Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)

Honda’s consolidated sales revenue for the six months ended September 30, 2022 increased by 15.7%, to ¥8,085.3 billion from the same period last year, due mainly to increased sales revenue in Motorcycle business as well as positive foreign currency translation effects. Operating profit increased by 2.5%, to ¥453.4 billion from the same period last year, due mainly to an increase in profit attributable to price and cost impacts as well as positive foreign currency effects, which was partially offset by decreased profit attributable to sales impacts. Profit before income taxes decreased by 8.0%, to ¥515.8 billion from the same period last year, due mainly to decreased share of profit of investments accounted for using the equity method. Profit for the period attributable to owners of the parent decreased by 13.0%, to ¥338.5 billion from the same period last year.

Business Segments

Motorcycle Business

For the six months ended September 30, 2021 and 2022


	Units (thousands)
	Honda Group Unit Sales*										Consolidated Unit Sales*
	Six months ended Sep. 30, 2021		Six months ended Sep. 30, 2022								Six months ended Sep. 30, 2021		Six months ended Sep. 30, 2022
	Six months ended Sep. 30, 2021		Six months ended Sep. 30, 2022		Change			%			Six months ended Sep. 30, 2021		Six months ended Sep. 30, 2022		Change			%
Motorcycle Business		8,173		9,202		1,029			12.6			5,087		6,343		1,256			24.7
Japan		126		114		(12	)		(9.5	)		126		114		(12	)		(9.5	)
North America		214		220		6			2.8			214		220		6			2.8
Europe		184		144		(40	)		(21.7	)		184		144		(40	)		(21.7	)
Asia		6,915		7,900		985			14.2			3,829		5,041		1,212			31.7
Other Regions		734		824		90			12.3			734		824		90			12.3

*

Honda Group Unit Sales is the total unit sales of completed motorcycle, ATV and side-by-side products of Honda, its consolidated subsidiaries and its affiliates and joint ventures accounted for using the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated sales revenue to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries.

Sales revenue from external customers increased by 38.0%, to ¥1,412.6 billion from the same period last year, due mainly to an increase in consolidated unit sales as well as positive foreign currency translation effects. Operating profit increased by 51.7%, to ¥224.7 billion from the same period last year, due mainly to an increase in profit attributable to price and cost impacts as well as positive foreign currency effects.


	Units (thousands)
	Honda Group Unit Sales*										Consolidated Unit Sales*
	Six months ended Sep. 30, 2021		Six months ended Sep. 30, 2022								Six months ended Sep. 30, 2021		Six months ended Sep. 30, 2022
	Six months ended Sep. 30, 2021		Six months ended Sep. 30, 2022		Change			%			Six months ended Sep. 30, 2021		Six months ended Sep. 30, 2022		Change			%
Automobile Business		1,915		1,785		(130	)		(6.8	)		1,182		1,093		(89	)		(7.5	)
Japan		248		241		(7	)		(2.8	)		215		212		(3	)		(1.4	)
North America		667		542		(125	)		(18.7	)		667		542		(125	)		(18.7	)
Europe		56		45		(11	)		(19.6	)		56		45		(11	)		(19.6	)
Asia		882		898		16			1.8			182		235		53			29.1
Other Regions		62		59		(3	)		(4.8	)		62		59		(3	)		(4.8	)

*

Honda Group Unit Sales is the total unit sales of completed products of Honda, its consolidated subsidiaries and its affiliates and joint ventures accounted for using the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated sales revenue to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries. Certain sales of automobiles that are financed with residual value type auto loans and others by our Japanese finance subsidiaries and provided through our consolidated subsidiaries are accounted for as operating leases in conformity with IFRS and are not included in consolidated sales revenue to the external customers in our Automobile business. Accordingly, they are not included in Consolidated Unit Sales, but are included in Honda Group Unit Sales of our Automobile business.

Sales revenue from external customers increased by 13.5%, to ¥4,920.1 billion from the same period last year, due mainly to positive foreign currency translation effects, which was partially offset by decreased consolidated unit sales. Operating profit decreased by 45.7%, to ¥63.5 billion from the same period last year, due mainly to decreased profit attributable to sales impacts, which was partially offset by positive foreign currency effects.

Financial Services Business

Sales revenue from external customers increased by 5.9%, to ¥1,527.9 billion from the same period last year, due mainly to positive foreign currency translation effects, which was partially offset by decreased operating lease revenues. Operating profit decreased by 13.4%, to ¥153.0 billion from the same period last year, due mainly to a decrease in profit attributable to decreased sales revenue, which was partially offset by positive foreign currency effects.

Power Product and Other Businesses

For the six months ended September 30, 2021 and 2022


	Units (thousands)
	Honda Group Unit Sales / Consolidated Unit Sales*
	Six months ended Sep. 30, 2021		Six months ended Sep. 30, 2022
	Six months ended Sep. 30, 2021		Six months ended Sep. 30, 2022		Change			%
Power Product Business		3,230		2,935		(295	)		(9.1	)
Japan		184		184		0			0.0
North America		1,597		1,306		(291	)		(18.2	)
Europe		499		554		55			11.0
Asia		756		691		(65	)		(8.6	)
Other Regions		194		200		6			3.1

*

Honda Group Unit Sales is the total unit sales of completed power products of Honda, its consolidated subsidiaries and its affiliates and joint ventures accounted for using the equity method. Consolidated Unit Sales is the total unit sales of completed power products corresponding to consolidated sales revenue to external customers, which consists of unit sales of completed power products of Honda and its consolidated subsidiaries. In Power Product business, there is no discrepancy between Honda Group Unit Sales and Consolidated Unit Sales since no affiliate and joint venture accounted for using the equity method were involved in the sale of Honda power products.

Sales revenue from external customers increased by 20.3%, to ¥224.5 billion from the same period last year, due mainly to positive foreign currency translation effects. Operating profit was ¥12.0 billion, an increase of ¥11.9 billion from the same period last year, due mainly to decreased operating costs in Other businesses as well as positive foreign currency effects. In addition, operating loss of aircraft and aircraft engines included in Power product and other businesses was ¥12.0 billion, an improvement of ¥3.5 billion from the same period last year, due mainly to decreased operating costs, which was partially offset by decreased profit attributable to negative foreign currency translation effects.

Net cash provided by operating activities amounted to ¥1,341.3 billion of cash inflows. Cash inflows from operating activities increased by ¥1,043.2 billion from the same period last year, due mainly to increased cash received from customers, which was partially offset by increased payments for selling, general and administrative expenses.

Net cash used in investing activities amounted to ¥428.6 billion of cash outflows. Cash outflows from investing activities increased by ¥201.9 billion from the same period last year, due mainly to an increase in payments for additions to property, plant and equipment as well as for acquisitions of other financial assets.

Net cash used in financing activities amounted to ¥952.7 billion of cash outflows. Cash outflows from financing activities increased by ¥740.0 billion from the same period last year, due mainly to decreased proceeds from financing liabilities and increased dividends paid.

Research and Development

The changes in research and development activities by Honda and its subsidiaries for the six months ended September 30, 2022 are as follows:

The Company has established Business Development Operations that consolidate functions to develop businesses and areas of software and core electrification technologies in order to strengthen new value creation by combining hardware with software and services. Some technology areas have been moved from their respective product-based business operations, such as motorcycle, automobile and power products, and combined under Business Development Operations. With this change, Honda will accelerate the speed at which it can move and enhance the synergy effect by integrating technology and business for multiple product domains.


			Yen (millions)
Assets	Note		March 31, 2022			September 30, 2022
			unaudited			unaudited
Current assets:
Cash and cash equivalents			¥	3,674,931		¥	3,935,348
Trade receivables				896,768			912,679
Receivables from financial services				1,694,113			1,881,825
Other financial assets				217,743			263,709
Inventories				1,918,548			2,265,163
Other current assets				439,322			435,975

Total current assets				8,841,425			9,694,699

Non-current assets:
Investments accounted for using the equity method				967,404			1,118,036
Receivables from financial services				3,740,383			4,038,736
Other financial assets				819,654			931,357
Equipment on operating leases		5		5,159,129			5,314,541
Property, plant and equipment		6		3,079,407			3,287,862
Intangible assets				849,507			869,798
Deferred tax assets				91,592			98,920
Other non-current assets				424,652			473,944

Total non-current assets				15,131,728			16,133,194

Total assets			¥	23,973,153		¥	25,827,893


			Yen (millions)
Liabilities and Equity	Note		March 31, 2022			September 30, 2022
			unaudited			unaudited
Current liabilities:
Trade payables			¥	1,236,233		¥	1,295,080
Financing liabilities				3,118,304			3,524,876
Accrued expenses				375,601			341,137
Other financial liabilities				236,900			490,582
Income taxes payable				96,116			77,458
Provisions		7		268,388			287,019
Other current liabilities				672,857			731,657

Total current liabilities				6,004,399			6,747,809

Non-current liabilities:
Financing liabilities				4,984,252			4,768,693
Other financial liabilities				282,083			285,992
Retirement benefit liabilities				282,054			317,975
Provisions		7		253,625			265,801
Deferred tax liabilities				990,754			1,086,498
Other non-current liabilities				403,440			444,265

Total non-current liabilities				7,196,208			7,169,224

Total liabilities				13,200,607			13,917,033

Equity:
Common stock				86,067			86,067
Capital surplus				185,495			185,453
Treasury stock				(328,309	)		(357,050	)
Retained earnings				9,539,133			9,766,346
Other components of equity				990,438			1,928,850

Equity attributable to owners of the parent				10,472,824			11,609,666
Non-controlling interests				299,722			301,194

Total equity				10,772,546			11,910,860

Total liabilities and equity			¥	23,973,153		¥	25,827,893

See accompanying notes to condensed consolidated interim financial statements.


		Yen (millions)
	Note	September 30, 2021			September 30, 2022
		unaudited			unaudited
Sales revenue	8	¥	6,988,228		¥	8,085,304

Operating costs and expenses:
Cost of sales			(5,561,775	)		(6,505,911	)
Selling, general and administrative			(625,603	)		(744,778	)
Research and development			(358,654	)		(381,163	)

Total operating costs and expenses			(6,546,032	)		(7,631,852	)

Operating profit			442,196			453,452

Share of profit of investments accounted for using the equity method			107,246			82,946

Finance income and finance costs:
Interest income			11,080			25,025
Interest expense			(6,428	)		(15,650	)
Other, net			6,302			(29,942	)

Total finance income and finance costs			10,954			(20,567	)

Profit before income taxes			560,396			515,831

Income tax expense			(151,795	)		(147,092	)

Profit for the period		¥	408,601		¥	368,739

Profit for the period attributable to:
Owners of the parent			389,209			338,514
Non-controlling interests			19,392			30,225

		Yen
		September 30, 2021			September 30, 2022
Earnings per share attributable to owners of the parent
Basic and diluted	11	¥	225.43		¥	198.08

See accompanying notes to condensed consolidated interim financial statements.


		Yen (millions)
	Note	September 30, 2021			September 30, 2022
		unaudited			unaudited
Profit for the period		¥	408,601		¥	368,739

Other comprehensive income, net of tax:
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans			—			(11	)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income			58,018			(27,735	)
Share of other comprehensive income of investments accounted for using the equity method			1,320			(1,109	)
Items that may be reclassified subsequently to profit or loss
Net changes in revaluation of financial assets measured at fair value through other comprehensive income			(18	)		(893	)
Exchange differences on translating foreign operations			37,049			917,707
Share of other comprehensive income of investments accounted for using the equity method			26,676			69,148

Total other comprehensive income, net of tax			123,045			957,107

Comprehensive income for the period		¥	531,646		¥	1,325,846

Comprehensive income for the period attributable to:
Owners of the parent			514,720			1,276,881
Non-controlling interests			16,926			48,965

See accompanying notes to condensed consolidated interim financial statements.


		Yen (millions)
	Note	September 30, 2021			September 30, 2022
		unaudited			unaudited
Sales revenue	8	¥	3,404,358		¥	4,255,754

Operating costs and expenses:
Cost of sales			(2,715,355	)		(3,441,741	)
Selling, general and administrative			(308,589	)		(383,205	)
Research and development			(181,428	)		(199,572	)

Total operating costs and expenses			(3,205,372	)		(4,024,518	)

Operating profit			198,986			231,236

Share of profit of investments accounted for using the equity method			51,315			60,337

Finance income and finance costs:
Interest income			5,880			15,893
Interest expense			(3,503	)		(8,223	)
Other, net			(3,642	)		(20,816	)

Total finance income and finance costs			(1,265	)		(13,146	)

Profit before income taxes			249,036			278,427

Income tax expense			(78,155	)		(73,268	)

Profit for the period		¥	170,881		¥	205,159

Profit for the period attributable to:
Owners of the parent			166,697			189,295
Non-controlling interests			4,184			15,864

		Yen
		September 30, 2021			September 30, 2022
Earnings per share attributable to owners of the parent
Basic and diluted	11	¥	96.56		¥	110.85

See accompanying notes to condensed consolidated interim financial statements.


		Yen (millions)
	Note	September 30, 2021			September 30, 2022
		unaudited			unaudited
Profit for the period		¥	170,881		¥	205,159

Other comprehensive income, net of tax:
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans			—			(8	)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income			(4,564	)		(40,167	)
Share of other comprehensive income of investments accounted for using the equity method			372			(665	)
Items that may be reclassified subsequently to profit or loss
Net changes in revaluation of financial assets measured at fair value through other comprehensive income			(48	)		(557	)
Exchange differences on translating foreign operations			7,739			268,761
Share of other comprehensive income of investments accounted for using the equity method			7,368			22,592

Total other comprehensive income, net of tax			10,867			249,956

Comprehensive income for the period		¥	181,748		¥	455,115

Comprehensive income for the period attributable to:
Owners of the parent			178,448			435,831
Non-controlling interests			3,300			19,284

See accompanying notes to condensed consolidated interim financial statements.


			Yen (millions)
			Equity attributable to owners of the parent
	Note		Common stock		Capital surplus			Treasury stock			Retained earnings			Other components of equity		Total			Non-controlling interests			Total equity
Balance as of April 1, 2021 (unaudited)			¥	86,067	¥	172,049		¥	(273,786	)	¥	8,901,266		¥	196,710	¥	9,082,306		¥	290,533		¥	9,372,839

Comprehensive income for the period
Profit for the period												389,209					389,209			19,392			408,601
Other comprehensive income, net of tax															125,511		125,511			(2,466	)		123,045

Total comprehensive income for the period												389,209			125,511		514,720			16,926			531,646
Reclassification to retained earnings												(92	)		92		—						—
Transactions with owners and other
Dividends paid		12										(93,272	)				(93,272	)		(39,975	)		(133,247	)
Purchases of treasury stock									(19,470	)							(19,470	)					(19,470	)
Disposal of treasury stock									443								443						443
Share-based payment transactions						(267	)										(267	)					(267	)
Equity transactions and others						13,720			7,656								21,376			(21,384	)		(8	)

Total transactions with owners and other						13,453			(11,371	)		(93,272	)				(91,190	)		(61,359	)		(152,549	)

Balance as of September 30, 2021 (unaudited)			¥	86,067	¥	185,502		¥	(285,157	)	¥	9,197,111		¥	322,313	¥	9,505,836		¥	246,100		¥	9,751,936


			Yen (millions)
			Equity attributable to owners of the parent
	Note		Common stock		Capital surplus			Treasury stock			Retained earnings			Other components of equity		Total			Non-controlling interests			Total equity
Balance as of April 1, 2022 (unaudited)			¥	86,067	¥	185,495		¥	(328,309	)	¥	9,539,133		¥	990,438	¥	10,472,824		¥	299,722		¥	10,772,546

Comprehensive income for the period
Profit for the period												338,514					338,514			30,225			368,739
Other comprehensive income, net of tax															938,367		938,367			18,740			957,107

Total comprehensive income for the period												338,514			938,367		1,276,881			48,965			1,325,846
Reclassification to retained earnings												(45	)		45		—						—
Transactions with owners and other
Dividends paid		12										(111,256	)				(111,256	)		(47,493	)		(158,749	)
Purchases of treasury stock									(29,004	)							(29,004	)					(29,004	)
Disposal of treasury stock									263								263						263
Share-based payment transactions						(42	)										(42	)					(42	)

Total transactions with owners and other						(42	)		(28,741	)		(111,256	)				(140,039	)		(47,493	)		(187,532	)

Balance as of September 30, 2022 (unaudited)			¥	86,067	¥	185,453		¥	(357,050	)	¥	9,766,346		¥	1,928,850	¥	11,609,666		¥	301,194		¥	11,910,860

See accompanying notes to condensed consolidated interim financial statements.


		Yen (millions)
	Note	September 30, 2021			September 30, 2022
		unaudited			unaudited
Cash flows from operating activities:
Profit before income taxes		¥	560,396		¥	515,831
Depreciation, amortization and impairment losses excluding equipment on operating leases			307,990			357,304
Share of profit of investments accounted for using the equity method			(107,246	)		(82,946	)
Finance income and finance costs, net			(21,478	)		(69,589	)
Interest income and interest costs from financial services, net			(79,985	)		(75,593	)
Changes in assets and liabilities
Trade receivables			137,863			32,586
Inventories			(204,437	)		(129,729	)
Trade payables			(212,422	)		(49,839	)
Accrued expenses			(136,849	)		(62,296	)
Provisions and retirement benefit liabilities			(118,571	)		(8,720	)
Receivables from financial services			148,032			302,319
Equipment on operating leases			(101,068	)		493,778
Other assets and liabilities			28,415			165,071
Other, net			(5,829	)		1,465
Dividends received			101,140			131,572
Interest received			118,940			143,741
Interest paid			(45,457	)		(68,304	)
Income taxes paid, net of refunds			(71,348	)		(255,317	)

Net cash provided by operating activities			298,086			1,341,334

Cash flows from investing activities:
Payments for additions to property, plant and equipment			(140,739	)		(249,421	)
Payments for additions to and internally developed intangible assets			(81,649	)		(76,441	)
Proceeds from sales of property, plant and equipment and intangible assets			6,554			13,623
Payments for acquisitions of investments accounted for using the equity method			—			(10,340	)
Payments for acquisitions of other financial assets			(221,150	)		(322,025	)
Proceeds from sales and redemptions of other financial assets			210,274			215,952

Net cash used in investing activities			(226,710	)		(428,652	)

Cash flows from financing activities:
Proceeds from short-term financing liabilities			4,096,198			4,219,027
Repayments of short-term financing liabilities			(4,232,433	)		(4,152,744	)
Proceeds from long-term financing liabilities			943,620			362,289
Repayments of long-term financing liabilities			(830,634	)		(1,165,699	)
Dividends paid to owners of the parent			(93,272	)		(111,256	)
Dividends paid to non-controlling interests			(38,155	)		(36,752	)
Purchases and sales of treasury stock, net			(19,027	)		(28,741	)
Repayments of lease liabilities			(38,988	)		(38,890	)
Other, net			(2	)		—

Net cash used in financing activities			(212,693	)		(952,766	)

Effect of exchange rate changes on cash and cash equivalents			2,574			300,501

Net change in cash and cash equivalents			(138,743	)		260,417

Cash and cash equivalents at beginning of year			2,758,020			3,674,931

Cash and cash equivalents at end of period		¥	2,619,277		¥	3,935,348

See accompanying notes to condensed consolidated interim financial statements.

Honda Motor Co., Ltd. (the “Company”) is a public company domiciled in Japan. The Company and its subsidiaries (collectively “Honda”) develop, manufacture and distribute motorcycles, automobiles, power products and others throughout the world, and also provide financial services to customers and dealers for the sale of those products. Principal manufacturing facilities are located in Japan, the United States of America, Canada, Mexico, Italy, France, China, India, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Argentina and Brazil.

(2) Basis of Preparation

(a) Compliance with Interim Financial Reporting Standards

The condensed consolidated interim financial statements of the Company have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The condensed consolidated interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the fiscal year ended March 31, 2022, since the condensed consolidated interim financial statements do not include all the information required in the annual consolidated financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.

(b) Functional Currency and Presentation Currency

The condensed consolidated interim financial statements are presented in Japanese yen, which is the functional currency of the Company. All financial information presented in Japanese yen has been rounded to the nearest million Japanese yen, except when otherwise indicated.

(c) Use of Estimates and Judgments

The preparation of condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies, the reported amount of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. These estimates and underlying assumptions are reviewed on a continuous basis. Changes in these accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

The condensed consolidated interim financial statements are prepared based on the same judgments and estimations as those applied and described in the Company’s consolidated financial statements for the fiscal year ended March 31, 2022.

(3) Summary of Significant Accounting Policies

The condensed consolidated interim financial statements are prepared based on the same accounting policies as those applied and described in the Company’s consolidated financial statements for the fiscal year ended March 31, 2022.

Based on Honda’s organizational structure and characteristics of products and services, Honda discloses segment information in four categories: Reportable segments of Motorcycle business, Automobile business and Financial services business, and other segments that are not reportable. The other segments are combined and disclosed in Power product and other businesses. Segment information is based on the components of Honda for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The accounting policies used for segment information are consistent with the accounting policies used in the Company’s condensed consolidated interim financial statements.

Principal products and services, and functions of each segment are as follows:


Segment	Principal products and services	Functions
Motorcycle Business	Motorcycles, all-terrain vehicles (ATVs), side-by-sides (SxS) and relevant parts	Research and development Manufacturing Sales and related services

Automobile Business	Automobiles and relevant parts	Research and development Manufacturing Sales and related services

Financial Services Business	Financial services	Retail loan and lease related to Honda products Others

Power Product and Other Businesses	Power products and relevant parts, and others	Research and development Manufacturing Sales and related services Others

Explanatory note:

*	Life creation business has been renamed Power product business as a result of organizational changes effective April 1, 2022.

(a) Segment Information

Segment information as of and for the six months ended September 30, 2021 and 2022 is as follows:

As of and for the six months ended September 30, 2021


	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product and Other Businesses		Segment Total		Reconciling Items			Consolidated

Sales revenue:
External customers	¥	1,023,730	¥	4,335,269	¥	1,442,558	¥	186,671	¥	6,988,228	¥	—		¥	6,988,228
Intersegment		—		99,655		1,290		11,033		111,978		(111,978	)		—

Total		1,023,730		4,434,924		1,443,848		197,704		7,100,206		(111,978	)		6,988,228

Segment profit (loss)	¥	148,137	¥	117,104	¥	176,814	¥	141	¥	442,196	¥	—		¥	442,196

Segment assets	¥	1,379,823	¥	8,446,421	¥	10,902,969	¥	357,978	¥	21,087,191	¥	817,075		¥	21,904,266
Depreciation and amortization		33,325		263,951		438,425		8,414		744,115		—			744,115
Capital expenditures		17,337		191,267		1,220,048		7,402		1,436,054		—			1,436,054


	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product and Other Businesses		Segment Total		Reconciling Items			Consolidated
Sales revenue:
External customers	¥	1,412,682	¥	4,920,192	¥	1,527,915	¥	224,515	¥	8,085,304	¥	—		¥	8,085,304
Intersegment		—		83,742		1,181		11,575		96,498		(96,498	)		—

Total		1,412,682		5,003,934		1,529,096		236,090		8,181,802		(96,498	)		8,085,304

Segment profit (loss)	¥	224,775	¥	63,568	¥	153,049	¥	12,060	¥	453,452	¥	—		¥	453,452

Segment assets	¥	1,614,071	¥	10,241,643	¥	12,041,882	¥	469,044	¥	24,366,640	¥	1,461,253		¥	25,827,893
Depreciation and amortization		33,600		282,801		465,827		9,615		791,843		—			791,843
Capital expenditures		20,451		304,206		712,321		5,779		1,042,757		—			1,042,757

Segment information for the three months ended September 30, 2021 and 2022 is as follows:

For the three months ended September 30, 2021


	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product and Other Businesses		Segment Total		Reconciling Items			Consolidated
Sales revenue:
External customers	¥	505,527	¥	2,128,833	¥	675,986	¥	94,012	¥	3,404,358	¥	—		¥	3,404,358
Intersegment		—		53,637		364		4,445		58,446		(58,446	)		—

Total		505,527		2,182,470		676,350		98,457		3,462,804		(58,446	)		3,404,358

Segment profit (loss)	¥	67,442	¥	46,415	¥	84,597	¥	532	¥	198,986	¥	—		¥	198,986

For the three months ended September 30, 2022


	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product and Other Businesses		Segment Total		Reconciling Items			Consolidated
Sales revenue:
External customers	¥	736,632	¥	2,628,707	¥	778,531	¥	111,884	¥	4,255,754	¥	—		¥	4,255,754
Intersegment		—		47,056		502		5,169		52,727		(52,727	)		—

Total		736,632		2,675,763		779,033		117,053		4,308,481		(52,727	)		4,255,754

Segment profit (loss)	¥	126,946	¥	25,306	¥	74,248	¥	4,736	¥	231,236	¥	—		¥	231,236

Explanatory notes:

1.

Segment profit (loss) of each segment is measured in a consistent manner with consolidated operating profit, which is profit before income taxes before share of profit of investments accounted for using the equity method and finance income and finance costs. Expenses not directly associated with specific segments are allocated based on the most reasonable measures applicable.

2.

Segment assets of each segment are defined as total assets including investments accounted for using the equity method, derivatives, and deferred tax assets. Segment assets are based on those directly associated with each segment and those not directly associated with specific segments are allocated based on the most reasonable measures applicable except for the corporate assets described below.

3.	Intersegment sales revenues are generally made at values that approximate arm’s-length prices.

4.

Reconciling items include elimination of intersegment transactions and balances as well as unallocated corporate assets. Unallocated corporate assets, included in reconciling items as of September 30, 2021 and 2022 amounted to ¥954,524 million and ¥1,569,670 million, respectively, which consist primarily of the Company’s cash and cash equivalents and financial assets measured at fair value through other comprehensive income.


	Yen (millions)
	Japan		North America		Europe		Asia		Other Regions		Total		Reconciling Items			Consolidated
Sales revenue:
External customers	¥	1,106,802	¥	3,831,856	¥	318,011	¥	1,450,916	¥	280,643	¥	6,988,228	¥	—		¥	6,988,228
Inter-geographic areas		992,233		236,406		80,288		309,897		5,139		1,623,963		(1,623,963	)		—

Total		2,099,035		4,068,262		398,299		1,760,813		285,782		8,612,191		(1,623,963	)		6,988,228

Operating profit (loss)	¥	15,049	¥	279,456	¥	12,867	¥	133,867	¥	17,067	¥	458,306	¥	(16,110	)	¥	442,196

Assets	¥	5,042,889	¥	12,216,115	¥	535,349	¥	3,288,559	¥	517,500	¥	21,600,412	¥	303,854		¥	21,904,266
Non-current assets other than financial instruments, deferred tax assets and net defined benefit assets	¥	3,022,583	¥	5,175,359	¥	57,248	¥	637,098	¥	135,257	¥	9,027,545	¥	—		¥	9,027,545
As of and for the six months ended September 30, 2022
	Yen (millions)
	Japan		North America		Europe		Asia		Other Regions		Total		Reconciling Items			Consolidated
Sales revenue:
External customers	¥	1,144,602	¥	4,216,445	¥	305,943	¥	2,016,454	¥	401,860	¥	8,085,304	¥	—		¥	8,085,304
Inter-geographic areas		1,040,290		246,029		13,529		379,282		2,679		1,681,809		(1,681,809	)		—

Total		2,184,892		4,462,474		319,472		2,395,736		404,539		9,767,113		(1,681,809	)		8,085,304

Operating profit (loss)	¥	80,735	¥	144,015	¥	7,690	¥	202,740	¥	29,536	¥	464,716	¥	(11,264	)	¥	453,452

Assets	¥	5,226,252	¥	14,418,647	¥	597,755	¥	4,024,209	¥	682,278	¥	24,949,141	¥	878,752		¥	25,827,893
Non-current assets other than financial instruments, deferred tax assets and net defined benefit assets	¥	2,959,919	¥	5,836,560	¥	47,990	¥	711,424	¥	181,839	¥	9,737,732	¥	—		¥	9,737,732
For the three months ended September 30, 2021
	Yen (millions)
	Japan		North America		Europe		Asia		Other Regions		Total		Reconciling Items			Consolidated
Sales revenue:
External customers	¥	543,343	¥	1,846,104	¥	147,768	¥	721,421	¥	145,722	¥	3,404,358	¥	—		¥	3,404,358
Inter-geographic areas		479,841		114,429		26,283		162,109		3,270		785,932		(785,932	)		—

Total		1,023,184		1,960,533		174,051		883,530		148,992		4,190,290		(785,932	)		3,404,358

Operating profit (loss)	¥	13,320	¥	126,088	¥	2,868	¥	52,432	¥	14,453	¥	209,161	¥	(10,175	)	¥	198,986


For the three months ended September 30, 2022
	Yen (millions)
	Japan		North America		Europe		Asia		Other Regions		Total		Reconciling Items			Consolidated
Sales revenue:
External customers	¥	609,572	¥	2,183,792	¥	145,207	¥	1,115,446	¥	201,737	¥	4,255,754	¥	—		¥	4,255,754
Inter-geographic areas		559,064		134,138		6,689		211,486		2,213		913,590		(913,590	)		—

Total		1,168,636		2,317,930		151,896		1,326,932		203,950		5,169,344		(913,590	)		4,255,754

Operating profit (loss)	¥	55,991	¥	52,997	¥	4,274	¥	116,266	¥	15,762	¥	245,290	¥	(14,054	)	¥	231,236

Explanatory notes:

1.	Major countries in each geographic area:


North America		United States, Canada, Mexico
Europe		United Kingdom, Germany, Belgium, Italy, France
Asia		Thailand, China, India, Vietnam, Malaysia
Other Regions		Brazil, Australia

2.	Operating profit (loss) of each geographical region is measured in a consistent manner with consolidated operating profit, which is profit before income taxes before share of profit of investments accounted for using the equity method and finance income and finance costs.

3.	Assets of each geographical region are defined as total assets including investments accounted for using the equity method, derivatives, and deferred tax assets.

4.	Sales revenues between geographic areas are generally made at values that approximate arm’s-length prices.

5.

Reconciling items include elimination of inter-geographic transactions and balances as well as unallocated corporate assets. Unallocated corporate assets, included in reconciling items as of September 30, 2021 and 2022 amounted to ¥954,524 million and ¥1,569,670 million, respectively, which consist primarily of the Company’s cash and cash equivalents and financial assets measured at fair value through other comprehensive income.

(5) Equipment on Operating Leases

The additions to equipment on operating leases for the six months ended September 30, 2021 and 2022 are ¥1,218,678 million and ¥711,061 million, respectively.

The sales or disposals of equipment on operating leases for the six months ended September 30, 2021 and 2022 are ¥679,327 million and ¥740,391 million, respectively.

(6) Property, Plant and Equipment

The additions to property, plant and equipment for the six months ended September 30, 2021 and 2022 are ¥163,630 million and ¥274,667 million, respectively.

The sales or disposals of property, plant and equipment for the six months ended September 30, 2021 and 2022 are ¥17,464 million and ¥14,828 million, respectively.


	Yen (millions)
	Product warranties*			Other			Total
Balance as of April 1, 2022	¥	419,201		¥	102,812		¥	522,013

Provision	¥	79,360		¥	8,833		¥	88,193
Write-offs		(80,802	)		(17,285	)		(98,087	)
Reversal		(6,892	)		(6,808	)		(13,700	)
Exchange differences on translating foreign operations		40,882			13,519			54,401

Balance as of September 30, 2022	¥	451,749		¥	101,071		¥	552,820

Current liabilities and non-current liabilities of provisions as of March 31, 2022 and September 30, 2022 are as follows:


	Yen (millions)
	As of March 31, 2022		As of September 30, 2022
Current liabilities	¥	268,388	¥	287,019
Non-current liabilities		253,625		265,801

Total	¥	522,013	¥	552,820

Explanatory note:

*

Honda recognizes provisions for product warranties to cover future product warranty expenses. Honda recognizes costs for general warranties on products Honda sells and for specific warranty programs, including product recalls. Honda recognizes general estimated warranty costs at the time products are sold to customers. Honda also recognizes specific estimated warranty program costs when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. These provisions are estimated based on historical warranty claim experience with consideration given to the expected level of future warranty costs as well as current information on repair costs. Provisions for product warranties are utilized for expenditures based on the demand from customers and dealers.


	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product and Other Businesses		Total
Revenue arising from Contracts with Customers
Japan	¥	53,819	¥	622,315	¥	65,533	¥	34,383	¥	776,050
North America		114,332		2,418,363		681,622		79,064		3,293,381
Europe		112,986		171,356		—		34,443		318,785
Asia		579,029		984,207		13		27,644		1,590,893
Other Regions		163,199		134,661		—		11,035		308,895

Total	¥	1,023,365	¥	4,330,902	¥	747,168	¥	186,569	¥	6,288,004

Revenue arising from the other sources*		365		4,367		695,390		102		700,224

Total	¥	1,023,730	¥	4,335,269	¥	1,442,558	¥	186,671	¥	6,988,228

For the six months ended September 30, 2022

	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product and Other Businesses		Total
Revenue arising from Contracts with Customers
Japan	¥	50,609	¥	622,096	¥	68,645	¥	43,229	¥	784,579
North America		143,651		2,684,546		724,347		95,677		3,648,221
Europe		93,701		166,712		—		43,151		303,564
Asia		870,930		1,264,033		9		28,675		2,163,647
Other Regions		253,604		178,516		—		13,659		445,779

Total	¥	1,412,495	¥	4,915,903	¥	793,001	¥	224,391	¥	7,345,790

Revenue arising from the other sources*		187		4,289		734,914		124		739,514

Total	¥	1,412,682	¥	4,920,192	¥	1,527,915	¥	224,515	¥	8,085,304

Explanatory note:

*	Revenue arising from the other sources primarily includes lease revenues recognized under IFRS 16 and interest recognized under IFRS 9.


	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product and Other Businesses		Total
Revenue arising from Contracts with Customers
Japan	¥	27,608	¥	300,274	¥	24,041	¥	19,432	¥	371,355
North America		58,564		1,179,255		303,028		37,857		1,578,704
Europe		46,908		86,023		—		16,824		149,755
Asia		288,357		488,659		11		14,292		791,319
Other Regions		84,084		72,755		—		5,549		162,388

Total	¥	505,521	¥	2,126,966	¥	327,080	¥	93,954	¥	3,053,521

Revenue arising from the other sources*		6		1,867		348,906		58		350,837

Total	¥	505,527	¥	2,128,833	¥	675,986	¥	94,012	¥	3,404,358

For the three months ended September 30, 2022

	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product and Other Businesses		Total
Revenue arising from Contracts with Customers
Japan	¥	25,606	¥	334,860	¥	36,554	¥	25,428	¥	422,448
North America		67,820		1,413,592		369,427		45,528		1,896,367
Europe		41,832		81,815		—		19,684		143,331
Asia		475,819		706,629		3		14,398		1,196,849
Other Regions		125,373		89,623		—		6,762		221,758

Total	¥	736,450	¥	2,626,519	¥	405,984	¥	111,800	¥	3,880,753

Revenue arising from the other sources*		182		2,188		372,547		84		375,001

Total	¥	736,632	¥	2,628,707	¥	778,531	¥	111,884	¥	4,255,754

Explanatory note:

*	Revenue arising from the other sources primarily includes lease revenues recognized under IFRS 16 and interest recognized under IFRS 9.


Level 1		Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date

Level 2		Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly

Level 3		Unobservable inputs for the assets or liabilities

The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest input that is significant to the fair value measurement in its entirety. Honda recognizes the transfers between the levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

(b) Method of Fair Value Measurement

The fair values of assets and liabilities are determined based on relevant market information and through the use of an appropriate valuation method.

The measurement methods and assumptions used in the measurement of assets and liabilities are as follows:

(Cash and cash equivalents, trade receivables and trade payables)

The fair values approximate their carrying amounts due to their short-term maturities.

(Receivables from financial services)

The fair value of receivables from financial services is measured primarily by discounting future cash flows using the current interest rates applicable for these receivables of similar remaining maturities. Fair value measurement for receivables from financial services is classified as Level 3.

(Debt securities)

Debt securities consist mainly of mutual funds, corporate bonds, local bonds and auction rate securities.

The fair value of mutual funds with an active market is measured by using quoted market prices. Fair value measurement for mutual funds with an active market is classified as Level 1.

The fair values of corporate bonds and local bonds are measured based on proprietary pricing models provided by specialists and/or market makers and the models obtain a wide array of market observable inputs such as credit ratings and discount rates. Fair value measurements for corporate bonds and local bonds are classified as Level 2.

The subsidiary’s auction rate securities are A to AAA rated and are insured by qualified guarantee agencies, and reinsured by the Secretary of Education and the United States government, and guaranteed at approximately 95% by the United States government. To measure fair value of auction rate securities, Honda uses a third-party-developed valuation model which obtains a wide array of market observable inputs, as well as unobservable inputs including probability of passing or failing auction at each auction. Fair value measurement for auction rate securities is classified as Level 3.

(Equity securities)

The fair value of equity securities with an active market is measured by using quoted market prices. Fair value measurement for equity securities with an active market is classified as Level 1.

The fair value of equity securities with no active market is measured mainly by using a discounted cash flow method, a comparable company valuation method and other appropriate valuation methods. Fair value measurement for equity securities with no active market is classified as Level 3. In addition, in the case that cost represents the best estimate of fair value, fair value for the equity securities with no active market is measured at cost.

Cash flow forecasts and discount rate for the discounted cash flow model and price book-value ratio (PBR) of a comparable company for the comparable company valuation method are used as significant unobservable inputs in the fair value measurement of equity securities classified as Level 3. The fair value increases (decreases) as Cash flow forecasts increase (decrease), discount rate decline (rise) and PBR of a comparable company rise (decline). Such fair value measurements are conducted in accordance with the group accounting policy approved by the appropriate person of authority and based upon valuation methods determined by personnel in accounting divisions of Honda.

(Derivatives)

Derivatives consist mainly of foreign currency forward exchange contracts, foreign currency option contracts, currency swap agreements and interest rate swap agreements.

The fair values of foreign currency forward exchange contracts and foreign currency option contracts are measured by using market observable inputs such as spot exchange rates, discount rates and implied volatility. The fair values of currency swap agreements and interest rate swap agreements are measured by discounting future cash flows using market observable inputs such as interest rate benchmarks like U.S. dollar LIBOR, swap rates, and foreign exchange rates. Fair value measurements for these derivatives are classified as Level 2.

The credit risk of the counterparties is considered in the valuation of derivatives.

(Financing liabilities)

The fair value of financing liabilities is measured by discounting future cash flows using interest rates currently available for liabilities of similar terms and remaining maturities. Fair value measurement of financing liabilities is mainly classified as Level 2.


	Yen (millions)
As of March 31, 2022	Level 1		Level 2		Level 3		Total
Other financial assets:
Financial assets measured at fair value through profit or loss:
Derivatives
Foreign exchange instruments	¥	—	¥	15,674	¥	—	¥	15,674
Interest rate instruments		—		114,016		—		114,016
Other		—		—		4,648		4,648

Total		—		129,690		4,648		134,338

Debt securities		42,837		54,641		4,773		102,251
Financial assets measured at fair value through other comprehensive income:
Debt securities		—		19,984		—		19,984
Equity securities		335,745		—		133,038		468,783

Total	¥	378,582	¥	204,315	¥	142,459	¥	725,356

Other financial liabilities:
Financial liabilities measured at fair value through profit or loss:
Derivatives
Foreign exchange instruments	¥	—	¥	66,644	¥	—	¥	66,644
Interest rate instruments		—		83,669		—		83,669
Other		—		1,629		—		1,629

Total		—		151,942		—		151,942

Total	¥	—	¥	151,942	¥	—	¥	151,942

There were no transfers between Level 1 and Level 2 for the year ended March 31, 2022.


	Yen (millions)
As of September 30, 2022	Level 1		Level 2		Level 3		Total
Other financial assets:
Financial assets measured at fair value through profit or loss:
Derivatives
Foreign exchange instruments	¥	—	¥	63,112	¥	—	¥	63,112
Interest rate instruments		—		217,027		—		217,027
Other		—		—		5,948		5,948

Total		—		280,139		5,948		286,087

Debt securities		40,836		57,416		5,648		103,900
Financial assets measured at fair value through other comprehensive income:
Debt securities		—		26,225		—		26,225
Equity securities		295,261		—		155,562		450,823

Total	¥	336,097	¥	363,780	¥	167,158	¥	867,035

Other financial liabilities:
Financial liabilities measured at fair value through profit or loss:
Derivatives
Foreign exchange instruments	¥	—	¥	213,731	¥	—	¥	213,731
Interest rate instruments		—		181,132		—		181,132
Other		—		32		—		32

Total		—		394,895		—		394,895

Total	¥	—	¥	394,895	¥	—	¥	394,895

There were no transfers between Level 1 and Level 2 for the six months ended September 30, 2022.

Honda is subject to potential liability under various lawsuits and claims. Honda recognizes a provision for loss contingencies when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Honda reviews these pending lawsuits and claims periodically and adjusts the amounts recognized for these contingent liabilities, if necessary, by considering the nature of lawsuits and claims, the progress of the case and the opinions of legal counsel.

With respect to product liability, personal injury claims or lawsuits, Honda believes that any judgment that may be recovered by any plaintiff for general and special damages and court costs will be adequately covered by Honda’s insurance and provision. Punitive damages are claimed in certain of these lawsuits.

After consultation with legal counsel, and taking into account all known factors pertaining to existing lawsuits and claims, Honda believes that the ultimate outcome of such lawsuits and pending claims should not result in liability to Honda that would be likely to have an adverse material effect on its consolidated financial position or results of operations.

Loss related to airbag inflators

Honda has been conducting market-based measures in relation to airbag inflators. Honda recognizes a provision for specific warranty costs when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. There is a possibility that Honda will need to recognize additional provisions when new evidence related to the product recalls arise, however, it is not possible for Honda to reasonably estimate the amount and timing of potential future losses as of the date of this report.

The release of the condensed consolidated interim financial statements was approved by Toshihiro Mibe, Director, President and Representative Executive Officer and Kohei Takeuchi, Director, Executive Vice President and Representative Executive Officer and Chief Financial Officer on November 10, 2022.

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	Yen (millions)
	As of March 31, 2022				As of September 30, 2022
	Carrying amount		Fair value		Carrying amount		Fair value
Receivables from financial services	¥	5,434,496	¥	5,374,754	¥	5,920,561	¥	5,706,412
Debt securities		79,176		79,176		192,228		192,228
Financing liabilities		8,102,556		7,984,057		8,293,569		7,963,727


Resolution		The Board of Directors Meeting on May 14, 2021
Type of shares		Common shares
Total amount of dividends (millions of yen)		93,272
Dividend per share (yen)		54.00
Record date		March 31, 2021
Effective date		June 7, 2021


Resolution		The Board of Directors Meeting on May 13, 2022
Type of shares		Common shares
Total amount of dividends (millions of yen)		111,256
Dividend per share (yen)		65.00
Record date		March 31, 2022
Effective date		June 6, 2022


Resolution		The Board of Directors Meeting on November 9, 2022
Type of shares		Common shares
Resource for dividend		Retained earnings
Total amount of dividends (millions of yen)		102,219
Dividend per share (yen)		60.00
Record date		September 30, 2022
Effective date		December 5, 2022

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	2021		2022
Profit for the period attributable to owners of the parent (millions of yen)	¥	389,209	¥	338,514
Weighted average number of common shares outstanding, basic (shares)		1,726,515,744		1,708,957,348
Basic earnings per share attributable to owners of the parent (yen)	¥	225.43	¥	198.08