1st Quarter Results
Toyota Motor Corporation
03 August 2007
For immediate release
August 3, 2007
Toyota Announces Record First Quarter Operating Results
(All consolidated financial information has been prepared in accordance with
accounting principles generally accepted in the United States)
Tokyo - TOYOTA MOTOR CORPORATION (TMC) today announced operating results
for the first quarter ended June 30, 2007.
On a consolidated basis, net revenues for the first quarter totaled 6.52
trillion yen, an increase of 15.7 percent compared to the same period last
fiscal year. Operating income increased 31.8 percent to 675.4 billion yen, while
income before income taxes, minority interest and equity in earnings of
affiliated companies was 739.0 billion yen. Net income increased by 32.3
percent to 491.5 billion yen.
Positive contributions to operating income totaled 220.0 billion yen, consisting
of 100.0 billion yen from marketing efforts, 100.0 billion yen from changes in
foreign exchange rates and 20.0 billion yen from cost reduction efforts.
Negative factors totaled 57.0 billion yen.
Commenting on the results, Takeshi Suzuki, TMC Senior Managing Director, said,
'We posted substantial increases in both revenues and profits, our highest ever
quarterly results. Operating income showed a steep increase of 163.0 billion yen
compared with the first quarter of the previous fiscal year, due to improved
marketing efforts, including higher sales volume and improvement in the product
mix, and cost reduction efforts which offset higher raw material costs.'
Consolidated vehicle sales for the first quarter amounted to 2.16 million units,
an increase of 71 thousand units compared with the same period last fiscal year.
In Japan, vehicle sales decreased by 43 thousand units, to 500 thousand
vehicles. Operating income increased significantly by 103.6 billion yen to
396.6 billion yen, due to an improvement in the product mix, including strong
sales of the Lexus LS series, boosted by the introduction of the hybrid model in
May 2007, as well as an increase in domestic production to meet brisk overseas
demand.
Vehicle sales in North America totaled 762 thousand units, an increase of 15
thousand units. Operating income increased by 20.1 billion yen, to 160.2 billion
yen. The successful launch of new models such as the Tundra and the Lexus LS,
and strong sales of models with high fuel efficiency like Prius contributed to
the results.
In Europe, sales increased by 25 thousand vehicles, to 333 thousand vehicles.
Operating income increased by 2.0 billion yen, to 38.5 billion yen, due to the
successful launch of the Auris earlier this year, and continued steady sales of
the Yaris and the Aygo.
Sales in Asia increased by 29 thousand vehicles to 222 thousand vehicles. Sales
volume is steadily increasing, mainly in Indonesia, and the South East Asian
market in general showed signs of continuing recovery. As a result, operating
income in the region increased by 19.6 billion yen, to 49.6 billion yen. Our
consolidated subsidiaries in China also contributed to the increase.
In the other regions including Africa, Oceania and South and Central America,
sales reached 345 thousand vehicles, an increase of 45 thousand units. Operating
income totaled 38.6 billion yen, a considerable increase of 22.7 billion yen.
TMC estimates that the projected consolidated vehicle sales for the fiscal year
ending March 31, 2008 will be 8.89 million units, which is unchanged from TMC's
initial forecast announced in May 2007. The company's consolidated revenues and
earnings forecast for the fiscal year also remains unchanged, with consolidated
net revenues of 25.0 trillion yen, operating income of 2.25 trillion yen and net
income of 1.65 trillion yen.
(Please see attached information for details on financial results. Further
information is also available on the Internet at www.toyota.co.jp)
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Cautionary Statement with Respect to Forward-Looking Statements
This release 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 and
market demand 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 in the markets in which Toyota operates that affect its
automotive operations, particularly laws, regulations and government policies
relating to trade, environmental protection, vehicle emissions, vehicle fuel
economy and vehicle safety, as well as changes in laws, regulations and
government policies that affect 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.
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