Securities Report 4/12
Toyota Motor Corporation
24 June 2004
1 (Consolidated Financial Statements and Other Information)
(1) (Consolidated Financial Statements)
1 (Consolidated Balance Sheets)
FY 2003 FY 2004
March 31, 2003 March 31, 2004
Item Notes Yen in millions Percentage Yen in millions Percentage
(Assets)
1 Current assets
1 Cash and deposits 620,870 -
2 Trade notes and accounts 1,583,393 -
receivable
3 Marketable securities 1,661,978 -
4 Inventories 1,072,947 -
5 Installment credits from 3,430,444 -
dealers
6 Short-term loans *6 1,558,161 -
7 Deferred income taxes 413,039 -
8 Other current assets 826,442 -
9 Less: allowance for (147,670) -
doubtful accounts
Total current assets 11,019,607 53.1 - -
2 Fixed assets
(1) Property, plant and equipment *1
1 Buildings and structures 1,253,674 -
2 Machinery and equipment 1,163,778 -
3 Vehicles and delivery *2 1,238,252 -
equipment
4 Land 1,097,189 -
5 Construction in progress 232,966 -
6 Other property, plant and 521,123 -
equipment
Total property, plant and 5,506,985 26.6 - -
equipment
(2) Intangible fixed assets
Software 5,123 -
Total intangible fixed assets 5,123 0.0 - -
(3) Investments and other assets
1 Investments in securities *3 2,695,939 -
2 Long-term loans receivable 757,922 -
3 Deferred income taxes 446,123 -
4 Other investments and other 335,618 -
assets
5 Less: allowance for doubtful (24,934) -
accounts
Total investments and other 4,210,669 20.3 - -
assets
Total fixed assets 9,722,778 46.9 - -
Total assets 20,742,386 100.0 - -
FY 2003 FY 2004
March 31, 2003 March 31, 2004
Item Notes Yen in millions Percentage Yen in millions Percentage
(Liabilities)
1 Current liabilities
1 Trade notes and accounts 1,582,245 -
payable
2 Current portion of bonds 1,124,035 -
3 Short-term borrowings 966,243 -
4 Commercial papers 1,080,613 -
5 Accrued expenses and 1,356,294 -
other accounts payables
6 Income taxes payable 317,194 -
7 Deferred income taxes 1,570 -
8 Allowance for product 244,552 -
warranties
9 Allowance for employee 36,026 -
bonus
10 Other current liabilities 848,764 -
Total current liabilities 7,557,541 36.4 - -
2 Long-term liabilities
1 Bonds 3,520,344 -
2 Long-term borrowings 573,767 -
3 Deferred income taxes 410,330 -
4 Allowance for retirement 639,708 -
benefits
5 Other long-term liabilities 84,218 -
Total long-term liabilities 5,228,369 25.2 - -
Total liabilities 12,785,911 61.6 - -
(Minority interest in consolidated
subsidiaries)
Minority interest in consolidated 496,207 2.4 - -
subsidiaries
(Shareholders' equity)
1 Common stock *4 397,049 1.9 - -
2 Capital surplus 418,401 2.0 - -
3 Retained earnings 7,219,896 34.8 - -
4 Unrealized gain on other 78,630 0.4 - -
securities, net
5 Translation adjustments (112,350) (0.5) - -
6 Less: treasury stock *5 (541,360) (2.6) - -
Total shareholders' equity 7,460,267 36.0 - -
Total liabilities, minority 20,742,386 100.0 - -
interest in consolidated
subsidiaries and
shareholders' equity
FY2004
March 31, 2004
Item Notes Yen in millions Percentage
(Assets)
1 Current assets
1 Cash and cash equivalents 1,729,776
2 Time deposits 68,473
3 Marketable securities 6 448,457
4 Trade accounts and notes receivable, less 11 1,531,651
allowance for doubtful accounts of
28,966 million yen
5 Finance receivables, net 7, 11 2,622,939
6 Other receivables 8 396,788
7 Inventories 9 1,083,326
8 Deferred income taxes 16 457,161
9 Prepaid expenses and other current assets 509,882
Total current assets 8,848,453 40.1
2 Noncurrent finance receivables, net 7, 11 3,228,973 14.7
3 Investments and other assets
1 Marketable securities and other securities 6 2,241,971
investments
2 Affiliated companies 12 1,370,171
3 Employees receivables 35,857
4 Other 16, 19 960,156
Total investments and other assets 4,608,155 20.9
4 Property, plant and equipment 13
1 Land 1,135,665
2 Buildings 2,801,993
3 Machinery and equipment 7,693,616
4 Vehicles and equipment on operating leases 10 1,493,780
5 Construction in progress 237,195
Sub total 13,362,249
6 Less - Accumulated depreciation (8,007,602)
Property, plant and equipment, net 5,354,647 24.3
Total assets 22,040,228 100.0
FY2004
March 31, 2004
Item Notes Yen in millions Percentage
(Liabilities)
1 Current liabilities
1 Short-term borrowings 13 2,189,024
2 Current portion of long-term debt 13 1,125,195
3 Accounts payable 1,709,344
4 Other payables 15 665,624
5 Accrued expenses 14 1,133,281
6 Income taxes payable 252,555
7 Other current liabilities 16 522,968
Total current liabilities 7,597,991 34.5
2 Long-term liabilities
1 Long-term debt 13 4,247,266
2 Accrued pension and severance costs 19 725,569
3 Deferred income taxes 16 778,561
4 Other long-term liabilities 65,981
Total long-term liabilities 5,817,377 26.4
Total liabilities 13,415,368 60.9
(Minority interest in consolidated subsidiaries)
Minority interest in consolidated subsidiaries 446,293 2.0
(Shareholders' equity) 17
1 Common stock, no par value, 397,050 1.8
authorized: 9,740,185,400 shares
issued: 3,609,997,492 shares
2 Additional paid-in capital 495,179 2.2
3 Retained earnings 8,326,215 37.8
4 Accumulated other comprehensive loss 19 (204,592) (0.9)
5 Treasury stock, at cost, (835,285) (3.8)
280,076,395 shares
Total shareholders' equity 8,178,567 37.1
(Commitments and contingencies) 23
Total liabilities, minority interest in consolidated 22,040,228 100.0
subsidiaries and shareholders' equity
2 (Consolidated statements of income)
FY2003 FY2004
For the year ended March 31,2003 For the year ended March
31,2004
Item Notes Yen in millions Percentage Yen in millions Percentage
1 Net revenues 16,054,290 100.0 - -
2 Cost of revenues * 12,156,140 75.7 - -
Gross profit 3,898,149 24.3 - -
3 Selling, general and *
administrative expenses
1 Freight and transportation 212,364 -
charges
2 Selling expenses 354,998 -
3 Advertisement 327,793 -
4 Provision for product 199,777 -
warranties
5 Salaries and wages 649,620 -
6 Provision for employee bonus 25,452 -
7 Net periodic pension cost 43,869 -
8 Depreciation and amortization 94,975 -
9 Provision for doubtful 124,011 -
accounts
10 Amortization of goodwill 13,498 -
11 Other 488,107 2,534,469 15.8 - - -
Operating income 1,363,679 8.5 - -
4 Non-operating income
1 Interest income 43,278 -
2 Dividend income 10,002 -
3 Gains on sales of 12,641 -
securities
4 Gains on foreign exchange 27,687 -
5 Equity in earnings of 81,966 -
affiliates
6 Other 120,523 296,100 1.8 - - -
5 Non-operating expenses
1 Interest expenses 28,687 -
2 Interests on commercial 859 -
papers
3 Losses on disposal of fixed 53,863 -
assets
4 Unrealized holding losses on 55,273 -
securities
5 Reductions of acquisition 331 -
cost of fixed assets
6 Donations 11,733 -
7 Other 95,026 245,775 1.5 - - -
Ordinary income 1,414,003 8.8 - -
6 Extraordinary gains
Gains on return of 235,314 235,314 1.5 - - -
substitutional portion of
employees' pension fund
plans
Income before income taxes 1,649,318 10.3 - -
and minority interest in
consolidated subsidiaries
Income taxes - current 617,556 -
Income taxes - deferred 33,237 650,794 4.1 - - -
Minority interest in 53,852 0.3 - -
consolidated subsidiaries
Net income 944,671 5.9 - -
FY2004
For the year ended March 31, 2004
Item Notes Yen in millions Percentage
1 Net revenues
1 Sales of products 16,578,033
2 Financing operations 716,727
Total net revenues 17,294,760 100.0
2 Costs and expenses
1 Cost of products sold 13,506,337
2 Cost of financing operations 20 364,177
3 Selling, general and administrative 1,757,356
Total costs and expenses 15,627,870 90.4
Operating income 1,666,890 9.6
3 Other income (expense)
1 Interest and dividend income 55,629
2 Interest expense (20,706)
3 Foreign exchange gain, net 20 38,187
4 Other income, net 6 25,793
Total other income 98,903 0.6
Income before income taxes, 1,765,793 10.2
minority interest and equity in
earnings of affiliated companies
Provision for income taxes 16 681,304 3.9
Income before minority interest and equity in earnings of 1,084,489 6.3
affiliated companies
Minority interest in consolidated subsidiaries (42,686) (0.3)
Equity in earnings of affiliated companies 12 120,295 0.7
Net income 1,162,098 6.7
Net income per share 25
Basic 342.90 yen
Diluted 342.86 yen
Cash dividends per share 45.00 yen
3 (Consolidated statements of capital surplus and retained earnings and
consolidated statements of shareholders' equity)
(Consolidated statements of capital surplus and retained earnings)
FY2003 FY2004
For the year ended For the year ended
March 31,2003 March 31,2004
Item Notes Yen in millions Yen in millions
(Capital surplus)
1 Capital surplus at beginning of year
Capital reserve at beginning of year 415,150 415,150 - -
2 Increase in capital surplus
1 Gain on disposal of treasury stock 1,430 -
2 Increase resulting from exchange of shares 1,820 3,251 - -
3 Capital surplus at end of year 418,401 -
(Retained earnings)
1 Retained earnings at beginning of year
Consolidated earned surplus at beginning of 6,527,956 6,527,956 - -
year
2 Increase in retained earnings
1 Net income 944,671 -
2 Increase resulting from decrease in 3,804 -
consolidated subsidiaries
3 Increase resulting from increase in 166 948,642 - -
affiliates accounted for under the equity method
3 Decrease in retained earnings
1 Dividends 109,330 -
2 Bonuses to directors and corporate auditors 2,316 -
3 Decrease resulting from increase in 2,062 -
consolidated subsidiaries
4 Decrease resulting from share retirement 142,992 256,702 - -
by the parent company
4 Retained earnings at end of year 7,219,896 -
(Consolidated statements of shareholders' equity)
FY2004
For the year ended March 31, 2004
Item Notes Common Additional Retained Accumulated Treasury Total
stock paid-in earnings other stock,
capital comprehensive at cost
income (loss)
Yen in millions
Balances at March 31, 2003 397,050 493,790 7,301,795 (604,272) (467,363) 7,121,000
1 Issuance during the year 1,389 1,389
2 Comprehensive income
1 Net income 1,162,098 1,162,098
2 Other comprehensive income 17
(loss)
(1)Foreign currency translation (203,257) (203,257)
adjustments
(2)Unrealized gains on 329,672 329,672
securities, net of
reclassification adjustments
(3)Minimum pension liability 273,265 273,265
adjustments
Total comprehensive income 1,561,778
3 Dividends paid (137,678) (137,678)
4 Purchase of common stock (367,922) (367,922)
Balances at March 31, 2004 397,050 495,179 8,326,215 (204,592) (835,285) 8,178,567
4 (Consolidated statements of cash flows)
FY2003 FY2004
For the year ended For the year ended
March 31, 2003 March 31, 2004
Item Notes Yen in millions Yen in millions
1 Cash flows from operating activities
1 Income before income taxes and minority interest in 1,649,318 -
consolidated subsidiaries
2 Depreciation 851,634 -
3 Losses on disposal of fixed assets 53,863 -
4 Decrease in allowance for retirement benefits (113,478) -
5 Interest and dividend income (53,280) -
6 Interest expenses 29,547 -
7 Equity in earnings of affiliates (81,966) -
8 Increase in trade notes and accounts receivable (357,746) -
9 Increase in loans receivable of consolidated finance (407,186) -
subsidiaries
10 Increase in inventories (25,842) -
11 Increase in trade notes and accounts payable 108,611 -
12 Other 294,123 -
Subtotal 1,947,598 -
13 Interests and dividends received 69,766 -
14 Interests paid (30,084) -
15 Income taxes paid (657,808) -
Cash flows from operating activities 1,329,472 -
2 Cash flows from investing activities
1 Net increase in time deposits (32,195) -
2 Purchases of marketable securities and investments in (1,111,584) -
securities
3 Proceeds from sales of marketable securities and 208,776 -
investments
in securities
4 Proceeds upon maturity of marketable securities and 723,981 -
investments in securities
5 Additions to property, plant and equipment (excluding (1,012,803) -
vehicles for lease)
6 Additions to vehicles for lease (540,945) -
7 Proceeds from sales of property, plant and equipment 64,074 -
(excluding vehicles for lease)
8 Proceeds from sales of vehicles for lease 283,840 -
9 Other 31,042 -
Cash flows from investing activities (1,385,814) -
3 Cash flows from financing activities
1 Net decrease in short-term borrowings (202,190) -
2 Net increase in commercial papers 179,453 -
3 Proceeds from origination of long-term borrowings 189,693 -
4 Payments for long-term borrowings (144,933) -
5 Proceeds from issuance of bonds 1,564,564 -
6 Payments for redemption of bonds (984,848) -
7 Purchase of treasury stock (454,611) -
8 Dividends paid (109,330) -
9 Other (4,241) -
Cash flows from financing activities 33,555 -
4 Effect of exchange rate changes on cash and cash equivalents (42,098) -
5 Net decrease in cash and cash equivalents (64,884) -
6 Cash and cash equivalents at beginning of year 1,688,126 -
7 Cash and cash equivalents at end of year 1,623,241 -
FY2004
For the year ended
March 31, 2004
Item Notes Yen in millions
1 Cash flows from operating activities 4
1 Net income 1,162,098
2 Adjustments to reconcile net income to net cash provided by operating
activities
(1) Depreciation 969,904
(2) Provision for doubtful accounts and credit losses 83,138
(3) Pension and severance costs, less payments (159,267)
(4) Losses on disposal of fixed assets 39,742
(5) Unrealized losses on available-for-sale securities, net 3,063
(6) Deferred income taxes 120,828
(7) Minority interest in consolidated subsidiaries 42,686
(8) Equity in earnings of affiliated companies (120,295)
(9) Changes in operating assets and liabilities, and other
Decreases in accounts and notes receivable 5,568
Increase in inventories (53,609)
Increase in accounts payable 159,120
Other 30,047
Net cash provided by operating activities 2,283,023
2 Cash flows from investing activities
1 Additions to finance receivables (8,126,880)
2 Collection of finance receivables 6,635,825
3 Proceeds from sale of finance receivables 243,128
4 Additions to fixed assets excluding equipment leased to others (945,803)
5 Additions to equipment leased to others (542,738)
6 Proceeds from sales of fixed assetsexcluding equipment leased to others 73,925
7 Proceeds from sales of equipment leased to others 288,681
8 Purchases of marketable securities and security investments (1,336,467)
9 Proceeds from sales of marketable securities and security investments 183,808
10 Proceeds upon maturity of marketable securities and security investments 1,252,334
11 Payment for additional investments in affiliated companies, net of cash (20,656)
acquired
12 Changes in investments and other assets, and other (17,941)
Net cash used in investing activities (2,312,784)
3 Cash flows from financing activities
1 Purchase of common stock (357,457)
2 Proceeds from issuance of long-term debt 1,636,570
3 Payments of long-term debt (1,253,045)
4 Increase in short-term borrowings 353,833
5 Dividends paid (137,678)
Net cash provided by financing activities 242,223
4 Effect of exchange rate changes on cash and cash equivalents (74,714)
5 Net increase in cash and cash equivalents 137,748
6 Cash and cash equivalents at beginning of year 1,592,028
7 Cash and cash equivalents at end of year 1,729,776
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 1 day ago Centrica
- 1 day ago AJ Bell
- 1 day ago JPMorgan European Discovery Trust
- 1 day ago JPMorgan European Discovery Trust
- 1 day ago CVC Income & Growth Limited NPV GBP