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Honda Motor Co Ltd – ‘6-K’ for 11/14/03

On:  Friday, 11/14/03, at 6:36am ET   ·   For:  11/14/03   ·   Accession #:  1193125-3-80882   ·   File #:  1-07628

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11st Page   -   Filing Submission
"Table of Contents
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"Exhibit 2
"Exhibit 3
"Exhibit 4
"Exhibit 5
"Exhibit 6
"Exhibit 7
"Exhibit 8
"Exhibit 9
"Exhibit 10

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  Form 6-K  
Table of Contents

 

No.1-7628

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 


 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE MONTH OF October 2003

 


 

COMMISSION FILE NUMBER: 1-07628

HONDA GIKEN KOGYO KABUSHIKI KAISHA

(Name of registrant)

 


 

HONDA MOTOR CO., LTD.

(Translation of registrant’s name into English)

 

1-1, Minami-Aoyama 2-chome, Minato-ku, Tokyo 107-8556, Japan

(Address of principal executive officers)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F     *        Form 40-F             

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):         

 

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

 

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes              No             

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-            

 


 


Table of Contents

Contents

 

Exhibit 1:

On October 3, 2003, Honda Motor Co., Ltd. announced that it developed the world’s first electronically controlled fuel injection system (Honda Programmed Fuel Injection, or ‘PGM-FI’) for use in 4-stroke, 50cc scooters. (Ref. #M03-37)

 

Exhibit 2:

On October 10, 2003, Honda Motor Co., Ltd. announced the development of the Honda FC Stack, a remarkably compact, next-generation fuel cell stack that delivers high performance, yet operates at temperatures as low as -20°C (-4°F). (Ref. #A03-053)

 

Exhibit 3:

On October 14, 2003, Honda Motor Co., Ltd. announced the lineup of vehicles to be displayed at the Japan Automobile Manufacturers Association, Inc. – sponsored 37th Tokyo Motor Show which ran from Saturday, October 25th to Wednesday, November 5, 2003 at Makuhari Messe in Chiba, Japan. (Ref. #C03-076)

 

Exhibit 4:

On October 15, 2003, Honda R&D Co., Ltd., Honda’s research and development subsidiary, announced that it will expand Honda R&D Southeast Asia Co., Ltd., its motorcycle research center in Thailand, in order to enhance research and development of motorcycles in ASEAN region. (Ref. #C03-077)

 

Exhibit 5:

On October 16, 2003, Honda Motor Co., Ltd. announced the upcoming release in Japan of the new Dio scooter, featuring an air-cooled, 4-stroke 50cc engine and striking new design. (Ref. #M03-040)

 

Exhibit 6:

On October 17, 2003, Honda Motor Co., Ltd. announced the addition of the world’s first Congestion Prediction function to the company’s exclusive InterNavi Premium Club service. (Ref. #A03-056)

 

Exhibit 7:

On October 17, 2003, Honda Motor Co., Ltd. announced the new Odyssey for the Japanese market, offering outstanding new value in minivan. (Ref. #A03-055)

 

Exhibit 8:

On October 24, 2003, Honda Motor Co., Ltd. announced that overseas automobile production increased 19.7% in September over the corresponding month in 2002, the 33rd consecutive month of growth in that category. (Ref. #C03-078)

 

Exhibit 9:

On October 28, 2003, Honda Motor Co., Ltd. announced its consolidated financial results for the fiscal second quarter and the first half ended September 30th 2003.

 

Exhibit 10:

English translation of “Notice of Resolution by the Board of Directors concerning Payment of Interim Dividend” for the 80th fiscal period.


Table of Contents

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

HONDA GIKEN KOGYO

KABUSHIKI KAISHA

( HONDA MOTOR CO., LTD )

/s/    Satoshi Aoki


Satoshi Aoki

Senior Managing and

Representative Director

 

Date: November 14, 2003

 

 


Table of Contents

LOGO

 

ref. #M03-37

 

Honda Develops World’s First Electronically Controlled Fuel

Injection System for a 4-Stroke 50cc Scooter

 

October 3, 2003—Honda Motor Co., Ltd. announced today that it has developed the world’s first electronically controlled fuel injection system (Honda Programmed Fuel Injection, or ‘PGM-FI’) for use in 4-stroke, 50cc engines. The PGM-FI system, which offers superb starting along with improved fuel economy and cleaner emissions, will be available on a new-model scooter in Japan next spring.

 

All Honda scooters for sale in Japan are scheduled for conversion to PGM-FI by 2007, and the majority of models for sale worldwide will be equipped with PGM-FI by 2010.

 

Use of PGM-FI in any motorcycle requires precise control technology, but in smaller models with a displacement as low as 50cc, the further needs for compact design and low cost present a considerable technical challenge.

 

Main achievements in developing PGM-FI for use in a 4-stroke, 50cc scooter:

 

  A major reduction in the number of structural components achieved through functional integration and unified design, resulting in both size and cost savings.

 

  Approximately 7%* better fuel economy in 30km/h steady speed test mode, and approximately 10%* better fuel economy in a test mode designed to simulate actual city driving conditions.

 

  Reduction of emissions to just half the CO (carbon monoxide) and HC (hydrocarbon) levels stipulated by Japanese government regulations.

 

  Compared to a conventional, carburetor-equipped 50cc engine, significantly better starting when cold or after long periods of disuse.

 

  Although the system requires an electrical supply, the scooter can be started using the kick-starter even when the battery is completely dead.

 

          *Calculations based on Honda in-house testing
LOGO         LOGO
PGM-FI-equipped 4-stroke, 50cc engine         PGM-FI-equipped 4-stroke, 50cc prototype scooter

 

 

-1-


Table of Contents

As part of its ongoing effort to help preserve the global environment, Honda completed the conversion to 4-stroke engines of all its motorcycles offered for sale worldwide (excluding some specialized models) at the end of 2002. The CX500 Turbo (a 500cc export model) was the first Honda motorcycle to be sold with fuel injection, in 1982. Since then, fuel injection has been available on a wide range of motorcycles, from large-displacement 1800cc bikes down to small-displacement 125cc models. Now, Honda’s latest technological advances have further broadened this range to include these new 4-stroke, 50cc engines—a world’s first.

 

This new technology will promote greater fuel economy and cleaner emissions in 50cc-class scooters, the largest sales category in Japan.

 

l Main Features of the PGM-FI System for Use in a 4-stroke, 50cc Scooter

 

m Low cost and functional integration

 

Functional components are combined and sensing functions integrated, and the fuel pump and other major components redesigned to reduce the number of parts required to just 8, compared to the 15 used in a conventional PGM-FI unit for larger models. On top of this, a 32-bit CPU was used to integrate the ACG*1 starter control ECU*2 with the PGM-FI control ECU, resulting in greater functional integration for further cost savings.

 

   

*1 ACG: Alternating-Current Generator

   

*2 ECU: Engine Control Unit

 

m Smaller, more lightweight components

 

In order to maintain the 50cc scooter’s flat-floor design, an ultra-compact fuel pump module was newly designed to fit inside the flat fuel tank located underneath the floor. The unit is just 64% of the volume and 32% the weight of the one used in the 125cc Pantheon scooter released in Europe in February 2003. The throttle body and ECU have also been made lighter and smaller, with volumes of just 38% and 21% respectively, of those used in the carburetor-equipped conventional 50cc scooter.

 

m Precise fuel-flow volume control

 

An injector for use in a small-displacement engine must provide both minute injection volumes and fine atomization of the injected fuel. The new injector for use in 50cc engines uses a two-hole injection nozzle to attain just one-third the injection volume compared to a 125cc scooter (the Pantheon). And, whereas conventional injectors generally employ multi-holed injection nozzles to obtain fine atomization, the new injector uses an optimized internal flow-path shape to achieve the world’s highest level of atomization.

 

m Precise airflow control during idling

 

Airflow volume also needed to be reduced to one-third that of a 125cc scooter (the Pantheon). The newly developed air valve for use in 50cc engines employs an ultra-miniature step motor to precisely move a high-precision valve in increments of 30ìm, ensuring optimum air volume control during startup, warm up, idling, and other engine operating conditions. This results in significant improvements in startup and idling performance, and reduces the need for periodic maintenance.

 

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Table of Contents
m Kick-starting when the battery is completely dead

 

Users of small scooters want to start them using the kick-starter even when the battery is completely dead due to long periods of disuse. With previous fuel injection systems, it was difficult to start the engine with the current produced by the kick-starter alone. With the new system, however, small amounts of current produced by the kick-starter are directed over a 0.2 second period only to the circuits required for startup. Thanks to this and to a newly developed energy-saving fuel pump, the engine can start up smoothly even when the battery is dead.

 

Related publicity information and photographs are available from October 3, 2003 at the following URL:

http://www.honda.co.jp/PR/

Please enter this URL directly into an internet browser (Internet Explorer, etc.)

(This site is intended solely for the use of journalists.)

 

-3-


Table of Contents

LOGO

 

ref. #A03-053

 

New Honda Fuel Cell Stack Operates at Low Temperatures;

Breakthrough Technology to be Tested in FCX on Public Roads

 

October 10, 2003—Honda Motor Co., Ltd. today announced the development of the Honda FC Stack, a remarkably compact, next-generation fuel cell stack that delivers high performance, yet operates at temperatures as low as -20ºC (-4ºF). It is the world’s first fuel stack to feature a metal press separator structure and newly developed electrolyte membranes. The FCX equipped with the Honda FC Stack was certified September 24, by the Minister of Land, Infrastructure and Transport.

 

Honda will begin public testing of the vehicle’s cold start and driving performance capabilities to advance more widespread use of fuel cell vehicles. Honda FC Stack-equipped FCX will take the role of a lead car in the 80th Tokyo-Hakone Ekiden relay race in January 2004.

 

Conventional fuel cell stacks have a complex structure in which carbon separators are fastened together with bolts. The Honda FC Stack, however, has a simplified structure composed of metal press separators, with rubber seals that are attached in a unique molding process and enclosed by panels. This reduces the number of components by almost 50% (compared to a conventional unit*1) and more than doubles the output density*2, resulting in world-leading high performance. Further, use of newly developed aromatic electrolyte membranes greatly improves durability and allows for power generation at temperatures ranging from -20ºC(-4ºF) to +95ºC(+203 ºF)—a difficult achievement for stacks that employ conventional fluorine electrolyte membranes. The driving range of the FCX with a Honda FC Stack also has increased by 40 km*3, from 355 km to 395 km, while fuel economy has improved by over 10%*4.

 

Honda began fuel cell technology research in the 1980s. Tests of Honda fuel cell stacks were conducted under a range of driving conditions using the 1999 FCX-V2 and the 2001 FCX-V3. Developed with a view to volume production and the ultimate need to recycle fuel cell vehicles, this next generation Honda FC Stack significantly reduces the use of special materials and offers excellent driving performance and low-temperature starts.

 

LOGO  

LOGO

                Honda FC Stack

 

                    FCX equipped with the Honda FC Stack

 

 

 

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Table of Contents

Key Features of the Honda FC Stack

 

1. Compact, high output

 

  Ÿ The number of components is reduced by almost 50% through use of the world’s first metal press separators and a panel-type structure, while the output density is almost double that of a conventional fuel cell stack.

 

2. Low-temperature starts

 

  Ÿ Ion conductivity at low temperatures is double that of a conventional stack thanks to use of aromatic electrolyte membranes.

 

  Ÿ Use of metal press separators improves conductivity.

 

  Ÿ Thermal capacity is reduced because the unit is more compact. Warm-up time is 20% that of a conventional stack.

 

3. Durable even at high temperatures

 

  Ÿ Power can be generated at up to +95ºC(203ºF).

 

4. Next-generation fuel cell stack developed in consideration of mass production and recycling.

 

  Ÿ Some special materials have been replaced b more readily-available materials.

 

*1 Honda fuel cell stack on the FCX-V3
*2 output/volume, output/weight
*3 LA4 mode Honda in-house calculations
*4 Compared with an FCX equipped with a Ballard fuel cell stack

 

Specifications of the Honda FC Stack-equipped FCX

 

Name

   FCX

Number of occupants

   4

Max. speed

   150 km/h
    

Max. output

  

80kW (109PS)

    

Max. drive torque

  

272N·m (27.5 kg·m)

Motor

  

Type

  

AC synchronous electric motor

(manufactured by Honda)

Fuel cell stack

(2 units)

  

Type

  

PEMFC

(proton exchange membrane fuel cell, manufactured by Honda)

  

Output

  

86kW

Fuel

  

Type

  

Compressed hydrogen

  

Storage

  

High-pressure hydrogen tank (350 atmospheres)

  

Capacity

   156.6 liters

Dimensions (L x W x H, mm)

   4165 x 1760 x 1645

Energy storage

   Ultra Capacitor (manufactured by Honda)

Vehicle range (LA4 mode)

   395 km

 

Publicity information relating to the next generation Honda FC Stack is available from the following URL:

http://www.honda.co.jp/PR/

(This site is intended exclusively for the use of journalists.)

 

 

-2-


Table of Contents

LOGO

 

ref. #C03-076

 

Honda Announces Automobiles and Motorcycles to be

Displayed at the 37th Tokyo Motor Show

 

October 14, 2003—Honda Motor Co., Ltd. today announced the lineup of vehicles to be displayed at the Japan Automobile Manufacturers Association, Inc.-sponsored 37th Tokyo Motor Show which runs from Saturday October 25th to Wednesday, November 5, 2003 at Makuhari Messe in Chiba, Japan.

 

The essence of Honda’s global brand and the spirit of challenge it is founded upon is expressed in the slogan ‘The Power of Dreams’. The theme chosen for the passenger car display at this Tokyo Motor Show, ‘Free Thinking; Liberating Technology’, introduces the bright and exciting world of people and cars that Honda aims to create. The theme of the motorcycle display, ‘Dream Wings’ expresses Honda’s desire to take the relationship between people and motorcycles to another level. In this corner some ideas, which were born of this continuous challenge, are on display. In addition to production concept vehicles, the Honda display will showcase the company’s environmental and safety technologies.

 

LOGO         LOGO
GRIFFON         HSC
           
           
           
LOGO         LOGO
KIWAMI         PS250

 

 

-1-


Table of Contents

Passenger Car Display: 19 Vehicles, 16 Models

 

At the passenger car display, Honda will present some of the latest results of the company’s free and innovative thinking and its determination to empower the individual. An all-new Odyssey will be introduced, as well as a broad range of imaginative concept vehicles. In addition, a variety of innovative powerplants that combine superior driving pleasure with advanced environmental technology, and a selection of new Honda safety technologies will be presented.

 

New Odyssey/ASM Stage

 

The spacious and comfortable new Odyssey redefines the minivan. An innovative low-floor platform provides a low center of gravity for improved handling and a low roofline. Sharing the stage with the new Odyssey will be the concept vehicle ASM, an 8-seat minivan offering both advanced technology and luxury.

 

Concept Vehicle Stage

 

Honda will present its ideas for the future in a lineup of intriguing concept vehicles: the HSC which offers the driving pleasure of a sports car in a package that anyone can handle; the IMAS, a lightweight aerodynamic hybrid sports car; and KIWAMI, which matches Honda’s clean-running fuel cell technology with the Japanese aesthetic of beauty in a premium next-generation sedan.

 

Advanced Technology Stage

 

The display will feature the FCX, the world’s first fuel cell vehicle to be brought to market, along with a wide range of cutaway models of engines that combine driving performance and advanced environmental technology. In addition, some of the latest developments in Honda’s pre-crash safety and other safety technologies will be featured.

 

Motor Sports Stage

 

Honda’s Formula One and IndyCar racers will be displayed, along with a racing version of the Fit (a concept vehicle).

 

Further, Honda’s ongoing work in the area of Welfare Vehicles will be represented by displays of the passenger lift seat-equipped Odyssey Almas and Life Almas as well as the Monpal 4-wheel electric wheelchair, which can be driven with an easy-to-operate lever.

 

 

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Table of Contents

Motorcycle Display: 51 Vehicles, 40 Models

 

At the motorcycle display, Honda will present on four stages the idea of ‘Dream Wings’, Honda’s desire to share the pleasure of motorcycle riding with more and more individuals. Honda is pursuing dreams and overcoming challenges to provide advanced technology for all.

 

Main Stage

 

Conveying a strong and compelling presence on the main stage will be the concept model Griffon, which combines the sportiness of a motorcycle with the convenience of a scooter; the soon-to-be-released CBR1000RR and CB750; and the overseas exhibition model Valkyrie Rune.

 

The Center Stage will feature the PS250, a concept model which represents the 5th model to be developed by the N Project and its team of young engineers at the Asaka R&D Center.

 

The Honda Racing Stage will feature the MotoGP championship machine RC211V, Honda’s new downhill racing RN01 mountain bike, and a range of other vehicles representative of Honda’s spirit of challenge and advanced technology.

 

The Ecology/Safety/Security Stage will focus on Honda’s safety, environmental and security technologies. Honda’s participation in the Ministry of Land, Infrastructure and Transport-led Advanced Safety Vehicle (ASV) program will be presented, including the Honda Riding Simulator, developed on the basis of the ASV, which enables one to experience motorcycle riding in a variety of simulated conditions.

 

As an example of Honda’s environmental technology, the Dio Z4 FI, which is to be released in the near future, highlights Honda’s newly developed PGM-FI (programmed fuel injection) system for 4-stroke 50cc engines.

 

The security display will feature Honda’s Smart Key and other systems, which combine convenience with advanced anti-theft protection.

 

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Table of Contents

¨  Displayed Vehicles    (l  Exhibition Model m Production Model)

 

[Passenger Car Display Corner]

 

LOGO  World Premiere (4 Models) (§)

New Odyssey/ASM Stage

  m   New Odyssey
    l   ASM («)

Concept Vehicle Stage

  l   HSC («)
    l   IMAS («)
    l   KIWAMI («)

Advanced Technology Stage

  m   Inspire
    m   Life

Motor Sports Stage

  l   F1
    l   IndyCar
    l   Fit Racing Model
    m   S2000

Welfare Vehicles

  m   Odyssey Almas
    m   Life Almas

Production Models

  m   Step WGN
    m   Stream
    m   Accord Wagon
[Motorcycle Display Corner]        
LOGO  World Premiere (6 models)(«)     LOGO  Japan Premiere (4 models) ()

Main Stage

  l   GRIFFON(«)    l  CBR1000RR ()
    l   SHADOW750 ()    l  CB750
    l   VTX1800S ()
    l   VALKYRIE RUNE ()
    l   GL1800 Gold Wing
    l   CB400 Super Four HYPER VTEC SPECIII («)
    l   CB1300 Super Four Type-R    l  CB400SS and others

Center Stage

  l   PS250 («) and others

Honda Racing Stage

  l   RC211V    l  VTR1000SPW    l  RN01 and others

Ecology/Safety/Security

  l   Dio Z4 FI («)     l  Riding Trainer («)
    l   WAVE 125 FI       l  ASV Riding Simulator and others

Production Models

  m   VTX    m  SILVER WING (600) ABS-equipped vehicle
    m   XR250    m  XR250 Motard    m  VTR
    m   Spacy100    m  SOLO    m  TODAY
    m   FUSION Type X equipped with audio system («) and others

 

Publicity materials relating to Honda’s displays at the 37th Tokyo Motor Show will be available as of October 15, 2003 at the following URL:

http:// www.honda.co.jp/PR/

(This site is intended exclusively for the use of journalists.)

 

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Table of Contents

LOGO

 

The following announcement was released by Honda R&D Co., Ltd., Honda’s research and development subsidiary, at 1:00 p.m. on October 15, 2003 Thailand time (3:00 p.m., October 15, 2003 Japan time).

 

<For reference>

 

ref.#C03-077

 

Honda Expands Motorcycle R&D Operation in Thailand to Enhance Research and

Development of Motorcycles for the ASEAN Region

 

Bangkok, Thailand, October 15, 2003—Honda R&D Co., Ltd., Honda’s research and development subsidiary, has announced that it will expand Honda R&D Southeast Asia Co., Ltd. (hereinafter referred to as HRS-T), its motorcycle research center in Thailand, in order to enhance research and development of motorcycles for the ASEAN region.

 

An additional investment of 800 million baths will be made to cover the cost of a 8,350m2 plot of land which has been purchased as well as for a new facility and adjoining test course will be constructed there. Currently, HRS-T conducts market research, styling design and mock-up model production. In the future, additional functions including engineering design and development as well as the testing of prototype motorcycles will be undertaken.

 

In 1988, a representative office was established in Thailand for the purpose of carrying out research and development of motorcycles and in 1997, this office was incorporated as HRS-T. In consideration of the expansion of the ASEAN motorcycle market in countries such as Indonesia, Vietnam and Thailand, which follow China and India as the largest markets, strengthening of the development function will be accelerated.

 

Outline of R&D Southeast Asia Co., Ltd.

 

Location:    Bangkok, Thailand
Capital:    18.30 million bahts
President:    Hirofumi Kambe
Equity ratio:    Honda R&D Co., Ltd. 100%
Business:    Research and development of motorcycles
Established:    November 1997

 

Related PR material can be downloaded from the following URL from October 15, 2003. To download, please use browser software such as Internet Explorer and directly type http://www.honda.co.jp/PR/ into the address bar.

(The above site is for the exclusive use of members of the press.)


Table of Contents

LOGO

 

ref. #M03-040

 

Honda Introduces the New Dio Scooter

 

October 16, 2003—Honda Motor Co., Ltd. today announced the upcoming release in Japan of the new Dio scooter, featuring an air-cooled, 4-stroke 50cc engine and striking new design. The new Dio is the third model manufactured in China to be introduced here and goes on sale Thursday, November 20, 2003.

 

The Dio features a bold new sporty wedge-shape body and environmental performance built into every detail. The high-quality styling is accented by six different color variations of lustrous pearl-white and metallic paints certain to please a broad range of customers.

 

Production of the new Dio takes full advantage of Honda’s global network with research and development conducted in Japan, optimal procurement of parts from various countries in Asia, and the manufacturing handled under the most stringent quality control standards at Sundiro Honda Motorcycle Co., Ltd. in China.

 

The new Dio is the fourth in the Dio series to be sold in Japan, joining the water-cooled 4-stroke 50cc Smart Dio, the Smart Dio Deluxe, which features an advanced Idle Stop System and front disc brakes, and the Smart Dio Z4—all manufactured at Honda’s Kumamoto Factory.

 

Optimally leveraging worldwide operating resources and achieving a mutually complementary supply of products within regions, Honda is moving forward with its ‘Made by Global Honda’ policy, responding to diversifying customer demand by manufacturing in the appropriate location for supply to each market.

 

LOGO

 

          Dio

l Annual domestic sales target

          60,000 units

l Manufacturer’s suggested retail price (consumption tax not included)

   119,000 yen

 

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= Key Features =

 

l Highly reliable air-cooled 4-stroke engine

 

The new Dio is equipped with a highly reliable, forced-air-cooled engine. An air injection (secondary air supply) system has been combined with a compact combustion chamber to reduce harmful pollutants in the exhaust gas. The engine has also been tuned to provide ample power in the low-to-mid engine speed ranges—just right for the frequent starts and acceleration of city driving. Fuel consumption is an impressive 65km/liter*1.

 

*1    In low-altitude driving at 30km/hour

 

l Striking new styling and ample equipment

 

The Dio’s striking new styling starts with the upturned tail, which accents the wedge-like body shape. Contoured surfaces, metal accents and multi-reflector headlights provide added visual appeal. A needle-indicator-equipped fuel gauge offers superior visibility, and other ergonomic features include a push-canceling turn indicator and inner storage pockets at knee level. The 22-liter*2 under-seat storage compartment accommodates a standard full-face helmet.

 

*2    Honda in-house measurement.

 

l Comprehensive anti-theft system and safety equipment

 

The anti-theft system utilizes a key cylinder that features centralized control of the main switch, seat opener and handle lock. The key cylinder is also equipped with a shutter-like protective cover. A U-lock holder on the rear carrier enables a U-lock to be fitted. Extra security is achieved through pre-wiring for an optional alarm kit or immobilizer alarm. Safety equipment includes a combined brake system that distributes an appropriate balance of front and rear wheel braking force when only the left (rear wheel) brake lever is used. This enables effective stopping while maintaining vehicle stability.

 

l Distinctive color variations

 

Six attractive color choices are designed to meet a wide range of customer needs, with a focus on metallic and pearl colorings for a high-quality look.

Two-tone—3 colors: (x Matte Access Grey Metallic), Sigma Silver Metallic, Sirius Blue Metallic, Orion Yellow

Solid colors—3 colors: Pearl Cancer White, Pearl Procyon Black, Candy Lucid Red

 

n Manufacturer: Sundiro Honda Motorcycle Co., Ltd.

 

Established:    September, 2001

Head office location:

  

Tianjin City, China

Capital:

  

US$ 99.56 million

Capital contribution:

   Honda Motor Co., Ltd. 50%, Hainan Sundiro Holding Co., Ltd. 47.33%, Tianjin Motors Group Inc. 2.67%

Principal activities:

  

Production and sale of motorcycles

Number of employees:

  

6,700 (as of May, 2003)

Production capacity:

  

Finished vehicles=1.4 million units/year (engines=1.2 million units)

 

Publicity materials relating to the new Dio will be available at the following URL :http://www.honda.co.jp/PR as of October 16, 2003.

 

(This site is intended exclusively for the use of journalists.)

 

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Table of Contents

Key Specifications

 

Model Name

              Dio

Model Type

              Honda·BA-AF62

L × W × H

     (m)        1.720×0.630×1.020

Wheelbase

     (m)        1.180

Ground Clearance

     (m)        0.110

Seat Height

     (m)        0.695

Vehicle Weight

     (kg)        77

Dry Weight

     (kg)        73

Number of Riders

              1

Turning Radius

     (m)        1.8

Engine Type

              AF61E (air-cooled 4-stroke OHC single-cylinder)

Displacement

     (cm3)        49

Bore x stroke

     (mm)        37.8×44.0

Compression Ratio

              10.1

Maximum Power

     (kW[PS]/rpm)    3.0[4.1]/8,000

Maximum Torque

     (Nm[kg-m]/rpm)    3.7[0.38]/6,500

Fuel Consumption

     (km/l)        65.0 (30km/h low-altitude driving)

Carburetor Type

              VK0DB

Starter

              Self-starting (also kick-start)

Ignition

              CDI battery ignition

Lubrication

              Combination pressure/splash

Fuel Tank Capacity

     (l)        5.0

Clutch

              Dry, multi-plate shoe

Gearbox

              Constant mesh (V-matic)

Gear ratio

     1 gear        2.850~0.860

Reduction Ratio

     Primary        3.600
    

Secondary

       3.769

Caster Angle (degrees)/Trail (mm)

   26°30' /71

Tire Size

     Front        80/100-10 46J
      

Rear

       80/100-10 46J

Braking System

     Front        Mechanical leading/trailing
    

Rear

       Mechanical leading/trailing

Suspension

     Front        Telescopic
    

Rear

       Unit-swing type

Frame

              Underbone


Table of Contents

LOGO

 

ref. #A03-056

 

Honda Introduces World’s First Congestion Prediction Function

for it’s InterNavi Premium Club Car Navigation Service

 

October 17, 2003—Honda Motor Co., Ltd. today announced the addition of the world’s first Congestion Prediction function to the company’s exclusive InterNavi Premium Club service. This new function allows users to foresee changes in traffic patterns and apply this information in route planning. Creating a two-way information exchange network using the voice-operated Honda Navigation System and portable telephones, The InterNavi Premium Club services have received acclaim for making available to drivers a range of information only an automaker can provide. The Congestion Prediction function is now available on the new Odyssey with plans to expand availability to other models in the future.

 

Available to Honda owners who purchased the recently announced Honda HDD Navigation System as part of the InterNavi Premium Club service, the Congestion Prediction function precisely predicts changes in traffic patterns to indicate the least congested route to the destination based on real-time VICS*1 data and past VICS data archived at the InterNavi Information Center. Receiving this precise information at departure, drivers also can more accurately predict the length of time required to reach their destination.

 

Since its inception in October 2002, the InterNavi Premium Club has been well received for leveraging advanced technology and information infrastructure to provide value-added information to its members, and now has over 25,000 members*2. In conjunction with the recently announced Premium Members VICS and Parking Selection functions, this new Congestion Prediction function represents an attractive enhancement to the service.

 

*1  VICS is a registered trademark of the Vehicle Information and Communication System Center.

*2  As of October 2003

 

Details of the new service can be viewed at the InterNavi Technology part of the InterNavi Premium Club website, at the following URL:http://premium-club.jp/

 

Publicity materials relating to the Congestion Prediction function are available at the following URL: http://www.honda.co.jp/PR

(This site is intended exclusively for the use of journalists.)


Table of Contents

LOGO

ref. #A03-055

 

Honda Announces a Full Model Change for the Odyssey

 

October 17, 2003—Honda Motor Co., Ltd. has announced the new Odyssey for the Japanese market, offering outstanding new value in a minivan. A 2.4-liter DOHC i-VTEC engine and newly developed CVT + 7-speed mode*1 transmission provide superior driving performance, while the new low-floor platform ensures a roofline of just 1,550mm, low enough to fit into standard multi-level parking facilities. The intelligently designed, spacious interior comfortably accommodates seven people in three rows of seats. The new Odyssey goes on sale October 24th at Honda automobile dealers throughout Japan.

 

This third-generation Odyssey is a new benchmark in minivan innovation with its fusion of speed (lower center of gravity for improved ride and handling), elegance (elegant form thanks to its low overall height), and roominess (more headroom than the previous model thanks to the low-floor platform).

 

The top-of-the-line Odyssey Absolute represents a new level of elegant design and dynamic performance. Its 2.4-liter DOHC i-VTEC engine boasts a maximum output of 147kW (200PS) and is matched with a 5-speed automatic transmission, DBW (Drive By Wire), and a specially tuned suspension and braking system. There is ample torque at all rpm ranges, and performance is powerful and sporty. The innovative, stylish exterior features custom aerodynamics and a low-slung profile, while the interior is finished in elegant black.

 

 

LOGO

Odyssey L Type (FF)

       

LOGO

Odyssey Absolute (FF, optional equipment)

 

 

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Table of Contents

•  Styling:

A low, wide stance for a contemporary, intelligent appearance.

 

•  Packaging:

The low-floor platform ensures a low roofline for access to standard multi-level parking facilities and a spacious interior that comfortably seats seven people in three rows.

 

•  Driving performance:

The 2.4-liter DOHC i-VTEC engine delivers ample torque and outstanding environmental performance, and is offered with either a newly developed CVT + 7-speed mode transmission or a 5-speed automatic transmission, depending on model type.

 

•  Advanced functions:

The new Odyssey is equipped with IHCC (Intelligent Highway Cruise Control)*2 vehicle speed and inter-vehicle distance control system to reduce burden on the driver during highway driving. It also features the voice-operated Honda HDD Navigation System + Progressive Commander*3, with rear camera, for significant improvements in functionality and operability.

 

•  Safety performance:

The new Odyssey is equipped with CMS (Collision Mitigation Brake System), and E-pretensioners (driver and front passenger seatbelts*4). In addition, the Odyssey’s new crash-compatibility body combines increased self-protection with reduced aggressivity toward other vehicles.

 

•  Environmental performance:

All types have been certified by the Japanese Ministry of Land, Infrastructure and Transport as either Ultra Low Emissions Vehicles*5 or Excellent Low Emissions Vehicles*6 and have met emissions regulations for 2005, with some types already achieving a 75% reduction*7 with respect those levels. All types comply with 2010 government regulations for fuel economy.

 

*1 Available on S, M, and L type FF vehicles

 

*2,4 Factory option on the Absolute

 

*3 Factory option on the M, L and Absolute

 

*5,7 S, M, L types

 

*6 Absolute

 

lMonthly domestic sales target:   5,000 units

 

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Table of Contents

lManufacturer’s suggested retail price (consumption tax not included; units: ¥1,000)

 

Type


 

Engine


 

Max. Output


  

Drive Wheels


  

Transmission


  

Price


S

 

2.4L DOHC

i-VTEC

 

118kW

(160PS)

   FF   

CVT

+ 7-speed mode

   2,200
      

 

4WD

  

 

5AT+S-matic

  

 

2,420

                    

M

      

 

FF

  

 

CVT

+ 7-speed mode

  

 

2,300

      

 

4WD

  

 

5AT+S-matic

  

 

2,520

                    

L

      

 

FF

  

 

CVT

+ 7-speed mode

  

 

  2,750 LOGO

      

 

4WD

  

 

5AT+S-matic

  

 

2,970

                    

Absolute

   

 

147kW

(200PS)

  

 

FF

  

 

5AT+S-matic

  

 

  2,600 LOGO

   

 

140kW

(190PS)

   4WD    5AT+S-matic    2,820

 

LOGO Indicates models shown in photos

 

m Body colors

 

Premium White Pearl*; Satin Silver Metallic; Nighthawk Black Pearl; Grayish Mauve Metallic (custom color for M, L types); Indigo Blue Pearl (M, L); Desert Mist Metallic (M, L); Meteor Silver Metallic (M, L); Royal Ruby Red Pearl (M, L); Black Amethyst Pearl (custom color for Absolute); Milano Red (Absolute)

 

* Premium White Pearl: +¥30,000

 

m Factory options

 

•   Side curtain airbag system (covers 1st~3rd-row seats):

   +¥110,000

(1st-row seat i-Side airbag system (equipped with passenger positioning detection system for front passenger seat) set option. Available on S, M, and Absolute. Standard equipment on L Type)

    

•   IHCC + multi-information display + CMS (Collision Mitigation Brake System) + E-pretensioners:

   +¥250,000

(Available on Absolute)

    

•   AFS (Adaptive Front-lighting System, with auto-leveling function):

   +¥50,000

(Available on M, L, Absolute)

    

•   Voice-operated Honda HDD navigation system with rear camera + Progressive Commander (with 8-inch wide display and Inter Navi Premium Club. Available on M, L, Absolute)

    
     M Type: +¥345,000
     L Type: +¥300,000
     Absolute: +¥340,000

•   Rear entertainment system (9-inch wide display, 2 sets of wireless headphones):

   +¥220,000

(Available on M, L, Absolute)

    

 

 

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Table of Contents

•   CD player with AM/FM tuner

(Available on M, Absolute. Standard equipment on L Type)

    
    

M Type: +¥45,000

Absolute: +¥40,000

•   Acureef premium sound system (in-dash 6-CD changer with AM/FM tuner + 7 speakers)

(Available on L, Absolute)

    
    

L Type: +¥100,000

Absolute: +¥140,000

•   Power tailgate (with anti-pinch mechanism and remote opening/closing):

(Available on M, L types)

   +¥80,000

•   Front power glass sun roof:

(Available on M, L, Absolute)

   +¥80,000

•   Power utility package (Honda Smart Card key system, AC 100V outlet, driver-side 8-way power seat (sliding, reclining, height front and rear)):

   +¥130,000

(Available on M Type, Absolute. Standard equipment on L Type)

    

•   Comfort package (triple-zone control, fully automatic air conditioner; auto light control; electrically heated front window):

   +¥70,000

(Available on M, Absolute. Standard equipment on L Type)

    

•   Genuine leather seats

   +¥210,000

•   (with heater-equipped front driver and passenger seats and driver’s side seat-back pocket):

(Available on L Type, Absolute)

    

•   Power under-floor storage for 3rd-row seats:

   +¥50,000

(Available on M, Absolute. Standard equipment on L Type)

    

•   Recaro’s bucket seats (driver/front passenger):

   +¥130,000

•   (Available on Absolute)

    

•   Audio-less option available:

   - ¥40,000

(Available on L Type)

    

 

* Factory options and/or package options sets are subject to availability. Certain package combinations may also be unavailable.

 

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Table of Contents

¨Key Features

 

<Packaging and utility>

 

The new Odyssey’s new low-floor design results in a roofline 80mm lower*1 than the previous model, allowing access to standard multi-level parking facilities. It also offers 5mm more headroom than the previous model for far greater roominess than the vehicle’s external appearance would suggest.

 

Under-floor storage for the 3rd-row seats and a variety of seating arrangements secure a voluminous luggage space of up to 1,052 liters*2. A handy 100V AC outlet*3 is also provided.

 

The 2nd-row seats are equipped with a double folding mechanism that allows them to be stored flat.

 

The 3rd-row seats feature a power under-floor storage mechanism*4, allowing them to be easily stowed away at the press of a switch.

 

The power tailgate*5 can be opened and closed using the keyless entry remote control, a switch on the dashboard, or the switch on the inside of the tailgate (closing only).

 

*1 Compared to previous FF model
*2 According to Honda measurements using VDA formula
*3 Available only on vehicles equipped with power utility package
*4 Standard equipment on L Type, factory option on M Type and Absolute
*5 Factory option on M and L types

 

<Design>

 

lExterior design

 

Designed around the motif of a black panther, with its low-profile form speeding swiftly and smartly over a grassy plain, the Odyssey presents fresh new styling and a distinctive presence.

 

Centered on a floating grill, the slim-profile headlights and front bumper are integrated and positioned low. The front fenders are flared wide to emphasize the feeling of breadth and strength.

 

The side view features an elegant, unified silhouette that connects smoothly from the low, short front nose to the roof end.

 

The rear view design is dynamic and has a solid feel.

 

lInterior design

 

The high-quality interior combines a functional, fashionable cockpit with an elegant, relaxing passenger space. Controls are concentrated in the center panel, with the dashboard spreading out to either side and blending with the doors for a unified look all the way to the rear.

 

Blue LED lights* illuminate the foot areas of the 1st- and 2nd-row seats and the cup holders for the 3rd-row seats when the small lamps are turned on.

 

The shift lever is positioned as close as possible to the steering wheel. This significantly reduces the distance the driver’s hand must travel to operate it, resulting in more ergonomic shifting. The advanced design features a gun-grip shift knob and a ball-shaped metallic slider.

 

* Standard equipment on the L type

 

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Table of Contents

<Driving performance>

 

lEngine

 

The DOHC i-VTEC engine combines Honda’s VTEC (Variable Valve Timing and Lift Electronic Control) with VTC (Variable Valve Timing Control), which optimizes intake valve timing in response to engine load. Two engines are available depending on the model type, both of which achieve a combination of high torque, high fuel economy, and low emissions.

2.4-liter DOHC i-VTEC engine: 118kW (160ps) / 218Nm (22.2kg-m)*1

2.4-liter DOHC i-VTEC engine: 147kW (200ps) / 232Nm (23.7kg-m)*2

 

All types achieve high levels of environmental performance, and are certified by the Japanese Ministry of Land, Infrastructure and Transport as either Ultra Low Emissions Vehicles or Excellent Low Emissions Vehicles.

 

*1 Net values (S, M, L types)
*2 Net values (FF Absolute)

 

lTransmission

 

Newly developed CVT (Continuously Variable Transmission) + 7-speed mode transmission*1

The torque converter’s powerful off-the-line performance and the smooth acceleration unique to the CVT combine to deliver robust responsiveness at all speeds. Transmission lockup at nearly all speeds except startup contributes to higher fuel economy. In the D position, driving conditions are determined according to gas pedal and brake operation, vehicle speed, and other parameters, and the appropriate gear ratio is selected. During cornering, the vehicle’s lateral G-force is calculated to determine whether it is being driven in a sport way, and cornering G-shift control maintains engine revs at a higher level when the driver eases off on the gas pedal. Also available is the Econ mode feature, which saves fuel by reducing engine rpms at idle.

 

5-speed automatic transmission + S-Matic*2

Delivers powerful acceleration and linear shift response, while contributing to improved fuel economy. The expanded range of lockup during deceleration also helps save fuel.

 

*1 Available on FF S, M, and L types
*2 Available on 4WD S, M, and L types, and the Absolute

 

lNewly developed real-time 4WD

 

The newly developed real-time 4WD combines a dual-pump-system clutch mechanism with a one-way cam unit and pilot clutch. This transmits drive force without any feeling of time lag and enhances stability during startup and cornering on snow-covered roads and other slippery surfaces.

 

<Chassis>

 

In the front, a double-wishbone suspension ensures straight-line stability and outstanding ride comfort.

 

In the rear, the compact design of the rear reactive-link double-wishbone suspension contributes to the Odyssey’s low-floor, flat form.

 

In addition to enhancing bending and twisting rigidity, extensive efforts were made to improve dynamic rigidity, for improved handling responsiveness and a more comfortable ride. High-tensile steel is also used in all major body frame components, for a 16kg weight saving compared to use of conventional materials.

 

A more compact powertrain and VGR (Variable-steering Gear Ratio) give the new Odyssey a minimum turning radius of just 5.4m—top in its class*.

 

* Over-2000cc minivan class

 

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Table of Contents

<Safety performance>

 

AFS (Adaptive Front Lighting System)*1 works in coordination with steering wheel angle to change the direction of the headlight unit and illuminate the vehicle’s path when negotiating curves or turning.

 

Four-wheel VSA (ABS + TCS + side-slip control)*2 combines with DBW (Drive By Wire) *3 for engine torque control to ensure precise control over vehicle stability.

 

Brake assist is standard on all types, with the Absolute featuring an electronic brake assist system. A learning function automatically adjusts the assist operation point to conform to the driver’s braking habits.

 

CMS (Collision Mitigation Brake System)*4 uses millimeter-wave radar to gauge distance to the vehicle ahead, providing the driver with audio and tactile warning of a possible collision, while also applying light braking pressure. If the system determines that a collision is imminent, it applies strong braking pressure to enhance the effect of the driver’s own braking, thus mitigating damage in the event of a collision.

 

E-pretensioners (driver and front passenger seat)*5 work in concert with CMS, pulling lightly on the seatbelt if there is a danger of a collision and more forcefully if it is determined that a collision is imminent, for increased restraining effect.

 

Honda’s original G-CON (G-force Control) technology is incorporated to create a body with a crash safety design that is among the best in the world. It can withstand a 55km/h full-frontal collision, a 64km/h front offset collision, a 55km/h side collision, and a 50km/h rear collision. Furthermore, in addition to a high level of self-protection, the vehicle’s crash compatibility body reduces aggressivity toward other vehicles.

 

Equipped with a side curtain airbag system*6 for the 1st~3rd row seats that helps reduce head injuries in the event of a side collision.

 

Front-row seats are fitted with 3-point, load limiter-equipped, pretensioner ELR seatbelts. The driver’s side belt is equipped with a lap pretensioner on the outer end of the lap belt, in addition to the shoulder belt pretensioner, for improved occupant retention in both the pelvic and thoracic regions.

 

*1 Factory option on the M, L, and Absolute types
*2, 3 Standard equipment on the Absolute
*4 Available as a set with E-pretensioners and IHCC as a factory option on the Absolute
*5 Available as a set with CMS (Collision Mitigation Brake System) and IHCC as a factory option on the Absolute
*6 Standard equipment on the L Type. Available in a set as a factory option on the S, M, and Absolute types

 

<Environmental Performance>

Use of a rear-port exhaust system, high-density catalytic converter, and other innovations result in Japanese Ministry of Land, Infrastructure and Transport certification as an Ultra Low Emissions Vehicle for the S, M, and L types, and as an Excellent Low Emissions Vehicle for the Absolute. All types clear emissions regulations for 2005, with the S, M, and L types achieving a 75% reduction with respect to those levels.

 

Compliance with 2010 government regulations for fuel economy for all types has been achieved through weight reduction and aerodynamic improvements. The S, M, and L types are all eligible for tax incentives under the Japanese government’s Green Tax program.

 

Honda has worked to eliminate PVC (polyvinyl chloride) from interior and exterior plastic components wherever possible. Meanwhile, the use of highly recyclable plastics has resulted in over 90%* recyclability.

 

Use of lead has also been reduced to less than 1/10 that of 1996 levels.

 

* According to Honda’s own measurement standards

 

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Table of Contents

¨Odyssey ALMAS

 

The M Type is also being made available as an Odyssey ALMAS with a lift-up front passenger seat. The new Odyssey ALMAS will be available starting December 5th at Honda automobile dealers throughout Japan.

 

The Odyssey ALMAS allows the electrically operated passenger seat to be rotated and raised or lowered with the press of a switch, for superior ease of vehicle ingress and egress and reduced burden on caregivers. A wheelchair net and protective cover are also provided as standard equipment, allowing a wheelchair to be folded and stored neatly away in the luggage space without the need to fold down the 3rd-row seats. All outfitting is handled by Honda Tokuso Co., Ltd.

 

LOGO

Odyssey ALMAS (FF, optional equipment)    

 

<ALMAS>

 

The ALMAS derives its name from ‘alma’, the Spanish word for heart, signifying that Honda has poured its heart into this vehicle.

 

lOdyssey ALMAS—Manufacturer’s suggested domestic retail price

(consumption tax not included; units: ¥1,000)

 

Type

  Engine

  Max. Output

  Drive Wheels

  Transmission

  Price

   

M

 

2.4L DOHC

i-VTEC

 

118kW

(160PS)

  FF  

CVT

+7-speed mode

  2,743*1 LOGO    
     

4WD

  5AT+S-matic   2,963*2    

 

LOGO Indicates model shown in photo

 

*1, 2 Price includes CD player with AM/FM tuner, as the Odyssey ALMAS is not available without audio.

 

m Body colors

 

Premium White Pearl*; Satin Silver Metallic; Nighthawk Black Pearl; Grayish Mauve Metallic; Indigo Blue Pearl; Desert Mist Metallic; Meteor Silver Metallic; Royal Ruby Red Pearl

 

* Premium White Pearl: +¥30,000

 

m Principle factory options

 

•      AFS (Adaptive Front-lighting System, with auto-leveling function):

  +¥50,000

•      Voice-operated Honda HDD navigation system with rear camera + Progressive Commander (with 8-inch wide display and Inter Navi Premium Club):

 

+¥345,000

•      Front power glass sun roof:

  +¥80,000

•      Power utility package (Honda Smart Card key system, AC 100V outlet, driver-side 8-way power seat (sliding, reclining, height front and rear)):

 

+¥130,000

•      Comfort package (triple-zone control, fully automatic air conditioner; auto light control; electrically heated front window):

 

+¥70,000

 

Publicity information for the Odyssey and Odyssey ALMAS is available from the following URL:

http://www.honda.co.jp/PR/

(This site is intended solely for the use of journalists.)

 

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Table of Contents

LOGO

 

Ref.#C03-078

 

Honda Overseas Production Up 19.7% In September

 

October 24, 2003—Honda Motor Co., Ltd., announced today that overseas production increased 19.7% in September over the same month in 2002, the 33rd consecutive month of growth in that category. Global production was up 3.4% for the month.

 

For the first nine months of 2003, overseas production was up 18.6%, led by a 12.6% increase in the United States and a 64.2% increase in Asia.

 

Domestic sales were down 24.8% in September. Fit again was again the best-selling vehicle for Honda in Japan, totaling 14,420 units. Honda’s Life mini-vehicle (12,737 units) and Step-WGN (11,000 units) were the other best-sellers for the month.

 

Exports in September were down 6.6%, the third straight month of decline, because of decreased shipments to North America and Asia.

 

HONDA PRODUCTION, SALES AND EXPORTS – SEPTEMBER 2003

 

PRODUCTION

 

     September

    Annual Total – 2003

    Fiscal Year** Total

 
     Units

   vs.9/02

    Units

   vs.2002

    Units

   vs.’02FY

 

Domestic (CBU+CKD)

   105,561    -14.1 %   859,784    -16.5 %   550,646    -19.7 %

Overseas (CBU only)

   157,263    +19.7 %   1,352,464    +18.6 %   887,157    +14.9 %
Worldwide Total *    262,824    +3.4 %   2,212,248    +1.9 %   1,437,803    -1.4 %

 

* excludes overseas CKD

** (04/2003~09/2003)

 

REGIONAL PRODUCTION

 

     September

    Annual Total – 2003

    Fiscal Year** Total

 
     Units

   vs.9/02

    Units

   vs.2002

    Units

   vs.’02FY

 

North America

   106,553    +14.9 %   943,095    +10.6 %   606,402    +5.9 %

(USA only)

   71,871    +15.1 %   647,300    +12.6 %   416,382    +6.9 %

Europe

   16,485    -4.9 %   137,631    +6.8 %   85,802    -0.9 %

Asia

   28,356    +60.3 %   224,094    +64.2 %   160,490    +63.1 %

Others

   5,869    +62.1 %   47,644    +109.4 %   34,463    +133.0 %

Regional Total

   157,263    +19.7 %   1,352,464    +18.6 %   887,157    +14.9 %

 

-1-


Table of Contents

SALES

 

Vehicle type


   September

    Annual Total—2003

    Fiscal Year** Total

 
     Units

    vs.9/02

    Units

    vs.2002

    Units

    vs.’02FY

 

Passenger Cars & Light Trucks

   44,002     -20.2 %   372,740     -18.9 %   217,482     -25.7 %

(Imports)

   (1,606 )   +134.1 %   (16,634 )   +132.7 %   (11,156 )   +150.6 %

Mini Vehicles

   22,209     -32.5 %   174,987     -22.7 %   112,948     -22.8 %
    

 

 

 

 

 

Honda Brand TTL

   66,211     -24.8 %   547,727     -20.1 %   330,430     -24.7 %
    

 

 

 

 

 

 

EXPORTS

 

     September

    Annual Total—2003

    Fiscal Year** Total

 
     Units

   vs.9/02

    Units

   vs.2002

    Units

   vs.’02FY

 

North America

   21,796    -18.9 %   187,772    -14.3 %   127,600    -14.2 %

(USA only)

   19,459    -19.3 %   166,674    -14.2 %   114,206    -13.0 %

Europe

   4,691    +23.5 %   86,097    +60.8 %   52,807    +35.4 %

Asia

   1,399    -37.0 %   15,104    -41.8 %   10,479    -46.9 %

Others

   9,102    +35.5 %   57,700    +22.5 %   41,543    +22.3 %
    
  

 
  

 
  

Total

   36,988    -6.6 %   346,673    +0.3 %   232,429    -3.8 %
    
  

 
  

 
  

 

For further information, please contact:

 

Masaya Nagai

Shigeki Endo

Tatsuya David Iida

Honda Motor Co., Ltd. Corporate Communications Division

Telephone: 03-5412-1512

Facsimile: 03-5412-1545

 

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Table of Contents

October 28, 2003

 

HONDA MOTOR CO., LTD. REPORTS

CONSOLIDATED FINANCIAL RESULTS

FOR THE FISCAL SECOND QUARTER AND

THE FIRST HALF ENDED SEPTEMBER 30, 2003

 

Tokyo, October 28, 2003—Honda Motor Co., Ltd. today announced its consolidated financial results for the fiscal second quarter and the first half ended September 30, 2003.

 

Second Quarter Results

 

Honda’s consolidated net income for the fiscal second quarter ended September 30, 2003 totaled JPY137.3 billion (USD 1,235 million), an increase of 57.6% from the corresponding period in 2002. Basic net income per Common Share for the quarter amounted to JPY 143.33 (USD 1.29), compared to JPY 89.54 for the same period in 2002. Two of Honda’s American Depositary Shares represent one Common Share.

 

Unit sales in all of Honda’s business categories, namely motorcycles, automobiles and power products, increased during the fiscal second quarter and consolidated net sales and other operating revenue (herein referred to as “revenue”) for the quarter amounted to JPY 2,017.2 billion (USD 18,132 million), an increase of 5.2% over the corresponding period in 2002.

 

Revenue included currency translation effects, which had a negative 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 2002, revenue for the quarter would have increased by approximately 5.5%.

 

Consolidated operating income for the fiscal second quarter totaled JPY 151.6 billion (USD 1,363 million), a decrease of 0.9% compared to the corresponding period in 2002. This decrease in operating income was primarily due to reduced revenue from decreased sales in Japan and an increase in research and development expenses, offsetting positive impacts, such as depreciation of the yen, ongoing cost reduction efforts and decrease in selling, general and administrative (SG&A) expenses.

 

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Table of Contents

Consolidated income before income taxes for the quarter totaled JPY 183.8 billion (USD 1,653 million), an increase of 67.2% from the corresponding period in 2002.

 

With respect to Honda’s sales in the fiscal second quarter by business category, motorcycle unit sales increased by 8.7% to 2,218,000 units, and revenue decreased 5.1%, to JPY 233.5 billion (USD 2,099 million).

 

Honda’s unit sales of automobiles increased by 3.2% to 735,000 units, due to higher sales in North America and Asia. Revenue increased 6.9%, to JPY 1,646.2 billion (USD 14,798 million), during the quarter.

 

Revenue from financial services increased 7.0% to JPY63.5 billion (USD 572 million).

 

Unit sales of power products totaled 978,000 units, an increase of 10.5% compared to the corresponding period in 2002. Strong sales in North America and Europe were the major factor for this increase in unit sales. Revenue from power products and other businesses increased by 4.1% to JPY 76.8 billion (USD 691 million).

 

First Half-Year Results

 

Honda’s consolidated net income for the first six months ended September 30, 2003 totaled JPY 239.1 billion (USD 2,150 million), an increase of 22.8% from the previous year. Basic income per Common Share for the fiscal first half amounted to JPY 249.34 (USD 2.24), compared to JPY 199.98 for the corresponding period a year ago.

 

Consolidated net sales and other operating revenue for the six month period amounted to JPY 4,025.4 billion (USD 36,184 million), an increase of 4.5% from last year.

 

Revenue included the negative effect of currency translation, and Honda estimates that if the exchange rate of the yen had not changed from the previous year, revenue for the year would have increased by approximately 6.9%.

 

Consolidated operating income for the fiscal first half totaled JPY 301.8 billion (USD 2,713 million), a decrease of 6.8% compared to the corresponding period last year. This decrease in operating income was primarily due to negative impacts, such as appreciation of the yen, reduced revenue from decreased sales in Japan, an increase in selling, general and administrative (SG&A) expenses, which offset positive impacts, including Honda’s cost reduction efforts.

 

2


Table of Contents

Consolidated income before income taxes for the fiscal first half totaled JPY 331.8 billion (USD 2,983 million), an increase of 21.3% compared to the previous year.

 

With respect to Honda’s sales for the fiscal first half by business category, motorcycle unit sales increased 9.1% to 4,219,000 units, due mainly to strong sales in Asia, however revenue decreased 4.6% to JPY 475.0 billion (USD 4,270 million). This decrease in revenue was due primarily to appreciation of the yen and a sales decrease in North America.

 

Both Honda’s unit sales and revenue related to automobiles for the fiscal first half increased by 2.6% to 1,443,000 units, and 5.7% to JPY 3,267.2 billion (USD 29,369 million),respectively. The major contributing factors to this increase in unit sales were strong sales of the Element and all-new Accord in North America and continued sales growth in Asia, which offset the negative impact from appreciation of the yen.

 

Revenue from financial services increased 7.3% to JPY127.5 billion (USD 1,146 million).

 

Unit sales of power products totaled 2,195,000 units, an increase of 9.4% compared to the previous year. Higher sales in North America were the major factor in this increase in unit sales. Revenue from power products and other businesses increased by 6.5% to JPY 162.5 billion (USD 1,461 million) due mainly to higher revenue from power products business.

 

3


Table of Contents

Forecasts for the fiscal year ending March 31, 2004

 

The U.S. economies, Japan and other regions are expected to recover slowly in the foreseeable future. Fears of a slowdown in the global economy and an impact of currency movement are anticipated to remain, and competition in the Japanese market is expected to intensify amid continuing weak consumer spending.

 

Under such circumstances, in connection with its forecasts of the financial results for the fiscal year ending March 31, 2004, Honda projects the consolidated and unconsolidated results as below:

 

FY2004 Forecasts for consolidated results

 

     In billions of yen

   Changes from FY 2003

 

Net sales and other operating revenue

   8,220    +3.1 %

Income before income taxes

   648    +6.3 %

Net income

   470    +10.2 %

 

FY2004 Forecasts for unconsolidated results

 

     In billions of Yen

   Changes from FY2003

 

Net sales

   3,310    -0.4 %

Ordinary profit

   278    +14.6 %

Net income

   202    +18.8 %

 

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 JPY 115 and JPY 127, respectively.

 

Honda projects that the year-end cash dividend will be JPY 19 per share of common stock. Total cash dividends for the term will be JPY 38.

 

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, 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.

 

4


Table of Contents

[1] Unit Sales Breakdown

 

     (In thousands of units)

 
    

Three months
ended

Sep. 30, 2003


   

Three months
ended

Sep. 30, 2002


   

Six months
ended

Sep. 30, 2003


   

Six months
ended

Sep. 30, 2002


 

MOTORCYCLES

                        

Japan

   120     121     214     215  

(motorcycles included above)

   (120 )   (121 )   (214 )   (215 )

North America

   140     172     239     291  

(motorcycles included above)

   (57 )   (79 )   (122 )   (138 )

Europe

   57     57     158     155  

(motorcycles included above)

   (54 )   (54 )   (153 )   (150 )

Asia

   1,691     1,485     3,189     2,817  

(motorcycles included above)

   (1,691 )   (1,485 )   (3,189 )   (2,817 )

Others

   210     205     419     389  

(motorcycles included above)

   (207 )   (205 )   (414 )   (384 )
    
   
   
   
 

Total

   2,218     2,040     4,219     3,867  

(motorcycles included above)

   (2,129 )   (1,944 )   (4,092 )   (3,704 )

AUTOMOBILES

                        

Japan

   176     213     329     426  

North America

   385     365     782     732  

Europe

   57     58     113     104  

Asia

   84     49     163     95  

Others

   33     27     56     49  
    
   
   
   
 

Total

   735     712     1,443     1,406  

POWER PRODUCTS

                        

Japan

   135     124     245     252  

North America

   419     383     1,053     900  

Europe

   177     157     421     424  

Asia

   163     157     317     312  

Others

   84     64     159     118  
    
   
   
   
 

Total

   978     885     2,195     2,006  

 

 

5


Table of Contents

[2] Net Sales Breakdown

(A) For the three months ended September 30, 2003 and 2002

 

     (In millions of Yen)

 
    

Three months

ended

Sep. 30, 2003


   

Three months

ended

Sep. 30, 2002


 

MOTORCYCLE BUSINESS

                      

Japan

   27,219    (11.7 %)   26,442    (10.8 %)

North America

   71,240    (30.4 %)   89,641    (36.4 %)

Europe

   35,519    (15.2 %)   30,801    (12.5 %)

Asia

   58,976    (25.3 %)   55,025    (22.4 %)

Others

   40,563    (17.4 %)   44,060    (17.9 %)
    
  
   
  
 

Total

   233,517    (100.0 %)   245,969    (100.0 %)

AUTOMOBILE BUSINESS

                      

Japan

   337,063    (20.5 %)   381,222    (24.8 %)

North America

   982,749    (59.7 %)   906,810    (58.9 %)

Europe

   125,871    (7.6 %)   110,890    (7.2 %)

Asia

   139,601    (8.5 %)   96,134    (6.2 %)

Others

   60,973    (3.7 %)   45,046    (2.9 %)
    
  
   
  
 

Total

   1,646,257    (100.0 %)   1,540,102    (100.0 %)

FINANCIAL SERVICES

                      

Japan

   4,944    (7.9 %)   4,848    (8.2 %)

North America

   55,099    (87.6 %)   52,854    (89.4 %)

Europe

   1,824    (2.9 %)   1,390    (2.4 %)

Asia

   207    (0.3 %)   14    (0.0 %)

Others

   821    (1.3 %)   —     

(—  

)

    
  
   
  
 

Total

   62,895    (100.0 %)   59,106    (100.0 %)

POWER PRODUCT & OTHER BUSINESSES

                      

Japan

   29,510    (39.6 %)   30,314    (42.4 %)

North America

   23,659    (31.8 %)   22,152    (30.9 %)

Europe

   10,695    (14.3 %)   10,190    (14.2 %)

Asia

   6,638    (8.9 %)   5,848    (8.2 %)

Others

   4,032    (5.4 %)   3,094    (4.3 %)
    
  
   
  
 

Total

   74,534    (100.0 %)   71,598    (100.0 %)

TOTAL

                      

Japan

   398,736    (19.8 %)   442,826    (23.1 %)

North America

   1,132,747    (56.1 %)   1,071,457    (55.9 %)

Europe

   173,909    (8.6 %)   153,271    (8.0 %)

Asia

   205,422    (10.2 %)   157,021    (8.2 %)

Others

   106,389    (5.3 %)   92,200    (4.8 %)
    
  
   
  
 

Total

   2,017,203    (100.0 %)   1,916,775    (100.0 %)

 

Explanatory Note:

 

1. The geographical breakdown of net sales is based on the location of affiliated and unaffiliated customers.

 

2. Net sales of power product & other businesses include revenue from sales of power products and related parts, leisure businesses, trading and finance subsidiaries.

 

6


Table of Contents

[2] Net Sales Breakdown—continued

(B) For the six months ended September 30, 2003 and 2002

 

     (In millions of Yen)

 
    

Six months

ended

Sep. 30, 2003


   

Six months

ended

Sep. 30, 2002


 

MOTORCYCLE BUSINESS

                      

Japan

   50,903    (10.7 %)   51,975    (10.4 %)

North America

   130,534    (27.5 %)   164,254    (33.0 %)

Europe

   97,799    (20.6 %)   87,221    (17.5 %)

Asia

   119,881    (25.2 %)   107,256    (21.6 %)

Others

   75,954    (16.0 %)   87,128    (17.5 %)
    
  
   
  
 

Total

   475,071    (100.0 %)   497,834    (100.0 %)

AUTOMOBILE BUSINESS

                      

Japan

   631,247    (19.3 %)   758,141    (24.5 %)

North America

   2,015,790    (61.7 %)   1,862,010    (60.2 %)

Europe

   252,169    (7.7 %)   204,265    (6.6 %)

Asia

   263,093    (8.1 %)   177,870    (5.8 %)

Others

   104,959    (3.2 %)   89,227    (2.9 %)
    
  
   
  
 

Total

   3,267,258    (100.0 %)   3,091,513    (100.0 %)

FINANCIAL SERVICES

                      

Japan

   10,303    (8.2 %)   11,273    (9.6 %)

North America

   111,193    (88.1 %)   103,240    (88.2 %)

Europe

   3,561    (2.8 %)   2,589    (2.2 %)

Asia

   358    (0.3 %)   14    (0.0 %)

Others

   821    (0.6 %)   —     

(—  

)

    
  
   
  
 

Total

   126,236    (100.0 %)   117,116    (100.0 %)

POWER PRODUCT & OTHER BUSINESSES

                      

Japan

   57,579    (36.7 %)   55,657    (37.8 %)

North America

   52,008    (33.2 %)   51,035    (34.7 %)

Europe

   25,724    (16.4 %)   23,691    (16.1 %)

Asia

   14,272    (9.1 %)   10,897    (7.4 %)

Others

   7,283    (4.6 %)   5,868    (4.0 %)
    
  
   
  
 

Total

   156,866    (100.0 %)   147,148    (100.0 %)

TOTAL

                      

Japan

   750,032    (18.6 %)   877,046    (22.8 %)

North America

   2,309,525    (57.4 %)   2,180,539    (56.6 %)

Europe

   379,253    (9.4 %)   317,766    (8.2 %)

Asia

   397,604    (9.9 %)   296,037    (7.7 %)

Others

   189,017    (4.7 %)   182,223    (4.7 %)
    
  
   
  
 

Total

   4,025,431    (100.0 %)   3,853,611    (100.0 %)

 

Explanatory Note:

 

1. The geographical breakdown of net sales is based on the location of affiliated and unaffiliated customers.

Explanatory Note:

 

2. Net sales of power product & other business include revenue from sales of power products and related parts, leisure businesses, trading and finance subsidiaries.

 

7


Table of Contents

[3] Consolidated Financial Summary

 

(For the three months and six months ended September 30, 2003 and 2002)

 

Financial Highlights

 

     (In millions of Yen)

     Three months
ended
Sep. 30, 2003


   %
Change


    Three months
ended
Sep. 30, 2002


   Six months
ended
Sep. 30, 2003


   %
Change


    Six months
ended
Sep. 30, 2002


Net sales and other operating revenue

   2,017,203    5.2 %   1,916,775    4,025,431    4.5 %   3,853,611

Operating income

   151,688    -0.9 %   153,046    301,871    -6.8 %   323,869

Income before income taxes

   183,886    67.2 %   109,997    331,881    21.3 %   273,701

Net income

   137,359    57.6 %   87,181    239,178    22.8 %   194,779
     (In Yen)

Net income per

                               

Common Share

   143.33          89.54    249.34          199.98

American Depositary Share

   71.66          44.77    124.67          99.99

 

     (In millions of U.S. Dollar)

     Three months
ended
Sep. 30, 2003


   Six months
ended
Sep. 30, 2003


Net sales and other operating revenue

   18,132    36,184

Operating income

   1,363    2,713

Income before income taxes

   1,653    2,983

Net income

   1,235    2,150
     (In U.S. Dollar)

Net income per

         

Common Share

   1.29    2.24

American Depositary Share

   0.64    1.12

 

8


Table of Contents

[4] Consolidated Statements of Income and Retained Earnings (Unaudited)

 

(A) For the three months ended September 30, 2003 and 2002

 

     (In millions of Yen)

     Three months
ended
Sep. 30, 2003


   Three months
ended
Sep. 30, 2002


Net sales and other operating revenue

   2,017,203    1,916,775

Operating costs and expenses:

         

Cost of sales

   1,396,459    1,296,008

Selling, general and administrative

   352,928    362,721

Research and development

   116,128    105,000
    
  

Operating income

   151,688    153,046

Other income:

         

Interest

   3,393    1,727

Other

   37,262    225

Other expenses:

         

Interest

   2,158    2,057

Other

   6,299    42,944
    
  

Income before income taxes

   183,886    109,997

Income taxes

   69,780    39,265
    
  

Income before equity in income of affiliates

   114,106    70,732

Equity in income of affiliates

   23,253    16,449
    
  

Net income

   137,359    87,181

Retained earnings:

         

Balance at beginning of period

   3,245,153    2,858,539

Cash dividends paid

   —      —  

Transfer to legal reserves

   —      —  
    
  

Balance at end of period

   3,382,512    2,945,720
    
  
     (In Yen)

Net income per

         

Common Share

   143.33    89.54

American Depositary Share

   71.66    44.77

 

9


Table of Contents

[4] Consolidated Statements of Income and Retained Earnings—continued

 

(B) For the six months ended September 30, 2003 and 2002

 

     (In millions of Yen)

 
     Six months
ended
Sep. 30, 2003


    Six months
ended
Sep. 30, 2002


 

Net sales and other operating revenue

   4,025,431     3,853,611  

Operating costs and expenses:

            

Cost of sales

   2,784,909     2,614,864  

Selling, general and administrative

   719,779     701,855  

Research and development

   218,872     213,023  
    

 

Operating income

   301,871     323,869  

Other income:

            

Interest

   5,297     4,093  

Other

   39,412     5,541  

Other expenses:

            

Interest

   5,527     6,377  

Other

   9,172     53,425  
    

 

Income before income taxes

   331,881     273,701  

Income taxes

   128,702     107,184  
    

 

Income before equity in income of affiliates

   203,179     166,517  

Equity in income of affiliates

   35,999     28,262  
    

 

Net income

   239,178     194,779  

Retained earnings:

            

Balance at beginning of period

   3,161,664     2,765,600  

Cash dividends paid

   (15,386 )   (14,616 )

Transfer to legal reserves

   (2,944 )   (43 )
    

 

Balance at end of period

   3,382,512     2,945,720  
    

 

     (In Yen)

 

Net income per

            

Common Share

   249.34     199.98  

American Share

   124.67     99.99  

 

10


Table of Contents

[5] Consolidated Balance Sheets

 

     (In millions of Yen)

Assets    Sep. 30, 2003

   Mar. 31, 2003

   Sep. 30, 2002

     (Unaudited)    (Audited)    (Unaudited)

Current assets:

              

Cash and cash equivalents

   624,842    547,404    518,408

Trade accounts and notes receivable

   320,461    444,498    332,185

Finance subsidiaries receivables, net

   1,081,896    1,097,541    980,852

Inventories

   784,796    751,980    670,268

Deferred income taxes

   200,134    202,376    205,290

Other current assets

   311,660    248,561    227,826
    
  
  

Total current assets

   3,323,789    3,292,360    2,934,829
    
  
  

Finance subsidiaries—receivables, net

   2,416,333    2,230,020    2,024,071

Investments and advances

   482,839    412,971    395,138

Property, plant and equipment, at cost:

              

Land

   347,596    342,991    336,708

Buildings

   932,332    942,747    912,139

Machinery and equipment

   1,986,273    2,023,724    2,018,426

Construction in progress

   93,159    72,112    96,542
    
  
  
     3,359,360    3,381,574    3,363,815

Less accumulated depreciation

   1,970,848    1,987,231    1,987,880
    
  
  

Net property, plant and equipment

   1,388,512    1,394,343    1,375,935

Other assets

   380,314    351,597    241,612
    
  
  

Total assets

   7,991,787    7,681,291    6,971,585
    
  
  

 

11


Table of Contents

[5] Consolidated Balance Sheets—continued

 

     (In millions of Yen)

 

Liabilities and Stockholders’ Equity

                  
     Sep. 30, 2003

    Mar. 31, 2003

    Sep. 30, 2002

 
     (Unaudited)     (Audited)     (Unaudited)  

Current liabilities:

                  

Bank loans and commercial paper

   803,532     877,954     937,819  

Current portion of long-term debt

   405,533     304,342     142,231  

Trade payables

   766,238     830,671     775,584  

Accrued expenses

   789,475     777,492     719,596  

Income taxes payable

   65,439     64,179     66,269  

Other current liabilities

   324,475     267,752     232,643  
    

 

 

Total current liabilities

   3,154,692     3,122,390     2,874,142  
    

 

 

Long-term debt

   1,283,072     1,140,182     953,833  

Other liabilities

   810,042     788,999     550,260  
    

 

 

Total liabilities

   5,247,806     5,051,571     4,378,235  
    

 

 

Stockholders’ equity:

                  

Common stock

   86,067     86,067     86,067  

Capital surplus

   172,719     172,529     172,529  

Legal reserves

   32,335     29,391     29,012  

Retained earnings

   3,382,512     3,161,664     2,945,720  

Adjustments from foreign currency translation

   (567,690 )   (469,472 )   (455,149 )

Net unrealized gains on marketable equity securities

   31,544     14,820     12,611  

Minimum pension liabilities adjustments

   (308,384 )   (308,513 )   (187,824 )
    

 

 

Accumulated other comprehensive income (loss

   (844,530 )   (763,165 )   (630,362 )

Treasury Stock

   (85,122 )   (56,766 )   (9,616 )
    

 

 

Total stockholders’ equity

   2,743,981     2,629,720     2,593,350  
    

 

 

Total liabilities and stockholders’ equity

   7,991,787     7,681,291     6,971,585  
    

 

 

 

12


Table of Contents

[6] Consolidated Statements of Cash Flows

 

     (In millions of Yen)

 
    

Six months

ended

    Six months
ended
 
     Sep. 30, 2003

    Sep. 30, 2002

 

Cash flows from operating activities:

            

Net income

   239,178     194,779  

Adjustments to reconcile net income to net cash provided by operating activities:

            

Depreciation

   103,592     102,105  

Deferred income taxes

   66,145     (8,713 )

Equity in income of affiliates

   (35,999 )   (28,262 )

Loss on fair value adjustment of derivative instrument (profit)

   (44,410 )   43,462  

Decrease (increase) in:

            

Trade accounts and notes receivable

   117,169     97,858  

Inventories

   (50,251 )   (62,948 )

Increase (decrease) in trade payables

   (36,811 )   (26,445 )

Other, net

   (56,008 )   60,393  
    

 

Net cash provided by operating activities

   302,605     372,229  
    

 

Cash flows from investing activities:

            

Decrease (increase) in investments and advances

   21,109     11,785  

Capital Expenditures

   (128,033 )   (133,290 )

Proceeds from sales of property, plant and equipment

   7,609     5,517  

Decrease (increase) in finance subsidiaries-receivables

   (425,584 )   (417,561 )
    

 

Net cash used in investing activities

   (524,899 )   (533,549 )
    

 

Cash flows from financing activities:

            

Increase (decrease) in short-term debt

   19,679     (4,164 )

Proceeds from long-term debt

   412,544     349,893  

Repayment of long-term debt

   (76,343 )   (229,568 )

Acquisition of treasury stock

   (28,769 )   (9,567 )

Cash dividends paid

   (15,386 )   (14,616 )

Increase (decrease) in commercial paper classified as long-term debt

   354     2,069  
    

 

Net cash provided by (used in) financing activities

   312,079     94,047  
    

 

Effect of exchange rate changes on cash and cash equivalents

   (12,347 )   (23,760 )
    

 

Net change in cash and cash equivalents

   77,438     (91,033 )

Cash and cash equivalents at beginning of year

   547,404     609,441  
    

 

Cash and cash equivalents at end of year

   624,842     518,408  
    

 

 

13


Table of Contents
[ 7 ] Segment Information

 

(A) Business Segment Information

 

For the six months ended September 30, 2002   (In millions of Yen)

   

Motor-

cycle

Business


 

Auto-

mobile

Business


 

Financial

Services


 

Other

Businesses


  Total

  Eliminations

    Consolidated

Net sales and other

                             

operating revenue:

                             

Sales to

                             

unaffiliated customers

  475,071   3,267,258   126,236   156,866   4,025,431   —       4,025,431

Intersegment sales

  0   0   1,311   5,707   7,018   (7,018 )   —  
   
 
 
 
 
 

 

Total

  475,071   3,267,258   127,547   162,573   4,032,449   (7,018 )   4,025,431

Cost of sales,

                             

S.G.A. and R&D expenses

  466,868   3,018,426   86,791   158,493   3,730,578   (7,018 )   3,723,560
   
 
 
 
 
 

 

Operating income

  8,203   248,832   40,756   4,080   301,871   0     301,871
For the six months ended September 30, 2002   (In millions of Yen)

   

Motor-

cycle

Business


 

Auto-

mobile

Business


 

Financial

Services


 

Other

Businesses


  Total

  Eliminations

    Consolidated

Net sales and other

                             

operating revenue:

                             

Sales to

                             

unaffiliated customers

  497,834   3,091,513   117,116   147,148   3,853,611   —       3,853,611

Intersegment sales

  0   0   1,737   5,495   7,232   (7,232 )   —  
   
 
 
 
 
 

 

Total

  497,834   3,091,513   118,853   152,643   3,860,843   (7,232 )   3,853,611

Cost of sales,

                             

S.G.A. and R&D expenses

  460,508   2,845,067   85,333   146,066   3,536,974   (7,232 )   3,529,742
   
 
 
 
 
 

 

Operating income

  37,326   246,446   33,520   6,577   323,869   0     323,869
   
 
 
 
 
 

 

 

Explanatory Note:

  1. Segmentation of Business
       Business segment is based on Honda’s business organization and the similarity of the principal products included within each segment as well as the relevant markets for such products.

 

  2. Principal products of each segment

 

Business


 

Sales


 

Principal Products


Motorcycle

 

Motorcycles, all-terrain vehicles (ATV),

personal water craft and relevant parts

  Large-size motorcycles, mid-size motorcycles, motorized bicycles, all-terrain vehicles (ATV), personal water craft

Automobile

 

Automobiles and relevant parts

 

Compact cars, sub-compact cars,

minivehicles

Financial Services

 

Financial and insurance services

 

N/A

Power Product & Other businesses

 

Power products and relevant parts, and others

  Power tillers, generators, general purpose engines, lawn mowers, outboard engine

 

14


Table of Contents

(B) Geographical Segment Information

       The geographical segmentation is based on the location where sales originated.

 

For the six months ended September 30, 2003   ( In millions of Yen)

    Japan

 

North-

America


  Europe

  Asia

  Others

  Total

  Eliminations

    Consolidated

Net sales and other

                                 

operating revenue:

                                 

Sales to

                                 

unaffiliated customers

  871,082   2,316,190   373,035   311,499   153,625   4,025,431   —       4,025,431

Transfers between

                                 

geographical segments

  1,015,869   62,777   98,798   27,465   5,819   1,210,728   (1,210,728 )   —  
   
 
 
 
 
 
 

 

Total

  1,886,951   2,378,967   471,833   338,964   159,444   5,236,159   (1,210,728 )   4,025,431

Cost of sales,

                                 

S.G.A. and R&D expenses

  1,809,548   2,209,599   454,484   314,826   148,145   4,936,602   (1,213,042 )   3,723,560
   
 
 
 
 
 
 

 

Operating income

  77,403   169,368   17,349   24,138   11,299   299,557   2,314     301,871
   
 
 
 
 
 
 

 
For the six months ended September 30, 2002   ( In millions of Yen)

    Japan

 

North-

America


  Europe

  Asia

  Others

  Total

  Eliminations

    Consolidated

Net sales and other

                                 

operating revenue:

                                 

Sales to

                                 

unaffiliated customers

  989,145   2,187,855   319,762   213,967   142,882   3,853,611   —       3,853,611

Transfers between

                                 

geographical segments

  928,269   67,177   64,036   11,829   2,513   1,073,824   (1,073,824 )   —  
   
 
 
 
 
 
 

 

Total

  1,917,414   2,255,032   383,798   225,796   145,395   4,927,435   (1,073,824 )   3,853,611

Cost of sales,

                                 

S.G.A. and R&D expenses

  1,826,265   2,065,422   382,130   206,476   131,616   4,611,909   (1,082,167 )   3,529,742
   
 
 
 
 
 
 

 

Operating income

  91,149   189,610   1,668   19,320   13,779   315,526   8,343     323,869
   
 
 
 
 
 
 

 

 

Explanatory Note:

Segment of Geography

In addition to the four conventional regions, Japan, North America, Europe and Others, Asia is newly segmented from the first half.

 

(C) Overseas Sales

 

For the six months ended September 30, 2003   (In millions of Yen)

 
    North-
America


    Europe

    Asia

    Others

    Total

 

Overseas Sales

  2,309,525     379,253     397,604     189,017     3,275,399  

Consolidated Sales

                          4,025,431  

Overseas Sales Ratio to Consolidated Sales

  57.4 %   9.4 %   9.9 %   4.7 %   81.4 %

 

 

For the six months ended September 30, 2001   ( In millions of Yen)

 
   

North-

America


    Europe

    Asia

    Others

    Total

 

Overseas Sales

  2,180,539     317,766     296,037     182,223     2,976,565  

Consolidated Sales

                          3,853,611  

Overseas Sales Ratio to Consolidated Sales

  56.6 %   8.2 %   7.7 %   4.7 %   77.2 %
                               

 

 

 

15


Table of Contents

[8] (A) Consolidated Balance Sheets

 

      divided into Non-financial services businesses and Finance Subsidiaries (Unaudited)

 

     (In millions of Yen)

 
     Sep. 30, 2003

 
    
    % of total

 

Assets

            

[ Non-financial services businesses ]

            

Current Assets:

   3,008,470     37.6  

Cash and cash equivalents

   615,728        

Trade accounts and notes receivable

   331,024        

Inventories

   784,796        

Other current assets

   1,276,922        

Investments and advances

   621,708     7.8  

Property, plant and equipment, at cost

   1,371,379     17.2  

Other assets

   331,273     4.1  
    

 

Total assets

   5,332,830     66.7  

[ Finance Subsidiaries ]

            

Cash and cash equivalents

   9,114     0.1  

Finance subsidiaries-short-term receivables, net

   1,097,290     13.7  

Finance subsidiaries-long-term receivables, net

   2,417,401     30.2  

Other assets

   198,846     2.6  
    

 

Total assets

   3,722,651     46.6  

Eliminations among subsidiaries

   (1,063,694 )   (13.3 )
    

 

Total assets

   7,991,787     100.0  

Liabilities and Stockholders’ Equity

            

[ Non-financial services businesses ]

            

Current liabilities:

   1,919,306     24.0  

Short-term debt

   211,430        

Current portion of long-term debt

   8,943        

Trade payables

   770,288        

Accrued expenses

   663,830        

Other current liabilities

   264,815        

Long-term debt

   28,595     0.4  

Other liabilities

   810,206     10.1  
    

 

Total liabilities

   2,758,107     34.5  

[ Finance Subsidiaries ]

            

Short-term debt

   1,339,999     16.8  

Current portion of long-term debt

   396,590     5.0  

Accrued expenses

   130,076     1.6  

Long-term debt

   1,265,100     15.8  

Other liabilities

   281,853     3.5  
    

 

Total liabilities

   3,413,618     42.7  

Eliminations among subsidiaries

   (923,919 )   (11.5 )
    

 

Total liabilities

   5,247,806     65.7  

Common stock

   86,067     1.1  

Capital surplus

   172,719     2.2  

Legal reserves

   32,335     0.4  

Retained earnings

   3,382,512     42.3  

Accumulated other comprehensive income (loss)

   (844,530 )   (10.6 )

Treasury stock

   (85,122 )   (1.1 )
    

 

Total stockholders’ equity

   2,743,981     34.3  
    

 

Total liabilities and stockholders’ equity

   7,991,787     100.0  
    

 

 

16


Table of Contents

[8] (B) Consolidated Statements of Cash Flows

      divided into Non-financial services businesses and Finance Subsidiaries (Unaudited)

 

For the six months ended September 30, 2003    (In millions of Yen)

 
     Non-financial
services
businesses


   

Finance

Subsidiaries


 

Cash flows from operating activities:

            

Net Income

   215,830     23,373  

Adjustments to reconcile net income to net cash provided by operating activities:

            

Depreciation

   103,397     195  

Deferred income taxes

   23,620     42,525  

Equity in income of affiliates

   (35,947 )   —    

Loss on fair value adjustment of derivative instrument (profit)

   (42,848 )   (1,562 )

Decrease (increase) in trade accounts and notes receivable

   112,349     —    

Decrease (increase) in inventories

   (50,251 )   —    

Increase (decrease) in trade payables

   (37,392 )   —    

Other, net

   (35,087 )   (16,345 )
    

 

Net cash provided by operating activities

   253,671     48,186  

Cash flows from investing activities:

            

*   Decrease (increase) in investments and advances

   33,460     19  

Capital expenditures

   (127,870 )   (163 )

Proceeds from sales of property, plant and equipment

   5,014     2,595  

Decrease (increase) in finance subsidiaries-receivables

   —       (430,018 )
    

 

Net cash used in investing activities

   (89,396 )   (427,567 )
    

 

Free cash flow (Cash flows from operating and investing activities)

   164,275     (379,381 )
    

 

Free cash flow of Non-financial services businesses excluding the increase in loans (amounting to 81,986 million yen) to Finance subsidiaries (Note)

   149,966     —    

Cash flows from financing activities:

            

*   Increase (decrease) in short-term debt

   (22,570 )   26,099  

*   Proceeds from long-term debt

   5,126     414,720  

*   Repayment of long-term debt

   (5,684 )   (70,834 )

Proceeds from issuance of common stock

   —       1,860  

Acquisition of treasury stock

   (28,769 )   —    

Cash dividends paid

   (15,411 )   —    

Increase (decrease) in commercial paper classified as long-term debt

   —       354  
    

 

Net cash provided by financing activities

   (67,308 )   372,199  
    

 

Effect of exchange rate changes on cash and cash equivalents

   (11,582 )   (765 )
    

 

Net change in cash and cash equivalents

   85,385     (7,947 )

Cash and cash equivalents at beginning of year

   530,343     17,061  
    

 

Cash and cash equivalents at end of year

   615,728     9,114  
    

 

 

Note:

Non-financial services businesses loans to finance subsidiaries. These cash flows were included in the items of "Other net" of Non financial services businesses, and "Increase (decrease) in short-term debt" and "Repayment of long-term debt" of Finance subsidiaries (marked by *). Free cash flow of Non financial services businesses excluding the increase in lending to finance subsidiaries are stated for the readers' information.

 

17


Table of Contents

Explanatory Notes:

 

1. The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States because the Company has issued American Depositary Receipts listed on the New York Stock Exchange and files reports with the U.S. Securities and Exchange Commission. All segment information, however, is prepared in accordance with a Ministerial Ordinance under the Securities and Exchange Law of Japan.

 

2. The average exchange rates for the fiscal second quarter ended September 30, 2003 were ¥117.60=U.S.$1 and ¥132.26=euro1. The average exchange rates for the corresponding period last year were ¥119.24=U.S.$1 and ¥117.32=euro1

 

3. United States dollar amounts have been translated from yen solely for the convenience of the reader at the rate of ¥111.25=U.S.$1, the mean of the telegraphic transfer selling exchange rate and the telegraphic transfer buying exchange rate prevailing on the Tokyo foreign exchange market on September 30, 2003.

 

4. The Company’s Common Stock-to-ADR exchange rate was changed from two shares of Common Stock to one ADR to one share of Common Stock to two ADRs, effective January 10, 2002.

 

5. The Company has adopted the provisions of Statement of Financial Accounting Standards (SFAS) No.130, “Reporting Comprehensive Income”. The following table represents components of the Company’s comprehensive income. Other comprehensive income (loss) consists of changes in adjustments from foreign currency translation, net unrealized gains on marketable equity securities and minimum pension liabilities adjustment.

 

     Three months
ended
September 30,
2003


    Three months
ended
September 30,
2002


 
(In millions of Yen)       

Net income

   137,359     87,181  

Other comprehensive income (loss)

   (106,329 )   (8,819 )
    

 

Comprehensive income (loss)

   31,030     78,362  

 

     Six months
ended
September 30,
2003


    Six months
ended
September 30,
2002


 

(In millions of Yen)

      

Net income

   239,178     194,779  

Other comprehensive income (loss)

   (81,365 )   (151,187 )
    

 

Comprehensive income (loss)

   157,813     43,592  

 

6. Certain reclassifications have been made to the prior year’s consolidated financial statements to conform those financial statements to the presentation used for the fiscal second quarter ended September 30, 2003.

 

7. The number of treasury stock has been excluded from the calculation for basic net income per common share.

 

18


Table of Contents

Unconsolidated Financial Summary

 

(Parent company only)

 

(For the six months ended September 30, 2003 and 2002)

 

1. The Board of Directors’ Meeting for Interim Financial Results

 

(Parent company only)

 

(1) Date on which the meeting was held: Octber 28, 2003 (Tue.)

 

(2) The matters resolved:

 

(A) Unconsolidated (parent company) financial results for the first half

(six months ended September 30, 2003) of the 80th fiscal period as specified hereunder.

 

(B) Interim dividend:

 

(a) JPY 19.00 per share of Common Stock

 

(b) Payment plans to commence on November 25, 2003 (Tue.)

 

2.  Financial   Highlights

 

(Parent company only)

 

     (In millions of Yen)

    

Six months

ended

Sep. 30, 2003


  

Six months

ended
Sep. 30, 2002


  

Year

ended

Mar. 31, 2003


Net sales

   1,580,708    1,625,558    3,322,719

Operating profit

   90,299    66,162    144,838

Ordinary profit

   152,131    120,762    242,680

Net income

   110,315    91,714    170,035
    
  
  

Net income per share

   115.00    94.17    174.63

Interim dividend per share

   19.00    16.00    —  

 

3.  Financial   forecast for the Fiscal Year Ending March 31, 2004

 

(Parent company only)

 

     (In millions of Yen)

    

Fiscal year

ending

Mar. 31, 2004


Net sales

   3,310,000

Ordinary profit

   278,000

Net income

   202,000

 

     (In Yen)

Dividend per share for the term

   38.00

Net income per share

   211.40

 

19


Table of Contents

[1] Unit Sales Breakdown

      (Parent company only)

 

     (In thousands of units)

 
    

Six months
ended

Sep. 30, 2003


   

Six months
ended

Sep. 30, 2003


   

Year

ended
Mar. 31, 2003


 

MOTORCYCLES

                  

Japan

   213     209     429  

(motorcycles included above)

   (213 )   (209 )   (429 )

Export

   347     426     776  

(motorcycles included above)

   (186 )   (255 )   (446 )
    

 

 

Total

   560     635     1,205  

(motorcycles included above)

   (399 )   (464 )   (875 )

AUTOMOBILES

                  

Japan

   326     449     871  

(Mini vehicles included above)

   (113 )   (142 )   (265 )

Export

   233     241     485  
    

 

 

Total

   560     691     1,357  

POWER PRODUCTS

                  

Japan

   238     253     473  

Export

   2,007     1,686     4,075  
    

 

 

Total

   2,246     1,939     4,548  

 

20


Table of Contents

[2] Net Sales Breakdown - continued

    (Parent company only)

 

     (In millions of Yen

    

Six months

ended

Sep. 30, 2003


  

Six months

ended

Sep. 30, 2002


  

Year

ended

Mar. 31, 2003


MOTORCYCLES

              

Japan

   40,167    41,519    79,696

Export

   157,296    177,504    369,998
    
  
  

Total

   197,463    219,023    449,695

AUTOMOBILES

              

Japan

   459,540    593,874    1,173,907

Export

   867,304    756,267    1,581,244
    
  
  

Total

   1,326,845    1,350,141    2,755,152

POWER PRODUCTS

              

Japan

   10,137    10,843    23,028

Export

   46,261    45,549    94,842
    
  
  

Total

   56,399    56,392    117,871

TOTAL

              

Japan

   509,845    646,236    1,276,633

Export

   1,070,862    979,321    2,046,086
    
  
  

Total

   1,580,708    1,625,558    3,322,719

 

Explanatory Notes:

 

  1. The summary unconsolidated financial information set forth above is derived from the complete unconsolidated financial information of the Company to be filed with the Securities and Exchange Commission on the Company's Form 6-K for the month of November 2003.
  2. Unconsolidated financial statements have been prepared on the basis of generally accepted accounting principles in Japan in accordance with the Japanese Commercial Code.
  3. The unit sales and yen amounts described above are rounded down to the nearest one thousand units and one million yen, respectively.
  4. An accounting standard relating to royalty profit has been changed from the first half results.

 

21


Table of Contents

[3] Unconsolidated Statements of Income

       (Parent company only)

 

     (In millions of Yen)

 
    

Six months

ended

Sep. 30, 2003


   

Six months

ended

Sep. 30, 2002


   

Year

ended

Mar. 31, 2003


 

Net sales

   1,580,708     1,625,558     3,322,719  

Cost of sales

   1,036,615     1,108,036     2,247,487  

Selling, general and administrative expenses

   453,792     451,359     930,393  
    

 

 

Operating profit

   90,299     66,162     144,838  

Non-operating profit

   70,586     62,837     117,732  

Non-operating expenses

   8,753     8,238     19,891  

Ordinary Profit

   152,131     120,762     242,680  

Extraordinary profit

   1,987     1,474     4,197  

Extraordinary loss

   4,310     4,108     14,859  
    

 

 

Income before income taxes

   149,809     118,128     232,018  

Income taxes

                  

Current

   46,148     51,883     92,888  

Deferred

   (6,654 )   (25,469 )   (30,905 )
    

 

 

Net income

   110,315     91,714     170,035  
    

 

 

 

Explanatory Notes:

 

1. Research and development expenses for the six months amounted 219,847 million of yen.

 

22


Table of Contents

[4] Unconsolidated Balance Sheets

       (Parent company only)

 

    
    (In millions of Yen)

   
 
     Sep. 30, 2003

    Mar. 31, 2003

    Sep. 30, 2002

 

Current assets

   843,731     829,444     783,642  

Fixed assets

   1,274,329     1,231,887     1,217,210  
    

 

 

Total assets

   2,118,061     2,061,331     2,000,853  
    

 

 

Current liabilities

   481,579     525,315     500,231  

Fixed liabilities

   131,066     114,761     91,079  
    

 

 

Total liabilities

   612,646     640,077     591,311  

Common stock

   86,067     86,067     86,067  

Capital surplus

   170,504     168,912     168,912  

Legal reserve

   21,516     21,516     21,516  

Retained surplus

   1,274,266     1,179,817     1,117,056  

Unrealized gains on securities

                  

available for sale

   38,183     21,707     25,606  

Treasury stock

   (85,122 )   (56,766 )   (9,616 )
    

 

 

Stockholders' equity

   1,505,415     1,421,254     1,409,541  
    

 

 

Total liabilities and stockholders' equity

   2,118,061     2,061,331     2,000,853  
    

 

 

 

23


Table of Contents

Management Policy

 

Honda’s business activities are based on fundamental corporate philosophies known as “Respect for the Individual” and “The Three Joys.”

 

“Respect for the Individual” defines Honda’s relationship with its associates, business partners and society. It is based on sharing a commitment to initiative, equality and mutual trust among people.

 

It is Honda’s belief that everyone who comes into contact with Honda’s activities will gain a sense of satisfaction through the experience of buying, selling or creating Honda’s products and services. This philosophy is expressed as “The Three Joys.”

 

With these corporate philosophies as the foundation, Honda’s business is guided by the following Company Principle:

 

“Maintaining a global viewpoint,

we are dedicated to supplying products of the highest quality

at a reasonable price for worldwide customer satisfaction”

 

Honda actively works to share a sense of satisfaction with all of its customers as well as its shareholders, and to continue improving its corporate value.

 

Profit Redistribution Policy

 

The Company considers redistribution of profits to our shareholders as one of the most important management issues. Accordingly, the Company attempts to increase its corporate value while carrying out its operations from a global standpoint.

 

The Company intends to redistribute profits to our shareholders, with regard to its projected comprehensive cash needs/requirements, and to make distribution payments, while, taking into consideration the Company’s long-term consolidated earnings performance.

 

In consideration of shareholder expectations, retained earnings will be applied toward financing R&D activities that are essential for the future growth of the Company and capital expenditures and investment programs that will expand its operations for the purpose of improving business results and strengthening the Company’s financial condition.

 

Acquisition of the Company’s common stock will also be implemented at the optimal timing with the aim of improving efficiency in its capital structure.

 

24


Table of Contents

Preparing for the Future

 

The economies of the U.S., Japan and other regions are expected to recover slowly in the foreseeable future. Fears of a slowdown in the global economy and an impact of currency movements are anticipated to remain, and competition in the Japanese market is expected to intensify amid continuing weak consumer spending.

 

In these circumstances, as part of the Company’s objective of strengthening the corporate structure and improving product competitiveness to increase speed and flexibility in response to changing customer and social needs, Honda recognizes that further enhancing the following specific areas is essential to its success:

 

  Ÿ R&D
  Ÿ Production Efficiency
  Ÿ Sales Efficiency
  Ÿ Product Quality
  Ÿ The Environment
  Ÿ Safety Technologies

 

R&D

 

Along with efforts to develop more effective safety and environmental technologies, Honda will create and swiftly introduce new value-added products that meet specific needs in various regional markets.

 

Honda will also continue efforts in the research of future technologies, including the advancement of a bi-pedal humanoid robot.

 

Production Efficiency

 

Honda will establish efficient and flexible production systems and expand production capacity with aims to increase the capability of supplying high quality products that meet market needs. In addition to the ongoing expansion of these systems, the Company also intends to expand on a global scale the supply network of its competitive products and component parts.

 

25


Table of Contents

Sales Efficiency

 

Honda will expand its product lines and upgrade its sales structure. Through the innovative use of IT, Honda will also promote its efforts in customer communication.

 

Product Quality

 

Responding to increasing consumer demand, Honda will upgrade its quality control through enhanced coordination among the development purchasing, production, sales and service departments.

 

The Environment

 

Honda will step up the introduction of clean, fuel-efficient engine technologies and recyclability throughout its product lines. Honda will also advance alternative fuel technologies, including fuel cells. In addition, Honda will continue its efforts to minimize the environmental impact, as measured by the *Life Cycle Assessment, in all of its business fields including logistics and sales. In its production activities, Honda promotes environmental preservation issues under its Green Factory concept.

 

*Life Cycle Assessment

A comprehensive system for quantifying the environmental impacts of Honda’s products throughout their life cycles, from the material procurement and energy consumption to waste disposal.

 

Safety Technologies

 

Honda R&D will develop technologies for the self protection and reduces aggresivity, in addition to the technologies for the prediction and the prevention of accidentsas well as those for passenger and pedestrian injury reduction. Honda intends to enhance its contribution to traffic safety in motorized societies, including Asian countries. Honda also intends to remain active in a variety of traffic safety programs, including advanced driving and motorcycling training schemes provided by local dealerships.

 

26


Table of Contents

Management Organization

 

With the goal of improved corporate governance, Honda has long undertaken proactive measures such as appointing an independent board member and an independent auditor.

 

Honda’s organization also reflects the aforementioned corporate philosophies and consists of six regional operations worldwide that have a long-term perspective and the goal to cooperate with the local communities in which they do business in order to create mutual benefits. Honda’s goal is to become a company that society wants to exist.

 

In addition, its corporate executive officer system aims at improving the self-reliance of respective regions and the speed at which decision-making is accomplished.

 

Honda’s four business operations—motorcycles, automobiles, power products, and spare parts—formulate the medium and long-term plans for business development in individual product categories, and each operation aims to maximize its business performance on a global basis.

 

Honda’s production operations support production related departments so that they can implement the most efficient allocation of production on a global scale. These efforts are aimed at increasing company-wide efficiencies.

 

Honda’s administrative operations coordinate the entire organization to optimize the allocation of business resources. These efforts are aimed at increasing company-wide efficiency.

 

For investors and shareholders, Honda’s basic policy emphasizes the disclosure of financial results on a quarterly basis, as well as the timely and accurate disclosure of its management strategies through mass media. Honda will remain committed to such disclosure in the future.

 

 

27


Table of Contents

(1) Management Organization

The Company supervises and audits its business activities through its Board of Directors and Board of Corporate Auditors.

 

The Board of Directors consists of 36 directors, including one outside director, and makes decisions on important business activities and other legal matters. The Board of Directors also supervises the execution of the Company’s businesses. In April 2003, in order to ensure proactive decision-making, the Board of Directors set up an Assets and Loan Management Committee, which is responsible for making decisions related to the disposal of the Company’s important assets.

 

The Board of Corporate Auditors is composed of four corporate auditors, including two outside corporate auditors. In accordance with the rules of auditing policy and the apportionment of responsibilities as determined by the Board of Corporate Auditors, each corporate auditor audits the directors’ execution of their duties. This is accomplished through various means, including attendance at meetings of the Board of Directors and inspections regarding the status of Company assets and liabilities. Two outside corporate auditors were elected at the Company’s Ordinary General Meeting of Shareholders held on June 24, 2003 and they comprise half the number of corporate auditors so as to strengthen their independence. In connection with this, a Corporate Auditors’ Office was newly established in April 2003to provide direct support to the Board of Corporate Auditors.

 

In order to ensure a proper auditing of the Company’s accounts, the Board of Corporate Auditors and the Board of Directors receive auditing reports based on the Commercial Code’s Audit Special Exceptions Law, the Securities and Exchange Law, and the Securities Exchange Acts of the U.S.A. In addition, they supervise the election of independent auditors, their remuneration and non-audit services.

 

28


Table of Contents

(2) Execution of management

The Company has established the Management Council, which is composed of eight representative directors and four managing directors. Along with discussing in advance items to be resolved at meetings of the Board of Directors, this Management Council discusses important management issues as directed by the Board of Directors.

 

Based on the fundamental corporate philosophies, Honda will promote the Company’s long-term businesses in each region to ensure that Honda will be a company each region wants to exist. The Company’s management organization contains six regional operations, including a newly established operation in China in April 2003. Regional executive officers are assigned to be in charge of the business operations in each region, with the aim of heightening the autonomy of the region and ensuring speedy decision-making. In addition, regional executive councils located at each regional operation discuss important management issues in the region within the bounds of the authority conferred upon them by the Management Council.

 

The Company’s four business operations—motorcycles, automobiles, power products, and spare parts—formulate the medium and long-term plans for their business development, and each operation aims to maximize its business performance on a global basis.

 

The Company’s production operations and purchasing operations support production related departments so that they can implement the most efficient allocation of production and procurement on a global scale. These efforts are aimed at increasing company-wide efficiencies.

 

At the Company’s major production facilities in Japan and overseas, operational executive officers are responsible for rapid decision-making. In addition, the Business Management Operations and the Business Support Operations make adjustments on a company-wide basis with the aim of ensuring the optimal allocation of resources.

 

Research and development are conducted principally at the independent subsidiaries of the Company. Honda R&D Co., Ltd. is responsible for product research, while Honda Engineering Co., Ltd. is responsible for research in the area of production technology. The Company carries out unrestricted and generous research and development with the aim of creating, through application of the latest technologies, products that are distinct and internationally competitive.

 

29


Table of Contents

(3) Internal Control

The Business Audit Office (known until April 2003 as the Audit Office) is an independent supervisory department under the direct control of the president. This office audits the performance of each department.

 

In addition to the newly established “Honda Conduct Guideline” to be shared within the entire Honda group, the Company also intends to set up a systematic framework for compliance and risk management in which each division of Honda group works to ensure compliance and prevent management risks, and to verify the status on a regular basis under the supervision by the director in charge. In addition to the appointment of a director in charge of compliance and risk management, the Company intends to improve its organization by setting up a “Business Ethics Committee” to deliberate matters related to corporate ethics and compliance, as well as a “Business Ethics Improvement Proposal Line”, which will receive suggestions related to corporate ethics issues

 

30


Table of Contents

October 28, 2003

Honda Motor Co., Ltd.

 

CONSOLIDATED FINANCIAL SUMMARY

FOR THE FISCAL FIRST HALF ENDED SEPTEMBER 30, 2003

 

                                   (Billions of
Yen)


 
     Results for the
fiscal first half
ended
Sept. 30, 2002


   

Results for the

fiscal first half ended

Sept. 30, 2003

[change/ %]


   

Forecasts for the

fiscal year ending

Mar. 31, 2004

[change/ %]


   

Results for the
fiscal year
ended

Mar. 31, 2003


 

Net sales and other operating revenue

   3,853.6     4,025.4     [171.8/4.5 %]   8,220.0     [248.5/3.1 %]   7,971.4  

–  Japan

   877.0     750.0     [-127.0/-14.5 %]   1,710.0     [-38.7/-2.2 %]   1,748.7  

–  Overseas

   2,976.5     3,275.3     [298.8/10.0 %]   6,510.0     [287.2/4.6 %]   6,222.7  

Operating income

   323.8     301.8     [-21.9/-6.8 %]   623.0     [-66.4/-9.6 %]   689.4  

<as a percentage of net sales>

   < 8.4 % >   < 7.5 % >         < 7.6 % >         < 8.6 % >

Income before income taxes

   273.7     331.8     [58.1/21.3 %]   648.0     [38.2/6.3 %]   609.7  

<as a percentage of net sales>

   < 7.1 % >   < 8.2 % >         < 7.9 % >         < 7.6 % >

Net income

   194.7     239.1     [44.3/22.8 %]   470.0     [43.3/10.2 %]   426.6  

<as a percentage of net sales>

   < 5.1 % >   < 5.9 % >         < 5.7 % >         < 5.4 % >

Factors of change in

Operating income

         (INCREASE FACTORS)           (INCREASE FACTORS)              
         -Cost reduction     19.0     -Change in revenue              
                     model mix, etc.     27.5        
                     -Cost reduction     55.0        
         (DECREASE FACTORS)                          
         -Change in revenue           (DECREASE FACTORS)              
         model mix, etc.     -1.7     -Currency effects     -76.5        
         -Currency effects     -11.0     Change in average rates     (-60.0 )      
             Change in average rates     (-7.0 )   Translation effects     (-16.5 )      
             Translation effects     (-4.0 )   -Change in SG&A     -47.3        
           -Change in SG&A     -22.4     -Change in R&D     -25.1        
           -Change in R&D     -5.8                    

Average rates for the period USD=

   JPY 123     JPY 118           JPY 114           JPY 122  

Average rates for the period EUR=

   JPY 117     JPY 133           JPY 130           JPY 122  

Honda's transaction rate USD=

   JPY 125     JPY 119           JPY 115 (2nd half: 110)   JPY 123  

Honda's transaction rate EUR=

   JPY 114     JPY 128           JPY 127 (2nd half: 125)   JPY 115  

Capital expenditures

   133.2     128.0           320.0           316.9  

Depreciation

   99.0     100.1           200.0           213.8  

Research and development

   213.0     218.8           462.0           436.8  

Interest bearing debt

   2,033.8     2,492.1                       2,322.4  

Remarks

         .Net sales and net income
set record high for the
first half in the three
consecutive years.
 
 
 
 
        · Net sales, income
before income taxes and
net income to set record
high.
 
 
 
 
           
         ·Income before income
taxes set record high for
the first half.
 
 
 
                       

Unit sales of motorcycles

   3,867     4,219     [352/9.1 %]   9,080     [1,000/12.4 %]   8,080  

(M/C included above)

   (3,704 )   (4,092 )   [388/10.5 %]   (8,766 )   [992/12.8 %]   (7,774 )

Japan

   215     214     [-1/-0.5 %]   425     [-7/-1.6 %]   432  

(M/C included above)

   (215 )   (214 )   [-1/-0.5 %]   (425 )   [-7/-1.6 %]   (432 )

Overseas

   3,652     4,005     [353/9.7 %]   8,655     [1,007/13.2 %]   7,648  

(M/C included above)

   (3,489 )   (3,878 )   [389/11.1 %]   (8,341 )   [999/13.6 %]   (7,342 )

North America

   291     239     [-52/-17.9 %]   670     [60/9.8 %]   610  

(M/C included above)

   (138 )   (122 )   [-16/-11.6 %]   (367 )   [43/13.3 %]   (324 )

Europe

   155     158     [3/1.9 %]   280     [-25/-8.2 %]   305  

(M/C included above)

   (150 )   (153 )   [3/2.0 %]   (274 )   [-22/-7.4 %]   (296 )

Asia

   2,817     3,189     [372/13.2 %]   6,880     [932/15.7 %]   5,948  

(M/C included above)

   (2,817 )   (3,189 )   [372/13.2 %]   (6,880 )   [932/15.7 %]   (5,948 )

Others

   389     419     [30/7.7 %]   825     [40/5.1 %]   785  

(M/C included above)

   (384 )   (414 )   [30/7.8 %]   (820 )   [46/5.9 %]   (774 )

Unit sales of automobiles

   1,406     1,443     [37/2.6 %]   3,035     [147/5.1 %]   2,888  

Japan

   426     329     [-97/-22.8 %]   765     [-84/-9.9 %]   849  

Overseas

   980     1,114     [134/13.7 %]   2,270     [231/11.3 %]   2,039  

North America

   732     782     [50/6.8 %]   1,565     [43/2.8 %]   1,522  

Europe

   104     113     [9/8.7 %]   220     [13/6.3 %]   207  

Asia

   95     163     [68/71.6 %]   355     [150/73.2 %]   205  

Others

   49     56     [7/14.3 %]   130     [25/23.8 %]   105  

Unit sales of power products

   2,006     2,195     [189/9.4 %]   5,080     [496/10.8 %]   4,584  

Japan

   252     245     [-7/-2.8 %]   475     [3/0.6 %]   472  

Overseas

   1,754     1,950     [196/11.2 %]   4,605     [493/12.0 %]   4,112  

North America

   900     1,053     [153/17.0 %]   2,245     [373/19.9 %]   1,872  

Europe

   424     421     [-3/-0.7 %]   1,260     [-30/-2.3 %]   1,290  

Asia

   312     317     [5/1.6 %]   865     [208/31.7 %]   657  

Others

   118     159     [41/34.7 %]   235     [-58/-19.8 %]   293  

 

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, including 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.

 


Table of Contents

October 28, 2003

 

Consolidated Financial Summary ( Supplemental version )

 

Honda Motor Co., Ltd.

 

(Thousands of units, Millions of Yen)

 

     Second Quarter Results

    First Half Results

    Forecasts

 
     3M ended
Sept. 2003


    3M ended
Sept. 2002


    %
change


    6M ended
Sept. 2003


    6M ended
Sept. 2002


    %
change


    Y ending
Mar.2004


    %
change


 

Unit sales of motorcycles

                                                

Japan

   120     121     -0.8 %   214     215     -0.5 %   425     -1.6 %

(M/C included above)

   (120 )   (121 )   -0.8 %   (214 )   (215 )   -0.5 %   (425 )   -1.6 %

North America

   140     172     -18.6 %   239     291     -17.9 %   670     9.8 %

(M/C included above)

   (57 )   (79 )   -27.8 %   (122 )   (138 )   -11.6 %   (367 )   13.3 %

Europe

   57     57     —       158     155     1.9 %   280     -8.2 %

(M/C included above)

   (54 )   (54 )   —       (153 )   (150 )   2.0 %   (274 )   -7.4 %

Asia

   1,691     1,485     13.9 %   3,189     2,817     13.2 %   6,880     15.7 %

(M/C included above)

   (1,691 )   (1,485 )   13.9 %   (3,189 )   (2,817 )   13.2 %   (6,880 )   15.7 %

Others

   210     205     2.4 %   419     389     7.7 %   825     5.1 %

(M/C included above)

   (207 )   (205 )   1.0 %   (414 )   (384 )   7.8 %   (820 )   5.9 %

Total

   2,218     2,040     8.7 %   4,219     3,867     9.1 %   9,080     12.4 %

(M/C included above)

   (2,129 )   (1,944 )   9.5 %   (4,092 )   (3,704 )   10.5 %   (8,766 )   12.8 %

Unit sales of automobiles

                                                

Japan

   176     213     -17.4 %   329     426     -22.8 %   765     -9.9 %

North America

   385     365     5.5 %   782     732     6.8 %   1,565     2.8 %

Europe

   57     58     -1.7 %   113     104     8.7 %   220     6.3 %

Asia

   84     49     71.4 %   163     95     71.6 %   355     73.2 %

Others

   33     27     22.2 %   56     49     14.3 %   130     23.8 %

Total

   735     712     3.2 %   1,443     1,406     2.6 %   3,035     5.1 %

Unit sales of power products

                                                

Japan

   135     124     8.9 %   245     252     -2.8 %   475     0.6 %

North America

   419     383     9.4 %   1,053     900     17.0 %   2,245     19.9 %

Europe

   177     157     12.7 %   421     424     -0.7 %   1,260     -2.3 %

Asia

   163     157     3.8 %   317     312     1.6 %   865     31.7 %

Others

   84     64     31.3 %   159     118     34.7 %   235     -19.8 %

Total

   978     885     10.5 %   2,195     2,006     9.4 %   5,080     10.8 %

Exchange rate to USD (Note)

                                                

Honda’s transaction rates

   118.00     121.00     -2.5 %   119.00     125.00     -5.0 %   115.00     -7.0 %

Market average rates for the period

   117.60     119.24     -1.4 %   118.05     123.14     -4.3 %   114.00     -7.0 %

Rates for the period-end

                     111.25     122.60     -10.2 %            

Exchange rate to EUR (Note)

                                                

Honda’s transaction rates

   131.00     115.00     12.2 %   128.00     114.00     10.9 %   127.00     9.4 %

Market average rates for the period

   132.26     117.32     11.3 %   133.46     116.94     12.4 %   130.00     6.9 %

Rates for the period-end

                     129.19     120.37     6.8 %            

Key items

                                                

Net sales and other operating revenue

   2,017,203     1,916,775     5.2 %   4,025,431     3,853,611     4.5 %   8,220,000     3.1 %

Japan

   398,736     442,826     -10.0 %   750,032     877,046     -14.5 %   1,710,000     -2.2 %

Overseas

   1,618,467     1,473,949     9.8 %   3,275,399     2,976,565     10.0 %   6,510,000     4.6 %

Operating income

   151,688     153,046     -0.9 %   301,871     323,869     -6.8 %   623,000     -9.6 %

Income before income taxes

   183,886     109,997     67.2 %   331,881     273,701     21.3 %   648,000     6.3 %

Net income

   137,359     87,181     57.6 %   239,178     194,779     22.8 %   470,000     10.2 %

Capital expenditures

   70,744     71,499     -1.1 %   128,033     133,290     -3.9 %   320,000     0.9 %

Depreciation

   51,156     51,290     -0.3 %   100,186     99,019     1.2 %   200,000     -6.5 %

Research and development

   116,128     105,000     10.6 %   218,872     213,023     2.7 %   462,000     5.8 %

Stockholders’ equity

                     2,743,981     2,593,350     5.8 %            

Total assets

                     7,991,787     6,971,585     14.6 %            

Interest bearing debt

                     2,492,137     2,033,883     22.5 %            

Notes

  

·    Net sales set record high
for the fiscal second
quarter

·    Income before income
taxes and net income set
record high in all quarters

 

·    Net sales and net income
set record high for the first
half in the three
consecutive years.

·    Income before income
taxes set record high for the
first half.

 

·    Net sales,
income before
income taxes
and net income
to set record
high.

 

Note

 

Honda’s transaction rates

  

: rates to be used mainly for exchanging the Company’s foreign currency-denominated trade amount into yen.

Market average rates for the period

  

: rates to be used for translating the Company’s subsidiaries’ foreign currency-denominated statements of income into yen.

Rates for the period-end

  

: rates to be used for translating the Company’s subsidiaries’ foreign currency-denominated assets and liabilities into yen.

 

     2nd
Quarter


    Firat Half

    Forecasts
FY2004


 

Factors of changes in operating income

                  

Changes in revenue, model mix, etc.

   -20,023     -1,725     +27,512  

Currency effects

   +8,000     -11,000     -76,500  

(Change in transaction rates)

   -700     -20,200     -57,500  

U. S. Dollar vs. Yen

   (-7,000 )   (-30,000 )   (-78,500 )

Euro vs. Yen

   (+3,500 )   (+8,500 )   (+9,500 )

Others vs. Yen

   (+4,800 )   (+3,800 )   (+13,000 )

Between other currency

   (-2,000 )   (-2,500 )   (-1,500 )

(Translation effects)

   +2,500     -4,000     -16,500  

Gross profit

   (+3,500 )   (-8,500 )   (-42,500 )

SG&A

   (-1,000 )   (+4,500 )   (+26,000 )

(Difference between transaction rate and weighted average rate)

   +6,200     +13,200     -2,500  

Cost reduction

   +11,000     +19,000     +55,000  

Materials and other

   +14,000     +24,000     +56,000  

Labor expenses

   -3,000     -6,000     -13,000  

Others

   —       +1,000     12,000  

Changes in SG&A

   +10,793     -22,424     -47,324  

Changes in R&D

   -11,128     -5,849     -25,137  

Changes in operating income

   -1,358     -21,998     -66,449  

 

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, including 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.


Table of Contents

October 28, 2003

Honda Motor Co., Ltd.

 

UNCONSOLIDATED FINANCIAL SUMMARY

FOR FISCAL FIRST HALF ENDED SEPTEMBER 30, 2003

 

(Parent company only)

 

   

Results for the

fiscal first

half ended

September 30,

2002


   

Results for the

fiscal first half ended

September 30, 2003

(change /% change)


   

Forecasts for the

fiscal year ending

March 31, 2004

(change /% change)


    (Billions of yen)

 
         

Results for the
fiscal year ended

March 31, 2003


 

Net sales and other operating revenue

  1,625.5     1,580.7     (-44.8/–2.8 %)   3,310.0     -12.7/-0.4 %)   3,322.7  

–  Japan

  646.2     509.8     (-136.3/–21.1 %)   1,190.0     -86.6/-6.8 %)   1,276.6  

–  Overseas

  979.3     1,070.8     ( 91.5/9.3 %)   2,120.0     73.9/3.6 %)   2,046.0  

Operating income

  66.1     90.2     (24.1/36.5 %)   173.0     ( 28.1/19.4 %)   144.8  

<as a percentage of net sales>

  < 4.1 % >   < 5.7 % >         < 5.2 % >         < 4.4 % >

Ordinary profit

  120.7     152.1     (31.3/26.0 %)   278.0     ( 35.3/14.6 %)   242.6  

<as a percentage of net sales>

  < 7.4 % >   < 9.6 % >         < 8.4 % >         < 7.3 % >

Net income

  91.7     110.3     (18.6/20.3 %)   202.0     ( 31.9/18.8 %)   170.0  

<as a percentage of net sales>

  < 5.6 % >   < 7.0 % >         < 6.1 % >         < 5.1 % >
          (Increase factors)           (Increase factors)      
         

Impact from change

of accounting
standard for royalty

 

 
 

  27.2     Impact from change
of accounting
standard for royalty
 
 
 
  27.2        

Factors of change in operating income

        Currency effects     10.5     Change in revenue,
model mix, etc
 
 
  8.0        
        Cost reduction     3.0     Cost reduction     21.0        
        Decrease in SG&A     16.9     Decrease in SG&A     31.8        
        (Decrease factors)           (Decrease factors)              
        Change in revenue, model
mix, etc
 
 
  -14.1     Currency effects     -24.5        
        Increase in R&D expenses     -19.4     Increase in R&D
expenses
 
 
  -35.4        

Weighted average translation rate USD=

  JPY 123          

JPY118

 

        JPY 114     JPY 122  

Weighted average translation rate EUR=

 

JPY 117

 

       

JPY 133

 

        JPY 130     JPY 122  

Honda’s transaction rate USD=

 

JPY 125

 

       

JPY 119

 

        JPY 115 (2nd half: 110 )   JPY 123  

Honda’s transaction rate EUR=

 

JPY 114

 

       

JPY 128

 

        JPY 127 (2nd half: 125 )   JPY 115  

Capital expenditures

 

30.6

 

       

27.3

 

        100.0     78.1  

M/C production-related

  0.8           1.2           2.0     2.4  

A/M production-related

  14.6           11.4           33.0     31.2  

P/P production-related

  0.1           0.4           1.0     0.8  

Others

  15.0           14.1           64.0     43.5  

Depreciation

 

27.4

 

       

25.5

 

        60.0     57.1  

Research and development

  200.4          

219.8

 

        450.0     414.6  

Interest bearing debt

 

1.5

 

       

3.3

 

              4.2  

Remarks

       

·Ordinary profit and net income

set record high.

 

·Ordinary profit and net income

set record high.

                                  (Thousands of unit )

Unit sales of motorcycle business

 

635

 

 

560

 

 

(-74/11.8

%)

  1,150     (-55/-4.6 %)   1,205  

(motorcycles included above)

  (464 )   (399 )   (-65/14.1 %)   (830 )   (-45/-5.2 %)   (875 )

Domestic sales

  209     213     (3/1.7 %)   430     (-/0.1 %)   429  

(motorcycles included above)

  (209 )   (213 )   (3/1.7 %)   (430 )   (-/0.1 %)   (429 )

Export sales

  426     347     (-78/-18.4 %)   720     (-56/-7.3 %)   776  

(motorcycles included above)

  (255 )   (186 )   (-69/-27.1 %)   (400 )   (-46/-10.4 %)   (446 )

Unit sales of automobile business

 

691

 

 

560

 

 

(-131/19.0

%)

  1,230     (-127/-9.4 %)   1,357  

Domestic sales

  449     326     (-123/-27.4 %)   770     (-101/-11.6 %)   871  

Registration vehicles

  307     212     (-94/-30.7 %)   475     (-130/-21.6 %)   605  

Mini vehicles

  142     113     (-28/-20.2 %)   295     (29/11.2 %)   265  

Export sales

  241     233     (-7/-3.3 %)   460     (-25/-5.3 %)   485  

Unit sales of power product business

 

1,939

 

 

2,246

 

 

(306/15.8

%)

  5,080     (531/11.7 %)   4,548  

Domestic sales

  253     238     (-14/-5.8 %)   475     (1/0.4 %)   473  

Export sales

  1,686     2,007     (321/19.1 %)   4,605     (529/13.0 %)   4,075  

Automobile production

 

1,459

 

 

1,437

 

 

(-21/-1.5

%)

  3,045     (83/2.8 %)   2,961  

Domestic

  686     550     (-135/-19.7 %)   1,205     (-146/-10.9 %)   1,351  

Overseas

  773     887     (113/14.7 %)   1,840     (230/14.3 %)   1,609  

 

Note : Amount for Capital expenditure and Depreciation is amount for property, plant and equipment (excluding company cars).

 

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, including 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.


Table of Contents

(TRANSLATION)

 

October 29, 2003     

 

To Stockholders,

Honda Motor co., Ltd.

No. 1-1, 2 Chome,

Minami-Aoyama,

Minatoku, 107-8556 Tokyo

 

    

By: Takeo Fukui

President and

Representative Director

 

Notice of Resolution by the Board of Directors

concerning Payment of Interim Dividend

for the 80th fiscal period

 

Notice is hereby given that the Board of Directors at its meeting held on October 28, 2003 discussed and considered a matter of interim dividend for the 80th fiscal period (a year ending March 31, 2004) and resolved as follows:

 

Particular

 

Pursuant to Article 33 of Article of Incorporation of the Company, it was resolved that the interim cash dividend, based on Article 293-5 of the Commercial Code, be paid to the stockholders of record on September 30, 2003 as follows:

 

1. Interim cash dividend: ¥19 per share of Common Stock

 

2. Date Claim for payment becomes effective and Payment commences:

 

November 25, 2003 (Tuesday)

 

-END-

 


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘6-K’ Filing    Date    Other Filings
3/31/0420-F
11/25/03
11/20/03
Filed on / For Period End:11/14/03
11/5/03
10/29/03
10/28/03
10/24/03
10/17/03
10/16/03
10/15/03
10/14/03
10/10/036-K
10/3/03
9/30/03
6/24/03
3/31/0320-F
9/30/02
1/10/02
9/30/01
 List all Filings 
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