Supplementary Material
Toyota Motor Corporation
01 November 2004
Supplementary Material for Financial Results for the 6 months ended September
30, 2004 (Consolidated) (U.S. GAAP)
FY2004 in accordance with U.S. GAAP FY2005
(Note 1) (Note 1) (Note 1)FY2004 (Note 1) Prospects
1Q 2Q 1st 3Q 4Q 2nd 12 1Q 2Q 1st Ending
Half Half mos. Half March 31,
ending 2005
March
31,
2004
Vehicle Production 1,535 1,529 3,064 1,672 1,777 3,449 6,513 1,744 1,725 3,469
(thousands of
units)
(Japan) 1,006 1,016 2,022 1,100 1,162 2,262 4,284 1,077 1,100 2,177
including Daihatsu
& Hino
(Daihatsu) (141) (156) (297) (162) (180) (342) (639) (162) (165) (327)
(Hino) (18) (26) (44) (21) (22) (43) (87) (23) (25) (48)
(Overseas) 529 513 1,042 572 615 1,187 2,229 667 625 1,292
including Daihatsu
& Hino
(Daihatsu) (4) (6) (10) (6) (8) (14) (24) (12) (14) (26)
(Hino) (-) (-) (-) (-) (-) (-) (-) (-) (-) (-)
North 249 240 489 259 286 545 1,034 297 278 575
America
Europe 126 104 230 137 148 285 515 146 137 283
Asia 88 96 184 109 109 218 402 150 131 281
Latin 15 16 31 17 19 36 67 21 21 42
America
Oceania 28 31 59 29 27 56 115 28 29 57
Africa 23 26 49 21 26 47 96 25 29 54
FY2004 in accordance with U.S. GAAP FY2005
(Note 1) (Note 1)(Note 1) FY2004 (Note 1) Prospects
1Q 2Q 1st 3Q 4Q 2nd 12 1Q 2Q 1st Ending
Half Half mos. Half March 31,
ending 2005
March
31,
2004
Vehicle Sales 1,594 1,576 3,170 1,700 1,849 3,549 6,719 1,791 1,776 3,567 7,220
(thousands of
units)
(Japan) 543 538 1,081 554 668 1,222 2,303 538 568 1,106 2,350
including Daihatsu
& Hino
(Daihatsu) (120) (120) (240) (118) (155) (273) (513) (126) (131) (257) (540)
(Hino) (9) (16) (25) (12) (14) (26) (51) (10) (14) (24) (50)
(Overseas) 1,051 1,038 2,089 1,146 1,181 2,327 4,416 1,253 1,208 2,461 4,870
including Daihatsu
& Hino
(Daihatsu) (22) (26) (48) (27) (35) (62) (110) (35) (38) (73) (140)
(Hino) (8) (9) (17) (8) (11) (19) (36) (11) (12) (23) (40)
North 509 496 1,005 561 537 1,098 2,103 572 554 1,126 2,220
America
Europe 234 207 441 218 239 457 898 247 229 476 980
Asia 122 128 250 147 160 307 557 202 184 386 810
Latin 32 37 69 36 41 77 146 45 46 91 170
America
Oceania 60 57 117 60 59 119 236 64 61 125 210
Africa 38 36 74 40 77 117 191 56 52 108 220
the 56 77 133 84 68 152 285 67 82 149 260
Middle East
and Others
FY2004 in accordance with U.S. GAAP FY2005
(Note 1) (Note 1)(Note 1) FY2004 (Note 1) Prospects
1Q 2Q 1st 3Q 4Q 2nd 12 1Q 2Q 1st Ending
Half Half mos. Half March 31,
ending 2005
March
31,
2004
Total Retail Unit 1,696 1,744 3,440 1,662 1,914 3,576 7,016 1,856 1,876 3,732
Sales
(thousands of
units)
Housing Sales 761 1,408 2,169 1,442 1,141 2,583 4,752 848 1,346 2,194
(units)
Foreign Exchange as premise:
Rate
Yen to US 119 118 118 109 107 108 113 110 110 110 107
Dollar Rate
Yen to 135 131 134 130 134 132 133 132 134 133 132
Euro Rate
Registered Toyota 395 413 808 407 514 921 1,729 378 436 814 approximately
Vehicles (in Japan) 1,760
(thousands of
units)
Market Share
(Japan) approximately
Toyota 44.9 40.4 42.5 44.4 42.5 43.3 42.9 46.1 43.3 44.6 43%
(excluding
Mini-cars) (%)
Toyota, 41.1 39.7 40.0 39.6 41.6 41.0
Daihatsu
and Hino
(including
Mini-cars) (%)
Number of Employees 265,532 264,410 269,310
(Note 2)
FY2004 in accordance with U.S. GAAP FY2005
(Note 1) (Note 1) (Note 1) FY2004 (Note 1) Prospects
1Q 2Q 1st 3Q 4Q 2nd 12 mos. 1Q 2Q 1st Ending
Half Half ending Half March
March 31,
31, 2005
2004
Net Sales 4,092.9 4,131.3 8,224.2 4,386.0 4,684.5 9,070.5 17,294.7 4,510.3 4,515.3 9,025.6
(billions
of yen)
Geographical
Segment
Japan 2,714.2 2,783.1 5,497.3 2,933.6 3,159.1 6,092.7 11,590.0 2,857.6 2,923.0 5,780.6
North 1,530.8 1,483.3 3,014.1 1,603.7 1,509.8 3,113.5 6,127.6 1,626.1 1,563.6 3,189.7
America
Europe 529.9 502.4 1,032.3 514.3 617.7 1,132.0 2,164.3 591.0 610.3 1,201.3
Others 548.7 554.1 1,102.8 592.5 666.6 1,259.1 2,361.9 670.4 661.9 1,332.3
Elimination -1,230.7 -1,191.6 -2,422.3 -1,258.1 -1,268.7 -2,526.8 -4,949.1 -1,234.8 -1,243.5 -2,478.3
Business Segment
Automotive 3,798.5 3,791.9 7,590.4 4,055.3 4,328.1 8,383.4 15,973.8 4,199.8 4,139.8 8,339.6
Financial
Services 184.0 187.5 371.5 180.6 184.8 365.4 736.9 180.9 203.5 384.4
All Other 183.7 220.0 403.7 214.7 277.8 492.5 896.2 205.7 261.1 466.8
Elimination -73.3 -68.1 -141.4 -64.6 -106.2 -170.8 -312.2 -76.1 -89.1 -165.2
FY2004 in accordance with U.S. GAAP FY2005
(Note 1) (Note 1) (Note 1) FY2004 (Note 1) Prospects
1Q 2Q 1st 3Q 4Q 2nd 12 mos. 1Q 2Q 1st Ending
Half Half ending Half March
March 31,
31, 2005
2004
Operating Income 340.7 427.0 767.7 401.6 497.5 899.1 1,666.8 448.6 417.6 866.2
(billions of yen)
(Operating Income (8.3) (10.3) (9.3) (9.2) (10.6) (9.9) (9.6) (9.9) (9.2) (9.6)
Ratio) (%)
Geographical
Segment
Japan 252.1 277.6 529.7 226.1 352.3 578.4 1,108.1 253.0 237.6 490.6
North America 64.6 99.0 163.6 128.2 99.2 227.4 391.0 129.8 114.9 244.7
Europe 6.1 16.4 22.5 24.7 25.3 50.0 72.5 30.9 35.4 66.3
Others 20.5 32.8 53.3 24.3 19.3 43.6 96.9 37.7 33.2 70.9
Elimination -2.6 1.2 -1.4 -1.7 1.4 -0.3 -1.7 -2.8 -3.5 -6.3
Business Segment
Automotive 333.9 368.7 702.6 347.8 468.6 816.4 1,519.0 403.8 353.0 756.8
Financial Services 10.6 51.1 61.7 52.3 32.0 84.3 146.0 46.2 56.5 102.7
All Other -2.8 8.8 6.0 5.5 3.7 9.2 15.2 1.5 11.2 12.7
Elimination -1.0 -1.6 -2.6 -4.0 -6.8 -10.8 -13.4 -2.9 -3.1 -6.0
Income before 371.2 440.8 812.0 429.7 524.0 953.7 1,765.7 470.4 442.8 913.2
taxes (billions of
yen)
(Income before (9.1) (10.7) (9.9) (9.8) (11.2) (10.5) (10.2) (10.4) (9.8) (10.1)
taxes Ratio) (%)
Equity in Earnings 21.1 19.9 41.0 38.1 41.1 79.2 120.2 34.7 24.1 58.8
of Affiliated
Companies
(billions of yen)
Net Income 222.5 301.9 524.4 286.4 351.2 637.6 1,162.0 286.6 297.4 584.0
(billions of yen)
(Net Income Ratio) (5.4) (7.3) (6.4) (6.5) (7.5) (7.0) (6.7) (6.4) (6.6) (6.5)
(%)
FY2004 in accordance with U.S. GAAP FY2005
(Note 1) (Note 1) (Note 1) FY2004 (Note 1) Prospects
1Q 2Q 1st 3Q 4Q 2nd 12 mos. 1Q 2Q 1st Ending
Half Half ending Half March 31,
March 2005
31, 2004
Research & 148.1 156.5 304.6 172.8 204.8 377.6 682.2 158.7 192.7 351.4 710.0
Development
(billions of
yen)
Depreciation 180.1 196.6 376.7 180.5 230.9 411.4 788.1 181.2 210.9 392.1 810.0
(billions of
yen)
(Note 3)
Geographical Segment
Japan 113.3 115.8 229.1 114.2 143.5 257.7 486.8 112.8 129.1 241.9 490.0
North 38.7 54.2 92.9 39.4 44.2 83.6 176.5 38.7 49.8 88.5 160.0
America
Europe 14.3 14.0 28.3 14.4 23.7 38.1 66.4 16.6 18.5 35.1 80.0
Others 13.8 12.6 26.4 12.5 19.5 32.0 58.4 13.1 13.5 26.6 80.0
Capital 180.9 240.5 421.4 196.9 339.4 536.3 957.7 215.5 285.1 500.6 1,060.0
Expenditures
(billions of yen)
(Note 3)
Geographical Segment
Japan 93.1 150.6 243.7 123.5 197.7 321.2 564.9 128.6 153.1 281.7 640.0
North 50.9 41.1 92.0 30.0 87.9 117.9 209.9 34.6 56.0 90.6 140.0
America
Europe 18.3 24.6 42.9 17.9 26.9 44.8 87.7 14.7 16.9 31.6 90.0
Others 18.6 24.2 42.8 25.5 26.9 52.4 95.2 37.6 59.1 96.7 190.0
Total Liquid 3,167.6 3,229.8 3,415.9
Assets
(billions of yen)
(Note 4)
Free Cash 1.0 949.9 -70.3
Flow
(billions of yen)
(Note 5)
Total Assets 20,777.1 22,040.2 22,605.4 23,310.1
(billions of
yen)
Shareholders' 7,572.4 8,178.6 8,349.9 8,542.0
Equity
(billions of
yen)
Return on 12.3 14.3 15.1 15.2 13.9 14.0
Equity (%)
Return on 4.3 5.1 5.5 5.5 5.1 5.2
Asset (%)
Number of Consolidated 561 554 540
Subsidiaries
Number of Affiliates Accounted 54 53 56
for Under the Equity Method
Contributing Factors to Operating Income FY2005 1st Half (billions of yen, approximately)
Consolidated Unconsolidated Subsidiaries
Operational Efforts 260.0 80.0 180.0
Cost Reduction Efforts 70.0 40.0 30.0
From Engineering 40.0 30.0 10.0
From Manufacturing and Logistics 30.0 10.0 20.0
Unfavorable Foreign Exchange Rate -120.0 -100.0 -20.0
Increases in R&D and other expenses -111.5 -86.8 -24.7
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, 2004 (Unconsolidated) (Japan GAAP)
FY2001 FY2002 FY2003
6 mos. 12 mos. 6 mos. 12 mos. 6 mos. 12 mos.
ending ending ending ending ending ending
Sep. 30, March 31, Sep. 30, March 31, Sept. 30, March 31,
2000 2001 2001 2002 2002 2003
Vehicle Production (thousands of 1,637 3,422 1,644 3,364 1,676 3,513
units)
Vehicle Sales (thousands of units) 1,701 3,520 1,674 3,428 1,691 3,559
Japan 835 1,816 850 1,720 800 1,724
Exports 866 1,704 824 1,708 891 1,835
North 357 710 353 754 414 841
America
Europe 254 487 200 425 182 392
Asia 61 121 58 106 80 165
Latin 47 97 52 93 34 71
America
Oseania 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 yen) 191.3 506.8 354.2 748.9 471.3 861.3
(Operating Income (5.2) (6.4) (8.8) (9.0) (11.2) (9.9)
Ratio) (%)
Ordinary Income (billions of yen) 226.7 621.7 347.1 768.9 481.7 892.6
(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 41.1 92.7 47.4 101.5 56.8 125.8
(billions of yen)
Dividend Per Share 11 25 13 28 16 36
(yen)
Payout Ratio (%) 39.4 27.8 23.3 21.6 14.9 19.8
Value of shares 26.3 263.5 129.2 129.2 143.0 143.0
canceled
(billions of yen)
Shareholder Return (%) 64.7 106.8 86.8 49.1 52.3 42.4
(Note 6)
Value of shares 26.3 263.6 129.2 277.5 163.3 453.4
repurchased
(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
6 mos. ending 12 mos. ending 6 mos. ending prospects
Sept. 30, 2003 March 31, 2004 Sept.30, 2004 for 12 mos.
ending March
31, 2005
Vehicle Production (thousands of units) 1,682 3,558 1,802 3,690
Vehicle Sales (thousands of units) 1,720 3,625 1,805 3,740
Japan 830 1,765 838 1,790
Exports 890 1,860 967 1,950
North 398 811 412 830
America
Europe 198 419 197 440
Asia 71 151 82 150
Latin 28 61 38 70
America
Oseania 78 158 89 160
Others 117 260 149 300
Net Sales (billions of yen) 4,302.1 8,963.7 4,459.7 9,100.0
Japan 1,667.5 3,593.1 1,723.0
Exports 2,634.5 5,370.5 2,736.7
Operating Income (billions of yen) 459.1 833.7 392.3 730.0
(Operating Income Ratio) (%) (10.7) (9.3) (8.8) (8.0)
Ordinary Income (billions of yen) 510.5 915.7 442.3 890.0
(Ordinary Income Ratio) (%) (11.9) (10.2) (9.9) (9.8)
Net Income (billions of yen) 338.0 581.4 263.7 540.0
(Net Income Ratio) (%) (7.9) (6.5) (5.9) (5.9)
Shareholders Return
Dividend Payout (billions of 67.9 151.2 82.0
yen)
Dividend Per Share 20 45 25.0
(yen)
Payout Ratio (%) 20.1 26.0 31.1
Value of shares canceled - - -
(billions of yen)
Shareholder Return (%) (Note 6) 20.1 26.0 31.1
Value of shares repurchased 161.7 398.8 208.4
(billions of yen)
Number of Outstanding Shares (thousands) 3,609,997 3,609,997 3,609,997
Number of Employees (Note 2) 66,099 65,346 64,408
(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.
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