Final Results - Part 2
Toyota Motor Corporation
13 May 2002
PART 2
FINANCIAL SUMMARY
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
FY2002
(April 1, 2001 through March 31, 2002)
English translation from the original Japanese-language document
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.
OVERVIEW OF ASSOCIATED COMPANIES
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
Toyota Motor Corporation (TMC) and its associated companies (564 subsidiaries
and 239 affiliates as of March 31, 2002) are engaged mainly in the automotive
business and also in the financial services and other businesses.
The following three business segments correspond to the business segments stated
in the 'Segment Information'.
Automotive:
This business involves the design, manufacturing and sale of passenger cars,
recreational vehicles, sport utility vehicles, minivans, trucks, buses and
related parts. Automobiles are manufactured mainly by TMC, Hino Motors, Ltd.,
and Daihatsu Motor Co., Ltd., but a portion of manufacturing is consigned to
Toyota Auto Body Co., Ltd. and others. Automobiles are also manufactured by
Toyota Motor Manufacturing, Kentucky, Inc. and other companies overseas.
Automobile parts are manufactured by TMC, Denso Corporation and others. These
products are sold through Tokyo Toyo-Pet Motor Sales Co., Ltd. and other dealers
and some sales to certain large customers are made directly by TMC in Japan.
Overseas, sales are made through Toyota Motor Sales, U.S.A., Inc. and other
distributors and dealers. In addition, Volkswagen vehicles are sold through TMC
and some dealers in Japan.
Financial Services:
This business involves the provision of loans and leases to customers and the
provision of loans to dealers. Toyota Finance Corporation in Japan and Toyota
Motor Credit Corporation and others overseas provide these financial services.
All other:
Other business includes the design, manufacturing and sale of housing,
telecommunications and other business. Housing is manufactured by TMC and sold
through domestic housing dealers. In addition, Toyota Tsusho Corporation engages
in the purchase and sale as well as import and export of various products. The
industrial vehicles and logistics system business was transferred to Toyoda
Automatic Loom Works, Ltd. (currently Toyota Industries Corporation) on April 1,
2001.
Other major companies include Toyota Motor North America, Inc., which deals with
public relations and research activities in North America, Toyota Motor
Manufacturing, North America, Inc., which oversees manufacturing companies in
North America, Toyota Motor Europe Manufacturing, which oversees manufacturing
companies in Europe, and Toyota Financial Services Corporation, which oversees
the management of financial companies.
Consolidated 1
For FY2002, the change in our major associated companies is as follows:
(Change in major associated companies)
New consolidated subsidiary:
Hino Motors, Ltd.
Hino Motors, Ltd. issued new shares to TMC. As a result, Hino Motors, Ltd.,
which was an affiliate accounted for under the equity method, became a
consolidated subsidiary of TMC on August 31, 2001.
Consolidated 2
MANAGEMENT POLICY
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Toyota's basic management policy
Toyota Motor Corporation (TMC) holds up the 'Guiding Principles at Toyota Motor
Corporation' as its basic management policy and believes that efforts to achieve
the goals set forth in the principles will lead to an increase in shareholder
value. The 'Guiding Principles at Toyota Motor Corporation' are as follows:
(1) Honor the language and spirit of the law of every nation and undertake open
and fair corporate activities to be a good corporate citizen of the world.
(2) Respect the culture and customs of every nation and contribute to economic
and social development through corporate activities in the communities.
(3) Dedicate ourselves to providing clean and safe products and to enhancing the
quality of life everywhere through all our activities.
(4) Create and develop advanced technologies and provide outstanding products
and services that fulfill the needs of customers worldwide.
(5) Foster a corporate culture that enhances individual creativity and teamwork
value, while honoring mutual trust and respect between labor and management.
(6) Pursue growth in harmony with the global community through innovative
management.
(7) Work with business partners in research and creation to achieve stable,
long-term growth and mutual benefits, while keeping ourselves open to new
partnerships.
2. Basic Policy on the Distribution of Profits
TMC positions the benefit of its shareholders as one of its priority management
policies and promotes its business aggressively while improving and
strengthening its corporate foundations. TMC's basic approach is to continue
paying stable dividends, while giving overall consideration to business results
and dividends payout ratio etc. Further, with the intent of responding to the
expectations of its shareholders, TMC will implement a number of measures,
including retiring shares in order to return profits to its shareholders.
Reserves will be utilized to establish a stable, long-term management foundation
for making its products more competitive, improving domestic and overseas
production and sales structures, and developing new businesses.
3. TMC's medium and long-term management strategy
TMC will seek to become a leading company of the world in the 21st century by
utilizing the capabilities of the entire group to the greatest extent possible.
First, TMC will implement sales strategies in Japan, North America, Europe, and
Asia that match the unique characteristics of each region from a perspective of
globalization and will establish the optimal production, procurement, and supply
systems that organically link each of these regions. Secondly, with regard to
utilization of information technology (IT), TMC will conduct vigorous research
and development of cutting-edge information technologies to realize automobile
multimedia systems and will promote the further utilization of information in
every area including development, procurement, production and sales. Lastly, TMC
will take steps to deal with environmental issues. TMC plans to play a leading
role in developing environmental technologies indispensable for the 21st
century, including further promotion of its highly regarded hybrid systems, and
an early launch of fuel cell vehicles independently or, if feasible, through
global alliances with other companies.
Consolidated 3
4. Measures for improvement of corporate management organizations
In addition to general meetings of shareholders, meetings of the Board of
Directors, meetings of the Board of Corporate Auditors and auditing of financial
statements by certified public accountants and other actions required by law,
TMC is taking various measures to ensure a higher level of corporate governance.
Specifically, TMC established a 'Committee of Ethics for Corporate Conduct',
comprised of executives of the executive vice president level and higher, to
evaluate all corporate activities from the viewpoint of legal requirements and
corporate ethics. TMC also adopted guidelines to codify the basic attitude and
conduct expected of employees. Efforts are being made to ensure employees
strictly follow these guidelines. In addition, every year TMC holds a meeting of
the International Advisory Board, which is comprised of knowledgeable persons
from foreign countries, to provide TMC with advice concerning management
strategies in connection with Toyota's globalization initiatives.
Also, TMC continues to provide information on the company to shareholders,
investors, and other stakeholders. TMC will continue to ensure a high level of
corporate accountability.
5. Policy for the granting of stock options and other incentive plans
Since 1997, TMC has implemented incentive plans by granting stock options to the
directors of TMC pursuant to the Commercial Code. Since 2001, TMC has expanded
the scope of eligible stock option recipients to newly include senior managers
in addition to directors. Together with this change, TMC has also decided to
introduce a new incentive plan for the executives of its overseas subsidiaries
and affiliated companies.
TMC believes that these incentive plans will further heighten their willingness
and motivation to improve business performance in the medium and long-term,
enhance international competitiveness and profitability, thereby contribute to
increased shareholder value.
Consolidated 4
BUSINESS RESULTS AND FINANCIAL POSITION
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Summary of Consolidated Financial Results of FY2002
(1) Financial Results
During FY2002, the overall Japanese economy continued to experience difficulties
as exemplified by continued sluggish consumer spending, although inventory
adjustments progressed in the manufacturing industry, showing signs of economic
recovery. Meanwhile, overseas, the U.S. economy showed some signs of recovery
such as in customer spending, while the European economy further slowed down.
Under these conditions, domestic vehicle sales decreased by 105 thousand units,
or 4.6%, to 2,217 thousand units in FY2002 compared with FY2001 due to the
stagnant market. However, as a result of the active introduction of new products
that met customer needs and the strong sales efforts of domestic dealers,
Toyota's market share (excluding minivehicles) achieved 42.2% in FY2002,
exceeding 40.0% for the fourth consecutive year. Including minivehicles, the
market share was 38.2% in FY2002. Meanwhile, overseas vehicle sales increased by
363 thousand units, or 11.4%, to 3,567 thousand units in FY2002 compared with
FY2001, mainly due to the introduction of new products that met customer needs
worldwide. As a result, total vehicle sales in Japan and overseas increased by
258 thousand units, or 4.7%, to 5,784 thousand units in FY2002 compared with
FY2001.
Net sales increased by 1,681.8 billion yen, or 12.5%, to 15,106.2 billion yen in
FY2002 compared with FY2001, and operating income increased by 253.3 billion
yen, or 29.1%, to 1,123.4 billion yen in FY2002 compared with FY2001. Factors
contributing to the increase in operating income of 670.0 billion yen included
the effect of exchange rate changes of 410.0 billion yen and cost reduction
efforts of 260.0 billion yen.
On the other hand, factors contributing to the decrease in operating income of
416.7 billion yen included sales impact of 90.0 billion yen and increases in R&D
expenses, labor costs and IT related expenses and other factors of 326.7 billion
yen. Ordinary income increased by 141.3 billion yen, or 14.5%, to 1,113.5
billion yen in FY2002 compared with FY2001. Net income increased by 144.6
billion yen, or 30.7%, to 615.8 billion yen in FY2002 compared with FY2001.
Net sales, operating income, ordinary income and net income all reached historic
highs.
(2) Cash Flows
Cash and cash equivalents in operating activities increased by 759.1 billion yen
in FY2002, mainly due to income before income taxes and minority interest in
consolidated subsidiaries of 1,113.5 billion yen. Cash flows from operating
activities decreased by 349.7 billion yen in FY2002 compared with FY2001, where
cash and cash equivalents increased by 1,108.8 billion yen. Cash and cash
equivalents in investing activities decreased by 954.0 billion yen in FY2002,
mainly due to the payments for acquisition of property, plant and equipment of
961.4 billion yen. Cash flows from investing activities increased by 93.0
billion yen in FY2002 compared with FY2001, where cash and cash equivalents
decreased by 1,047.0 billion yen. Cash and cash equivalents in financing
activities increased by 348.0 billion yen in FY2002, mainly due to the proceeds
from issuance of bonds by financial companies of 1,493.8 billion yen. Cash flows
from financing activities increased by 496.9 billion yen in FY2002 compared with
FY2001, where cash and cash equivalents decreased by 148.9 billion yen. After
consideration of the effect of exchange rate changes and other factors, cash and
cash equivalents increased by 180.8 billion yen, or 12.0%, to 1,688.1 billion
yen at the end of FY2002 compared with the end of FY2001.
Regarding the consolidated cash flows by segment for FY2002, in non-financial
services business, cash and cash equivalents provided by operating activities
increased by 1,343.0 billion yen, cash and cash equivalents used in investing
activities decreased by 797.8 billion yen and cash and cash equivalents provided
by financing activities decreased by 475.8 billion yen. Meanwhile, in the
financial services business, cash and cash equivalents provided by operating
activities decreased by 569.9 billion yen, cash and cash equivalents used in
investing activities decreased by 329.7 billion yen and cash and cash
equivalents provided by financing activities increased by 983.4 billion yen.
Consolidated 5
2. Consolidated financial results of FY2002 by segment
(1) Business Segment
Automotive:
Net sales of the automotive segment increased by 1,969.9 billion yen, or 16.5%,
to 13,909.9 billion yen in FY2002 compared with FY2001, and operating income
increased by 265.4 billion yen, or 32.7%, to 1,078.0 billion yen in FY2002
compared with FY2001. The increase in operating income was due to the
depreciation of the yen against the U.S. dollar and other currencies, increased
vehicle sales overseas and cost reduction efforts made by TMC and its
subsidiaries, despite increases in R&D expenses, labor costs, IT related
expenses and other expenses.
Financial services:
Net sales of the financial services segment increased by 128.8 billion yen, or
22.8%, to 693.3 billion yen in FY2002 compared with FY2001, and operating income
increased by 37.5 billion yen, or 120.8%, to 68.6 billion yen in FY2002 compared
with FY2001. The increase in operating income was mainly due to increase in
outstanding loan balances and higher interest margins in financings in North
America.
All other:
Although net sales of all other operations decreased by 346.0 billion yen, or
29.7%, to 819.4 billion yen in FY2002 compared with FY2001, operating loss
decreased by 1.1 billion yen to 0.9 billion yen in FY2002 compared with FY2001.
The decrease in operating loss was mainly due to the reduction in expenses
relating to the initial investment in ITS (Intelligent Transport Systems),
despite factors such as the exclusion of IDO Corporation (currently KDDI
Corporation) from the scope of consolidation in the second half of FY2001 and
the transfer of TMC's industrial vehicles and logistics system business to
Toyoda Automatic Loom Works, Ltd. (currently Toyota Industries Corporation) in
FY2002.
Consolidated 6
(2) Geographical Segment
Japan:
Net sales in Japan increased by 477.7 billion yen, or 4.8%, to 10,533.7 billion
yen in FY2002 compared with FY2001, and operating income increased by 200.0
billion yen, or 29.8%, to 870.3 billion yen in FY2002 compared with FY2001. The
increase in operating income was due to the depreciation of the yen against the
U.S. dollar and other currencies as well as cost reduction efforts made by TMC
and its subsidiaries, despite increases in R&D expenses, labor costs, IT related
expenses and other expenses.
North America:
Net sales in North America increased by 867.5 billion yen, or 17.5%, to 5,832.3
billion yen in FY2002 compared with FY2001, and operating income increased by
59.8 billion yen, or 29.1%, to 265.6 billion yen in FY2002 compared with FY2001.
The increase in operating income was due to increased profits in the financial
business by higher interest margins for financings, increase in production units
at the plant in Indiana, U.S.A., as well as increase in the number of vehicles
sold.
Europe:
Net sales in Europe increased by 547.4 billion yen, or 52.3%, to 1,594.4 billion
yen in FY2002 compared with FY2001, and operating loss decreased by 10.6 billion
yen to 12.4 billion yen in FY2002 compared with FY2001. The decrease in
operating loss was due to an increase in the number of vehicles sold and other
factors.
The FY2002 accounting period for TMC's subsidiaries, with certain
exceptions, covers 15 months because of changes in their fiscal year-end dates
from December 31 to March 31. When compared to the FY2001 figures, the 12-month
figures for FY2002 obtained by multiplying the 15-month figures by 12/15 show
that the number of vehicles sold increased by 36,057, or 5.2%, to 727,192, net
sales increased by 228.6 billion yen, or 21.8%, to 1,275.6 billion yen, and
operating loss decreased by 13.1 billion yen to 9.9 billion yen.
Other:
Net sales in other regions increased by 457.7 billion yen, or 48.5%, to 1,400.4
billion yen in FY2002 compared with FY2001, and operating income increased by
9.9 billion yen, or 101.3%, to 19.7 billion yen in FY2002 compared with FY2001
mainly due to an increase in the number of vehicles sold and other factors.
The FY2002 accounting period for TMC's subsidiaries, with certain exceptions,
covers 15 months because of changes in their fiscal year-end dates from December
31 to March 31. When compared to the FY2001 figures, the 12-month figures for
FY2002 obtained by multiplying the 15-month figures by 12/15 show that the
number of vehicles sold increased by 39,074, or 5.0%, to 818,395, net sales
increased by 177.6 billion yen, or 18.8%, to 1,120.3 billion yen, and operating
income increased by 6.0 billion yen, or 61.0%, to 15.8 billion yen.
Consolidated 7
3. Distribution of Profits for FY2002
Regarding the dividends for FY2002, the interim dividend declared in November
2001 was increased by 2 yen to 13 yen per share. The year-end dividend is
scheduled to be increased by 1 yen to 15 yen per share, for a total of 28 yen
per share, 3 yen higher than FY2001, on an annual basis. Accordingly, the
dividends payout ratio for FY2002 is 21.6%.
In addition, during FY2002 TMC retired 35 million shares in the amount of
129,218 million yen in order to return profits to its shareholders.
4. Others
(1) Litigation in the United States
On July 12, 1999, the U.S. Department of Justice, acting on behalf of the U.S.
Environmental Protection Agency, filed a lawsuit against Toyota Motor Sales
U.S.A., Inc., a consolidated subsidiary of TMC (on November 22, 1999, TMC and
Toyota Technical Center U.S.A., Inc. Corp., a consolidated subsidiary of TMC,
were added as defendants) for alleged defects in the fuel evaporative emission
leak monitors installed on approximately 2.2 million 1996 - 1998 model year
vehicles sold by TMC in the U.S. in violation of the Clean Air Act.
The Environmental Protection Agency and the Department of Justice are seeking
the payment of fines and an injunction of sales of new 1996 - 1998 model year
vehicles that are not in compliance with applicable federal regulations. In
addition, they are also seeking TMC to take appropriate measures to remedy the
alleged non-compliance with the Clean Air Act and civil penalties of up to
US$27,500 per vehicle previously sold in violation of that Act.
The lawsuit is currently in the document production phase as part of discovery
procedures, but the discovery deadline has been extended several times at the
request of the U.S. government. The current deadline is August 2002. TMC cannot
predict the timetable on which this lawsuit will proceed. TMC believes that it
is in possession of materials that refute the allegations of the U.S. government
and intends to present a vigorous defense.
(2) Return of the substituted portion of the Employee Pension Fund to the
government
In conjunction with enforcement of the Defined Benefit Enterprise Pension Plan
Law, TMC and some of its domestic consolidated subsidiaries and domestic
affiliates accounted for under the equity method received approval from the
Minister of Health, Labor and Welfare for exemption from the obligation of the
future benefit payment regarding substituted portion of the employee pension
funds. (TMC received approval on April 1, 2002)
TMC and some of its domestic consolidated subsidiaries and domestic affiliates
accounted for under the equity method applied the transitional treatment
specified on paragraph 47-2 of the 'Practical Guidelines of Accounting for
Retirement Benefits (Interim Report)', Accounting Committee Report No.13 issued
by the Japanese Institute of Certified Public Accountants, and recognize an
extinguishment of retirement benefit obligation with respect to such substituted
portion as of the date of the approval.
As a result, TMC anticipates to account for the impact of 187,027 million yen
(forecast) as the extraordinary gain and equity in earnings of affiliates in its
consolidated statements of income for the fiscal year ending at March 31, 2003.
TMC also anticipates to account for the impact of 162,457 million yen (forecast)
as the extraordinary gain in its unconsolidated statements of income for the
fiscal year ending at March 31, 2003.
Consolidated 8
CONSOLIDATED PRODUCTION AND SALES
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Production
(Units)
FY2002 FY2001
(April 2001 through (April 2000 through Increase
March 2002) March 2001) (Decrease)
Japan 4,029,259 4,097,704 (68,445)
North America 792,526 807,253 (14,727)
Vehicles Europe 308,914 176,320 132,594
(new)
Others 273,517 193,936 79,581
Overseas total 1,374,957 1,177,509 197,448
Total 5,404,216 5,275,213 129,003
Houses (Japan) 3,095 3,600 (505)
Note: The total production of vehicles (new) includes Daihatsu brand vehicles
(including OEM production) of 638,091 units in FY2002 and 675,390 units in
FY2001, and Hino brand vehicles (including OEM production) of 27,159 units
in FY2002 (produced in the latter half of FY2002).
Annual production of Hino brand vehicles (including OEM production) during
the period April 2001 through March 2002 was 52,965 units.
2. Sales (by destination)
(Units)
FY2002 FY2001
(April 2001 through (April 2000 through Increase
March 2002) March 2001) (Decrease)
Japan 2,217,002 2,322,838 (105,836)
North America 1,780,133 1,733,569 46,564
Vehicles Europe 866,351 691,135 175,216
(new)
Others 921,431 779,321 142,110
Overseas total 3,567,915 3,204,025 363,890
Total 5,784,917 5,526,863 258,054
Houses(Japan) 3,685 3,666 19
Note1: The total sales of vehicles (new) includes Daihatsu brand vehicles of
573,543 units in FY2002, and 605,444 units in FY2001, and Hino brand
vehicles of 29,305 units in FY2002 (sales for the latter half of FY2002).
Annual sales of Hino brand vehicles during the period April 2001 through
March 2002 was 55,467 units.
Note2: The industrial vehicles and logistics system business was transferred to
Toyoda Automatic Loom Works, Ltd. (currently Toyota Industries
Corporation) on April 1, 2001. Therefore, sales of industrial vehicles is
not included in the table. The total sales of industrial vehicles in
FY2001 was 78,750 units.
Consolidated 9
BREAKDOWN OF CONSOLIDATED NET SALES
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001
(April 2001 through (April 2000 through Increase
March 2002) March 2001) (Decrease)
Vehicles 11,858,751 10,210,930 1,647,821
Parts & components for overseas
production 194,531 215,275 (20,744)
Parts 947,876 796,092 151,784
Others 856,858 707,854 149,004
Total Automotive 13,858,017 11,930,152 1,927,865
Financial services 676,723 549,137 127,586
Housing 83,570 85,417 (1,847)
Telecommunications 63,185 296,445 (233,260)
Others 424,801 563,270 (138,469)
Total 15,106,297 13,424,423 1,681,874
Note 1: The amounts above are net sales to external customers.
Note 2: The industrial vehicles and logistics system business was transferred to
Toyoda Automatic Loom Works, Ltd. (currently Toyota Industries
Corporation) on April 1, 2001. Therefore, net sales of this business is
included in 'Others'. Net sales of this business included in 'Others' is
208,971 million yen in FY2001.
Consolidated 10
CONSOLIDATED STATEMENTS OF INCOME
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001
(April 2001 through (April 2000 through Increase
March 2002) March 2001) (Decrease)
Net sales 15,106,297 13,424,423 1,681,874
Cost of sales 11,518,782 10,407,419 1,111,363
Selling, general and administrative expenses 2,464,044 2,146,872 317,172
Operating income 1,123,470 870,131 253,339
Non-operating income 244,111 305,333 (61,222)
Interest income 46,958 59,168 (12,210)
Dividend income 8,691 11,109 (2,418)
Equity in earnings of affiliates 15,046 36,553 (21,507)
Other non-operating income 173,415 198,501 (25,086)
Non-operating expenses 254,057 203,191 50,866
Interest expenses 31,990 40,357 (8,367)
Other non-operating expenses 222,067 162,833 59,234
Ordinary income 1,113,524 972,273 141,251
Extraordinary gains - 265,023 (265,023)
Gains on disposal of securities to
establish retirement benefit trust - 265,023 (265,023)
Extraordinary losses - 373,167 (373,167)
Retirement benefit expenses resulting
from the adoption of the accounting
standards for retirement benefits - 373,167 (373,167)
Income before income taxes and
minority interest in consolidated
subsidiaries 1,113,524 864,129 249,395
Income taxes - current 591,327 493,483 97,844
Income taxes - deferred (111,169) (115,445) 4,276
Minority interest in consolidated subsidiaries 17,541 14,795 2,746
Net income 615,824 471,295 144,529
Consolidated 11
CONSOLIDATED BALANCE SHEETS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001 Increase
(As of March (As of March (Decrease)
31, 2002) 31, 2001)
Assets
Current assets 10,410,966 8,679,097 1,731,869
Cash and deposits 707,233 1,019,217 (311,984)
Trade notes and accounts receivable 1,561,623 1,363,370 198,253
Marketable securities 1,605,460 1,033,782 571,678
Inventories 1,022,718 918,806 103,912
Installment credit from dealers 3,334,357 2,498,748 835,609
Short-term loans 1,192,054 1,100,560 91,494
Deferred income taxes 379,668 317,145 62,523
Other current assets 718,693 494,402 224,291
Less: allowance for doubtful accounts (110,843) (66,936) (43,907)
Fixed assets 9,477,970 8,840,329 637,641
Property, plant and equipment 5,437,777 4,745,558 692,219
Buildings and structures 1,230,871 1,092,742 138,129
Machinery and equipment 1,179,305 1,037,785 141,520
Vehicles and delivery equipment 1,269,275 1,173,595 95,680
Land 1,070,869 884,570 186,299
Construction in progress 270,497 176,651 93,846
Other property, plant and equipment 416,958 380,212 36,746
Intangible fixed assets 4,328 9,705 (5,377)
Investments and other assets 4,035,865 4,085,066 (49,201)
Investments in securities 2,642,122 3,089,614 (447,492)
Long-term loans 796,349 669,018 127,331
Deferred income taxes 465,193 257,788 207,405
Other investments and other assets 159,450 81,439 78,011
Less: allowance for doubtful accounts (27,251) (12,794) (14,457)
Total assets 19,888,937 17,519,427 2,369,510
Consolidated 12
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001 Increase
(As of March (As of March (Decrease)
31, 2002) 31, 2001)
Liabilities
Current liabilities 7,183,071 5,968,677 1,214,394
Trade notes and accounts payable 1,483,170 1,315,967 167,203
Current portion of bonds 1,020,930 613,514 407,416
Short-term borrowings 1,104,365 800,651 303,714
Accrued expenses and other accounts 1,433,216 1,367,116 66,100
payable
Income taxes payable 339,304 264,247 75,057
Deferred income taxes 1,769 4,458 (2,689)
Other current liabilities 1,800,314 1,602,721 197,593
Long-term liabilities 4,916,572 4,093,042 823,530
Bonds 3,132,372 2,582,837 549,535
Convertible debentures 13,308 13,308 -
Long-term borrowings 481,007 450,787 30,220
Deferred income taxes 398,273 274,542 123,731
Allowance for retirement benefits 769,714 687,438 82,276
Other long-term liabilities 121,897 84,128 37,769
Total liabilities 12,099,644 10,061,719 2,037,925
Minority interest in 464,220 343,140 121,080
consolidated subsidiaries
Shareholders' equity
Common stock 397,049 397,049 -
Capital surplus 415,150 415,150 -
Retained earnings 6,527,956 6,162,656 365,300
Net unrealized gains on other securities 152,809 286,540 (133,731)
Translation adjustments 22,855 (115,196) 138,051
Less: treasury stock (157,766) (4,875) (152,891)
Less: common stock of the Parent held
by consolidated subsidiaries (32,983) (26,757) (6,226)
Total shareholders' equity 7,325,072 7,114,567 210,505
Total liabilities and shareholders'
equity 19,888,937 17,519,427 2,369,510
Consolidated 13
CONSOLIDATED STATEMENTS OF
RETAINED EARNINGS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001 Increase
(April 2001 through (April 2000 through (Decrease)
March 2002) March 2001)
Retained earnings at beginning of year 6,162,656 6,014,125 148,531
Increases in retained earnings - 31,423 (31,423)
Increase resulting from increase in
consolidated subsidiaries - 1,507 (1,507)
Increase resulting from decrease in
consolidated subsidiaries - 28,359 (28,359)
Increase resulting from increase in affiliates
accounted for under the equity method - 317 (317)
Increase resulting from state government
subsidies to consolidated subsidiaries - 1,239 (1,239)
Decreases in retained earnings 250,524 354,187 (103,663)
Dividends 98,638 88,625 10,013
Bonuses to directors and corporate auditors 2,050 1,966 84
Decrease resulting from increase in
consolidated subsidiaries 16,742 - 16,742
Decrease resulting from decrease in
consolidated subsidiaries 3,874 - 3,874
Decrease resulting from share repurchase
and retirement by the parent company 129,218 263,595 (134,377)
Net income 615,824 471,295 144,529
Retained earnings at end of year 6,527,956 6,162,656 365,300
Consolidated 14
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001
(April 2001 through (April 2000 through
March 2002) March 2001)
Cash flows from operating activities
Income before income taxes and minority interest in consolidated
subsidiaries 1,113,524 864,129
Depreciation expenses 803,607 749,752
Losses on disposal of fixed assets 52,637 30,015
Increase in allowance for retirement benefits 131,187 195,679
Interest and dividend income (55,649) (70,278)
Interest expenses 31,990 40,357
Equity in earnings of affiliates (15,046) (36,553)
Increase in trade notes and accounts receivable (583,422) (243,129)
Increase in loans receivable of consolidated financial subsidiaries (91,321) (245,068)
Decrease (increase) in inventories 11,512 (58,894)
Increase in trade notes and accounts payable 14,686 7,020
Others (174,576) 180,045
Subtotal 1,239,130 1,413,074
Interest and dividends received 68,454 83,105
Interest paid (31,475) (41,021)
Income taxes paid (516,959) (346,326)
Cash flows from operating activities 759,149 1,108,831
Cash flows from investing activities
Net decrease in time deposits 34,828 47,990
Payments for purchase of marketable securities and investments in
securities (667,893) (1,019,352)
Proceeds from sales of marketable securities and investments in
securities 159,139 248,052
Proceeds from redemption of marketable securities and
investments in securities 604,080 597,725
Payments for acquisition of property, plant and equipment
(excluding vehicles for lease) (961,402) (818,795)
Payments for acquisition of vehicles for lease (566,690) (398,486)
Proceeds from sales of property, plant and equipment (excluding
vehicles for lease) 65,119 64,338
Proceeds from sales of vehicles for lease 408,422 338,069
Others (29,635) (106,616)
Cash flows from investing activities (954,031) (1,047,074)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings 26,112 (14,137)
Net increase in commercial papers 78,331 38,707
Proceeds from origination of long-term borrowings 261,823 393,135
Payments for repayment of long-term borrowings (293,559) (296,452)
Proceeds from issuance of bonds 1,493,896 676,959
Payments for redemption of bonds (830,294) (628,416)
Payments for repurchase of treasury stocks (282,849) (263,595)
Dividends paid (98,638) (88,625)
Others (6,816) 33,495
Cash flows from financing activities 348,005 (148,930)
Effect of exchange rate changes on cash and cash equivalents 32,375 38,963
Net increase (decrease) in cash and cash equivalents 185,499 (48,209)
Cash and cash equivalents at beginning of year 1,507,280 1,559,732
Decrease in cash and cash equivalents due to change in scope
of consolidated subsidiaries (4,654) (4,242)
Cash and cash equivalents at end of year 1,688,126 1,507,280
Note: In the Consolidated Statements of Cash Flows, cash and cash equivalents
include cash on hand, bank deposits that can be withdrawn at any time and
short-term investments that can be converted into cash at any time, carry
minimal risk of change in value and have a redemption period of three
months or less.
Consolidated 15
SIGNIFICANT ACCOUNTING POLICIES
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Valuation of securities:
Securities are principally evaluated on the following basis
Other securities with fair value:
Stated at fair value based on market prices, etc. at end of year.
(Both unrealized gains and losses are included in 'Net unrealized
gains on other securities', a component of shareholders' equity; cost
of sales is determined using the moving average method.)
Other securities not practicable to fair value:
Stated at cost determined using the moving average method
2. Valuation of derivatives:
Principally stated at fair value
3. Valuation of money trusts for trading purposes:
Stated at fair value
4. Valuation of inventories:
TMC and domestic consolidated subsidiaries:
Principally stated at cost, as determined using the periodic average
method or the specific identification method
Overseas consolidated subsidiaries:
Principally stated at the lower of cost or market value based on the
following: the specific identification method, first-in-first out
method or last-in-first-out method
5. Depreciation of property, plant and equipment;
TMC and domestic consolidated subsidiaries:
Principally computed using the declining balance method
Overseas consolidated subsidiaries:
Principally computed using the straight-line method
6. Amortization of intangible fixed assets:
Computed using the straight-line method
7. Significant reserves:
Allowance for doubtful accounts:
TMC: To prepare for losses for bad debt, allowance for doubtful accounts
is provided in an amount equivalent to the maximum limit deductible
for tax purposes which is determined by the Corporation Tax Laws or
an amount determined by considering the collectibility of
receivable
Consolidated subsidiaries:
Principally computed based on the maximum limit deductible for
tax purposes which is determined by the Corporation Tax Laws or
the historical loss experience
Allowance for employee bonus
To provide for employee bonuses, some of the consolidated subsidiaries
accrue part of the estimated bonus payments for next year which are
attributed to the current year
Allowance for retirement benefits:
Principally to provide for the retirement benefits for employees,
including those already retired, allowance for retirement benefits is
stated based on estimated retirement benefit obligations and
estimated pension assets at the end of the year.
8. Consumption taxes:
Computed based on the net-of-tax method
Consolidated 16
NOTES TO CONSOLIDATED BALANCE SHEETS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Accumulated depreciation of property, plant and equipment 7,771,307 million yen
2. Leased assets (as a lessor) of 1,153,861 million yen are included in
'Vehicles and delivery equipment'
3. Assets pledged as collateral and secured liability
Assets pledged as collateral Notes receivable 894 million yen
Installment credit from dealers 138,102 million yen
Buildings and structures 67,535 million yen
Machinery and equipment 18,032 million yen
Land 95,283 million yen
Others 22,129 million yen
Secured liability Short-term borrowings 170,453 million yen
Long-term borrowings 72,465 million yen
Bonds 138,602 million yen
4. Liabilities for guarantees 808,695 million yen
5. Trade notes receivable discounted 7,109 million yen
Trade notes receivable endorsed 61 million yen
NOTES TO CONSOLIDATED STATEMENTS OF INCOME
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
R&D expenses included in general and administrative expenses and manufacturing
costs 592,523 million yen
NOTES TO CONSOLIDATED STATEMENTS OF CASH FLOWS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
Reconciliation of cash and cash equivalents and accounts on the consolidated
balance sheet at the end of FY2002.
Cash and deposits 707,233 million yen
Marketable securities 1,605,460 million yen
Total 2,312,694 million yen
Time deposits, bonds and others with original maturity ( 624,568 ) million yen
exceeding a three-month period
Cash and cash equivalents 1,688,126 million yen
Consolidated 17
SEGMENT INFORMATION
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Business Segment Information
(1) FY2002 (April 2001 through March 2002)
(Million yen; amounts less than one million yen are omitted.)
Elimination
Automotive Financial and/or
services All other Total unallocated Consolidated
assets
Net sales
(1) Sales to external
customers 13,858,017 676,723 571,557 15,106,297 - 15,106,297
(2) Inter-segment
sales and
transfers 51,908 16,662 247,912 316,483 (316,483) -
Total 13,909,926 693,385 819,470 15,422,781 (316,483) 15,106,297
Operating expenses 12,831,828 624,727 820,367 14,276,922 (294,095) 13,982,827
Operating income 1,078,097 68,657 (896) 1,145,858 (22,387) 1,123,470
Assets 9,458,096 7,069,278 778,650 17,306,025 2,582,911 19,888,937
Depreciation
expenses 681,049 102,098 20,460 803,607 - 803,607
Capital expenditure 989,445 478,589 40,736 1,508,771 - 1,508,771
(2) FY2001 (April 2000 through March 2001)
(Million yen; amounts less than one million yen are omitted.)
Elimination
Automotive Financial and/or
services All other Total unallocated Consolidated
assets
Net sales
(1) Sales to external
customers 11,930,152 49,137 945,133 13,424,423 - 13,424,423
(2) Inter-segment 9,851 15,386 220,375 245,613 (245,613) -
sales and
transfers
Total 11,940,004 564,524 1,165,509 13,670,037 (245,613) 13,424,423
Operating expenses 11,127,394 533,426 1,167,475 12,828,296 (274,004) 12,554,292
Operating income 812,609 31,098 (1,966) 841,741 28,390 870,131
Assets 8,305,599 5,666,584 836,573 14,808,757 2,710,670 17,519,427
Depreciation expenses 630,986 74,334 44,431 749,752 - 749,752
Capital expenditure 842,138 305,170 115,172 1,262,481 - 1,262,481
Note: Unallocated corporate assets included in 'Elimination and/or unallocated
assets' for FY2002 and FY2001 are 3,016,176 million yen and 3,063,498
million yen, respectively, and consist primarily of funds such as cash and
deposits, marketable securities and portion of investments in securities
of TMC.
Consolidated 18
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
2. Consolidated Financial Statements as Classified into Non-Financial Services
Business and Financial Services Business
(1) Consolidated Statements of Income as Classified into Non-Financial Services
Business and Financial Services Business
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001
(April 2001 through (April 2000 through Increase
March 2002) March 2001) (Decrease)
(Non-financial services)
Net sales 14,471,837 12,876,371 1,595,466
Cost of sales 11,113,753 10,022,605 1,091,148
Selling, general and administrative expenses 2,273,530 2,032,764 240,766
Operating income 1,084,553 821,000 263,553
Non-operating income 277,011 305,387 (28,376)
Non-operating expenses 253,468 212,390 41,078
Ordinary income 1,108,096 913,997 194,099
Extraordinary gains - 265,023 (265,023)
Gains on disposal of securities to establish
retirement benefit trust - 265,023 (265,023)
Extraordinary losses - 373,135 (373,135)
Retirement benefit expenses resulting from the
adoption of the accounting standards for
retirement benefits - 373,135 (373,135)
Income before income taxes and minority
interest in consolidated subsidiaries 1,108,096 805,884 302,212
Income taxes 475,184 352,772 122,412
Minority interest in consolidated subsidiaries 16,763 14,539 2,224
Net income 616,147 438,573 177,574
(Financial services)
Net sales 693,385 564,524 128,861
Cost of sales 433,085 414,672 18,413
Selling, general and administrative expenses 191,641 118,753 72,888
Operating income 68,657 31,098 37,559
Non-operating income 6,313 5,203 1,110
Non-operating expenses 53,539 7,669 45,870
Ordinary income 21,431 28,631 (7,200)
Extraordinary gains - - -
Gains on disposal of securities to establish
retirement benefit trust - - -
Extraordinary losses - 31 (31)
Retirement benefit expenses resulting from
the adoption of the accounting standards for
retirement benefits - 31 (31)
Income before income taxes and minority
interest in consolidated subsidiaries 21,431 28,599 (7,168)
Income taxes 13,855 13,284 571
Minority interest in consolidated subsidiaries 810 347 463
Net income 6,765 14,967 (8,202)
(Elimination)
Elimination of net income (7,088) 17,754 (24,842)
(Consolidated)
Net income 615,824 471,295 144,529
Consolidated 19
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(2) Consolidated Balance Sheets as Classified into Non-Financial Services
Business and Financial Services Business
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001 Increase
(As of March 31,2002) (As of March 31,2001) (Decrease)
Assets
(Non-financial services)
Current assets 5,857,335 5,210,086 647,249
Cash and deposits 549,398 969,063 (419,665)
Trade notes and accounts receivable 1,572,060 1,346,126 225,934
Marketable securities 1,601,256 1,017,143 584,113
Inventories 1,022,718 916,009 106,709
Other current assets, etc. 1,111,902 961,743 150,159
Fixed assets 7,663,886 7,174,213 489,673
Property, plant and equipment 4,353,811 3,767,998 585,813
Intangible fixed assets - 5,437 (5,437)
Investments and other assets 3,310,074 3,400,777 (90,703)
Investments in securities 2,389,376 2,801,715 (412,339)
Long-term loans 399,349 278,022 121,327
Other investments and other assets, etc. 521,349 321,039 200,310
Total 13,521,221 12,384,300 1,136,921
(Financial services)
Current assets 5,011,868 3,849,899 1,161,969
Cash and deposits 157,835 50,154 107,681
Marketable securities 4,204 16,638 (12,434)
Installment credit from dealers 3,214,276 2,405,090 809,186
Other current assets, etc. 1,635,551 1,378,014 257,537
Fixed assets 2,057,410 1,816,684 240,726
Property, plant and equipment 1,083,966 977,562 106,404
Intangible fixed assets 4,328 4,267 61
Investments and other assets 969,115 834,854 134,261
Investments in securities 252,746 287,899 (35,153)
Long-term loans 640,907 541,257 99,650
Other investments and other assets, etc. 75,461 5,697 69,764
Total 7,069,278 5,666,584 1,402,694
(Elimination)
Elimination of assets (701,563) (531,456) (170,107)
(Consolidated)
Total assets 19,888,937 17,519,427 2,369,510
Note: Assets in the non-financial services include unallocated corporate assets.
Consolidated 20
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001 Increase
(As of (As of (Decrease)
March 31, March 31,
2002) 2001)
Liabilities
(Non-financial services)
Current liabilities 4,583,985 3,904,656 679,329
Trade notes and accounts payable 1,475,934 1,274,619 201,315
Current portion of bonds 154,150 - 154,150
Short-term borrowings 922,792 676,180 246,612
Accrued expenses and other accounts
payable 1,305,518 1,252,411 53,107
Income taxes payable 333,171 259,625 73,546
Other current liabilities, etc. 392,418 441,819 (49,401)
Long-term liabilities 1,620,829 1,507,659 113,170
Bonds and convertible debentures 413,808 527,858 (114,050)
Long-term borrowings 255,928 216,689 39,239
Other long-term liabilities, etc. 951,092 763,111 187,981
Total 6,204,815 5,412,316 792,499
(Financial services)
Current liabilities 3,049,099 2,442,022 607,077
Current portion of bonds 866,780 613,514 253,266
Short-term borrowings 605,697 481,361 124,336
Accrued expenses and other
accounts payable 151,310 122,554 28,756
Income taxes payable 6,133 4,622 1,511
Other current liabilities, etc. 1,419,176 1,219,970 199,206
Long-term liabilities 3,548,381 2,740,013 808,368
Bonds 2,731,872 2,068,287 663,585
Long-term borrowings 477,716 388,728 88,988
Other long-term liabilities, etc. 338,792 282,997 55,795
Total 6,597,481 5,182,036 1,415,445
(Elimination)
Elimination of liabilities (702,652) (532,632) (170,020)
(Consolidated)
Total liabilities 12,099,644 10,061,719 2,037,925
(Consolidated)
Minority interest in consolidated
subsidiaries 464,220 343,140 121,080
Shareholders' equity
(Consolidated)
Common stock 397,049 397,049 -
Capital surplus 415,150 415,150 -
Retained earnings 6,527,956 6,162,656 365,300
Net unrealized gains on other securities 152,809 286,540 (133,731)
Translation adjustments 22,855 (115,196) 138,051
Less: treasury stock (157,766) (4,875) (152,891)
Less: common stock of the Parent held by
consolidated subsidiaries (32,983) (26,757) (6,226)
Total shareholders' equity 7,325,072 7,114,567 210,505
(Consolidated)
Total liabilities and shareholders'
equity 19,888,937 17,519,427 2,369,510
Consolidated 21
( All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(3) Consolidated Statements of Cash Flows as Classified into Non-Financial
Services Business and Financial Services Business
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001
(April 2001 through (April 2000
March 2002) through
March 2001)
(Non-financial services)
Cash flows from operating activities
Income before income taxes and minority
interest in consolidated subsidiaries 1,108,096 805,884
Depreciation expenses 701,509 675,417
Losses on disposal of fixed assets 52,046 29,147
Increase in allowance for retirement benefits 130,877 195,207
Interest and dividend income (60,453) (74,694)
Interest expenses 51,296 53,260
Equity in earnings of affiliates (38,989) (34,762)
Decrease (increase) in trade notes and
accounts receivable 43,286 (108,006)
Decrease (increase) in inventories 8,588 (59,186)
Increase in trade notes and accounts payable 49,513 5,472
Others (226,423) 47,523
Subtotal 1,819,347 1,535,264
Interest and dividends received 71,907 86,297
Interest paid (50,781) (53,923)
Income taxes paid (497,431) (331,160)
Cash flows from operating activities 1,343,042 1,236,477
Cash flows from investing activities
Net decrease in time deposits 45,906 44,772
Payments for purchase of marketable securities and
investments in securities (426,357) (681,978)
Proceeds from sales of marketable securities and
investments in securities 58,443 104,625
Proceeds from redemption of marketable securities
and investments in securities 465,001 532,398
Payments for acquisition of property,
plant and equipment (excluding vehicles for lease) (906,683) (769,313)
Payments for acquisition of vehicles for lease (144,556) (145,115)
Proceeds from sales of property, plant and equipment
(excluding vehicles for lease) 54,972 55,312
Proceeds from sales of vehicles for lease 111,607 68,274
Others (56,152) (115,700)
Cash flows from investing activities (797,817) (906,724)
Cash flows from financing activities
Net decrease in short-term borrowings (25,909) (47,456)
Proceeds from origination of long-term borrowings 84,018 229,774
Payments for repayment of long-term borrowings (116,031) (196,169)
Payments for repurchase of treasury stocks (282,849) (263,595)
Dividends paid (98,638) (88,625)
Others (36,463) 29,125
Cash flows from financing activities (475,873) (336,947)
Effect of exchange rate changes on cash and
cash equivalents 24,095 35,573
Net increase in cash and cash equivalents 93,446 28,378
Cash and cash equivalents at beginning of year 1,453,148 1,429,012
Decrease in cash and cash equivalents due to
change in scope of consolidated subsidiaries (4,654) (4,242)
Cash and cash equivalents at end of year 1,541,940 1,453,148
Consolidated 22
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001
(April 2001 (April 2000
through through
March 2002) March 2001)
(Financial services)
Cash flows from operating activities
Income before income taxes and minority
interest in consolidated subsidiaries 21,431 28,599
Depreciation expenses 102,098 74,334
Equity in losses (earnings) of affiliates 23,942 (1,791)
Increase in trade notes and accounts receivable (612,144) (138,313)
Increase in loans receivable of consolidated financial
subsidiaries (91,321) (245,068)
Others 4,265 165,653
Subtotal (551,727) (116,585)
Interest and dividends received 1,350 1,267
Income taxes paid (19,527) (15,166)
Cash flows from operating
activities (569,905) (130,484)
Cash flows from investing activities
Net decrease (increase) in time deposits (11,077) 3,218
Payments for purchase of marketable securities
and investments in securities (241,535) (337,374)
Proceeds from sales of marketable securities
and investments in securities 100,695 143,426
Proceeds from redemption of marketable securities
and investments in securities 139,078 65,326
Payments for acquisition of property, plant and
equipment (excluding vehicles for lease) (54,719) (49,481)
Payments for acquisition of vehicles for lease (422,133) (253,371)
Proceeds from sales of property, plant and equipment
(excluding vehicles for lease) 10,147 9,025
Proceeds from sales of vehicles for lease 296,814 269,794
Others (147,036) (52,602)
Cash flows from investing activities (329,766) (202,036)
Cash flows from financing activities
Net increase in short-term borrowings 207,507 94,763
Net increase in commercial papers 85,977 43,078
Proceeds from origination of long-term borrowings 190,028 220,371
Payments for repayment of long-term borrowings (185,670) (156,776)
Proceeds from issuance of bonds 1,493,896 676,959
Payments for redemption of bonds (820,294) (628,416)
Others 12,000 2,564
Cash flows from financing activities 983,445 252,543
Effect of exchange rate changes on cash and cash
equivalents 8,280 3,390
Net increase (decrease) in cash and cash equivalents 92,053 (76,587)
Cash and cash equivalents at beginning of year 54,132 130,720
Cash and cash equivalents at end of year 146,185 54,132
(Consolidated)
Effect of exchange rate changes on cash and
cash equivalents 32,375 38,963
Net increase (decrease) in cash and cash equivalents 185,499 (48,209)
Cash and cash equivalents at beginning of year 1,507,280 1,559,732
Decrease in cash and cash equivalents due to change
in scope of consolidated subsidiaries (4,654) (4,242)
Cash and cash equivalents at end of year 1,688,126 1,507,280
Note: In the Consolidated Statements of Cash Flows, cash and cash equivalents
include cash on hand, bank deposits that can be withdrawn at any time and
short-term investments that can be converted into cash at any time, carry
minimal risk of change in value and have a redemption period of three
months or less.
Consolidated 23
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
3. Geographical Segment Information
(1) FY2002 (April 2001 through March 2002)
(Million yen; amounts less than one million yen are omitted.)
Elimination
and/or
Japan North America Europe Other Total unallocated Consolidated
assets
Net sales
(1) Sales to 6,698,686 5,587,784 1,537,324 1,282,502 15,106,297 - 15,106,297
external
customers
(2) Intersegment 3,835,050 244,552 57,137 117,923 4,254,664 (4,254,664) -
sales and
transfers
Total 10,533,737 5,832,337 1,594,461 1,400,426 19,360,962 (4,254,664) 15,106,297
Operating
expenses 9,663,410 5,566,687 1,606,867 1,380,671 18,217,637 (4,234,810) 13,982,827
Operating
income 870,326 265,649 (12,405) 19,754 1,143,324 (19,853) 1,123,470
Assets 9,253,687 6,534,782 1,215,021 960,048 17,963,539 1,925,397 19,888,937
(2) FY2001 (April 2000 through March 2001)
(Million yen; amounts less than one million yen are omitted.)
Elimination
and/or
Japan North America Europe Other Total unallocated Consolidated
assets
Net sales
(1) Sales to 6,747,016 4,800,592 1,015,766 861,047 13,424,423 - 13,424,423
external
customers
(2) Intersegment 3,308,987 164,279 31,294 81,728 3,586,291 (3,586,291) -
sales and
transfers
Total 10,056,003 4,964,872 1,047,061 942,776 17,010,714 (3,586,291) 13,424,423
Operating 9,385,712 4,759,075 1,070,079 932,960 16,147,829 (3,593,536) 12,554,292
expenses
Operating 670,290 205,797 (23,018) 9,815 862,885 7,245 870,131
income
Assets 8,418,688 5,344,414 890,483 666,923 15,320,510 2,198,917 17,519,427
Note: Unallocated corporate assets included in 'Elimination and/or unallocated
assets' for FY2002 and FY2001 are 3,016,176 million yen and 3,063,498
million yen, respectively, and consist primarily of funds such as cash and
deposits, marketable securities and portion of investments in securities
of TMC.
Consolidated 24
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
4. Overseas Sales
(1) FY2002 (April 2001 through March 2002)
(Million yen; amounts less than one million yen are omitted.)
North America Europe Other Total
Overseas sales 5,796,721 1,572,732 2,168,685 9,538,139
Consolidated sales - - - 15,106,297
Ratio of overseas sales to % % % %
consolidated sales 38.4 10.4 14.3 63.1
(2) FY2001 (April 2000 through March 2001)
(Million yen; amounts less than one million yen are omitted.)
North America Europe Other Total
Overseas sales 4,975,221 1,064,408 1,629,601 7,669,231
Consolidated sales - - - 13,424,423
Ratio of overseas sales to % % % %
consolidated sales 37.1 7.9 12.1 57.1
Consolidated 25
UNCONSOLIDATED STATEMENTS OF INCOME
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001
(April 2001 (April 2000 Increase
through through (Decrease)
March 2002) March 2001)
Ordinary profits and losses
Operating revenue and expenses
Operating revenue 8,284,968 7,903,580 381,388
Net sales 8,284,968 7,903,580 381,388
Operating expenses 7,536,043 7,396,773 139,270
Cost of sales 6,618,526 6,579,815 38,711
Selling, general and administrative
expenses 917,517 816,957 100,560
Operating income 748,924 506,806 242,118
Non-operating income and expenses
Non-operating income 174,212 207,987 (33,775)
Interest income 23,069 28,758 (5,689)
Dividend income 34,488 49,507 (15,019)
Other non-operating income 116,654 129,721 (13,067)
Non-operating expenses 154,215 93,033 61,182
Interest expenses 10,669 10,676 (7)
Other non-operating expenses 143,546 82,356 61,190
Ordinary income 768,920 621,760 147,160
Extraordinary gains and losses
Extraordinary gains - 195,420 (195,420)
Gains on disposal of securities to
establish retirement benefit trust - 195,420 (195,420)
Extraordinary losses - 255,075 (255,075)
Retirement benefit expenses resulting
from the adoption of the accounting
standards for retirement benefits - 255,075 (255,075)
Income before income taxes 768,920 562,105 206,815
Income taxes - current 418,800 313,600 105,200
Income taxes - deferred (120,118) (85,010) (35,108)
Net income 470,239 333,516 136,723
Unappropriated retained earnings brought
forward 66,919 91,210 (24,291)
Retirement of shares 129,218 263,595 (134,377)
Interim cash dividends 47,434 41,167 6,267
Unappropriated retained earnings at end
of year 360,506 119,963 240,543
Unconsolidated 1
PROPOSED APPROPRIATION OF
UNCONSOLIDATED RETAINED EARNINGS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen except 'Per share' amounts; amounts less
than one million yen are omitted.)
FY2002 FY2001
Unappropriated retained earnings at end of year 360,506 119,963
Reversal of reserve for losses on overseas
investments 1 -
Reversal of reserve for reduction of
acquisition cost of fixed assets 382 40
Total 360,889 120,004
The proposed appropriation is as follows:
Cash dividends 54,087 51,571
< Y15 per share > < Y14 per share >
Bonuses to directors 600 486
Bonuses to corporate auditors 45 43
Reserve for losses on overseas investments - 206
Reserve for special depreciation 150 777
Unappropriated retained earnings to be carried
forward 306,006 66,919
Note: An interim dividend of Y13 per share was paid on November 26, 2001, to
shareholders (including the beneficial shareholders notified by Japanese
Securities Depository Center) or registered pledgees of record as of
September 30, 2001. Total interim dividends were paid in amount of 47,434
million yen.
Unconsolidated 2
UNCONSOLIDATED BALANCE SHEETS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001 Increase
(As of March 31,2002) (As of March 31,2001) (Decrease)
Assets
Current assets 3,431,039 3,195,451 235,588
Cash and deposits 265,802 664,553 (398,751)
Trade notes receivable - 1,421 (1,421)
Trade accounts receivable 994,390 1,012,387 (17,997)
Marketable securities 1,190,085 711,756 478,329
Finished goods 107,794 124,504 (16,710)
Raw materials 14,843 13,750 1,093
Work in process 66,987 96,417 (29,430)
Supplies 6,323 5,920 403
Short-term loans 182,204 120,078 62,126
Deferred income taxes 216,084 154,358 61,726
Other current assets 395,623 301,102 94,521
Less: allowance for doubtful accounts (9,100) (10,800) 1,700
Fixed assets 5,036,891 5,097,999 (61,108)
Property, plant and equipment 1,275,101 1,291,110 (16,009)
Buildings 350,141 359,126 (8,985)
Structures 42,360 43,500 (1,140)
Machinery and equipment 341,507 355,728 (14,221)
Vehicle and delivery equipment 9,398 9,045 353
Tools, furniture and fixtures 79,848 80,896 (1,048)
Land 400,484 396,441 4,043
Construction in progress 51,360 46,371 4,989
Investments and other assets 3,761,789 3,806,889 (45,100)
Investments in securities 1,832,686 2,279,662 (446,976)
Investments in subsidiaries 1,223,747 1,041,661 182,086
Long-term loans 389,309 278,003 111,306
Deferred income taxes 297,445 177,323 120,122
Other investments 25,600 33,739 (8,139)
Less: allowance for doubtful accounts (7,000) (3,500) (3,500)
Total assets 8,467,930 8,293,450 174,480
Unconsolidated 3
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2002 FY2001
(As of (As of Increase
March 31, March 31, (Decrease)
2002) 2001)
Liabilities
Current liabilities 1,961,602 1,730,751 230,851
Trade notes payable 1,202 1,732 (530)
Trade accounts payable 731,445 747,075 (15,630)
Current portion of bonds 114,150 - 114,150
Accrued liabilities 348,720 412,219 (63,499)
Income taxes payable 262,336 187,269 75,067
Accrued expenses 352,215 307,862 44,353
Deposits received 118,809 35,261 83,548
Other current liabilities 32,723 39,329 (6,606)
Long-term liabilities 844,169 896,451 (52,282)
Bonds 400,600 514,150 (113,550)
Allowance for retirement benefits 391,458 368,518 22,940
Other long-term liabilities 52,111 13,783 38,328
Total liabilities 2,805,772 2,627,203 178,569
Shareholders' equity
Common stock 397,049 397,049 -
Statutory reserve 514,604 514,604 -
Capital surplus 415,150 415,150 -
Legal reserve 99,454 99,454 -
Retained earnings 4,808,613 4,567,127 241,486
Reserve for losses on overseas
investments 397 190 207
Reserve for special depreciation 1,396 619 777
Reserve for reduction of acquisition
cost of fixed assets 5,386 5,427 (41)
General reserve 4,440,926 4,440,926 -
Unappropriated retained earnings at
end of year 360,506 119,963 240,543
< 470,239 > < 333,516 > < 136,723 >
Net unrealized gains on other securities 99,656 187,465 (87,809)
Less: treasury stock (157,766) - (157,766)
Total shareholders' equity 5,662,158 5,666,247 (4,089)
Total liabilities and shareholders'
equity 8,467,930 8,293,450 174,480
Note 1:The scope of subsidiaries is determined in accordance with the provisions
of the Japan's Commercial Code.
Note 2:Changes in number of issued shares:
Decrease due to the retirement of shares 35,000 thousand shares
Note 3:In accordance with revisions of 'Regulations Concerning the Balance
Sheet, Income statement, Business Report and Supporting Schedules of
Joint Stock Corporations', effective for FY2002, treasury stock, which
was formerly included in 'Assets' , is reported as 'Treasury stock' under
'Shareholders' equity'. At the end of FY2001,total treasury stock
included in 'Assets' was 4,875 million yen.(Less than 1 million yen in
'Current assets' and 4,875 million yen in 'Fixed assets'.)
Unconsolidated 4
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