Other Fees |
11 | 11 | ||||||
Total |
¥ | 4,290 | ¥ | 4,541 | ||||
Period |
(a) Total Number of Shares Purchased*1 |
(b) Average Price Paid per Share |
(d) Maximum Yen Amount of Shares that May Yet Be Purchased Under the Plans or Programs*2 |
|||||||||||||
April 1 to April 30, 2021 |
250 | ¥ | 3,261 | — | — | |||||||||||
May 1 to May 31, 2021 |
115 | ¥ | 3,322 | — | — | |||||||||||
June 1 to June 30, 2021 |
364 | ¥ | 3,465 | — | — | |||||||||||
July 1 to July 31, 2021 |
232 | ¥ | 3,534 | — | — | |||||||||||
August 1 to August 31, 2021 |
229 | ¥ | 3,404 | — | — | |||||||||||
September 1 to September 30, 2021 |
5,000,078 | ¥ | 3,500 | 5,000,000 | 52,500,000,000 | |||||||||||
October 1 to October 31, 2021 |
5,250,133 | ¥ | 3,420 | 5,250,000 | 34,543,658,600 | |||||||||||
November 1 to November 30, 2021 |
5,000,232 | ¥ | 3,306 | 5,000,000 | 18,013,488,500 | |||||||||||
December 1 to December 31, 2021 |
2,750,350 | ¥ | 3,199 | 2,750,000 | 9,216,758,300 | |||||||||||
January 1 to January 31, 2022 |
94 | ¥ | 3,466 | — | 9,216,758,300 | |||||||||||
February 1 to February 28, 2022 |
98 | ¥ | 3,375 | — | 9,216,758,300 | |||||||||||
March 1 to March 31, 2022 |
285 | ¥ | 3,279 | — | 9,216,758,300 | |||||||||||
Total |
18,002,460 | ¥ | 3,377 | 18,000,000 | ||||||||||||
*1 |
For each month, the number of shares shown in column (a) in excess of the number of shares shown in column (c) represents the aggregate number of shares representing less than one unit that Honda purchased from the holders thereof upon their request. For an explanation of the right of such holders, see “Japanese Unit Share System” and “Right of a Holder of Shares Representing Less Than One Voting Unit to Require Honda to Purchase or Sell Its Shares” under Item 10.B of this Annual Report. Total number of shares purchased does not include purchases of BIP trust. |
*2 |
During the year ended March 31, 2022, the following share repurchase program was in effect: Share repurchase was resolved at the meeting of the Board of Directors pursuant to the articles of incorporation Date of announcement: August 4, 2021 Maximum number of shares authorized to be repurchased: 18,000,000 Maximum yen amount authorized to be used for repurchase: ¥70,000,000,000 Repurchase period: from August 5, 2021 to December 31, 2021 (This program expired on the last day of the repurchase period referred to above.) |
Corporate Governance Practices Followed by NYSE-listed U.S. Companies |
Corporate Governance Practices Followed by Honda | |
| A NYSE-listed U.S. company must have a majority of directors meeting the independence requirements under Section 303A of the NYSE Listed Company Manual. | Honda has adopted a “company with three committees” corporate governance system (the “Three Committees system”) under Japan’s Company Law. | |
| For Japanese companies which employ the Three Committees system, including Honda, Japan’s Company Law requires that such companies have a board of directors and one or more executive officers, and within the board of directors, a nominating committee (the “Nominating Committee”), an audit committee (the “Audit Committee”), and a compensation committee (the “Compensation Committee”) shall be established. Each of these committees shall consist of three or more directors, a majority of which shall be “outside directors” as defined below. Honda’s Articles of Incorporation provides for its Board of Directors consisting of no more than 15 members. Honda currently has eleven Directors (including five Outside Directors) and five Executive Officers. The Nominating Committee has four members, of which three are Outside Directors. The Audit Committee has five members, of which three are Outside Directors. The Compensation Committee has four members, of which three are Outside Directors. Under Japan’s Company Law, the members of three committees are elected by the resolutions of the board of directors. In addition, Honda’s regulations of each of the three committees provide that the chairperson of each committee shall be elected from the Outside Directors who are members of the relevant committee by the resolution of the Board of Directors. | ||
| “Outside director” is defined as a director who meets all of the following independence requirements: the relevant person must be (1) a person who is not an executive director, executive officer, manager or any other employee of the company or any of its subsidiaries and has not been in such position for ten years prior to the assumption of office; (2) if the relevant person assumed an office of a non-executive director, accounting councilor or corporate auditor of the company or any of its subsidiaries during the ten years mentioned in (1) above, a person who had not been an executive director, executive officer, manager or any other employee of the company or any of its | ||
Corporate Governance Practices Followed by NYSE-listed U.S. Companies |
Corporate Governance Practices Followed by Honda | |
| subsidiaries for further ten years prior to the assumption of such office; (3) a person who is not a director, corporate auditor, executive officer, manager or any other employee of the parent company or who is not a natural person controlling the company; (4) a person who is not an executive director, executive officer, manager or any other employee of a company which is controlled by the parent company or by the natural person controlling the company; and (5) a person who is not a spouse or one of a certain kinds of relatives of (a) a director, executive officer, manager or any other important employee of the company or (b) the natural person controlling the company. Companies which employ the Three Committees system, including Honda shall have at least two “outside directors”. | ||
| In addition, the listing rules of the Tokyo Stock Exchange, which Honda is subject to (but reference to “corporate auditor” below is not applicable to Honda), require listed companies to have at least one “independent” director or corporate auditor, and to make efforts to have at least one “independent” director. Requirements for an independent director/corporate auditor are more stringent than those for outside directors or outside corporate auditors. Unlike an outside director/corporate auditor, an independent director/corporate auditor may not be (a) a person who is, or has been until recently, a major business counterparty or an executive director, executive officer, manager or employee of the major business counterparties, (b) a person who is, or has been until recently, a professional advisor receiving significant remuneration from the company, (c) a person who has been, for ten years prior to the assumption of office, a director, executive officer, manager or employee, or corporate auditor of the parent company or an executive director or executive officer, manager or employee of the parent company’s subsidiaries, or (d) a relative of persons mentioned in (a), (b) and (c) or a relative of certain scope of persons such as directors of the parent company or any of its subsidiaries. Currently, Honda has five Outside Directors all of whom are also independent Directors. Furthermore, Honda has established additional independence requirements for the Outside Directors, the “Criteria for Independence of Outside Directors” as described in Exhibit 1.4 by the resolution of the Board of Directors, and all of the Outside Directors meet the criteria. | ||
Corporate Governance Practices Followed by NYSE-listed U.S. Companies |
Corporate Governance Practices Followed by Honda | |
| A NYSE-listed U.S. company must have an audit committee composed entirely of independent directors meeting the independence requirements under Section 303A.02 of the NYSE Listed Company Manual, and the audit committee must have at least three members. | Honda has an Audit Committee, as one of the Three Committees within its Board of Directors. Honda is required to satisfy the requirements set forth Rule 10A-3 under the U.S. Securities Exchange Act of 1934 relating to listed company audit committees. However, as a foreign private issuer, Honda is not subject to the independence requirements applicable to U.S. issuers pursuant to Section 303A.02 of the NYSE Listed Company manual. Additionally, as a foreign private issuer, Honda is not subject to the additional requirements under the Section 303A .07 of the NYSE Listed Company manual, including that the audit committee be made up of at least three members. | |
| Under Japan’s Company Law, the audit committee has the following responsibilities: (i) auditing the execution of duties by directors and executive officers, and preparing audit reports and (ii) determining the content of proposals regarding the election and dismissal of accounting auditors and the refusal to reelect accounting auditors to be submitted to a general meeting of shareholders. The Audit Committee shall consist of at least three directors and a majority shall be outside directors. Each director, including an Audit Committee member, has a one-year term. Honda’s regulations of the Audit Committee provide that full-time member of the Audit Committee shall be established by the resolution of the Board of Directors. | ||
| A NYSE-listed U.S. company must have a nominating/corporate governance committee entirely of independent directors. | Honda’s Directors are elected at a general meeting of shareholders. Its Board of Directors does not have the power to fill vacancies thereon. A proposal to elect a Director must be determined by the Nominating Committee and Honda’s Board of Directors itself does not have the power to determine a proposal to elect a Director. Under Japan’s Company Law, the Nominating Committee is responsible for determining the content of proposals regarding the election and dismissal of directors to be submitted to a general meeting of shareholders. The Nominating Committee shall consist of at least three directors and a majority shall be outside directors. Each director, including a Nominating Committee member, has a one-year term. | |
Corporate Governance Practices Followed by NYSE-listed U.S. Companies |
Corporate Governance Practices Followed by Honda | |
| A NYSE-listed U.S. company must have a compensation committee composed entirely of independent directors. Compensation committee members must satisfy the additional independence requirements under Section 303A.02(a)(ii) of the NYSE Listed Company Manual. A compensation committee must also have authority to retain or obtain the advice of compensation and other advisers, subject to prescribed independence criteria that the committee must consider prior to engaging any such adviser. | The compensation of Honda’s Directors and Executive Officers is determined by the Compensation Committee within the Board of Directors, and a General Meeting of Shareholders of the Company does not have the power to determine the compensation of Directors. Under Japan’s Company Law, the Compensation Committee shall establish the compensation policy as well as determine the compensation for directors and executive officers. The Compensation Committee shall consist of at least three directors and a majority shall be outside directors. Each director, including a Compensation Committee member, has a one-year term. | |
| A NYSE-listed U.S. company must generally obtain shareholder approval with respect to any equity compensation plan. | Honda has a stock compensation scheme (the “Scheme”) for Executive Officers, Operating Officers and a part of Operating Executives of the Company who are residents of Japan (collectively, “Executive Officers Etc.”). Under the Scheme, which uses a Board Incentive Plan trust (the “BIP Trust”), Honda’s shares and money will be delivered and paid to Executive Officers Etc. in accordance with their positions and the degree of growth in management indicators of Honda such as performance and corporate value. The period of the BIP Trust shall be from September 2021 to August 2024 (scheduled), provided, however, that this period may be extended by resolutions of the Compensation Committee and the Board of Directors for another three years by amending the trust agreement and entrusting additional amounts to the BIP Trust within the scope of the approval at the Ordinary General Meeting of Shareholders. | |
| 1.1 | Articles of Incorporation of the registrant (English translation) *1 | |
| 1.2 | Share Handling Regulations of the registrant (English translation) *2 | |
| 1.3 | Regulations of the Board of Directors of the registrant (English translation) | |
| 1.4 | Honda Motor Co., Ltd. Criteria for Independence of Outside Directors (English translation) *3 | |
| 2.1 | Specimen common stock certificates of the registrant (English translation) *4 | |
| 2.2 | Form of Second Amended and Restated Deposit Agreement dated as of March, 2022, among the registrant, JPMorgan Chase Bank, N.A., as Depositary, and holders and beneficial owners of American Depositary Receipts *5 | |
| 2.3 | Description of rights of each class of securities registered under Section 12 of the Securities Exchange Act of 1934 | |
| 8.1 | List of Significant Subsidiaries (See “Organizational Structure” in Item 4.C of this Form 20-F) | |
| 11.1 | Code of Ethics *6 | |
| 12.1 | Certification of the principal executive officer required by 17 C.F.R. 240. 13a-14(a) | |
| 12.2 | Certification of the principal financial officer required by 17 C.F.R. 240. 13a-14(a) | |
| 13.1 | Certification of the chief executive officer required by 18 U.S.C. Section 1350 | |
| 13.2 | Certification of the chief financial officer required by 18 U.S.C. Section 1350 | |
| 15.1 | Consent of Independent Registered Public Accounting Firm | |
| 101.INS | Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
| 101.SCH | Inline XBRL Taxonomy Extension Schema | |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |
| 104 | The cover page for the Company’s Annual Report on Form 20-F for the year ended March 31, 2022, has been formatted in Inline XBRL | |
| *1 | Incorporated by reference to the registrant’s Annual Report on Form 20-F filed on June 23, 2021. |
| *2 | Incorporated by reference to the registrant’s Annual Report on Form 20-F filed on June 23, 2021. |
| *3 | Incorporated by reference to the registrant’s Annual Report on Form 20-F filed on June 23, 2021. |
| *4 | Incorporated by reference to the registrant’s Annual Report on Form 20-F filed on September 27, 2001. (P) |
| *5 | Incorporated by reference to the registration statement for American Depositary Shares on Form F-6 (File No. 333-263937) filed by JPMorgan Chase Bank, N.A. as depositary, on March 29, 2022. |
| *6 | Incorporated by reference to the registrant’s Annual Report on Form 20-F filed on July 9, 2004. |
| • | the consistency of the Company’s assumptions with recent historical trends of warranty costs, taking into account changes in conditions and events affecting the Company, |
| • | input data used to develop those assumptions by testing the consistency of the data with underlying documents and historical claims data, and |
| • | facts and circumstances related to specific warranty programs identified after year end but before the consolidated financial statements were issued, and the impact, if any, of such facts and circumstances on the expected number of units to be affected and the average repair cost per unit underlying the provision for specific warranty programs at year end. |
• |
continued use and appropriateness of the ECL methodology and models, including the determination of significant increases in credit risk since initial recognition and the selection of the forward-looking economic conditions and the probability weightings, |
• |
analysis of model results as compared to actual loss performance, and |
• |
re-evaluation of the model used to estimate expected credit losses. |
• |
evaluating the Company’s ECL methodology for compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board, |
• |
assessing the conceptual soundness and performance testing of the models by inspecting model documentation to determine whether the models are consistent with the model methodology and are suitable for their intended use, |
• |
evaluating the Company’s method to measure significant increases in credit risk since initial recognition by performing a sensitivity analysis over the significant increase in credit risk threshold, |
• |
assessing the selection of the forward-looking economic conditions and the probability weightings by comparing them to the Company’s business environment and relevant industry practices, and |
• |
evaluating model back-testing results to verify model output is consistent with actual loss performance. |
• |
cumulative results of the audit procedures, |
• |
qualitative aspects of the Company’s accounting practices, and |
• |
potential bias in the accounting estimates. |
| • | development of the residual value methodology, including the identification and determination of the expected market values of leased vehicles at the end of the lease term assumption, |
| • | continued use and appropriateness of the model used to estimate the percentage of leased vehicles expected to be returned, |
| • | evaluation of the percentage of lease vehicles expected to be returned by the lessees as compared to actual vehicles returned, and |
| • | analysis of the actual gain or loss recorded on the disposition of lease vehicles. |
| • | evaluating the Company’s residual value methodology for compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board, |
| • | assessing the conceptual soundness and performance testing of the model by inspecting model documentation to determine whether the model is consistent with the model methodology and is suitable for their intended use, and |
| • | evaluating the Company’s expected market values of leased vehicles at the end of the lease term assumption by comparing it to specific portfolio risk characteristics and trends. |
| • | cumulative results of the audit procedures, |
| • | qualitative aspects of the Company’s accounting practices, and |
| • | potential bias in the accounting estimates. |
Yen (millions) |
||||||||||||
Note |
2021 |
2022 |
||||||||||
| Assets |
||||||||||||
| Current assets: |
||||||||||||
| Cash and cash equivalents |
5 | ¥ | 2,758,020 |
¥ | 3,674,931 |
|||||||
| Trade receivables |
6 | 801,814 |
896,768 |
|||||||||
| Receivables from financial services |
7 | 1,794,654 |
1,694,113 |
|||||||||
| Other financial assets |
8 | 295,307 |
217,743 |
|||||||||
| Inventories |
9 | 1,545,600 |
1,918,548 |
|||||||||
| Other current assets |
383,696 |
439,322 |
||||||||||
| |
|
|
|
|||||||||
| Total current assets |
7,579,091 |
8,841,425 |
||||||||||
| |
|
|
|
|||||||||
| Non-current assets: |
||||||||||||
| Investments accounted for using the equity method |
10 | 891,002 |
967,404 |
|||||||||
| Receivables from financial services |
7 | 3,619,896 |
3,740,383 |
|||||||||
| Other financial assets |
8 | 628,533 |
819,654 |
|||||||||
| Equipment on operating leases |
11 | 4,919,916 |
5,159,129 |
|||||||||
| Property, plant and equipment |
12 | 3,021,514 |
3,079,407 |
|||||||||
| Intangible assets |
13 | 818,763 |
849,507 |
|||||||||
| Deferred tax assets |
23 | 99,552 |
91,592 |
|||||||||
| Other non-current assets |
342,763 |
424,652 |
||||||||||
| |
|
|
|
|||||||||
| Total non-current assets |
14,341,939 |
15,131,728 |
||||||||||
| |
|
|
|
|||||||||
| Total assets |
¥ | 21,921,030 |
¥ | 23,973,153 |
||||||||
| |
|
|
|
|||||||||
| Liabilities and Equity |
||||||||||||
| Current liabilities: |
||||||||||||
| Trade payables |
14 | ¥ | 1,088,061 |
¥ | 1,236,233 |
|||||||
| Financing liabilities |
15 | 3,005,624 |
3,118,304 |
|||||||||
| Accrued expenses |
415,106 |
375,601 |
||||||||||
| Other financial liabilities |
16 | 182,145 |
236,900 |
|||||||||
| Income taxes payable |
47,793 |
96,116 |
||||||||||
| Provisions |
17 | 362,151 |
268,388 |
|||||||||
| Other current liabilities |
614,577 |
672,857 |
||||||||||
| |
|
|
|
|||||||||
| Total current liabilities |
5,715,457 |
6,004,399 |
||||||||||
| |
|
|
|
|||||||||
| Non-current liabilities: |
||||||||||||
| Financing liabilities |
15 | 4,715,361 |
4,984,252 |
|||||||||
| Other financial liabilities |
16 | 280,809 |
282,083 |
|||||||||
| Retirement benefit liabilities |
18 | 358,532 |
282,054 |
|||||||||
| Provisions |
17 | 278,890 |
253,625 |
|||||||||
| Deferred tax liabilities |
23 | 842,001 |
990,754 |
|||||||||
| Other non-current liabilities |
357,141 |
403,440 |
||||||||||
| |
|
|
|
|||||||||
| Total non-current liabilities |
6,832,734 |
7,196,208 |
||||||||||
| |
|
|
|
|||||||||
| Total liabilities |
12,548,191 |
13,200,607 |
||||||||||
| |
|
|
|
|||||||||
| Equity: |
||||||||||||
| Common stock |
86,067 |
86,067 |
||||||||||
| Capital surplus |
172,049 |
185,495 |
||||||||||
| Treasury stock |
(273,786 |
) | (328,309 |
) | ||||||||
| Retained earnings |
8,901,266 |
9,539,133 |
||||||||||
| Other components of equity |
196,710 |
990,438 |
||||||||||
| |
|
|
|
|||||||||
| Equity attributable to owners of the parent |
9,082,306 |
10,472,824 |
||||||||||
| Non-controlling interests |
290,533 |
299,722 |
||||||||||
| |
|
|
|
|||||||||
| Total equity |
19 | 9,372,839 |
10,772,546 |
|||||||||
| |
|
|
|
|||||||||
| Total liabilities and equity |
¥ | 21,921,030 |
¥ | 23,973,153 |
||||||||
| |
|
|
|
|||||||||
Yen (millions) |
||||||||||||||
Note |
2020 |
2021 |
2022 |
|||||||||||
| Sales revenue |
20 | ¥ | 14,931,009 |
¥ | 13,170,519 |
¥ | 14,552,696 |
|||||||
| Operating costs and expenses: |
||||||||||||||
| Cost of sales |
(11,851,659 |
) | (10,439,689 |
) | (11,567,923 |
) | ||||||||
| Selling, general and administrative |
(1,641,590 |
) | (1,331,728 |
) | (1,326,485 |
) | ||||||||
| Research and development |
21 | (804,123 |
) | (738,894 |
) | (787,056 |
) | |||||||
| |
|
|
|
|
|
|||||||||
| Total operating costs and expenses |
(14,297,372 |
) | (12,510,311 |
) | (13,681,464 |
) | ||||||||
| |
|
|
|
|
|
|||||||||
| Operating profit |
633,637 |
660,208 |
871,232 |
|||||||||||
| |
|
|
|
|
|
|||||||||
| Share of profit of investments accounted for using the equity method |
10 | 164,203 |
272,734 |
202,512 |
||||||||||
| Finance income and finance costs: |
||||||||||||||
| Interest income |
22 | 49,412 |
19,805 |
25,627 |
||||||||||
| Interest expense |
22 | (24,689 |
) | (13,877 |
) | (16,867 |
) | |||||||
| Other, net |
22 | (32,645 |
) | (24,817 |
) | (12,314 |
) | |||||||
| |
|
|
|
|
|
|||||||||
| Total finance income and finance costs |
(7,922 |
) | (18,889 |
) | (3,554 |
) | ||||||||
| |
|
|
|
|
|
|||||||||
| Profit before income taxes |
789,918 |
914,053 |
1,070,190 |
|||||||||||
| Income tax expense |
23 | (279,986 |
) | (218,609 |
) | (309,489 |
) | |||||||
| |
|
|
|
|
|
|||||||||
| Profit for the year |
¥ | 509,932 |
¥ | 695,444 |
¥ | 760,701 |
||||||||
| |
|
|
|
|
|
|||||||||
| Profit for the year attributable to: |
||||||||||||||
| Owners of the parent |
455,746 |
657,425 |
707,067 |
|||||||||||
| Non-controlling interests |
54,186 |
38,019 |
53,634 |
|||||||||||
Yen |
||||||||||||||
2020 |
2021 |
2022 |
||||||||||||
| Earnings per share attributable to owners of the parent Basic and diluted |
24 | ¥ | 260.13 |
¥ | 380.75 |
¥ | 411.09 |
|||||||
Yen (millions) |
||||||||||||||
Note |
2020 |
2021 |
2022 |
|||||||||||
| Profit for the year |
¥ |
509,932 | ¥ |
695,444 | ¥ |
760,701 | ||||||||
| Other comprehensive income, net of tax: |
||||||||||||||
| Items that will not be reclassified to profit or loss |
||||||||||||||
| Remeasurements of defined benefit plans |
(102,983 | ) | 238,262 | 117,042 | ||||||||||
| Net changes in revaluation of financial assets measured at fair value through other comprehensive income |
(23,361 | ) | 67,603 | 58,635 | ||||||||||
| Share of other comprehensive income of investments accounted for using the equity method |
10 | (1,550 | ) | 4,910 | 1,786 | |||||||||
| 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 |
279 | (43 | ) | (682 | ) | |||||||||
| Exchange differences on translating foreign operations |
(293,201 | ) | 239,097 | 680,724 | ||||||||||
| Share of other comprehensive income of investments accounted for using the equity method |
10 | (30,393 | ) | 27,350 | 77,447 | |||||||||
| |
|
|
|
|
|
|||||||||
| Total other comprehensive income, net of tax |
19 | (451,209 | ) | 577,179 | 934,952 | |||||||||
| |
|
|
|
|
|
|||||||||
| Comprehensive income for the year |
¥ | 58,723 | ¥ | 1,272,623 | ¥ | 1,695,653 | ||||||||
| |
|
|
|
|
|
|||||||||
| Comprehensive income for the year attributable to: |
||||||||||||||
| Owners of the parent |
24,287 | 1,214,757 | 1,619,997 | |||||||||||
| Non-controlling interests |
34,436 | 57,866 | 75,656 | |||||||||||
Yen (millions) |
||||||||||||||||||||||||||||||||||||
Equity attributable to owners of the parent |
||||||||||||||||||||||||||||||||||||
Note |
Common stock |
Capital surplus |
Treasury stock |
Retained earnings |
Other components of equity |
Total |
Non-controlling interests |
Total equity |
||||||||||||||||||||||||||||
| Balance as of April 1, 2019 |
¥ | 86,067 |
¥ | 171,460 |
¥ | (177,827 |
) | ¥ | 7,973,637 |
¥ | 214,383 |
¥ | 8,267,720 |
¥ | 298,070 |
¥ | 8,565,790 |
|||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Comprehensive income for the year |
||||||||||||||||||||||||||||||||||||
| Profit for the year |
455,746 |
455,746 |
54,186 |
509,932 |
||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax |
19 | (431,459 |
) | (431,459 |
) | (19,750 |
) | (451,209 |
) | |||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total comprehensive income for the year |
455,746 |
(431,459 |
) | 24,287 |
34,436 |
58,723 |
||||||||||||||||||||||||||||||
| Reclassification to retained earnings |
19 | (102,437 |
) | 102,437 |
— |
— |
||||||||||||||||||||||||||||||
| Transactions with owners and other |
||||||||||||||||||||||||||||||||||||
| Dividends paid |
19 | (196,795 |
) | (196,795 |
) | (55,693 |
) | (252,488 |
) | |||||||||||||||||||||||||||
| Purchases of treasury stock |
(96,284 |
) | (96,284 |
) | (96,284 |
) | ||||||||||||||||||||||||||||||
| Disposal of treasury stock |
171 |
171 |
171 |
|||||||||||||||||||||||||||||||||
| Share-based payment transactions |
363 |
363 |
363 |
|||||||||||||||||||||||||||||||||
| Equity transactions and others |
(3,049 |
) | (3,049 |
) | ||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total transactions with owners and other |
363 |
(96,113 |
) | (196,795 |
) | (292,545 |
) | (58,742 |
) | (351,287 |
) | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Other changes |
12,797 |
12,797 |
12,797 |
|||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Balance as of March 31, 2020 |
¥ | 86,067 |
¥ | 171,823 |
¥ | (273,940 |
) | ¥ | 8,142,948 |
¥ | (114,639 |
) | ¥ | 8,012,259 |
¥ | 273,764 |
¥ | 8,286,023 |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Comprehensive income for the year |
||||||||||||||||||||||||||||||||||||
| Profit for the year |
657,425 |
657,425 |
38,019 |
695,444 |
||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax |
19 | 557,332 |
557,332 |
19,847 |
577,179 |
|||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total comprehensive income for the year |
657,425 |
557,332 |
1,214,757 |
57,866 |
1,272,623 |
|||||||||||||||||||||||||||||||
| Reclassification to retained earnings |
19 | 245,983 |
(245,983 |
) | — |
— |
||||||||||||||||||||||||||||||
| Transactions with owners and other |
||||||||||||||||||||||||||||||||||||
| Dividends paid |
19 | (145,090 |
) | (145,090 |
) | (43,348 |
) | (188,438 |
) | |||||||||||||||||||||||||||
| Purchases of treasury stock |
(6 |
) | (6 |
) | (6 |
) | ||||||||||||||||||||||||||||||
| Disposal of treasury stock |
160 |
160 |
160 |
|||||||||||||||||||||||||||||||||
| Share-based payment transactions |
226 |
226 |
226 |
|||||||||||||||||||||||||||||||||
| Equity transactions and others |
2,251 |
2,251 |
||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total transactions with owners and other |
226 |
154 |
(145,090 |
) | (144,710 |
) | (41,097 |
) | (185,807 |
) | ||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Balance as of March 31, 2021 |
¥ | 86,067 |
¥ | 172,049 |
¥ | (273,786 |
) | ¥ | 8,901,266 |
¥ | 196,710 |
¥ | 9,082,306 |
¥ | 290,533 |
¥ | 9,372,839 |
|||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Comprehensive income for the year |
||||||||||||||||||||||||||||||||||||
| Profit for the year |
707,067 |
707,067 |
53,634 |
760,701 |
||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax |
19 | 912,930 |
912,930 |
22,022 |
934,952 |
|||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total comprehensive income for the year |
707,067 |
912,930 |
1,619,997 |
75,656 |
1,695,653 |
|||||||||||||||||||||||||||||||
| Reclassification to retained earnings |
19 | 119,202 |
(119,202 |
) | — |
— |
||||||||||||||||||||||||||||||
| Transactions with owners and other |
||||||||||||||||||||||||||||||||||||
| Dividends paid |
19 | (188,402 |
) | (188,402 |
) | (45,131 |
) | (233,533 |
) | |||||||||||||||||||||||||||
| Purchases of treasury stock |
(62,758 |
) | (62,758 |
) | (62,758 |
) | ||||||||||||||||||||||||||||||
| Disposal of treasury stock |
578 |
578 |
578 |
|||||||||||||||||||||||||||||||||
| Share-based payment transactions |
(233 |
) |
(233 |
) |
(233 |
) | ||||||||||||||||||||||||||||||
| Equity transactions and others |
13,679 |
7,657 |
21,336 |
(21,336 |
) | — |
||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total transactions with owners and other |
13,446 |
(54,523 |
) | (188,402 |
) | (229,479 |
) | (66,467 |
) | (295,946 |
) | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Balance as of March 31, 2022 |
¥ | 86,067 |
¥ | 185,495 |
¥ | (328,309 |
) | ¥ | 9,539,133 |
¥ | 990,438 |
¥ | 10,472,824 |
¥ | 299,722 |
¥ | 10,772,546 |
|||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Yen (millions) |
||||||||||||||
Note |
2020 |
2021 |
2022 |
|||||||||||
| Cash flows from operating activities: |
||||||||||||||
| Profit before income taxes |
¥ | 789,918 | ¥ | 914,053 | ¥ | 1,070,190 | ||||||||
| Depreciation, amortization and impairment losses excluding equipment on operating leases |
699,877 | 624,239 | 611,063 | |||||||||||
| Share of profit of investments accounted for using the equity method |
(164,203 | ) | (272,734 | ) | (202,512 | ) | ||||||||
| Finance income and finance costs, net |
(47,892 | ) | 22,630 | (56,352 | ) | |||||||||
| Interest income and interest costs from financial services, net |
(130,636 | ) | (137,178 | ) | (155,872 | ) | ||||||||
| Changes in assets and liabilities |
||||||||||||||
| Trade receivables |
132,702 | (133,788 | ) | (24,037 | ) | |||||||||
| Inventories |
(59,931 | ) | 68,281 | (208,895 | ) | |||||||||
| Trade payables |
(141,159 | ) | 101,301 | 50,122 | ||||||||||
| Accrued expenses |
(4,529 | ) | (40,927 | ) | (68,811 | ) | ||||||||
| Provisions and retirement benefit liabilities |
118 | 106,829 | (156,079 | ) | ||||||||||
| Receivables from financial services |
103,614 | (59,934 | ) | 509,741 | ||||||||||
| Equipment on operating leases |
(270,677 | ) | (161,579 | ) | 171,600 | |||||||||
| Other assets and liabilities |
(20,524 | ) | (72,473 | ) | 28,981 | |||||||||
| Other, net |
10,959 | 5,190 | (19,782 | ) | ||||||||||
| Dividends received |
185,742 | 191,112 | 193,555 | |||||||||||
| Interest received |
288,821 | 236,729 | 237,724 | |||||||||||
| Interest paid |
(162,263 | ) | (113,100 | ) | (97,884 | ) | ||||||||
| Income taxes paid, net of refund |
(230,522 | ) | (206,272 | ) | (203,130 | ) | ||||||||
| |
|
|
|
|
|
|||||||||
| Net cash provided by operating activities |
979,415 | 1,072,379 | 1,679,622 | |||||||||||
| Cash flows from investing activities: |
||||||||||||||
| Payments for additions to property, plant and equipment |
(370,195 | ) | (318,410 | ) | (268,143 | ) | ||||||||
| Payments for additions to and internally developed intangible assets |
(231,063 | ) | (232,727 | ) | (181,083 | ) | ||||||||
| Proceeds from sales of property, plant and equipment and intangible assets |
17,638 | 6,770 | 27,108 | |||||||||||
| Payments for acquisitions of subsidiaries, net of cash and cash equivalents acquired |
(3,047 | ) | 2,230 | — | ||||||||||
| Payments for acquisitions of investments accounted for using the equity method |
(14,584 | ) | (110,747 | ) | — | |||||||||
| Proceeds from sales of investments accounted for using the equity method |
— | 12,570 | — | |||||||||||
| Payments for acquisitions of other financial assets |
(282,806 | ) | (433,375 | ) | (488,631 | ) | ||||||||
| Proceeds from sales and redemptions of other financial assets |
265,980 | 276,808 | 534,693 | |||||||||||
| Other, net |
(1,404 | ) | — | — | ||||||||||
| |
|
|
|
|
|
|||||||||
| Net cash used in investing activities |
(619,481 | ) | (796,881 | ) | (376,056 | ) | ||||||||
| Cash flows from financing activities: |
||||||||||||||
| Proceeds from short-term financing liabilities |
9,037,608 | 9,115,347 | 7,487,724 | |||||||||||
| Repayments of short-term financing liabilities |
(9,039,601 | ) | (9,294,859 | ) | (7,960,144 | ) | ||||||||
| Proceeds from long-term financing liabilities |
2,021,173 | 1,948,835 | 2,002,823 | |||||||||||
| Repayments of long-term financing liabilities |
(1,676,504 | ) | (1,798,429 | ) | (1,761,561 | ) | ||||||||
| Dividends paid to owners of the parent |
(196,795 | ) | (145,090 | ) | (188,402 | ) | ||||||||
| Dividends paid to non-controlling interests |
(54,280 | ) | (41,755 | ) | (53,813 | ) | ||||||||
| Purchases and sales of treasury stock, net |
(96,113 | ) | 154 | (62,180 | ) | |||||||||
| Repayments of lease liabilities |
(78,659 | ) | (67,628 | ) | (80,165 | ) | ||||||||
| Other, net |
(4,240 | ) | (555 | ) | — | |||||||||
| |
|
|
|
|
|
|||||||||
| Net cash provided by (used in) financing activities |
(87,411 | ) | (283,980 | ) | (615,718 | ) | ||||||||
| Effect of exchange rate changes on cash and cash equivalents |
(94,291 | ) | 94,149 | 229,063 | ||||||||||
| |
|
|
|
|
|
|||||||||
| Net change in cash and cash equivalents |
178,232 | 85,667 | 916,911 | |||||||||||
| Cash and cash equivalents at beginning of year |
2,494,121 | 2,672,353 | 2,758,020 | |||||||||||
| |
|
|
|
|
|
|||||||||
| Cash and cash equivalents at end of year |
5 | ¥ | 2,672,353 | ¥ | 2,758,020 | ¥ | 3,674,931 | |||||||
| |
|
|
|
|
|
|||||||||
• |
Scope of subsidiaries, affiliates and joint ventures (notes 3(a) and 3(b)) |
• |
Recognition of intangible assets arising from development (note 3(h)) |
• |
Accounting for contracts including lease (note 3(i)) |
• |
Valuation of financial assets measured at amortized cost and debt securities classified into financial assets measured at fair value through other comprehensive income (notes 6, 7 and 8) |
• |
Fair value of financial instruments (note 26) |
• |
Net realizable value of inventories (note 9) |
• |
Recoverable amount of non-financial assets (notes 11, 12 and 13) |
• |
Measurement of provisions (note 17) |
• |
Measurement of net defined benefit liabilities (assets) (note 18) |
• |
Recoverability of deferred tax assets (note 23) |
• |
Likelihood and magnitude of outflows of resources embodying economic benefits required to settle contingent liabilities (note 28) |
| • | Buildings and structures: 3 to 50 years |
| • | Machinery and equipment: 2 to 20 years |
| Stage 1 | 12-month ECL for financial assets without a significant increase in credit risk since initial recognition |
| Stage 2 | Lifetime ECL for financial assets with a significant increase in credit risk since initial recognition but that are not credit-impaired |
| Stage 3 | Lifetime ECL for credit-impaired financial assets |
| Segment |
Principal products and services |
Functions | ||
Motorcycle Business |
Motorcycles, all-terrain vehicles (ATVs), side-by-sides |
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 | ||
Life Creation and Other Businesses |
Power products and relevant parts, and others |
Research and development Manufacturing Sales and related services Others | ||
Yen (millions) |
||||||||||||||||||||||||||||
Motorcycle Business |
Automobile Business |
Financial Services Business |
Life Creation and Other Businesses |
Segment Total |
Reconciling Items |
Consolidated |
||||||||||||||||||||||
| Sales revenue: |
||||||||||||||||||||||||||||
| External customers |
¥ |
2,059,335 | ¥ |
9,959,080 | ¥ |
2,586,965 | ¥ |
325,629 | ¥ |
14,931,009 | ¥ |
— |
¥ |
14,931,009 | ||||||||||||||
| Intersegment |
— | 235,558 | 13,972 | 25,025 | 274,555 | (274,555 | ) | — | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
2,059,335 | 10,194,638 | 2,600,937 | 350,654 | 15,205,564 | (274,555 | ) | 14,931,009 | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Segment profit (loss) |
¥ | 285,668 | ¥ | 153,323 | ¥ | 219,704 | ¥ | (25,058 | ) | ¥ | 633,637 | ¥ | — | ¥ | 633,637 | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Share of profit of investments accounted for using the equity method |
¥ | 34,526 | ¥ | 129,114 | ¥ | — | ¥ | 563 | ¥ | 164,203 | ¥ | — | ¥ | 164,203 | ||||||||||||||
| Segment assets |
1,483,888 | 7,821,499 | 10,282,136 | 354,472 | 19,941,995 | 519,470 | 20,461,465 | |||||||||||||||||||||
| Investments accounted for using the equity method |
83,144 | 566,582 | — | 5,749 | 655,475 | — | 655,475 | |||||||||||||||||||||
| Depreciation and amortization |
67,512 | 555,153 | 823,996 | 14,742 | 1,461,403 | — | 1,461,403 | |||||||||||||||||||||
| Capital expenditures |
93,871 | 498,260 | 2,248,597 | 17,611 | 2,858,339 | — | 2,858,339 | |||||||||||||||||||||
| Impairment losses on non-financial assets |
345 | 57,817 | 36,039 | 15 | 94,216 | — | 94,216 | |||||||||||||||||||||
| Provision (reversal) for credit and lease residual losses on receivables from financial services |
— | — | 56,894 | — | 56,894 | — | 56,894 | |||||||||||||||||||||
Yen (millions) |
||||||||||||||||||||||||||||
Motorcycle Business |
Automobile Business |
Financial Services Business |
Life Creation and Other Businesses |
Segment Total |
Reconciling Items |
Consolidated |
||||||||||||||||||||||
| Sales revenue: |
||||||||||||||||||||||||||||
| External customers |
¥ | 1,787,283 | ¥ | 8,567,205 | ¥ | 2,494,294 | ¥ | 321,737 | ¥ | 13,170,519 | ¥ | — | ¥ | 13,170,519 | ||||||||||||||
| Intersegment |
— | 212,144 | 12,494 | 20,107 | 244,745 | (244,745 | ) | — | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
1,787,283 | 8,779,349 | 2,506,788 | 341,844 | 13,415,264 | (244,745 | ) | 13,170,519 | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Segment profit (loss) |
¥ | 224,608 | ¥ | 90,255 | ¥ | 356,980 | ¥ | (11,635 | ) | ¥ | 660,208 | ¥ | — | ¥ | 660,208 | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Share of profit of investments accounted for using the equity method |
¥ | 18,164 | ¥ | 254,079 | ¥ | — | ¥ | 491 | ¥ | 272,734 | ¥ | — | ¥ | 272,734 | ||||||||||||||
| Segment assets |
1,555,057 | 8,643,109 | 10,832,645 | 374,169 | 21,404,980 | 516,050 | 21,921,030 | |||||||||||||||||||||
| Investments accounted for using the equity method |
88,476 | 796,036 | — | 6,490 | 891,002 | — | 891,002 | |||||||||||||||||||||
| Depreciation and amortization |
68,258 | 515,241 | 825,975 | 15,644 | 1,425,118 | — | 1,425,118 | |||||||||||||||||||||
| Capital expenditures |
48,800 | 500,431 | 2,006,264 | 11,609 | 2,567,104 | — | 2,567,104 | |||||||||||||||||||||
| Impairment losses on non-financial assets |
726 | 19,999 | (16,319 | ) | 357 | 4,763 | — | 4,763 | ||||||||||||||||||||
| Provision (reversal) for credit and lease residual losses on receivables from financial services |
— | — | (5,038 | ) | — | (5,038 | ) | — | (5,038 | ) | ||||||||||||||||||
As of and for the year ended March 31, 2022 |
| |||||||||||||||||||||||||||
Yen (millions) |
||||||||||||||||||||||||||||
Motorcycle Business |
Automobile Business |
Financial Services Business |
Life Creation and Other Businesses |
Segment Total |
Reconciling Items |
Consolidated |
||||||||||||||||||||||
| Sales revenue: |
||||||||||||||||||||||||||||
| External customers |
¥ | 2,185,253 | ¥ | 9,147,498 | ¥ | 2,820,667 | ¥ | 399,278 | ¥ | 14,552,696 | ¥ | — | ¥ | 14,552,696 | ||||||||||||||
| Intersegment |
— | 213,095 | 2,656 | 22,480 | 238,231 | (238,231 | ) | — | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
2,185,253 | 9,360,593 | 2,823,323 | 421,758 | 14,790,927 | (238,231 | ) | 14,552,696 | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Segment profit (loss) |
¥ | 311,492 | ¥ | 236,207 | ¥ | 333,032 | ¥ | (9,499 | ) | ¥ | 871,232 | ¥ | — | ¥ | 871,232 | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Share of profit of investments accounted for using the equity method |
¥ | 33,510 | ¥ | 168,415 | ¥ | — | ¥ | 587 | ¥ | 202,512 | ¥ | — | ¥ | 202,512 | ||||||||||||||
| Segment assets |
1,448,926 | 9,563,553 | 11,318,756 | 475,124 | 22,806,359 | 1,166,794 | 23,973,153 | |||||||||||||||||||||
| Investments accounted for using the equity method |
104,535 | 855,309 | — | 7,560 | 967,404 | — | 967,404 | |||||||||||||||||||||
| Depreciation and amortization |
65,423 | 510,755 | 883,712 | 17,018 | 1,476,908 | — | 1,476,908 | |||||||||||||||||||||
| Capital expenditures |
49,203 | 410,169 | 2,028,700 | 15,748 | 2,503,820 | — | 2,503,820 | |||||||||||||||||||||
| Impairment losses on non-financial assets |
(23 | ) | 13,097 | 1,874 | 276 | 15,224 | — | 15,224 | ||||||||||||||||||||
| Provision (reversal) for credit and lease residual losses on receivables from financial services |
— | — | 9,282 | — | 9,282 | — | 9,282 | |||||||||||||||||||||
| 1. | Segment profit (loss) of each segment is measured in a consistent manner with consolidated operating profit, which is profit before income taxes before share of profit of investments accounted for using the equity method and finance income and finance costs. Expenses not directly associated with specific segments are allocated based on the most reasonable measures applicable. |
| 2. | Segment assets of each segment are defined as total assets including investments accounted for using the equity method, derivatives, and deferred tax assets. Segment assets are based on those directly associated with each segment and those not directly associated with specific segments are allocated based on the most reasonable measures applicable except for the corporate assets described below. |
| 3. | Intersegment sales revenues are generally made at values that approximate arm’s-length prices. |
| 4. | Reconciling items include elimination of intersegment transactions and balances as well as unallocated corporate assets. Unallocated corporate assets, included in reconciling items as of March 31, 2020, 2021 and 2022 amounted to ¥787,022 million, ¥696,327 million and ¥1,319,995 million, respectively, which consist primarily of the Company’s cash and cash equivalents and financial assets measured at fair value through other comprehensive income. |
| 5. | Provisions for product warranties accrued for the years ended March 31, 2020, 2021 and 2022 are ¥212,275 million, ¥272,076 million and ¥118,378 million, respectively. These are mainly included in Automobile business. |
| 6. | The amounts of write-down of inventories recognized as an expense for the years ended March 31, 2020, 2021 and 2022 are ¥37,752 million, ¥28,420 million and ¥11,295 million respectively. These are related to Automobile business and aircraft and aircraft engines, which are included in Life creation and other businesses. |
| 7 . |
Right-of-use |
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Motorcycles and relevant parts |
¥ | 1,921,065 | ¥ | 1,658,871 | ¥ | 2,066,557 | ||||||
All-terrain vehicles (ATVs), side-by-sides |
138,270 | 128,412 | 118,696 | |||||||||
Automobiles and relevant parts |
11,199,477 | 9,746,374 | 10,582,764 | |||||||||
Financial services |
1,346,568 | 1,315,125 | 1,385,401 | |||||||||
Power products and relevant parts |
243,251 | 257,237 | 294,577 | |||||||||
Others |
82,378 | 64,500 | 104,701 | |||||||||
Total |
¥ | 14,931,009 | ¥ | 13,170,519 | ¥ | 14,552,696 | ||||||
Yen (millions) |
||||||||||||||||
Japan |
United States |
Other Countries |
Total |
|||||||||||||
Sales revenue |
¥ | 2,307,523 | ¥ | 7,091,136 | ¥ | 5,532,350 | ¥ | 14,931,009 | ||||||||
Non-current assets other than financial instruments, deferred tax assets and net defined benefit assets |
¥ | 3,003,416 | ¥ | 4,007,268 | ¥ | 1,573,982 | ¥ | 8,584,666 | ||||||||
Yen (millions) |
||||||||||||||||
Japan |
United States |
Other Countries |
Total |
|||||||||||||
Sales revenue |
¥ | 2,190,797 | ¥ | 6,291,857 | ¥ | 4,687,865 | ¥ | 13,170,519 | ||||||||
Non-current assets other than financial instruments, deferred tax assets and net defined benefit assets |
¥ | 3,050,270 | ¥ | 4,242,405 | ¥ | 1,641,793 | ¥ | 8,934,468 | ||||||||
Yen (millions) |
||||||||||||||||
Japan |
United States |
Other Countries |
Total |
|||||||||||||
Sales revenue |
¥ | 2,354,532 | ¥ | 6,728,800 | ¥ | 5,469,364 | ¥ | 14,552,696 | ||||||||
Non-current assets other than financial instruments, deferred tax assets and net defined benefit assets |
¥ | 3,036,832 | ¥ | 4,490,562 | ¥ | 1,768,697 | ¥ | 9,296,091 | ||||||||
Yen (millions) |
||||||||||||||||||||||||||||||||
Japan |
North America |
Europe |
Asia |
Other Regions |
Total |
Reconciling Items |
Consolidated |
|||||||||||||||||||||||||
Sales revenue: |
||||||||||||||||||||||||||||||||
External customers |
¥ | 2,307,523 | ¥ | 8,167,345 | ¥ | 561,856 | ¥ | 3,207,470 | ¥ | 686,815 | ¥ | 14,931,009 | ¥ | — | ¥ | 14,931,009 | ||||||||||||||||
Inter-geographic areas |
2,115,411 | 389,474 | 210,713 | 652,231 | 6,825 | 3,374,654 | (3,374,654 | ) | — | |||||||||||||||||||||||
Total |
4,422,934 | 8,556,819 | 772,569 | 3,859,701 | 693,640 | 18,305,663 | (3,374,654 | ) | 14,931,009 | |||||||||||||||||||||||
Operating profit (loss) |
¥ | (28,162 | ) | ¥ | 305,315 | ¥ | 14,996 | ¥ | 319,565 | ¥ | 37,289 | ¥ | 649,003 | ¥ | (15,366 | ) | ¥ | 633,637 | ||||||||||||||
Assets |
¥ | 4,889,920 | ¥ | 11,375,801 | ¥ | 689,158 | ¥ | 2,851,027 | ¥ | 518,445 | ¥ | 20,324,351 | ¥ | 137,114 | ¥ | 20,461,465 | ||||||||||||||||
Non-current assets other than financial instruments, deferred tax assets and net defined benefit assets |
¥ | 3,003,416 | ¥ | 4,755,072 | ¥ | 58,735 | ¥ | 658,397 | ¥ | 109,046 | ¥ | 8,584,666 | ¥ | — | ¥ | 8,584,666 | ||||||||||||||||
Yen (millions) |
||||||||||||||||||||||||||||||||
Japan |
North America |
Europe |
Asia |
Other Regions |
Total |
Reconciling Items |
Consolidated |
|||||||||||||||||||||||||
Sales revenue: |
||||||||||||||||||||||||||||||||
External customers |
¥ | 2,190,797 | ¥ | 7,081,264 | ¥ | 503,549 | ¥ | 2,966,814 | ¥ | 428,095 | ¥ | 13,170,519 | ¥ | — | ¥ | 13,170,519 | ||||||||||||||||
Inter-geographic areas |
1,677,038 | 399,573 | 178,300 | 491,965 | 6,400 | 2,753,276 | (2,753,276 | ) | — | |||||||||||||||||||||||
Total |
3,867,835 | 7,480,837 | 681,849 | 3,458,779 | 434,495 | 15,923,795 | (2,753,276 | ) | 13,170,519 | |||||||||||||||||||||||
Operating profit (loss) |
¥ | (75,935 | ) | ¥ | 455,888 | ¥ | 27,460 | ¥ | 251,886 | ¥ | (5,034 | ) | ¥ | 654,265 | ¥ | 5,943 | ¥ | 660,208 | ||||||||||||||
Assets |
¥ | 5,295,475 | ¥ | 12,209,455 | ¥ | 677,066 | ¥ | 3,267,417 | ¥ | 482,918 | ¥ | 21,932,331 | ¥ | (11,301 | ) | ¥ | 21,921,030 | |||||||||||||||
Non-current assets other than financial instruments, deferred tax assets and net defined benefit assets |
¥ | 3,050,270 | ¥ | 5,039,085 | ¥ | 60,790 | ¥ | 666,795 | ¥ | 117,528 | ¥ | 8,934,468 | ¥ | — | ¥ | 8,934,468 | ||||||||||||||||
Yen (millions) |
||||||||||||||||||||||||||||||||
Japan |
North America |
Europe |
Asia |
Other Regions |
Total |
Reconciling Items |
Consolidated |
|||||||||||||||||||||||||
Sales revenue: |
||||||||||||||||||||||||||||||||
External customers |
¥ | 2,354,532 | ¥ | 7,618,932 | ¥ | 602,695 | ¥ | 3,393,323 | ¥ | 583,214 | ¥ | 14,552,696 | ¥ | — | ¥ | 14,552,696 | ||||||||||||||||
Inter-geographic areas |
2,004,754 | 471,255 | 98,516 | 662,124 | 9,925 | 3,246,574 | (3,246,574 | ) | — | |||||||||||||||||||||||
Total |
4,359,286 | 8,090,187 | 701,211 | 4,055,447 | 593,139 | 17,799,270 | (3,246,574 | ) | 14,552,696 | |||||||||||||||||||||||
Operating profit (loss) |
¥ | 6,411 | ¥ | 501,073 | ¥ | 26,681 | ¥ | 339,129 | ¥ | 22,899 | ¥ | 896,193 | ¥ | (24,961 | ) | ¥ | 871,232 | |||||||||||||||
Assets |
¥ | 5,318,033 | ¥ | 12,983,779 | ¥ | 597,473 | ¥ | 3,803,877 | ¥ | 619,998 | ¥ | 23,323,160 | ¥ | 649,993 | ¥ | 23,973,153 | ||||||||||||||||
Non-current assets other than financial instruments, deferred tax assets and net defined benefit assets |
¥ | 3,036,832 | ¥ | 5,334,121 | ¥ | 49,129 | ¥ | 706,562 | ¥ | 169,447 | ¥ | 9,296,091 | ¥ | — | ¥ | 9,296,091 | ||||||||||||||||
| 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. | Operating profit (loss) of each geographical region is measured in a consistent manner with consolidated operating profit, which is profit before income taxes before share of profit of investments accounted for using the equity method and finance income and finance costs. |
| 3. | Assets of each geographical region are defined as total assets including investments accounted for using the equity method, derivatives, and deferred tax assets. |
| 4. | Sales revenues between geographic areas are generally made at values that approximate arm’s-length prices. |
| 5. | 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 March 31, 2020, 2021 and 2022 amounted to ¥787,022 million, ¥696,327 million and ¥1,319,995 million, respectively, which consist primarily of the Company’s cash and cash equivalents and financial assets measured at fair value through other comprehensive income. |
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Cash and deposits |
¥ | 2,037,392 | ¥ | 2,654,447 | ||||
Cash equivalents |
720,628 | 1,020,484 | ||||||
Total |
¥ | 2,758,020 | ¥ | 3,674,931 | ||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Trade accounts and notes receivable |
¥ | 689,347 | ¥ | 793,022 | ||||
Other |
122,988 | 112,591 | ||||||
Allowance for impairment losses |
(10,521 | ) | (8,845 | ) | ||||
Total |
¥ | 801,814 | ¥ | 896,768 | ||||
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Balance at beginning of year |
¥ | 12,555 | ¥ | 11,302 | ¥ | 10,521 | ||||||
Remeasurement |
¥ | 589 | ¥ | 516 | ¥ | 260 | ||||||
Write-offs |
(971 | ) | (1,312 | ) | (2,648 | ) | ||||||
Exchange differences on translating foreign operations |
(871 | ) | 15 | 712 | ||||||||
Balance at end of year |
¥ | 11,302 | ¥ | 10,521 | ¥ | 8,845 | ||||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Consumer finance receivables: |
||||||||
| Retail |
¥ | 4,847,906 | ¥ | 5,054,428 | ||||
| Finance lease |
126,766 | 145,932 | ||||||
| Dealer finance receivables: |
||||||||
| Wholesale |
486,138 | 284,506 | ||||||
| |
|
|
|
|||||
| Subtotal |
¥ | 5,460,810 | ¥ | 5,484,866 | ||||
| |
|
|
|
|||||
| Allowance for credit losses |
¥ | (37,366 | ) | ¥ | (39,063 | ) | ||
| Unearned interest income and fees |
(8,894 | ) | (11,307 | ) | ||||
| |
|
|
|
|||||
| Total |
¥ | 5,414,550 | ¥ | 5,434,496 | ||||
| |
|
|
|
|||||
| Current assets |
¥ | 1,794,654 | ¥ | 1,694,113 | ||||
| Non-current assets |
3,619,896 | 3,740,383 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 5,414,550 | ¥ | 5,434,496 | ||||
| |
|
|
|
|||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Within 1 year |
¥ | 22,339 | ¥ | 25,066 | ||||
| Between 1 and 2 years | 22,566 | 25,569 | ||||||
| Between 2 and 3 years | 10,861 | 13,192 | ||||||
| Between 3 and 4 years | 5,297 | 9,335 | ||||||
| Between 4 and 5 years | 1,289 | 2,153 | ||||||
| Later than 5 years | 94 | 1,827 | ||||||
| |
|
|
|
|||||
| Undiscounted lease payments receivable |
¥ | 62,446 | ¥ | 77,142 | ||||
| |
|
|
|
|||||
| Unearned finance income |
¥ | (3,829 | ) | ¥ | (4,603 | ) | ||
| |
|
|
|
|||||
| Unguaranteed residual value |
¥ | 59,255 | ¥ | 62,086 | ||||
| |
|
|
|
|||||
| Net investment in the lease |
¥ | 117,872 | ¥ | 134,625 | ||||
| |
|
|
|
|||||
Yen (millions) |
||||||||||||||||
12-month ECL (Stage 1) |
Lifetime ECL |
Total |
||||||||||||||
Not credit-impaired (Stage 2) |
Credit-impaired (Stage 3) |
|||||||||||||||
| Retail: |
||||||||||||||||
| Balance as of April 1, 2019 |
¥ | 22,612 | ¥ | 10,407 | ¥ | 6,741 | ¥ | 39,760 | ||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Remeasurement |
¥ | 5,547 | ¥ | 16,637 | ¥ | 32,649 | ¥ | 54,833 | ||||||||
| Write-offs |
— | — | (31,436 | ) | (31,436 | ) | ||||||||||
| Exchange differences on translating foreign operations |
(1,504 | ) | (412 | ) | (1,000 | ) | (2,916 | ) | ||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as of March 31, 2020 |
¥ | 26,655 | ¥ | 26,632 | ¥ | 6,954 | ¥ | 60,241 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Remeasurement |
¥ | (3,286 | ) | ¥ | (20,319 | ) | ¥ | 18,827 | ¥ | (4,778 | ) | |||||
| Write-offs |
— | — | (20,733 | ) | (20,733 | ) | ||||||||||
| Exchange differences on translating foreign operations |
111 | (390 | ) | (165 | ) | (444 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2021 |
¥ | 23,480 | ¥ | 5,923 | ¥ | 4,883 | ¥ | 34,286 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Remeasurement |
¥ | (2,513 | ) | ¥ | (925 | ) | ¥ | 13,701 | ¥ | 10,263 | ||||||
| Write-offs |
— | — | (12,256 | ) | (12,256 | ) | ||||||||||
| Exchange differences on translating foreign operations |
2,822 | 516 | 1,136 | 4,474 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2022 |
¥ | 23,789 | ¥ | 5,514 | ¥ | 7,464 | ¥ | 36,767 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Finance lease: |
||||||||||||||||
| Balance as of April 1, 2019 |
¥ | 534 | ¥ | 72 | ¥ | 124 | ¥ | 730 | ||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Remeasurement |
¥ | (15 | ) | ¥ | 29 | ¥ | 128 | ¥ | 142 | |||||||
| Write-offs |
— | — | (130 | ) | (130 | ) | ||||||||||
| Exchange differences on translating foreign operations |
(38 | ) | (5 | ) | (9 | ) | (52 | ) | ||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as of March 31, 2020 |
¥ | 481 | ¥ | 96 | ¥ | 113 | ¥ | 690 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Remeasurement |
¥ | (65 | ) | ¥ | 71 | ¥ | 136 | ¥ | 142 | |||||||
| Write-offs |
— | — | (107 | ) | (107 | ) | ||||||||||
| Exchange differences on translating foreign operations |
54 | 17 | 17 | 88 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2021 |
¥ | 470 | ¥ | 184 | ¥ | 159 | ¥ | 813 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Remeasurement |
¥ | (339 | ) | ¥ | (98 | ) | ¥ | 182 | ¥ | (255 | ) | |||||
| Write-offs |
— | — | (97 | ) | (97 | ) | ||||||||||
| Exchange differences on translating foreign operations |
8 | 6 | 12 | 26 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2022 |
¥ | 139 | ¥ | 92 | ¥ | 256 | ¥ | 487 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen (millions) |
||||||||||||||||
12-month ECL (Stage 1) |
Lifetime ECL |
Total |
||||||||||||||
Not credit-impaired (Stage 2) |
Credit-impaired (Stage 3) |
|||||||||||||||
| Wholesale: |
||||||||||||||||
| Balance as of April 1, 2019 |
¥ | 1,419 | ¥ | 329 | ¥ | 965 | ¥ | 2,713 | ||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Remeasurement |
¥ | 127 | ¥ | 2 | ¥ | 1,776 | ¥ | 1,905 | ||||||||
| Write-offs |
— | — | (1,784 | ) | (1,784 | ) | ||||||||||
| Exchange differences on translating foreign operations |
(109 | ) | (13 | ) | (175 | ) | (297 | ) | ||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as of March 31, 2020 |
¥ | 1,437 | ¥ | 318 | ¥ | 782 | ¥ | 2,537 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Remeasurement |
¥ | 160 | ¥ | (270 | ) | ¥ | (292 | ) | ¥ | (402 | ) | |||||
| Write-offs |
— | — | 18 | 18 | ||||||||||||
| Exchange differences on translating foreign operations |
144 | 14 | (44 | ) | 114 | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2021 |
¥ | 1,741 | ¥ | 62 | ¥ | 464 | ¥ | 2,267 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Remeasurement |
¥ | (649 | ) | ¥ | (46 | ) | ¥ | (31 | ) | ¥ | (726 | ) | ||||
| Write-offs |
— | — | 30 | 30 | ||||||||||||
| Exchange differences on translating foreign operations |
84 | 1 | 153 | 238 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2022 |
¥ | 1,176 | ¥ | 17 | ¥ | 616 | ¥ | 1,809 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total: |
||||||||||||||||
| Balance as of April 1, 2019 |
¥ | 24,565 | ¥ | 10,808 | ¥ | 7,830 | ¥ | 43,203 | ||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Remeasurement |
¥ | 5,659 | ¥ | 16,668 | ¥ | 34,553 | ¥ | 56,880 | ||||||||
| Write-offs |
— | — | (33,350 | ) | (33,350 | ) | ||||||||||
| Exchange differences on translating foreign operations |
(1,651 | ) | (430 | ) | (1,184 | ) | (3,265 | ) | ||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as of March 31, 2020 |
¥ | 28,573 | ¥ | 27,046 | ¥ | 7,849 | ¥ | 63,468 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Remeasurement |
¥ | (3,191 | ) | ¥ | (20,518 | ) | ¥ | 18,671 | ¥ | (5,038 | ) | |||||
| Write-offs |
— | — | (20,822 | ) | (20,822 | ) | ||||||||||
| Exchange differences on translating foreign operations |
309 | (359 | ) | (192 | ) | (242 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2021 |
¥ | 25,691 | ¥ | 6,169 | ¥ | 5,506 | ¥ | 37,366 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Remeasurement |
¥ | (3,501 | ) | ¥ | (1,069 | ) | ¥ | 13,852 | ¥ | 9,282 | ||||||
| Write-offs |
— | — | (12,323 | ) | (12,323 | ) | ||||||||||
| Exchange differences on translating foreign operations |
2,914 | 523 | 1,301 | 4,738 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2022 |
¥ | 25,104 | ¥ | 5,623 | ¥ | 8,336 | ¥ | 39,063 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Financial assets measured at amortized cost: |
||||||||
| Receivables other than trade receivables and receivables from financial services |
¥ | 147,472 | ¥ | 166,936 | ||||
| Debt securities |
173,302 | 79,176 | ||||||
| Guaranty deposits |
12,006 | 11,499 | ||||||
| Restricted cash |
49,166 | 53,290 | ||||||
| Other |
13,612 | 4,352 | ||||||
| Allowance for impairment losses |
(3,358 | ) | (3,212 | ) | ||||
| Financial assets measured at fair value through other comprehensive income: |
||||||||
| Debt securities |
10,134 | 19,984 | ||||||
| Equity securities |
344,205 | 468,783 | ||||||
| Financial assets measured at fair value through profit or loss: |
||||||||
| Derivatives |
108,978 | 134,338 | ||||||
| Debt securities |
68,323 | 102,251 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 923,840 | ¥ | 1,037,397 | ||||
| |
|
|
|
|||||
| Current assets |
¥ | 295,307 | ¥ | 217,743 | ||||
| Non-current assets |
628,533 | 819,654 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 923,840 | ¥ | 1,037,397 | ||||
| |
|
|
|
|||||
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Balance at beginning of year |
¥ | 4,233 | ¥ | 3,364 | ¥ | 3,358 | ||||||
| |
|
|
|
|
|
|||||||
| Remeasurement |
¥ | 600 | ¥ | 792 | ¥ | 42 | ||||||
| Write-offs |
(1,463 | ) | (805 | ) | (191 | ) | ||||||
| Exchange differences on translating foreign operations |
(6 | ) | 7 | 3 | ||||||||
| |
|
|
|
|
|
|||||||
| Balance at end of year |
¥ | 3,364 | ¥ | 3,358 | ¥ | 3,212 | ||||||
| |
|
|
|
|
|
|||||||
Yen (millions) |
||||
Fair value |
||||
| Contemporary Amperex Technology Co., Ltd. |
¥ | 124,782 | ||
| GM Cruise Holdings LLC |
94,324 | |||
| Stanley Electric Co., Ltd. |
30,431 | |||
| Mitsubishi UFJ Financial Group, Inc. |
8,581 | |||
| Daido Steel Co., Ltd. |
6,670 | |||
| Tokio Marine Holdings, Inc. |
5,753 | |||
Yen (millions) |
||||
Fair value |
||||
| Contemporary Amperex Technology Co., Ltd. |
¥ | 226,938 | ||
| GM Cruise Holdings LLC |
105,916 | |||
| Stanley Electric Co., Ltd. |
21,463 | |||
| Mitsubishi UFJ Financial Group, Inc. |
11,026 | |||
| SES AI Corporation |
8,307 | |||
| Tokio Marine Holdings, Inc. |
7,789 | |||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Finished goods |
¥ | 784,544 | ¥ | 907,872 | ||||
| Work in process |
71,853 | 90,871 | ||||||
| Raw materials |
689,203 | 919,805 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 1,545,600 | ¥ | 1,918,548 | ||||
| |
|
|
|
|||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Investments accounted for using the equity method: |
||||||||
| Affiliates |
¥ | 537,702 | ¥ | 544,563 | ||||
| Joint ventures |
353,300 | 422,841 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 891,002 | ¥ | 967,404 | ||||
| |
|
|
|
|
|
|
|
|
| Honda’s equity of undistributed earnings: |
||||||||
| Affiliates |
¥ | 198,432 | ¥ | 177,231 | ||||
| Joint ventures |
262,599 | 279,288 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 461,031 | ¥ | 456,519 | ||||
| |
|
|
|
|||||
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Profit for the year: |
||||||||||||
| Affiliates |
¥ | (434 | ) | ¥ | 53,511 | ¥ | (17,844 | ) | ||||
| Joint ventures |
164,637 | 219,223 | 220,356 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
¥ | 164,203 | ¥ | 272,734 | ¥ | 202,512 | ||||||
| |
|
|
|
|
|
|||||||
| Other comprehensive income: |
||||||||||||
| Affiliates |
¥ | (5,758 | ) | ¥ | (1,197 | ) | ¥ | 26,673 | ||||
| Joint ventures |
(26,185 | ) | 33,457 | 52,560 | ||||||||
| |
|
|
|
|
|
|||||||
| Total |
¥ | (31,943 | ) | ¥ | 32,260 | ¥ | 79,233 | |||||
| |
|
|
|
|
|
|||||||
| Comprehensive income for the year: |
||||||||||||
| Affiliates |
¥ | (6,192 | ) | ¥ | 52,314 | ¥ | 8,829 | |||||
| Joint ventures |
138,452 | 252,680 | 272,916 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
¥ | 132,260 | ¥ | 304,994 | ¥ | 281,745 | ||||||
| |
|
|
|
|
|
|||||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Current assets |
¥ | 687,417 | ¥ | 747,397 | ||||
Non-current assets |
238,507 | 252,219 | ||||||
Total assets |
925,924 | 999,616 | ||||||
Current liabilities |
608,408 | 610,379 | ||||||
Non-current liabilities |
32,860 | 34,182 | ||||||
Total liabilities |
641,268 | 644,561 | ||||||
Total equity |
¥ | 284,657 | ¥ | 355,055 | ||||
Honda’s share of total equity (50%) |
142,328 | 177,527 | ||||||
Equity method adjustments |
(1,212 | ) | (697 | ) | ||||
Carrying amount of its interest in the joint venture |
¥ | 141,116 | ¥ | 176,830 | ||||
Cash and cash equivalents included in current assets |
¥ | 332,031 | ¥ | 301,839 | ||||
Financial liabilities (excluding trade payables and provisions) included in current liabilities |
5,363 | 6,168 | ||||||
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Sales revenue |
¥ | 1,516,160 | ¥ | 2,201,051 | ¥ | 1,994,534 | ||||||
Interest income |
8,019 | 9,412 | 10,653 | |||||||||
Depreciation and amortization |
18,870 | 23,055 | 25,996 | |||||||||
Income tax expense |
48,622 | 65,102 | 60,868 | |||||||||
Profit for the year |
130,327 | 197,217 | 182,989 | |||||||||
Other comprehensive income |
(21,100 | ) | 25,462 | 44,812 | ||||||||
Comprehensive income for the year |
¥ | 109,227 | ¥ | 222,679 | ¥ | 227,801 | ||||||
Comprehensive income for the year (50%) |
54,614 | 111,340 | 113,901 | |||||||||
Equity method adjustments |
53 | 53 | 607 | |||||||||
Honda’s share of comprehensive income for the year |
¥ | 54,667 | ¥ | 111,393 | ¥ | 114,508 | ||||||
Dividend from the joint venture to Honda |
¥ | 72,760 | ¥ | 102,767 | ¥ | 79,191 | ||||||
Yen (millions) |
||||||||||||||||
For the year ended March 31, 2020 |
Motorcycle Business |
Automobile Business |
Life Creation and Other Businesses |
Total |
||||||||||||
Sales revenue |
¥ | 160,557 | ¥ | 2,505,819 | ¥ | 7,342 | ¥ | 2,673,718 | ||||||||
Profit for the year |
8,094 | 69,339 | 914 | 78,347 | ||||||||||||
Yen (millions) |
||||||||||||||||
As of and for the year ended March 31, 2021 |
Motorcycle Business |
Automobile Business |
Life Creation and Other Businesses |
Total |
||||||||||||
Current assets |
¥ | 54,369 | ¥ | 1,458,252 | ¥ | 11,813 | ¥ | 1,524,434 | ||||||||
Non-current assets |
27,677 | 1,952,423 | 21,709 | 2,001,809 | ||||||||||||
Total assets |
82,046 | 3,410,675 | 33,522 | 3,526,243 | ||||||||||||
Current liabilities |
25,399 | 1,015,374 | 3,140 | 1,043,913 | ||||||||||||
Non-current liabilities |
3,167 | 616,924 | 1,180 | 621,271 | ||||||||||||
Total liabilities |
28,566 | 1,632,298 | 4,320 | 1,665,184 | ||||||||||||
Total equity |
¥ | 53,480 | ¥ | 1,778,377 | ¥ | 29,202 | ¥ | 1,861,059 | ||||||||
Sales revenue |
¥ | 122,605 | ¥ | 1,933,675 | ¥ | 6,331 | ¥ | 2,062,611 | ||||||||
Profit for the year |
2,552 | 2,593 | 843 | 5,988 | ||||||||||||
Yen (millions) |
||||||||||||||||
As of and for the year ended March 31, 2022 |
Motorcycle Business |
Automobile Business |
Life Creation and Other Businesses |
Total |
||||||||||||
Current assets |
¥ | 64,324 | ¥ | 1,542,414 | ¥ | 14,313 | ¥ | 1,621,051 | ||||||||
Non-current assets |
28,330 | 2,030,822 | 22,928 | 2,082,080 | ||||||||||||
Total assets |
92,654 | 3,573,236 | 37,241 | 3,703,131 | ||||||||||||
Current liabilities |
25,819 | 1,013,738 | 3,768 | 1,043,325 | ||||||||||||
Non-current liabilities |
5,003 | 583,308 | 1,065 | 589,376 | ||||||||||||
Total liabilities |
30,822 | 1,597,046 | 4,833 | 1,632,701 | ||||||||||||
Total equity |
¥ | 61,832 | ¥ | 1,976,190 | ¥ | 32,408 | ¥ | 2,070,430 | ||||||||
Sales revenue |
¥ | 173,696 | ¥ | 3,120,190 | ¥ | 7,146 | ¥ | 3,301,032 | ||||||||
Profit for the year |
7,233 | 73,169 | 996 | 81,398 | ||||||||||||
Yen (millions) |
||||||||||||||||
For the year ended March 31, 2020 |
Motorcycle Business |
Automobile Business |
Life Creation and Other Businesses |
Total |
||||||||||||
Sales revenue |
¥ | 791,250 | ¥ | 3,483,024 | ¥ | 6,413 | ¥ | 4,280,687 | ||||||||
Profit for the year |
63,819 | 264,216 | 568 | 328,603 | ||||||||||||
Yen (millions) |
||||||||||||||||
As of and for the year ended March 31, 2021 |
Motorcycle Business |
Automobile Business |
Life Creation and Other Businesses |
Total |
||||||||||||
Current assets |
¥ | 221,524 | ¥ | 1,548,875 | ¥ | 4,120 | ¥ | 1,774,519 | ||||||||
Non-current assets |
120,238 | 423,270 | 704 | 544,212 | ||||||||||||
Total assets |
341,762 | 1,972,145 | 4,824 | 2,318,731 | ||||||||||||
Current liabilities |
191,565 | 1,334,240 | 1,305 | 1,527,110 | ||||||||||||
Non-current liabilities |
17,035 | 61,312 | 879 | 79,226 | ||||||||||||
Total liabilities |
208,600 | 1,395,552 | 2,184 | 1,606,336 | ||||||||||||
Total equity |
¥ | 133,162 | ¥ | 576,593 | ¥ | 2,640 | ¥ | 712,395 | ||||||||
Sales revenue |
¥ | 543,504 | ¥ | 4,839,927 | ¥ | 3,443 | ¥ | 5,386,874 | ||||||||
Profit for the year |
33,115 | 403,088 | 174 | 436,377 | ||||||||||||
Yen (millions) |
||||||||||||||||
As of and for the year ended March 31, 2022 |
Motorcycle Business |
Automobile Business |
Life Creation and Other Businesses |
Total |
||||||||||||
Current assets |
¥ | 272,962 | ¥ | 1,810,581 | ¥ | 4,771 | ¥ | 2,088,314 | ||||||||
Non-current assets |
130,271 | 479,707 | 909 | 610,887 | ||||||||||||
Total assets |
403,233 | 2,290,288 | 5,680 | 2,699,201 | ||||||||||||
Current liabilities |
227,215 | 1,513,623 | 1,704 | 1,742,542 | ||||||||||||
Non-current liabilities |
17,769 | 70,675 | 665 | 89,109 | ||||||||||||
Total liabilities |
244,984 | 1,584,298 | 2,369 | 1,831,651 | ||||||||||||
Total equity |
¥ | 158,249 | ¥ | 705,990 | ¥ | 3,311 | ¥ | 867,550 | ||||||||
Sales revenue |
¥ | 811,764 | ¥ | 4,612,394 | ¥ | 3,940 | ¥ | 5,428,098 | ||||||||
Profit for the year |
62,907 | 375,642 | 363 | 438,912 | ||||||||||||
Yen (millions) |
||||
| Balance as of April 1, 2020 |
¥ | (1,277,511 | ) | |
| |
|
|||
| Depreciation |
¥ | (821,963 | ) | |
| Sales or disposal |
740,627 | |||
| Exchange differences on translating foreign operations |
(40,267 | ) | ||
| Other |
16,321 | |||
| |
|
|||
| Balance as of March 31, 2021 |
¥ | (1,382,793 | ) | |
| |
|
|||
| Depreciation |
¥ | (879,196 | ) | |
| Sales or disposal |
856,835 | |||
| Exchange differences on translating foreign operations |
(100,982 | ) | ||
| Other |
(1,872 | ) | ||
| |
|
|||
| Balance as of March 31, 2022 |
¥ | (1,508,008 | ) | |
| |
|
|||
Yen (millions) |
||||
| Balance as of March 31, 2021 |
¥ | 4,919,916 | ||
| Balance as of March 31, 2022 |
5,159,129 | |||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Within 1 year |
¥ | 818,025 | ¥ | 824,769 | ||||
| Between 1 and 2 years |
571,632 | 574,536 | ||||||
| Between 2 and 3 years |
271,863 | 240,437 | ||||||
| Between 3 and 4 years |
86,070 | 84,911 | ||||||
| Between 4 and 5 years |
25,488 | 27,796 | ||||||
| Later than 5 years |
554 | — | ||||||
| |
|
|
|
|||||
| Total |
¥ | 1,773,632 | ¥ | 1,752,449 | ||||
| |
|
|
|
|||||
Yen (millions) |
||||||||||||||||||||
Land |
Buildings and structures |
Machinery and equipment |
Construction in progress |
Total |
||||||||||||||||
| Balance as of April 1, 2020 |
¥ | 615,687 | ¥ | 2,468,194 | ¥ | 5,441,813 | ¥ | 222,273 | ¥ | 8,747,967 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Additions |
8,534 | 28,538 | 79,952 | 273,057 | 390,081 | |||||||||||||||
| Reclassification |
1,305 | 50,529 | 233,463 | (285,297 | ) | — | ||||||||||||||
| Sales or disposal |
(3,469 | ) | (30,366 | ) | (208,700 | ) | — | (242,535 | ) | |||||||||||
| Exchange differences on translating foreign operations |
6,735 | 47,479 | 143,683 | 7,287 | 205,184 | |||||||||||||||
| Other |
(68 | ) | (5,469 | ) | (3,094 | ) | (122 | ) | (8,753 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Balance as of March 31, 2021 |
¥ | 628,724 | ¥ | 2,558,905 | ¥ | 5,687,117 | ¥ | 217,198 | ¥ | 9,091,944 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Additions |
8,473 | 26,268 | 102,835 | 229,253 | 366,829 | |||||||||||||||
| Reclassification |
387 | 28,766 | 199,242 | (228,395 | ) | — | ||||||||||||||
| Sales or disposal |
(4,151 | ) | (33,722 | ) | (275,348 | ) | — | (313,221 | ) | |||||||||||
| Exchange differences on translating foreign operations |
11,585 | 123,536 | 429,662 | 21,124 | 585,907 | |||||||||||||||
| Other |
454 | (5,487 | ) | 4,421 | (1,606 | ) | (2,218 | ) | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Balance as of March 31, 2022 |
¥ | 645,472 | ¥ | 2,698,266 | ¥ | 6,147,929 | ¥ | 237,574 | ¥ | 9,729,241 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
Yen (millions) |
||||||||||||||||||||
Land |
Buildings and structures |
Machinery and equipment |
Construction in progress |
Total |
||||||||||||||||
| Balance as of April 1, 2020 |
¥ | (10,517 | ) | ¥ | (1,394,982 | ) | ¥ | (4,288,929 | ) | ¥ | (1,835 | ) | ¥ | (5,696,263 | ) | |||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Depreciation |
(6,118 | ) | (89,997 | ) | (331,948 | ) | — | (428,063 | ) | |||||||||||
| Sales or disposal |
2,031 | 16,569 | 181,325 | — | 199,925 | |||||||||||||||
| Exchange differences on translating foreign operations |
(263 | ) | (27,643 | ) | (113,736 | ) | (154 | ) | (141,796 | ) | ||||||||||
| Other |
(1,742 | ) | (260 | ) | (2,132 | ) | (99 | ) | (4,233 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Balance as of March 31, 2021 |
¥ | (16,609 | ) | ¥ | (1,496,313 | ) | ¥ | (4,555,420 | ) | ¥ | (2,088 | ) | ¥ | (6,070,430 | ) | |||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Depreciation |
(7,087 | ) | (88,928 | ) | (342,254 | ) | — | (438,269 | ) | |||||||||||
| Sales or disposal |
1,403 | 22,920 | 251,628 | — | 275,951 | |||||||||||||||
| Exchange differences on translating foreign operations |
(235 | ) | (68,557 | ) | (344,775 | ) | (19 | ) | (413,586 | ) | ||||||||||
| Other |
(391 | ) | (2,324 | ) | (1,889 | ) | 1,104 | (3,500 | ) | |||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Balance as of March 31, 2022 |
¥ | (22,919 | ) | ¥ | (1,633,202 | ) | ¥ | (4,992,710 | ) | ¥ | (1,003 | ) | ¥ | (6,649,834 | ) | |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen (millions) |
||||||||||||||||
Land |
Buildings and structures |
Machinery and equipment |
Total |
|||||||||||||
| Balance as of April 1, 2020 |
¥ | 77,916 | ¥ | 142,521 | ¥ | 85,605 | ¥ | 306,042 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Additions |
8,488 | 24,270 | 36,029 | 68,787 | ||||||||||||
| Depreciation |
(6,118 | ) | (12,997 | ) | (43,088 | ) | (62,203 | ) | ||||||||
| Other |
257 | (18,491 | ) | 938 | (17,296 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2021 |
¥ | 80,543 | ¥ | 135,303 | ¥ | 79,484 | ¥ | 295,330 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Additions |
8,283 | 18,952 | 61,189 | 88,424 | ||||||||||||
| Depreciation |
(7,087 | ) | (15,882 | ) | (45,326 | ) | (68,295 | ) | ||||||||
| Other |
(102 | ) | (8,192 | ) | 535 | (7,759 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2022 |
¥ | 81,637 | ¥ | 130,181 | ¥ | 95,882 | ¥ | 307,700 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen (millions) |
||||||||||||||||
Capitalized development costs |
Software |
Other |
Total |
|||||||||||||
| Balance as of April 1, 2020 |
¥ | 1,083,525 | ¥ | 392,732 | ¥ | 46,190 | ¥ | 1,522,447 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Additions |
¥ | — | ¥ | 19,233 | ¥ | 11,236 | ¥ | 30,469 | ||||||||
| Internally developed |
201,889 | 11,554 | — | 213,443 | ||||||||||||
| Sales or disposal |
(180,744 | ) | (6,028 | ) | (1,429 | ) | (188,201 | ) | ||||||||
| Exchange differences on translating foreign operations |
3,946 | 10,655 | 3,491 | 18,092 | ||||||||||||
| Other |
— | 1,076 | 1,417 | 2,493 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2021 |
¥ | 1,108,616 | ¥ | 429,222 | ¥ | 60,905 | ¥ | 1,598,743 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Additions |
¥ | — | ¥ |
8,597 | ¥ |
11,235 | ¥ |
19,832 | ||||||||
| Internally developed |
159,174 | 20,311 | — | 179,485 | ||||||||||||
| Sales or disposal |
(118,065 | ) | (15,760 | ) | (12,966 | ) | (146,791 | ) | ||||||||
| Exchange differences on translating foreign operations |
6,565 | 22,365 | 6,057 | 34,987 | ||||||||||||
| Other |
— | (2,484 | ) | (339 | ) | (2,823 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2022 |
¥ | 1,156,290 | ¥ | 462,251 | ¥ | 64,892 | ¥ | 1,683,433 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen (millions) |
||||||||||||||||
Capitalized development costs |
Software |
Other |
Total |
|||||||||||||
| Balance as of April 1, 2020 |
¥ | (456,333 | ) | ¥ | (293,356 | ) | ¥ | (12,324 | ) | ¥ | (762,013 | ) | ||||
| |
|
|
|
|
|
|
|
|||||||||
| Amortization |
¥ | (144,795 | ) | ¥ | (29,646 | ) | ¥ | (651 | ) | ¥ | (175,092 | ) | ||||
| Sales or disposal |
180,744 | 3,504 | 832 | 185,080 | ||||||||||||
| Exchange differences on translating foreign operations |
(906 | ) | (8,010 | ) | (873 | ) | (9,789 | ) | ||||||||
| Other |
(15,923 | ) | (1,596 | ) | (647 | ) | (18,166 | ) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2021 |
¥ | (437,213 | ) | ¥ | (329,104 | ) | ¥ | (13,663 | ) | ¥ | (779,980 | ) | ||||
| |
|
|
|
|
|
|
|
|||||||||
| Amortization |
¥ | (129,384 | ) | ¥ |
(29,290 | ) | ¥ |
(769 | ) | ¥ |
(159,443 | ) | ||||
| Sales or disposal |
118,065 | 15,003 | 3,447 | 136,515 | ||||||||||||
| Exchange differences on translating foreign operations |
(1,288 | ) | (17,442 | ) | (906 | ) | (19,636 | ) | ||||||||
| Other |
(12,821 | ) | 1,364 | 75 | (11,382 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2022 |
¥ | (462,641 | ) | ¥ | (359,469 | ) | ¥ | (11,816 | ) | ¥ | (833,926 | ) | ||||
| |
|
|
|
|
|
|
|
|||||||||
| |
| (Carrying amount) |
| |
||||||||||||||||
Yen (millions) |
||||||||||||||||
Capitalized development costs |
Software |
Other |
Total |
|||||||||||||
| Balance as of March 31, 2021 |
¥ | 671,403 | ¥ | 100,118 | ¥ | 47,242 | ¥ | 818,763 | ||||||||
| Balance as of March 31, 2022 |
693,649 | 102,782 | 53,076 | 849,507 | ||||||||||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Trade accounts and notes payable |
¥ | 943,833 | ¥ | 1,047,623 | ||||
| Other |
144,228 | 188,610 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 1,088,061 | ¥ | 1,236,233 | ||||
| |
|
|
|
|||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Current: |
||||||||
| Commercial paper |
¥ | 839,292 | ¥ | 421,801 | ||||
| Loans |
424,788 | 434,675 | ||||||
| Asset-backed securities |
35,267 | 50,067 | ||||||
| |
|
|
|
|||||
| Subtotal |
¥ | 1,299,347 | ¥ | 906,543 | ||||
| |
|
|
|
|||||
| Reclassification from non-current liabilities (Current portion) |
¥ | 1,706,277 | ¥ | 2,211,761 | ||||
| |
|
|
|
|||||
| Total |
¥ | 3,005,624 | ¥ | 3,118,304 | ||||
| |
|
|
|
|||||
2021 |
2022 |
|||||||
| Weighted average interest rate |
0.50 | % | 1.01 | % | ||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Non-current: |
||||||||
| Loans |
¥ | 1,028,836 | ¥ | 1,026,769 | ||||
| Medium-term notes |
3,701,153 | 3,996,486 | ||||||
| Corporate bonds |
657,068 | 1,035,379 | ||||||
| Asset-backed securities |
1,034,581 | 1,137,379 | ||||||
| |
|
|
|
|||||
| Subtotal |
¥ | 6,421,638 | ¥ | 7,196,013 | ||||
| |
|
|
|
|||||
| Reclassification to current liabilities (Current portion) |
¥ | (1,706,277 | ) | ¥ | (2,211,761 | ) | ||
| |
|
|
|
|||||
| Total |
¥ | 4,715,361 | ¥ | 4,984,252 | ||||
| |
|
|
|
|||||
| 2021 |
2022 | |||
| Loans |
Interest rate: 0.07% - 11.00% Due: 2021 - 2046 |
Interest rate: 0.07% - 11.75% Due: 2022 - 2046 | ||
| Medium-term notes |
Interest rate: 0.33% - 3.80% Due: 2021 - 2031 |
Interest rate: 0.30% - 3.63% Due: 2022 - 2031 | ||
| Corporate bonds |
Interest rate: 0.01% - 1.17% Due: 2021 - 2027 |
Interest rate: 0.01% - 2.97% Due: 2022 - 2032 | ||
| Asset-backed securities |
Interest rate: 0.11% - 3.30% Due: 2021 - 2025 |
Interest rate: 0.11% - 3.30% Due: 2022 - 2025 |
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Trade receivables |
¥ | 19,789 | ¥ | 15,298 | ||||
| Receivables from financial services |
1,086,786 | 1,101,778 | ||||||
| Equipment on operating leases |
122,320 | 142,097 | ||||||
| Property, plant and equipment |
2,138 | 2,548 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 1,231,033 | ¥ | 1,261,721 | ||||
| |
|
|
|
|||||
Yen (millions) |
||||||||||||||||||||||||||||||||
Balance as of April 1, 2019 |
Cash flows from financing activities |
Cash flows from operating activities |
Non-cash changes |
Balance as of March 31, 2020 |
||||||||||||||||||||||||||||
Acquisitions |
Changes in foreign currency exchange rates |
Changes in fair value |
Other |
|||||||||||||||||||||||||||||
| Short-term financing liabilities |
¥ | 1,473,624 | ¥ | (1,993 | ) | ¥ | — | ¥ | — | ¥ | (42,424 | ) | ¥ | — | ¥ | (4,540 | ) | ¥ | 1,424,667 | |||||||||||||
| Long-term financing liabilities |
5,857,496 | 362,131 | — | — | (170,345 | ) | — | (4,263 | ) | 6,045,019 | ||||||||||||||||||||||
| Lease liabilities *1 |
334,540 | (78,659 | ) | — | 78,923 | (3,987 | ) | — | (777 | ) | 330,040 | |||||||||||||||||||||
| Derivative financial liabilities (assets) *2 |
24,577 | (17,462 | ) | (10,001 | ) | — | (434 | ) | 14,935 | — | 11,615 | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total |
¥ | 7,690,237 | ¥ | 264,017 | ¥ | (10,001 | ) | ¥ | 78,923 | ¥ | (217,190 | ) | ¥ | 14,935 | ¥ | (9,580 | ) | ¥ | 7,811,341 | |||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Yen (millions) |
||||||||||||||||||||||||||||||||
Balance as of April 1, 2020 |
Cash flows from financing activities |
Cash flows from operating activities |
Non-cash changes |
Balance as of March 31, 2021 |
||||||||||||||||||||||||||||
Acquisitions |
Changes in foreign currency exchange rates |
Changes in fair value |
Other |
|||||||||||||||||||||||||||||
| Short-term financing liabilities |
¥ | 1,424,667 | ¥ | (179,512 | ) | ¥ | — | ¥ | — | ¥ | 55,337 | ¥ | — | ¥ | (1,145 | ) | ¥ | 1,299,347 | ||||||||||||||
| Long-term financing liabilities |
6,045,019 | 149,807 | — | — | 222,565 | — | 4,247 | 6,421,638 | ||||||||||||||||||||||||
| Lease liabilities |
330,040 | (67,628 | ) | — | 67,716 | 4,346 | — | (17,045 | ) | 317,429 | ||||||||||||||||||||||
| Derivative financial liabilities (assets) *2 |
11,615 | 599 | (5,446 | ) | — | (1,705 | ) | (38,946 | ) | — | (33,883 | ) | ||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total |
¥ | 7,811,341 | ¥ | (96,734 | ) | ¥ | (5,446 | ) | ¥ | 67,716 | ¥ | 280,543 | ¥ | (38,946 | ) | ¥ | (13,943 | ) | ¥ | 8,004,531 | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| For the year ended March 31, 2022 |
| |||||||||||||||||||||||||||||||
Yen (millions) |
||||||||||||||||||||||||||||||||
Balance as of April 1, 2021 |
Cash flows from financing activities |
Cash flows from operating activities |
Non-cash changes |
Balance as of March 31, 2022 |
||||||||||||||||||||||||||||
Acquisitions |
Changes in foreign currency exchange rates |
Changes in fair value |
Other |
|||||||||||||||||||||||||||||
| Short-term financing liabilities |
¥ | 1,299,347 | ¥ | (472,420 | ) | ¥ | — | ¥ | — | ¥ | 78,863 | ¥ | — | ¥ | 753 | ¥ | 906,543 | |||||||||||||||
| Long-term financing liabilities |
6,421,638 | 238,060 | — | — | 526,822 | — | 9,493 | 7,196,013 | ||||||||||||||||||||||||
| Lease liabilities |
317,429 | (80,165 | ) | — | 84,413 | 6,096 | — | (9,015 | ) | 318,758 | ||||||||||||||||||||||
| Derivative financial liabilities (assets) *2 |
(33,883 | ) | 3,202 | (1,296 | ) | — | 3,217 | 67,396 | — | 38,636 | ||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total |
¥ | 8,004,531 | ¥ | (311,323 | ) | ¥ | (1,296 | ) | ¥ | 84,413 | ¥ | 614,998 | ¥ | 67,396 | ¥ | 1,231 | ¥ | 8,459,950 | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| *1 | Honda has adopted IFRS 16 with a date of initial application of April 1, 2019 and recognized additional lease liabilities of ¥272,232 million as of April 1, 2019. |
| *2 | Derivative financial liabilities (assets) are held by the Company and its finance subsidiaries to hedge foreign currency risk for principals and interests payment of long-term financing liabilities. The cash flows related to repayments of principals are included in cash flows from financing activities, while the cash flows related to interest paid are included in cash flows from operating activities. |
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Financial liabilities measured at amortized cost |
¥ | 63,269 | ¥ | 48,283 | ||||
| Financial liabilities measured at fair value through profit or loss: |
||||||||
| Derivatives |
82,256 | 151,942 | ||||||
| Lease liabilities |
317,429 | 318,758 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 462,954 | ¥ | 518,983 | ||||
| |
|
|
|
|||||
| Current liabilities |
¥ | 182,145 | ¥ | 236,900 | ||||
| Non-current liabilities |
280,809 | 282,083 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 462,954 | ¥ | 518,983 | ||||
| |
|
|
|
|||||
Yen (millions) |
||||||||||||
Product warranties* |
Other |
Total |
||||||||||
| Balance as of April 1, 2021 |
¥ | 481,023 | ¥ | 160,018 | ¥ | 641,041 | ||||||
| |
|
|
|
|
|
|||||||
| Provision |
¥ | 118,378 | ¥ | 23,329 | ¥ | 141,707 | ||||||
| Write-offs |
(172,754 | ) | (88,823 | ) | (261,577 | ) | ||||||
| Reversal |
(36,882 | ) | (1,604 | ) | (38,486 | ) | ||||||
| Exchange differences on translating foreign operations |
29,436 | 9,892 | 39,328 | |||||||||
| |
|
|
|
|
|
|||||||
| Balance as of March 31, 2022 |
¥ | 419,201 | ¥ | 102,812 | ¥ | 522,013 | ||||||
| |
|
|
|
|
|
|||||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Current liabilities |
¥ | 362,151 | ¥ | 268,388 | ||||
| Non-current liabilities |
278,890 | 253,625 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 641,041 | ¥ | 522,013 | ||||
| |
|
|
|
|||||
| * | Honda recognizes provisions for product warranties to cover future product warranty expenses. Honda recognizes costs for general warranties on products Honda sells and for specific warranty programs, including product recalls. Honda recognizes general estimated warranty costs at the time products are sold to customers. Honda also recognizes specific estimated warranty program 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. These provisions are estimated based on historical warranty claim experience with consideration given to the expected level of future warranty costs as well as current information on repair costs. Provision for product warranties are utilized for expenditures based on the demand from customers and dealers. |
Yen (millions) |
||||||||||||||||
2021 |
2022 |
|||||||||||||||
Japanese plans |
Foreign plans |
Japanese plans |
Foreign plans |
|||||||||||||
| Present value of defined benefit obligations: |
||||||||||||||||
| Balance at beginning of year |
¥ | 1,357,044 | ¥ | 1,143,911 | ¥ | 1,305,054 | ¥ | 1,104,894 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Current service cost |
35,751 | 27,158 | 35,045 | 22,351 | ||||||||||||
| Past service cost |
— | 9,941 | — | — | ||||||||||||
| Interest cost |
7,530 | 29,445 | 8,360 | 29,822 | ||||||||||||
| Plan participants’ contributions |
— | 3,764 | — | 3,657 | ||||||||||||
| Remeasurements: |
||||||||||||||||
| Changes in demographic assumptions |
(30,860 | ) | (11,669 | ) | 6,346 | (777 | ) | |||||||||
| Changes in financial assumptions |
(17,606 | ) | 51,885 | (25,500 | ) | (85,754 | ) | |||||||||
| Other |
1,654 | (7,040 | ) | 5,502 | (3,603 | ) | ||||||||||
| Benefits paid |
(48,459 | ) | (200,249 | ) | (72,562 | ) | (82,561 | ) | ||||||||
| Exchange differences on translating foreign operations |
— | 57,748 | — | 99,497 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at end of year |
¥ | 1,305,054 | ¥ | 1,104,894 | ¥ | 1,262,245 | ¥ | 1,087,526 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Fair value of plan assets: |
||||||||||||||||
| Balance at beginning of year |
¥ | 1,187,881 | ¥ | 848,503 | ¥ | 1,365,509 | ¥ | 910,436 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Interest income |
6,645 | 22,458 | 8,865 | 24,981 | ||||||||||||
| Actual return on plan assets, excluding interest income |
194,475 | 126,176 | 21,172 | 50,833 | ||||||||||||
| Employer contributions |
21,770 | 49,487 | 20,484 | 17,404 | ||||||||||||
| Plan participants’ contributions |
— | 3,764 | — | 3,657 | ||||||||||||
| Benefits paid |
(45,262 | ) | (200,249 | ) | (60,754 | ) | (82,561 | ) | ||||||||
| Exchange differences on translating foreign operations |
— | 60,297 | — | 88,300 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at end of year |
¥ | 1,365,509 | ¥ | 910,436 | ¥ | 1,355,276 | ¥ | 1,013,050 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Effects of asset ceiling |
— | 2,774 | — | 35,321 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net defined benefit liabilities (assets) |
¥ | (60,455 | ) | ¥ | 197,232 | ¥ | (93,031 | ) | ¥ | 109,797 | ||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen (millions) |
||||||||||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||||||||||
Market price in active market |
Market price in active market |
|||||||||||||||||||||||
Quoted |
Unquoted |
Total |
Quoted |
Unquoted |
Total |
|||||||||||||||||||
| Cash and cash equivalents |
¥ | 17,708 | ¥ | — | ¥ | 17,708 | ¥ | 17,736 | ¥ | — | ¥ | 17,736 | ||||||||||||
| Equity securities: |
||||||||||||||||||||||||
| Japan |
37,137 | 28 | 37,165 | 11,099 | — | 11,099 | ||||||||||||||||||
| United States |
278,052 | 105 | 278,157 | 71,125 | — | 71,125 | ||||||||||||||||||
| Other |
285,412 | 239 | 285,651 | 41,302 | — | 41,302 | ||||||||||||||||||
| Debt securities: |
||||||||||||||||||||||||
| Japan |
63,856 | — | 63,856 | — | 343 | 343 | ||||||||||||||||||
| United States |
3,867 | 151,484 | 155,351 | — | 45,842 | 45,842 | ||||||||||||||||||
| Other |
168,460 | 64,850 | 233,310 | — | 8,697 | 8,697 | ||||||||||||||||||
| Group annuity insurance: |
||||||||||||||||||||||||
| General accounts |
— | 38,822 | 38,822 | — | — | — | ||||||||||||||||||
| Separate accounts |
— | 20,290 | 20,290 | — | — | — | ||||||||||||||||||
| Pooled funds: |
||||||||||||||||||||||||
| Real estate funds |
— | 404 | 404 | — | 68,686 | 68,686 | ||||||||||||||||||
| Private equity funds |
— | — | — | — | 148,038 | 148,038 | ||||||||||||||||||
| Hedge funds |
— | 129,796 | 129,796 | — | 36,247 | 36,247 | ||||||||||||||||||
| Commingled and other mutual funds |
2,309 | 119,493 | 121,802 | 7,197 | 401,755 | 408,952 | ||||||||||||||||||
| Other |
112 | (16,915 | ) | (16,803 | ) | 541 | 51,828 | 52,369 | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
¥ | 856,913 | ¥ | 508,596 | ¥ | 1,365,509 | ¥ | 149,000 | ¥ | 761,436 | ¥ | 910,436 | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Yen (millions) |
||||||||||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||||||||||
Market price in active market |
Market price in active market |
|||||||||||||||||||||||
Quoted |
Unquoted |
Total |
Quoted |
Unquoted |
Total |
|||||||||||||||||||
| Cash and cash equivalents |
¥ | 56,192 | ¥ | — | ¥ | 56,192 | ¥ | 15,147 | ¥ | — | ¥ | 15,147 | ||||||||||||
| Equity securities: |
||||||||||||||||||||||||
| Japan |
32,349 | — | 32,349 | 9,483 | — | 9,483 | ||||||||||||||||||
| United States |
260,424 | 58 | 260,482 | 72,349 | — | 72,349 | ||||||||||||||||||
| Other |
248,143 | 276 | 248,419 | 51,606 | — | 51,606 | ||||||||||||||||||
| Debt securities: |
||||||||||||||||||||||||
| Japan |
65,388 | — | 65,388 | — | 575 | 575 | ||||||||||||||||||
| United States |
2,795 | 150,494 | 153,289 | — | 81,155 | 81,155 | ||||||||||||||||||
| Other |
173,477 | 71,516 | 244,993 | — | 7,100 | 7,100 | ||||||||||||||||||
| Group annuity insurance: |
||||||||||||||||||||||||
| General accounts |
— | 40,008 | 40,008 | — | — | — | ||||||||||||||||||
| Separate accounts |
— | 22,317 | 22,317 | — | — | — | ||||||||||||||||||
| Pooled funds: |
||||||||||||||||||||||||
| Real estate funds |
— | 402 | 402 | — | 87,540 | 87,540 | ||||||||||||||||||
| Private equity funds |
— | — | — | — | 191,196 | 191,196 | ||||||||||||||||||
| Hedge funds |
— | 145,474 | 145,474 | — | 34,341 | 34,341 | ||||||||||||||||||
| Commingled and other mutual funds |
1,798 | 129,080 | 130,878 | 4,732 | 425,668 | 430,400 | ||||||||||||||||||
| Other |
67 | (44,982 | ) | (44,915 | ) | 61 | 32,097 | 32,158 | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total |
¥ | 840,633 | ¥ | 514,643 | ¥ | 1,355,276 | ¥ | 153,378 | ¥ | 859,672 | ¥ | 1,013,050 | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
2021 |
2022 |
|||||||||||||||
Japanese plans |
Foreign plans |
Japanese plans |
Foreign plans |
|||||||||||||
| Discount rate |
0.7 | % | 2.1 - 3.4 |
% | 0.8 | % | 2.8 - 4.0 |
% | ||||||||
| Rate of salary increase |
1.5 | % | 2.0 - 3.1 |
% | 1.5 | % | 2.0 - 3.6 |
% | ||||||||
Yen (millions) |
||||||||||||||||
2021 |
2022 |
|||||||||||||||
Japanese plans |
Foreign plans |
Japanese plans |
Foreign plans |
|||||||||||||
| 0.5% decrease |
¥ | 99,814 increase | ¥ | 103,059 increase | ¥ | 93,079 increase | ¥ | 86,569 increase | ||||||||
| 0.5% increase |
¥ | 88,788 decrease | ¥ | 91,523 decrease | ¥ | 83,077 decrease | ¥ | 78,153 decrease | ||||||||
2021 |
2022 |
|||||||||||||||
Japanese plans |
Foreign plans |
Japanese plans |
Foreign plans |
|||||||||||||
Weighted average duration of defined benefit obligations |
14 years | 17 years | 14 years | 14 years | ||||||||||||
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Personnel expenses |
¥ | 1,605,553 | ¥ | 1,470,748 | ¥ | 1,502,364 | ||||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Financing liabilities |
¥ | 7,720,985 | ¥ | 8,102,556 | ||||
Equity |
9,372,839 | 10,772,546 | ||||||
Shares |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Total number of authorized shares |
||||||||||||
Balance at end of year |
||||||||||||
Common shares, no par value |
7,086,000,000 | 7,086,000,000 | 7,086,000,000 | |||||||||
Total number of issued shares |
||||||||||||
Balance at beginning of year |
1,811,428,430 | 1,811,428,430 | 1,811,428,430 | |||||||||
Changes during the year |
— | — | — | |||||||||
Balance at end of year |
1,811,428,430 | 1,811,428,430 | 1,811,428,430 | |||||||||
Shares |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Common shares |
84,818,644 | 84,773,162 | 100,828,074 | |||||||||
Yen (millions) |
||||||||||||||||
Remeasurements of defined benefit plans |
Net changes in revaluation of financial assets measured at fair value through other comprehensive income |
Exchange differences on translating foreign operations |
Total |
|||||||||||||
| Balance as of April 1, 2019 |
¥ | — | ¥ | 49,228 | ¥ | 165,155 | ¥ | 214,383 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Adjustment during the year |
¥ | (102,230 | ) | ¥ | (24,559 | ) | ¥ | (304,670 | ) | ¥ | (431,459 | ) | ||||
| Reclassification to retained earnings |
102,230 | 207 | — | 102,437 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2020 |
¥ | — | ¥ | 24,876 | ¥ | (139,515 | ) | ¥ | (114,639 | ) | ||||||
| |
|
|
|
|
|
|
|
|||||||||
| Adjustment during the year |
¥ | 239,801 | ¥ | 69,876 | ¥ | 247,655 | ¥ | 557,332 | ||||||||
| Reclassification to retained earnings |
(239,801 | ) | (6,182 | ) | — | (245,983 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2021 |
¥ | — | ¥ | 88,570 | ¥ | 108,140 | ¥ | 196,710 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Adjustment during the year |
¥ | 117,489 | ¥ | 58,863 | ¥ | 736,578 | ¥ | 912,930 | ||||||||
| Reclassification to retained earnings |
(117,489 | ) | (1,713 | ) | — | (119,202 | ) | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance as of March 31, 2022 |
¥ | — | ¥ | 145,720 | ¥ | 844,718 | ¥ | 990,438 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen (millions) |
||||||||||||
Before-tax |
Tax benefit (expense) |
Net-of-tax |
||||||||||
| Items that will not be reclassified to profit or loss: |
||||||||||||
| Remeasurements of defined benefit plans: |
||||||||||||
| Amount incurred during the year |
¥ | (132,188 | ) | ¥ | 29,205 | ¥ | (102,983 | ) | ||||
| |
|
|
|
|
|
|||||||
| Net changes |
(132,188 | ) | 29,205 | (102,983 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Net changes in revaluation of financial assets measured at fair value through other comprehensive income: |
||||||||||||
| Amount incurred during the year |
(33,565 | ) | 10,204 | (23,361 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(33,565 | ) | 10,204 | (23,361 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Share of other comprehensive income of investments accounted for using the equity method: |
||||||||||||
| Amount incurred during the year |
(1,735 | ) | 185 | (1,550 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(1,735 | ) | 185 | (1,550 | ) | |||||||
| |
|
|
|
|
|
|||||||
| 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: |
||||||||||||
| Amount incurred during the year |
356 | (47 | ) | 309 | ||||||||
| Reclassification to profit or loss |
(31 | ) | 1 | (30 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Net changes |
325 | (46 | ) | 279 | ||||||||
| |
|
|
|
|
|
|||||||
| Exchange differences on translating foreign operations: |
||||||||||||
| Amount incurred during the year |
(292,590 | ) | (176 | ) | (292,766 | ) | ||||||
| Reclassification to profit or loss |
(611 | ) | 176 | (435 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(293,201 | ) | — | (293,201 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Share of other comprehensive income of investments accounted for using the equity method: |
||||||||||||
| Amount incurred during the year |
(31,054 | ) | 661 | (30,393 | ) | |||||||
| Reclassification to profit or loss |
— | — | — | |||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(31,054 | ) | 661 | (30,393 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Total other comprehensive income |
¥ | (491,418 | ) | ¥ | 40,209 | ¥ | (451,209 | ) | ||||
| |
|
|
|
|
|
|||||||
Yen (millions) |
||||||||||||
Before-tax |
Tax benefit (expense) |
Net-of-tax |
||||||||||
| Items that will not be reclassified to profit or loss: |
||||||||||||
| Remeasurements of defined benefit plans: |
||||||||||||
| Amount incurred during the year |
¥ | 327,604 | ¥ | (89,342 | ) | ¥ | 238,262 | |||||
| |
|
|
|
|
|
|||||||
| Net changes |
327,604 | (89,342 | ) | 238,262 | ||||||||
| |
|
|
|
|
|
|||||||
| Net changes in revaluation of financial assets measured at fair value through other comprehensive income: |
||||||||||||
| Amount incurred during the year |
93,450 | (25,847 | ) | 67,603 | ||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
93,450 | (25,847 | ) | 67,603 | ||||||||
| |
|
|
|
|
|
|||||||
| Share of other comprehensive income of investments accounted for using the equity method: |
||||||||||||
| Amount incurred during the year |
5,186 | (276 | ) | 4,910 | ||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
5,186 | (276 | ) | 4,910 | ||||||||
| |
|
|
|
|
|
|||||||
| 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: |
||||||||||||
| Amount incurred during the year |
(107 | ) | 1 | (106 | ) | |||||||
| Reclassification to profit or loss |
82 | (19 | ) | 63 | ||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(25 | ) | (18 | ) | (43 | ) | ||||||
| |
|
|
|
|
|
|||||||
| Exchange differences on translating foreign operations: |
||||||||||||
| Amount incurred during the year |
239,097 | — | 239,097 | |||||||||
| Reclassification to profit or loss |
— | — | — | |||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
239,097 | — | 239,097 | |||||||||
| |
|
|
|
|
|
|||||||
| Share of other comprehensive income of investments accounted for using the equity method: |
||||||||||||
| Amount incurred during the year |
27,046 | 377 | 27,423 | |||||||||
| Reclassification to profit or loss |
(73 | ) | — | (73 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Net changes |
26,973 | 377 | 27,350 | |||||||||
| |
|
|
|
|
|
|||||||
| Total other comprehensive income |
¥ | 692,285 | ¥ | (115,106 | ) | ¥ | 577,179 | |||||
| |
|
|
|
|
|
|||||||
Yen (millions) |
||||||||||||
Before-tax |
Tax benefit (expense) |
Net-of-tax |
||||||||||
| Items that will not be reclassified to profit or loss: |
||||||||||||
| Remeasurements of defined benefit plans: |
||||||||||||
| Amount incurred during the year |
¥ | 153,785 | ¥ | (36,743 | ) | ¥ | 117,042 | |||||
| |
|
|
|
|
|
|||||||
| Net changes |
153,785 | (36,743 | ) | 117,042 | ||||||||
| |
|
|
|
|
|
|||||||
| Net changes in revaluation of financial assets measured at fair value through other comprehensive income: |
||||||||||||
| Amount incurred during the year |
76,909 | (18,274 | ) | 58,635 | ||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
76,909 | (18,274 | ) | 58,635 | ||||||||
| |
|
|
|
|
|
|||||||
| Share of other comprehensive income of investments accounted for using the equity method: |
||||||||||||
| Amount incurred during the year |
1,862 | (76 | ) | 1,786 | ||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
1,862 | (76 | ) | 1,786 | ||||||||
| |
|
|
|
|
|
|||||||
| 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: |
||||||||||||
| Amount incurred during the year |
(915 | ) | 203 | (712 | ) | |||||||
| Reclassification to profit or loss |
39 | (9 | ) | 30 | ||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
(876 | ) | 194 | (682 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Exchange differences on translating foreign operations: |
||||||||||||
| Amount incurred during the year |
680,724 | — | 680,724 | |||||||||
| Reclassification to profit or loss |
— | — | — | |||||||||
| |
|
|
|
|
|
|||||||
| Net changes |
680,724 | — | 680,724 | |||||||||
| |
|
|
|
|
|
|||||||
| Share of other comprehensive income of investments accounted for using the equity method: |
||||||||||||
| Amount incurred during the year |
79,484 | (1,972 | ) | 77,512 | ||||||||
| Reclassification to profit or loss |
(65 | ) | — | (65 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Net changes |
79,419 | (1,972 | ) | 77,447 | ||||||||
| |
|
|
|
|
|
|||||||
| Total other comprehensive income |
¥ | 991,823 | ¥ | (56,871 | ) | ¥ | 934,952 | |||||
| |
|
|
|
|
|
|||||||
| Resolution | The Board of Directors Meeting on May 8, 2019 | |
| Type of shares | Common shares | |
| Total amount of dividends (millions of yen) | 49,287 | |
| Dividend per share (yen) | 28.00 | |
| Record date | March 31, 2019 | |
| Effective date | June 3, 2019 | |
Resolution |
The Board of Directors Meeting on August 2, 2019 | |
| Type of shares | Common shares | |
| Total amount of dividends (millions of yen) | 49,287 | |
| Dividend per share (yen) | 28.00 | |
| Record date | June 30, 2019 | |
| Effective date | August 30, 2019 | |
Resolution |
The Board of Directors Meeting on November 8, 2019 | |
| Type of shares | Common shares | |
| Total amount of dividends (millions of yen) | 49,287 | |
| Dividend per share (yen) | 28.00 | |
| Record date | September 30, 2019 | |
| Effective date | November 29, 2019 | |
Resolution |
The Board of Directors Meeting on February 7, 2020 | |
| Type of shares | Common shares | |
| Total amount of dividends (millions of yen) | 48,932 | |
| Dividend per share (yen) | 28.00 | |
| Record date | December 31, 2019 | |
| Effective date | March 4, 2020 | |
Resolution |
The Board of Directors Meeting on May 12, 2020 | |
Type of shares |
Common shares | |
Total amount of dividends (millions of yen) |
48,363 | |
Dividend per share (yen) |
28.00 | |
Record date |
March 31, 2020 | |
Effective date |
June 3, 2020 | |
Resolution |
The Board of Directors Meeting on August 5, 2020 | |
Type of shares |
Common shares | |
Total amount of dividends (millions of yen) |
18,999 | |
Dividend per share (yen) |
11.00 | |
Record date |
June 30, 2020 | |
Effective date |
September 4, 2020 | |
Resolution |
The Board of Directors Meeting on November 6, 2020 | |
Type of shares |
Common shares | |
Total amount of dividends (millions of yen) |
32,818 | |
Dividend per share (yen) |
19.00 | |
Record date |
September 30, 2020 | |
Effective date |
December 2, 2020 | |
Resolution |
The Board of Directors Meeting on February 9, 2021 | |
Type of shares |
Common shares | |
Total amount of dividends (millions of yen) |
44,909 | |
Dividend per share (yen) |
26.00 | |
Record date |
December 31, 2020 | |
Effective date |
March 8, 2021 | |
Resolution |
The Board of Directors Meeting on May 1 4 , 2021 | |
Type of shares |
Common shares | |
Total amount of dividends (millions of yen) |
93,272 | |
Dividend per share (yen) |
54.00 | |
Record date |
March 31, 2021 | |
Effective date |
June 7 , 2021 | |
Resolution |
The Board of Directors Meeting on November 5 , 2021 | |
Type of shares |
Common shares | |
Total amount of dividends (millions of yen) |
95,130 | |
Dividend per share (yen) |
55.00 | |
Record date |
September 30, 2021 | |
Effective date |
December 1 , 2021 | |
| Resolution | The Board of Directors Meeting on May 13 , 2022 | |
| Type of shares | Common shares | |
| Resource for dividend | Retained earnings | |
| Total amount of dividends (millions of yen) | 111,256 | |
| Dividend per share (yen) | 65.00 | |
| Record date | March 31, 2022 | |
| Effective date | June 6 , 2022 |
Yen (millions) |
||||||||||||||||||||
Motorcycle Business |
Automobile Business |
Financial Services Business |
Life Creation and Other Businesses |
Total |
||||||||||||||||
| Revenue arising from contracts with customers |
||||||||||||||||||||
| Japan |
¥ | 77,241 | ¥ | 1,473,552 | ¥ | 130,775 | ¥ | 76,114 | ¥ | 1,757,682 | ||||||||||
| North America |
203,822 | 5,648,818 | 1,108,827 | 133,070 | 7,094,537 | |||||||||||||||
| Europe |
144,392 | 359,166 | — | 53,233 | 556,791 | |||||||||||||||
| Asia |
1,329,352 | 2,048,588 | 11 | 46,433 | 3,424,384 | |||||||||||||||
| Other Regions |
295,093 | 425,900 | — | 16,200 | 737,193 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
¥ | 2,049,900 | ¥ | 9,956,024 | ¥ | 1,239,613 | ¥ | 325,050 | ¥ | 13,570,587 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Revenue arising from the other sources* |
9,435 | 3,056 | 1,347,352 | 579 | 1,360,422 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
¥ | 2,059,335 | ¥ | 9,959,080 | ¥ | 2,586,965 | ¥ | 325,629 | ¥ | 14,931,009 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
Yen (millions) |
||||||||||||||||||||
Motorcycle Business |
Automobile Business |
Financial Services Business |
Life Creation and Other Businesses |
Total |
||||||||||||||||
| Revenue arising from contracts with customers |
||||||||||||||||||||
| Japan |
¥ | 88,128 | ¥ | 1,321,329 | ¥ | 128,265 | ¥ | 59,249 | ¥ | 1,596,971 | ||||||||||
| North America |
197,155 | 4,671,998 | 1,049,739 | 133,641 | 6,052,533 | |||||||||||||||
| Europe |
146,948 | 290,326 | — | 63,262 | 500,536 | |||||||||||||||
| Asia |
1,147,539 | 2,032,469 | 1 | 47,465 | 3,227,474 | |||||||||||||||
| Other Regions |
205,142 | 238,509 | — | 17,785 | 461,436 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
¥ | 1,784,912 | ¥ | 8,554,631 | ¥ | 1,178,005 | ¥ | 321,402 | ¥ | 11,838,950 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Revenue arising from the other sources* |
2,371 | 12,574 | 1,316,289 | 335 | 1,331,569 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
¥ | 1,787,283 | ¥ | 8,567,205 | ¥ | 2,494,294 | ¥ | 321,737 | ¥ | 13,170,519 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
Yen (millions) |
||||||||||||||||||||
Motorcycle Business |
Automobile Business |
Financial Services Business |
Life Creation and Other Businesses |
Total |
||||||||||||||||
| Revenue arising from contracts with customers |
||||||||||||||||||||
| Japan |
¥ | 105,022 | ¥ | 1,337,860 | ¥ | 146,185 | ¥ | 79,182 | ¥ | 1,668,249 | ||||||||||
| North America |
230,766 | 4,877,900 | 1,289,076 | 152,096 | 6,549,838 | |||||||||||||||
| Europe |
202,254 | 319,340 | — | 79,393 | 600,987 | |||||||||||||||
| Asia |
1,307,915 | 2,314,425 | 37 | 63,861 | 3,686,238 | |||||||||||||||
| Other Regions |
337,219 | 280,702 | — | 24,305 | 642,226 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
¥ | 2,183,176 | ¥ | 9,130,227 | ¥ | 1,435,298 | ¥ | 398,837 | ¥ | 13,147,538 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Revenue arising from the other sources* |
2,077 | 17,271 | 1,385,369 | 441 | 1,405,158 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
¥ | 2,185,253 | ¥ | 9,147,498 | ¥ | 2,820,667 | ¥ | 399,278 | ¥ | 14,552,696 | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| * | Revenue arising from the other sources primarily includes lease revenues recognized under IFRS 16 and interest recognized under IFRS 9. |
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Receivables from contracts with customers: |
||||||||
| Trade receivables |
¥ | 682,206 | ¥ | 785,157 | ||||
| Contract liabilities: |
||||||||
| Other current liabilities |
232,580 | 261,049 | ||||||
| Other noncurrent liabilities |
169,684 | 193,845 | ||||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Within 1 year |
¥ | 113,924 | ¥ | 127,377 | ||||
| Between 1 and 5 years |
197,037 | 221,282 | ||||||
| Later than 5 years |
11,436 | 15,748 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 322,397 | ¥ | 364,407 | ||||
| |
|
|
|
|||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Assets recognized from the costs to obtain a contract with a customer |
¥ | 103,887 | ¥ | 128,864 | ||||
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Research and development expenditures incurred during the reporting period |
¥ | 821,478 | ¥ | 780,065 | ¥ | 804,025 | ||||||
| Amount capitalized |
(192,397 | ) | (201,889 | ) | (159,174 | ) | ||||||
| Amortization and impairment losses of capitalized development costs |
175,042 | 160,718 | 142,205 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
¥ | 804,123 | ¥ | 738,894 | ¥ | 787,056 | ||||||
| |
|
|
|
|
|
|||||||
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Interest income: |
||||||||||||
| Financial assets measured at amortized cost |
¥ | 47,679 | ¥ | 18,146 | ¥ | 22,847 | ||||||
| Financial assets measured at fair value through other comprehensive income |
249 | 196 | 185 | |||||||||
| Financial assets measured at fair value through profit or loss |
1,484 | 1,463 | 2,595 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
49,412 | 19,805 | 25,627 | |||||||||
| |
|
|
|
|
|
|||||||
| Interest expense: |
||||||||||||
| Financial liabilities measured at amortized cost |
(15,624 | ) | (12,269 | ) | (15,706 | ) | ||||||
| Other |
(9,065 | ) | (1,608 | ) | (1,161 | ) | ||||||
| |
|
|
|
|
|
|||||||
| Total |
(24,689 | ) | (13,877 | ) | (16,867 | ) | ||||||
| |
|
|
|
|
|
|||||||
| Other, net: |
||||||||||||
| Dividends received: |
||||||||||||
| Financial assets measured at fair value through other comprehensive income |
5,169 | 3,372 | 4,777 | |||||||||
| Financial assets measured at fair value through profit or loss |
25 | 0 | — | |||||||||
| Gains (losses) on derivatives: |
||||||||||||
| Financial assets and financial liabilities measured at fair value through profit or loss |
(19,270 | ) | 15,102 | (77,789 | ) | |||||||
| Gains (losses) on foreign exchange |
(24,942 | ) | (26,163 | ) | 68,033 | |||||||
| Other |
6,373 | (17,128 | ) | (7,335 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Total |
(32,645 | ) | (24,817 | ) | (12,314 | ) | ||||||
| |
|
|
|
|
|
|||||||
| Total |
¥ | (7,922 | ) | ¥ | (18,889 | ) | ¥ | (3,554 | ) | |||
| |
|
|
|
|
|
|||||||
Yen (millions) |
||||||||||||||||||||||||||||||||||||
2020 |
2021 |
2022 |
||||||||||||||||||||||||||||||||||
Japan |
Foreign |
Total |
Japan |
Foreign |
Total |
Japan |
Foreign |
Total |
||||||||||||||||||||||||||||
| Profit (loss) before income taxes |
¥ | (63,390 | ) | ¥ | 853,308 | ¥ | 789,918 | ¥ | (32,954 | ) | ¥ | 947,007 | ¥ | 914,053 | ¥ | (42,213 | ) | ¥ | 1,112,403 | ¥ | 1,070,190 | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Income tax expense (benefit): |
||||||||||||||||||||||||||||||||||||
| Current taxes |
11,036 | 233,570 | 244,606 | 7,236 | 174,694 | 181,930 | 9,539 | 277,894 | 287,433 | |||||||||||||||||||||||||||
| Deferred taxes |
17,470 | 17,910 | 35,380 | (21,228 | ) | 57,907 | 36,679 | (4,081 | ) | 26,137 | 22,056 | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
¥ | 28,506 | ¥ | 251,480 | ¥ | 279,986 | ¥ | (13,992 | ) | ¥ | 232,601 | ¥ | 218,609 | ¥ | 5,458 | ¥ | 304,031 | ¥ | 309,489 | |||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Statutory income tax rate |
30.2 | % | 30.2 | % | 30.2 | % | ||||||
| Difference in statutory income tax rates of foreign subsidiaries |
(3.9 | ) | (5.2 | ) | (4.5 | ) | ||||||
| Effects of investments accounted for using the equity method |
(6.2 | ) | (9.0 | ) | (5.7 | ) | ||||||
| Effects of undistributed earnings and withholding taxes on royalty |
8.6 | 7.8 | 7.1 | |||||||||
| Changes in unrecognized deferred tax assets |
7.8 | 1.2 | 1.4 | |||||||||
| Effects of income and expense not taxable and deductible for tax purpose |
0.8 | 0.3 | 0.0 | |||||||||
| Effects of tax credit |
(3.0 | ) | (1.4 | ) | (0.9 | ) | ||||||
| Other adjustments relating to prior years |
(0.7 | ) | (0.1 | ) | (0.1 | ) | ||||||
| Adjustments for the uncertain tax treatments on income taxes |
0.2 | (0.8 | ) | 0.9 | ||||||||
| Adjustments for the changes in income tax laws |
2.3 | 0.1 | 0.1 | |||||||||
| Other |
(0.7 | ) | 0.8 | 0.4 | ||||||||
| |
|
|
|
|
|
|||||||
| Average effective tax rate |
35.4 | % | 23.9 | % | 28.9 | % | ||||||
| |
|
|
|
|
|
|||||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Deferred tax assets: |
||||||||
Inventories |
¥ | 33,616 | ¥ | 44,029 | ||||
Accrued expenses |
61,376 | 36,567 | ||||||
Provisions |
89,470 | 100,408 | ||||||
Property, plant and equipment |
25,534 | 27,592 | ||||||
Intangible assets |
11,170 | 12,017 | ||||||
Retirement benefit liabilities |
82,072 | 67,120 | ||||||
Carryforward of unused tax losses |
64,844 | 67,787 | ||||||
Carryforward of unused tax credit |
36,020 | 22,285 | ||||||
Other |
117,873 | 103,114 | ||||||
Total |
¥ | 521,975 | ¥ | 480,919 | ||||
Deferred tax liabilities: |
||||||||
Property, plant and equipment |
¥ | 77,338 | ¥ | 82,518 | ||||
Intangible assets |
194,083 | 195,542 | ||||||
Other financial assets |
38,027 | 61,580 | ||||||
Operating leases |
751,892 | 846,978 | ||||||
Undistributed earnings |
53,173 | 59,650 | ||||||
Other* |
149,911 | 133,813 | ||||||
Total |
¥ | 1,264,424 | ¥ | 1,380,081 | ||||
Net deferred tax assets (liabilities) |
¥ | (742,449 | ) | ¥ | (899,162 | ) | ||
| * | The amount s of deferred tax liabilities arising from retirement benefit assets included in other as of March 31, 2021 and 2022 are ¥ 52,792 million and ¥68,772 million, respectively. |
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Inventories |
¥ | 8,738 | ¥ | (3,920 | ) | ¥ | (9,865 | ) | ||||
Provisions |
22,185 | (10,708 | ) | (3,491 | ) | |||||||
Property, plant and equipment |
(3,503 | ) | (6,955 | ) | (3,738 | ) | ||||||
Retirement benefit liabilities (assets) |
7,258 | (10,353 | ) | (4,991 | ) | |||||||
Operating leases |
(3,697 | ) | 37,506 | (35,308 | ) | |||||||
Undistributed earnings |
(1,059 | ) | (2,885 | ) | 4,198 | |||||||
Carryforward of unused tax losses |
(6,378 | ) | (7,695 | ) | (1,608 | ) | ||||||
Carryforward of unused tax credit |
(8,423 | ) | 15,695 | 16,102 | ||||||||
Other* |
20,259 | 25,994 | 60,757 | |||||||||
Total |
¥ | 35,380 | ¥ | 36,679 | ¥ | 22,056 | ||||||
* |
The income tax expenses recognized due to the decrease of deferred tax assets arising from accrued expenses included in other as of March 31, 2022 is ¥27,321 million. |
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Deductible temporary differences |
¥ | 519,457 | ¥ | 553,778 | ||||
Carryforward of unused tax losses |
514,420 | 693,323 | ||||||
Carryforward of unused tax credit |
912 | 549 | ||||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Within 1 year |
¥ | 24,886 | ¥ | 3,603 | ||||
Between 1 and 5 years |
62,361 | 73,448 | ||||||
Between 5 and 20 years |
246,941 | 256,340 | ||||||
Indefinite periods |
180,232 | 359,932 | ||||||
Total |
¥ | 514,420 | ¥ | 693,323 | ||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Within 1 year |
¥ | 349 | ¥ | 147 | ||||
Between 1 and 5 years |
371 | 259 | ||||||
Between 5 and 20 years |
192 | 143 | ||||||
Indefinite periods |
— | — | ||||||
Total |
¥ | 912 | ¥ | 549 | ||||
2020 |
2021 |
2022 |
||||||||||
Profit for the year attributable to owners of the parent (millions of yen) |
¥ | 455,746 | ¥ | 657,425 | ¥ | 707,067 | ||||||
Weighted average number of common shares outstanding, basic (shares) |
1,752,006,211 | 1,726,638,088 | 1,719,961,835 | |||||||||
Basic earnings per share attributable to owners of the parent (yen) |
¥ | 260.13 | ¥ | 380.75 | ¥ | 411.09 | ||||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Impact on profit before income taxes |
¥ |
(1,097) |
¥ |
(1,780) |
||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Impact on profit before income taxes |
¥ | (18,354) | ¥ | (25,830) | ||||
Yen (millions) |
||||||||||||||||||||
As of March 31, 2021 |
Less than 30 days past due |
30-59 days past due |
60-89 days past due |
90 days and greater past due |
Total |
|||||||||||||||
Consumer finance receivables: |
||||||||||||||||||||
Retail |
¥ | 174,464 | ¥ | 27,923 | ¥ | 7,058 | ¥ | 5,938 | ¥ | 215,383 | ||||||||||
Finance lease |
71 | 18 | 21 | 374 | 484 | |||||||||||||||
Dealer finance receivables: |
||||||||||||||||||||
Wholesale |
16,807 | 779 | 28 | 79 | 17,693 | |||||||||||||||
Total |
¥ | 191,342 | ¥ | 28,720 | ¥ | 7,107 | ¥ | 6,391 | ¥ | 233,560 | ||||||||||
Yen (millions) |
||||||||||||||||||||
As of March 31, 2022 |
Less than 30 days past due |
30-59 days past due |
60-89 days past due |
90 days and greater past due |
Total |
|||||||||||||||
Consumer finance receivables: |
||||||||||||||||||||
Retail |
¥ | 204,661 | ¥ | 43,051 | ¥ | 11,452 | ¥ | 7,512 | ¥ | 266,676 | ||||||||||
Finance lease |
200 | 51 | 7 | 324 | 582 | |||||||||||||||
Dealer finance receivables: |
||||||||||||||||||||
Wholesale |
9,661 | 36 | 4 | 23 | 9,724 | |||||||||||||||
Total |
¥ | 214,522 | ¥ | 43,138 | ¥ | 11,463 | ¥ | 7,859 | ¥ | 276,982 | ||||||||||
Yen (millions) |
||||||||||||||||
12-month ECL(Stage 1) |
Lifetime ECL |
Total |
||||||||||||||
As of March 31, 2021 |
Not credit-impaired (Stage 2) |
Credit-impaired (Stage 3) |
||||||||||||||
Consumer finance receivables: |
||||||||||||||||
Retail* |
¥ | 4,563,496 | ¥ | 271,762 | ¥ | 12,648 | ¥ | 4,847,906 | ||||||||
Yen (millions) |
||||||||||||||||
12-month ECL(Stage 1) |
Lifetime ECL |
Total |
||||||||||||||
As of March 31, 2022 |
Not credit-impaired (Stage 2) |
Credit-impaired (Stage 3) |
||||||||||||||
Consumer finance receivables: |
||||||||||||||||
Retail* |
¥ | 4,897,471 | ¥ | 139,306 | ¥ | 17,651 | ¥ | 5,054,428 | ||||||||
| * | The tables above represent the gross amounts of retail receivables by stages of ECL model since the expected credit losses are measured collectively by our finance subsidiaries and the balances of those receivables are not directly allocated to the risk ratings. |
Yen (millions) |
||||||||||||||||
12-month ECL (Stage 1) |
Lifetime ECL |
Total |
||||||||||||||
As of March 31, 2021 |
Not credit-impaired (Stage 2) |
Credit-impaired (Stage 3) |
||||||||||||||
Dealer finance receivables: |
||||||||||||||||
Group A |
¥ | 247,487 | ¥ | 6,345 | ¥ | 1,903 | ¥ | 255,735 | ||||||||
Group B |
225,651 | 4,562 | 190 | 230,403 | ||||||||||||
Total |
¥ | 473,138 | ¥ | 10,907 | ¥ | 2,093 | ¥ | 486,138 | ||||||||
Loan commitments: |
||||||||||||||||
Group A |
¥ | 68,050 | ¥ | — | ¥ | — | ¥ | 68,050 | ||||||||
Group B |
24,701 | — | — | 24,701 | ||||||||||||
Total |
¥ | 92,751 | ¥ | — | ¥ | — | ¥ | 92,751 | ||||||||
Yen (millions) |
||||||||||||||||
12-month ECL (Stage 1) |
Lifetime ECL |
Total |
||||||||||||||
As of March 31, 2022 |
Not credit-impaired (Stage 2) |
Credit-impaired (Stage 3) |
||||||||||||||
Dealer finance receivables: |
||||||||||||||||
Group A |
¥ | 188,101 | ¥ | 88 | ¥ | 2,117 | ¥ | 190,306 | ||||||||
Group B |
91,995 | 2,133 | 72 | 94,200 | ||||||||||||
Total |
¥ | 280,096 | ¥ | 2,221 | ¥ | 2,189 | ¥ | 284,506 | ||||||||
Loan commitments: |
||||||||||||||||
Group A |
¥ | 95,485 | ¥ | — | ¥ | — | ¥ | 95,485 | ||||||||
Group B |
23,683 | — | — | 23,683 | ||||||||||||
Total |
¥ | 119,168 | ¥ | — | ¥ | — | ¥ | 119,168 | ||||||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Commercial paper |
¥ | 760,677 | ¥ | 1,190,631 | ||||
Medium-term notes |
1,976,173 | 1,291,612 | ||||||
Total |
¥ | 2,736,850 | ¥ | 2,482,243 | ||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
Commercial paper programs |
¥ | 1,122,892 | ¥ | 1,226,138 | ||||
Other |
65,472 | 67,976 | ||||||
Total |
¥ | 1,188,364 | ¥ | 1,294,114 | ||||
Yen (millions) |
||||||||||||||||||||
As of March 31, 2021 |
Carrying amount |
Within 1 year |
Between 1 and 5 years |
Later than 5 years |
Total contractual cash flows |
|||||||||||||||
Trade payables |
¥ | 1,088,061 | ¥ | 1,088,061 | ¥ | — | ¥ | — | ¥ | 1,088,061 | ||||||||||
Financing liabilities |
7,720,985 | 3,083,901 | 4,230,223 | 523,436 | 7,837,560 | |||||||||||||||
Accrued expenses |
415,106 | 415,106 | — | — | 415,106 | |||||||||||||||
Other financial liabilities |
380,698 | 101,142 | 86,972 | 221,294 | 409,408 | |||||||||||||||
Total |
¥ | 9,604,850 | ¥ | 4,688,210 | ¥ | 4,317,195 | ¥ | 744,730 | ¥ | 9,750,135 | ||||||||||
Yen (millions) |
||||||||||||||||||||
As of March 31, 2022 |
Carrying amount |
Within 1 year |
Between 1 and 5 years |
Later than 5 years |
Total contractual cash flows |
|||||||||||||||
Trade payables |
¥ | 1,236,233 | ¥ | 1,236,233 | ¥ | — | ¥ | — | ¥ | 1,236,233 | ||||||||||
Financing liabilities |
8,102,556 | 3,218,988 | 4,407,350 | 765,207 | 8,391,545 | |||||||||||||||
Accrued expenses |
375,601 | 375,601 | — | — | 375,601 | |||||||||||||||
Other financial liabilities |
367,041 | 93,054 | 94,837 | 206,529 | 394,420 | |||||||||||||||
Total |
¥ | 10,081,431 | ¥ | 4,923,876 | ¥ | 4,502,187 | ¥ | 971,736 | ¥ | 10,397,799 | ||||||||||
Yen (millions) |
||||||||||||||||||||
As of March 31, 2021 |
Carrying amount |
Within 1 year |
Between 1 and 5 years |
Later than 5 years |
Total contractual cash flows |
|||||||||||||||
Lease liabilities |
¥ | 317,429 | ¥ | 61,053 | ¥ | 79,836 | ¥ | 205,248 | ¥ | 346,137 | ||||||||||
Yen (millions) |
||||||||||||||||||||
As of March 31, 2022 |
Carrying amount |
Within 1 year |
Between 1 and 5 years |
Later than 5 years |
Total contractual cash flows |
|||||||||||||||
Lease liabilities |
¥ | 318,758 | ¥ | 71,510 | ¥ | 86,305 | ¥ | 188,321 | ¥ | 346,136 | ||||||||||
Yen (millions) |
||||||||||||||||
As of March 31, 2021 |
Within 1 year |
Between 1 and 5 years |
Later than 5 years |
Total contractual cash flows |
||||||||||||
Derivative financial liabilities |
¥ | 44,334 | ¥ | 30,218 | ¥ | 7,669 | ¥ | 82,221 | ||||||||
Yen (millions) |
||||||||||||||||
As of March 31, 2022 |
Within 1 year |
Between 1 and 5 years |
Later than 5 years |
Total contractual cash flows |
||||||||||||
Derivative financial liabilities |
¥ | 53,895 | ¥ | 106,214 | ¥ | 25,140 | ¥ | 185,249 | ||||||||
| Level 1 | Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date |
| Level 2 | Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly |
| Level 3 | Unobservable inputs for the assets or liabilities |
Yen (millions) |
||||||||||||||||
| As of March 31, 2021 |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
| Other financial assets: |
||||||||||||||||
| Financial assets measured at fair value through profit or loss: |
||||||||||||||||
| Derivatives |
||||||||||||||||
| Foreign exchange instruments |
¥ | — | ¥ | 43,782 | ¥ | — | ¥ | 43,782 | ||||||||
| Interest rate instruments |
— | 60,367 | — | 60,367 | ||||||||||||
| Other |
— | — | 4,829 | 4,829 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
— | 104,149 | 4,829 | 108,978 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Debt securities |
26,570 | 36,439 | 5,314 | 68,323 | ||||||||||||
| Financial assets measured at fair value through other comprehensive income: |
||||||||||||||||
| Debt securities |
— | 10,134 | — | 10,134 | ||||||||||||
| Equity securities |
234,155 | — | 110,050 | 344,205 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
¥ | 260,725 | ¥ | 150,722 | ¥ | 120,193 | ¥ | 531,640 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Other financial liabilities: |
||||||||||||||||
| Financial liabilities measured at fair value through profit or loss: |
||||||||||||||||
| Derivatives |
||||||||||||||||
| Foreign exchange instruments |
¥ | — | ¥ | 17,343 | ¥ | — | ¥ | 17,343 | ||||||||
| Interest rate instruments |
— | 64,913 | — | 64,913 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
— | 82,256 | — | 82,256 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
¥ | — | ¥ | 82,256 | ¥ | — | ¥ | 82,256 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
Yen (millions) |
||||||||||||||||
As of March 31, 2022 |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Other financial assets: |
||||||||||||||||
Financial assets measured at fair value through profit or loss: |
||||||||||||||||
Derivatives |
||||||||||||||||
Foreign exchange instruments |
¥ | — | ¥ | 15,674 | ¥ | — | ¥ | 15,674 | ||||||||
Interest rate instruments |
— | 114,016 | — | 114,016 | ||||||||||||
Other |
— | — | 4,648 | 4,648 | ||||||||||||
Total |
— | 129,690 | 4,648 | 134,338 | ||||||||||||
Debt securities |
42,837 | 54,641 | 4,773 | 102,251 | ||||||||||||
Financial assets measured at fair value through other comprehensive income: |
||||||||||||||||
Debt securities |
— | 19,984 | — | 19,984 | ||||||||||||
Equity securities |
335,745 | — | 133,038 | 468,783 | ||||||||||||
Total |
¥ | 378,582 | ¥ | 204,315 | ¥ | 142,459 | ¥ | 725,356 | ||||||||
Other financial liabilities: |
||||||||||||||||
Financial liabilities measured at fair value through profit or loss: |
||||||||||||||||
Derivatives |
||||||||||||||||
Foreign exchange instruments |
¥ | — | ¥ | 66,644 | ¥ | — | ¥ | 66,644 | ||||||||
Interest rate instruments |
— | 83,669 | — | 83,669 | ||||||||||||
Othe r |
— |
1,629 |
— |
1,629 |
||||||||||||
Total |
— | 151,942 | — | 151,942 | ||||||||||||
Total |
¥ | — | ¥ | 151,942 | ¥ | — | ¥ | 151,942 | ||||||||
Yen (millions) |
||||||||||||
For the year ended March 31, 2021 |
Derivatives |
Debt securities |
Equity securities |
|||||||||
Balance as of April 1, 2020 |
¥ | — | ¥ | 5,224 | ¥ | 99,508 | ||||||
Total gains or losses: |
||||||||||||
Profit or loss |
4,665 | (43 | ) | — | ||||||||
Other comprehensive income |
— | — | 3,748 | |||||||||
Purchases |
— | — | 7,701 | |||||||||
Sales |
— | — | (1,243 | ) | ||||||||
Exchange differences on translating foreign operations |
164 | 133 | 336 | |||||||||
Balance as of March 31, 2021 |
¥ | 4,829 | ¥ | 5,314 | ¥ | 110,050 | ||||||
Unrealized gains or losses included in profit or loss on assets held at March 31, 2021 |
¥ | 4,665 | ¥ | (43 | ) | ¥ | — | |||||
Yen (millions) |
||||||||||||
For the year ended March 31, 2022 |
Derivatives |
Debt securities |
Equity securities |
|||||||||
Balance as of April 1, 2021 |
¥ | 4,829 | ¥ | 5,314 | ¥ | 110,050 | ||||||
Total gains or losses: |
||||||||||||
Profit or loss |
(674 | ) | 112 | — | ||||||||
Other comprehensive income |
— | — | 17,973 | |||||||||
Purchases |
— | — | 7,075 | |||||||||
Sales |
— | (1,124 | ) | (1,487 | ) | |||||||
Transfer to level 1 due to listing |
— |
— |
(1,158 |
) | ||||||||
Exchange differences on translating foreign operations |
493 | 471 | 585 | |||||||||
Balance as of March 31, 2022 |
¥ | 4,648 | ¥ | 4,773 | ¥ | 133,038 | ||||||
Unrealized gains or losses included in profit or loss on assets held at March 31, 2022 |
¥ | (674 | ) | ¥ | 112 | ¥ | — | |||||
| 1. | Gains or losses included in profit or loss for the years ended March 31, 2021 and 2022 are included in other, net in finance income and finance costs in the consolidated statements of income. |
| 2. | Gains or losses on equity securities included in other comprehensive income for the years ended March 31, 2021 and 2022 are included in net changes in revaluation of financial assets measured at fair value through other comprehensive income under items that will not be reclassified to profit or loss in the consolidated statements of comprehensive income. |
Yen (millions) |
||||||||||||||||
2021 |
2022 |
|||||||||||||||
Carrying amount |
Fair value |
Carrying amount |
Fair value |
|||||||||||||
Receivables from financial services |
¥ | 5,414,550 | ¥ | 5,488,065 | ¥ | 5,434,496 | ¥ | 5,374,754 | ||||||||
Debt securities |
173,302 | 173,302 | 79,176 | 79,176 | ||||||||||||
Financing liabilities |
7,720,985 | 7,809,379 | 8,102,556 | 7,984,057 | ||||||||||||
Yen (millions) |
||||||||||||||||||||
| As of March 31, 2021 |
Gross amounts of recognized financial assets and financial liabilities |
Amounts offset in the consolidated statements of financial position |
Net amounts presented in the consolidated statements of financial position |
Amounts not offset due to not meeting offsetting criteria despite being subject to a master netting agreement or similar agreement |
Net Amounts |
|||||||||||||||
| Other financial assets |
||||||||||||||||||||
| Derivatives |
¥ | 108,978 | ¥ | — | ¥ | 108,978 | ¥ | (65,430 | ) | ¥ | 43,548 | |||||||||
| Other financial liabilities |
||||||||||||||||||||
| Derivatives |
82,256 | — | 82,256 | (65,430 | ) | 16,826 | ||||||||||||||
Yen (millions) |
||||||||||||||||||||
| As of March 31, 2022 |
Gross amounts of recognized financial assets and financial liabilities |
Amounts offset in the consolidated statements of financial position |
Net amounts presented in the consolidated statements of financial position |
Amounts not offset due to not meeting offsetting criteria despite being subject to a master netting agreement or similar agreement |
Net Amounts |
|||||||||||||||
| Other financial assets |
||||||||||||||||||||
| Derivatives |
¥ | 134,338 | ¥ | — | ¥ | 134,338 | ¥ | (98,419 | ) | ¥ | 35,919 | |||||||||
| Other financial liabilities |
||||||||||||||||||||
| Derivatives |
151,942 | — | 151,942 | (98,419 | ) | 53,523 | ||||||||||||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Commitments for purchases of property, plant and equipment and other commitments |
¥ | 55,571 | ¥ | 60,527 | ||||
Yen (millions) |
||||||||
2021 |
2022 |
|||||||
| Receivables: |
||||||||
| Affiliates |
¥ | 29,067 | ¥ | 34,317 | ||||
| Joint ventures |
293,132 | 346,370 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 322,199 | ¥ | 380,687 | ||||
| |
|
|
|
|||||
| Payables: |
||||||||
| Affiliates |
¥ | 127,793 | ¥ | 147,705 | ||||
| Joint ventures |
30,412 | 36,380 | ||||||
| |
|
|
|
|||||
| Total |
¥ | 158,205 | ¥ | 184,085 | ||||
| |
|
|
|
|||||
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Sales revenue: |
||||||||||||
| Affiliates |
¥ | 109,615 | ¥ | 87,742 | ¥ | 93,187 | ||||||
| Joint ventures |
722,896 | 985,920 | 1,053,370 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
¥ | 832,511 | ¥ | 1,073,662 | ¥ | 1,146,557 | ||||||
| |
|
|
|
|
|
|||||||
| Purchase: |
||||||||||||
| Affiliates |
¥ | 1,241,314 | ¥ | 1,015,921 | ¥ | 1,176,066 | ||||||
| Joint ventures |
166,885 | 150,123 | 194,321 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
¥ | 1,408,199 | ¥ | 1,166,044 | ¥ | 1,370,387 | ||||||
| |
|
|
|
|
|
|||||||
Yen (millions) |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
| Remuneration |
¥ | 691 | ¥ | 683 | ¥ | 696 | ||||||
| STI (Short Term Incentive) |
101 | 95 | 188 | |||||||||
| LTI (Long Term Incentive) |
140 | 129 | 159 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
¥ | 932 | ¥ | 907 | ¥ | 1,043 | ||||||
| |
|
|
|
|
|
|||||||
Company |
Country of Incorporation |
Function |
Percentage Ownership and Voting Interest |
|||||
| Honda R&D Co., Ltd. | Japan | Research & Development | 100.0 | |||||
| Honda Finance Co., Ltd. | Japan | Finance | 100.0 | |||||
| American Honda Motor Co., Inc. | U.S.A. | Coordination of Subsidiaries Operation, Research & Development, Manufacturing and Sales | 100.0 | |||||
| Honda Aero., Inc. | U.S.A. | Research & Development and Manufacturing | 100.0 | |||||
| American Honda Finance Corporation | U.S.A. | Finance | 100.0 | |||||
| Honda Development and Manufacturing of America, LLC | U.S.A. | Research & Development and Manufacturing | 100.0 |
|||||
| Honda Aircraft Company, LLC | U.S.A. | Research & Development, Manufacturing and Sales | 100.0 | |||||
| Honda Canada Inc. | Canada | Manufacturing and Sales | 100.0 | |||||
| Honda Canada Finance Inc. | Canada | Finance | 100.0 | |||||
| Honda de Mexico, S.A. de C.V. | Mexico | Manufacturing and Sales | 100.0 | |||||
| Honda Motor Europe Limited | U.K. | Coordination of Subsidiaries Operation and Sales | 100.0 | |||||
| Honda of the U.K. Manufacturing Ltd. | U.K. | Manufacturing | 100.0 | |||||
| Honda Finance Europe plc | U.K. | Finance | 100.0 | |||||
| Honda Bank GmbH | Germany | Finance | 100.0 | |||||
| Honda Turkiye A.S | Turkey | Manufacturing and Sales | 100.0 | |||||
| Honda Motor (China) Investment Co., Ltd. | China | Coordination of Subsidiaries Operation and Sales | 100.0 | |||||
| Honda Auto Parts Manufacturing Co., Ltd. | China | Manufacturing | 100.0 | |||||
| Honda Motorcycle & Scooter India (Private) Ltd. | India | Manufacturing and Sales | 100.0 | |||||
| Honda Cars India Limited | India | Manufacturing and Sales | 100.0 | |||||
| P.T. Honda Precision Parts Manufacturing | Indonesia | Manufacturing | 100.0 | |||||
| P.T. Honda Prospect Motor | Indonesia | Manufacturing and Sales | 51.0 | |||||
| Honda Malaysia Sdn Bhd | Malaysia | Manufacturing and Sales | 51.0 | |||||
| Honda Philippines Inc. | Philippines | Manufacturing and Sales | 99.6 | |||||
| Honda Taiwan Co., Ltd. | Taiwan | Sales | 100.0 | |||||
| Asian Honda Motor Co., Ltd. | Thailand | Coordination of Subsidiaries Operation and Sales | 100.0 | |||||
| Honda Leasing (Thailand) Co., Ltd. | Thailand | Finance | 100.0 | |||||
| Honda Automobile (Thailand) Co., Ltd. | Thailand | Manufacturing and Sales | 89.0 | |||||
| Thai Honda Manufacturing Co., Ltd. | Thailand | Manufacturing and Sales | 72.5 | |||||
| Honda Vietnam Co., Ltd. | Vietnam | Manufacturing and Sales | 70.0 | |||||
| Honda Motor de Argentina S.A. | Argentina | Manufacturing and Sales | 100.0 | |||||
| Honda South America Ltda. | Brazil | Coordination of Subsidiaries Operation | 100.0 | |||||
| Banco Honda S.A. | Brazil | Finance | 100.0 | |||||
| Honda Automoveis do Brasil Ltda. | Brazil | Manufacturing and Sales | 100.0 | |||||
| Moto Honda da Amazonia Ltda. | Brazil | Manufacturing and Sales | 100.0 | |||||
| *1 | Incorporated by reference to the registrant’s Annual Report on Form 20-F filed on June 23, 2021. |
| *2 | Incorporated by reference to the registrant’s Annual Report on Form 20-F filed on June 23, 2021. |
| *3 | Incorporated by reference to the registrant’s Annual Report on Form 20-F filed on June 23, 2021. |
| *4 | Incorporated by reference to the registrant’s Annual Report on Form 20-F filed on September 27, 2001. (P) |
| *5 | Incorporated by reference to the registration statement for American Depositary Shares on Form F-6 (File No. 333-263937) filed by JPMorgan Chase Bank, N.A. as depositary, on March 29, 2022. |
| *6 | Incorporated by reference to the registrant’s Annual Report on Form 20-F filed on July 9, 2004. |
| HONDA GIKEN KOGYO KABUSHIKI KAISHA (HONDA MOTOR CO., LTD.) | ||
| By: | /s/ Toshihiro Mibe | |
Toshihiro Mibe Director, President and Representative Executive Officer Chief Executive Officer | ||
| Date: June 22, 2022 | ||
| Tokyo, Japan | ||