Interim Results 5/5
Toyota Motor Corporation
04 November 2005
Supplementary Material for Financial Results for the 6 months ended September
30, 2005 (Consolidated) (U.S. GAAP)
FY2005 in accordance with U.S. GAAP FY2006
(Note 1) (Note 1) (Note 1) FY2005 (Note 1) Prospects
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. 1Q 2Q 1st Half ending
ended March
March 31,
31, 2006
2005
Vehicle Production 1,744 1,725 3,469 1,805 1,957 3,762 7,231 1,892 1,809 3,701
(thousands of units)
(Japan) 1,077 1,100 2,177 1,115 1,242 2,357 4,534 1,123 1,068 2,191
including Daihatsu & Hino
(Daihatsu) (162) (165) (327) (173) (192) (365) (692) (175) (169) (344)
(Hino) (23) (25) (48) (23) (22) (45) (93) (24) (25) (49)
(Overseas) 667 625 1,292 690 715 1,405 2,697 769 741 1,510
including Daihatsu & Hino
(Daihatsu) (12) (14) (26) (13) (15) (28) (54) (14) (11) (25)
(Hino) (-) (-) (-) (-) (-) (-) (-) (-) (-) (-)
North America 297 278 575 271 310 581 1,156 320 289 609
Europe 146 137 283 156 157 313 596 157 142 299
Asia 150 131 281 190 176 366 647 205 211 416
Latin America 21 21 42 18 22 40 82 31 32 63
Oceania 28 29 57 25 24 49 106 29 29 58
Africa 25 29 54 30 26 56 110 27 38 65
FY2005 in accordance with U.S. GAAP FY2006
(Note 1) (Note 1) (Note 1) FY2005 (Note 1) Prospects
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. 1Q 2Q 1st Half ending
ended March
March 31,
31, 2006
2005
Vehicle Sales 1,791 1,776 3,567 1,839 2,002 3,841 7,408 1,948 1,885 3,833 8,030
(thousands of units)
(Japan) 538 568 1,106 573 702 1,275 2,381 550 536 1,086 2,430
including Daihatsu & Hino
(Daihatsu) (126) (131) (257) (129) (165) (294) (551) (133) (132) (265) (560)
(Hino) (10) (14) (24) (12) (15) (27) (51) (10) (16) (26) (60)
(Overseas) 1,253 1,208 2,461 1,266 1,300 2,566 5,027 1,398 1,349 2,747 5,600
including Daihatsu & Hino
(Daihatsu) (35) (38) (73) (39) (41) (80) (153) (41) (39) (80) (160)
(Hino) (11) (12) (23) (11) (11) (22) (45) (12) (11) (23) (50)
North America 572 554 1,126 576 569 1,145 2,271 641 604 1,245 2,550
Europe 247 229 476 249 254 503 979 256 242 498 1,040
Asia 202 184 386 195 252 447 833 229 219 448 900
Latin America 45 46 91 47 47 94 185 61 63 124 230
Oceania 64 61 125 56 58 114 239 67 62 129 260
Africa 56 52 108 64 52 116 224 64 62 126 250
the Middle 67 82 149 79 68 147 296 80 97 177 370
East and
Others
FY2005 in accordance with U.S. GAAP FY2006
(Note (Note (Note FY2005 (Note Prospects
1) 1) 1) 1)
1Q 2Q 1st 3Q 4Q 2nd 12 mos. 1Q 2Q 1st ending March
Half Half ended Half 31, 2006
March
31,
2005
Total Retail Unit Sales 1,856 1,874 3,730 1,884 2,019 3,903 7,633 2,057 2,037 4,094
(thousands of units)
Housing Sales (units) 848 1,346 2,194 1,443 1,646 3,089 5,283 919 1,355 2,274
Foreign Exchange Rate as premise:
Yen to US Dollar Rate 110 110 110 106 105 105 108 108 111 110 110
Yen to Euro Rate 132 134 133 137 137 137 135 135 136 136 135
Registered Toyota Vehicles 378 436 814 430 511 941 1,755 402 402 804 approximately
(in Japan) 1,800
(thousands of units)
Market Share (Japan) approximately
Toyota (excluding Mini-cars) (%) 46.1 43.3 44.6 46.4 43.0 44.5 44.5 45.0 40.8 42.8 44%
Toyota, Daihatsu and Hino 41.6 41.0 42.5 41.1 41.1 39.8
(including Mini-cars) (%)
Number of Employees (Note 2) 269,310 265,753 278,622
FY2005 in accordance with U.S. GAAP FY2006
(Note 1) (Note 1) (Note 1) FY2005 (Note 1) Prospects
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. 1Q 2Q 1st Half ending
ended March
March 31,
31, 2005 2006
Net Sales (billions of 4,510.3 4,515.3 9,025.6 4,644.0 4,881.9 9,525.9 18,551.5 4,981.7 4,971.4 9,953.1
yen)
Geographical Segment
Japan 2,857.6 2,923.0 5,780.6 3,018.3 3,205.2 6,223.5 12,004.1 2,992.0 3,040.9 6,032.9
North America 1,626.1 1,563.6 3,189.7 1,595.7 1,588.0 3,183.7 6,373.4 1,835.7 1,791.6 3,627.3
Europe 591.0 610.3 1,201.3 631.8 646.3 1,278.1 2,479.4 673.1 627.7 1,300.8
Asia 388.3 361.5 749.8 695.9 780.9 1,476.8 2,809.1 507.1 489.9 997.0
Others 282.1 300.4 582.5 363.4 396.7 760.1
Elimination -1,234.8 -1,243.5 -2,478.3 -1,297.7 -1,338.5 -2,636.2 -5,114.5 -1,389.6 -1,375.4 -2,765.0
Business Segment
Automotive 4,199.8 4,139.8 8,339.6 4,278.4 4,495.5 8,773.9 17,113.5 4,620.6 4,523.9 9,144.5
Financial Services 180.9 203.5 384.4 196.1 200.7 396.8 781.2 217.4 244.6 462.0
All Other 205.7 261.1 466.8 243.3 320.2 563.5 1,030.3 234.4 301.5 535.9
Elimination -76.1 -89.1 -165.2 -73.8 -134.5 -208.3 -373.5 -90.7 -98.6 -189.3
FY2005 in accordance with U.S. GAAP FY2006
(Note 1) (Note 1) (Note 1) FY2005 (Note 1) Prospects
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. 1Q 2Q 1st Half ending
ended March
March 31,
31, 2005 2006
Operating Income 448.6 417.6 866.2 422.9 383.0 805.9 1672.1 405.1 404.3 809.4
(billions of yen) (9.9) (9.2) (9.6) (9.1) (7.8) (8.5) (9.0) (8.1) (8.1) (8.1)
(Operating Income Ratio)
(%)
Geographical Segment
Japan 253.0 237.6 490.6 237.3 259.3 496.6 987.2 188.4 197.5 385.9
North America 129.8 114.9 244.7 127.8 75.0 202.8 447.5 137.8 130.7 268.5
Europe 30.9 35.4 66.3 26.5 15.7 42.2 108.5 16.7 23.4 40.1
Asia 24.4 19.1 43.5 33.5 36.8 70.3 141.2 39.8 35.6 75.4
Others 13.3 14.1 27.4 17.0 19.2 36.2
Elimination -2.8 -3.5 -6.3 -2.2 -3.8 -6.0 -12.3 5.4 -2.1 3.3
Business Segment
Automotive 403.8 353.0 756.8 355.5 340.2 695.7 1,452.5 366.8 354.5 721.3
Financial Services 46.2 56.5 102.7 58.7 39.4 98.1 200.8 39.7 43.8 83.5
All Other 1.5 11.2 12.7 11.0 10.0 21.0 33.7 1.5 8.3 9.8
Elimination -2.9 -3.1 -6.0 -2.3 -6.6 -8.9 -14.9 -2.9 -2.3 -5.2
Income before taxes 470.4 442.8 913.2 447.1 394.3 841.4 1,754.6 421.8 434.1 855.9
(billions of yen) (10.4) (9.8) (10.1) (9.6) (8.1) (8.8) (9.5) (8.5) (8.7) (8.6)
(Income before taxes Ratio)
(%)
Equity in Earnings of 34.7 24.1 58.8 39.3 41.3 80.6 139.4 35.6 35.1 70.7
Affiliated
Companies (billions of yen)
Net Income
(billions of yen) 286.6 297.4 584.0 296.5 290.7 587.2 1,171.2 266.8 303.7 570.5
(Net Income Ratio) (%) (6.4) (6.6) (6.5) (6.4) (6.0) (6.2) (6.3) (5.4) (6.1) (5.7)
FY2005 in accordance with U.S. GAAP FY2006
(Note 1) (Note 1)(Note 1) FY2005 (Note 1) Prospects
1Q 2Q 1st Half 3Q 4Q 2nd Half 12 mos. 1Q 2Q 1st Half ending
ended March
March 31,
31, 2005 2006
Research & Development 158.7 192.7 351.4 181.3 222.4 403.7 755.1 180.4 192.7 373.1 800.0
(billions of yen)
Depreciation (billions of yen) 181.2 210.9 392.1 184.1 199.6 383.7 775.8 190.7 210.2 400.9 840
(Note 3)
Geographical Segment
Japan 112.8 129.1 241.9 114.4 132.1 246.5 488.4 115.2 132.9 248.1 520.0
North America 38.7 49.8 88.5 37.7 26.8 64.5 153.0 38.6 39.1 77.7 160.0
Europe 16.6 18.5 35.1 16.4 19.8 36.2 71.3 18.4 19.5 37.9 80.0
Asia 7.5 7.7 15.2 15.6 20.9 36.5 63.1 11.0 10.9 21.9 45.0
Others 5.6 5.8 11.4 7.5 7.8 15.3 35.0
Capital Expenditures 215.5 285.1 500.6 207.4 379.2 586.6 1,087.2 265.3 430.5 695.8 1,400.0
(billions of yen)
(Note 3)
Geographical Segment
Japan 128.6 153.1 281.7 128.6 264.7 393.3 675.0 157.6 285.7 443.3 840.0
North America 34.6 56.0 90.6 30.7 32.4 63.1 153.7 44.8 65.3 110.1 250.0
Europe 14.7 16.9 31.6 15.8 25.3 41.1 72.7 31.8 30.7 62.5 120.0
Asia 28.1 50.1 78.2 32.3 56.8 89.1 185.8 23.2 35.1 58.3 110.0
Others 9.5 9.0 18.5 7.9 13.7 21.6 80.0
Total Liquid Assets 3415.9 3521.7 3,697.7
(billions of yen)
(Note 4)
Free Cash Flow (billions of yen) -70.3 152.1 324.7
(Note 5)
Total Assets (billions of yen) 22,605.4 23,310.1 23,119.1 24,335.0 25,103.6 26,257.5
Shareholders' Equity 8,349.9 8,542.0 8,718.7 9,045.0 9,167.6 9,692.7
(billions of yen)
Return on Equity (%) 13.9 14.0 13.7 13.6 11.7 12.2
Return on Asset (%) 5.1 5.2 5.1 5.1 4.3 4.5
Number of Consolidated 540 524 529
Subsidiaries
Number of Affiliates 56 56 57
Accounted
for Under the Equity Method
Contributing Factors to Operating Income FY2006 1st Half (billions of yen, approximately)
Consolidated Unconsolidated Subsidiaries
Operational Efforts 70.0 -20.0 90.0
Cost Reduction Efforts 60.0 30.0 30.0
From Engineering 30.0 20.0 10.0
From Manufacturing and Logistics 30.0 10.0 20.0
Favorable Foreign Exchange Rate 20.0 10.0 10.0
Decrease in DAIKO HENJO -9.1 0.0 -9.1
Increases in Expenses -197.7 -114.7 -83.0
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 6 months ended September
30, 2005 (Unconsolidated) (Japan GAAP)
FY2001 FY2002 FY2003
6 mos. ended 12 mos. ended 6 mos. ended 12 mos. ended 6 mos. ended 12 mos.
Sep. 30, 2000 March 31, 2001 Sep. 30, 2001 March 31, 2002 Sept. 30, 2002 ended
March 31,
2003
Vehicle Production (thousands of 1,637 3,422 1,644 3,364 1,676 3,513
units)
Vehicle Sales (thousands of 1,701 3,520 1,674 3,428 1,691 3,559
units)
Japan 835 1,816 850 1,720 800 1,724
Exports 866 1,704 824 1,708 891 1,835
North America 357 710 353 754 414 841
Europe 254 487 200 425 182 392
Asia 61 121 58 106 80 165
Latin America 47 97 52 93 34 71
Oceania 62 115 58 116 71 137
Others 85 174 103 214 110 229
Net Sales (billions of yen) 3,708.7 7,903.5 4,011.9 8,284.9 4,204.7 8,739.3
Japan 1,682.3 3,767.2 1,767.3 3,544.3 1,607.3 3,438.4
Exports 2,026.4 4,136.3 2,244.5 4,740.6 2,597.4 5,300.8
Operating Income (billions of 191.3 506.8 354.2 748.9 471.3 861.3
yen)
(Operating Income Ratio) (%) (5.2) (6.4) (8.8) (9.0) (11.2) (9.9)
Ordinary Income (billions of 226.7 621.7 347.1 768.9 481.7 892.6
yen)
(Ordinary Income Ratio) (%) (6.1) (7.9) (8.7) (9.3) (11.5) (10.2)
Net Income (billions of yen) 104.3 333.5 203.5 470.2 382.2 634.0
(Net Income Ratio) (%) (2.8) (4.2) (5.1) (5.7) (9.1) (7.3)
Shareholders Return
Dividend Payout (billions of 41.1 92.7 47.4 101.5 56.8 125.8
yen)
Dividend Per Share (yen) 11 25 13 28 16 36
Payout Ratio (%) 39.4 27.8 23.3 21.6 14.9 19.8
Value of shares canceled 26.3 263.5 129.2 129.2 143.0 143.0
(billions of yen)
Shareholder Return (%) (Note 64.7 106.8 86.8 49.1 52.3 42.4
6)
Value of shares repurchased 26.3 263.6 129.2 277.5 163.3 453.4
(billions of yen)
Number of Outstanding Shares 3,743,405 3,684,997 3,649,997 3,649,997 3,609,997 3,609,997
(thousands)
Number of Employees (Note 2) 65,907 66,005 65,029 66,820 66,874 65,551
FY2004 FY2005 FY2006
6 mos. ended 12 mos. ended 6 mos. Ended 12 mos. ended 6 mos. ended prospects for 12
mos.
Sept. 30, March 31, 2004 Sept. 30, 2004 March 31, 2005 Sept.30, 2005 ending March 31,
2003 2005
Vehicle Production 1,682 3,558 1,802 3,749 1,798 3,880
(thousands of units)
Vehicle Sales (thousands of 1,720 3,625 1,805 3,787 1,808 3,930
units)
Japan 830 1,765 838 1,805 806 1,830
Exports 890 1,860 967 1,982 1,002 2,100
North America 398 811 412 864 470 1,040
Europe 198 419 197 420 167 350
Asia 71 151 82 151 66 130
Latin America 28 61 38 78 46 80
Oceania 78 158 89 164 85 160
Others 117 260 149 305 168 340
Net Sales (billions of yen) 4,302.1 8,963.7 4,459.7 9,218.3 4,664.0 10,100.0
Japan 1,667.5 3,593.1 1,723.0 3,654.9 1,671.7
Exports 2,634.5 5,370.5 2,736.7 5,563.4 2,992.2
Operating Income (billions of 459.1 833.7 392.3 701.3 297.6 750.0
yen)
(Operating Income Ratio) (%)(10.7) (9.3) (8.8) (7.6) (6.4) (7.4)
Ordinary Income (billions of 510.5 915.7 442.3 856.2 416.6 980.0
yen)
(Ordinary Income Ratio) (%) (11.9) (10.2) (9.9) (9.3) (8.9) (9.7)
Net Income (billions of yen) 338.0 581.4 263.7 529.3 283.6 670.0
(Net Income Ratio) (%) (7.9) (6.5) (5.9) (5.7) (6.1) (6.6)
Shareholders Return
Dividend Payout (billions of 67.9 151.2 82.0 212.7 113.8
yen)
Dividend Per Share (yen) 20 45 25 65 35
Payout Ratio (%) 20.1 26.0 31.1 40.5 40.2
Value of shares canceled - - - - -
(billions of yen)
Shareholder Return (%) 20.1 26.0 31.1 40.5 40.2
(Note 6)
Value of shares repurchased 161.7 398.8 208.4 266.2 61.7
(billions of yen)
Number of Outstanding Shares 3,609,997 3,609,997 3,609,997 3,609,997 3,609,997
(thousands)
Number of Employees (Note 2) 66,099 65,346 64,408 64,237 65,994
(Note 1) 2Q = 1st Half - 1Q , 2nd Half = FY03 - 1st Half , 4Q = 2nd Half - 3Q
(Note 2) Part-time employees (i.e. seasonal workers) are counted in the figure,
along with full-time employees.
(Note 3) Figures for depreciation and capital expenditures do not include
vehicles in operating lease.
(Note 4) Excluding financial subsidiaries
(Note 5) Calculation: Cash flows from operating activities + Cash flows from
investing activities (excluding financial entities)
(Note 6) Calculation: (Dividend payout + Value of shares canceled) / Net
income
Cautionary Statement with Respect to Forward-Looking Statements
This report contains forward-looking statements that reflect Toyota's plans and
expectations. These forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and other factors
that may cause Toyota's actual results, performance, achievements or financial
position to be materially different from any future results, performance,
achievements or financial position expressed or implied by these forward-looking
statements. These factors include: (i) changes in economic conditions
affecting, and the competitive environment in, the automotive markets in Japan,
North America, Europe and other markets in which Toyota operates; (ii)
fluctuations in currency exchange rates, particularly with respect to the value
of the Japanese yen, the U.S. dollar, the euro, 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
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