Securities Report 5/12
Toyota Motor Corporation
24 June 2004
Significant Matters for Preparation of Consolidated Financial Statements
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
1. Scope of Consolidation
Number of consolidated subsidiaries: 581
(1) Number of consolidated subsidiaries in Japan: 355
Tokyo Toyota Motor Co., Ltd.
Tokyo Toyo-Pet Motor Sales Co., Ltd.
Osaka Toyopet Co., Ltd.
Toyota Tokyo Corolla Co., Ltd.
Hino Motors, Ltd.
Toyota Motor Kyushu, Inc.
Daihatsu Motor Co., Ltd.
Toyota Motor Hokkaido, Inc.
Toyota Auto Body Co., Ltd.
Kanto Auto Works, Ltd.
Araco Corporation
Toyota Financial Services Corporation
Toyota Finance Corporation
Others
(2) Number of overseas consolidated subsidiaries: 226
Toyota Motor North America, Inc.
Toyota Motor Europe n.v./s.v.
Toyota Motor Sales, U.S.A., Inc.
Toyota Motor Marketing Europe n.v./s.a.
Toyota Deutschland G.m.b.H.
Toyota France S.A.
Toyota Motor Italia S.p.A.
Toyota (GB) PLC
Toyota Motor Manufacturing, North America, Inc.
Toyota Motor Manufacturing, Kentucky, Inc.
Toyota Motor Manufacturing, Indiana, Inc.
Toyota Motor Manufacturing Canada Inc.
Toyota Motor Engineering & Manufacturing Europe
n.v./s.a.
Toyota Motor Manufacturing (UK) Ltd.
Toyota South Africa Motors (Pty) Ltd.
Kuozui Motors Ltd.
Toyota Motor Thailand Co., Ltd.
Toyota Motor Corporation Australia Ltd.
Toyota Motor Credit Corporation
Toyota Credit Canada Inc.
Toyota Kreditbank G.m.b.H.
Toyota Motor Finance (Netherlands) B.V.
Toyota Financial Services (UK) PLC
Toyota Finance Australia Ltd.
Others
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
During this fiscal year, 41 companies, including Toyota
Motor Europe n.v./s.v., newly became subsidiaries of Toyota
Motor Corporation ('TMC') and were consolidated.
Subsidiaries excluded from the scope of consolidation
included (i) 6 companies, including Toyota Kyoei Service
Co., Ltd., that ceased to be subsidiaries of TMC due to
decreases in shareholding ratios resulting from sales of
their respective voting shares or other reasons; (ii) 12
companies, including Toyota Media Station Inc., that were
liquidated; and (iii) 6 companies, including Toyota
Modellista Fukuoka Corporation, that were merged into other
consolidated subsidiaries.
2. Application of Equity Method
(1) Number of affiliates accounted for
under the equity method: 51
(a) Number of domestic affiliates accounted for under the
equity method: 34
Toyota Industries Corporation
Aichi Steel Corporation
Toyoda Machine Works, Ltd.
Toyota Tsusho Corporation
Aisin Seiki Co., Ltd.
Denso Corporation
Toyoda Gosei Co., Ltd.
Aisin AW Co., Ltd.
Aioi Insurance Co., Ltd.
Others
(b) Number of overseas affiliates accounted for under the
equity method: 17
New United Motor Manufacturing, Inc.
Toyota Canada Inc.
Others
From this fiscal year, 6 affiliates, including Tianjin
Toyota Motor Co., Ltd. were accounted for under the equity
method in consideration of their materiality. In addition,
4 companies previously accounted as equity method
affiliates, including Toyota Woodyou Home Corporation and
Toyota Espana S.L., have newly become subsidiaries of TMC
and have consequently been consolidated. Jeco Co., Ltd.
was no longer accounted for under the equity method in
consideration of its materiality, resulting from the sale
of its shares.
(2) Number of unconsolidated subsidiaries and affiliates
not accounted for under the equity method
Affiliates: 182, including Aisin Takaoka Co., Ltd.
(3) Affiliates not accounted for under the equity method
are all insignificant in terms of their net income (loss),
legal reserve and retained earnings, and impact on the
consolidated financial statements is immaterial.
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
3. Fiscal Year Ends of Consolidated Subsidiaries
(1) The fiscal year ends of the following consolidated
subsidiaries differ from that of TMC, which is March 31.
A total of 39 subsidiaries whose fiscal year ends on
December 31 includes:
OOO Toyota Motor
Tianjin Toyota Forging Co., Ltd.
Tianjin Fengjin Auto Parts Co., Ltd.
Toyota Motor (China) Investment Co., Ltd.
Toyota Motor Technical Center (China) Co., Ltd.
Toyota Motorsport GmbH
In addition, the following subsidiaries' fiscal years end
on the date specified in parentheses:
Fahren Miyagi Co., Ltd. (April 30)
Itagaki Syouji Co., Ltd. (June 30)
Itagaki Kousan Co., Ltd. (September 30)
(2) Of the above subsidiaries, Fahren Miyagi Co., Ltd
(whose fiscal year ends on April 30), Itagaki Syouji Co.,
Ltd (whose fiscal year ends on June 30), Itagaki Kousan
Co., Ltd (whose fiscal year ends on September 30) and 10
other subsidiaries whose fiscal years end on December 31,
including Banco Toyota do Brasil S.A., were consolidated
based on the amounts for a year ended March 31 prepared for
the purpose of consolidation. In addition, 29 subsidiaries,
including OOO Toyota Motor, were consolidated based on
their respective financial statements.
4. Significant Accounting Policies
(1) Valuation of assets
(a) Securities
Securities with fair value
Principally stated at fair value based on market prices at
end of fiscal year. (Unrealized holding gains and losses
are accounted for as a component of shareholders' equity;
cost of sales is determined using the moving average
method.)
Securities not practicable to fair value
Principally stated at cost using the moving average method.
(b) Derivatives
Principally stated at fair value.
(c) Money trusts for trading purposes
Stated at fair value.
(d) Inventories
TMC and domestic consolidated subsidiaries
Principally stated at cost, as determined using the
periodic average method or the specific identification
method.
Overseas consolidated subsidiaries
Principally stated at the lower of cost or market value
based on the specific identification method,
first-in-first-out method or last-in-first-out method.
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
(2) Depreciation and amortization
(a) Depreciation of property, plant and equipment
TMC and domestic consolidated subsidiaries:
Principally computed using the declining balance method.
The determination of useful life and residual value is
based on the same standards as in the Corporation Tax Laws
of Japan.
Buildings and structures, machinery and equipment,
vehicles and delivery equipment and other property, plant
and equipment of TMC is depreciated to their actual
residual value after they have been depreciated to their
depreciable limit under the Corporation Tax Laws of Japan.
Overseas consolidated subsidiaries:
Principally computed using the straight-line method.
(b) Amortization of intangible fixed assets
Software for internal use is amortized over its estimated
useful life of 5 years using the straight-line method.
(3) Accounting of deferred assets
Organization expenses, business commencement expenses,
share issuance expenses, bond issuance expenses and bond
discounts are expensed when the payment is made.
(4) Significant allowances
(a) Allowance for doubtful accounts
TMC:
To prepare for losses from uncollectible receivables,
allowance for doubtful accounts is provided in an amount
equivalent to the maximum limit deductible for tax
purposes which is determined by the Corporation Tax Laws
or an amount determined by considering the collectibility
of receivable.
Consolidated subsidiaries:
Principally computed based on the maximum limit deductible
for tax purposes which is determined by the Corporation
Tax Laws or the historical loss experience.
(b) Allowance for product warranties
To prepare for expenses related to after-sale services,
allowance for product warranty is provided based on the
terms of the warranties and historical experience.
(c) Allowance for employee bonuses
To provide for employee bonuses, some of the consolidated
subsidiaries accrue part of the estimated bonus payments
for the following fiscal year which are attributed to the
current fiscal year.
(d) Allowance for retirement benefits
Principally to provide for the retirement benefits for
employees, including those already retired, allowance for
retirement benefits obligations deemed to have been
incurred during the current fiscal year is stated based on
estimated retirement benefit obligations and estimated
pension assets at the end of the fiscal year.
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
(5) Accounting for Lease Transactions
Finance lease transactions other than those which are
deemed to transfer the ownership of the leased assets to
lessees are accounted for by a method similar to that used
for ordinary operating lease transactions.
(6) Accounting for Hedges
Gains or losses arising from changes in fair value of the
derivatives designed as 'hedging instruments' are deferred
as assets or liabilities, or those derivatives are used for
valuating hedged assets or liabilities.
TMC and its consolidated subsidiaries enter into the
following hedge transactions: (i) foreign exchange forward
contracts and foreign currency options, primarily to hedge
against exchange rate fluctuation risks related to accounts
receivable denominated in foreign currencies, primarily the
U.S. dollar; (ii) interest rate options, primarily to hedge
against interest rate fluctuation risks related to
floating-rate liabilities; and (iii) interest rate currency
swaps and interest rate swaps, primarily to hedge against
currency and interest rate fluctuation risks related to the
principal and interest of bond portfolios denominated in
foreign currencies and straight bonds issued in foreign
currencies.
The assessment of hedge effectiveness is conducted by
comparing the accumulated fluctuation in fair value or cash
flow of the hedged item and the hedge instrument in the
period between the start date of the hedge transaction and
the day of assessment.
TMC believes that its exposure to credit risk is immaterial
as the counterparties of the transactions entered into by
TMC and its subsidiaries are diversified among financial
institutions with strong credit profiles. The execution
and management of hedge transactions are conducted by the
financial department of each company upon obtaining
approval from directors overseeing the accounting and
financial operations. The status of these transactions is
periodically reported to these overseeing directors.
(7) Accounting of consumption taxes
Consumption tax is computed using the net-of-tax method.
5. The valuation of assets and liabilities of
consolidated subsidiaries
Assets and liabilities of consolidated subsidiaries are
revalued at their fair value not recognizing minority
interest as of the date of acquisition.
6. Amortization of goodwill
Goodwill is principally amortized over 5 years using the
straight-line method. If the amount of goodwill is
immaterial, however, it is expensed as incurred.
Goodwill recorded in this fiscal year was expensed as
incurred due to its immateriality.
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
7. Appropriation of retained earnings
Consolidated Statements of Retained Earnings and Capital
Surplus are prepared based on the appropriation of retained
earnings approved during this fiscal year.
8. Definition of funds on consolidated statements of
cash flows Cash and cash equivalents on the consolidated
statements of cash flows include cash on hand, immediately
accessible bank deposits, and short-term investments with
original maturities of 3 months or less, that are readily
convertible into cash and that bear insignificant risk of
changes in value.
Changes in Accounting Policy
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
1. Accounting Standards for Treasury Stock and the
Withdrawal of Legal Reserve
In conjunction with the implementation of 'Accounting
Standards for Treasury Stock and the Withdrawal of Legal
Reserve' (Financial Accounting Standards No. 1) effective
from April 1, 2002, TMC and its domestic subsidiaries have
adopted this statement for this fiscal year. The adoption
of the new standard had no material impact on the results
for this fiscal year.
In connection with the amendment of the Regulations
Regarding Consolidated Financial Statements, shareholders'
equity in the consolidated balance sheet and consolidated
statements of retained earnings and capital surplus for
this fiscal year have been prepared in accordance with the
amended regulations
2. Earnings per share
In conjunction with the implementation of 'Accounting
Standard for Earnings Per Share' (Financial Accounting
Standards No. 2) and 'Implementation Guidance of Accounting
Standard for Earnings Per Share' (Implementation Guidance
of Financial Accounting Standards No. 4) for the year
beginning on and after April 1, 2002, TMC has adopted these
statements for this fiscal year. The impact due to the
adoption of these new standards is described in (Per share
data).
Changes in Presentation
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
'Commercial papers' is presented as a separate line item in
the consolidated balance sheet because it exceeded 5% of
the total amount of liabilities, minority interests in
consolidated subsidiaries and shareholders' equity as of
March 31, 2003.
The line item 'Other current liabilities' under 'Current
liabilities' in the consolidated balance sheet of the
previous year included commercial papers in the amount of
952,553 million yen.
Additional Information
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
In conjunction with enforcement of the Defined Benefit
Enterprise Pension Plan Law, TMC, some of its domestic
consolidated subsidiaries and domestic affiliates accounted
for under the equity method received approval from the
Minister of Health, Labor and Welfare, for exemption from
the obligation for benefits related to future employee
service under the substitutional portion. (TMC received the
approval on April 1, 2002)
TMC and these subsidiaries and affiliates applied the
transitional provision stipulated in paragraph 47-2 of the
'Practical Guidelines of Accounting for Retirement Benefits
(Interim Report)' (Accounting Committee Report No. 13
issued by the Japanese Institute of Certified Public
Accountants), and recognized an extinguishment of
retirement benefit obligation related to the substitutional
portion as of the date of the approval.
As a result, 32,341 million yen was recognized as 'Equity
in earnings of affiliates' under 'Non-operating income',
and 235,314 million yen was recognized as 'Gains on return
of substitutional portion of employees' pension fund plans'
under 'Extraordinary gains' in this fiscal year.
Perspective amount to be returned is 474,400 million yen as
of March 31, 2003.
Notes to Consolidated Financial Statements
(Consolidated Balance Sheets)
FY2003 FY2004
March 31, 2003 March 31, 2004
1.
1 Accumulated depreciation of property, plant and equipment
7,931,514 million yen
2 Vehicles and delivery equipment include assets under lease contracts (Toyota as lessor) in
the amounts of 1,134,883 million yen.
*3 Assets related to affiliates
(Assets)
Yen in millions
Investments in securities (Stock) 1,028,941
Investments in securities(Bonds) 200
Investments in 48,990
securities (Convertible bonds)
Number of outstanding shares of TMC is 3,609,997,492 shares (common share).
Number of treasury stock held by TMC, its consolidated subsidiaries, and affiliates
accounted for under the equity method is 259,094,384 shares (common stock).
Fair value of securities held as collateral of repurchase agreement transactions, which
TMC and its consolidated subsidiaries have the right to dispose of, are 24,999 million yen.
2. Assets pledged as collateral and secured liabilities
(1) Assets pledged as collateral
Yen in millions
Notes receivable 38,134
Installment credit from dealers 66,013
Buildings and structures 58,691
Machinery and equipment 12,190
Land 98,248
Other 27,445
Total 300,723
(2) Secured liabilities
Yen in millions
Short-term borrowings 143,266
Long-term borrowings 56,769
Bonds 66,013
Total 266,048
FY2003 FY2004
March 31, 2003 March 31, 2004
3. Liabilities for guarantees
Yen in millions
Debt guarantees related to the 841,871
operation of consolidated finance
subsidiaries
Other liabilities for guarantees 35,619
Other acts similar to guarantees 13
Total 877,504
4. Notes receivable
Yen in millions
Discounted 17,343
Endorsed 11
5. Unfunded loans under overdraft contracts and loan commitments
Unfunded loans provided by consolidated finance subsidiaries under overdraft
contracts and loan commitments
1,306,483 million yen
The above funds are not necessarily fully executed, as some of the overdraft
contracts and loan commitments referred above are contingent upon a satisfactory
review of the creditworthiness of the customer.
(Consolidated Statements of Income)
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
* Research and development related expenses included in
general and administrative expenses and manufacturing costs
are 671,608 million yen.
(Consolidated Statements of Cash Flows)
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
1. Reconciliation between cash and cash equivalents and accounts presented in
the consolidated balance sheets
(March 31, 2003)
Yen in millions
Cash and deposits 620,870
Marketable securities 1,661,978
Total 2,282,848
Time deposits and securities with (659,606)
maturities over 3 months
Cash and cash equivalents 1,623,241
2. Significant non-cash transactions
During FY2003, no non-cash transaction that will have a material impact on cash
flows in subsequent fiscal years has occurred.
(Lease)
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
1. Finance lease transactions not involving a transfer of ownership of
leased property to the lessee
(1) As lessee
(a) Amounts equivalent to acquisition cost, accumulated depreciation and book
value of leased property
Acquisition cost Accumulated Book value
(Yen in millions) depreciation (Yen in
(Yen in millions) millions)
Machinery and 31,726 8,468 23,257
equipment
Vehicles and 7,232 2,637 4,595
delivery
equipment
Other 39,141 18,287 20,854
Total 78,100 29,392 48,707
(b) The amounts equivalent to the outstanding future lease payments
Yen in millions
Due within one year 8,366
Due after one year 49,405
Total 57,772
(c) Lease payments, the amounts equivalent to depreciation and interest expenses
Yen in millions
Lease payments 10,887
Depreciation expenses 9,830
Interest expenses 2,987
(d) Calculation method of the amount equivalent to depreciation expenses
The amount equivalent to depreciation expenses is calculated based on the
straight-line method with no residual value over the lease term
(e) Calculation method of the amount equivalent to interest expenses
The amount equivalent to interest expenses is calculated as the difference
between the total lease payment and the amount equivalent to acquisition cost of
the leased property. The allocation of the amount equivalent to interest
expenses to each period is based on the interest method.
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
(2) As lessor
(a) Acquisition cost, accumulated depreciation and book value of leased
property included in property, plant and equipment
Acquisition cost Accumulated Book value
(Yen in millions) depreciation (Yen in
(Yen in millions) millions)
Machinery and 20,530 7,212 13,317
equipment
Vehicles and 53,045 29,160 23,884
delivery
equipment
Other 44,100 20,077 24,022
Total 117,676 56,451 61,224
(b) The amount equivalent to the outstanding future lease income
Yen in millions
Due within one year 24,119
Due after one year 43,571
Total 67,691
(c) Lease income, depreciation expenses and the amount equivalent to
interest income
Yen in millions
Lease income 28,384
Depreciation expenses 19,851
Interest income 2,806
(d) Calculation method of the amount equivalent to interest income
The amount equivalent to interest income is calculated as the difference between
the total lease income and estimated residual value, and the acquisition cost of
the leased property. The allocation of the amount equivalent to interest income
to each period is based on the interest method.
2. Operating lease transactions
(1) As lessee
Outstanding future lease payments
Yen in millions
Due within one year 9,740
Due after one year 30,721
Total 40,461
(2) As lessor
Outstanding future lease income
Yen in millions
Due within one year 281,033
Due after one year 352,155
Total 633,189
(Securities)
(FY2003) (March 31, 2003)
Marketable Securities
1. Marketable securities held for trading purposes
(Yen in millions)
Carrying amount on consolidated balance sheets -
Gains/losses recognized in consolidated statement -
of income
2. Bonds with fair values that are classified as held to maturity
securities
Category March 31, 2003
Carrying amount on Fair value Difference
consolidated balance
sheets (Yen in millions) (Yen in millions)
(Yen in millions)
Securities with fair values
exceeding carrying amounts
Government bonds, municipal bonds - - -
and others
Corporate bonds - - -
Others - - -
Subtotal - - -
Securities with carrying amounts
exceeding fair values
Government bonds, municipal bonds - - -
and others
Corporate bonds - - -
Others - - -
Subtotal - - -
Total - - -
3. Other securities with fair values
Category March 31, 2003
Acquisition cost Carrying amount on Difference
(Yen in millions) consolidated balance (Yen in millions)
sheets
(Yen in millions)
Securities with carrying amounts
exceeding acquisition costs
Equity securities 291,823 415,736 123,913
Bonds
Government bonds, municipal 568,847 581,500 12,653
bonds and others
Corporate bonds 300,047 313,203 13,156
Others - - -
Others 1,876 2,217 341
Subtotal 1,162,595 1,312,657 150,062
Securities with acquisition costs
exceeding carrying amounts
Equity securities 75,360 71,586 (3,774)
Bonds
Government bonds, municipal 939,411 938,476 (935)
bonds and others
Corporate bonds 385,425 383,885 (1,540)
Others - - -
Others 261,021 260,929 (92)
Subtotal 1,661,219 1,654,877 (6,342)
Total 2,823,815 2,967,534 143,719
Note: Impairment loss recognized for this fiscal year was 52,027 million yen.
4. Held to maturity bond securities sold during this fiscal year (For the
year ended March 31,2003)
Category Carrying amount of Selling price Gain/loss Reason for sale
sold securities (Yen in millions) (Yen in millions)
(Yen in millions)
Bonds
Government bonds, municipal bonds - - - -
and others
Corporate bonds - - - -
Others - - - -
Total - - - -
5. Other securities sold during this fiscal year (For the year ended
March 31,2003)
Selling price Gross amount of gain on sale Gross amount of loss on sale
(Yen in millions) (Yen in millions) (Yen in millions)
185,753 7,580 103
6. Description and carrying amount of securities not practicable to
determining fair value
(1) Bonds classified as held to maturity securities
(Yen in millions)
Government bonds, municipal bonds and others -
Corporate bonds -
Others -
(2) Other securities
(Yen in millions)
Unlisted equity securities 55,676
Unlisted bonds
Government bonds, municipal bonds and others -
Corporate bonds 5,787
Others -
Other unlisted securities 237,802
7. Maturity schedule of bonds securities classified as other securities
and held to maturity securities
Category March 31, 2003
Within 1 year From 1 to 5 years From 5 to 10 Over 10 years
years
(Yen in millions) (Yen in millions) (Yen in millions) (Yen in millions)
Bonds
Government bonds, municipal 874,332 598,046 2,120 45,993
bonds and others
Corporate bonds 336,473 349,733 15,440 -
Others - - - -
Others 398,545 244 3,069 -
Total 1,609,350 948,025 20,631 45,993
(Derivative transaction)
1. Condition of transactions
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
TMC and its consolidated subsidiaries employ derivative
financial instruments, including foreign exchange forward
contracts, foreign currency options, interest rate
options, interest rate currency swap agreements and
interest rate swaps to manage financial risks.
TMC and its consolidated subsidiaries enter into the
following hedge transactions: (i) foreign exchange forward
contracts and foreign currency options, primarily to hedge
against exchange rate fluctuation risks related to
accounts receivable denominated in foreign currencies,
primarily the U.S. dollar; (ii) interest rate options,
primarily to hedge against interest rate fluctuation risks
related to floating-rate liabilities; and (iii) interest
rate currency swaps and interest rate swaps, primarily to
hedge against currency and interest rate fluctuation risks
related to the principal and interest of bond portfolios
denominated in foreign currencies and bonds issued in
foreign currencies.
TMC believes that its exposure to credit risk is
immaterial as the counterparties of the transactions
entered into by TMC and its subsidiaries are diversified
among financial institutions with strong credit profiles.
TMC has established operational policy for derivative
transactions, and obtained approval from directors
overseeing the accounting and financial operations. The
execution and management of hedge transactions are mainly
conducted by the financial department of each company.
The status of these transactions is periodically reported
to these overseeing directors.
2. Fair value of derivative transactions
The contract amount, fair value and unrealized gains (losses) of derivative
transactions
(1) Currency related transactions
Item Type of FY2003 FY2004
transaction
March 31, 2003 March 31, 2004
Contract Over 1 Fair Unrealized Contract Over 1 Fair Unrealized
amount year value gains/ amount year value gains/
(Yen in (Yen in (Yen in losses (Yen in (Yen in (Yen in Losses
millions) millions) millions) (Yen in millions) millions) millions) (Yen in
millions) millions)
Transactions Foreign exchange
other than forward contracts
market Selling
transactions Other 19,928 - (280) (280) - - - -
Buying
U.S. dollar 12,033 - (47) (47) - - - -
Other 2,180 - 10 10 - - - -
Swap transactions
Receive U.S. 2,999 2,999 10 10 - - - -
dollar and pay
Japanese yen
Receive U.S. 4,646 - 324 324 - - - -
dollar and pay
Euro
Other 137,811 72,900 3,197 3,197 - - - -
Total - - - 3,214 - - - -
FY2003 FY2004
March 31, 2003 March 31, 2004
(Notes)
1. Derivative transactions to which the hedge accounting
is applied are not included in the above.
2. Derivative transactions allocated to receivables or
payables denominated in foreign currencies in accordance
with the 'Accounting Standard for Foreign Currency
Transaction, etc.' are not included in the above.
3. The fair values of foreign exchange forward contracts
and swap transactions are calculated by the discounted
cash flow method.
(2) Interest rate related transactions
Item Type of FY2003 FY2004
transaction
March 31, 2003 March 31, 2004
Contract Over 1 Fair Unrealized Contract Over 1 Fair Unrealized
amount year value gains/ amount year value gains/
(Yen in (Yen in (Yen in losses (Yen in (Yen in (Yen in losses
millions) millions) millions) (Yen in millions) millions) millions) (Yen in
millions) millions)
Transactions Options
other than Cap purchased 1,093,820 673,120 4,022 4,022 - - - -
market Swap
transaction transactions
Receive fixed, 673,027 429,280 9,332 9,332 - - - -
pay floating
Receive 1,729,098 1,210,595 (40,578) (40,578) - - - -
floating, pay
fixed
Receive 342,930 296,052 150 150 - - - -
floating, pay
floating
Total - - - (27,073) - - - -
FY2003 FY2004
March 31, 2003 March 31, 2004
(Notes)
1. Derivative transactions to which the hedge accounting
is applied are not included in the above.
2. The fair values of option transactions and swap
transactions are calculated by the discounted cash flow
method.
(Retirement Benefit Plans)
FY2003
March 31, 2003
1 Outline of retirement benefit plans
TMC and domestic consolidated subsidiaries have employee pension funds,
qualified pension plans or retirement lump sum plans as defined benefit pension
plans. Some foreign consolidated subsidiaries also have defined benefit pension
plans. TMC and certain domestic consolidated subsidiaries have employee
retirement trusts.
TMC and consolidated subsidiaries have a total of 254 retirement lump sum plans,
56 employee pension funds, and 148 qualified pension plans as of March 31, 2003
(excluding those which are referred to as joint trust or union plan and those
which overlap with the joint trust contracts or union contracts).
In conjunction with the enforcement of the Defined Benefit Enterprise Pension
Law, TMC and some domestic consolidated subsidiaries received approval from the
Minister of Health, Labor and Welfare for exemption from the obligation for
benefits related to future employee service under the substitutional portion.
(TMC received the approval on April 1, 2002)
TMC changed part of lump sum plan to defined contribution pension plan in July,
2002.
2 Retirement benefit obligation
Yen in millions
(1) Benefit obligation (1,702,469)
(2) Plan assets * 637,638
(3) Funded status ((1)+(2)) (1,064,831)
(4) Unrecognized actuarial loss 535,736
(5) Unrecognized prior service cost (reduction of liabilities) (3,974)
(6) Net amounts included in the consolidated balance sheets ((3)+(4)+(5)) (533,069)
(7) Prepayment for retirement benefits 106,639
(8) Allowance for retirement benefits ((6)-(7)) (639,708)
(Notes)
1 Substitutional portion of employees' pension fund plans is included in the
figures above. With respect to the return of the substitutional portion of
employees' pension fund plans, TMC and some domestic subsidiaries applied the
transitional provision stipulated in paragraph 47-2 of the 'Practical Guidelines
of Accounting for Retirement Benefits (Interim Report)' (Accounting Committee
Report No. 13 issued by the Japanese Institute of Certified Public Accountants),
and recognized an extinguishment of retirement benefit obligation and plan
assets to be returned to the government as of the date of receiving approval
from the Minister of Health, Labor and Welfare for exemption from the obligation
for benefits related to future employee service under the substitutional
portion. Perspective amount to be returned is 474,400 million yen as of March
31, 2003.
2 *The plan assets of 66,645 million yen allocated by proportion of
contributed amount to multiemployer pension plans, where the amount of plan
assets cannot be reasonably identified, are not included.
3 Some consolidated subsidiaries apply a simplified method in calculating
their retirement benefit obligation.
FY2003
March 31, 2003
4 The impact of partial transition from lump sum pension plan to the defined
contribution pension plan is as follows:
Yen in millions
Decrease in retirement benefit obligation 47,207
Unrecognized actuarial loss (3,063)
Decrease in allowance for retirement benefit 44,144
The assets to be transferred to the defined contribution pension plan amounts
36,807 million yen, which is expected to be transferred over 4 years. The
amount of 27,471 million yen not yet transferred as of March 31, 2003 was
included in other accounts payable ('Accrued expenses and other accounts
payable' in current liabilities and 'Other' in long-term liabilities).
3 Retirement benefit cost
Yen in millions
(1) Service cost *1, *2 73,538
(2) Interest cost 41,052
(3) Expected return on plan assets (19,022)
(4) Amortization of net actuarial loss 25,113
(5) Amortization of prior service cost (2,170)
(6) Employer contribution to the multiemployer pension plans 3,925
(7) Retirement benefit cost ((1)+(2)+(3)+(4)+(5)+(6)) 122,436
(8) Gain on return of the substitutional portion of employee pension fund (235,314)
(9) Gain on transition to defined contribution pension plan (7,336)
(10) Employer contribution to defined contribution pension plan 2,916
Total (117,298)
(Notes)
1 Plan participants' contribution to the employee pension fund is not included.
2 Retirement benefit cost of consolidated subsidiaries applying simplified
calculation method is included in '(1) Service cost'.
4 Assumption
(1) Attribution method of retirement benefit Mainly benefit magnification method
(2) Discount rate 1.5% - 11.5% (TMC 2.0%, domestic consolidated subsidiaries
1.5% - 3.5%)
(3) Expected return on plan assets 1.3% - 10.5% (TMC 2.5%, domestic consolidated subsidiaries
1.3% - 4.5%)
(4) Amortization period for unrecognized prior 1 year - 20 years (mainly based on straight line method
service cost over the
average remaining service period of employees)
(5) Amortization period for unrecognized 2 years - 22 years (mainly based on straight line method
actuarial loss over
the average remaining service period of employees, will be
expensed starting from the next fiscal year)
(Deferred tax)
FY2003 FY2004
March 31, 2003 March 31, 2004
1. Significant components of deferred tax assets and liabilities
Deferred tax assets
Yen in millions
Allowance for retirement benefits 195,177
Accrued expenses 121,595
Property, plant and equipment 101,075
Allowance for product warranty 86,753
Intangible assets 47,614
Inventory adjustment 47,558
Allowance for doubtful accounts 40,639
Operating loss carryforwards for 158,080
tax purposes
Other 237,966
Gross deferred tax assets 1,036,457
Less - valuation allowance (112,791)
Total deferred tax assets 923,666
Deferred tax liabilities
Property, plant and equipment (381,422)
Unrealized gains on other (54,489)
securities
Other (40,493)
Gross deferred tax liabilities (476,404)
Net deferred tax asset 447,262
(Note) Net deferred tax asset is included in the consolidated balance sheets as
follows:
Yen in millions
Current assets - Deferred income taxes 413,039
Fixed assets - Deferred income taxes 446,123
Current liabilities - Deferred income taxes (1,570)
Long-term liabilities - Deferred income (410,330)
taxes
2. Reconciliation of the differences between the effective income tax rate and
the statutory tax rate
The reconciliation is omitted because the differences between the effective
income tax rate and the statutory tax rate is less than 5 percent of the
effective income tax rate.
3. In conjunction with the promulgation of 'The law that amends part of local
tax regulations that stipulate change of enterprise tax rate' (No.9, 2003 Law)
on March 31, 2003, the effective income tax rate that is used for the
calculation of deferred income tax assets and liabilities of TMC and its
domestic consolidated subsidiaries as of March 31, 2003, which will be realized
on and after April 1, 2004, was changed from 41.3% to 39.9%. As a result,
'Deferred income tax' under fixed assets, net of deferred tax liabilities,
decreased by 8,528 million yen and 'Net unrealized gains on other securities'
and 'Income tax - deferred' increased by 2,539 million yen and 11,067 million
yen, respectively.
(Segment information)
(Business Segment Information)
FY2003 (For the year ended March 31, 2003)
Automotive Financial All other Total Intersegment Consolidated
(Yen in services (Yen in (Yen in Elimination/ (Yen in
millions) (Yen in millions) millions) Unallocated millions)
millions) Amount
(Yen in
millions)
1 Revenues/Operating income
Net revenues
(1) Sales to external 14,788,940 700,961 564,387 16,054,290 - 16,054,290
customers
(2) Intersegment sales 12,337 19,045 307,564 338,947 (338,947) -
Total 14,801,278 720,007 871,952 16,393,238 (338,947) 16,054,290
Operating expenses 13,468,917 691,486 857,569 15,017,973 (327,363) 14,690,610
Operating income 1,332,360 28,520 14,383 1,375,264 (11,584) 1,363,679
2 Segment assets,
depreciation and
expenditures for segment
assets
Segment assets 9,617,993 7,657,144 857,739 18,132,877 2,609,508 20,742,386
Depreciation 722,742 109,151 19,740 851,634 - 851,634
Expenditures for segment 1,013,586 470,863 52,708 1,537,157 - 1,537,157
assets
(Notes)
1 Reporting segments
Reporting segments are defined by the type of products and services provided.
2 Main products and services of each reporting segment
Automotive ------------------ Passenger cars, trucks, buses, etc.
Financial services ----------- Financing operations, etc.
All other ---------------------- Housing, Information Technologies, etc.
3 Unallocated corporate assets included in 'Intersegment Elimination/
Unallocated Amount' is 3,136,008 million yen, and consists primarily of funds
such as cash and deposits, marketable securities and portion of investments in
securities of TMC.
(Notes)
4 Consolidated financial statements on non-financial services and financial
services businesses
(a) Consolidated balance sheets on non-financial services and financial
services businesses
FY2003
March 31, 2003
Item Yen in millions Percentage
(Assets)
(Non-Financial Services Businesses)
1 Current assets
1 Cash and deposits 443,913
2 Trade notes and accounts receivable 1,599,344
3 Marketable securities 1,655,596
4 Inventories 1,072,947
5 Other 1,293,207
Total current assets 6,065,008 29.2
2 Fixed assets
(1) Property, plant and equipment 4,447,518 21.5
(2) Investments and other assets
1 Investments in securities 2,422,902
2 Long-term loans receivable 327,945
3 Other 590,028
Total investments and other assets 3,340,877 16.1
Total fixed assets 7,788,396 37.6
Total assets 13,853,404 66.8
(Financial Services Businesses)
1 Current assets
1 Cash and deposits 176,957
2 Marketable securities 6,381
3 Installment credits from dealers 3,320,405
4 Other 2,038,920
Total current assets 5,542,664 26.7
2 Fixed assets
(1) Property, plant and equipment 1,059,466 5.1
(2) Intangible fixed assets 5,123 0.0
(3) Investments and other assets
1 Investments in securities 273,036
2 Long-term loans receivable 610,249
3 Other 166,603
Total investments and other assets 1,049,889 5.1
Total fixed assets 2,114,479 10.2
Total assets 7,657,144 36.9
(Elimination)
Elimination of assets (768,162) (3.7)
(Consolidated)
Total assets 20,742,386 100.0
FY2003
March 31, 2003
Item Yen in millions Percentage
(Liabilities)
(Non-Financial Services Businesses)
1 Current liabilities
1 Trade notes and accounts payable 1,570,853
2 Current portion of bonds 63,308
3 Short-term borrowings 843,193
4 Accrued expenses and other accounts payable 1,235,818
5 Income taxes payable 310,232
6 Other 713,471
Total current liabilities 4,736,878 22.8
2 Long-term liabilities
1 Bonds and convertible bonds 500,400
2 Long-term borrowings 247,730
3 Other 842,864
Total long-term liabilities 1,590,995 7.7
Total liabilities 6,327,874 30.5
(Financial Services Businesses)
1 Current liabilities
1 Current portion of bonds 1,060,727
2 Short-term borrowings 667,814
3 Commercial papers 1,031,271
4 Accrued expenses and other accounts payable 154,595
5 Income taxes payable 6,962
6 Other 483,151
Total current liabilities 3,404,522 16.4
2 Long-term liabilities
1 Bonds 3,019,944
2 Long-term borrowings 510,829
3 Other 291,392
Total long-term liabilities 3,822,166 18.4
Total liabilities 7,226,689 34.8
(Elimination) (768,651) (3.7)
Elimination of liabilities
(Consolidated) 12,785,911 61.6
Total liabilities
(Minority interest in consolidated subsidiaries)
(Consolidated) 496,207 2.4
Minority interest in consolidated subsidiaries
(Shareholders' equity)
(Consolidated)
1 Common stock 397,049 1.9
2 Capital surplus 418,401 2.0
3 Retained earnings 7,219,896 34.8
4 Unrealized gain on other securities, net 78,630 0.4
5 Translation adjustments (112,350) (0.5)
6 Treasury stock (541,360) (2.6)
Total Shareholder's equity 7,460,267 36.0
(Consolidated)
Total liabilities, minority interest in consolidated 20,742,386 100.0
subsidiaries and shareholders' equity
(Notes)
1 Segment assets in non-financial services businesses include unallocated
corporate assets.
2 'Commercial papers' in the financial services businesses was previously
included in 'Other' in current liabilities. Due
to the fact that this amount became material as of March 31, 2003, it has been
presented as a separate line item.
(b) Consolidated statement of income on non-financial services and financial
services businesses
FY2003
For the year ended March 31, 2003
Item Yen in millions Percentage
(Non-Financial Services Businesses)
1 Net revenues 15,362,780 100.0
2 Cost of revenues 11,730,912 76.4
Gross profit 3,631,868 23.6
3 Selling, general and administrative expenses 2,279,566 14.8
Operating income 1,352,301 8.8
4 Non-operating income 287,566 1.9
5 Non-operating expenses 256,878 1.7
Ordinary income 1,382,989 9.0
6 Extraordinary gains
Gains on return of substitutional 235,314 235,314 1.5
portion of employees' pension fund plans
Income before income taxes and minority interest in 1,618,304 10.5
consolidated subsidiaries
Income taxes 637,385 4.2
Minority interest in consolidated subsidiaries 53,279 0.3
Net income 927,639 6.0
(Financial Services Businesses)
1 Net revenues 720,007 100.0
2 Cost of revenues 428,327 59.5
Gross profit 291,679 40.5
3 Selling, general and administrative expenses 263,158 36.5
Operating income 28,520 4.0
4 Non-operating income 12,773 1.8
5 Non-operating expenses 9,824 1.4
Ordinary income 31,468 4.4
Income before income taxes and minority interest in 31,468 4.4
consolidated subsidiaries
Income taxes 13,790 1.9
Minority interest in consolidated subsidiaries 575 0.1
Net income 17,102 2.4
(Elimination)
Elimination of net income (71) -
(Consolidated)
Net income 944,671 -
(c) Consolidated statement of cash flows on non-financial services and
financial services businesses
FY2003
For the year ended March 31,
2003
Item Yen in millions
(Non-Financial Services Business)
1 Cash flows from operating activities
1 Income before income taxes and minority interest in 1,618,304
consolidated subsidiaries
2 Depreciation 742,482
3 Losses on disposal of fixed assets 53,576
4 Decrease in allowance for retirement benefits (113,836)
5 Interest and dividend income (55,078)
6 Interest expenses 48,748
7 Equity in earnings of affiliates (70,649)
8 Decrease in trade notes and accounts receivable 2,952
9 Increase in inventories (25,842)
10 Increase in trade notes and accounts payable 105,652
11 Other 150,494
Subtotal 2,456,804
12 Interests and dividends received 69,798
13 Interests paid (49,285)
14 Income taxes paid (649,282)
Cash flows from operating activities 1,828,034
2 Cash flows from investing activities
1 Net increase in time deposits (19,935)
2 Purchases of marketable securities and investments in (860,913)
securities
3 Proceeds from sales of marketable securities and investments 146,331
in securities
4 Proceeds on maturity of marketable securities and 591,922
investments in securities
5 Additions to property, plant and equipment (excluding vehicles for lease) (964,338)
6 Additions to vehicles for lease (121,227)
7 Proceeds from sales of property, plant and equipment (excluding 52,929
vehicles for lease)
8 Proceeds from sales of vehicles for lease 61,222
9 Other (53,639)
Cash flows from investing activities (1,167,647)
3 Cash flows from financing activities
1 Net decrease in short-term borrowings (104,607)
2 Proceeds from origination of long-term borrowings 39,447
3 Payments for long-term borrowings (82,090)
4 Purchase of treasury stock (454,611)
5 Dividends paid (109,330)
6 Other 11,982
Cash flows from financing activities (699,209)
4 Effect of exchange rate changes on cash and cash equivalents (34,172)
5 Net decrease in cash and cash equivalents (72,995)
6 Cash and cash equivalents at beginning of year 1,541,940
7 Cash and cash equivalents at end of year 1,468,944
FY2003
For the year ended March 31,
2003
Item Yen in millions
(Financial Services Business)
1 Cash flows from operating activities
1 Income before income taxes and minority interest in 31,468
consolidated subsidiaries
2 Depreciation 109,151
3 Equity in earnings of affiliates (11,317)
4 Increase in trade notes and accounts receivable (367,213)
5 Increase in loans receivable of consolidated finance subsidiaries (407,186)
6 Other 153,296
Subtotal (491,800)
7 Interests and dividends received 1,766
8 Income taxes paid (8,526)
Cash flows from operating activities (498,560)
2 Cash flows from investing activities
1 Net increase in time deposits (12,259)
2 Purchases of marketable securities and investments in (250,670)
securities
3 Proceeds from sales of marketable securities and investments 62,444
in securities
4 Proceeds on maturity of marketable securities and 132,059
investments in securities
5 Additions to property, plant and equipment (excluding vehicles for lease) (48,465)
6 Additions to vehicles for lease (419,718)
7 Proceeds from sales of property, plant and equipment (excluding 11,144
vehicles for lease)
8 Proceeds from sales of vehicles for lease 222,617
9 Other 35,365
Cash flows from investing activities (267,482)
3 Cash flows from financing activities
1 Net decrease in short-term borrowings (45,124)
2 Net increase in commercial papers 159,080
3 Proceeds from origination of long-term borrowings 166,768
4 Payments for long-term borrowings (82,508)
5 Proceeds from issuance of bonds 1,414,564
6 Payments for redemption of bonds (830,698)
Cash flows from financing activities 782,080
4 Effect of exchange rate changes on cash and cash equivalents (7,925)
5 Net increase in cash and cash equivalents 8,111
6 Cash and cash equivalents at beginning of year 146,185
7 Cash and cash equivalents at end of year 154,297
(Consolidated)
1 Effect of exchange rate changes on cash and cash equivalents (42,098)
2 Net decrease in cash and cash equivalents (64,884)
3 Cash and cash equivalents at beginning of year 1,688,126
4 Cash and cash equivalents at end of year 1,623,241
(Geographical Segment Information)
FY2003 (For the year ended March 31, 2003)
Japan North Europe Other Total Intersegment Consolidated
(Yen in America (Yen in foreign (Yen in Elimination/ (Yen in
millions) (Yen in millions) countries/ millions) Unallocated millions)
millions) regions Amount
(Yen in (Yen in
millions) millions)
1 Revenues/Operating
income
Net revenues
(1) Sales to external 6,990,384 5,973,581 1,505,895 1,584,428 16,054,290 - 16,054,290
customers
(2) Intersegment sales 4,274,841 289,118 85,137 111,381 4,760,478 (4,760,478) -
Total 11,265,225 6,262,699 1,591,033 1,695,810 20,814,769 (4,760,478) 16,054,290
Operating expenses 10,232,412 5,972,908 1,587,128 1,643,300 19,435,749 (4,745,139) 14,690,610
Operating income 1,032,813 289,791 3,904 52,509 1,379,019 (15,339) 1,363,679
2 Segment assets 9,474,768 6,577,056 1,557,523 1,211,312 18,820,660 1,921,725 20,742,386
(Notes)
1 Reporting segments
Reporting segments are defined based on geographic proximity.
2 Main countries and regions in each reporting segment
North America--------------United States of America, Canada
Europe------------------------Belgium, Germany, United Kingdom
Other foreign countries----Thailand, Australia
3 Unallocated corporate assets included in 'Intersegment Elimination/Unallocated
Amount' is 3,136,008 million yen, and consists primarily of funds such as cash
and deposits, marketable securities and portion of investments in securities of
TMC.
(Overseas Sales)
FY2003 (For the year ended March 31, 2003)
North America Europe Other foreign Total
countries/regions
1 Overseas sales(Yen in 6,243,637 1,547,389 2,666,889 10,457,916
millions)
2 Consolidated sales(Yen in 16,054,290
millions)
3 Ratio of overseas sales 38.9 9.6 16.6 65.1
to consolidated revenues (%)
(Notes)
1 Reporting segments
Reporting segments are defined based on geographic proximity.
2 Main countries and regions in each reporting segment
North America----------------United States of America, Canada
Europe-------------------------Germany, United Kingdom
Other foreign countries------Thailand, Australia
3 Overseas revenues shows net revenues recorded at TMC and its consolidated
subsidiaries in countries or regions outside of Japan.
(Related party transactions)
FY2003 (For the year ended March 31, 2003)
Directors and principal shareholders
Name Address Capital Business or Voting Relationship Description Amount Account Ending
investment occupation right of (*1) balance
(Yen in ratio Transaction (Yen in (Yen in
millions) (%) millions) millions)
Interlocking Business
Directorate relationship
Director Hiroshi - - Chairman of 0.00, - - Donation of 6 - -
and/or Okuda TMC, directly monthly
their owned office
family rental fee to
members Chairman of Japan
Japan Federation of
Federation of Employers'
Employers' Associations
Associations (*2)
- - Chairman of 0.00, - - Free lease of 1 - -
TMC, directly one picture
owned based on the
Japan lease
Federation of agreement
Economic to Japan
Organizations Federation of
Economic
Organizations
(*2)
Akihiko - - Vice 0.00, - - Loan of - Long-term 770
Saito President of directly construction loans
TMC owned cost to
Toyota
Chairman of Automotive
Toyota Engineering (interest - -
Automotive College of income)
Engineering Nagoya
College of (*2, *3) 7
Nagoya
Kazushi - - Vice 0.00, - - The following
Iwatsuki President directly transactions
of TMC, owned with Toyota
Automotive
Chairman of Engineering
Toyota College of
Automotive Tokyo:
Engineering (*2, *3)
College of Lease of land 16 - -
Tokyo Donation of 422 - -
construction
cost
Mitsuo - - Managing 0.00, - - The following
Kinoshita Director of directly transactions
TMC, owned with Toyota
Health
Chairman of Insurance
Toyota Health Society :(*4)
Payments for 280 - -
Insurance part of
Society medical
treatment
fees
Name Address Capital Business or Voting Relationship Description Amount Account Ending
investment occupation right of (*1) balance
(Yen in ratio Transaction (Yen in (Yen in
millions) (%) millions) millions)
Interlocking Business
Directorate relationship
Shoichiro - - Honorary 0.44, - - Donation of 400 Other 800
Toyoda Chairman and directly construction accounts
Director of owned cost to payable
TMC Japan
Chairman of Association
Japan for
Association the 2005
for the 2005 World
World Exposition
Exposition (*2)
- - Honorary 0.44, - - Donation of 5 - -
Chairman and directly the
Director of owned operational
TMC fund to
Toyota
Physical &
Chairman of Chemical
Toyota Research
Physical & Institute (*
Chemical 2)
Research
Institute
- - Honorary 0.44, - - Contribution 2 - -
Chairman and directly for
Director of owned the
TMC symposium
Chairman of of Japan-
Japan-China China
Organization Organization
for Science for Science
& Industrial &
Technology Industrial
Exchange Technology
Association Exchange
Association
(*2)
(Notes)
*1 Transaction amount does not include consumption tax.
*2 The transaction was made by each described person as the representative of
the third party, and the amount of transaction was well-determined by
considering the relationship with and the requests from the third party.
*3 The transaction was made by each described person as the representative of
the third party, and price was determined based on the condition of the
normal transaction.
*4 The transaction was made by each described person as the representative of
the third party, and the amount of payments for part of medical treatment
fees was determined based on the medical treatment agreement between the
Toyota Health Insurance Society and TMC.
(Per Share Data)
FY2003 FY2004
For the year ended March 31, 2003 For the year ended March 31, 2004
1 Net assets per share
2,226.34 yen
2 Basic net income per share
272.75 yen
3 Diluted net income per share
272.73 yen
TMC has adopted 'Accounting Standard for Earnings Per
Share'
(Financial Accounting Standards No.2) and 'Implementation
Guidance of Accounting Standard for Earnings Per Share'
(Implementation Guidance of Financial Accounting Standards
No. 4) for this fiscal year.
The following represents the per share data for the year
ended March 31, 2003, as if it was calculated based on the
previous method.
1 Net assets per share
2,192.85 yen
2 Basic net income per share
269.48 yen
3 Diluted net income per share
269.48 yen
(Note)
Basis for the calculation of basic and diluted net income per share are as
follows:
FY2003 FY2004
For the year ended March 31, For the year ended March 31,
2003 2004
(Yen in millions) (Yen in millions)
Basic net income per share
Net income 944,671 -
The amount not attributed to common 2,382 -
shareholders
(Bonuses to the directors based on the 2,382 -
appropriation of earnings, inner amount)
Net income attributed to common shares 942,289 -
Weighted-average number of common shares 3,454,704,711 shares - shares
during the period
Diluted net income per share
The amount adjusted to net income (52) -
(The amount resulting from the changes in (52) -
equity ownership of TMC and the decreased
amount in interest expenses of the
subsidiaries, inner amount)
Increase in number of common shares 21,577 shares - shares
(The number of common shares to be used for 21,577 shares - shares
the stock option plan under Articles 280-20
and 280-21 of Japanese Commercial Code,
inner amount)
The description of shares not included in the The shares to be used for the
calculation of diluted net income per share stock
due to anti-dilutive effect option plan under Article 210-2
of the old Japanese Commercial
Code
1,941,000 shares
Unsecured warrant bonds
116,400 shares
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