Final Results - Part 4
Toyota Motor Corporation
16 May 2001
PART 4
LEASE TRANSACTIONS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Finance leases in which the ownership of leased assets is not transferred to
lessees (as a lessee):
(Million yen; amounts less than one million yen are omitted.)
FY2001 FY2000 Increase
(As of (As of (Decrease)
March 31, March 31,
2001) 2000)
Amount equivalent to
acquisition costs 44,077 151,098 (107,021)
Amount equivalent to
accumulated
depreciation 26,471 53,947 (27,476)
Amount equivalent to net
balance at end of year 17,606 97,150 (79,544)
Amount equivalent to
finance lease obligations
at end of year 19,984 100,754 (80,770)
<7,394> <24,127> <(16,733)>
FY2001 FY2000 Increase
(April 2000 (April 1999 (Decrease)
through through
March 2001) March 2000)
Lease payments 16,890 23,214 (6,324)
Amount equivalent to
depreciation expenses 15,357 21,011 (5,654)
Amount equivalent to
interest expenses 1,865 2,755 (890)
Note 1: The amount equivalent to depreciation expenses is computed based on the
straight-line method.
Note 2: The amount equivalent to interest expenses, which is calculated by
subtracting acquisition costs from total lease payments, is allocated over
fiscal years based on the interest method.
2. Finance leases in which the ownership of leased assets is not transferred to
lessess (as a lessor):
(Million yen; amounts less than one million yen are omitted.)
FY2001 FY2000 Increase
(March 31, (March 31, (Decrease)
2001) 2000)
Acquisition costs 98,078 85,971 12,107
Accumulated depreciation 47,343 39,423 7,920
Net balance at end of year 50,735 46,547 4,188
Finance lease obligations
at end of year 60,782 50,510 10,272
<19,410> <16,745> <2,665>
FY2001 FY2000 Increase
(April 2000 (April 1999 (Decrease)
through through
March 2001) March 2000)
Lease payments 24,582 21,002 3,580
Depreciation expenses 14,906 13,871 1,035
Amount equivalent to interest
income 2,806 2,176 630
Note: The amount equivalent to interest income, which is calculated by
subtracting acquisition costs from total lease payments and estimated residual
value, is allocated over fiscal years based on the interest method.
3. Operating lease transactions:
(Million yen; amounts less than one million yen are omitted.)
FY2001 FY2000 Increase
(As of (As of (Decrease)
March 31, 2001) March 31, 2000)
(As a lessee)
Future lease payments 35,430 30,313 5,117
<8,096> <6,445> <1,651>
(As a lessor)
Future rentals 498,799 498,921 (122)
<231,885> <242,494> <(10,609)>
MARKETABLE SECURITIES (FY2001)
(All financial information has been prepared in accordance with
accounting principles generally accepted in Japan)
1. Securities for trading purposes
Carrying amount on the consolidated balance sheet : -million yen
Unrealized gain or (loss) included in the
consolidated statement of income : -million yen
2. Held-to-maturity debt securities with fair value
(Million yen; amounts less than one million yen are omitted.)
FY2001 (As of March 31, 2001)
Carrying Fair Difference
amount value
Securities with fair value
exceeding the carrying
amount
Government and municipal
bonds, etc. - - -
Corporate bonds - - -
Other bonds - - -
Subtotal - - -
Securities with fair value not
exceeding the carrying
amount
Government and municipal
bonds, etc. - - -
Corporate bonds - - -
Other bonds - - -
Subtotal - - -
Total - - -
3. Other securities with fair value
(Million yen; amounts less than one million yen are omitted.)
FY2001 (As of March 31, 2001)
Cost Carrying Difference
amount
Securities with the carrying
amount exceeding the cost
Stocks 406,648 748,171 341,523
Bonds
Government and municipal
bonds etc. 553,418 591,649 38,231
Corporate bonds 645,680 681,763 36,083
Other bonds - - -
Other 106,261 107,257 996
Subtotal 1,712,008 2,128,841 416,833
Securities with the carrying
amount not exceeding the cost
Stocks 18,449 16,971 (1,478)
Bonds
Government and municipal
bonds, etc. 3,409 3,409 (0)
Corporate bonds 233,336 226,522 (6,814)
Other bonds - - -
Other 180,649 180,245 (404)
Subtotal 435,845 427,149 (8,696)
Total 2,147,853 2,555,991 408,138
(All financial information has been prepared in accordance with
accounting principles generally accepted in Japan)
4. Other securities sold during FY2001
(Million yen; amounts less than one million yen are omitted.)
Sales amount Total amount of gains on sale Total amount of
losses on sale
517,395 272,388 108
5. Major contents and carrying amount of securities not practicable to fair
value
(1) Held-to-maturity debt securities Million yen
Government and municipal bonds, etc. -
Corporate bonds -
Other bonds -
(2) Other securities Million yen
Unlisted stocks (excluding stocks traded
over the counter) 28,936
Unlisted bonds
Government and municipal bonds, etc. 3,078
Corporate bonds 22,523
Other bonds -
Other unlisted securities 304,221
6. Amount of future redemption of other securities having expiration and
held-to-maturity debt securities
(Million yen; amounts less than one million yen are omitted.)
Within one year Later than Later than Later
1 year and 5 years than
and not later and not later 10 years
than 5 years than 10 years
Bonds
Government and
municipal
bonds, etc. 142,318 453,565 1,811 90
Corporate bonds 324,140 520,680 85,981 -
Other bonds - - - -
Other 569,034 16,507 76 -
Total 1,035,493 990,753 87,869 90
FAIR VALUE AND OTHER INFORMATION
OF SECURITIES (FY2000)
(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.)
FY2000 (As of March 31, 2000)
Carrying Fair Unrealized
amount value gain or
(loss)
1) Items in current assets
Stocks 3,930 105,631 101,701
Bonds 62,423 62,550 127
Others - - -
Subtotal 66,353 168,181 101,828
2) Items in fixed assets
Stocks 1,123,532 2,413,647 1,290,115
Bonds 759,238 810,285 51,047
Others 6,303 7,924 1,621
Subtotal 1,889,074 3,231,857 1,342,783
Total 1,955,427 3,400,039 1,444,612
Note 1: Fair values are based on the following prices.
(1) Listed securities: mainly closing prices on the Tokyo Stock Exchange
(2) Securities traded over the counter: mainly final prices published
by the Japan Securities Dealers Association.
(3) Securities with quotation prices (excluding securities falling
into category (1) and (2)): mainly standard quotation prices of
over-the-counter trading of standard bonds announced by the
Japan Securities Dealers Association
(4) Beneficiary certificates of unlisted securities investment trust:
standard prices
(5) Bonds other than the above (excluding those that are difficult to
determine fair value): mainly prices after adjustment (interest
rate or differences in the remaining period of redemption) made on
the standard quotation price of over-the-counter trading of
standard bonds announced by the Japan Securities Dealers
Association
Note 2: Carrying amount of securities excluded from above disclosure
Current assets Unlisted securities 6,232 million yen
(excluding securities
traded over the counter)
Bonds 798,715 million yen
Commercial papers 219,036 million yen
Beneficiary certificates
of securities investment trust 45,714 million yen
Fixed assets Unlisted securities 231,163 million yen
(excluding securities traded
over the counter)
Bonds 293,081 million yen
Commercial papers 199 million yen
Beneficiary certificates of 6,710 million yen
securities investment trust
(All financial information has been prepared in accordance with accounting
generally accepted in Japan)
CONTRACT AND OTHER AMOUNTS, FAIR VALUE AND UNREALIZED GAIN
OR LOSS ON DERIVATIVE TRANSACTIONS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. CURRENCY RELATED
(Million yen; amounts less than one million yen are omitted)
FY2001 (As of 31-3-01) FY2000 (As of 31-3-2000)
Nature of Contract Unrea- Contract Unrea-
transaction & other Fair lized & other Fair lized
amounts value gain or amounts value gain or
Over 1 (loss) Over 1 (loss)
year year
Forward exchange contracts
Sales contracts
U.S. dollars - - - - 311,715 - 307,086 4,629
Euro - - - - 58,426 - 52,408 6,018
Other currencies - - - - 27,849 - 27,669 180
Option transactions
Put option held
U.S. dollars - - - - 165,300 - 3,952 (253)
<-> <4,205>
Euro - - - - 39,767 - 1,500 417
<-> <1,083>
Non-market transactions
Other currencies - - - - 12,538 - 397 38
<-> <359>
Other option transactions
U.S. dollars - - - - 3,184 - 3 3
<-> <0>
Euro - - - - 31,663 - 568 568
<-> <0>
Other currencies - - - - 11,378 - 198 198
<-> <0>
Swap transactions
U.S. dollars
receiver 7,546 3,913 2,507 2,507 - - - -
Deutsche mark
payer
Other
currencies 35,387 14,412 4,731 4,731 - - - -
Total - - - 7,238 - - - 11,801
Note 1: From FY2001, those derivative transactions to which hedge accounting is
applicable are excluded from above disclosure.
Note 2: Certain derivative transactions such as those assigned to foreign
assets and liabilities in accordance with 'Accounting Standards for
Foreign Currency Transactions, etc.' are excluded from above
disclosure.
Note 3: Fair value of forward exchange contract is calculated based on the
forward exchange rate at the balance sheet date.
Note 4: Fair value for option transactions is calculated based on prices quoted
by financial institutions.
Note 5: Among the option transactions, other option transactions are the range
- forward transactions which will be exercised at the maximum or the
minimum rate in the range at a specified future date, and no option
premium related to those transactions was incurred.
Note 6: < > indicates the option contract premiums carried on the consolidated
balance sheet.
2. INTEREST RELATED
(Million yen; amounts less than one million yen are omitted)
FY2001 (As of 31-3-01) FY2000 (As of 31-3-2000)
Nature of Contract Unrea- Contract Unrea-
transaction & other Fair lized & other Fair lized
amounts value gain or amounts value gain or
Over 1 (loss) Over 1 (loss)
year year
Option transactions
Cap option
held - - - - 899,387 595,705 9,468 4,942
<-> <4,526>
Cap option
written - - - - 84,920 - 308 42
<-> <350>
Floor option
held - - - - 2,000 - 0 (1)
<-> <1>
Non-market
transactions
Floor option
written - - - - 13,272 - 24 (19)
<-> <5>
Swap transactions
Fixed rate
receiver, 239,000 141,000 3,127 3,127 1,824,932 1,500,413 1,009 1,009
floating
rate
payer
Floating
rate
receiver, 147,798 19,398 (1,272)(1,272)1,655,597 520,393 (968) (968)
fixed rate
payer
Floating
rate
receiver, - - - - 2,000 2,000 (34) (34)
floating
rate payer
Total - - - 1,855 - - - 4,969
Note 1: From FY2001, those derivative transactions to which hedge accounting is
applicable are excluded from above disclosure.
Note 2: Fair value of option transactions and swap transactions is calculated
based on prices quoted by financial institutions.
Note 3: < > indicates the option contract premiums carried on the consolidated
balance sheet.
RETIREMENT BENEFITS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. OVERVIEW OF THE RETIREMENT BENEFIT PLAN
TMC and its domestic subsidiaries have defined benefit pension plans, such as
contributory funded defined benefit pension plans pursuant to the Japanese
Welfare Pension Insurance Law, tax qualified pension plans and severance
indemnity plans. Some foreign subsidiaries have defined benefit pension plans.
TMC and some subsidiaries have established employee retirement benefit trust.
At end of FY2001, among TMC and its subsidiaries, a total of 219 companies have
severance indemnity plans.
2. ITEMS RELATED TO RETIREMENT BENEFIT EXPENSES (APRIL 1, 2000 THROUGH MARCH
31, 2001)
Service cost 79,166 million yen
Interest cost 60,668 million yen
Expected return on plan assets (33,231)million yen
Amortization of transition obligation 373,167 million yen
Recognized net actuarial gains or losses - million yen
Amortization of unrecognized prior service
cost (602)million yen
Retirement benefit expenses 479,169 million yen
3. ITEMS RELATED TO ASSUMPTIONS USED FOR CALCULATION OF RETIREMENT BENEFIT
OBLIGATION
(APRIL 1, 2000 THROUGH MARCH 31, 2001)
Method of attribution of Mainly by benefit/compensation approach with
estimated retirement consideration of coefficient factor stipulated in
benefit to periods of the retirement regulations
employee service:
Discount rate: 2.5%-8.75% (TMC 3.0%, domestic subsidiaries
2.5%-3.5%)
Expected return on plan 1.5%-9.0% (TMC 3.0%, domestic subsidiaries
assets: 1.5%-5.5%)
Amortization period of 12 years (Straight-line method over the average
unrecognized prior service remaining service period of employees)
cost:
Amortization period of - (Straight-line method over certain
unrecognized actuarial gains years less than the average remaining
or losses: service period of employees starting
from the following year)
Amortization period of 1 year
net transition obligation:
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)
FY2001 FY2000 Increase
(April 2000 through (April 1999 through (Decrease)
March 2001) March 2000)
Ordinary profits and losses
Operating revenue and expenses
Operating revenue 7,903,580 7,408,010 495,570
Net sales 7,903,580 7,408,010 495,570
Operating expenses 7,396,773 6,916,066 480,707
Cost of sales 6,579,815 6,130,423 449,392
Selling, general and
administrative
expenses 816,957 785,642 31,315
Operating income 506,806 491,943 14,863
Non-operating income and expenses
Non-operating income 207,987 152,333 55,654
Interest and discounts
earned 28,758 33,930 (5,172)
Dividends received 49,507 43,487 6,020
Other non-operating
income 129,721 74,915 54,806
Non-operating expenses 93,033 102,452 (9,419)
Interest and discounts
expenses 10,676 10,816 (140)
Other non-operating
expenses 82,356 91,636 (9,280)
Ordinary income 621,760 541,824 79,936
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 562,105 541,824 20,281
Income taxes - current 313,600 209,200 104,400
Income taxes - deferred (85,010) 3,356 (88,366)
Net income 333,516 329,268 4,248
Unappropriated retained
earnings brought forward 91,210 72,426 18,784
Adjustment for prior years
by adopting tax effect
accounting - 381,815 (381,815)
Reversal of reserve for
losses on overseas
investments because of an
adoption of tax effect
accounting - 189 (189)
Reversal of reserve for
special depreciation
because of an adoption
of tax effect accounting - 115 (115)
Reversal of reserve for
reduction of acquisition
cost of fixed assets
because of an adoption
of tax effect accounting - 3,816 (3,816)
Retirement of shares 263,595 45,456 218,139
Interim cash dividends 41,167 41,358 (191)
Unappropriated retained
earnings at end of year 119,963 700,817 (580,854)
Note: Effective for FY2001, the 'Accounting Standards for Financial
Instruments' has been applied and the 'Other securities' is stated at
fair value. As a result, 'Ordinary income' and 'Income before income
taxes' increased by 618 million yen.
Note 2: Effective for FY2001, the revised 'Accounting Standards for Foreign
Currency Transactions, etc.' has been applied. As a result, 'Ordinary
income' and 'Income before income taxes' decreased by 520 million yen.
Note 3: Effective for FY2001, the 'Accounting Standards for Retirement
Benefits' has been applied. As a result, 'Ordinary income' and 'Income
before income taxes' decreased by 14,538 million yen and 74,193 million
yen, respectively. Transition obligation of 255,075 million yen was
resulted from the adoption of new standards. Out of this amount,
246,134 million yen which is the amount of holding stocks that TMC
contributed to retirement benefit trust is reported as 'Extraordinary
losses'. 8,941 million yen was amortized as 'Extraordinary losses' in
FY2001. Gains on disposal of securities to establish retirement
benefit trust in the amount of 195,420 million yen are reported as
'Extraordinary gains'.
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)
FY2001 FY2000
Unappropriated retained earnings
at end of year 119,963 700,817
Reversal of reserve for losses on
overseas investments - 79
Reversal of reserve for reduction
of acquisition cost of fixed
assets 40 1
Total 120,004 700,898
The proposed appropriation is as follows:
Cash dividends 51,571 48,729
< Y14 per share > < Y13 per share >
Bonuses to directors 486 463
Bonuses to corporate auditors 43 41
Reserve for losses on overseas
investments 206 -
Reserve for special depreciation 777 454
General reserves - 560,000
Unappropriated retained earnings to
be carried forward 66,919 91,210
Note: An interim dividend of Y11 per share was paid on November 27, 2000, to
shareholders (including the beneficial shareholders notified by Japanese
Securities Depository Center) or registered pledgee of record as of
September 30, 2000. Total interim dividends were paid in amount of
41,167 million yen.
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)
FY2001 FY2000 Increase
(As of March 31,2001)(As of March 31, 2000) (Decrease)
Assets
Current assets 3,195,451 3,000,196 195,255
Cash and deposits 664,553 585,030 79,523
Trade notes receivable 1,421 1,467 (46)
Trade accounts
receivable 1,012,387 905,196 107,191
Marketable securities 711,756 850,987 (139,231)
Finished goods 124,504 137,213 (12,709)
Raw materials 13,750 7,935 5,815
Work in process 96,417 74,411 22,006
Supplies 5,920 5,666 254
Short-term loans 120,078 71,531 48,547
Deferred income taxes 154,358 132,418 21,940
Other current assets 301,102 244,236 566,866
Less: allowance for
doubtful accounts (10,800) (15,900) 5,100
Fixed assets 5,097,999 4,775,079 322,920
Property, plant and
equipment 1,291,110 1,349,395 (58,285)
Buildings 359,126 373,775 (14,649)
Structures 43,500 45,677 (2,177)
Machinery and
equipment 355,728 377,991 (22,263)
Vehicle and delivery
equipment 9,045 8,170 875
Tools, furniture and
fixtures 80,896 78,459 2,437
Land 396,441 409,002 (12,561)
Construction in
progress 46,371 56,317 (9,946)
Investments and other
assets 3,806,889 3,425,684 381,205
Investments in
securities 2,279,662 1,854,895 424,767
Investment in
subsidiaries 1,041,661 994,645 47,016
Long-term loans 278,003 313,624 (35,621)
Deferred income taxes 177,323 246,040 (68,717)
Other investments 33,739 19,877 13,862
Less: allowance for
doubtful accounts (3,500) (3,400) (100)
Total assets 8,293,450 7,775,276 518,174
(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)
FY2001 FY2000 Increase
(As of March 31,2001)(As of March 31, 2000) (Decrease)
Liabilities
Current liabilities 1,730,751 1,435,886 294,865
Trade notes payable 1,732 1,278 454
Trade accounts payable 747,075 756,431 (9,356)
Accrued liabilities 412,219 261,343 150,876
Income taxes payable 187,269 59,020 128,249
Accrued expenses 307,862 315,390 (7,528)
Deposits received 35,261 34,285 976
Other current
liabilities 39,329 8,136 31,193
Long-term liabilities 896,451 841,281 55,170
Bonds 514,150 514,150 -
Allowance for retirement
and severance benefits - 325,199 (325,199)
Allowance for retirement
benefits 368,518 - 368,518
Other long-term
liabilities 13,783 1,931 11,852
Total liabilities 2,627,203 2,277,168 350,035
Shareholders' equity
Common stock 397,049 397,020 29
Statutory reserve 514,604 513,479 1,125
Capital surplus 415,150 414,025 1,125
Legal reserve 99,454 99,454 -
Retained earnings 4,567,127 4,587,607 (20,480)
Reserve for losses on
overseas 190 270 (80)
Reserve for special
depreciation 619 164 455
Reserve for reduction of
acquisition cost of
fixed assets 5,427 5,429 (2)
General reserve 4,440,926 3,880,926 560,000
Unappropriated retained
earnings at end of
year 119,963 700,817 (580,854)
<333,516> <329,268> <4,248>
Net unrealized gains
on other securities 187,465 - 187,465
Total shareholders'
equity 5,666,247 5,498,108 168,139
Total liabilities and
shareholders'
equity 8,293,450 7,775,276 518,174
Note 1: 'Marketable securities' includes treasury stock, which was acquired
based on the shareholders' demand for purchase of shares less than one
unit. The amount is less than 1 million yen.
Note 2: In accordance with the provisions of the Japan's Commercial Code,
subsidiaries refer to companies with an equity ownership of more than
50%.
Note 3: 'Other investments' includes treasury stock of 4,875 million yen based
on the stock option plan.
Note 4: Changes in number of issued shares
Issuance of new shares in conjunction with the stock-for-stock exchange
performed to make Tokyo Toyo - Pet Motor Sales Co., Ltd. a wholly owned
subsidiary 588 thousand shares
Decrease due to the retirement of shares 64,996 thousand shares
Note 5: Effective for FY2001, the 'Accounting Standards for Financial
Instruments' has been applied and the 'Other securities' is stated at
fair value. As a result, 'Total assets' and 'Total shareholders'
equity' increased by 361,306 million yen and 187,843 million yen,
respectively.
Note 6: Effective for FY2001, the revised 'Accounting Standards for Foreign
Currency Transactions, etc.' has been applied. As a result, 'Total
assets' and 'Total shareholders equity' decreased by 545 million yen
and 320 million yen, respectively.
Note 7: Effective for FY2001, the 'Accounting Standards for Retirement
Benefits' has been applied. As a result, both the amount reported as
'Allowance for retirement and severance benefits' and the amount
relating to the corporate pension plan reported as a part of 'Accrued
expenses' in FY2000 are reported as 'Allowance for retirement benefits'
in FY2001.
PROSPECTS FOR FY2002 UNCONSOLIDATED BUSINESS RESULTS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
Prospects for FY2002 unconsolidated business results are as follows:
1. Prospects for FY2002 (April 2001 through March 2002)
The figures in parentheses indicate FY2001 results
Sales target Thousand units Thousand units
Vehicles 3,470 ( 3,520 )
Domestic 1,890 ( 1,816 )
Exports 1,580 ( 1,704 )
Units Units
Houses 3,700 ( 3,596 )
Production target of vehicles Thousand units Thousand units
Domestic 3,390 ( 3,422 )
Overseas 1,890 ( 1,751 )
The goal for net sales, ordinary
income and net income Billion yen Billion yen
Net sales 8,000.0 ( 7,903.5 )
Ordinary income 630.0 ( 621.7 )
Net income 370.0 ( 333.5 )
Exchange rates as premise Yen/U.S. dollar Yen/U.S. dollar
115 ( 110 )
Yen/Euro Yen/Euro
105 ( 100 )
2. Prospects for FY2002 interim (April 2001 through September 2001)
The figures in parentheses indicate FY2001 in interim results
Sales target Thousand units Thousand units
Vehicles 1,700 ( 1,701 )
Domestic 890 ( 835 )
Exports 810 ( 866 )
Units Units
Houses 1,600 ( 1,647 )
Production target of vehicles Thousand units Thousand units
Domestic 1,660 ( 1,637 )
Overseas 920 ( 874 )
The goal for net sales, ordinary
income and net income Billion yen Billion yen
Net sales 3,900.0 ( 3,708.7 )
Ordinary income 310.0 ( 226.7 )
Net income 180.0 ( 104.3 )
Exchange rates as premise Yen/U.S. dollar Yen/U.S. dollar
115 ( 107 )
Yen/Euro Yen/Euro
105 ( 99 )
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