Final Results 5/10
Toyota Motor Corporation
10 May 2006
Supplementary Material for Financial Results for the 12 months ended March 31,
2006 (Consolidated)
FY2005 in accordance with U.S. GAAP FY2006 FY2007
(Note 1) (Note 1) FY2005 (Note 1) (Note 1) FY2006 Prospects
1st 3Q 4Q 2nd 12 mos. 1st 3Q 4Q 2nd 12 mos. ending
Half Half ended Half Half ended March 31,
March 31, March 31, 2007
2005 2006
Vehicle
Production 3,469 1,805 1,957 3,762 7,231 3,701 1,914 2,096 4,010 7,711
(thousands of
units)
(Japan) 2,177 1,115 1,242 2,357 4,534 2,191 1,177 1,316 2,493 4,684
including
Daihatsu &
Hino
<327> <173> <192> <365> <692> <344> <188> <189> <377> <721>
<48> <23> <22> <45> <93> <49> <25> <26> <51> <100>
(Overseas) 1,292 690 715 1,405 2,697 1,510 737 780 1,517 3,027
including
Daihatsu &
Hino
<26> <13> <15> <28> <54> <25> <9> <8> <17> <42>
<-> <-> <-> <-> <-> <-> <-> <-> <-> <->
North America 575 271 310 581 1,156 609 285 307 592 1,201
Europe 283 156 157 313 596 299 147 177 324 623
Asia 281 190 176 366 647 416 217 203 420 836
Latin America 42 18 22 40 82 63 30 29 59 122
Oceania 57 25 24 49 106 58 27 28 55 113
Africa 54 30 26 56 110 65 31 36 67 132
FY2005 in accordance with U.S. GAAP FY2006 FY2007
(Note 1) (Note 1) FY2005 (Note 1) (Note 1) FY2006 Prospects
1st 3Q 4Q 2nd 12 mos. 1st 3Q 4Q 2nd 12 mos. ending
Half Half ended Half Half ended March 31,
March 31, March 31, 2007
2005 2006
Vehicle 3,567 1,839 2,002 3,841 7,408 3,833 1,980 2,161 4,141 7,974 8,450
Sales
(thousands
of units)
(Japan) 1,106 573 702 1,275 2,381 1,086 571 707 1,278 2,364 2,390
including
Daihatsu &
Hino
<257> <129> <165> <294> <551> <265> <130> <169> <299> <564> <590>
<24> <12> <15> <27> <51> <26> <14> <16> <30> <56> <50>
(Overseas) 2,461 1,266 1,300 2,566 5,027 2,747 1,409 1,454 2,863 5,610 6,060
including
Daihatsu &
Hino
<73> <39> <41> <80> <153> <80> <36> <32> <68> <148> <160>
<23> <11> <11> <22> <45> <23> <11> <12> <23> <46> <50>
North 1,126 576 569 1,145 2,271 1,245 643 668 1,311 2,556 2,800
America
Europe 476 249 254 503 979 498 246 279 525 1,023 1,160
Asia 386 195 252 447 833 448 217 215 432 880 850
Latin 91 47 47 94 185 124 59 50 109 233 270
America
Oceania 125 56 58 114 239 129 59 63 122 251 270
Africa 108 64 52 116 224 126 63 64 127 253 280
the 149 79 68 147 296 177 122 115 237 414 430
Middle
East and
Others
FY2005 in accordance with U.S. GAAP FY2006 FY2007
(Note 1) (Note 1) FY2005 (Note 1) (Note 1) FY2006 Prospects
1st Half 3Q 4Q 2nd 12 mos. 1st 3Q 4Q 2nd 12 mos. ending
Half ended Half Half ended March 31,
March 31, March 31, 2007
2005 2006
Total Retail
Unit Sales 3,730 1,885 2,022 3,907 7,637 4,094 2,007 2,151 4,158 8,252
(thousands
of units)
Housing Sales
(units) 2,194 1,443 1,646 3,089 5,283 2,274 1,307 1,944 3,251 5,525
Foreign
Exchange
Rate as
premise:
Yen to
US Dollar 110 106 105 105 108 110 117 117 117 113 110
Rate
Yen to
Euro Rate 133 137 137 137 135 136 139 141 140 138 135
Registered
Toyota 814 430 511 941 1,755 804 397 533 930 1,734
approximately
Vehicles
(in Japan) 1,750
(thousands
of units)
Market Share
(Japan)
Approximately
Toyota 44.6 46.4 43.0 44.5 44.5 42.8 46.2 45.4 45.7 44.3 44%
(excluding
Mini-cars) (%)
Toyota,
Daihatsu 41.0 42.5 41.1 39.8 42.5 40.9
and Hino
(including
Mini-cars) (%)
Number of
Employees 269,310 265,753 278,622 285,977
(Note 2)
FY2005 in accordance with U.S. GAAP FY2006 FY2007
(Note 1) (Note 1) FY2005 (Note 1) (Note 1) FY2006 Prospects
1st Half 3Q 4Q 2nd Half 12 mos. 1st 3Q 4Q 2nd Half 12 mos. ending
ended Half ended March 31,
March 31, March 31, 2007
2005 2006
Net Sales 9,025.6 4,644.0 4,881.9 9,525.9 18,551.5 9,953.1 5,333.3 5,750.5 11,083.8 21,036.9 22,300.0
(billions
of yen)
Geographical
Segment
Japan 5,780.6 3,018.3 3,205.2 6,223.5 12,004.1 6,032.9 3,375.8 3,702.8 7,078.6 13,111.5
North
America 3,189.7 1,595.7 1,588.0 3,183.7 6,373.4 3,627.3 2,027.0 2,033.6 4,060.6 7,687.9
Europe 1,201.3 631.8 646.3 1,278.1 2,479.4 1,300.8 666.6 760.0 1,426.6 2,727.4
Asia 749.8 397.7 477.9 875.6 1,625.4 997.0 501.0 544.8 1,045.8 2,042.8
Others 582.5 298.2 303.0 601.2 1,183.7 760.1 416.4 425.2 841.6 1,601.7
Elimination -2,478.3 -1,297.7 -1,338.5 -2,636.2 -5,114.5 -2,765.0 -1,653.5 -1,715.9 -3,369.4 -6,134.4
Business
Segment
Automotive 8,339.6 4,278.4 4,495.5 8,773.9 17,113.5 9,144.5 4,900.0 5,293.6 10,193.6 19,338.1
Financial 384.4 196.1 200.7 396.8 781.2 462.0 262.0 272.9 534.9 996.9
Services
All Other 466.8 243.3 320.2 563.5 1,030.3 535.9 289.9 364.5 654.4 1,190.3
Elimination -165.2 -73.8 -134.5 -208.3 -373.5 -189.3 -118.6 -180.5 -299.1 -488.4
FY2005 in accordance with U.S. GAAP FY2006 FY2007
(Note (Note FY2005 (Note 1) (Note 1) FY2006 Prospects
1) 1)
1st 3Q 4Q 2nd 12 mos. 1st Half 3Q 4Q 2nd Half 12 mos. ending
Half Half ended March 31,
March ended 2007
31, March 31,
2005 2006
Operating
Income 866.2 422.9 383.0 805.9 1672.1 809.4 482.2 586.7 1,068.9 1,878.3 1,900.0
(billions
of yen) (9.6) (9.1) (7.8) (8.5) (9.0) (8.1) (9.0) (10.2) (9.6) (8.9) (8.5)
(Operating
Income Ratio)
(%)
Geographical
Segment
Japan 490.6 237.3 259.3 496.6 987.2 385.9 281.1 408.9 690.0 1,075.9
North America 244.7 127.8 75.0 202.8 447.5 268.5 127.8 99.3 227.1 495.6
Europe 66.3 26.5 15.7 42.2 108.5 40.1 26.6 27.2 53.8 93.9
Asia 43.5 25.1 25.2 50.3 93.8 75.4 38.6 31.5 70.1 145.5
Others 27.4 8.4 11.6 20.0 47.4 36.2 14.7 16.3 31.0 67.2
Elimination -6.3 -2.2 -3.8 -6.0 -12.3 3.3 -6.6 3.5 -3.1 0.2
Business Segment
Automotive 756.8 355.5 340.2 695.7 1,452.5 721.3 427.3 545.4 972.7 1,694.0
Financial Services 102.7 58.7 39.4 98.1 200.8 83.5 46.8 25.5 72.3 155.8
All Other 12.7 11.0 10.0 21.0 33.7 9.8 11.5 18.4 29.9 39.7
Elimination -6.0 -2.3 -6.6 -8.9 -14.9 -5.2 -3.4 -2.6 -6.0 -11.2
Income before
taxes 913.2 447.1 394.3 841.4 1,754.6 855.9 639.9 591.5 1,231.4 2,087.3 1,970.0
(billions of yen) (10.1) (9.6) (8.1) (8.8) (9.5) (8.6) (12.0) (10.3) (11.1) (9.9) (8.8)
(Income before
taxes Ratio) (%)
Equity in Earnings
of Affiliated 58.8 39.3 41.3 80.6 139.4 70.7 45.8 47.8 93.6 164.3
Companies
(billions of yen)
Net Income
(billions of 584.0 296.5 290.7 587.2 1,171.2 570.5 397.5 404.1 801.6 1,372.1 1,310.0
yen)
(6.5) (6.4) (6.0) (6.2) (6.3) (5.7) (7.5) (7.0) (7.2) (6.5) (5.9)
(Net Income Ratio) (%)
FY2005 in accordance with U.S. GAAP FY2006 FY2007
(Note 1) (Note 1) FY2005 (Note 1) (Note 1) FY2006 Prospects
1st Half 3Q 4Q 2nd Half 12 mos. 1st 3Q 4Q 2nd 12 mos. ending
ended Half Half ended March 31,
March 31, March 31, 2007
2005 2006
Research & 351.4 181.3 222.4 403.7 755.1 373.1 211.4 228.1 439.5 812.6 920.0
Development
(billions
of yen)
Depreciation 392.1 184.1 199.6 383.7 775.8 400.9 236.2 254.3 490.5 891.4 930.0
(billions of
yen)
(Note 3)
Geographical
Segment
Japan 241.9 114.4 132.1 246.5 488.4 248.1 150.9 169.9 320.8 568.9 590.0
North
America 88.5 37.7 26.8 64.5 153.0 77.7 46.2 41.2 87.4 165.1 165.0
Europe 35.1 16.4 19.8 36.2 71.3 37.9 18.5 19.5 38.0 75.9 80.0
Asia 15.2 9.2 13.8 23.0 38.2 21.9 11.9 14.2 26.1 48.0 55.0
Others 11.4 6.4 7.1 13.5 24.9 15.3 8.7 9.5 18.2 33.5 40.0
Capital
Expenditures 500.6 207.4 379.2 586.6 1,087.2 695.8 365.0 468.0 833.0 1528.8 1,550.0
(billions of
yen) (Note 3)
Geographical
Segment
Japan 281.7 128.6 264.7 393.3 675.0 443.3 208.5 257.5 466.0 909.3 850.0
North
America 90.6 30.7 32.4 63.1 153.7 110.1 67.9 92.3 160.2 270.3 330.0
Europe 31.6 15.8 25.3 41.1 72.7 62.5 31.4 36.6 68.0 130.5 130.0
Asia 78.2 18.9 37.8 56.7 134.9 58.3 34.5 39.1 73.6 131.9 135.0
Others 18.5 13.4 19.0 32.4 50.9 21.6 22.7 42.5 65.2 86.8 105.0
Total
Liquid
Assets 3415.9 3521.7 3,697.7 3,830.8
(billions
of yen)
(Note 4)
Free Cash
Flow -70.3 152.1 324.7 349.0
(billions
of yen)
(Note 5)
Total
Assets 23,310.1 23,119.1 24,335.0 26,257.5 27,545.1 28,731.5
(billions
of yen)
Shareholders'
Equity 8,542.0 8,718.7 9,045.0 9,692.7 10,194.4 10,560.4
(billions
of yen)
Return on
Equity (%) 14.0 13.7 13.6 12.2 16.0 14.0
Return on
Asset (%) 5.2 5.1 5.1 4.5 5.9 5.2
Number of
Consolidated 540 524 529 523
Subsidiaries
Number of
Affiliates 56 56 57 56
Accounted for
Under the Equity
Method
Contributing Factors to Operating Income Year-on-year Comparison
FY2006 3Q (billions of yen, approximately) Consolidated Unconsolidated
Marketing Efforts 240.0 40.0
Cost Reduction Efforts 130.0 60.0
From Engineering 65.0 40.0
From Manufacturing and Logistics 65.0 20.0
Effects of Changes in Exchange Rates 300.0 250.0
Increases in Expenses -307.3 -157.1
Special Factor -156.5 -46.3
Decrease in DAIKO HENJO -47.2 -
Valuation Losses from Interest Rate Swaps -45.8 -
(TFC/TMCC)
Prior-year Adjustment (TMCC) -17.2 -
Changes in the Accounting of Depreciation -46.3 -46.3
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 12 months ended March 31,
2006 (Unconsolidated)
FY2003 FY2004 FY2005
6 mos. ended 12 mos. ended 6 mos. ended 12 mos. ended 6 mos. ended 12 mos. ended
Sep. 30, 2002 March 31, 2003 Sep. 30, 2003 March 31, 2004 Sep. 30, 2004 March 31, 2005
Vehicle Production 1,676 3,513 1,682 3,558 1,802 3,749
(thousands of units)
Vehicle Sales 1,691 3,559 1,720 3,625 1,805 3,787
(thousands of units)
Japan 800 1,724 830 1,765 838 1,805
Exports 891 1,835 890 1,860 967 1,982
North America 414 841 398 811 412 864
Europe 182 392 198 419 197 420
Asia 80 165 71 151 82 151
Latin America 34 71 28 61 38 78
Oceania 71 137 78 158 89 164
Others 110 229 117 260 149 305
Net Sales (billions of yen) 4,204.7 8,739.3 4,302.1 8,963.7 4,459.7 9,218.3
Japan 1,607.3 3,438.4 1,667.5 3,593.1 1,723.0 3,654.9
Exports 2,597.4 5,300.8 2,634.5 5,370.5 2,736.7 5,563.4
Operating Income 471.3 861.3 459.1 833.7 392.3 701.3
(billions of yen)
(Operating Income
Ratio) (%) (11.2) (9.9) (10.7) (9.3) (8.8) (7.6)
Ordinary Income
(billions of 481.7 892.6 510.5 915.7 442.3 856.2
yen)
(Ordinary Income
Ratio) (%) (11.5) (10.2) (11.9) (10.2) (9.9) (9.3)
Net Income
(billions of yen) 382.2 634.0 338.0 581.4 263.7 529.3
(Net Income Ratio) (%) (9.1) (7.3) (7.9) (6.5) (5.9) (5.7)
Shareholders Return
Dividend Payout 56.8 125.8 67.9 151.2 82.0 212.7
(billions of yen)
Dividend Per
Share (yen) 16 36 20 45 25 65
Payout Ratio (%) 14.9 19.8 20.1 26.0 31.1 40.5
Value of shares canceled 143.0 143.0 - - - -
(billions of yen)
Shareholder Return (%) 52.3 42.4 20.1 26.0 31.1 40.5
(Note 6)
Value of shares
repurchased 163.3 453.4 161.7 398.8 208.4 266.2
(billions of yen)
Number of Outstanding
Shares 3,609,997 3,609,997 3,609,997 3,609,997 3,609,997 3,609,997
(thousands)
Number of Employees
(Note 2) 66,874 65,551 66,099 65,346 64,408 64,237
FY2006 FY2007
6 mos. ended Sep. 30, 12 mos. ended March 31, prospects for 12 mos. prospects for 12 mos.
2005 2006 ending Sep. 30, 2006 ending March 31, 2007
Vehicle Production 1,798 3,863 2,000 4,100
(thousands of units)
Vehicle Sales 1,808 3,895 2,000 4,130
(thousands of units)
Japan 806 1,769 820 1,780
Exports 1,002 2,126 1,180 2,350
North America 470 1,053 660 1,270
Europe 167 352 140 350
Asia 66 122 60 120
Latin America 46 82 50 90
Oceania 85 160 90 170
Others 168 357 180 350
Net Sales (billions of yen) 4,664.0 10,191.8 5,200.0 11,000.0
Japan 1,671.7 3,679.8
Exports 2,992.2 6,511.9
Operating Income 297.6 847.9 370.0 880.0
(billions of yen)
(Operating Income Ratio) (%) (6.4) (8.3) (7.1) (8.0)
Ordinary Income (billions of 416.6 1,104.7 560.0 1,230.0
yen)
(Ordinary Income Ratio) (%) (8.9) (10.8) (10.8) (11.2)
Net Income (billions of yen) 283.6 765.9 380.0 850.0
(Net Income Ratio) (%) (6.1) (7.5) (7.3) (7.7)
Shareholders Return
Dividend Payout 113.8 292.1
(billions of yen)
Dividend Per Share (yen) 35 90
Payout Ratio (%) 40.2 38.3
Value of shares canceled - -
(billions of yen)
Shareholder Return (%) 40.2 38.3
(Note 6)
Value of shares repurchased 61.7 133.6
(billions of yen)
Number of Outstanding Shares 3,609,997 3,609,997
(thousands)
Number of Employees 65,994 65,798
(Note 2)
(Note 1) 2Q = 1st Half - 1Q , 2nd Half = FY - 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
The company news service from the London Stock Exchange