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Reference Items
EBITDA 1,200.0 2,277.0 3,570.8 4,871.9
Trailing 12M EBITDA Margin 3.20 5.01 5.55 6.68
Cash Paid for Taxes 69.0 237.3 832.2 739.0
Cash Paid for Interest 786.3 893.1 848.4 832.3
Interest Received 41.6 65.3 156.0 108.1
Net Cash Paid for Acquisitions — — — —
Free Cash Flow -714.1 733.2 -941.6 -524.6
Free Cash Flow to Firm — — -333.3 -39.3
Free Cash Flow to Equity 919.2 3,763.0 -3,533.2 467.2
Free Cash Flow per Basic Share -1.50 1.54 -1.98 -1.10
Price to Free Cash Flow — 26.70 — —
Cash Flow to Net Income — 5.30 1.53 3.13
Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
Shares Outstanding 475.1 475.1 475.1 475.1
Number of Treasury Shares 0.0 0.0 0.0 0.0
Amount of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations 0.0 0.0 0.0 0.0
Operating Leases 0.0 0.0 0.0 0.0
Capital Leases - Short Term 0.0 0.0 0.0 0.0
Capital Leases - Long Term 0.0 0.0 0.0 0.0
Capital Leases - Total 0.0 0.0 0.0 0.0
Percent Of Foreign Ownership 5.12 3.03 2.23 0.50
Number Of Shareholders 126,258.00 144,852.00 137,809.00 105,196.00
Options Granted During Period 0.0 0.0 0.0 0.0
Options Outstanding at Period End 0.0 0.0 0.0 0.0
Net Debt 9,866.1 11,689.3 9,885.2 6,312.6
Net Debt to Equity 143.33 160.52 109.21 54.38
Tangible Common Equity Ratio 24.11 21.64 26.46 31.59
Current Ratio 0.95 0.82 0.91 0.90
Cash Conversion Cycle -0.90 7.16 2.74 -2.99
Inventory - Raw Materials 2,348.2 2,662.5 2,159.4 2,316.5
Inventory - Work in Progress 958.9 1,035.6 419.5 1,230.4
Inventory - Finished Goods 2,101.8 2,451.6 2,212.5 2,228.7
Other Inventory/Allowances 616.4 664.1 1,566.5 884.9
Pure Retained Earnings -1,607.0 -1,282.7 -108.3 -34.2
Goodwill 0.0 0.0 0.0 0.0
Investments in Associated Companies 3.0 5.3 — —
Number of Employees 4,589.00 4,405.00 4,556.00 4,684.00
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020
Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
EBITDA 3,570.8 4,871.9 4,455.9 5,234.5
EBITDA Margin (T12M) 5.55 6.68 6.02 6.33
Operating Margin 3.47 4.45 3.65 4.53
Profit Margin 1.99 1.81 2.67 2.25
Sales per Employee ### ### ### ###
Dividends per Share 1.10 1.30 1.20 1.40
Total Cash Common Dividends 522.7 617.7 570.2 694.0
Interest Income 156.0 108.1 168.3 206.5
Research & Development Expense 999.2 1,204.0 1,271.5 1,317.5
Personnel Expenses 3,786.2 4,304.6 4,738.8 470.9
Export Sales — — — —
Depreciation Expense 1,320.1 1,550.7 1,698.8 1,404.8
Product/Brand Segments 1,336.3 1,547.2 1,720.3 1,489.6
Others 19.9 99.6 161.8 72.1
Automotive Components 93.2 104.6 109.8 100.8
Automotive Vehicles 1,223.2 1,343.0 1,448.7 1,316.7
Rental Expense 156.4 226.0 257.2 205.8
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020
100,710.4 112,359.5 124,626.2 153,826.8 190,111.6 216,143.4
103,116.8 115,163.4 124,626.2 153,826.8
101,469.6 113,087.6 132,781.4 156,822.5
— — — 7,466.7
1,533.2 1,903.8 5,854.3 6,019.4
114.0 172.0 70.0 13.9
— — -2,966.8 -3,762.5
— — -11,112.7 -12,733.2
103,116.8 115,163.4 135,738.9 153,826.8
79,603.9 89,658.4 113,099.5 128,212.1
77,956.7 87,582.6 110,142.0 125,941.3
1,533.2 1,903.8 2,887.5 2,256.9
114.0 172.0 70.0 13.9
23,512.9 25,505.0 22,639.4 30,881.2
23,512.9 25,505.0 22,639.4 30,881.2
0.0 0.0 0.0 0.0
— — — 7,466.7
— — — -12,733.2
— — — —
— — — — 48,478.5 54,684.3
1,847.5 1,411.1 0.0 2,421.2
98,291.3 108,189.3 119,097.5 151,714.0
4,266.6 5,581.3 5,528.7 4,534.0 14,064.0 15,427.0
5,062.7 5,799.3 7,173.8 12,684.6
4,643.8 5,379.0 6,900.6 8,976.9
— — — 3,450.5
412.4 412.9 269.5 256.5
6.5 7.4 3.7 0.7
— — — —
— — — —
461.8 656.9 585.9 3,210.5
0.0 229.4 69.5 375.4
-636.8 -1,105.9 -1,706.3 -8,360.0
4,441.6 5,800.9 6,579.6 9,308.1 11,044.2 14,170.6
4,522.0 5,173.0 6,577.6 9,308.1
4,074.8 4,741.2 6,338.4 8,234.8
— — — 851.5
360.3 375.6 235.5 215.4
6.5 7.4 3.7 6.4
80.4 48.8 — —
1,239.4 1,514.5 1,486.7 2,660.3
-80.4 — — —
3,282.6 4,286.4 5,092.9 6,647.8 8,008.0 10,974.0
0.0 0.0 0.0 0.0
0.0 -5.1 -19.5 124.3
3,282.6 4,291.5 5,112.4 6,523.5 8,008.0 10,974.0
3,282.6 3,693.3 5,092.9 6,523.5
2,958.7 3,402.9 4,951.5 6,049.3
— — — 450.4
240.8 239.6 136.8 141.9
83.1 50.8 4.6 6.2
— — — -124.3
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
3,282.6 4,291.5 5,112.4 6,523.5 8,008.0 10,974.0
Reference Items
EBITDA 71,698.0 86,945.5 111,783.6 144,353.1
Trailing 12M EBITDA Margin 25.78 28.95 29.95 29.52
Interest Received 844.6 928.1 3,987.5 4,193.1
Net Cash Paid for Acquisitions 24,452.9 128.7 -71.6 —
Free Cash Flow 44,388.6 64,509.9 51,760.6 53,734.5
Free Cash Flow to Firm 44,636.1 64,647.7 51,981.4 53,902.5
Free Cash Flow to Equity 44,514.2 60,439.0 51,570.0 53,334.4
Free Cash Flow per Basic Share 11.34 16.48 13.22 13.73
Price to Free Cash Flow 11.87 23.68 44.77 42.57
Cash Flow to Net Income 1.06 1.07 0.77 0.71
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018
Reference Items
Accounting Standard IN GAAP IN GAAP IAS/IFRS IN GAAP
Shares Outstanding 3,914.4 3,914.4 3,914.4 3,914.4
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations — — — —
Future Minimum Operating Lease Obligatio 16,615.4 28,536.5 28,550.4 28,027.2
Capital Leases - Total 364.4 312.1 379.8 1,216.6
Percent Of Foreign Ownership 10.12 12.54 12.75 14.12
Number Of Shareholders 727,136.00 690,186.00 665,659.00 656,328.00
Options Granted During Period — — 0.0 0.0
Options Outstanding at Period End — — 0.0 0.0
Net Debt -37,186.9 -70,747.8 -52,501.6 -64,157.7
Net Debt to Equity -23.28 -37.57 -21.03 -21.29
Tangible Common Equity Ratio 63.04 62.24 71.60 68.39
Current Ratio 2.33 2.16 2.35 2.22
Number of Employees 143,761.00 160,429.00 198,614.00 238,583.00
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018
Reference Items
Accounting Standard IAS/IFRS IN GAAP IN GAAP IAS/IFRS
EBITDA 111,790.7 144,564.9 182,013.2 251,276.6
EBITDA Margin (T12M) 29.95 29.57 28.90 30.71
EBITA 104,928.6 135,956.0 171,850.6 —
EBIT 104,438.1 135,385.5 171,214.0 238,034.3
Gross Margin — — — 47.36
Operating Margin 27.98 27.69 27.18 29.10
Profit Margin 24.15 21.30 22.22 23.22
Sales per Employee 1,879,248.69 2,049,342.58 2,280,607.97 2,722,767.45
Dividends per Share 7.00 8.50 11.00 16.00
Total Cash Common Dividends 15,657.8 33,272.6 43,058.8 62,679.3
Personnel Expenses 138,505.4 185,512.4 240,399.6 —
Depreciation Expense 6,862.1 8,608.9 10,162.6 —
Rental Expense 7,347.7 9,682.2 11,651.7 —
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020
946,484.1 1,086,460.0 1,179,660.0 1,231,040.0 1,463,710.3 1,628,572.2
946,484.1 1,086,460.0 1,179,660.0 1,231,040.0
544,992.6 — 668,870.0 712,880.0
544,992.6 — 668,870.0 712,880.0
401,491.5 — 510,790.0 518,160.0 622,355.0 694,569.8
0.0 0.0 0.0 0.0
147,274.2 798,570.0 207,580.0 213,140.0
173,526.7 — 207,550.0 213,140.0
— 2,340.0 — —
— 18,880.0 — —
— 1,350.0 — —
-26,252.5 776,000.0 30.0 0.0
254,217.3 287,890.0 303,210.0 305,020.0 379,630.4 421,405.0
-29,080.0 -25,810.0 -35,470.0 -35,900.0
— -17,120.0 — —
— 330.0 — —
— 17,450.0 — —
— -110.0 — —
0.0 -7,420.0 0.0 0.0
0.0 0.0 0.0 0.0
-29,080.0 -1,160.0 -35,470.0 -35,900.0
283,297.3 313,700.0 338,680.0 340,920.0 417,043.5 455,612.3
23,935.9 -4,700.0 -6,450.0 0.0
-26.5 -50.0 -30.0 —
— — — —
— — — —
-2,330.6 -560.0 -6,420.0 —
14.0 -4,090.0 — —
26,279.0 — — —
259,361.4 318,400.0 345,130.0 340,920.0 417,043.5 455,612.3
60,829.6 75,020.0 81,560.0 82,120.0
— 75,080.0 — —
— -60.0 — —
— — — —
— — — —
198,531.8 243,380.0 263,570.0 258,800.0 314,841.1 348,424.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
198,531.8 243,380.0 263,570.0 258,800.0
2,047.8 680.0 680.0 540.0
196,484.0 242,700.0 262,890.0 258,260.0 314,841.1 348,424.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
196,484.0 242,700.0 262,890.0 258,260.0 314,841.1 348,424.8
Reference Items
Accounting Standard IAS/IFRS IN GAAP IN GAAP IAS/IFRS
EBITDA 111,783.6 144,353.1 180,399.1 251,322.1
EBITDA Margin (T12M) 29.95 29.52 28.64 30.72
EBITA 104,921.5 135,744.2 170,236.5 —
EBIT 104,431.0 135,173.7 169,599.9 238,079.8
Gross Margin — — — 47.36
Operating Margin 27.98 27.65 26.93 29.10
Profit Margin 24.30 21.30 22.09 23.37
Sales per Employee 1,879,248.69 2,049,342.58 2,280,607.97 2,722,767.45
Dividends per Share 7.00 8.50 11.00 16.00
Total Cash Common Dividends 15,657.8 33,272.6 43,058.8 62,679.3
Personnel Expenses 138,505.4 185,512.4 240,399.6 —
Depreciation Expense 6,862.1 8,608.9 10,162.6 —
Rental Expense 7,347.7 9,682.2 11,651.7 —
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Est FY 2020 Est
03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2019 03/31/2020
946,484.1 1,086,460.0 1,179,660.0 1,231,040.0 1,463,710.3 1,628,572.2
946,484.1 1,086,462.1 1,179,660.0 —
608,589.3 715,978.5 759,701.0 —
380,486.6 432,411.9 447,091.1 —
147,651.5 190,130.9 206,440.5 —
80,451.2 93,435.7 106,169.4 —
— — — —
130,614.8 162,969.3 189,925.3 —
110,738.6 126,029.6 138,020.2 —
42,591.8 48,890.8 57,803.3 —
22,715.6 32,593.9 34,210.1 —
31,234.0 — — —
946,484.1 1,086,462.1 1,179,660.0 1,231,040.0
511,101.4 599,727.1 661,789.3 661,068.5
491,225.3 579,084.3 637,016.4 635,216.6
19,876.2 20,642.8 24,772.9 25,851.8
267,855.0 291,171.8 299,633.6 340,998.1
158,062.8 171,661.0 163,972.7 176,038.7
109,792.2 119,510.8 135,660.9 164,959.4
88,023.0 103,213.9 114,427.0 119,410.9
60,575.0 67,360.7 74,318.6 78,786.6
18,929.7 24,988.6 29,491.5 30,776.0
946,484.1 1,086,460.0 1,179,660.0 1,231,040.0
544,992.6 — 668,870.0 712,880.0
544,992.6 — 668,870.0 712,880.0
401,491.5 — 510,790.0 518,160.0 622,355.0 694,569.8
0.0 0.0 0.0 0.0
173,526.7 798,570.0 207,550.0 213,140.0
173,526.7 — 207,550.0 213,140.0
— 2,340.0 — —
— 18,880.0 — —
— 1,350.0 — —
0.0 776,000.0 0.0 0.0
227,964.8 287,890.0 303,240.0 305,020.0 379,630.4 421,405.0
-31,396.6 -30,510.0 -41,890.0 -35,900.0
— -17,120.0 — —
— 330.0 — —
— 17,450.0 — —
— -110.0 — —
0.0 -7,420.0 0.0 0.0
0.0 0.0 0.0 0.0
-31,396.6 -5,860.0 -41,890.0 -35,900.0
259,361.4 318,400.0 345,130.0 340,920.0 417,043.5 455,612.3
60,829.6 75,020.0 81,560.0 82,120.0
— 75,080.0 — —
— -60.0 — —
— — — —
— — — —
198,531.8 243,380.0 263,570.0 258,800.0 314,841.1 348,424.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
198,531.8 243,380.0 263,570.0 258,800.0
2,047.8 680.0 680.0 540.0
196,484.0 242,700.0 262,890.0 258,260.0 314,841.1 348,424.8
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
196,484.0 242,700.0 262,890.0 258,260.0 314,841.1 348,424.8