Final Results 9
Toyota Motor Corporation
11 May 2004
FINANCIAL SUMMARY
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
FY2004
(April 1, 2003 through March 31, 2004)
English translation from the original Japanese-language document
TOYOTA MOTOR CORPORATION
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 in the markets in which Toyota operates, particularly laws,
regulations and policies relating to trade restrictions, 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.
This report contains summarized and condensed financial statements prepared in
accordance with accounting principles generally accepted in the United States of
America.
Effective from FY2004, Toyota prepares its consolidated financial statements in
accordance with accounting principles generally accepted in the United States of
America. The consolidated financial statements for FY2003 stated herein have
also been prepared in accordance with accounting principles generally accepted
in the United States of America.
OVERVIEW OF ASSOCIATED COMPANIES
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
Toyota Motor Corporation ('TMC') and its associated companies (554 consolidated
subsidiaries and 228 affiliates as of March 31, 2004) are engaged mainly in the
automotive industry and also in the financial services and other businesses.
The following three business segments are segmented on the basis as stated under
the 'Segment Information' according to the business category.
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 overseas companies.
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 to certain large customers, directly by TMC. 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, Toyota
Motor Credit Corporation and other overseas subsidiaries and affiliates provide
sales financing for TMC's products and the products of its subsidiaries and
affiliates.
All other:
Other business includes the design, manufacturing and sale of housing,
telecommunications and other businesses. Housing is manufactured by TMC and
sold through domestic housing dealers.
* Consolidated subsidiaries, ** Companies accounted for under the equity method
Flow of services
Flow of products
Toyota Motor Corporation
*Hino Motors, Ltd.
*Daihatsu Motor Co., Ltd.
Manufacturing companies in Japan
*Toyota Motor Kyushu, Inc. *Toyota Motor Hokkaido, Inc. *Toyota Auto Body Co., Ltd. *Kanto Auto Works, Ltd.
*Araco Corporation
**Toyota Industries Corporation **Aichi Steel Corporation
**Toyoda Machine Works, Ltd.
**Aisin Seiki Co., Ltd. **Denso Corporation
**Toyoda Gosei Co., Ltd. **Aisin AW Co., Ltd. etc.
Manufacturing companies overseas
*Toyota Motor Manufacturing, Kentucky, Inc.
*Toyota Motor Manufacturing, Indiana, Inc.
*Toyota Motor Manufacturing Canada Inc.
*Toyota Motor Manufacturing (UK) Ltd.
*Toyota Motor Thailand Co., Limited
*Toyota Motor Corporation Australia Ltd.
*PT Astra Daihatsu Motor **New United Motor Manufacturing, Inc. etc.
Dealers in Japan
Distributors overseas
*Tokyo Toyota Motor Co., Ltd.
*Tokyo Toyo-Pet Motor Sales Co., Ltd.
*Osaka Toyopet Co., Ltd. *Toyota Tokyo Corolla Co., Ltd.
*Tokyo Hino Motors, Ltd.
*Hyogo Daihatsu Hanbai Co., Ltd. etc.
*Toyota Motor Sales, U.S.A., Inc.
*Toyota Motor Marketing Europe n.v./s.a.
*Toyota Deutschland G.m.b.H.
*Toyota (GB) PLC *Hino Motor Sales (Thailand) Ltd.
*Daihatsu Deutschland GmbH. etc.
Financial companies
* Toyota Finance Corporation
* Toyota Motor Credit Corporation etc.
Customers
Dealers overseas
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 controls manufacturing companies in
North America, Toyota Motor Europe n.v./s.a., which deals with public relations
activities in Europe, Toyota Motor Engineering & Manufacturing Europe n.v./s.a.,
which controls manufacturing companies in Europe, and Toyota Financial Services
Corporation, which controls the management of financial companies.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
For FY2004, the change in our major associated companies is as follows:
(Change in major associated companies)
New consolidated subsidiaries:
Toyota Auto Body Co., Ltd.
Kanto Auto Works, Ltd.
Toyota Auto Body Co., Ltd. and Kanto Auto Works, Ltd. became consolidated
subsidiaries from companies accounted for under the equity method on May 30,
2003 as a result of the acquisition of additional shares by TMC from third
parties.
Management Policy
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
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,
dividends payout ratio, etc. Further, with the intent of responding to the
expectations of its shareholders, TMC plans to respond to changes in the
business environment as well as improve capital efficiency through repurchase of
its own shares.
TMC aims to use reserves 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.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
3. Policy for the Granting of Stock Options and Other Incentive Plans
Currently, TMC maintains an incentive plan for granting stock options to our
directors, managing officers and senior managers, etc. Together with this plan,
TMC also maintains an incentive plan for the executives of its overseas
subsidiaries and affiliated companies.
TMC believes that these incentive plans will heighten their willingness and
motivation to improve business performance in the medium- and long-term, enhance
international competitiveness and profitability, and contribute to increased
shareholder value.
4. Basic Policy on Corporate Governance and Status of Policy Implementation
TMC has positioned the stable long-term growth of shareholder value as a
top-priority management issue. We believe that in carrying this out, it is
essential that we achieve long-term and stable growth by building positive
relationships with all stakeholders including shareholders and customers as well
as business partners, local communities and employees, and by supplying products
that will satisfy our customers. To this end, we are working to enhance
corporate governance through a variety of measures designed to further increase
our competitiveness as a global company.
Specifically, TMC has introduced a new management system, as approved by the
general shareholders' meeting in June 2003, which features a streamlined board
of directors with a smaller headcount and a new position of managing officers.
Under the new system, senior managing directors, not only participate in the
company's overall management as board members, but also serve as a link between
management and operations by acting as the top managers of particular
operational divisions. By adopting a system that incorporates our emphasis on
front-line operations, which has been one of the company's strengths, TMC
believes that it will be able to implement management decisions quickly at the
operational level, reflect ideas of front-line operations in the company's
overall business strategies, and make decision close to front-line operations.
TMC also maintains a corporate auditor system based on the Japanese Commercial
Code, which serves to audit and monitor the company's management. In order to
ensure transparency in the company's activities, TMC has increased the number of
outside corporate auditors, to four out of a total of seven, at last year's
general shareholder's meeting. In addition, TMC has established a 'Committee of
Ethics for Corporate Conduct', consisting of directors at the executive vice
president level and above as well as corporate auditors, to review all corporate
activities from the viewpoint of legal compliance and corporate ethics. Further,
each year TMC holds a meeting of the International Advisory Board, which is
comprised of experts outside Japan, to provide TMC with advice concerning
management strategies in connection with its globalization initiatives. TMC has
also established a Compliance Hotline that allows employees to consult with an
outside attorney concerning corporate ethics and compliance issues, and a
dedicated task force to identify compliance risks in all departments. TMC will
continue to promote the 'Guiding Principles at Toyota Motor Corporation' and the
'Code of Conduct for Toyota Employees' which is a guideline for employees'
attitude and conduct and will work to advance corporate ethics through training
and education at all levels and in all departments.
To enhance accountability, last year TMC began providing quarterly financial
information to shareholders, investors and other stakeholders as part of its
ongoing disclosure efforts, and this year we adopted accounting principles
generally accepted in the United States of America for the preparation of
consolidated financial statements to enhance the timeliness, transparency, and
accessibility of the company's financial data. TMC also established a
Disclosure Committee pursuant to the U.S. Sarbanes-Oxley Act to ensure the
complete and fair disclosure of material information in annual report, etc.
TMC remains committed to achieving stable increases in shareholder value over
the long-term by proposing and implementing management strategies based on these
long-term perspectives.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
5. TMC's Medium- and Long-term Management Strategy
To continue its growth over the long-term, the Toyota Group will make combined
efforts to address the following issues.
An immediate issue is the steady implementation of key domestic and overseas
projects. In Japan, we are promoting product deployment consistent with the
branding of each sales channel and reinforcing our domestic sales structure
including dealers through the creation of the new Netz dealer network and the
introduction of the Lexus brand. Overseas, we are putting our full efforts into
the efficient launch of the IMV Project, for manufacturing facilities mainly in
the ASEAN region to supplement one another in the manufacture of key parts, in
the production of pickup trucks and multi-purpose vehicles, and the
joint-venture project with Peugeot Citroen Automobiles SA in the Czech Republic.
In the rapidly growing Chinese market, where various auto manufacturers are
quickly expanding their operations, TMC is building strong relationships with
its local business partners and is developing a solid foundation for all aspects
of business from development to procurement, production and sales.
Medium- to long-term strategies include, first, reinforcing our development of
environmental technologies and developing and supplying products that anticipate
customer needs. Next, in the pursuit of compatibility between growth and
efficiency, is the maintenance of the world's highest levels of quality, and
reinforcement of cost competitiveness as well as the efficient utilization of
group resources to create a globally balanced business structure. Last, based
on the idea that the source of corporate competitiveness is in the development
of talents, we are promoting the development of human resources that can pass on
Toyota's technologies and skills and that share Toyota's values with respect to
manufacturing.
By addressing these issues, we will seek increases in shareholder value and work
to become a company that can successfully compete on a global scale and continue
to grow in the 21st century as well as a global company trusted worldwide that
contributes to the development of a prosperous society.
In addition, we reaffirm our commitment to corporate ethics including with
strict compliance with laws and regulations,and will fulfill our corporate
social responsibility in areas including safety, quality, and the environment in
the pursuit, with sincerity and humility, of growth that is in harmony with
society.
BUSINESS RESULTS AND FINANCIAL POSITION
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
1. Summary of Consolidated Financial Results of FY2004
(1) Financial Results
During FY2004, the domestic economy began to show signs of recovery, as
supported by capital expenditures, exports and slight increases in consumer
spending, despite the continued existence of severe employment conditions.
Overseas, although the economy in Europe remained sluggish, especially in the
Euro zone, there are signs of recovery, particularly in the United States of
America and Asia.
Under these conditions, domestic vehicle sales increased by 86 thousand units,
or 3.8%, to 2,303 thousand units in FY2004 compared with FY2003, primarily as a
result of the active introduction of new products that met customer needs and
the strong sales efforts of domestic dealers, amidst rapidly changing market
conditions. Toyota's market share in Japan (excluding mini-vehicles) reached
42.9% in FY2004, exceeding a 40% market share for the sixth consecutive year.
Toyota's market share in Japan (including mini-vehicles) was 39.6% in FY2004.
Meanwhile, due to an extensive line-up that catered to regional needs, overseas
vehicle sales increased in all regions by 520 thousand units, or 13.4%, to 4,416
thousand units in FY2004 compared with FY2003. Consequently, total vehicle
sales in Japan and overseas increased by 606 thousand units, or 9.9%, to 6,719
thousand units in FY2004 compared with FY2003, marking a record high.
Net revenues increased by 1,793.2 billion yen, or 11.6%, to 17,294.7 billion yen
in FY2004 compared with FY2003, and operating income increased by 395.2 billion
yen, or 31.1%, to 1,666.8 billion yen in FY2004 compared with FY2003. Among the
factors contributing to the increase in operating income of 657.0 billion yen,
marketing efforts accounted for 320.0 billion yen, cost reduction efforts for
230.0 billion yen and effects of gains on transfer of the substitutional portion
of the employee pension fund for 107.0 billion yen. On the other hand, factors
contributing to the decrease in operating income primarily included the effects
of changes in exchange rates of 140.0 billion yen and increases in labor costs
and other expenses of 121.8 billion yen. Income before income taxes, minority
interest and equity in earnings of affiliated companies increased by 539.1
billion yen, or 44.0%, to 1,765.7 billion yen in FY2004 compared with FY2003.
Net income increased by 411.1 billion yen, or 54.8%, to 1,162.0 billion yen in
FY2004 compared with FY2003.
Net sales, operating income, income before income taxes, minority interest and
equity in earnings of affiliated companies and net income all reached record
highs.
TMC and some of its affiliated companies in Japan applied for exemption from the
payment of benefits related to future employee services with respect to the
substitutional portion of the Employee Pension Fund and obtained approval from
the Minister of Health, Labour, and Welfare. These companies also applied for
approval for the separation of the remaining benefit obligation of the
substitutional portion which relates to past employee services. After approval
was obtained, TMC and its affiliated companies completed the transfer of the
government-specified portion of plan assets relating to the substitutional
portion in FY2004. In accordance with accounting principles generally accepted
in the United States of America, gains or losses on the transfer were recognized
in entirety upon completion of the transfer.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(2) Cash Flows
Cash flows from operating activities resulted in an increase in cash by 2,283.0
billion yen in FY2004, mainly due to net income of 1,162.0 billion yen. Net
cash provided by operating activities increased by 198.0 billion yen from
2,085.0 billion yen in FY2003. Cash flows from investing activities resulted in
a decrease in cash by 2,312.7 billion yen in FY2004, mainly due to the additions
to finance receivables of 8,126.8 billion yen. Net cash used in investing
activities decreased by 166.3 billion yen from 2,146.4 billion yen in FY2003.
Cash flows from financing activities resulted in an increase in cash by 242.2
billion yen in FY2004. Net cash provided by financing activities increased by
204.6 billion yen from 37.6 billion yen in FY2003. After consideration of the
effect of exchange rate changes, cash and cash equivalents increased by 137.7
billion yen, or 8.7%, to 1,729.7 billion yen at the end of FY2004 compared with
the end of FY2003.
Regarding the consolidated cash flows by segment for FY2004, in non-financial
services business, net cash provided by operating activities was 1,870.4 billion
yen, net cash used in investing activities was 920.4 billion yen and net cash
used in financing activities was 707.1 billion yen. Meanwhile, in the financial
services business, net cash provided by operating activities was 346.0 billion
yen, net cash used in investing activities was 1,431.4 billion yen and net cash
provided by financing activities was 1,055.1 billion yen.
2. Consolidated Financial Results of FY2004 by Segment
(1) Segment Operating Results
Automotive:
Net revenues for the automotive operations increased by 1,662.3 billion yen, or
11.6%, to 15,973.8 billion yen in FY2004 compared with FY2003, and operating
income increased by 272.1 billion yen, or 21.8%, to 1,519.0 billion yen in
FY2004 compared with FY2003. The increase in operating income was mainly due to
cost reduction efforts made by TMC and its subsidiaries and increases in vehicle
units sold as well as effects of gains on transfer of the substitutional portion
of the employee pension fund, partially offset by increases in labor costs and
other expenses.
Financial services:
Net revenues for the financial services operations increased by 12.0 billion
yen, or 1.6%, to 736.9 billion yen in FY2004 compared with FY2003, and operating
income increased by 115.7 billion yen, or 381.4%, to 146.0 billion yen in FY2004
compared with FY2003. The increase in operating income was mainly due to solid
performance as a result of an increase in financing volumes as well as the
impact of interest rate swaps stated at fair value with changes recognized in
income held by sales financing subsidiaries in the United States of America in
accordance with the Statement of Financial Accounting Standards No.133 and
No.138.
The valuation gains on interest rate swaps increased by 59.5 billion yen, to
19.3 billion yen in FY2004 compared with FY2003.
All other:
Net revenues for all other businesses increased by 101.0 billion yen, or 12.7%,
to 896.2 billion yen in FY2004 compared with FY2003, and operating income
increased by 10.7 billion yen, or 236.7%, to 15.2 billion yen in FY2004 compared
with FY2003. The increase in operating income was mainly due to steady
production and favorable sales of the housing business.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(2) Geographic Information
Japan:
Net revenues in Japan increased by 744.4 billion yen, or 6.9%, to 11,590.0
billion yen in FY2004 compared with FY2003, and operating income increased by
163.8 billion yen, or 17.4%, to 1,108.1 billion yen in FY2004 compared with
FY2003. The increase in operating income was mainly due to cost reduction
efforts made by TMC and its subsidiaries and increases in both local production
volume and vehicle units sold, as well as effects of gains on transfer of the
substitutional portion of the employee pension fund.
North America:
Net revenues in North America decreased by 91.2 billion yen, or 1.5%, to 6,127.6
billion yen in FY2004 compared with FY2003, while operating income increased by
111.0 billion yen, or 39.6%, to 391.0 billion yen in FY2004 compared with
FY2003. The increase in operating income was mainly due to cost reduction
efforts made by local manufacturing affiliates and increases in both local
production volume and vehicle units sold, as well as an increase in valuation
gains on interest rate swaps, recorded by sales financing subsidiaries in the
United States of America.
Europe:
Net revenues in Europe increased by 564.5 billion yen, or 35.3%, to 2,164.3
billion yen in FY2004 compared with FY2003, and operating income increased by
64.2 billion yen, or 772.6%, to 72.5 billion yen in FY2004 compared with FY2003.
The increase in operating income was mainly due to cost reduction efforts made
by local manufacturing affiliates and increases in local production volumes
mainly in the United Kingdom, as well as a steady increase in the number of
vehicle units sold.
Other Foreign Countries:
Net revenues in other markets increased by 815.1 billion yen, or 52.7%, to
2,361.9 billion yen in FY2004 compared with FY2003, and operating income
increased by 51.3 billion yen, or 112.4 %, to 96.9 billion yen in FY2004
compared with FY2003. The increase in operating income was primarily due to
increases in both local production volume and vehicle units sold mainly in Asia,
as well as cost reduction efforts.
3. Distribution of Profits for FY2004
As for the dividends, in addition to the increase in interim dividends declared
in November 2003 by 4 yen per share to 20 yen per share, TMC plans to increase
the year-end dividends by 5 yen per share to 25 yen per share. As a result, on
a full-year basis, the dividends will be 45 yen per share which is 9 yen higher
than in the previous year, and the dividends payout ratio for FY2004 will be
26.0% per share.
On the other hand, during FY2004, TMC repurchased 121 million of its own shares
in the aggregate of 398,878 million yen from retained earnings.
CONSOLIDATED PRODUCTION AND SALES
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
1. Production
(Units)
FY2004 FY2003 Increase
(April 2003 through (April 2002 through (Decrease)
March 2004) March 2003)
Vehicles Japan 4,283,943 4,162,291 121,652
(new) North America 1,034,323 882,951 151,372
Europe 514,992 387,034 127,958
Others 680,533 417,927 262,606
Overseas total 2,229,848 1,687,912 541,936
Total 6,513,791 5,850,203 663,588
Houses (Japan) 4,564 3,574 990
Note: The total production of vehicles (new) includes 662,818 units of
Daihatsu brand vehicles (including OEM production) in FY2004 and 606,717 units
in FY2003, and 87,071 units of Hino brand vehicles (including OEM production) in
FY2004 and 57,856 units in FY2003 .
2. Sales (by destination)
(Units)
FY2004 FY2003 Increase
(April 2003 through (April 2002 through (Decrease)
March 2004) March 2003)
Vehicles Japan 2,303,078 2,217,770 85,308
(new) North America 2,102,681 1,981,912 120,769
Europe 898,201 775,952 122,249
Others 1,415,403 1,137,644 277,759
Overseas total 4,416,285 3,895,508 520,777
Total 6,719,363 6,113,278 606,085
Houses (Japan) 4,752 4,024 728
Note: The total sales of vehicles (new) includes 623,016 units of Daihatsu
brand vehicles in FY2004 and 560,742 units in FY2003, and 87,304 units of Hino
brand vehicles in FY2004 and 60,271 units in FY2003.
BREAKDOWN OF CONSOLIDATED NET REVENUES
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Amounts are rounded to the nearest million yen)
FY2004 FY2003 Increase
(April 2003 through (April 2002 through (Decrease)
March 2004) March 2003)
Vehicles 13,830,174 12,258,744 1,571,430
Parts & components for overseas 236,467 205,297 31,170
production
Parts 998,647 951,526 47,121
Others 897,812 885,232 12,580
Total Automotive 15,963,100 14,300,799 1,662,301
Financial services 716,727 707,527 9,200
Housing 121,142 94,407 26,735
Telecommunications 50,222 47,425 2,797
Others 443,569 351,395 92,174
Total 17,294,760 15,501,553 1,793,207
Note: The amounts represent net revenues to external customers.
CONSOLIDATED STATEMENTS OF INCOME
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Amounts are rounded to the nearest million yen)
FY2004 FY2003 Increase
(April 2003 through (April 2002 through (Decrease)
March 2004) March 2003)
Net revenues : 17,294,760 15,501,553 1,793,207
Sales of products 16,578,033 14,793,973 1,784,060
Financing operations 716,727 707,580 9,147
Costs and expenses : 15,627,870 14,229,907 1,397,963
Cost of products sold 13,506,337 11,914,245 1,592,092
Cost of financing operations 364,177 423,885 (59,708)
Selling, general and administrative 1,757,356 1,891,777 (134,421)
Operating income 1,666,890 1,271,646 395,244
Other income (expense) : 98,903 (44,994) 143,897
Interest and dividend income 55,629 52,661 2,968
Interest expense (20,706) (30,467) 9,761
Foreign exchange gain, net 38,187 35,585 2,602
Other income (loss), net 25,793 (102,773) 128,566
Income before income taxes, minority interest 1,765,793 1,226,652 539,141
and equity in earnings of affiliated companies
Provision for income taxes 681,304 517,014 164,290
Income before minority interest and equity in 1,084,489 709,638 374,851
earnings of affiliated companies
Minority interest in consolidated subsidiaries (42,686) (11,531) (31,155)
Equity in earnings of affiliated companies 120,295 52,835 67,460
Net income 1,162,098 750,942 411,156
(Yen)
Net income per share - basic 342.90 211.32 131.58
Net income per share - diluted 342.86 211.32 131.54
CONSOLIDATED BALANCE SHEETS
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Amounts are rounded to the nearest million yen)
FY2004 FY2003 Increase
(As of March 31, 2004) (As of March 31, 2003) (Decrease)
Assets
Current assets : 8,848,453 8,622,233 226,220
Cash and cash equivalents 1,729,776 1,592,028 137,748
Time deposits 68,473 55,406 13,067
Marketable securities 448,457 605,483 (157,026)
Trade accounts and notes receivable, less 1,531,651 1,475,797 55,854
allowance for doubtful accounts
Finance receivables, net 2,622,939 2,505,140 117,799
Other receivables 396,788 513,952 (117,164)
Inventories 1,083,326 1,025,838 57,488
Deferred income taxes 457,161 385,148 72,013
Prepaid expenses and other current assets 509,882 463,441 46,441
Noncurrent finance receivables, net 3,228,973 2,569,808 659,165
Investments and other assets : 4,608,155 3,757,054 851,101
Marketable securities and other securities 2,241,971 1,652,110 589,861
investments
Affiliated companies 1,370,171 1,279,645 90,526
Employees receivables 35,857 21,270 14,587
Other 960,156 804,029 156,127
Property, plant and equipment : 5,354,647 5,203,879 150,768
Land 1,135,665 1,064,125 71,540
Buildings 2,801,993 2,521,208 280,785
Machinery and equipment 7,693,616 7,089,592 604,024
Vehicles and equipment on operating leases 1,493,780 1,601,060 (107,280)
Construction in progress 237,195 211,584 25,611
Less - Accumulated depreciation (8,007,602) (7,283,690) (723,912)
Total assets 22,040,228 20,152,974 1,887,254
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Amounts are rounded to the nearest million yen)
FY2004 FY2003 Increase
(As of March 31, 2004) (As of March 31, 2003) (Decrease)
Liabilities
Current liabilities : 7,597,991 7,053,936 544,055
Short-term borrowings 2,189,024 1,855,648 333,376
Current portion of long-term debt 1,125,195 1,263,017 (137,822)
Accounts payable 1,709,344 1,531,552 177,792
Other payables 665,624 618,748 46,876
Accrued expenses 1,133,281 1,063,496 69,785
Income taxes payable 252,555 300,718 (48,163)
Other current liabilities 522,968 420,757 102,211
Long-term liabilities : 5,817,377 5,662,572 154,805
Long-term debt 4,247,266 4,137,528 109,738
Accrued pension and severance costs 725,569 1,052,687 (327,118)
Deferred income taxes 778,561 371,004 407,557
Other long-term liabilities 65,981 101,353 (35,372)
Total liabilities 13,415,368 12,716,508 698,860
Minority interest in consolidated subsidiaries 446,293 315,466 130,827
Shareholders' equity
Common stock 397,050 397,050 -
Additional paid-in capital 495,179 493,790 1,389
Retained earnings 8,326,215 7,301,795 1,024,420
Accumulated other comprehensive loss (204,592) (604,272) 399,680
Treasury stock, at cost (835,285) (467,363) (367,922)
Total shareholders' equity 8,178,567 7,121,000 1,057,567
Total liabilities and shareholders' equity 22,040,228 20,152,974 1,887,254
CONSOLIDATED STATEMENTS OF
SHAREHOLDERS' EQUITY
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(1) FY2004 (April 2003 through March 2004)
(Amounts are rounded to the nearest million yen)
Common Additional Retained Accumulated Treasury Total
stock paid-in earnings other stock,
capital comprehensive at cost
income (loss)
Balance at March 31, 2003 397,050 493,790 7,301,795 (604,272) (467,363) 7,121,000
Issuance during the year 1,389 1,389
Comprehensive income:
Net income 1,162,098 1,162,098
Other comprehensive income
(loss)
Foreign currency (203,257) (203,257)
translation adjustments
Unrealized gains on 329,672 329,672
securities, net of reclassification
adjustments
Minimum pension liability 273,265 273,265
adjustments
Total comprehensive income 1,561,778
Dividends paid (137,678) (137,678)
Purchase of common stock (367,922) (367,922)
Balance at March 31, 2004 397,050 495,179 8,326,215 (204,592) (835,285) 8,178,567
(2) FY2003 (April 2002 through March 2003)
(Amounts are rounded to the nearest Million yen)
Common Additional Retained Accumulated Treasury Total
stock paid-in earnings other stock,
capital comprehensive at cost
income (loss)
Balance at March 31, 2002 397,050 490,538 6,804,722 (267,304) (160,894) 7,264,112
Issuance during the year 3,252 3,252
Comprehensive income:
Net income 750,942 750,942
Other comprehensive income
(loss)
Foreign currency (139,285) (139,285)
translation adjustments
Unrealized losses on (26,495) (26,495)
securities, net of reclassification
adjustments
Minimum pension liability (171,978) (171,978)
adjustments
Net gains on derivative 790 790
instruments
Total comprehensive income 413,974
Dividends paid (110,876) (110,876)
Purchase and retirement of common (142,993) (306,469) (449,462)
stock
Balance at March 31, 2003 397,050 493,790 7,301,795 (604,272) (467,363) 7,121,000
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Amounts are rounded to the nearest million yen)
FY2004 FY2003
(April 2003 through (April 2002 through
March 2004) March 2003)
Cash flows from operating activities :
Net income 1,162,098 750,942
Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation 969,904 870,636
Provision for doubtful accounts and credit losses 83,138 99,837
Pension and severance costs, less payments (159,267) 55,637
Loss on disposal of fixed assets 39,742 46,492
Unrealized losses on available-for-sale securities, net 3,063 111,346
Deferred income taxes 120,828 (74,273)
Minority interest in consolidated subsidiaries 42,686 11,531
Equity in earnings of affiliated companies (120,295) (52,835)
Changes in operating assets and liabilities and other 141,126 265,734
Net cash provided by operating activities 2,283,023 2,085,047
Cash flows from investing activities :
Additions to finance receivables (8,126,880) (6,481,200)
Collection of and proceeds from sales of finance receivables 6,878,953 5,825,456
Additions to fixed assets excluding equipment leased to others (945,803) (1,005,931)
Additions to equipment leased to others (542,738) (604,298)
Proceeds from sales of fixed assets excluding equipment 73,925 61,847
leased
to others
Proceeds from sales of equipment leased to others 288,681 286,538
Purchases of marketable securities and security investments (1,336,467) (1,113,998)
Proceeds from sales of and maturity of marketable securities 1,436,142 921,965
and security investments
Increase in time deposits (15,466) (33,379)
Payment for additional investments in affiliated companies, (20,656) (28,229)
net of
cash acquired
Changes in investments and other assets and other (2,475) 24,822
Net cash used in investing activities (2,312,784) (2,146,407)
Cash flows from financing activities :
Purchase of common stock (357,457) (454,611)
Proceeds from issuance of long-term debt 1,636,570 1,686,564
Payments of long-term debt (1,253,045) (1,117,803)
Increase in short-term borrowings 353,833 30,327
Dividends paid (137,678) (110,876)
Other - 4,074
Net cash provided by financing activities 242,223 37,675
Effect of exchange rate changes on cash and cash equivalents (74,714) (41,447)
Net increase (decrease) in cash and cash equivalents 137,748 (65,132)
Cash and cash equivalents at beginning of year 1,592,028 1,657,160
Cash and cash equivalents at end of year 1,729,776 1,592,028
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 and carry
minimal risk of change in value.
Segment Information
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
1. Segment Operating Results and Assets
(1) FY2004 (April 2003 through March 2004)
(Amounts are rounded to the nearest million yen)
Automotive Financial All Other Intersegment Consolidated
Services Elimination and/or
Unallocated
Amount
Net revenues :
(1) Sales to external 15,963,100 716,727 614,933 - 17,294,760
customers
(2) Intersegment sales 10,726 20,125 281,311 (312,162) -
and transfers
Total 15,973,826 736,852 896,244 (312,162) 17,294,760
Operating expenses 14,454,872 590,854 880,997 (298,853) 15,627,870
Operating income 1,518,954 145,998 15,247 (13,309) 1,666,890
Assets 10,207,395 8,138,297 941,925 2,752,611 22,040,228
Investment in equity 1,092,713 211,657 - 60,407 1,364,777
method investees
Depreciation expenses 772,829 175,533 21,542 - 969,904
Capital expenditure 1,020,608 432,222 43,212 (7,501) 1,488,541
(2) FY2003 (April 2002 through March 2003)
(Amounts are rounded to the nearest million yen)
Automotive Financial All Other Intersegment Consolidated
Services Elimination and/
or Unallocated
Amount
Net revenues :
(1) Sales to external 14,300,799 707,527 493,227 - 15,501,553
customers
(2) Intersegment sales 10,652 17,371 301,990 (330,013) -
and transfers
Total 14,311,451 724,898 795,217 (330,013) 15,501,553
Operating expenses 13,064,526 694,570 790,688 (319,877) 14,229,907
Operating income 1,246,925 30,328 4,529 (10,136) 1,271,646
Assets 9,392,749 7,392,486 722,604 2,645,135 20,152,974
Investment in equity 1,054,234 161,820 - 56,493 1,272,547
method investees
Depreciation expenses 657,814 192,624 20,198 - 870,636
Capital expenditure 998,528 544,390 48,041 19,270 1,610,229
Note: Unallocated corporate assets included under 'Intersegment Elimination
and/or Unallocated Amount' for FY2004 and FY2003 are 3,270,973 million yen and
3,125,276 million yen, respectively, and consist primarily of funds such as cash
and cash equivalents, marketable securities and portion security investments
held by TMC.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
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
(Amounts are rounded to the nearest million yen)
FY2004 FY2003 Increase
(April 2003 through (April 2002 through (Decrease)
March 2004) March 2003)
(Non-financial services)
Net revenues 16,586,814 14,803,475 1,783,339
Costs and expenses : 15,048,559 13,546,545 1,502,014
Cost of revenues 13,507,835 11,915,394 1,592,441
Selling, general and administrative 1,540,724 1,631,151 (90,427)
Operating income 1,538,255 1,256,930 281,325
Other income(expense), net 97,885 (48,563) 146,448
Income before income taxes, minority 1,636,140 1,208,367 427,773
interest and equity in earnings of
affiliated companies
Provision for income taxes 627,038 514,710 112,328
Income before minority interest and equity in 1,009,102 693,657 315,445
earnings of affiliated companies
Minority interest in consolidated subsidiaries (41,886) (10,796) (31,090)
Equity in earnings of affiliated companies 107,542 46,309 61,233
Net income 1,074,758 729,170 345,588
(Financial services)
Net revenues 736,852 724,898 11,954
Costs and expenses : 590,854 694,570 (103,716)
Cost of revenues 365,750 425,691 (59,941)
Selling, general and administrative 225,104 268,879 (43,775)
Operating income 145,998 30,328 115,670
Other expenses, net (16,438) (11,444) (4,994)
Income before income taxes, minority interest 129,560 18,884 110,676
and equity in earnings of affiliated companies
Provision for income taxes 53,959 2,298 51,661
Income before minority interest and equity in 75,601 16,586 59,015
earnings of affiliated companies
Minority interest in consolidated subsidiaries (815) (735) (80)
Equity in earnings of affiliated companies 12,753 6,526 6,227
Net income 87,539 22,377 65,162
(Elimination)
Elimination of net income (199) (605) 406
(Consolidated)
Net income 1,162,098 750,942 411,156
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(2) Consolidated Balance Sheets as Classified into Non-Financial Services
Business and Financial Services Business
(Amounts are rounded to the nearest million yen)
FY2004 FY2003 Increase
(As of March 31, 2004) (As of March 31, 2003) (Decrease)
Assets
(Non-financial services)
Current assets: 6,125,239 5,989,408 135,831
Cash and cash equivalents 1,618,876 1,437,731 181,145
Time deposits 16,689 29,213 (12,524)
Marketable securities 444,543 602,634 (158,091)
Trade accounts and notes receivable, 1,555,606 1,496,432 59,174
less allowance for doubtful accounts
Finance receivables, net 14,599 14,296 303
Inventories 1,083,326 1,025,838 57,488
Prepaid expenses and other current 1,391,600 1,383,264 8,336
assets
Noncurrent finance receivables, net 7,960 14,463 (6,503)
Investments and other assets 4,246,665 3,423,676 822,989
Property, plant and equipment 4,398,163 4,100,077 298,086
Total 14,778,027 13,527,624 1,250,403
(Financial services)
Current assets: 3,379,957 3,219,884 160,073
Cash and cash equivalents 110,900 154,297 (43,397)
Time deposits 51,784 26,193 25,591
Marketable securities 3,914 2,849 1,065
Finance receivables, net 2,608,340 2,490,844 117,496
Prepaid expenses and other current 605,019 545,701 59,318
assets
Noncurrent finance receivables, net 3,221,013 2,555,345 665,668
Investments and other assets 580,843 513,455 67,388
Property, plant and equipment 956,484 1,103,802 (147,318)
Total 8,138,297 7,392,486 745,811
(Elimination)
Elimination of assets (876,096) (767,136) (108,960)
(Consolidated)
Total assets 22,040,228 20,152,974 1,887,254
Note: Assets in the non-financial services include unallocated corporate
assets.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Amounts are rounded to the nearest million yen)
FY2004 FY2003 Increase
(As of March 31, (As of March 31, (Decrease)
2004) 2003)
Liabilities
(Non-financial services)
Current liabilities: 4,774,129 4,646,017 128,112
Short-term borrowings 718,396 784,501 (66,105)
Current portion of long-term debt 62,634 134,636 (72,002)
Accounts payable 1,695,255 1,520,160 175,095
Accrued expenses 1,084,357 1,019,241 65,116
Income taxes payable 241,691 293,756 (52,065)
Other current liabilities 971,796 893,723 78,073
Long-term liabilities: 2,096,318 2,063,414 32,904
Long-term debt 771,791 789,509 (17,718)
Accrued pension and severance costs 724,369 1,051,500 (327,131)
Other long-term liabilities 600,158 222,405 377,753
Total 6,870,447 6,709,431 161,016
(Financial services)
Current liabilities: 3,457,028 2,990,772 466,256
Short-term borrowings 2,029,258 1,542,514 486,744
Current portion of long-term debt 1,088,762 1,200,900 (112,138)
Accounts payable 15,287 11,893 3,394
Accrued expenses 53,031 51,388 1,643
Income taxes payable 10,864 6,962 3,902
Other current liabilities 259,826 177,115 82,711
Long-term liabilities: 3,971,941 3,783,950 187,991
Long-term debt 3,726,355 3,532,811 193,544
Accrued pension and severance costs 1,200 1,187 13
Other long-term liabilities 244,386 249,952 (5,566)
Total 7,428,969 6,774,722 654,247
(Elimination)
Elimination of liabilities (884,048) (767,645) (116,403)
(Consolidated)
Total liabilities 13,415,368 12,716,508 698,860
(Consolidated)
Minority interest in consolidated 446,293 315,466 130,827
subsidiaries
Shareholders' equity
(Consolidated)
Common stock 397,050 397,050 -
Additional paid-in capital 495,179 493,790 1,389
Retained earnings 8,326,215 7,301,795 1,024,420
Accumulated other comprehensive loss (204,592) (604,272) 399,680
Treasury stock, at cost (835,285) (467,363) (367,922)
Total shareholders' equity 8,178,567 7,121,000 1,057,567
(Consolidated)
Total liabilities and shareholders' equity 22,040,228 20,152,974 1,887,254
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(3) Consolidated Statements of Cash Flows as Classified into Non-Financial
Services Business and Financial Services Business
(Amounts are rounded to the nearest million yen)
FY2004 FY2003
(April 2003 through (April 2002 through
March 2004) March 2003)
(Non-financial services)
Cash flows from operating activities :
Net income 1,074,758 729,170
Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation 794,371 678,012
Provision for doubtful accounts and credit losses 13,356 2,989
Pension and severance costs, less payments (159,291) 55,068
Loss on disposal of fixed assets 38,708 46,205
Unrealized losses on available-for-sale securities, net 3,063 111,346
Deferred income taxes 82,918 (85,056)
Minority interest in consolidated subsidiaries 41,886 10,796
Equity in earnings of affiliated companies (107,542) (46,309)
Changes in operating assets and liabilities and other 88,212 206,810
Net cash provided by operating activities 1,870,439 1,709,031
Cash flows from investing activities:
Additions to fixed assets excluding equipment leased to others (923,105) (955,488)
Additions to equipment leased to others (133,214) (110,351)
Proceeds from sales of fixed assets excluding equipment leased to 63,211 50,702
others
Proceeds from sales of equipment leased to others 78,393 64,773
Purchases of marketable securities and security investments (1,077,317) (868,227)
Proceeds from sales of and maturity of marketable securities and 1,108,265 727,462
security investments
(Increase) decrease in time deposits 11,087 (21,119)
Payment for additional investments in affiliated companies, net of (20,656) (28,229)
cash acquired
Changes in investments and other assets and other (27,138) 86,618
Net cash used in investing activities (920,474) (1,053,859)
Cash flows from financing activities:
Purchase of common stock (357,457) (454,611)
Proceeds from issuance of long-term debt 48,373 174,657
Payments of long-term debt (140,384) (224,261)
Decrease in short-term borrowings (105,051) (83,907)
Dividends paid (137,678) (110,846)
Other (15,000) 4,074
Net cash used in financing activities (707,197) (694,894)
Effect of exchange rate changes on cash and cash equivalents (61,623) (33,521)
Net increase (decrease) in cash and cash equivalents 181,145 (73,243)
Cash and cash equivalents at beginning of year 1,437,731 1,510,974
Cash and cash equivalents at end of year 1,618,876 1,437,731
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Amounts are rounded to the nearest million yen)
FY2004 FY2003
(April 2003 through (April 2002 through
March 2004) March 2003)
(Financial services)
Cash flows from operating activities:
Net income 87,539 22,377
Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation 175,533 192,624
Provision for doubtful accounts and credit losses 69,782 96,248
Pension and severance costs, less payments 24 569
Loss on disposal of fixed assets 1,034 287
Deferred income taxes 37,603 10,777
Minority interest in consolidated subsidiaries 815 735
Equity in earnings of affiliated companies (12,753) (6,526)
Changes in operating assets and liabilities and other (13,546) (50,572)
Net cash provided by operating activities 346,031 266,519
Cash flows from investing activities:
Additions to finance receivables (8,126,880) (6,481,200)
Collection of and proceeds from sales of finance receivables 6,878,953 5,825,456
Additions to fixed assets excluding equipment leased to others (22,698) (50,443)
Additions to equipment leased to others (409,524) (493,947)
Proceeds from sales of fixed assets excluding equipment 10,714 11,145
leased to others
Proceeds from sales of equipment leased to others 210,288 221,765
Purchases of marketable securities and security investments (259,150) (245,771)
Proceeds from sales of and maturity of marketable securities and 327,877 194,503
security investments
Increase in time deposits (26,553) (12,260)
Changes in investments and other assets and other (14,501) (1,535)
Net cash used in investing activities (1,431,474) (1,032,287)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 1,682,550 1,528,429
Payments of long-term debt (1,187,219) (913,207)
Increase in short-term borrowings 544,806 166,613
Dividends paid - (30)
Other 15,000 -
Net cash provided by financing activities 1,055,137 781,805
Effect of exchange rate changes on cash and cash equivalents (13,091) (7,926)
Net increase (decrease) in cash and cash equivalents (43,397) 8,111
Cash and cash equivalents at beginning of year 154,297 146,186
Cash and cash equivalents at end of year 110,900 154,297
(Consolidated)
Effect of exchange rate changes on cash and cash equivalents (74,714) (41,447)
Net increase (decrease) in cash and cash equivalents 137,748 (65,132)
Cash and cash equivalents at beginning of year 1,592,028 1,657,160
Cash and cash equivalents at end of year 1,729,776 1,592,028
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 and carry
minimal risk of change in value.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
3. Geographic Information
(1) FY2004 (April 2003 through March 2004)
(Amounts are rounded to the nearest million yen)
Japan North America Europe Other Foreign Intersegment Consolidated
Countries Elimination and/
or Unallocated
Amount
Net revenues :
(1) Sales to external 7,167,704 5,910,422 2,018,969 2,197,665 - 17,294,760
customers
(2) Intersegmentsales 4,422,283 217,217 145,372 164,218 (4,949,090) -
andtransfers
Total 11,589,987 6,127,639 2,164,341 2,361,883 (4,949,090) 17,294,760
Operating expenses 10,481,860 5,736,662 2,091,866 2,264,970 (4,947,488) 15,627,870
Operating income 1,108,127 390,977 72,475 96,913 (1,602) 1,666,890
Assets 10,210,904 6,674,694 1,842,947 1,567,276 1,744,407 22,040,228
(2) FY2003 (April 2002 through March 2003)
(Amounts are rounded to the nearest million yen)
Japan North America Europe Other Foreign Intersegment Consolidated
Countries Elimination and/
or Unallocated
Amount
Net revenues :
(1) Sales to external 6,621,054 5,929,803 1,514,683 1,436,013 - 15,501,553
customers
(2) Intersegment sales 4,224,573 289,036 85,138 110,731 (4,709,478) -
and transfers
Total 10,845,627 6,218,839 1,599,821 1,546,744 (4,709,478) 15,501,553
Operating expenses 9,901,337 5,938,851 1,591,516 1,501,118 (4,702,915) 14,229,907
Operating income 944,290 279,988 8,305 45,626 (6,563) 1,271,646
Assets 9,272,330 6,217,941 1,516,360 1,072,887 2,073,456 20,152,974
Note: Unallocated corporate assets included under 'Intersegment Elimination
and/or Unallocated Amount' for FY2004 and FY2003 are 3,270,973 million yen,
3,125,276 million yen , respectively, and consist primarily of funds such as
cash and cash equivalents, marketable securities and portion of security
investments held by TMC.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
4. Overseas Sales
(1) FY2004 (April 2003 through March 2004)
(Amounts are rounded to the nearest million yen)
North America Europe Other Total
Overseas sales 6,108,723 2,037,344 3,355,148 11,501,215
Consolidated sales - - - 17,294,760
Ratio of overseas sales % % % %
to consolidated sales 35.3 11.8 19.4 66.5
(2) FY2003 (April 2002 through March 2003)
(Amounts are rounded to the nearest
million yen)
North America Europe Other Total
Overseas sales 6,200,075 1,556,261 2,568,229 10,324,565
Consolidated sales - - - 15,501,553
Ratio of overseas sales % % % %
to consolidated sales 40.0 10.0 16.6 66.6
This information is provided by RNS
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