Honda Motor Co., Ltd. Reports Consolidated Financial Results for the Fiscal Fourth Quarter and the Fiscal Year Ended March 31, 2001

Apr 27, 2001, 01:00 ET from Honda Motor Co., Ltd.

    TOKYO, April 27 /PRNewswire/ -- Honda Motor Co., Ltd. today announced its
 consolidated financial results for the fiscal fourth quarter and the fiscal
 year ended March 31, 2001.
 
     Fourth Quarter Results
     Honda's consolidated net income for the fiscal fourth quarter ended
 March 31, 2001 totaled 63.0 billion ($508 million), an increase of 0.4% from
 the corresponding period in 2000. Net income per Common Share for the quarter,
 both on a basic and fully diluted basis, amounted to 64.65 yen ($0.52),
 compared to 64.37 yen for the corresponding period in 2000. Each of Honda's
 American Depositary Shares represents two Common Shares.
     Consolidated net sales and other operating revenue (herein referred to as
 "revenue") for the fiscal fourth quarter amounted to 1,835.8 billion yen
 ($14,817 million), an increase of 13.5% from the corresponding period in 2000.
 This increase in revenue was primarily due to increased unit sales in
 motorcycles and automobiles, together with currency translation effects, which
 had a positive impact on foreign currency-denominated revenue from Honda's
 overseas subsidiaries, translated into yen.
     Honda estimates that had the exchange rate of yen remained unchanged from
 the same period in 2000, revenue for the quarter would have increased by
 approximately 8.0%.
     Consolidated operating income for the fiscal fourth quarter totaled
 109.1 billion yen ($881 million), an increase of 20.1% compared to the
 corresponding period in 2000.
     This increase in operating income was primarily due to an increase in
 revenue and Honda's ongoing cost reduction efforts, which offset increases in
 selling, general and administrative expenses and research and development
 expenses. Consolidated income before income taxes for the quarter totaled
 108.0 billion yen ($872 million), an increase of 26.7% from the corresponding
 period in 2000.
     With respect to Honda's sales in the fiscal fourth quarter by business
 category, motorcycle unit sales increased by 6.4% to 1,306,000 units, and
 revenue increased 11.6%, to Y241.6 billion ($1,951 million).  This increase in
 unit sales was due primarily to higher sales in such Asian countries as
 Indonesia and India.
     Honda's unit sales of automobiles increased by 5.5% to 694,000 units, due
 primarily to the introduction of the Stream, a new minivan and the remodeled
 Civic in Japan, together with sales of the Acura MDX, a new sport utility
 vehicle introduced in North America. Revenue increased 14.1%, to
 1,469.1 billion yen ($11,858 million) during the quarter.
     Unit sales of power products totaled 1,292,000 units, a decrease of 0.2%
 compared to the corresponding period in 2000. Lower sales of Honda's
 general-purpose engines and electric generators in North America were the
 major factor in this decrease in unit sales. Revenue from other businesses,
 including the power product business and financial services, increased by
 10.1% to 124.9 billion yen ($1,009 million) due mainly to higher revenue from
 its finance subsidiaries.
 
     Fiscal Year Results
     Honda's consolidated net income for the year ended March 31, 2001 totaled
 232.2 billion yen ($1,874 million), a decrease of 11.5% from the previous
 fiscal year. Net income per Common Share for the year, both on a basic and
 fully diluted basis, amounted to 238.34 yen ($1.92), compared to 269.31 yen
 for the previous fiscal year.
     Unit sales of Honda's motorcycles and automobiles increased and
 consolidated net sales and other operating revenue (herein referred to as
 "revenue") for the year set a record high, amounting to 6,463.8 billion yen
 ($52,170 million), an increase of 6.0% over last year.
     Revenue included the negative effect of currency translation, and Honda
 estimates that had the exchange rate of the yen remained unchanged from the
 previous year, revenue for the year would have increased by approximately
 8.0%.
     Consolidated operating income for the year totaled 406.9 billion yen
 ($3,285 million), a decrease of 4.5% compared to the previous fiscal year.
 Despite an increase in revenue and Honda's ongoing cost reduction efforts, the
 negative impact of the appreciation of the yen was the major factor for this
 decrease in operating income.
     Consolidated income before income taxes for the year totaled Y384.9
 billion ($3,107 million), a decrease of 7.5% compared to the previous year.
     With respect to Honda's sales for the fiscal year by business category,
 motorcycle unit sales increased by 15.4% to 5,118,000 units, and revenue
 increased 12.0% to 805.3 billion yen ($6,500 million). Unit sales increased in
 such Asian countries as Indonesia and India as well as in North America during
 the period, which offset decreased unit sales in Japan and Europe.
     Honda's unit sales of automobiles increased by 4.3% to 2,580,000 units,
 and revenue increased 5.4% to 5,231.3 billion yen ($42,222 million) from the
 previous fiscal year. Strong sales of the Odyssey both in Japan and North
 America and the introduction of such new models as the Stream in Japan and the
 Acura MDX in North America were the primary contributors to these increases.
     Unit sales of power products totaled 3,884,000 units, a decrease of 4.3%
 compared to the previous fiscal year. Lower sales in North America and Europe
 undermined an increase in unit sales in Asia outside of Japan. Honda's other
 businesses, including power products and financial services, showed a 2.0%
 increase in revenue, amounting to 427.2 billion yen ($3,448 million), due
 mainly to higher revenue from its finance subsidiaries.
 
     Forecasts for fiscal year ending March 31, 2002
     The global business environment for the foreseeable future looks beset
 with difficulties owing to the economic slowdown in the United States and
 Asia, uncertainty in Europe and sluggish recovery in Japan. In these
 circumstances, Honda expects competition in each of its markets to remain
 challenging. In regard to the forecasts of the financial results for the
 fiscal year ending March 31, 2002, Honda projects consolidated results as to
 be below:
 
                                                  In billions   Changes from
                                                       of yen        FY 2001
 
     First half ending September 30, 2001
       Net sales and other operating revenue        3,520 yen         +15.3%
       Income before income taxes                         235         +22.4%
 
       Net income                                         150         +23.0%
 
     Fiscal year ending March 31, 2002
       Net sales and other operating revenue        7,150 yen         +10.6%
       Income before income taxes                         505         +31.2%
 
       Net income                                         315         +35.6%
 
     These forecasts are based on the assumption that the exchange rates for
 the yen to the U.S. dollar and the euro for the current fiscal year will
 average 116 yen and 106 yen, respectively.
 
     This announcement contains forward-looking statements within the meaning
 of Section 21E of the U.S. Securities Exchange Act of 1934. Honda's actual
 results could materially differ from those contained in these forward-looking
 statements as a result of numerous factors outside of Honda's control. Such
 factors include general economic conditions in Honda's principal markets, and
 foreign exchange rates between the Japanese yen and other major currencies, as
 well as other factors detailed from time to time in Honda's reports filed with
 the U.S. Securities and Exchange Commission.
 
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SOURCE Honda Motor Co., Ltd.
    TOKYO, April 27 /PRNewswire/ -- Honda Motor Co., Ltd. today announced its
 consolidated financial results for the fiscal fourth quarter and the fiscal
 year ended March 31, 2001.
 
     Fourth Quarter Results
     Honda's consolidated net income for the fiscal fourth quarter ended
 March 31, 2001 totaled 63.0 billion ($508 million), an increase of 0.4% from
 the corresponding period in 2000. Net income per Common Share for the quarter,
 both on a basic and fully diluted basis, amounted to 64.65 yen ($0.52),
 compared to 64.37 yen for the corresponding period in 2000. Each of Honda's
 American Depositary Shares represents two Common Shares.
     Consolidated net sales and other operating revenue (herein referred to as
 "revenue") for the fiscal fourth quarter amounted to 1,835.8 billion yen
 ($14,817 million), an increase of 13.5% from the corresponding period in 2000.
 This increase in revenue was primarily due to increased unit sales in
 motorcycles and automobiles, together with currency translation effects, which
 had a positive impact on foreign currency-denominated revenue from Honda's
 overseas subsidiaries, translated into yen.
     Honda estimates that had the exchange rate of yen remained unchanged from
 the same period in 2000, revenue for the quarter would have increased by
 approximately 8.0%.
     Consolidated operating income for the fiscal fourth quarter totaled
 109.1 billion yen ($881 million), an increase of 20.1% compared to the
 corresponding period in 2000.
     This increase in operating income was primarily due to an increase in
 revenue and Honda's ongoing cost reduction efforts, which offset increases in
 selling, general and administrative expenses and research and development
 expenses. Consolidated income before income taxes for the quarter totaled
 108.0 billion yen ($872 million), an increase of 26.7% from the corresponding
 period in 2000.
     With respect to Honda's sales in the fiscal fourth quarter by business
 category, motorcycle unit sales increased by 6.4% to 1,306,000 units, and
 revenue increased 11.6%, to Y241.6 billion ($1,951 million).  This increase in
 unit sales was due primarily to higher sales in such Asian countries as
 Indonesia and India.
     Honda's unit sales of automobiles increased by 5.5% to 694,000 units, due
 primarily to the introduction of the Stream, a new minivan and the remodeled
 Civic in Japan, together with sales of the Acura MDX, a new sport utility
 vehicle introduced in North America. Revenue increased 14.1%, to
 1,469.1 billion yen ($11,858 million) during the quarter.
     Unit sales of power products totaled 1,292,000 units, a decrease of 0.2%
 compared to the corresponding period in 2000. Lower sales of Honda's
 general-purpose engines and electric generators in North America were the
 major factor in this decrease in unit sales. Revenue from other businesses,
 including the power product business and financial services, increased by
 10.1% to 124.9 billion yen ($1,009 million) due mainly to higher revenue from
 its finance subsidiaries.
 
     Fiscal Year Results
     Honda's consolidated net income for the year ended March 31, 2001 totaled
 232.2 billion yen ($1,874 million), a decrease of 11.5% from the previous
 fiscal year. Net income per Common Share for the year, both on a basic and
 fully diluted basis, amounted to 238.34 yen ($1.92), compared to 269.31 yen
 for the previous fiscal year.
     Unit sales of Honda's motorcycles and automobiles increased and
 consolidated net sales and other operating revenue (herein referred to as
 "revenue") for the year set a record high, amounting to 6,463.8 billion yen
 ($52,170 million), an increase of 6.0% over last year.
     Revenue included the negative effect of currency translation, and Honda
 estimates that had the exchange rate of the yen remained unchanged from the
 previous year, revenue for the year would have increased by approximately
 8.0%.
     Consolidated operating income for the year totaled 406.9 billion yen
 ($3,285 million), a decrease of 4.5% compared to the previous fiscal year.
 Despite an increase in revenue and Honda's ongoing cost reduction efforts, the
 negative impact of the appreciation of the yen was the major factor for this
 decrease in operating income.
     Consolidated income before income taxes for the year totaled Y384.9
 billion ($3,107 million), a decrease of 7.5% compared to the previous year.
     With respect to Honda's sales for the fiscal year by business category,
 motorcycle unit sales increased by 15.4% to 5,118,000 units, and revenue
 increased 12.0% to 805.3 billion yen ($6,500 million). Unit sales increased in
 such Asian countries as Indonesia and India as well as in North America during
 the period, which offset decreased unit sales in Japan and Europe.
     Honda's unit sales of automobiles increased by 4.3% to 2,580,000 units,
 and revenue increased 5.4% to 5,231.3 billion yen ($42,222 million) from the
 previous fiscal year. Strong sales of the Odyssey both in Japan and North
 America and the introduction of such new models as the Stream in Japan and the
 Acura MDX in North America were the primary contributors to these increases.
     Unit sales of power products totaled 3,884,000 units, a decrease of 4.3%
 compared to the previous fiscal year. Lower sales in North America and Europe
 undermined an increase in unit sales in Asia outside of Japan. Honda's other
 businesses, including power products and financial services, showed a 2.0%
 increase in revenue, amounting to 427.2 billion yen ($3,448 million), due
 mainly to higher revenue from its finance subsidiaries.
 
     Forecasts for fiscal year ending March 31, 2002
     The global business environment for the foreseeable future looks beset
 with difficulties owing to the economic slowdown in the United States and
 Asia, uncertainty in Europe and sluggish recovery in Japan. In these
 circumstances, Honda expects competition in each of its markets to remain
 challenging. In regard to the forecasts of the financial results for the
 fiscal year ending March 31, 2002, Honda projects consolidated results as to
 be below:
 
                                                  In billions   Changes from
                                                       of yen        FY 2001
 
     First half ending September 30, 2001
       Net sales and other operating revenue        3,520 yen         +15.3%
       Income before income taxes                         235         +22.4%
 
       Net income                                         150         +23.0%
 
     Fiscal year ending March 31, 2002
       Net sales and other operating revenue        7,150 yen         +10.6%
       Income before income taxes                         505         +31.2%
 
       Net income                                         315         +35.6%
 
     These forecasts are based on the assumption that the exchange rates for
 the yen to the U.S. dollar and the euro for the current fiscal year will
 average 116 yen and 106 yen, respectively.
 
     This announcement contains forward-looking statements within the meaning
 of Section 21E of the U.S. Securities Exchange Act of 1934. Honda's actual
 results could materially differ from those contained in these forward-looking
 statements as a result of numerous factors outside of Honda's control. Such
 factors include general economic conditions in Honda's principal markets, and
 foreign exchange rates between the Japanese yen and other major currencies, as
 well as other factors detailed from time to time in Honda's reports filed with
 the U.S. Securities and Exchange Commission.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X72586711
 
 SOURCE  Honda Motor Co., Ltd.