Interim Results - Part 3
Toyota Motor Corporation
05 November 2003
FINANCIAL SUMMARY
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
FY2004 Semi-Annual
(April 1, 2003 through September 30, 2003)
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, 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 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
semi-annual and FY2003 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 (561 consolidated
subsidiaries and 227 affiliates as of September 30, 2003) 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. In addition, Toyota Tsusho Corporation
engages in the purchase and sale as well as import and export of various
products.
* 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.
**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 semi-annual, 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 from third parties by
TMC.
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 implement a number of measures,
including retiring shares, in order to return profits to its shareholders.
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. TMC's Medium and Long-term Management Strategy
TMC is promoting management reforms by introducing a new management system
intended to speed up the pace of decision making and operations as well as to
enhance transparency of management. In addition, the entire group will
cooperate to address the following issues in order to contribute to the creation
of a more prosperous society in the new century and for our continuous growth in
the future.
First, TMC is working to launch products that respond precisely to customer
needs in a timely manner, thereby providing the fun and convenience of
automobiles to ever greater numbers of customers. Next, TMC will promote the
further use of hybrid vehicles and will continue its efforts to develop fuel
cell vehicles to strengthen our responses to environmental issues. Also, TMC
will work towards the realization of an automobile-based society in which people
can live in ease, safety and comfort through the development of advanced
technologies in a wide range of fields including information technology.
Finally, TMC will work to create systems for the development, production, and
sale of products that respond to needs in different regions to establish robust
and efficient structures that are truly global. By addressing these issues, TMC
will work to increase shareholder value and strive to become a leader in
creating automobiles and an automobile-based society in the 21st century.
In the future, TMC will continue to adopt a serious and modest attitude in order
to become a corporation that earns the respect and support of people all over
the world and to promote harmonious growth with our society.
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.
In order to achieve this goal, TMC aims to build good relations with all
stakeholders including shareholders, customers, business partners, local
communities and employees, and improve corporate governance through a variety of
means including statutory functions such as general meetings of shareholders,
meetings of the board of directors, and meetings of corporate auditors and
independent accountants.
Specifically, TMC established a 'Committee of Ethics for Corporate Conduct',
comprised of executives of the executive vice president level and higher, to
evaluate all corporate activities from the viewpoint of legal requirements and
corporate ethics. TMC also adopted guidelines to codify the basic attitude and
conduct expected of employees. Efforts are being made to ensure employees
strictly follow these guidelines. In addition, TMC has established a Disclosure
Committee in response to the U.S. Sarbanes-Oxley Act to ensure transparency of
TMC's disclosure procedures. Also, every year, TMC holds a meeting of the
International Advisory Board, which is comprised of knowledgeable persons from
foreign countries, to provide TMC with advice concerning management strategies
in connection with Toyota's globalization initiatives.
TMC has provided financial information to shareholders, investors and other
stakeholders by disclosing financial information on a quarterly basis. TMC will
strive to continue to release its financial results early to ensure a high level
of corporate accountability.
At the June 2003 general meetings of shareholders, TMC introduced a new
management system that features a streamlined board of directors, the new
positions of managing officers (non-board), and increasing the number of outside
corporate auditors. TMC believes this will speed up the pace of decision making
and operations and enhance management transparency even further.
5. Policy for the Granting of Stock Options and Other Incentive Plans
Since 1997, TMC has implemented an incentive plan for granting stock options to
the directors of TMC under the Commercial Code. Since 2001, TMC has expanded
the scope of eligible stock option recipients to newly include senior managers
in addition to directors. Together with this change, TMC has also decided to
introduce a new incentive plan for the executives of its overseas subsidiaries
and affiliated companies.
TMC believes that these incentive plans will further 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.
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 Semi-Annual
(1) Financial Results
During this semi-annual period, the domestic economy showed signs of recovery,
including increases in capital investment in private sector even as employment
conditions remained difficult and consumer spending was flat. Overseas,
although the economy in the Euro zone remained sluggish and the Asian economy
experienced limited growth, signs of economic recovery appeared in the United
States of America.
Despite the continuing market downturn, in FY2004 semi-annual results, domestic
vehicle sales increased by 57 thousand units, or 5.6%, to 1,081 thousand units
(six months period ended September 30, 2003) compared with FY2003 semi-annual
results. As a result of the active introduction of new products that met
customer needs and the strong sales efforts of domestic dealers, Toyota's market
share excluding minivehicles increased by 0.4% to reach 42.5% in FY2004
semi-annual results compared with FY2003 semi-annual results. Meanwhile,
overseas vehicle sales increased by 162 thousand units, or 8.4%, to 2,089
thousand units in FY2004 semi-annual results compared with FY2003 semi-annual
results, mainly due to increased sales in all regions. Consequently, total
vehicle sales in Japan and overseas increased by 219 thousand units, or 7.4%, to
3,170 thousand units in FY2004 semi-annual results compared with FY2003
semi-annual results. For this semi-annual period, TMC made new records for its
semi-annual results for the fifth consecutive period.
Net revenues increased by 610.8 billion yen, or 8.0%, to 8,224.2 billion yen in
FY2004 semi-annual results compared with FY2003 semi-annual results, and
operating income increased by 82.7 billion yen, or 12.1%, to 767.7 billion yen
in FY2004 semi-annual results compared with FY2003 semi-annual results. Among
the factors contributing to the increase in operating income of 120.0 billion
yen, cost reduction efforts accounted for 110.0 billion yen and marketing
efforts for 10.0 billion yen. On the other hand, the factors contributing to
the decrease in operating income of 37.3 billion yen mainly included increases
in R&D expenses and labor costs. Income before income taxes, minority interest
and equity in earnings of affiliated companies increased by 97.6 billion yen, or
13.7%, to 812.0 billion yen in FY2004 semi-annual results compared with FY2003
semi-annual results. Net income increased by 98.6 billion yen, or 23.2%, to
524.4 billion yen in FY2004 semi-annual results compared with FY2003 semi-annual
results.
(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 1,112.9
billion yen in FY2004 semi-annual period, mainly due to net income of 524.4
billion yen. Net cash provided by operating activities increased by 2.0 billion
yen from 1,110.9 billion yen in FY2003 semi-annual results. Cash flows from
investing activities resulted in a decrease in cash by 1,472.1 billion yen in
FY2004 semi-annual results, mainly due to the additions to finance receivables
of 4,182.3 billion yen. Net cash used in investing activities decreased by
333.1 billion yen from 1,139.0 billion yen in FY2003 semi-annual results. Cash
flows from financing activities resulted in an increase in cash by 48.3 billion
yen in FY2004 semi-annual results, mainly due to the proceeds from issuance of
long-term debt of 700.1 billion yen. Net cash provided by financing activities
decreased by 233.2 billion yen compared with FY2003 semi-annual results. After
consideration of the effect of exchange rate changes, cash and cash equivalents
decreased by 348.8 billion yen, or 21.9%, to 1,243.2 billion yen at the end of
FY2004 semi-annual period compared with the end of FY2003.
Regarding the consolidated cash flows by segment for FY2004 semi-annual period,
in non-financial services business, net cash provided by operating activities
was 864.8 billion yen, net cash used in investing activities was 863.8 billion
yen and net cash used in financing activities was 288.6 billion yen. Meanwhile,
in the financial services business, net cash provided by operating activities
was 146.2 billion yen, net cash used in investing activities was 644.0 billion
yen and net cash provided by financing activities was 474.5 billion yen.
2. Consolidated Financial Results of FY2004 Semi-Annual by Segment
(1) Segment Operating Results
Automotive:
Net revenues for the automotive operations increased by 548.8 billion yen, or
7.8%, to 7,590.4 billion yen in FY2004 semi-annual results compared with FY2003
semi-annual results, and operating income increased by 16.7 billion yen, or
2.4%, to 702.6 billion yen in FY2004 semi-annual results compared with FY2003
semi-annual results. The increase in operating income was mainly due to cost
reduction efforts made by TMC and its subsidiaries as well as increases in
vehicle units sold in all regions including Japan, Europe and Asia, partially
offset by increases in R&D expenses and labor costs.
Financial services:
Net revenues for the financial services operations increased by 20.7 billion
yen, or 5.9%, to 371.5 billion yen in FY2004 semi-annual results compared with
FY2003 semi-annual results, and operating income increased by 57.9 billion yen,
or 1,521.1%, to 61.7 billion yen in FY2004 semi-annual results compared with
FY2003 semi-annual results. 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 (FAS) No.133 as
amended by several related pronouncements including FAS No.138. The valuation
gains on interest rate swaps increased by 50.0 billion yen, to 8.4 billion yen
in FY2004 semi-annual results compared with FY2003 semi-annual results.
All other:
Net revenues for all other businesses increased by 43.0 billion yen, or 11.9%,
to 403.7 billion yen in FY2004 semi-annual results compared with FY2003
semi-annual results, and operating income increased by 7.2 billion yen to 6.0
billion yen in FY2004 semi-annual results compared with FY2003 semi-annual
results. 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 304.8 billion yen, or 5.9%, to 5,497.3
billion yen in FY2004 semi-annual results compared with FY2003 semi-annual
results, and operating income increased by 49.9 billion yen, or 10.4%, to 529.7
billion yen in FY2004 semi-annual results compared with FY2003 semi-annual
results. The increase in operating income was mainly due to an increase in
vehicle units sold and cost reduction efforts made by TMC and its subsidiaries,
partially offset by increases in labor costs and other expenses.
North America:
Net revenues in North America decreased by 182.4 billion yen, or 5.7%, to
3,014.1 billion yen in FY2004 semi-annual results compared with FY2003
semi-annual results, and operating income decreased by 18.2 billion yen, or
10.0%, to 163.6 billion yen in FY2004 semi-annual results compared with FY2003
semi-annual results. The decrease in operating income was mainly due to an
increase in selling expenses at subsidiaries and the temporary effects of model
shifts at the plants of manufacturing subsidiaries.
Europe:
Net revenues in Europe increased by 286.4 billion yen, or 38.4%, to 1,032.3
billion yen in FY2004 semi-annual results compared with FY2003 semi-annual
results, and operating income increased by 17.4 billion yen, or 342.1%, to 22.5
billion yen in FY2004 semi-annual results compared with FY2003 semi-annual
results. The increase in operating income was mainly due to increases in local
production volumes in France, Turkey and the United Kingdom, as well as
substantial increases in vehicle units sold.
Other Foreign Countries:
Net revenues in other markets increased by 361.4 billion yen, or 48.7%, to
1,102.8 billion yen in FY2004 semi-annual results compared with FY2003
semi-annual results, and operating income increased by 31.4 billion yen, or
142.7%, to 53.3 billion yen in FY2004 semi-annual results compared with FY2003
semi-annual results. The increase in operating income was primarily due to
increases in local production volumes as well as vehicle units sold in Asia and
Oceania.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
3. Distribution of Profits for FY2004 Semi-Annual
The FY2004 interim dividend increased by 4 yen to 20 yen per share compared with
the FY2003 interim dividend. Accordingly, the dividends payout ratio for FY2004
semi-annual results is 20.1%.
4. Others
(1) Litigation in the United States of America
On July 12, 1999, the U.S. Department of Justice, acting on behalf of the U.S.
Environmental Protection Agency, filed a lawsuit against Toyota Motor Sales
U.S.A., Inc. ('TMS'), a consolidated subsidiary of TMC (on November 22, 1999,
TMC and Toyota Technical Center U.S.A., Inc., a consolidated subsidiary of TMC,
were added as defendants) for alleged defects in the fuel evaporative emission
leak monitors installed on approximately 2.2 million 1996 - 1998 model year
vehicles sold by TMS in the United States of America in violation of the Clean
Air Act.
On March 6, 2003, TMC (as representative for all the defendants) reached a
settlement agreement with the federal government concerning this litigation, and
the federal government filed the agreement with the court. A formal settlement
of this matter was reached on July 1, 2003.
(2) Accounting Treatment regarding Transfer of the Substitutional Portion of the
Employee Pension Fund to the Government
TMC and some of its affiliated companies in Japan applied for exemption from
the payment of benefits related to future employee service, and obtained
approval from the Minister of Health, Labour, and Welfare in FY2003.
From FY2004, it is expected that these companies will apply for approval for the
separation of the remaining benefit obligation of the substitutional portion
which relates to past employee services. After obtaining approval, the related
government-specified portion of the plan assets will be transferred to the
government. In FY2004, some companies are expected to transfer the assets. The
gains or losses resulting from this transaction are recognized upon completion
of the transfer under the accounting principles generally accepted in the United
States of America.
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 semi-annual FY2003 semi-annual Increase FY2003
(April 2003 through (April 2002 through (Decrease) (April 2002 through
September 2003) September 2002) March 2003)
Vehicles Japan 2,022,621 1,973,545 49,076 4,162,291
(new) North America 488,537 458,484 30,053 882,951
Europe 230,278 186,482 43,796 387,034
Others 322,649 181,954 140,695 417,927
Overseas total 1,041,464 826,920 214,544 1,687,912
Total 3,064,085 2,800,465 263,620 5,850,203
Houses (Japan) 2,274 1,505 769 3,574
Note: The total production of vehicles (new) includes 307,393 units of
Daihatsu brand vehicles (including OEM production) in FY2004 semi-annual
results, 270,414 units in FY2003 semi-annual results and 606,717 units in FY2003
results, and 43,471 units of Hino brand vehicles (including OEM production) in
FY2004 semi-annual results, 26,820 units in FY2003 semi-annual results and
57,856 units in FY2003 results.
2. Sales (by destination)
(Units)
FY2004 semi-annual FY2003 semi-annual Increase FY2003
(April 2003 through (April 2002 through (Decrease) (April 2002 through
September 2003) September 2002) March 2003)
Vehicles Japan 1,081,866 1,024,295 57,571 2,217,770
(new) North America 1,005,079 1,004,296 783 1,981,912
Europe 441,122 392,027 49,095 775,952
Others 642,807 530,948 111,859 1,137,644
Overseas total 2,089,008 1,927,271 161,737 3,895,508
Total 3,170,874 2,951,566 219,308 6,113,278
Houses (Japan) 2,169 1,461 708 4,024
Note: The total sales of vehicles (new) includes 288,453 units of Daihatsu
brand vehicles in FY2004 semi-annual results, 251,708 units in FY2003
semi-annual results and 560,742 units in FY2003 results, and 42,201 units of
Hino brand vehicles in FY2004 semi-annual results, 28,033 units in FY2003
semi-annual results and 60,271 units in FY2003 results.
BREAKDOWN OF CONSOLIDATED NET REVENUES
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Million yen)
FY2004 semi-annual FY2003 semi-annual Increase
(April 2003 through (April 2002 through (Decrease)
September 2003) September 2002)
Vehicles 6,498,206 5,967,443 530,763
Parts & components for overseas 113,086 113,156 (70)
production
Parts 496,080 494,855 1,225
Others 476,938 462,933 14,005
Total Automotive 7,584,310 7,038,387 545,923
Financial services 362,460 342,377 20,083
Housing 54,720 37,078 17,642
Telecommunications 22,875 22,807 68
Others 199,876 172,773 27,103
Total 8,224,241 7,613,422 610,819
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)
(Million yen)
FY2004 semi-annual FY2003 semi-annual Increase FY2003
(April 2003 through (April 2002 through (Decrease) (April 2002
through
September 2003) September 2002) March 2003)
Net revenues : 8,224,241 7,613,422 610,819 15,501,553
Sales of products 7,861,781 7,270,735 591,046 14,793,973
Financing operations 362,460 342,687 19,773 707,580
Costs and expenses : 7,456,472 6,928,399 528,073 14,229,907
Cost of products sold 6,274,364 5,792,840 481,524 11,914,245
Cost of financing operations 191,361 227,292 (35,931) 423,885
Selling, general and 990,747 908,267 82,480 1,891,777
administrative
Operating income 767,769 685,023 82,746 1,271,646
Other income (expense) 44,244 29,438 14,806 (44,994)
Interest and dividend income 28,779 29,892 (1,113) 52,661
Interest expense (12,210) (15,464) 3,254 (30,467)
Foreign exchange gain, net 26,597 21,033 5,564 35,585
Other income (loss), net 1,078 (6,023) 7,101 (102,773)
Income before income taxes, 812,013 714,461 97,552 1,226,652
minority interest and equity in
earnings of affiliated companies
Provision for income taxes 309,931 296,920 13,011 517,014
Income before minority interest 502,082 417,541 84,541 709,638
and equity in earnings of
affiliated companies
Minority interest in consolidated (18,615) (9,528) (9,087) (11,531)
subsidiaries
Equity in earnings of affiliated 40,993 17,787 23,206 52,835
companies
Net income 524,460 425,800 98,660 750,942
(Yen)
Net income per share - basic 153.36 118.44 34.92 211.32
Net income per share - diluted 153.35 118.44 34.91 211.32
CONSOLIDATED BALANCE SHEETS
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Million yen)
FY2004 semi-annual FY2003 Increase FY2003
(As of September 30, (As of March 31, (Decrease) semi-annual
2003) 2003) (As of September
30, 2002)
Assets
Current assets : 8,104,583 8,622,233 (517,650) 8,202,800
Cash and cash equivalents 1,243,211 1,592,028 (348,817) 1,870,153
Time deposits 43,086 55,406 (12,320) 32,324
Marketable securities 787,715 605,483 182,232 561,783
Trade accounts and notes 1,290,688 1,475,797 (185,109) 1,221,335
receivable, less allowance
for doubtful accounts
Finance receivables, net 2,242,227 2,505,140 (262,913) 2,187,518
Other receivables 471,139 513,952 (42,813) 518,999
Inventories 1,059,824 1,025,838 33,986 927,040
Deferred income taxes 400,218 385,148 15,070 441,378
Prepaid expenses and other 566,475 463,441 103,034 442,270
current assets
Noncurrent finance receivables, 3,026,614 2,569,808 456,806 2,708,898
net
Investments and other assets : 4,245,363 3,757,054 488,309 3,507,990
Marketable securities and 2,269,829 1,652,110 617,719 1,555,701
other securities investments
Affiliated companies 1,245,596 1,279,645 (34,049) 1,314,640
Employees receivables 26,023 21,270 4,753 15,276
Others 703,915 804,029 (100,114) 622,373
Property, plant and equipment : 5,400,560 5,203,879 196,681 5,104,839
Land 1,134,538 1,064,125 70,413 1,045,286
Buildings 2,775,775 2,521,208 254,567 2,445,338
Machinery and equipment 7,652,074 7,089,592 562,482 7,014,789
Vehicles and equipment on 1,556,037 1,601,060 (45,023) 1,419,989
operating leases
Construction in progress 195,355 211,584 (16,229) 240,200
Less - Accumulated (7,913,219) (7,283,690) (629,529) (7,060,763)
depreciation
Total assets 20,777,120 20,152,974 624,146 19,524,527
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Million yen)
FY2004 semi-annual FY2003 Increase FY2003 semi-annual
(As of September (As of March 31, (Decrease) (As of September
30, 2003) 2003) 30, 2002)
Liabilities
Current liabilities : 7,073,865 7,053,936 19,929 6,668,780
Short-term borrowings 1,999,453 1,855,648 143,805 1,878,992
Current portion of 1,135,297 1,263,017 (127,720) 1,192,895
long-term debt
Accounts payable 1,563,774 1,531,552 32,222 1,377,863
Other payables 633,646 618,748 14,898 541,683
Accrued expenses 1,054,127 1,063,496 (9,369) 941,825
Income taxes payable 267,244 300,718 (33,474) 296,015
Other current liabilities 420,324 420,757 (433) 439,507
Long-term liabilities : 5,703,248 5,662,572 40,676 5,126,217
Long-term debt 4,108,804 4,137,528 (28,724) 3,798,192
Accrued pension and 1,112,900 1,052,687 60,213 727,057
severance costs
Deferred income taxes 413,455 371,004 42,451 496,531
Other long-term 68,089 101,353 (33,264) 104,437
liabilities
Total liabilities 12,777,113 12,716,508 60,605 11,794,997
Minority interest in 427,533 315,466 112,067 345,038
consolidated subsidiaries
Shareholders' equity :
Common stock 397,050 397,050 - 397,050
Additional paid-in capital 493,790 493,790 - 491,158
Retained earnings 7,756,473 7,301,795 454,678 7,033,122
Accumulated other (476,553) (604,272) 127,719 (356,412)
comprehensive loss
Treasury stock, at cost (598,286) (467,363) (130,923) (180,426)
Total shareholders' equity 7,572,474 7,121,000 451,474 7,384,492
Total liabilities and 20,777,120 20,152,974 624,146 19,524,527
shareholders' equity
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 semi-annual results (April 2003 through September 2003)
(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 period - -
Comprehensive income:
Net income 524,460 524,460
Other comprehensive income
(loss)
Foreign currency (112,479) (112,479)
translation adjustments
Unrealized gains (losses) 228,270 228,270
on securities, net of
reclassification adjustments
Minimum pension liability 11,928 11,928
adjustments
Net gains (losses) on - -
derivative instruments
Total comprehensive income 652,179
Dividends paid (69,782) (69,782)
Purchase and retirement of common (130,923) (130,923)
stock
Balance at September 30, 2003 397,050 493,790 7,756,473 (476,553) (598,286) 7,572,474
(2) FY2003 semi-annual results (April 2002 through September 2002)
(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 period 620 620
Comprehensive income:
Net income 425,800 425,800
Other comprehensive income
(loss)
Foreign currency (107,889) (107,889)
translation adjustments
Unrealized gains (losses) 10,182 10,182
on securities, net of
reclassification adjustments
Minimum pension liability 9,141 9,141
adjustments
Net gains (losses) on (542) (542)
derivative instruments
Total comprehensive income 336,692
Dividends paid (54,108) (54,108)
Purchase and retirement of common (143,292) (19,532) (162,824)
stock
Balance at September 30, 2002 397,050 491,158 7,033,122 (356,412) (180,426) 7,384,492
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Million yen)
FY2004 semi-annual FY2003 semi-annual FY2003
(April 2003 through (April 2002 through (April 2002 through
September 2003) September 2002) March 2003)
Cash flows from operating activities :
Net income 524,460 425,800 750,942
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation 475,938 434,995 870,636
Provision for doubtful accounts and 38,418 19,709 99,837
credit losses
Pension and severance costs, less 33,957 30,315 55,637
payments
Loss on disposal of fixed assets 18,896 23,880 46,492
Unrealized losses on available-for-sale 2,697 23,853 111,346
securities, net
Deferred income taxes 21,996 (24,067) (74,273)
Minority interest in consolidated 18,615 9,528 11,531
subsidiaries
Equity in earnings of affiliated (40,993) (17,787) (52,835)
companies
Changes in operating assets and 80,125 134,014 129,054
liabilities
Others (61,185) 50,698 136,680
Net cash provided by operating activities 1,112,924 1,110,938 2,085,047
Cash flows from investing activities :
Additions to finance receivables (4,182,349) (2,474,800) (6,481,200)
Collection of and proceeds from sales of 3,727,776 1,938,368 5,825,456
finance receivables
Additions to fixed assets excluding (445,522) (519,108) (1,005,931)
equipment leased to others
Additions to equipment leased to others (298,454) (289,594) (604,298)
Proceeds from sales of fixed assets 31,234 31,606 61,847
excluding equipment leased to others
Proceeds from sales of equipment leased to 133,073 125,919 286,538
others
Purchases of marketable securities and (1,137,863) (521,364) (1,113,998)
security investments
Proceeds from sales of and maturity of 705,614 569,846 921,965
marketable securities and security investments
(Increase) decrease in time deposits 15,845 (12,085) (33,379)
(Increase) decrease in investments and other 138 7,527 (30,481)
assets
Payment for additional investments in (18,876) (16,016) (28,229)
affiliated companies, net of cash acquired
Others (2,720) 20,652 55,303
Net cash used in investing activities (1,472,104) (1,139,049) (2,146,407)
Cash flows from financing activities :
Purchase of common stock (120,229) (142,090) (454,611)
Proceeds from issuance of long-term debt 700,149 907,482 1,686,564
Payments of long-term debt (622,709) (561,651) (1,117,803)
Increase in short-term borrowings 160,970 132,004 30,327
Dividends paid (69,782) (54,108) (110,876)
Others - - 4,074
Net cash provided by financing activities 48,399 281,637 37,675
Effect of exchange rate changes on cash and cash (38,036) (40,533) (41,447)
equivalents
Net increase (decrease) in cash and cash (348,817) 212,993 (65,132)
equivalents
Cash and cash equivalents at beginning of period 1,592,028 1,657,160 1,657,160
Cash and cash equivalents at end of period 1,243,211 1,870,153 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, carry
minimal risk of change in value and have a redemption period of three months or
less.
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 semi-annual results (April 2003 through September 2003)
(Million yen)
Automotive Financial All Other Intersegment Consolidated
Services Elimination and/or
Unallocated Amount
Net revenues :
(1) Sales to external 7,584,310 362,460 277,471 - 8,224,241
customers
(2) Intersegment sales 6,126 9,000 126,208 (141,334) -
and transfers
Total 7,590,436 371,460 403,679 (141,334) 8,224,241
Operating expenses 6,887,802 309,779 397,632 (138,741) 7,456,472
Operating income 702,634 61,681 6,047 (2,593) 767,769
Assets 9,689,020 7,560,742 831,670 2,695,688 20,777,120
Investment in equity 993,789 181,226 - 64,171 1,239,186
method investees
Depreciation expenses 368,242 97,493 10,203 - 475,938
Capital expenditure 459,390 238,155 20,371 26,060 743,976
(2) FY2003 semi-annual results (April 2002 through September 2002)
(Million yen)
Automotive Financial All Other Intersegment Consolidated
Services Elimination and/or
Unallocated Amount
Net revenues :
(1) Sales to external 7,038,387 342,377 232,658 - 7,613,422
customers
(2) Intersegment sales 3,164 8,428 128,071 (139,663) -
and transfers
Total 7,041,551 350,805 360,729 (139,663) 7,613,422
Operating expenses 6,355,630 347,000 361,931 (136,162) 6,928,399
Operating income 685,921 3,805 (1,202) (3,501) 685,023
Assets 8,898,489 7,046,464 685,126 2,894,448 19,524,527
Investment in equity 1,070,612 170,428 3,355 63,298 1,307,693
method investees
Depreciation expenses 328,501 96,929 9,565 - 434,995
Capital expenditure 476,256 263,888 14,586 53,972 808,702
(3) FY2003 (April 2002 through March 2003)
(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 semi-annual, FY2003 semi-annual and FY2003
are 3,217,341 million yen, 3,357,986 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
(Million yen)
FY2004 semi-annual FY2003 semi-annual Increase
(April 2003 through (April 2002 through (Decrease)
September 2003) September 2002)
(Non-financial services)
Net revenues 7,867,021 7,269,669 597,352
Costs and expenses : 7,156,401 6,583,294 573,107
Cost of revenues 6,275,627 5,792,839 482,788
Selling, general and administrative 880,774 790,455 90,319
Operating income 710,620 686,375 24,245
Other income, net : 44,272 30,377 13,895
Income before income taxes, minority interest 754,892 716,752 38,140
and equity in
earnings of affiliated companies
Provision for income taxes 285,959 300,891 (14,932)
Income before minority interest and equity in 468,933 415,861 53,072
earnings of affiliated companies
Minority interest in consolidated subsidiaries (18,150) (9,002) (9,148)
Equity in earnings of affiliated companies 37,413 16,942 20,471
Net income 488,196 423,801 64,395
(Financial services)
Net revenues 371,460 350,805 20,655
Costs and expenses : 309,779 347,000 (37,221)
Cost of revenues 192,157 228,771 (36,614)
Selling, general and administrative 117,622 118,229 (607)
Operating income 61,681 3,805 57,876
Other expense, net : (4,689) (5,490) 801
Income before income taxes, minority interest 56,992 (1,685) 58,677
and equity in earnings of
affiliated companies
Provision for income taxes 23,840 (3,725) 27,565
Income before minority interest and equity in 33,152 2,040 31,112
earnings of affiliated companies
Minority interest in consolidated subsidiaries (465) (538) 73
Equity in earnings of affiliated companies 3,580 845 2,735
Net income 36,267 2,347 33,920
(Elimination)
Elimination of net income (3) (348) 345
(Consolidated)
Net income 524,460 425,800 98,660
(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
(Million yen)
FY2004 semi-annual FY2003 Increase
(As of September 30, (As of March 31, (Decrease)
2003) 2002)
Assets
(Non-financial services)
Current assets 5,805,841 5,989,408 (183,567)
Cash and cash equivalents 1,119,422 1,437,731 (318,309)
Time deposits 17,014 29,213 (12,199)
Marketable securities 780,942 602,634 178,308
Trade accounts and notes receivable, less 1,318,935 1,496,432 (177,497)
allowance for doubtful accounts
Finance receivables, net 14,678 14,296 382
Inventories 1,059,824 1,025,838 33,986
Prepaid expenses and other current assets 1,495,026 1,383,264 111,762
Noncurrent finance receivables, net 13,319 14,463 (1,144)
Investments and other assets 3,915,763 3,423,676 492,087
Property, plant and equipment 4,383,157 4,100,077 283,080
Total 14,118,080 13,527,624 590,456
(Financial services)
Current assets 2,984,594 3,219,884 (235,290)
Cash and cash equivalents 123,789 154,297 (30,508)
Time deposits 26,072 26,193 (121)
Marketable securities 6,773 2,849 3,924
Finance receivables, net 2,227,549 2,490,844 (263,295)
Prepaid expenses and other current assets 600,411 545,701 54,710
Noncurrent finance receivables, net 3,013,295 2,555,345 457,950
Investments and other assets 545,450 513,455 31,995
Property, plant and equipment 1,017,403 1,103,802 (86,399)
Total 7,560,742 7,392,486 168,256
(Elimination)
Elimination of assets (901,702) (767,136) (134,566)
(Consolidated)
Total assets 20,777,120 20,152,974 624,146
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)
(Million yen)
FY2004 semi-annual FY2003 Increase
(As of September 30, (As of March 31, (Decrease)
2003) 2003)
Liabilities
(Non-financial services)
Current liabilities 4,627,384 4,646,017 (18,633)
Short-term borrowings 822,072 784,501 37,571
Current portion of long-term debt 69,438 134,636 (65,198)
Accounts payable 1,552,185 1,520,160 32,025
Accrued expenses 1,008,779 1,019,241 (10,462)
Income taxes payable 260,128 293,756 (33,628)
Other current liabilities 914,782 893,723 21,059
Long-term liabilities 2,155,388 2,063,414 91,974
Long-term debt 774,022 789,509 (15,487)
Accrued pension and severance costs 1,111,749 1,051,500 60,249
Other long-term liabilities 269,617 222,405 47,212
Total 6,782,772 6,709,431 73,341
(Financial services)
Current liabilities 3,152,559 2,990,772 161,787
Short-term borrowings 1,783,862 1,542,514 241,348
Current portion of long-term debt 1,129,859 1,200,900 (71,041)
Accounts payable 12,083 11,893 190
Accrued expenses 49,302 51,388 (2,086)
Income taxes payable 7,116 6,962 154
Other current liabilities 170,337 177,115 (6,778)
Long-term liabilities 3,744,122 3,783,950 (39,828)
Long-term debt 3,531,045 3,532,811 (1,766)
Accrued pension and severance costs 1,151 1,187 (36)
Other long-term liabilities 211,926 249,952 (38,026)
Total 6,896,681 6,774,722 121,959
(Elimination)
Elimination of liabilities (902,340) (767,645) (134,695)
(Consolidated)
Total liabilities 12,777,113 12,716,508 60,605
(Consolidated)
Minority interest in consolidated 427,533 315,466 112,067
subsidiaries
Shareholders' equity
(Consolidated)
Common stock 397,050 397,050 -
Additional paid-in capital 493,790 493,790 -
Retained earnings 7,756,473 7,301,795 454,678
Accumulated other comprehensive loss (476,553) (604,272) 127,719
Treasury stock, at cost (598,286) (467,363) (130,923)
Total shareholders' equity 7,572,474 7,121,000 451,474
(Consolidated)
Total liabilities and shareholders' equity 20,777,120 20,152,974 624,146
(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
(Million yen)
FY2004 semi-annual FY2003 semi-annual
(April 2003 through (April 2002 through
September 2003) September 2002)
(Non-financial services)
Cash flows from operating activities :
Net income 488,196 423,801
Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation 378,445 338,066
Pension and severance costs, less payments 34,000 30,154
Loss on disposal of fixed assets 18,423 23,740
Unrealized losses on available-for-sale securities, net 2,697 23,853
Deferred income taxes 6,831 (35,867)
Minority interest in consolidated subsidiaries 18,150 9,002
Equity in earnings of affiliated companies (37,413) (16,942)
Changes in operating assets and liabilities 21,737 96,578
Others (66,198) 113,912
Net cash provided by operating activities 864,868 1,006,297
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others (433,924) (493,827)
Additions to equipment leased to others (71,897) (50,987)
Proceeds from sales of fixed assets excluding equipment leased 25,888 25,435
to others
Proceeds from sales of equipment leased to others 24,840 19,579
Purchases of marketable securities and security investments (968,766) (427,791)
Proceeds from sales of and maturity of marketable securities 582,102 463,882
and security investments
(Increase) decrease in time deposits 15,856 (173)
(Increase) decrease in investments and other assets (15,431) 39,225
Payment for additional investments in affiliated companies, (18,876) (16,016)
net of cash acquired
Others (3,595) 8,259
Net cash used in investing activities (863,803) (432,414)
Cash flows from financing activities
Purchase of common stock (120,229) (142,090)
Proceeds from issuance of long-term debt 32,088 164,337
Payments of long-term debt (111,290) (168,142)
Decrease in short-term borrowings (4,387) (57,167)
Dividends paid (69,782) (54,108)
Others (15,000) -
Net cash used in financing activities (288,600) (257,170)
Effect of exchange rate changes on cash and cash equivalents (30,774) (32,255)
Net increase (decrease) in cash and cash equivalents (318,309) 284,458
Cash and cash equivalents at beginning of period 1,437,731 1,510,974
Cash and cash equivalents at end of period 1,119,422 1,795,432
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Million yen)
FY2004 semi-annual FY2003 semi-annual
(April 2003 through (April 2002 through
September 2003) September 2002)
(Financial services)
Cash flows from operating activities
Net income 36,267 2,347
Adjustments to reconcile net income to net cash provided by
operating activities
Depreciation 97,493 96,929
Deferred income taxes 15,033 12,046
Minority interest in consolidated subsidiaries 465 538
Equity in earnings of affiliated companies (3,580) (845)
Changes in operating assets and liabilities (43,735) (79,197)
Others 44,259 9,806
Net cash provided by operating activities 146,202 41,624
Cash flows from investing activities
Additions to finance receivables (4,182,349) (2,474,800)
Collection of and proceeds from sales of finance receivables 3,727,776 1,938,368
Additions to fixed assets excluding equipment leased to others (11,598) (25,281)
Additions to equipment leased to others (226,557) (238,607)
Proceeds from sales of fixed assets excluding equipment 5,346 6,171
leased to others
Proceeds from sales of equipment leased to others 108,233 106,340
Purchases of marketable securities and security investments (169,097) (93,573)
Proceeds from sales of and maturity of marketable 123,512 105,964
securities and security investments
Increase in time deposits (11) (11,912)
Others (19,270) 5,874
Net cash used in investing activities (644,015) (681,456)
Cash flows from financing activities
Proceeds from issuance of long-term debt 706,040 750,810
Payments of long-term debt (546,392) (402,905)
Increase in short-term borrowings 299,919 228,740
Others 15,000 -
Net cash provided by financing activities 474,567 576,645
Effect of exchange rate changes on cash and cash equivalents (7,262) (8,278)
Net increase (decrease) in cash and cash equivalents (30,508) (71,465)
Cash and cash equivalents at beginning of period 154,297 146,186
Cash and cash equivalents at end of period 123,789 74,721
(Consolidated)
Effect of exchange rate changes on cash and cash equivalents (38,036) (40,533)
Net increase (decrease) in cash and cash equivalents (348,817) 212,993
Cash and cash equivalents at beginning of period 1,592,028 1,657,160
Cash and cash equivalents at end of period 1,243,211 1,870,153
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, carry
minimal risk of change in value and have a redemption period of three months or
less.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
3. Geographic Information
(1) FY2004 semi-annual results (April 2003 through September 2003)
(Million yen)
Japan North America Europe Other Foreign Intersegment Consolidated
Countries Elimination and/
or Unallocated
Amount
Net revenues :
(1) Sales to 3,325,570 2,896,155 977,630 1,024,886 - 8,224,241
external customers
(2) Intersegment 2,171,720 117,912 54,645 77,931 (2,422,208) -
sales and transfers
Total 5,497,290 3,014,067 1,032,275 1,102,817 (2,422,208) 8,224,241
Operating expenses 4,967,548 2,850,451 1,009,801 1,049,524 (2,420,852) 7,456,472
Operating income 529,742 163,616 22,474 53,293 (1,356) 767,769
Assets 9,796,611 6,037,536 1,616,800 1,309,265 2,016,908 20,777,120
(2) FY2003 semi-annual results (April 2002 through September 2002)
(Million yen)
Japan North America Europe Other Foreign Intersegment Consolidated
Countries Elimination and/
or Unallocated
Amount
Net revenues :
(1) Sales to 3,131,544 3,069,254 713,832 698,792 - 7,613,422
external customers
(2) Intersegment 2,060,909 127,292 32,043 42,654 (2,262,898) -
sales and transfers
Total 5,192,453 3,196,546 745,875 741,446 (2,262,898) 7,613,422
Operating expenses 4,712,670 3,014,753 740,792 719,491 (2,259,307) 6,928,399
Operating income 479,783 181,793 5,083 21,955 (3,591) 685,023
Assets 8,902,408 6,138,933 1,279,026 854,299 2,349,861 19,524,527
(3) FY2003 (April 2002 through March 2003)
(Million yen)
Japan North America Europe Other Foreign Intersegment Consolidated
Countries Elimination and/
or Unallocated
Amount
Net revenues :
(1) Sales to 6,621,054 5,929,803 1,514,683 1,436,013 - 15,501,553
external customers
(2) Intersegment 4,224,573 289,036 85,138 110,731 (4,709,478) -
sales 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 semi-annual, FY2003 semi-annual and FY2003
are 3,217,341 million yen, 3,357,986 million yen and 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 semi-annual results (April 2003 through September 2003)
(Million yen)
North America Europe Other Total
Overseas sales 3,013,321 944,563 1,601,666 5,559,550
Consolidated sales - - - 8,224,241
Ratio of overseas % % % %
sales to consolidated
sales 36.6 11.5 19.5 67.6
(2) FY2003 semi-annual results (April 2002 through September 2002)
(Million yen)
North America Europe Other Total
Overseas sales 3,194,639 717,015 1,274,020 5,185,674
Consolidated sales - - - 7,613,422
Ratio of overseas % % % %
sales to consolidated
sales 42.0 9.4 16.7 68.1
(3) FY2003 (April 2002 through March 2003)
(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
The company news service from the London Stock Exchange
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