Final Results
Toyota Motor Corporation
11 May 2004
Supplementary Material for Financial Results for the 12 months ended March 31, 2004 (Consolidated)
FY2003 in accordance with U.S. GAAP
(Note 1) (Note 1) (Note 1) FY2003
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. ending
March 31, 2003
Vehicle Production
(thousands of units) 1,393 1,407 2,800 1,515 1,535 3,050 5,850
(Japan)-including
Daihatsu & Hino 966 1,007 1,973 1,075 1,114 2,189 4,162
(Daihatsu) (130) (140) (270) (147) (173) (320) (590)
(Hino) (13) (14) (27) (12) (19) (31) (58)
(Overseas)-including
Daihatsu & Hino 427 400 827 440 421 861 1,688
(Daihatsu) (-) (-) (-) (5) (11) (16) (16)
(Hino) (-) (-) (-) (-) (-) (-) (-)
North America 242 217 459 215 209 424 883
Europe 97 89 186 106 95 201 387
Asia 62 66 128 81 81 162 290
Latin America 5 10 15 11 10 21 36
Oceania 21 18 39 27 26 53 92
Others - - - - - - -
FY2004 in accordance with U.S. GAAP
(Note 1) (Note 1) (Note 1) FY2004 FY2005
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. ending Prospects
March 31, 2004 Ending March 31,
2005 U.S.GAAP
Vehicle Production
(thousands of units) 1,535 1,529 3,064 1,672 1,777 3,449 6,513
(Japan)-including
Daihatsu & Hino 1,006 1,016 2,022 1,100 1,162 2,262 4,284
(Daihatsu) (141) (156) (297) (162) (180) (342) (639)
(Hino) (18) (26) (44) (21) (22) (43) (87)
(Overseas)-including
Daihatsu & Hino 529 513 1,042 572 615 1,187 2,229
(Daihatsu) (3) (7) (10) (6) (8) (14) (24)
(Hino) (-) (-) (-) (-) (-) (-) (-)
North America 249 240 489 259 286 545 1,034
Europe 126 104 230 137 148 285 515
Asia 88 96 184 109 109 218 402
Latin America 15 16 31 17 19 36 67
Oceania 28 31 59 29 27 56 115
Others 23 26 49 21 26 47 96
Supplementary Material for Financial Results for the 12 months ended March 31, 2004 (Consolidated)
FY2003 in accordance with U.S. GAAP
(Note 1) (Note 1) (Note 1) FY2003
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos.ending
March 31, 2003
Vehicle Sales
(thousands of units) 1,473 1,478 2,951 1,544 1,618 3,162 6,113
(Japan)-including
Daihatsu & Hino 494 530 1,024 545 649 1,194 2,218
(Daihatsu) (107) (109) (216) (104) (158) (262) (478)
(Hino) (6) (9) (15) (7) (13) (20) (35)
(Overseas)-including
Daihatsu & Hino 979 948 1,927 999 969 1,968 3,895
(Daihatsu) (19) (16) (35) (17) (30) (47) (82)
(Hino) (6) (7) (13) (6) (6) (12) (25)
North America 511 493 1,004 533 445 978 1,982
Europe 210 182 392 170 214 384 776
Asia 107 106 213 117 132 249 462
Latin America 32 42 74 40 47 87 161
Oceania 51 49 100 51 52 103 203
Others 68 76 144 88 79 167 311
Housing Sales (units) 600 861 1,461 845 1,718 2,563 4,024
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. ending Ending March 31,
March 31, 2004 2005 U.S.GAAP
Vehicle Sales
(thousands of units) 1,594 1,576 3,170 1,700 1,849 3,549 6,719 7,020
(Japan)-including
Daihatsu & Hino 543 538 1,081 554 668 1,222 2,303 2,330
(Daihatsu) (120) (120) (240) (118) (155) (273) (513) (530)
(Hino) (8) (17) (25) (12) (14) (26) (51) (40)
(Overseas)-including
Daihatsu & Hino 1,051 1,038 2,089 1,146 1,181 2,327 4,416 4,690
(Daihatsu) (22) (26) (48) (27) (35) (62) (110) (120)
(Hino) (8) (9) (17) (8) (11) (19) (36) (40)
North America 509 496 1,005 561 537 1,098 2,103 2,180
Europe 234 207 441 218 239 457 898 970
Asia 122 128 250 147 160 307 557
Latin America 32 37 69 36 41 77 146
Oceania 60 57 117 60 59 119 236 1,540*
Others 94 113 207 124 145 269 476
Housing Sales (units) 761 1,408 2,169 1,442 1,141 2,583 4,752
*Represents FY2005 prospects of Asia, Latin America, Oceania and Others, in
total.
Supplementary Material for Financial Results for the 12 months ended March 31, 2004 (Consolidated)
FY2003 in accordance with U.S. GAAP
(Note 1) (Note 1) (Note 1) FY2003
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. ending
March 31, 2003
Foreign Exchange Rate
Yen to US Dollar Rate 127 119 123 123 119 121 122
Yen to Euro Rate 117 117 117 123 128 125 121
Registered Toyota
Vehicles (in Japan)
(thousands of units) 378 420 798 412 500 912 1,710
Market Share (Japan)
Toyota (excluding
Mini-cars) (%) 42.8 41.6 42.1 43.6 41.5 42.4 42.3
Toyota and Daihatsu
(including Mini-cars) (%) 37.2 37.0 39.1 37.9
Toyota, Daihatsu
and Hino (including
Mini-cars) (%) 37.7 37.6 39.7 38.5
Number of Employees 223,138 232,928
Net Sales
(billions of yen) 3,877.6 3,735.8 7,613.4 4,052.6 3,835.5 7,888.1 15,501.5
Geographical Segment
Japan 2,568.5 2,624.0 5,192.5 2,835.2 2,817.9 5,653.1 10,845.6
North America 1,684.7 1,511.8 3,196.5 1,624.4 1,397.9 3,022.3 6,218.8
Europe 407.7 338.2 745.9 405.0 448.9 853.9 1,599.8
Others 379.2 362.2 741.4 445.4 359.9 805.3 1,546.7
Elimination -1,162.5 -1,100.4 -2,262.9 -1,257.4 -1,189.1 -2,446.5 -4,709.4
Business Segment
Automotive 3,598.3 3,443.3 7,041.6 3,750.9 3,519.0 7,269.9 14,311.5
Financial
Services 180.8 170.0 350.8 186.0 188.1 374.1 724.9
All Other 155.4 205.3 360.7 181.0 253.5 434.5 795.2
Elimination -56.9 -82.8 -139.7 -65.3 -125.1 -190.4 -330.1
Operating Income
(billions of yen) 392.5 292.5 685.0 361.2 225.4 586.6 1,271.6
(Operating Income
Ratio) (%) (10.1) (7.8) (9.0) (8.9) (5.9) (7.4) (8.2)
Geographical Segment
Japan 270.0 209.8 479.8 269.9 194.6 464.5 944.3
FY2003 in accordance with U.S. GAAP
(Note 1) (Note 1) (Note 1) FY2003
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. ending
March 31, 2003
North America 102.0 79.8 181.8 81.6 16.6 98.2 280.0
Europe 5.0 0.1 5.1 0.3 2.9 3.2 8.3
Others 14.3 7.6 21.9 14.3 9.4 23.7 45.6
Elimination 1.2 -4.8 -3.6 -4.9 1.9 -3.0 -6.6
Business Segment
Automotive 394.0 291.9 685.9 337.3 223.7 561.0 1,246.9
Financial
Services 1.0 2.8 3.8 20.4 6.1 26.5 30.3
All Other -3.3 2.1 -1.2 3.8 1.9 5.7 4.5
Elimination 0.8 -4.3 -3.5 -0.3 -6.3 -6.6 -10.1
Income before taxes
(billions of yen) 422.2 292.2 714.4 300.1 212.1 512.2 1,226.6
(Income before
taxes Ratio) (%) (10.9) (7.8) (9.4) (7.4) (5.5) (6.5) (7.9)
Net Income
(billions of yen) 246.3 179.5 425.8 179.3 145.8 325.1 750.9
(Net Income Ratio)(%)(6.4) (4.8) (5.6) (4.4) (3.8) (4.1) (4.8)
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.ending Ending March 31,
March 31,2004 2005 U.S. GAAP
Foreign Exchange Rate as premise:
Yen to US Dollar Rate 119 118 118 109 107 108 113 105
Yen to Euro Rate 135 131 134 130 134 132 133 125
Registered Toyota
approximately
Vehicles (in Japan)
(thousands of units) 395 413 808 407 514 921 1,729 1,760
Market Share (Japan)
approximately
Toyota (excluding
Mini-cars) (%) 44.9 40.4 42.5 44.4 42.5 43.3 42.9 43%
Toyota and Daihatsu
(including Mini-cars 40.5 38.8 39.2 38.7
Toyota, Daihatsu
and Hino (including
Mini-cars) (%) 41.1 39.7 40.0 39.6
Number of Employees 265,532 264,410 (Note 2)
Net Sales
(billions of yen) 4,092.9 4,131.3 8,224.2 4,386.0 4,684.5 9,070.5 17,294.7
Geographical Segment
Japan 2,714.3 2,783.0 5,497.3 2,933.6 3,159.1 6,092.7 11,590.0
North America 1,530.8 1,483.3 3,014.1 1,603.7 1,509.8 3,113.5 6,127.6
Europe 529.9 502.4 1,032.3 514.3 617.7 1,132.0 2,164.3
Others 548.8 554.0 1,102.8 592.5 666.6 1,259.1 2,361.9
Elimination -1,230.9 -1,191.4 -2,422.3 -1,258.1 1,268.7 -2,526.8 -4,949.1
Business Segment
Automotive 3,798.6 3,791.8 7,590.4 4,055.3 4,328.1 8,383.4 15,973.8
Financial
Services 184.0 187.5 371.5 180.6 184.8 365.4 736.9
All Other 183.7 220.0 403.7 214.7 277.8 492.5 896.2
Elimination -73.4 -68.0 -141.4 -64.6 -106.2 -170.8 -312.2
Operating Income
(billions of yen) 340.7 427.0 767.7 401.6 497.5 899.1 1,666.8
(Operating Income
Ratio) (%) (8.3) (10.3) (9.3) (9.2) (10.6) (9.9) (9.6)
Geographical Segment
Japan 252.1 277.6 529.7 226.1 352.3 578.4 1,108.1
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. ending Ending March 31,
March 31, 2004 2005 U.S. GAAP
North America 64.6 99.0 163.6 128.2 99.2 227.4 391.0
Europe 6.2 16.3 22.5 24.7 25.3 50.0 72.5
Others 20.4 32.9 53.3 24.3 19.3 43.6 96.9
Elimination -2.6 1.2 -1.4 -1.7 1.4 -0.3 -1.7
Business Segment
Automotive 333.9 368.7 702.6 347.8 468.6 816.4 1,519.0
Financial
Services 10.6 51.1 61.7 52.3 32.0 84.3 146.0
All Other -2.8 8.8 6.0 5.5 3.7 9.2 15.2
Elimination 1.0 -1.6 -2.6 -4.0 -6.8 -10.8 -13.4
Income before taxes
(billions of yen) 371.2 440.8 812.0 429.7 524.0 953.7 1,765.7
(Income before
taxes Ratio) (%) (9.1) (10.7) (9.9) (9.8) (11.2) (10.5) (10.2)
Net Income
(billions of yen) 222.5 301.9 524.4 286.4 351.2 637.6 1,162.0
(Net Income Ratio)(%)(5.4) (7.3) (6.4) (6.5) (7.5) (7.0) (6.7)
Supplementary Material for Financial Results for the 12 months ended March 31, 2004 (Consolidated)
FY2003 in accordance with U.S. GAAP
(Note 1) (Note 1) (Note 1) FY2003
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. ending
March 31, 2003
Research & Development
(billions of yen) 149.1 143.3 292.4 175.0 201.0 376.0 668.4
Parent 122.4 128.9 251.3 153.7 176.2 329.9 581.2
Depreciation
(billions of yen) 165.3 179.5 344.8 178.0 161.3 339.3 684.1
Parent 65.2 72.3 137.5 63.8 59.3 123.1 260.6
Capital Expenditures
(billions of yen) 188.6 281.1 469.7 205.5 323.8 529.3 999.0
Total Liquid Assets
(billions of yen) 2,969.1 3,060.5
Free Cash Flow
(billions of yen) 573.8 655.1
Total Assets
(billions of yen) 19,524.5 20,152.9
Shareholders' Equity
(billions of yen) 7,384.4 7,121.0
Return on Equity (%) 11.6 10.4
Return on Asset (%) 4.4 3.8
Number of Consolidated
Subsidiaries 496 500
Number of Affiliates
Accounted for Under the
Equity Method 57 58
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.ending Ending March 31,
March 31,2004 2005 U.S. GAAP
Research & Development
(billions of yen) 148.1 156.5 304.6 172.8 204.8 377.6 682.2 680.0
Parent 121.4 137.6 259.0 150.9 181.3 332.2 591.2 590.0
Depreciation
(billions of yen) 180.1 196.6 376.7 180.5 230.9 411.4 788.1 (Note 3) 800.0
Parent 65.0 71.6 136.6 63.8 71.9 135.7 272.3 280.0
Capital Expenditures
(billions of yen) 180.9 240.5 421.4 196.9 339.4 536.3 957.7 (Note 3) 990.0
Total Liquid Assets
(billions of yen) 3,167.6 3,229.8 (Note 4)
Free Cash Flow
(billions of yen) 1.0 949.9 (Note 5)
Total Assets
(billions of yen) 20,901.5 20,777.1 21,086.2 22,040.2
Shareholders' Equity
(billions of yen) 7,363.0 7,572.4 7,638.2 8,178.6
Return on Equity (%) 12.3 14.3 15.1 15.2
Return on Asset (%) 4.3 5.1 5.5 5.5
Number of Consolidated 561 554
Subsidiaries
Number of Affiliates
Accounted for Under the
Equity Method 54 53
(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)
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 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 the 'Operating and Financial Review and Prospects' and 'Information
on the Company' sections and elsewhere 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 12 months ended March 31, 2004 (Unconsolidated)
FY 2001 FY 2002
6 mos. ending 12 mos. ending 6 mos. ending 12 mos. ending
Sep. 30, 2000 March 31, 2001 Sep. 30, 2001 March 31, 2002
Vehicle Production
(thousands of units) 1,637 3,422 1,644 3,364
Vehicle Sales (thousands of units) 1,701 3,520 1,674 3,428
Japan 835 1,816 850 1,720
Exports 866 1,704 824 1,708
North America 357 710 353 754
Europe 254 487 200 425
Asia 61 121 58 106
Latin America 47 97 52 93
Oceania 62 115 58 116
Others 85 174 103 214
Net Sales (billions of yen) 3,708.7 7,903.5 4,011.9 8,284.9
Japan 1,682.3 3,767.2 1,767.3 3,544.3
Exports 2,026.4 4,136.3 2,244.5 4,740.6
Operating Income (billions of yen) 191.3 506.8 354.2 748.9
(Operating Income Ratio) (%) (5.2) (6.4) (8.8) (9.0)
Ordinary Income (billions of yen) 226.7 621.7 347.1 768.9
(Ordinary Income Ratio) (%) (6.1) (7.9) (8.7) (9.3)
Net Income (billions of yen) 104.3 333.5 203.5 470.2
(Net Income Ratio) (%) (2.8) (4.2) (5.1) (5.7)
Shareholders Return
Dividend Payout (billions of yen) 41.1 92.7 47.4 101.5
Dividend Per Share (yen) 11 25 13 28
Payout Ratio (%) 39.4 27.8 23.3 21.6
Value of shares canceled
(billions of yen) 26.3 263.5 129.2 129.2
Shareholder Return (%) 64.7 106.8 86.8 49.1
Value of shares repurchased
(billions of yen) 26.3 263.6 129.2 277.5
Number of Outstanding Shares
(thousands) 3,743,405 3,684,997 3,649,997 3,649,997
Number of Employees 65,907 66,005 65,029 66,820
FY 2005 Prospects
prospects prospects
for for
FY 2003 FY 2004 6 mos. 12 mos.
6 mos. ending 12 mos. ending 6 mos. ending 12 mos. ending ending ending
Sep. 30, 2002 March 31, 2003 Sep. 30, 2003 March 31, 2004 Sep. 30, 2004 Mar. 31, 2005
Vehicle Production
(thousands of units) 1,676 3,513 1,682 3,558 1,760 3,610
Vehicle Sales
(thousands of units) 1,691 3,559 1,720 3,625 1,790 3,670
Japan 800 1,724 830 1,765 840 1,790
Exports 891 1,835 890 1,860 950 1,880
North America 414 841 398 811 410 810
Europe 182 392 198 419 190 420
Asia 80 165 71 151 90 160
Latin America 34 71 28 61 30 60
Oceania 71 137 78 158 80 150
Others 110 229 117 260 150 280
Net Sales
(billions of yen) 4,204.7 8,739.3 4,302.1 8,963.7 4,400.0 9,000.0
Japan 1,607.3 3,438.4 1,667.5 3,593.1
Exports 2,597.4 5,300.8 2,634.5 5,370.5
Operating Income
(billions of yen) 471.3 861.3 459.1 833.7 360.0 700.0
(Operating Income Ratio) (%) (11.2) (9.9) (10.7) (9.3) (8.2) (7.8)
Ordinary Income
(billions of yen) 481.7 892.6 510.5 915.7 370.0 830.0
(Ordinary Income Ratio) (%) (11.5) (10.2) (11.9) (10.2) (8.4) (9.2)
Net Income (billions of yen) 382.2 634.0 338.0 581.4 220.0 520.0
(Net Income Ratio) (%) (9.1) (7.3) (7.9) (6.5) (5.0) (5.8)
Shareholders Return
Dividend Payout
(billions of yen) 56.8 125.8 67.9 151.2
Dividend Per Share (yen) 16 36 20 45
Payout Ratio (%) 14.9 19.8 20.1 26.0
Value of shares canceled
(billions of yen) 143.0 143.0 - -
Shareholder Return (%) 52.3 42.4 20.1 26.0 (Note 6)
Value of shares repurchased
(billions of yen) 163.5 453.4 161.7 398.8
Number of Outstanding Shares
(thousands) 3,609,997 3,609,997 3,609,997 3,609,997
Number of Employees 66,874 65,551 66,099 65,346 (Note 2)
(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 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 the 'Operating and Financial Review and Prospects' and 'Information
on the Company' sections and elsewhere 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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