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Corporate Profile Honda Motor Co., Ltd. operates under the basic principles of “Respect for the Individual” and “The Three Joys”—expressed as
“The Joy of Buying”, “The Joy of Selling” and “The Joy of Creating”. “Respect for the Individual” reflects our desire to respect the
unique character and ability of each individual person, trusting each other as equal partners in order to do our best in every
situation. Based on this, “The Three Joys” express our belief and desire that each person working in or coming into contact with
our company, directly or through our products, should share a sense of joy through that experience.
In line with these basic principles, since its establishment in 1948, Honda has remained on the leading edge by creating new
value and providing products of the highest quality at a reasonable price, for worldwide customer satisfaction. In addition, the
Company has conducted its activities with a commitment to protecting the environment and enhancing safety in a mobile society.
The Company has grown to become the world’s largest motorcycle manufacturer and one of the leading automakers. With a
global network of 367* subsidiaries and 75* affiliates and joint ventures accounted for using the equity method, Honda develops,
manufactures and markets a wide variety of products to earn the Company an outstanding reputation from customers worldwide.
* As of March 31, 2017
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Honda Motor Co., Ltd. Annual Report 2017
page opened contents page 2
1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
Contents 1 The Power of Dreams page 03 5 Review of Operations page 12 6 ESG Information page 22
16 Automobile
Business
8 Investor Relations
Information
page 40
The consolidated financial statements of the Company in this Annual Report have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”).
Please refer to Form 20-F, a report which the Company files annually with the U.S. Securities and Exchange Commission (“U.S. SEC”), if more comprehensive information is required.
The Power of Dreams The new Civic Type R, which will be launched in markets around
the world, including Europe, Japan, and North America from the
summer of 2017, was engineered to deliver the most rewarding
drive in the hot hatch segment, both on road and on the race
track. It recently set a new record lap time for front-wheel drive
Dreams inspire us to create innovative products that enhance mobility and benefit society. cars at the Nurburgring Circuit*. Several factors contributed to this
achievement. At its heart is the optimized and refined 2.0-liter
To meet the particular needs of customers in different regions around the world, VTEC TURBO engine, which combined with new lower gear ratios
we base our sales networks, research and development centers, and manufacturing in the six-speed manual transmission, further improve the car’s
acceleration. In addition, the high-rigidity, light body and new
facilities in each region. Furthermore, as a socially responsible corporate citizen, multi-link rear suspension provide significant benefits to steering
response and cornering stability. The Civic Type R is produced at
we strive to address important environmental and safety issues. Honda’s U.K. plant in Swindon.
* Source Honda (As of April 2017)
Civic Type R
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Honda Motor Co., Ltd. Annual Report 2017
page opened contents page 4
1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
750 6.0
10,000 120
500 4.0
5,000 60
250 2.0
0 13 14 15 16 17 0 13 14 15 16 17 0.0 0 13 14 15 16 17
U.S. GAAP IFRS U.S. GAAP IFRS U.S. GAAP IFRS
Operating Profit (left scale) Operating Margin (%) (right scale)
2017 Sales Revenue 2017 Operating Profit 2017 Share of Profit of Investments Accounted for
0 13 14 15 16 17 0 0 13 14 15 16 17 0 0 13 14 15 16 17
U.S. GAAP IFRS U.S. GAAP IFRS U.S. GAAP IFRS
Profit for the Year Attributable to Owners of the Parent (left scale) Total Assets (left scale) Equity Attributable to Owners of the Parent (left scale) Additions to Property, Plant and Equipment
Basic Earnings per Share Attributable to Owners of the Parent (right scale) Equity Attributable to Owners of the Parent per Share (right scale) Depreciation
2017 Profit for the Year Attributable to Owners of the Parent 2017 Total Assets 2017 Additions to Property, Plant and Equipment
4,047.81 yen
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Honda Motor Co., Ltd. Annual Report 2017
page opened contents page 5
1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
cooperation and coordination in order to further strengthen As for the electrification of motorcycles, we are striving to Initiative toward the introduction of
our global competitiveness. promote the electrification of commuter models, and we are advanced safety technologies
planning to introduce some new models, including an electric In the area of safety, we are striving to further increase the
Realizing a carbon-free and collision-free society scooter, in 2018. For the electrification of motorcycle models, number of automobile models that feature the Honda
we are currently working on the research and development of SENSING suite of advanced safety and driver-assistive
As an important challenge for a mobility company, Honda has a highly convenient system for electric commuter models, technologies. In Japan, starting with the all-new N-BOX,
worked on the theme of the realization of a carbon-free and which features a detachable mobile battery that is easy to which is scheduled to go on sale this fall, we will begin
collision-free society. The speed of evolution in these areas replace and/or recharge. We are considering conducting applying Honda SENSING to our mini-vehicles as standard
has been rapidly increasing in recent years, and we need to demonstration testing of this mobile battery in collaboration equipment. Also, we will make Honda SENSING standard
fortify our initiatives. To this end, we have identified the with Japan Post Co., Ltd., as we recently announced in equipment on all new models we introduce in Japan from now
introduction of electrification technologies and advanced Japan. And as we conduct research on this mobile battery, on, as a means to further accelerate our efforts toward the
safety technologies as our highest priority and are working we are envisioning a future where we also use it for automo- realization of a collision-free society. Moreover, we will expand
proactively in these areas. biles and power products. application of Honda SENSING to all-new models in other
regions as well, including North America, China and Europe.
Enhancing the introduction of electrification technologies
And we are making progress in the research and develop- The universal passion of Honda consists of the value pro- making things, and Koto-zukuri—which is creating new
ment of automated driving technologies, where Honda is striv- position that Honda should offer and the corporate attitude we experiences through brand storytelling around the art of
ing to “serve people worldwide with the joy and freedom of should have toward the realization of that value proposition. making things. Through this integration of further advanced
collision-free mobility.” There are three values we want to real- Our value proposition is to provide products and services that Mono-zukuri and Koto-zukuri, we will continue creating the
ize. First, is the “realization of a society where people do not expand people’s dreams and potential. The corporate attitude strengths of Honda.
get involved in accidents.” Second, is “offering mobility prod- means our approach to taking on new challenges while being Our 2030 Vision consists of four parts: 1) The 2030 Vision
ucts which enable all people to always enjoy the freedom of driven by a strong passion to realize our value proposition. Statement, 2) The Corporate Attitude that describes how we
mobility.” And the third value we want to realize is “creating Concerning the strengths of Honda, there are two existing are going to work toward the vision, 3) The direction of our
travel time and cabin space that make mobility fun for people.” strengths. The first one is our strength in manufacturing a initiatives toward the fulfillment of the 2030 Vision and 4) What
As for the concept of Honda’s automated driving, we are broad range of products including motorcycles, automobiles we will do to strengthen our business foundation.
striving to provide our customers with a sense of self- and power products. The second strength is the number of
assuredness by offering automated driving which will help vehi- markets and 28 million customers we connect with each year <Vision Statement>
cles avoid dangerous situations and not make people around through our products. To these existing strengths, we will In two areas—the “advancement of mobility” and “value
the vehicle feel anxious. In addition, by featuring smooth and add a new strength of Honda which is our ability to create creation for people’s daily lives”—we will bring the universal
natural driving characteristics, we will realize occupant comfort, solutions, which includes both Mono-zukuri, the art of passion of Honda to “serve people worldwide with the joy of
which gives the driver self-confidence and naturally instills a
desire within people to go out and enjoy mobility.
First, we are going to realize automated driving technolo-
gies for use on highways in 2020. And then, we will make
them usable in a broader area including regular roads. As for
automated driving on highways, we are striving to realize an Strengths of Honda
automated lane-changing function which enables the vehicle Strengths in technology and manufacturing Customer / Market base Ability to create solutions
to utilize in multiple lanes without any driver input. We are also
going to realize an automated driving function which will free
in a broad area that includes motorcycles,
automobiles and power products
with 28 million customers
around the world + which includes not only Mono-zukuri
but also Koto-zukuri
expanding their life’s potential.” And toward this end, we will focus on AI—and energy solutions in order to provide people <Strengthening our business foundations
“lead the advancement of mobility and enable people every- with the joy and freedom of mobility and the joy of making for growth>
where in the world to improve their daily lives.” This is our their lives better. Toward the fulfillment of this vision, the most important thing is
2030 Vision Statement. From the second perspective of “Expanding the Joys,” we how we will transform and evolve our existing businesses and
will focus on “accommodating the different characteristics of also create new value through efficient use of finite corporate
<Direction of our initiatives toward the people and society.” In this area, we will strive to further resources. To this end, we identified three areas we will focus
fulfillment of the 2030 Vision> expand the joy of people by offering products and services on, and we will utilize our corporate resources effectively in
To embody our 2030 Vision Statement, we set the direction of that are optimized based on Honda’s desire to “utilize technol- such areas and strengthen our business foundation.
our concrete initiatives. ogy to help people, while putting people at the core.”
From three perspectives—“Creating the Joys,” “Expanding From the third perspective of “Ensuring the Joys for the Next First, we will further enhance our inter-regional coordination
the Joys” and “Ensuring the Joys for the Next Generation”— Generation,” we will make progress “toward a clean and safe/ and collaboration and increase the efficiency of our operations
we defined three areas of our initiatives. secure society.” Striving to become No. 1 in the areas of the from a global perspective. Toward this end, we will grow our
From the first perspective of “Creating the Joys,” we will environment and safety, we will invest more resources in these global models strong, so that they will be well received any-
work on “creating value for mobility and people’s daily lives.” areas. And we will strive to become a company that leads the where in the world. As for regional models, with consideration
We will focus on three areas, namely mobility, robotics—with a efforts to realize a carbon-free and collision-free society. of customers needs in each region, multiple regions which
2030 Vision
Serve people worldwide with the “joy of expanding their life’s potential” Vision Statement
—Lead the advancement of mobility and enable people everywhere in the world to improve their daily lives—
Creating
Creating value for “mobility” and “daily lives”
the Joys Provide people the joy Provide people the joy of
and freedom of mobility making their lives better
Expanding
Accommodate the different characteristics of people and society Direction of our initiatives toward
the Joys Provide the ideal products and services that fulfill societies’ expectations the fulfillment of the 2030 Vision
and meet individual needs
Ensuring
the Joys Toward a clean and safe / secure society
for the
Next Lead efforts to realize Lead efforts to realize
Generation a carbon-free society a collision-free mobile society
have similar customer needs will work together to realize partnership opportunities. For instance, in the area of the art new development process for Honda’s art of making auto-
common regional models with a high level of product strength. of making things, we are collaborating with General Motors, mobiles, which will enable us to more efficiently create both
Through this initiative, we will strive to achieve more efficient Hitachi Automotive Systems and Yamaha Motor. And in the products and new experiences that appeal to people’s emo-
business operations in each region. area of creating new experiences about the art of making tions. Through those new initiatives, we will aim to create
things, we are already collaborating with Japan Post and Grab attractive automobiles and achieve comprehensive cost
Second is the collaboration for open innovation with third Inc. in the area of motorcycles and with Waymo in the U.S. in reduction by making both the development and production of
parties. We will clarify what we should do on our own, and we the area of automated driving. We will further accelerate these new automobiles more efficient.
will focus on that. At the same time, we will be proactive in collaborations going forward. * Sales, Engineering and Research & Development
engaging in open innovation with external partners. Since its
foundation, Honda’s strengths have been advantages in tech- The third area of focus is to strengthen our business foun- <Corporate attitude>
nologies and products centering around the powertrain and dation and ensure sustainable operations, especially with our For the fulfillment of our 2030 Vision, we will set the corporate
packaging, which includes internal combustion engines as automobile business, in order to solidify existing businesses. attitude to “pursue growth through the pursuit of quality.” We
well as more recent electrified vehicles. In addition, our busi- To this end, we are currently moving forward with a project will increase the quality of Honda products and services, and
ness foundation established all around the world has also which will significantly advance Honda’s development system at the same time, we will increase the quality of our corporate
been one of our strengths. Identifying powertrain and and capability. The special merit of Honda’s automobile devel- activities, which we will carry out based on the strong principle
packaging as Honda’s core technologies, we would like to opment is our “SED* development system,” where develop- that we want to please our customers.
strengthen partnerships from the perspective of both Mono- ment teams, production teams and sales teams work as one
zukuri and Koto-zukuri with our customers worldwide. and form a project team to pursue product development. We <On a final note…>
In fact, we have already begun exploring various will further advance this development system and introduce a In order for us to fulfill this 2030 Vision and create a New
Honda, in addition to continuous investment in our research
and development, returns to our shareholders and investors,
investments in our production including our suppliers and
earning profit that enables us to do all of that are all equally
important. Also, with such a perspective, we will strive to
further strengthen the foundation of our company so that we
can fulfill the expectations of our shareholders, investors and
many other people who support Honda.
Honda appreciates the continuous support from our
shareholders toward our efforts to create a New Honda.
Takahiro Hachigo
President and Representative Director
Chief Executive Officer
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Honda Motor Co., Ltd. Annual Report 2017
page opened contents page 10
1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
Q: Please tell us about the future direction con- subsidiaries. For the fiscal year ended March 31, 2017, our R&D necessary to invest in R&D and business expansion which is
cerning capital investment and R&D expenses. expenses amounted to 685.3 billion yen, a decrease of 4.8% com- deemed to be essential for our future growth, especially in certain
Capital investment: pared to the previous fiscal year. For the current fiscal year ending key areas such as environmental and advanced safety technolo-
For the fiscal year ended March 31, 2017, capital investment March 31, 2018, we are planning for R&D expenses of 750.0 billion gies. Giving comprehensive consideration to all these factors from a
amounted to 541.0 billion yen, a decrease of 16.4% compared to yen, an increase of 9.4% compared to the previous fiscal year*. long-term perspective, we believe that it is appropriate to have a
previous fiscal year, due mainly to investments related to new Working toward the future introduction of new technologies, total shareholder return ratio of approximately 30%. Moreover, as
model introductions and the enhancement, streamlining and including electrification technologies and advanced safety tech- for acquisition of our own stock, we consider this to be one
upgrading of production, sales and R&D facilities. For the fiscal year nologies, we are expecting R&D expenses to rise. However, we are approach available within our capitalization strategy to improve
ending March 31, 2018, we are planning for a capital investment of going to hold down an increase in R&D expenses by further capital efficiency and shareholder returns. As for dividends, based
530.0 billion yen*, a decrease of 2.0% compared to the previous increasing the efficiency of our development activities in existing on our desire to deliver shareholder returns as promptly as pos-
fiscal year. In China, where we need more production capacity, we business areas and through proactively utilizing open innovation as sible, we make dividend payments four times a year. For the fiscal
are currently building a third Dongfeng Honda plant with a target to a means to enable R&D to select and concentrate their resources year ended March 31, 2017, the quarterly dividend for the fiscal first
begin production in 2019**. With respect to investment related to in key areas. and second quarters was 22 yen per share for each quarter, and
electrification, which is expected to grow in importance going for- the quarterly dividend for the fiscal third and fourth quarters was 24
* As of April 28, 2017
ward, while we will continue to consider possible alliances in the ** This is a capital investment being made by an affiliated company accounted for yen per share for each quarter. Therefore, total dividends paid for
area of motors for electric vehicles and for the joint development by the equity-method, therefore it is not included in the amount of total capital the fiscal year ended March 31, 2017 amounted to 92 yen per
investment mentioned earlier.
and mass production of fuel cell systems, we will seek to hold share, an increase of 4 yen per share compared to the previous
down an increase in capital investment by utilizing our corporate fiscal year. For the fiscal year ending March 31, 2018, we are fore-
Q: Please share Honda’s thoughts on shareholder
resources more efficiently. casting total dividends of 96 yen per share*, another increase of 4
returns.
yen per share compared to the previous fiscal year. Honda will
Maintaining a global viewpoint, Honda is engaged in business
R&D expenses: continue striving to increase corporate value to fulfill the expecta-
activities around the world and continuously strives to increase its
At Honda, for the purpose of enabling our engineers to carry out tions of our shareholders.
corporate value. Concerning the distribution of profit, we position
free and open-minded R&D activities and create unique and com-
shareholder returns as one of the top priorities of management. At * As of April 28, 2017.
petitive products with advanced technologies, key research and
the same time, however, a certain level of internal reserves are
development operations maintain their independence as
600 6.0 75
500
400 4.0 50
250
200 2.0 25
0 0 0.0 0
13 14 15 16 17 13 14 15 16 17 13 14 15 16 17
U.S. GAAP IFRS U.S. GAAP IFRS
R&D Expenditure (left scale)
Capital Expenditures Depreciation R&D Expenditure as a Percentage of Sales Revenue (right scale)
Note: Capital Expenditure and Depreciation in the above graph exclude Capital Note: This figure differs from R&D expenses as itemized in the consolidated
Expenditure and Depreciation in operating lease assets, financial lease assets, statement of income.
and intangible assets.
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Honda Motor Co., Ltd. Annual Report 2017
page opened contents page 12
1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
Review of Operations
Motorcycle Business Automobile Business Power Product and Financial Services
Other Businesses Business
page 13 page 16 page 19 page 21
Other Regions
1,057 1,057
156 294 217 156 294 217
Japan North Europe Asia Other Japan North Europe Asia Other
America Regions America Regions
*1 The total unit sales of completed products of Honda, its consolidated subsidiaries and
its affiliates and joint ventures accounted for using the equity method
*2 The total unit sales of completed products of Honda and its consolidated subsidiaries
Yen (billions)
2,000
1,500
Japan
North America 1,000
Europe
Asia 500
Other Regions
0 13 14 15 16 17
Pioneer 1000 (North America)
U.S. GAAP IFRS
150
12.0
9.0
Honda’s consolidated unit sales of motorcycles and all-terrain vehicles (ATVs) in fiscal year 2017 totaled 11,237 thousand units,
an increase of 6.3% from the previous fiscal year, due mainly to increases primarily in India and Vietnam, which more than offset 100 6.0
a decline in Brazil.
Sales revenue from external customers decreased by ¥89.2 billion, or 4.9%, to ¥1,716.1 billion from the previous fiscal year, due 50 3.0
mainly to negative foreign currency translation effects, which was partially offset by an increase in consolidated unit sales.
Operating profit decreased by ¥11.0 billion, or 6.1%, to ¥170.7 billion from the previous fiscal year, due mainly to negative foreign 0 13 14 15 16 17 0.0
currency effects, which was partially offset by continuing cost reduction as well as the impact of pension plan amendments. U.S. GAAP IFRS
Operating Profit (left scale) Operating Margin (right scale)
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Honda Motor Co., Ltd. Annual Report 2017
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1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
Note:
Certain sales of automobiles that 668 684
are financed with residual value 603
type auto loans by our Japanese
finance subsidiaries and sold 184 242 184 242
through our consolidated
subsidiaries are accounted for
as operating leases in conformity
with IFRS and are not included Japan North Europe Asia Other Japan North Europe Asia Other
in consolidated sales revenue to America Regions America Regions
external customers in the
Automobile business. Accord- *1 The total unit sales of completed products of Honda, its consolidated subsidiaries and
ingly, they are not included in its affiliates and joint ventures accounted for using the equity method
consolidated unit sales. *2 The total unit sales of completed products of Honda and its consolidated subsidiaries
Yen (billions)
12,000
9,000
Japan
6,000
North America
Europe
Asia 3,000
Other Regions
0 13 14 15 16 17
CR-V (North America)
U.S. GAAP IFRS
450
10.0
7.5
Honda’s consolidated unit sales of automobiles totaled 3,683 thousand units in fiscal year 2017, an increase of 1.3% from the previous
fiscal year, due mainly to increases in sales units in North America and Asia as a result of the launch of new models. 300 5.0
Sales revenue from external customers decreased by ¥538.5 billion, or 5.1%, to ¥10,086.8 billion from the previous fiscal year, due
mainly to negative foreign currency translation effects, which was partially offset by increased consolidated unit sales. 150 2.5
Operating profit increased by ¥347.8 billion, or 226.8%, to ¥501.1 billion from the previous fiscal year, due mainly to decreas ed selling,
general and administrative expenses, including product warranty expenses, continuing cost reduction, an increase in profit attributable 0 13 14 15 16 17 0.0
to increased sales volume and model mix as well as the impact of pension plan amendments, which was partially offset by an increase U.S. GAAP IFRS
in research and development expenses as well as negative foreign currency effects. Operating Profit (left scale) Operating Margin (right scale)
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Honda Motor Co., Ltd. Annual Report 2017
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1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
1,430
1,035
301 378
Yen (billions)
400
300
Japan
200
North America
Europe
Asia 100
Other Regions
Miimo (Robotic Lawn Mower)
0 13 14 15 16 17
U.S. GAAP IFRS
20
20.0
10.0
Honda’s consolidated unit sales of power products in fiscal year 2017 totaled 6,121 thousand units, an increase of 2.6% from the
previous fiscal year primarily due to an increase in sales units in North America and Asia, which more than offset a decline in Japan. 0 0.0
Sales revenue from external customers decreased by ¥16.5 billion, or 5.0%, to ¥318.1 billion from the previous fiscal year, due
mainly to negative foreign currency translation effects, which was partially offset by increased sales revenue in Other businesses. –20 –10.0
Operating loss was ¥9.6 billion, an improvement of ¥21.4 billion from the previous fiscal year, due mainly to a decrease in
operating costs in Other businesses as well as the impact of pension plan amendments, which was partially offset by negative –40 13 14 15 16 17 –20.0
foreign currency effects. In addition, operating loss of aircraft and aircraft engines included in the Power product and other U.S. GAAP IFRS
businesses segment was ¥43.8 billion, an improvement of ¥27.2 billion from the previous fiscal year. Operating Profit (Loss) (left scale) Operating Margin (right scale)
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Honda Motor Co., Ltd. Annual Report 2017
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1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
revenue, including intersegment sales, increased by ¥41.5 billion, or 2.2%, to ¥1,891.2 billion from the 1,000
Japan
North America
previous fiscal year. Europe
Operating costs and expenses increased by ¥62.4 billion, or 3.8%, to ¥1,712.8 billion from the previous Asia 500
fiscal year. Cost of sales increased by ¥61.5 billion, or 4.0%, to ¥1,608.7 billion from the previous fiscal Other Regions
0 13 14 15 16 17
year, due mainly to an increase in costs attributable
U.S. GAAP IFRS
to increased operating lease revenues and rev-
enues on disposition of lease vehicles. Selling,
Receivables from Financial Services / Equipment on Operating Leases
general and administrative expenses increased by * In fiscal 2013, the above were named “Finance Receivables” and “Property on Operating Leases”, and stated in accordance with
U.S. GAAP.
¥0.9 billion, or 0.9%, to ¥104.1 billion.
Operating profit decreased by ¥20.9 billion, or Yen (billions) 2013 2014 2015 2016 2017
10.5 %, to ¥178.4 billion from the previous fiscal year, Receivables from
¥4,031.1 ¥5,351.2 ¥5,683.6 ¥5,008.0 ¥4,949.5
due mainly to increased selling, general and adminis- Financial Services
trative expenses as well as negative foreign currency Equipment on
1,843.1 2,427.4 3,335.3 3,678.1 4,104.6
effects, which was partially offset by an increase in Operating Leases
profit attributable to increased sales revenue. Total ¥5,874.2 ¥7,778.6 ¥9,018.9 ¥8,686.1 ¥9,054.2
150
40.0
30.0
To support the sale of its products, Honda provides retail lending and leasing to customers and wholesale financing to dealers
through its finance subsidiaries in Japan, the United States, Canada, the United Kingdom, Germany, Brazil and Thailand. 100 20.0
50 10.0
0 13 14 15 16 17 0.0
U.S. GAAP IFRS
Operating Profit (left scale) Operating Margin (right scale)
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Honda Motor Co., Ltd. Annual Report 2017
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1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
ESG Information
Environment Social Activity Safety
Honda’s Environment Statement / President and CEO and comprised of members of Honda Social Activity Toward a Collision-Free Mobile Society
Honda Environmental and Safety Vision company management. In 1995, the committee Since the Company was founded, Honda has As exemplified by the remark of the Company’s
Ever since the 1960s, Honda has actively endeavored became the World Environmental Committee and sought to contribute to society and customers by founder Soichiro Honda that “as long as we are han-
to solve environmental problems. We developed the assumed responsibility for discussing and formulating creating quality products and technologies while coex- dling a mode of transportation, we are entrusted with
low-pollution CVCC engine that successfully reduced plans for environmental protection activities worldwide. isting harmoniously with the communities that host its human lives,” Honda is, on the basis of the concept of
carbon monoxide, hydrocarbon and nitrogen oxide Since then, it has continued to meet every year as the operations. In the 1960s, while the Company was still safe coexistence, aiming at a collision-free mobile
(NOx) emissions, and we were the world’s first auto- World Environment and Safety Strategy Committee. in a period of early growth, Honda began to launch society, where not only drivers and riders, but indeed
maker to comply with the U.S. Clean Air Act in the Medium- and long-term environmental policies and philanthropic initiatives designed to strengthen ties with everyone sharing the road, can safely and confidently
1970s—a regulation which was said to be the most plans at the global level are formulated at World local communities. enjoy the freedom of mobility.
stringent in the world at the time. Environment and Safety Strategy Committee on the Currently, Honda undertakes various social activities For that reason, Honda is conducting safety pro-
In 1992, Honda’s Environment Statement was basis of Company-wide direction and medium- and in the six regions of the Company’s worldwide opera- motion activities in three areas: “Human (Safety
released to serve as the Company’s guideline for all long-term business plans. All committee members are tions, aiming to share joy with people all around the Education),” “Technology (Vehicle Technologies)” and
environmental initiatives. The statement articulates the involved in the decision-making process. world and to become a company society wants to “Communication (Telecommunication Networks).”
basic stance we had developed until then to reduce Following the decisions made at the above meeting, exist. Honda also strives to support initiatives that However, issues concerning the traffic environment
environmental impact at every stage in the life cycle of the World’s Six Region Environmental Committee, reflect local circumstances in its corporate activities are diverse and vary from region to region, such as
our products, from product procurement to design, made up of the environmental divisions of each regional overseas. In order to be able to share joy, Honda will the over-concentration of traffic or poor infrastructure.
development, production, transportation, sale, use headquarters, also meets every year. Once the infor- continue to pursue various social activities while com- Against this backdrop, Honda is rolling out initiatives
and disposal. mation sharing process at these meetings is over, municating with customers and local residents. that combine the three areas of “Human,” “Technol-
In addition, for Honda to further promote the above- these divisions formulate concrete action plans and ogy” and “Communication” in line with the actual
mentioned environmental initiatives and continue to be then implement policy. Basic Approach conditions existing in each region.
a company that society wants to exist, the Honda In terms of the progress of Honda’s environmental Honda establishes foundational principles and global In Thailand, for example, safety measures are an
Environmental and Safety Vision was established in initiatives and the themes applicable worldwide, the directions that represent its basic approach toward urgent challenge due to the large number of traffic
2011. Aimed at the realization of the joy and freedom Corporate Planning Supervisory Unit collects informa- social activities. These clearly stated principles and fatalities in particular compared with other parts of
of mobility and a sustainable society where people can tion from regional operations and reports it at the directions demonstrate the Company’s determination Asia. In response, from 2016 through 2020 Honda
enjoy life as is declared in this vision, each of Honda’s meeting of the World Environment and Safety Strategy to passionately take part in activities related to educa- has committed to conducting a detailed investigation
global business sites are engaging in the reduction of Committee. tional, environmental, community, and traffic safety involving collection and analysis of information on
all kinds of environmental impacts from the aspects of The Company is striving to continuously enhance initiatives that will help create a future society in which around 1,000 traffic accidents in Thailand. The investi-
both production-based and corporate activities, begin- environmental management through the reflection of everyone can pursue their dreams. gation first pinpoints the fundamental cause of each
ning with greenhouse gas (GHG) emissions, which are the above information in the medium-term business Honda pursues a variety of activities in six regions, accident. Based on the knowledge accumulated,
considered to be a cause of climate change; use of plan and policy for the following term and the imple- taking advantage of its unique management resources Honda plans to develop activities to promote more
resources, including water and minerals; and suitable mentation of the plan-do-check-action (PDCA) cycle by in line with these principles and directions. suitable safe driving practices in the area of “Human”
processing and reduction of waste. each regional operation and environmental division. and connect this to the development of more effective
Honda will conduct these activities while sharing the Beginning in FY2018, environmental issues will be safety-related technology in the area of “Technology.”
Honda Environment Statement with everyone associ- incorporated as items to be considered at the Sustain- This initiative is being expanded gradually in the
ated with Honda—including suppliers and distributors ability Strategy Committee for integrated discussions respective regions of Asia and Oceania.
in addition to Honda Group companies—in order to under a single committee.
realize this vision.
Environmental Management System
Environmental Management Promotion As of March 2017, Honda’s existing global vehicle
Structure and Management Cycle assembly and product assembly plants had acquired
Recognizing that environmental issues such as ISO 14001, an international certification for environ-
climate change and energy/resource issues, which mental management systems. Honda is in the process
require global responses, are material issues that of obtaining certification for newly built plants.
impact Honda’s business operations, the Environmen- Therefore, coverage of environmental management
tal Committee was established in 1991, chaired by the systems is virtually 100%.
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Honda Motor Co., Ltd. Annual Report 2017
page opened contents page 23
1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
Corporate Governance
Risk Factors
Honda relies on external suppliers for the provision of certain raw information handled by these systems and networks, Honda implements a range of
materials and parts security measures both in hardware and software, such as building manage- ment
Honda purchases raw materials and parts from numerous external suppliers, and systems including those of subcontractors, information-handling procedures and
relies on certain suppliers for some of the raw materials and parts which it uses in training of staff. However, there is a risk of leakage of confidential information,
the manufacture of its products. Honda’s ability to continue to obtain these sup- suspension of important operations and services, improper administrative pro-
plies in an efficient and cost-effective manner is subject to a number of factors, cessing, destruction or alteration of important data or other adverse developments.
some of which are outside of Honda’s control. These factors include the ability of its These may be the result of external cyber-attacks, equipment malfunction, or
suppliers to provide a continued source of raw materials and parts and Honda’s management deficiencies and human error, as well as natural disasters, infrastruc-
ability to compete with other users in obtaining the supplies. In particular, the loss ture failures, or other unforeseen events within Honda or at its subcontractors. In
of a key supplier could affect our production and increase our costs. such cases, Honda’s business activities and performance could be adversely
affected in terms of damage to its brand image or social reputation, liability to
Honda relies on business alliances and joint ventures with customers or parties affected, and a loss of Honda’s competitiveness.
other companies
Honda engages in business operations through alliances and joint ventures with Honda is subject to risks relating to its obligations to provide
other companies in expectation of synergy effects and increased efficiency, or in post-employment benefits
accordance with requirements from the countries in which Honda conducts its Honda has various pension plans and provides other post-employment benefits, in
businesses. However, if disagreements occur between the parties to an alliance or which the amount of benefits is basically determined based on the level of salary,
joint venture, or if an alliance or joint venture is changed or cancelled, it may have service years, and other factors. Contributions are also regularly reviewed and
an adverse effect on Honda’s business, financial condition, or results. adjusted as necessary to the extent permitted by laws and regulations. Defined
benefit obligations and defined benefit costs are based on assumptions of many
Honda may be adversely affected by wars, terrorism, political factors, including the discount rate and the rate of salary increase. Changes in
uncertainty and labor strikes assumptions could affect Honda’s defined benefit costs and obligations, including
Honda conducts business operations in countries worldwide and is exposed to Honda’s cash requirements to fund such obligations in the future, which could
risks including wars, terrorism, political uncertainty and labor strikes in those materially affect Honda’s financial condition and results.
countries or neighboring regions. If such unforeseeable events occur, and opera-
tions are delayed or suspended, Honda’s business, financial condition, or results Honda’s success depends in part on the value of its brand image,
could be adversely affected. which could be diminished by product defects
One of the important factors behind corporate sustainability is trust and support
Honda may be adversely affected by natural disasters for the Honda brand from our customers, society and the communities in which
In order to minimize the impact on its business operations when events such as Honda conducts business operations. With respect to the quality of our products,
large-scale natural disasters, accidents, or the outbreak of infectious diseases which serves as the pillar of our brand image, we recognize that our mainstay
occur, Honda conducts a risk evaluation of these events and constructs business products provide personal mobility and touch human lives, so we place top priority
continuity plans (BCPs). However, if operations are delayed or suspended due to on the safety and security of our customers and constantly strive to further
the occurrence of disasters, accidents, or the outbreak of infectious diseases that enhance the quality of our development, production and service-related activities.
exceed assumptions, Honda’s business, financial condition or results could be However, if for some unforeseeable reason a product defect does occur, from the
adversely affected. standpoint of assuring the safety and security of our customers, it is possible that
Honda will issue a recall or take some other action considered to be appropriate.
Honda’s operations rely on information systems and networks In such an event, the Honda brand image could be damaged and this could
Honda uses a range of information systems and networks relating to information adversely impact Honda’s business operations as well as our results.
services and operational support in its business activities and its products, includ-
ing in areas managed by subcontractors. To protect the confidentiality of
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Honda Motor Co., Ltd. Annual Report 2017
page opened contents page 26
1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
Senior Managing Director Senior Managing Director Senior Managing Director Senior Managing Director
Yoshi Yamane Yoshiyuki Matsumoto Toshiaki Mikoshiba Kohei Takeuchi
Directors
Senior Managing Director
Executive Vice President
President and and Representative Director Senior Managing Director Kohei
Senior Managing Director
Representative Chief Operating Officer Senior Managing Director
Toshiaki Takeuchi
Director Seiji Yoshiyuki Mikoshiba Yoshi · Chief Financial Officer
(Accounting, Finance,
Chief Executive Kuraishi Matsumoto · In Charge of Sales and Yamane Human Resources, Corporate
Officer · In Charge of Strategy, · In Charge of Research & Marketing · In Charge of Production Governance and IT)
Business Operations and Development (Research & · President and Chief (Production, Purchasing, · Chief Officer for Business
Takahiro Regional Operations
· Risk Management Officer
Development, Intellectual
Property and
Executive Officer of
American Honda Motor
Quality, Parts and Service)
· Chief Officer for Production
Management Operations
· Chief Officer for Driving Safety
Hachigo · Corporate Brand Officer Standardization) Co., Inc. Operations Promotion Center
Director and
Director Director Advisor
Hideko Motoki Takanobu
Kunii Ozaki Ito
Operating Officers
Managing Officers
Toshihiko Nonaka Takashi Sekiguchi Soichiro Takizawa Michimasa Fujino
President, Chief Executive Officer and Chief Officer for Automobile Operations Senior Executive Vice President and President and Director of Honda Aircraft
Representative Director of Honda Executive in Charge of Sales Strategy, Director of Honda North America, Inc. Company, LLC
Engineering Co., Ltd. Automobile Operations
Executive in Charge of Corporate Project
Operating Officers
Naoto Matsui Toshihiro Mibe Kazuhiro Odaka Katsushi Inoue
Chief Officer for Purchasing Operations Senior Managing Officer and Director of Chief Officer for Human Resources and Chief Officer for Regional Operations
Honda R&D Co., Ltd. Corporate Governance Operations (Europe Region)
Mitsugu Matsukawa Compliance Officer President and Director of Honda Motor
Yusuke Hori Europe Ltd.
Executive in Charge of Strategy, New Model
and Supply Chain Management for Production Head of Regional Unit Masayuki Igarashi
Operations (Africa & the Middle East) Executive Vice President and Director of Kimiyoshi Teratani
Honda North America, Inc. Chief Officer for Regional Operations (Japan)
Shinji Aoyama Tomomi Kosaka Executive Vice President and Director of
Chief Officer for Regional Operations Vice President of Fuel Cell System American Honda Motor Co., Inc. Asako Suzuki
(Asia & Oceania) Manufacturing LLC General Manager of Marketing and Product
President and Director of Asian Honda Motor Hiroyuki Kachi Planning Division for Regional Operations (Japan)
Co., Ltd. Noriaki Abe Chief Officer for IT Operations
Chief Officer for Motorcycle Operations Executive in Charge of Corporate Project Katsuhisa Okuda
Noriya Kaihara Chief Officer for Power Product Operations
Chief Officer for Customer First Operations Toshiyuki Shimabara Soichi Yamamoto
Chief Quality Officer Executive Vice President and Director of Executive Vice President and Director of Honda Katsuhide Moriyama
Honda North America, Inc. Motor Europe Ltd.
Chief Officer for Brand and Communication
Tetsuo Suzuki President and Director of Honda of America Managing Director of Honda of the U.K. Operations
Mfg., Inc. Manufacturing Ltd.
Representative of Motorcycle DEB for Motorcycle
Operations
Yasuhide Mizuno
Issao Mizoguchi Chief Officer for Regional Operations (China)
Chief Officer for Regional Operations President of Honda Motor (China) Investment
(Latin America) Co., Ltd.
President and Director of Honda South President of Honda Motor Technology (China)
America Ltda. Co., Ltd.
President and Director of Honda Automoveis
do Brazil Ltda.
President and Director of Moto Honda da
Amazonia Ltda.
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Honda Motor Co., Ltd. Annual Report 2017
page opened contents page 29
1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
Operating Profit
Operating and Financial Review Operating profit increased by ¥337.3 billion, or 67.0%, to ¥840.7 billion from the
previous fiscal year, due mainly to decreased selling, general and administrative
Sales Revenue expenses including product warranty expenses, continuing cost reduction,
Honda’s consolidated sales revenue for the fiscal year ended March 31, 2017, increase in profit attributable to increased sales revenue and model mix as well as
decreased by ¥601.9 billion, or 4.1%, to ¥13,999.2 billion from the fiscal year ended the impact of pension plan amendments, which was partially offset by an increase
March 31, 2016, due mainly to negative foreign currency translation effects, which in research and development expenses as well as negative foreign currency
was partially offset by increased consolidated unit sales in all business operations as effects. Honda estimates that by excluding negative foreign currency effects of
well as an increase in sales revenue in the Financial services business. Honda esti- approximately ¥283.2 billion, operating profit would have increased by approxi-
mates that by applying Japanese yen exchange rates of the previous fiscal year to mately ¥620.5 billion.
the current fiscal year, sales revenue for the year would have increased by approxi-
mately ¥722.6 billion, or 4.9%, compared to the decrease as reported of ¥601.9 With respect to the discussion above of the changes, management identified
billion, which includes negative foreign currency translation effects. factors and used what it believes to be a reasonable method to analyze the respec-
tive changes in such factors. Management analyzed changes in these factors at the
Operating Costs and Expenses levels of the Company and its material consolidated subsidiaries. “Foreign currency
Operating costs and expenses decreased by ¥939.2 billion, or 6.7%, to ¥13,158.4 effects” consist of “translation adjustments,” which come from the translation of the
billion from the previous fiscal year. Cost of sales decreased by ¥466.5 billion, or currency of foreign subsidiaries’ financial statements into Japanese yen, and
4.1%, to ¥10,865.8 billion from the previous fiscal year, due mainly to the impact “foreign currency adjustments,” which result from foreign-currency-denominated
of pension plan amendments as well as positive foreign currency effects, which transaction. With respect to “foreign currency adjustments,” management analyzed
was partially offset by an increase in costs attributable to increased consolidated foreign currency adjustments primarily related to the following currencies: U.S.
unit sales in all business operations. Selling, general and administrative expenses dollar, Japanese yen and others at the level of the Company and its material con-
decreased by ¥507.6 billion, or 24.1%, to ¥1,601.2 billion from the previous fiscal solidated subsidiaries.
year, due mainly to decreased product warranty expenses as well as the impact of
pension plan amendments. Research and development expenses increased by The estimates excluding the foreign currency effects are not on the same base
¥34.9 billion, or 5.3%, to ¥691.4 billion from the previous fiscal year, which was as Honda’s consolidated financial statements, and do not conform to IFRS.
Furthermore, Honda does not believe that these measures are substitute for the
disclosure required by IFRS. However, Honda believes that such estimates exclud-
ing the foreign currency effects provide financial statements users with additional
Sales Revenue Yen (billions) useful information for understanding Honda’s results.
* In fiscal 2013, the above was named
“Net Sales and Other Operating 15,000
Revenue” and stated in accordance Profit before Income Taxes
with U.S. GAAP.
Fiscal years ended March 31 Profit before income taxes increased by ¥371.5 billion, or 58.5%, to ¥1,006.9
10,000
billion. The main factors behind this increase, except factors relating to operating
profit, are as follows:
5,000 Share of profit of investments accounted for using the equity method had a
positive impact of ¥38.7 billion, due mainly to an increase in profit attributable to
increased sales revenue at affiliates and joint ventures in Asia.
0
13 14 15 16 17
U.S. GAAP IFRS
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Honda Motor Co., Ltd. Annual Report 2017
page opened contents page 30
1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
Finance income and finance costs had a negative impact of ¥4.5 billion, due
mainly to effect from gains or losses on derivatives.
Yen
2016 2017
Earnings per share attributable to owners of the parent
Basic and diluted ¥ 191.16 ¥ 342.10
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Honda Motor Co., Ltd. Annual Report 2017
page opened contents page 33
1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
Segment Information
Honda has four reportable segments: Motorcycle business, Automobile business, Financial services business and Power product and other businesses, which are based
on Honda’s organizational structure and characteristics of products and services. Operating segments are defined as the components of Honda for which separate
financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The
accounting policies used for these reportable segments are consistent with the accounting policies used in the Company’s consolidated financial statements.
Segment Information
Segment information as of and for the years ended March 31, 2016 and 2017 is as follows:
As of and for the year ended March 31, 2016
Yen (millions)
Financial Power Product
Motorcycle Automobile Services and Other Segment Reconciling
Business Business Business Businesses Total Items Consolidated
Sales revenue:
External customers ¥1,805,429 ¥10,625,405 ¥1,835,605 ¥334,712 ¥14,601,151 ¥ — ¥14,601,151
Intersegment — 142,280 14,095 17,532 173,907 (173,907) —
Total 1,805,429 10,767,685 1,849,700 352,244 14,775,058 (173,907) 14,601,151
Segment profit (loss) 181,773 153,366 199,358 (31,121) 503,376 — 503,376
Segment assets 1,412,404 7,493,086 9,071,874 333,586 18,310,950 (81,656) 18,229,294
Depreciation and amortization 76,267 564,631 622,874 13,770 1,277,542 — 1,277,542
Capital expenditures 73,541 796,209 1,972,647 18,251 2,860,648 — 2,860,648
Financial Summary
Fiscal years ended March 31
Yen (millions) Yen (millions)
U.S. GAAP IFRS
2007 2008 2009 2010 2011 2012 2013 2014 2015 2014 2015 2016 2017
Sales, income and dividends Sales, income and dividends
Net sales and other operating revenue ¥11,087,140 ¥12,002,834 ¥10,011,241 ¥ 8,579,174 ¥ 8,936,867 ¥ 7,948,095 ¥ 9,877,947 ¥11,842,451 ¥12,646,747 Sales revenue ¥12,506,091 ¥13,328,099 ¥14,601,151 ¥13,999,200
Operating income 851,879 953,109 189,643 363,775 569,775 231,364 544,810 750,281 606,878 Operating profit 823,864 670,603 503,376 840,711
Operating margin 7.7% 7.9% 1.9% 4.2% 6.4% 2.9% 5.5% 6.3% 4.8% Operating margin 6.6% 5.0% 3.4% 6.0%
Income before income taxes and Share of profit of investments
equity in income of affiliates 792,868 895,841 161,734 336,198 630,548 257,403 488,891 728,940 644,809 accounted for using the equity method 130,916 96,097 126,001 164,793
Income taxes 283,846 387,436 109,835 146,869 206,827 135,735 178,976 252,662 235,204 Profit before income taxes 933,903 806,237 635,450 1,006,986
Equity in income of affiliates 103,417 118,942 99,034 93,282 139,756 100,406 82,723 132,471 126,570 Income tax expense 267,992 245,139 229,092 327,592
Net income attributable to
noncontrolling interests (20,117) (27,308) (13,928) (14,211) (29,389) (10,592) (25,489) (34,642) (43,168) Profit for the year 665,911 561,098 406,358 679,394
Net income attributable to Profit for the year attributable to
Honda Motor Co., Ltd. 592,322 600,039 137,005 268,400 534,088 211,482 367,149 574,107 493,007 owners of the parent 624,703 509,435 344,531 616,569
Cash dividends paid during Dividends paid to owners of
the period 140,482 152,590 139,724 61,696 92,170 108,138 129,765 142,381 158,601 the parent 142,381 158,601 158,601 162,205
Research and development 551,847 587,959 563,197 463,354 487,591 519,818 560,270 634,130 662,610 R&D expenditures 625,698 670,331 719,810 659,918
Interest expense 12,912 16,623 22,543 12,552 8,474 10,378 12,157 12,703 16,598 Interest expense 12,803 18,194 18,146 12,471
Capital expenditures
(excluding purchase of operating Additions to property,
lease assets) 627,066 654,030 633,913 348,981 326,620 424,413 630,408 782,027 714,502 plant and equipment 803,231 703,920 687,306 588,360
Depreciation
(excluding property on
operating leases) 361,747 417,393 441,868 401,743 377,272 345,105 335,536 442,318 490,375 Depreciation 419,022 451,052 486,410 484,133
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Honda Motor Co., Ltd. Annual Report 2017
page opened contents page 39
1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
Number of employees 167,231 178,960 181,876 176,815 179,060 187,094 190,338 198,561 203,902 Number of employees 199,368 204,730 208,399 211,915
Stock Information Shareholders’ Register Manager Depositary and Transfer Agent for
Securities Code 7267
for Common Stock American Depositary Receipts
Number of Shares 7,086,000,000 shares Shareholders’ Register Manager: JPMorgan Chase Bank, N.A.
Authorized Sumitomo Mitsui Trust Bank, Limited 4 New York Plaza, Floor 12,
Total Number of 1,811,428,430 shares 4-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo New York, NY 10004, U.S.A.
Shares Issued
Contact Address: Contact Address:
Number of 194,661 Sumitomo Mitsui Trust Bank, Limited, JPMorgan Service Center
Shareholders
Stock Transfer Agency Department P.O. Box 64504
Number of Shares 100 shares 8-4, Izumi 2-chome, Suginami-ku, St. Paul, MN 55164-0504, U.S.A.
per Trading Unit
Tokyo 168-0063, Japan TEL: 1-800-990-1135
Stock Exchange Japan: Tokyo stock exchanges
Listings TEL: 0120-782-031 (toll free within Japan) E-mail: jpmorgan.adr@wellsfargo.com
Overseas: New York stock exchanges
Ratio: 1 ADR = 1 share of underlying stock
General Meeting June
of Shareholders Ticker symbol: HMC
Record Dates June 30 September 30 Note: With respect to taxation and other matters relating to the acquisition,
for Dividends December 31 March 31 holding, and disposition of the Company’s common stock or ADRs by
non-residents of Japan, please also refer to “Item 10E. Taxation” of
Form 20-F included in the “Investor Relations” section on our web site.
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Honda Motor Co., Ltd. Annual Report 2017
page opened contents page 41
1 The Power of
Dreams 2 Financial Highlights 3 To Our Shareholders 4 CFO Interview
5 Review of
Operations 6 ESG Information 7 Financial Section 8 Investor Relations
Information
Number of
shares held
Percentage of total
shares issued
Individuals 8.8%
Name (thousands) (%)
Treasury stock 0.5%
Japan Trustee Services Bank, Ltd. (Trust Account) 127,979 7.07
The Master Trust Bank of Japan, Ltd. (Trust Account) 94,498 5.22 Foreign investors 40.1 % Financial institutions 41.1%
Moxley & Co. LLC 66,809 3.69
Meiji Yasuda Life Insurance Company 51,199 2.83
State Street Bank and Trust Company 45,879 2.53 Securities companies 1.7%
Japan Trustee Services Bank, Ltd. (Trust Account 09) 39,950 2.21
State Street Bank and Trust Company 505223 39,480 2.18 Other domestic
Tokio Marine & Nichido Fire Insurance Co., Ltd. 37,234 2.06
corporations 7.8%
The Bank of Tokyo-Mitsubishi UFJ, Ltd. 36,686 2.03
Japan Trustee Services Bank, Ltd. (Trust Account 05) 33,061 1.83
Honda’s Stock Price and Trading Volume on the Tokyo Stock Exchange
(Yen) Stock (millions)
5,000
← High Trading
← Low Volume
4,000
3,000
2,000 400
300
1,000 200
100
0 0
2011 2012 2013 2014 2015 2016 2017