1st Quarter Results 5/5
Toyota Motor Corporation
03 August 2004
Supplementary Material for Financial Results for the 3 months ended June 30, 2004 (Consolidated) (U.S. GAAP)
FY2004 in accordance with U.S. GAAP FY2005
(Note 1) (Note 1) (Note 1) FY2004 Prospects
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. 1Q Ending
ending March 31
March 31, 2005
2004 U.S.GAAP
Vehicle Production 1,535 1,529 3,064 1,672 1,777 3,449 6,513 1,744
(thousands of units)
(Japan) 1,006 1,016 2,022 1,100 1,162 2,262 4,284 1,077
including Daihatsu & Hino
(Daihatsu) (141) (156) (297) (162) (180) (342) (639) (162)
(Hino) (18) (26) (44) (21) (22) (43) (87) (23)
(Overseas) 529 513 1,042 572 615 1,187 2,229 667
including Daihatsu & Hino
(Daihatsu) (4) (6) (10) (6) (8) (14) (24) (12)
(Hino) (-) (-) (-) (-) (-) (-) (-) (-)
North America 249 240 489 259 286 545 1,034 297
Europe 126 104 230 137 148 285 515 146
Asia 88 96 184 109 109 218 402 150
Latin America 15 16 31 17 19 36 67 21
Oceania 28 31 59 29 27 56 115 28
Africa 23 26 49 21 26 47 96 25
FY2004 in accordance with U.S. GAAP FY2005 U.S. GAAP
(Note 1) (Note 1) (Note 1) FY2004 Prospects
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. 1Q Ending
ending March 31
March 31, 2005
2004 U.S.GAAP
Vehicle Sales 1,594 1,576 3,170 1,700 1,849 3,549 6,719 1,791 7,200
(thousands of units)
(Japan) 543 538 1,081 554 668 1,222 2,303 538 2,340
including Daihatsu & Hino
(Daihatsu) (120) (120) (240) (118) (155) (273) (513) (126) (530)
(Hino) (9) (16) (25) (12) (14) (26) (51) (10) (50)
(Overseas) 1,051 1,038 2,089 1,146 1,181 2,327 4,416 1,253 4,860
including Daihatsu & Hino
(Daihatsu) (22) (26) (48) (27) (35) (62) (110) (35) (130)
(Hino) (8) (9) (17) (8) (11) (19) (36) (11) (40)
North America 509 496 1,005 561 537 1,098 2,103 572 2,220
Europe 234 207 441 218 239 457 898 247 980
Asia 122 128 250 147 160 307 557 202 800
Latin America 32 37 69 36 41 77 146 45 170
Oceania 60 57 117 60 59 119 236 64 210
Africa 38 36 74 40 77 117 191 56 220
the Middle East and 56 77 133 84 68 152 285 67 260
Others
FY2004 in accordance with U.S. GAAP FY2005 U.S. GAAP
(Note 1) (Note 1) (Note 1) FY2004 Prospects
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. 1Q Ending
ending March 31
March 31, 2005
2004 U.S.GAAP
Total Retail Unit Sales 1,696 1,742 3,438 1,662 1,916 3,578 7,016 1,856
(thousands of units)
Housing Sales (units) 761 1,408 2,169 1,442 1,141 2,583 4,752 848
Foreign Exchange Rate as premise:
Yen to US Dollar Rate 119 118 118 109 107 108 113 110 105
Yen to Euro Rate 135 131 134 130 134 132 133 132 125
approximately
Registered Toyota Vehicles 395 413 808 407 514 921 1,729 378 1,760
(in Japan)
(thousands of units)
Market Share (Japan) approximately
Toyota (excluding 44.9 40.4 42.5 44.4 42.5 43.3 42.9 46.1 43%
Mini-cars) (%)
Toyota, Daihatsu and Hino 41.1 39.7 40.0 39.6 41.6
(including Mini-cars) (%)
Number of Employees (Note 2) 265,532 264,410
FY2004 in accordance with U.S. GAAP FY2005
(Note 1) (Note 1) (Note 1) FY2004 Prospects
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. 1Q Ending
ending March 31
March 31, 2005
2004 U.S.GAAP
Net Sales 4,092.9 4,131.3 8,224.2 4,386.0 4,684.5 9,070.5 17,294.7 4,510.3
(billions of yen)
Geographical Segment
Japan 2,714.2 2,783.1 5,497.3 2,933.6 3,159.1 6,092.7 11,590.0 2,857.6
North America 1,530.8 1,483.3 3,014.1 1,603.7 1,509.8 3,113.5 6,127.6 1,626.1
Europe 529.9 502.4 1,032.3 514.3 617.7 1,132.0 2,164.3 591.0
Others 548.7 554.1 1,102.8 592.5 666.6 1,259.1 2,361.9 670.4
Elimination -1,230.7 -1,191.6 -2,422.3 -1,258.1 -1,268.7 -2,526.8 -4,949.1 -1,234.8
Business Segment
Automotive 3,798.5 3,791.9 7,590.4 4,055.3 4,328.1 8,383.4 15,973.8 4,199.8
Financial Services 184.0 187.5 371.5 180.6 184.8 365.4 736.9 180.9
All Other 183.7 220.0 403.7 214.7 277.8 492.5 896.2 205.7
Elimination -73.3 -68.1 -141.4 -64.6 -106.2 -170.8 -312.2 -76.1
FY2004 in accordance with U.S. GAAP FY2005
(Note 1) (Note 1) (Note 1) FY2004 Prospects
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. 1Q Ending
ending March 31
March 31, 2005
2004 U.S.GAAP
Operating Income 340.7 427.0 767.7 401.6 497.5 899.1 1,666.8 448.6
(billions of yen)
(Operating Income (8.3) (10.3) (9.3) (9.2) (10.6) (9.9) (9.6) (9.9)
Ratio) (%)
Geographical Segment
Japan 252.1 277.6 529.7 226.1 352.3 578.4 1,108.1 253.0
North America 64.6 99.0 163.6 128.2 99.2 227.4 391.0 129.8
Europe 6.1 16.4 22.5 24.7 25.3 50.0 72.5 30.9
Others 20.5 32.8 53.3 24.3 19.3 43.6 96.9 37.7
Elimination -2.6 1.2 -1.4 -1.7 1.4 -0.3 -1.7 -2.8
Business Segment
Automotive 333.9 368.7 702.6 347.8 468.6 816.4 1,519.0 403.8
Financial Services 10.6 51.1 61.7 52.3 32.0 84.3 146.0 46.2
All Other -2.8 8.8 6.0 5.5 3.7 9.2 15.2 1.5
Elimination -1.0 -1.6 -2.6 -4.0 -6.8 -10.8 -13.4 -2.9
Income before taxes 371.2 440.8 812.0 429.7 524.0 953.7 1,765.7 470.4
(billions of yen)
(Income before (9.1) (10.7) (9.9) (9.8) (11.2) (10.5) (10.2) (10.4)
taxes Ratio) (%)
Equity in Earnings of 21.1 19.8 40.9 38.1 41.2 79.3 120.2 34.7
Affiliated
Companies
(billions of yen)
Net Income 222.5 301.9 524.4 286.4 351.2 637.6 1,162.0 286.6
(billions of yen)
(Net Income Ratio) (%) (5.4) (7.3) (6.4) (6.5) (7.5) (7.0) (6.7) (6.4)
FY2004 in accordance with U.S. GAAP FY2005
(Note 1) (Note 1) (Note 1) FY2004 Prospects
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. 1Q Ending
ending March 31
March 31 2005
2004 U.S.GAAP
Research & Development 148.1 156.5 304.6 172.8 204.8 377.6 682.2 158.7 680.0
(billions of yen)
Depreciation (billions of yen) 180.1 196.6 376.7 180.5 230.9 411.4 788.1 181.2 800.0
(Note 3)
Geographical Segment
Japan 113.3 115.8 229.1 114.2 143.5 257.7 486.8 112.8 480.0
North America 38.7 54.2 92.9 39.4 44.2 83.6 176.5 38.7 160.0
Europe 14.3 14.0 28.3 14.4 23.7 38.1 66.4 16.6 80.0
Others 13.8 12.6 26.4 12.5 19.5 32.0 58.4 13.1 80.0
Capital Expenditures 180.9 240.5 421.4 196.9 339.4 536.3 957.7 215.5 990.0
(billions of yen)
(Note 3)
Geographical Segment
Japan 93.1 150.6 243.7 123.5 197.7 321.2 564.9 128.6 590.0
North America 50.9 41.1 92.0 30.0 87.9 117.9 209.9 34.6 140.0
Europe 18.3 24.6 42.9 17.9 26.9 44.8 87.7 14.7 90.0
Others 18.6 24.2 42.8 25.5 26.9 52.4 95.2 37.6 170.0
Total Liquid Assets 3,167.6 3,229.8
(billions of yen)
(Note 4)
Free Cash Flow (billions of yen) 1.0 949.9
(Note 5)
Total Assets (billions of yen) 20,777.1 22,040.2 22,605.4
Shareholdersf Equity (billions of 7,572.4 8,178.6 8,349.9
yen)
Return on Equity (%) 12.3 14.3 15.1 15.2 13.9
Return on Asset (%) 4.3 5.1 5.5 5.5 5.1
Number of Consolidated 561 554
Subsidiaries
Number of Affiliates Accounted 54 53
for Under the Equity Method
Contributing Factors to Operating Income FY2005 Q1 (billions of yen, approximately)
Consolidated Unconsolidated Subsidiaries
Operational Efforts 170.0 50.0 120.0
Cost Reduction Efforts 40.0 20.0 20.0
From Engineering 25.0 15.0 10.0
From Manufacturing 15.0 5.0 10.0
and Logistics
Unfavorable Foreign Exchange Rate -70.0 -60.0 -10.0
Increases in Expenses, etc -32.1 -17.9 -14.2
Cautionary Statement with Respect to Forward-Looking Statements
This report contains forward-looking statements that reflect Toyota's plans and
expectations. These forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and other factors
that may cause Toyota's actual results, performance, achievements or financial
position to be materially different from any future results, performance,
achievements or financial position expressed or implied by these forward-looking
statements. These factors include: (i) changes in economic conditions
affecting, and the competitive environment in, the automotive markets in Japan,
North America, Europe and other markets in which Toyota operates; (ii)
fluctuations in currency exchange rates, particularly with respect to the value
of the Japanese yen, the U.S. dollar, the euro, the Australian dollar and the
British pound; (iii) Toyota's ability to realize production efficiencies and to
implement capital expenditures at the levels and times planned by management;
(iv) changes in the laws, regulations and government policies affecting Toyota's
automotive operations, particularly laws, regulations and policies relating to
environmental protection, vehicle emissions, vehicle fuel economy and vehicle
safety, as well as changes in laws, regulations and government policies
affecting Toyota's other operations, including the outcome of future litigation
and other legal proceedings; (v) political instability in the markets in which
Toyota operates; (vi) Toyota's ability to timely develop and achieve market
acceptance of new products; and (vii) fuel shortages or interruptions in
transportation systems, labor strikes, work stoppages or other interruptions to,
or difficulties in, the employment of labor in the major markets where Toyota
purchases materials, components and supplies for the production of its products
or where its products are produced, distributed or sold. A discussion of these
and other factors which may affect Toyota's actual results, performance,
achievements or financial position is contained in Toyota's annual report on
Form 20-F, which is on file with the United States Securities and Exchange
Commission.
Supplementary Material for Financial Results for the 3 months ended June 30,
2004 (Unconsolidated) (Japan GAAP)
FY2001 FY2002 FY2003
6 mos. 12 mos. 6 mos. 12 mos. 6 mos. 12 mos.
ending ending ending ending ending ending
Sep. 30, March 31, Sep. 30, March 31, Sept. 30, March 31,
2000 2001 2001 2002 2002 2003
Vehicle Production (thousands of 1,637 3,422 1,644 3,364 1,676 3,513
units)
Vehicle Sales (thousands of units) 1,701 3,520 1,674 3,428 1,691 3,559
Japan 835 1,816 850 1,720 800 1,724
Exports 866 1,704 824 1,708 891 1,835
North America 357 710 353 754 414 841
Europe 254 487 200 425 182 392
Asia 61 121 58 106 80 165
Latin America 47 97 52 93 34 71
Oseania 62 115 58 116 71 137
Others 85 174 103 214 110 229
Net Sales (billions of yen) 3,708.7 7,903.5 4,011.9 8,284.9 4,204.7 8,739.3
Japan 1,682.3 3,767.2 1,767.3 3,544.3 1,607.3 3,438.4
Exports 2,026.4 4,136.3 2,244.5 4,740.6 2,597.4 5,300.8
Operating Income (billions of yen) 191.3 506.8 354.2 748.9 471.3 861.3
(Operating Income Ratio) (%) (5.2) (6.4) (8.8) (9.0) (11.2) (9.9)
Ordinary Income (billions of yen) 226.7 621.7 347.1 768.9 481.7 892.6
(Ordinary Income Ratio) (%) (6.1) (7.9) (8.7) (9.3) (11.5) (10.2)
Net Income (billions of yen) 104.3 333.5 203.5 470.2 382.2 634.0
(Net Income Ratio) (%) (2.8) (4.2) (5.1) (5.7) (9.1) (7.3)
Shareholders Return
Dividend Payout (billions of yen) 41.1 92.7 47.4 101.5 56.8 125.8
Dividend Per Share (yen) 11 25 13 28 16 36
Payout Ratio (%) 39.4 27.8 23.3 21.6 14.9 19.8
Value of shares canceled 26.3 263.5 129.2 129.2 143.0 143.0
(billions of yen)
Shareholder Return (%) (Note 6) 64.7 106.8 86.8 49.1 52.3 42.4
Value of shares repurchased 26.3 263.6 129.2 277.5 163.3 453.4
(billions of yen)
Number of Outstanding Shares 3,743,405 3,684,997 3,649,997 3,649,997 3,609,997 3,609,997
(thousands)
Number of Employees (Note 2) 65,907 66,005 65,029 66,820 66,874 65,551
FY2004 FY2005 Prospects
prospects for prospects for
6 mos. 12 mos. 6 mos. for 12 mos.
ending ending ending ending
Sept. 30, 2003 March 31, 2004 Sept.30 2004 March 31, 2005
Vehicle Production (thousands of units) 1,682 3,558 1,780 3,690
Vehicle Sales (thousands of units) 1,720 3,625 1,810 3,740
Japan 830 1,765 840 1,790
Exports 890 1,860 970 1,950
North America 398 811 420 850
Europe 198 419 200 440
Asia 71 151 80 160
Latin America 28 61 40 70
Oseania 78 158 90 160
Others 117 260 140 270
Net Sales (billions of yen) 4,302.1 8,963.7 4,400.0 9,000.0
Japan 1,667.5 3,593.1
Exports 2,634.5 5,370.5
Operating Income (billions of yen) 459.1 833.7 360.0 700.0
(Operating Income Ratio) (%) (10.7) (9.3) (8.2) (7.8)
Ordinary Income (billions of yen) 510.5 915.7 370.0 830.0
(Ordinary Income Ratio) (%) (11.9) (10.2) (8.4) (9.2)
Net Income (billions of yen) 338.0 581.4 220.0 520.0
(Net Income Ratio) (%) (7.9) (6.5) (5.0) (5.8)
Shareholders Return
Dividend Payout (billions of yen) 67.9 151.2
Dividend Per Share (yen) 20 45
Payout Ratio (%) 20.1 26.0
Value of shares canceled (billions of yen) - -
Shareholder Return (%) (Note 6) 20.1 26.0
Value of shares repurchased (billions of 161.7 398.8
yen)
Number of Outstanding Shares (thousands) 3,609,997 3,609,997
Number of Employees (Note 2) 66,099 65,346
(Note 1) 2Q = 1st Half - 1Q , 2nd Half = FY03 - 1st Half , 4Q = 2nd Half - 3Q
(Note 2) Part-time employees (i.e. seasonal workers) are counted in the figure,
along with full-time employees.
(Note 3) Figures for depreciation and capital expenditures do not include
vehicles in operating lease.
(Note 4) Excluding financial subsidiaries
(Note 5) Calculation: Cash flows from operating activities + Cash flows from
investing activities (excluding financial entities)
(Note 6) Calculation: (Dividend payout + Value of shares canceled) / Net
income
Cautionary Statement with Respect to Forward-Looking Statements
This report contains forward-looking statements that reflect Toyota's plans and
expectations. These forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and other factors
that may cause Toyota's actual results, performance, achievements or financial
position to be materially different from any future results, performance,
achievements or financial position expressed or implied by these forward-looking
statements. These factors include: (i) changes in economic conditions
affecting, and the competitive environment in, the automotive markets in Japan,
North America, Europe and other markets in which Toyota operates; (ii)
fluctuations in currency exchange rates, particularly with respect to the value
of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, and the
British pound; (iii) Toyota's ability to realize production efficiencies and to
implement capital expenditures at the levels and times planned by management;
(iv) changes in the laws, regulations and government policies affecting Toyota's
automotive operations, particularly laws, regulations and policies relating to
environmental protection, vehicle emissions, vehicle fuel economy and vehicle
safety, as well as changes in laws, regulations and government policies
affecting Toyota's other operations, including the outcome of future litigation
and other legal proceedings; (v) political instability in the markets in which
Toyota operates; (vi) Toyota's ability to timely develop and achieve market
acceptance of new products; and (vii) fuel shortages or interruptions in
transportation systems, labor strikes, work stoppages or other interruptions to,
or difficulties in, the employment of labor in the major markets where Toyota
purchases materials, components and supplies for the production of its products
or where its products are produced, distributed or sold. A discussion of these
and other factors which may affect Toyota's actual results, performance,
achievements or financial position is contained in Toyota's annual report on
Form 20-F, which is on file with the United States Securities and Exchange
Commission.
This information is provided by RNS
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