Interim Results - USGAAP
Toyota Motor Corporation
27 December 2002
TOYOTA MOTOR CORPORATION
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
SEPTEMBER 30, 2002
CONSOLIDATED BALANCE SHEETS - ASSETS
U.S. dollars
in millions
Yen in millions (Note 1)
March 31, September 30, September 30,
2002 2002 2002
Current assets:
Cash and cash equivalents JPY 1,657,160 JPY 1,870,153 $ 15,254
Time deposits 19,977 32,324 264
Marketable securities 600,737 561,783 4,582
Trade accounts and notes receivable, less allowance
for doubtful accounts of JPY28,182 million as of
March 31, 2002 and JPY24,398 million ($199 million)
as of September 30, 2002 1,456,935 1,221,335 9,962
Finance receivables, net 2,020,491 2,187,518 17,843
Other receivables 508,970 518,999 4,233
Inventories 961,840 927,040 7,562
Deferred income taxes 433,524 441,378 3,600
Prepaid expenses and other current assets 413,211 442,270 3,608
Total current assets 8,072,845 8,202,800 66,908
Noncurrent finance receivables, net 2,671,460 2,708,898 22,095
Investments and other assets:
Marketable securities and other securities
investments 1,531,126 1,555,701 12,689
Affiliated companies 1,321,950 1,314,640 10,723
Officers and employees receivables 21,151 15,276 125
Other 580,188 622,373 5,076
3,454,415 3,507,990 28,613
Property, plant and equipment:
Land 1,032,381 1,045,286 8,526
Buildings 2,421,918 2,445,338 19,946
Machinery and equipment 6,959,054 7,014,789 57,217
Vehicles and equipment on operating leases 1,584,161 1,419,989 11,582
Construction in progress 234,224 240,200 1,959
12,231,738 12,165,602 99,230
Less - Accumulated depreciation (7,124,728) (7,060,763) (57,592)
5,107,010 5,104,839 41,638
Total assets JPY 19,305,730 JPY 19,524,527 $ 159,254
CONSOLIDATED BALANCE SHEETS - LIABILITIES AND SHAREHOLDERS' EQUITY
U.S. dollars
in millions
Yen in millions (Note 1)
March 31, September 30, September 30,
2002 2002 2002
Current liabilities:
Short-term borrowings JPY 1,825,564 JPY 1,878,992 $ 15,326
Current portion of long-term debt 1,158,814 1,192,895 9,730
Accounts payable 1,420,608 1,377,863 11,239
Other payables 575,011 541,683 4,419
Accrued expenses 928,160 941,825 7,682
Income taxes payable 327,713 296,015 2,414
Other current liabilities 436,288 439,507 3,585
Total current liabilities 6,672,158 6,668,780 54,395
Long-term liabilities:
Long-term debt 3,722,706 3,798,192 30,980
Accrued pension and severance costs 754,403 727,057 5,930
Deferred income taxes 467,061 496,531 4,050
Other long-term liabilities 133,669 104,437 853
Total long-term liabilities 5,077,839 5,126,217 41,813
Minority interest in consolidated subsidiaries 291,621 345,038 2,814
Shareholders' equity:
Common stock, no par value, authorized:
9,780,185,400 shares at March 31, 2002
9,740,185,400 shares at September 30, 2002;
issued:
3,649,997,492 shares at March 31, 2002 and
3,609,997,492 shares at September 30, 2002 397,050 397,050 3,239
Additional paid-in capital 490,538 491,158 4,006
Retained earnings 6,804,722 7,033,122 57,366
Accumulated other comprehensive loss (267,304) (356,412) (2,907)
Treasury stock, at cost (160,894) (180,426) (1,472)
46,449,606 shares at March 31, 2002 and
62,014,597 shares at September 30, 2002
Total shareholders' equity 7,264,112 7,384,492 60,232
Commitments and contingencies
Total liabilities and shareholders' equity JPY 19,305,730 JPY 19,524,527 $ 159,254
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars
in millions
Yen in millions (Note 1)
For the six month
For the six month period ended period ended
September 30, September 30,
2001 2002 2002
Net revenues:
Sales of products JPY 6,299,058 JPY 7,270,735 $ 59,305
Financing operations 319,638 342,687 2,795
6,618,696 7,613,422 62,100
Costs and expenses:
Cost of products sold 5,079,180 5,792,840 47,250
Cost of financing operations 239,803 227,292 1,854
Selling, general and administrative 791,622 908,267 7,409
6,110,605 6,928,399 56,513
Operating income 508,091 685,023 5,587
Other income (expense):
Interest and dividend income 36,886 29,892 244
Interest expense (19,022) (15,464) (126)
Foreign exchange gain, net 29,804 21,033 172
Other loss, net (146,680) (6,023) (49)
(99,012) 29,438 241
Income before income taxes, minority interest
and equity in earnings of affiliated companies 409,079 714,461 5,828
Provision for income taxes 198,440 296,920 2,422
Income before minority interest and equity in
earnings of affiliated companies 210,639 417,541 3,406
Minority interest in consolidated subsidiaries (1,606) (9,528) (78)
Equity in earnings of affiliated companies 19,464 17,787 145
Net income JPY 228,497 JPY 425,800 $ 3,473
Yen U.S. dollars
Net income per common share:
Basic JPY 62.18 JPY 118.44 $ 0.97
Diluted JPY 62.18 JPY 118.44 $ 0.97
Cash dividends per share JPY 13.00 JPY 16.00 $ 0.13
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars
in millions
Yen in millions (Note 1)
For the six month For the six
period ended month period
September 30, ended
September 30,
2001 2002 2002
Cash flows from operating activities:
Net income JPY 228,497 JPY 425,800 $ 3,473
Adjustments to reconcile net income to net cash
provided by operating activities -
Depreciation 396,828 434,995 3,548
Provision for doubtful accounts and credit losses 23,867 19,709 161
Pension and severance costs, less payments 22,483 30,315 247
Loss on disposal of fixed assets 13,269 23,880 195
Unrealized losses on available-for-sale securities, 137,815 23,853 195
net
Deferred income taxes (59,546) (24,067) (196)
Minority interest in consolidated subsidiaries 1,606 9,528 78
Equity in earnings of affiliated companies (19,464) (17,787) (145)
Changes in assets and liabilities 147,485 134,014 1,093
Other (35,216) 50,698 413
Net cash provided by operating activities 857,624 1,110,938 9,062
Cash flows from investing activities:
Additions to finance receivables (2,461,241) (2,474,800) (20,186)
Collection of and proceeds from sale of finance 2,060,698 1,938,368 15,811
receivables
Additions to fixed assets excluding equipment leased (433,735) (519,108) (4,234)
to others
Additions to equipment leased to others (322,521) (289,594) (2,362)
Proceeds from sales of fixed assets excluding
equipment leased to others 31,614 31,606 258
Proceeds from sales of equipment leased to others 233,763 125,919 1,027
Purchases of marketable securities and security (166,375) (521,364) (4,253)
investments
Proceeds from sales of and maturity of marketable
securities and security investments 358,244 569,846 4,648
(Increase) decrease in time deposits 27,232 (12,085) (99)
(Increase) decrease in investments and other assets (56,331) 7,527 61
Payments for additional investments in affiliated (15,326) (16,016) (131)
companies,
net of cash acquired
Other 43,378 20,652 169
Net cash used in investing activities (700,600) (1,139,049) (9,291)
Cash flows from financing activities:
Purchases and retirement of common stock (128,613) (142,090) (1,159)
Proceeds from issuance of long-term debt 816,503 907,482 7,402
Payments of long-term debt (332,143) (561,651) (4,581)
Increase (decrease) in short-term borrowings (90,203) 132,004 1,077
Dividends paid (50,905) (54,108) (442)
Net cash provided by financing activities 214,639 281,637 2,297
Effect of exchange rate changes on cash and cash (10,674) (40,533) (331)
equivalents
Net increase in cash and cash equivalents 360,989 212,993 1,737
Cash and cash equivalents at beginning of period 1,510,892 1,657,160 13,517
Cash and cash equivalents at end of period JPY 1,871,881 JPY 1,870,153 $ 15,254
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation:
The accompanying semi-annual condensed consolidated financial statements of
Toyota Motor Corporation ('Toyota') as of September 30, 2002 and for the six
month periods ended September 30, 2001 and 2002, respectively, have been
prepared in accordance with accounting principles generally accepted in the
United States and on substantially the same basis as Toyota's annual
consolidated financial statements. The semi-annual condensed consolidated
financial statements should be read in conjunction with Toyota's Annual Report
on Form 20-F for the year ended March 31, 2002. The semi-annual condensed
consolidated financial statements reflect all adjustments, consisting of only
normal recurring adjustments, necessary for a fair presentation of the results
for those periods and the financial condition at those dates. The consolidated
results for six month periods are not necessarily indicative of results to be
expected for the full year.
U.S. dollar amounts are included solely for the convenience of the reader at the
rate of JPY122.60 = U.S. $1, the approximate current exchange rate at September
30, 2002.
In June 2001, the Financial Accounting Standards Board ('FASB') issued Statement
of Financial Accounting Standards ('FAS') No. 142, Goodwill and Other Intangible
Assets. FAS No. 142 requires goodwill and intangible assets having an
indefinite useful life to be tested for impairment under certain circumstances,
and written off when impaired, rather than being amortized as previous standards
required. Toyota adopted the provisions of FAS No. 142 as of April 1, 2002. At
the date of initial adoption, FAS No. 142 requires to perform impairment test
for goodwill and intangible assets segmented as those having an indefinite
useful life. Toyota recognized no impairment losses on these assets as a result
of testing. In addition, FAS No. 142 requires to disclose, in the period of
initial application, income before extraordinary items and net income for all
periods presented adjusted as if FAS No. 142 had been applied in these periods,
including any adjustments for changes in amortization periods, if any, for
intangible assets continuously amortized after the adoption of FAS No. 142.
Goodwill on Toyota's balance sheet as at April 1, 2002, the initial application
of the statement, March 31, 2001, and September 30, 2001, was insignificant,
accordingly, the impact of amortization of goodwill was immaterial for the six
month period ended September 30, 2001 and the impact of cessation of
amortization is immaterial for the six month period ended September 30, 2002.
The amortization periods of intangible assets having a definite useful life as
of the date of the initial adoption were not changed based on Toyota's
assessment, required by FAS No. 142. Toyota's intangible assets having an
indefinite useful life, so decided based on Toyota's assessment as of the date
of initial adoption, mainly consist of intangible assets relating to employees'
retirement benefits, which have not been amortized before and after the
adoption. Carrying amounts of goodwill and other intangible assets as of
September 30, 2002, reported in 'Other' of 'Investments and other assets' were
JPY 7,278 million ($ 59 million) and JPY 144,936 million ($ 1,182 million),
respectively.
In August 2001, the FASB issued FAS No.144, Accounting for the Impairment or
Disposal of Long-Lived Assets. FAS No. 144 supersedes FAS No. 121, Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of, and provides new rules on asset impairment and a single accounting model for
long-lived assets to be disposed of. Although retaining many of the fundamental
recognition and measurement provisions of FAS No. 121, the new rules
significantly change the criteria that would have to be met to classify an asset
as held-for-sale. The new rules also supersede the provisions of APB Opinion No.
30, Reporting the Results of Operations - Reporting the Effects of Disposal of a
Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring
Events and Transactions, with regard to reporting the effects of a disposal of a
segment of a business and require expected future operating losses from
discontinued operations to be displayed in discontinued operations in the period
(s) in which the losses are incurred. Toyota adopted the provisions of FAS No.
144 as of April 1, 2002. The adoption of FAS No. 144 did not have a material
impact on Toyota's consolidated financial statements.
Pursuant to FASB Emerging Issues Task Force Issue No. 01-09, 'Accounting for
Consideration Given by a Vendor to a Customer (Including a Reseller of the
Vendor's Products)', Toyota has reclassified certain sales incentives which fall
into the scope from selling, general and administrative expenses to a reduction
of revenues, for all periods presented.
In June 2001, the FASB issued FAS No.143, Accounting for Asset Retirement
Obligations. Toyota is required to adopt FAS No. 143 effective April 1, 2003.
FAS No. 143 requires full recognition of asset retirement obligations on the
balance sheet from the point in time at which a legal obligation exists. The
obligation is required to be measured at fair value. The carrying value of the
asset or assets to which the retirement obligation relates would be increased by
an amount equal to the liability recognized. This amount would then be included
in the depreciable base of the asset and charged to income over its life as
depreciation. Toyota is currently in the process of evaluating the impact that
FAS No. 143 will have on its financial statements.
In June 2002, the FASB issued FAS No. 146, Accounting for Costs Associated with
Exit or Disposal Activities. FAS No. 146 requires to recognize a liability for
costs relating to exit or disposal activities when incurred rather than when
management's commitment to exit plan as current accounting guidance requires.
Toyota is required to adopt this provision to exit or disposal activities
initiated after December 31, 2002. Toyota does not expect this statement to
have a material impact on Toyota's consolidated financial statements.
In November 2002, the FASB issued FASB Interpretation ('FIN') No. 45,
'Guarantor's Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees of Indebtedness of Others'. FIN No. 45 clarifies that a
guarantor is required to recognize, at the inception of a guarantee, a liability
for the fair value of the obligation undertaken in issuing the certain guarantee
within its scope. FIN No. 45 also elaborates on the disclosure to be made by a
guarantor. Toyota is currently in the process of evaluating the impact that FIN
No. 45 will have on its financial statements.
2. Net income per share:
Basic net income per common share is calculated by dividing net income by the
weighted average number of common shares outstanding during the reported period
(3,674,614,684 and 3,595,184,689 shares for the six month periods ended
September 30, 2001 and 2002, respectively). The calculation of diluted net
income per common share is similar to the calculation of basic net income per
common share, except that the weighted-average number of shares outstanding
includes the additional dilution from assumed exercise of dilutive stock
options. The effective of dilutive stock options was de-minims for the six
month periods ended September 30, 2001 and 2002.
3. Reclassification:
Certain prior period amounts have been reclassified to conform to the
presentation in the six month period ended September 30, 2002.
4. Comprehensive income:
Toyota's total comprehensive income for the six month periods ended September
30, 2001 and 2002 was as follows:
U.S. dollars in
millions
Yen in millions
For the six month For the six month
period ended period ended
September 30, September 30,
2001 2002 2002
Net income JPY 228,497 JPY 425,800 $ 3,473
Other comprehensive income (loss):
Unrealized gains on securities, 128 10,182 83
net of reclassification adjustment
Foreign currency translation adjustments (39,628) (107,889) (880)
Minimum pension liability adjustment 235 9,141 75
Net losses on derivative instruments (13,155) (542) (5)
(52,420) (89,108) (727)
Total comprehensive income JPY 176,077 JPY 336,692 $ 2,746
5. Segment data:
The operating segments reported below are the segments of Toyota for which
separate financial information is available and for which operating income/loss
amounts are evaluated regularly by executive management in deciding how to
allocate resources and in assessing performance.
The major portions of Toyota's operations on a worldwide basis are derived from
the Automotive and Financial Services business segments. The Automotive segment
designs, manufactures, assembles and distributes passenger cars, recreational
and sport-utility vehicles, minivans, trucks and related parts and accessories.
The Financial Services segment consists primarily of financing operations, and
vehicle and equipment leasing operations to assist in the merchandising of
Toyota's products as well as other products. The All Other segment includes
Toyota's transportation business, telecommunications business, and various other
business activities.
The following tables present certain information regarding Toyota's industry
segments and operations by geographic areas at March 31, 2002 and September 30,
2002 and for the six month periods ended September 30, 2001 and 2002:
Information about segment profit and assets -
As of March 31, 2002 and for the six month period ended September 30, 2001:
Yen in millions
Automotive Financial All Other Intersegment Consolidated
Services Elimination/ Total
Unallocated
Amount
Revenues JPY 6,092,278 JPY 326,151 JPY 348,640 JPY (148,373) JPY 6,618,696
Depreciation 291,793 95,578 9,457 - 396,828
Operating income 507,513 11,265 (10,623) (64) 508,091
Segment assets (1) 9,121,406 6,910,593 650,912 2,622,819 19,305,730
Investment in equity
method investees (1) 1,065,455 185,072 3,950 66,495 1,320,972
Expenditures for
segment assets 386,813 271,799 17,820 79,824 756,256
(1) Representing figures as of March 31, 2002.
As of and for the six month period ended September 30, 2002:
Yen in millions
Automotive Financial All Other Intersegment Consolidated
Services Elimination/ Total
Unallocated
Amount
Revenues JPY 7,041,551 JPY 350,805 JPY 360,729 JPY (139,663) JPY 7,613,422
Depreciation 328,501 96,929 9,565 - 434,995
Operating income 685,921 3,805 (1,202) (3,501) 685,023
Segment assets 8,898,489 7,046,464 685,126 2,894,448 19,524,527
Investment in equity
method investees 1,070,612 170,428 3,355 63,298 1,307,693
Expenditures for
segment assets 476,256 263,888 14,586 53,972 808,702
U.S. dollars in millions
Automotive Financial All Other Intersegment Consolidated
Services Elimination/ Total
Unallocated
Amount
Revenues $ 57,435 $ 2,862 $ 2,942 $ (1,139) $ 62,100
Depreciation 2,679 791 78 - 3,548
Operating income 5,595 31 (10) (29) 5,587
Segment assets 72,581 57,475 5,588 23,610 159,254
Investment in equity
method investees 8,733 1,390 27 516 10,666
Expenditures for
segment assets 3,885 2,152 119 440 6,596
Geographic Information -
Revenues for the six month period ended September 30:
U.S. dollars in
millions
Yen in millions
2001 2002 2002
Japan
External customers JPY 2,985,744 JPY 3,131,544 $ 25,543
Intercompany 1,789,310 2,060,909 16,810
Total 4,775,054 5,192,453 42,353
North America
External customers 2,591,923 3,069,254 25,035
Intercompany 81,158 127,292 1,038
Total 2,673,081 3,196,546 26,073
Europe
External customers 598,987 713,832 5,823
Intercompany 18,054 32,043 261
Total 617,041 745,875 6,084
Other foreign countries
External customers 442,042 698,792 5,700
Intercompany 48,690 42,654 348
Total 490,732 741,446 6,048
Elimination of intercompany revenue (1,937,212) (2,262,898) (18,458)
Consolidated total JPY 6,618,696 JPY 7,613,422 $ 62,100
Operating income (loss) for the six month period ended September 30:
U.S. dollars in
Yen in millions millions
2001 2002 2002
Japan JPY 416,521 JPY 479,783 $ 3,913
North America 99,585 181,793 1,483
Europe (15,712) 5,083 41
Other foreign countries 2,885 21,955 179
Elimination of intersegment profits 4,812 (3,591) (29)
Consolidated total JPY 508,091 JPY 685,023 $ 5,587
Long-lived assets as of March 31 and September 30, 2002:
U.S. dollars in
Yen in millions millions
March 31 September 30 September 30
Japan JPY 2,694,473 JPY 2,708,418 $ 22,092
North America 1,826,905 1,780,390 14,522
Europe 341,562 370,462 3,022
Other foreign countries 244,070 245,569 2,002
Consolidated total JPY 5,107,010 JPY 5,104,839 $ 41,638
Revenues are attributed to geographies based on the country location of the
parent company or the subsidiary that transacted the sale with the external
customer. There are no any individually material countries with respect to
revenues and long-lived assets included in other foreign countries. Transfers
between industry or geographic segments are made at amounts which Toyota's
management believes approximate arm's-length prices. In measuring the
reportable segments' profits or losses, operating income consists of sales and
operating revenue less costs and operating expenses. Unallocated assets consist
primarily of cash and cash equivalents and marketable securities maintained for
general corporate purposes.
Certain financial statement data on non-financial services
and financial services businesses -
Toyota is preparing certain financial statement data relating to the
segmentation of Toyota's non-financial services and financial services
businesses. This financial statement data includes balance sheets at March 31,
2002 and September 30, 2002, and statements of income for the six month periods
ended September 30, 2001 and 2002.
Balance sheets -
Yen in millions U.S. dollars
in millions
March 31, September 30, September
30,
2002 2002 2002
Non-Financial Services Businesses
Current assets
Cash and cash equivalents JPY 1,510,974 JPY 1,795,432 $ 14,644
Time deposits 8,327 8,007 66
Marketable securities 596,530 558,576 4,556
Trade accounts and notes receivable 1,471,716 1,245,472 10,159
Finance receivables, net 14,612 12,858 105
Inventories 961,840 927,040 7,562
Prepaid expenses and other current assets 1,258,788 1,370,377 11,177
Total current assets 5,822,787 5,917,762 48,269
Noncurrent finance receivables, net 17,996 17,906 146
Investments and other assets 3,265,860 3,290,344 26,838
Property, plant and equipment 3,989,227 3,997,038 32,602
Total Non-Financial Services Businesses assets 13,095,870 13,223,050 107,855
Financial Services Businesses
Current assets
Cash and cash equivalents 146,186 74,721 610
Time deposits 11,650 24,317 198
Marketable securities 4,207 3,237 26
Finance receivables, net 2,005,879 2,174,660 17,738
Prepaid expenses and other current assets 539,544 535,336 4,367
Total current assets 2,707,466 2,812,271 22,939
Noncurrent finance receivables, net 2,653,464 2,690,992 21,949
Investments and other assets 431,880 435,400 3,551
Property, plant and equipment 1,117,783 1,107,801 9,036
Total Financial Services Businesses assets 6,910,593 7,046,464 57,475
Eliminations (700,733) (744,987) (6,076)
Total assets JPY 19,305,730 JPY 19,524,527 $ 159,254
Yen in millions U.S. dollars
in millions
March 31, September 30, September 30
2002 2002 2002
Non-Financial Services Businesses
Current liabilities
Short-term borrowings JPY 834,490 JPY 781,272 $ 6,373
Current portion of long-term debt 236,117 168,377 1,373
Accounts payable 1,413,373 1,370,512 11,179
Accrued expenses 872,672 886,003 7,227
Income taxes payable 321,579 293,484 2,394
Other current liabilities 770,219 807,623 6,587
Total current liabilities 4,448,450 4,307,271 35,133
Long-term liabilities
Long-term debt 719,375 764,754 6,238
Accrued pension and severance costs 753,806 726,306 5,924
Other long-term liabilities 272,391 339,110 2,766
Total long-term liabilities 1,745,572 1,830,170 14,928
Total Non-Financial Services Businesses
liabilities 6,194,022 6,137,441 50,061
Financial Services Businesses
Current liabilities
Short-term borrowings 1,407,183 1,578,099 12,872
Current portion of long-term debt 929,893 1,031,792 8,416
Accounts payable 7,460 7,710 63
Accrued expenses 58,750 59,224 483
Income taxes payable 6,134 2,531 20
Other current liabilities 263,472 202,879 1,655
Total current liabilities 2,672,892 2,882,235 23,509
Long-term liabilities
Long-term debt 3,255,970 3,258,183 26,576
Accrued pension and severance costs 597 751 6
Other long-term liabilities 328,338 261,858 2,136
Total long-term liabilities 3,584,905 3,520,792 28,718
Total Financial Services Businesses liabilities 6,257,797 6,403,027 52,227
Eliminations (701,822) (745,471) (6,080)
Minority interest in consolidated subsidiaries 291,621 345,038 2,814
Shareholders' equity 7,264,112 7,384,492 60,232
Total liabilities and shareholders' equity JPY 19,305,730 JPY 19,524,527 $ 159,254
Statements of income -
U.S. dollars
Yen in millions in millions
For the six
For the six month period ended month
period ended
September 30, September 30,
2001 2002 2002
Non- Financial Services Businesses
Net revenues JPY 6,319,995 JPY 7,269,669 $ 59,296
Costs and expenses
Cost of revenues 5,104,545 5,792,839 47,250
Selling, general and administrative 715,258 790,455 6,448
Total costs and expenses 5,819,803 6,583,294 53,698
Operating income 500,192 686,375 5,598
Other income (expense), net (119,160) 30,377 248
Income before income taxes, minority interest and
equity in earnings of affiliated companies 381,032 716,752 5,846
Provision for income taxes 192,667 300,891 2,454
Income before minority interest and equity in
earnings of affiliated companies 188,365 415,861 3,392
Minority interest in consolidated subsidiaries (1,025) (9,002) (73)
Equity in earnings of affiliated companies 36,800 16,942 138
Net income- Non- Financial Services Businesses 224,140 423,801 3,457
Financial Services Businesses
Net revenues 326,151 350,805 2,862
Costs and expenses
Cost of revenues 237,754 228,771 1,866
Selling, general and administrative 77,132 118,229 965
Total costs and expenses 314,886 347,000 2,831
Operating income 11,265 3,805 31
Other income (expense), net 16,784 (5,490) (45)
Income (loss) before income taxes, minority
interest and equity in earnings of affiliated
companies 28,049 (1,685) (14)
Provision (Benefit) for income taxes 5,774 (3,725) (30)
Income before minority interest and equity in
earnings of affiliated companies 22,275 2,040 16
Minority interest in consolidated subsidiaries (581) (538) (4)
Equity in earnings (losses) of affiliated (17,336) 845 7
companies
Net income- Financial Services Businesses 4,358 2,347 19
Eliminations (1) (348) (3)
Net income JPY 228,497 JPY 425,800 $ 3,473
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