fy2007 financial results · 2019-02-20 · 0.3603 0.2952 0.2719 + 4 yen + 12 yen 13.8% 19.2% 14.1%...
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Toyota Motor CorporationToyota Motor CorporationMay 9, 2007May 9, 2007
FY2007 Financial ResultsFY2007 Financial Results- prepared in accordance with U.S. GAAP -
2Cautionary Statement with Respect to Forward-Looking Statements
This presentation 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 and market demand affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar and the British pound; (iii) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (iv) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and policies relating to trade, environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of future litigation and other legal proceedings; (v) political instability in the markets in which Toyota operates; (vi) Toyota’s ability to timely develop and achieve market acceptance of new products; and (vii) fuel shortages or interruptions in transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold. A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or
financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
3Caution concerning Insider Trading
Under Japanese securities laws and regulations (the "Regulations"), subject to certain exceptions, any person who receives certain material information relating to the business, etc., of Toyota which may be contained in this document is prohibited from trading in Toyota's shares or certain other transactions related to such shares (as set forth in the Regulations) until such material information is deemed to be made public. Under the Regulations, material information is deemed to be made public when (i) such material information is disclosed by ways of electromagnetic means as prescribed by the ordinance of the Cabinet Office (posting on the TDnet (Timely Disclosure Network) information service and ED-NET (Electronic Disclosure Network) information service ) or (ii) twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources as prescribed by the Regulations.
Takeshi SuzukiTakeshi Suzuki
Senior Managing DirectorSenior Managing Director
5Consolidated Vehicle Sales
789
2,2732,364
2,9422,556
1,2241,023
880
1,2961,151
0
2,000
4,000
6,000
8,000
'05/4-'06/3 '06/4-'07/3
OtherAsiaEuropeN. AmericaJapan
(thousands of vehicles)7,974
Figures in parenthesis represent year-on-year change
8,524 (+ 550)
(+ 145)
(+ 201)
(+ 386)
(- 91)
(- 91)
6Consolidated Financial Summary
Net RevenuesNet Revenues (+ 13.8%)(+ 13.8%)(year-on-year change)
Operating IncomeOperating Income (+ 19.2%)(+ 19.2%)
Net IncomeNet Income (+ 19.8%)(+ 19.8%)
23.948023.94802.23862.23861.64401.6440
trillion yentrillion yen
trillion yentrillion yen
trillion yentrillion yen
- Significant increase in revenues and earnings through global sales growth
- Record results in net revenues, operating income and net income
Highlights
7Business Environment
Product Quality
Raw Material Environment& Safety
Energy Sources
OverseasProduction
Emerging Markets
-Challenging supply /demand balance
- Rising prices
- Stringent Regulations- Customer needs
- Limited availability offossil fuels
- Development ofalternative fuels
- Longer period ofownership
- Increased technological content
- Exceeding domesticproduction volume
- Establishing localproduction and supply
Turning into Opportunities
8Growth PhilosophyStable & Long-term Growth
Growth Drivers
Full-line & All Regions
RisksRisksProduction& Supply
Technology
Marketing
Avoid or Absorb
Take-in
OpportunitiesOpportunitiesProducts
Product Quality / CostsHuman Resources
For Continued Growth
Quality Improvement Solid Foundation
FY2007/FY2008Main Action Plans
North America – Product Enhancement & Localization of Production
China – Rapid Establishment of Local Operations
Global Core Models – Worldwide Launch
VI Activities – Implementation
Technology – Development of Future Growth Areas
10North America – Product Enhancement & Localization of Production
FY2007- Start of Texas plant- New Tundra completing full line-up
FY2008- Subaru of Indiana Automotive starting production- Preparation for new plant in Canada and Mississippi
-Strengthen product line-up-“Build where we sell” X Self-reliance of overseas operations
Quality ImprovementQuality Improvement
Segment model 1970‘s 1980‘s 1990‘s 2000‘s
Large Avalon
Medium
Compact
Large Tundra
Small TacomaPickup
CamrySedan
Corolla
Luxury RX
MediumSUV
Minivan
Small
LightTracks Highlander
RAV4
Sienna
Passenger Vehicle
NG Highlander
RAV4
FullFullLineLine--upup
Start of LocalProduction
Capacity Expansion/Additional Plants
Start of LocalProduction (Plan)
11China – Rapid Establishment of Local Operations
- Incorporation of local requirements in global models and smooth start-up- Rapid expansion of sales network particularly in urban areas
- Guangzhou Camry: Start of production - Tianjin NG Corolla: Start of production- Network expansion of 3 dealer channels
Camry
FY2007
Corolla
FY2008
Quality ImprovementQuality Improvement
(thousands of vehicles)
Number of sales/production/sales outlets
308
1831169850
285
14495534
372
215
147
9250
0
100
200
300
400
2002 2003 2004 2005 20060
100
200
300
400Vehicle SalesVehicle ProductionSales Outlets
(outlets)
CY
12Global Core Models – Worldwide launch
- Global sharing of production design, production facilities and marketing tools- Concentrated mass trial production & technical training in Japan
Quality ImprovementQuality Improvement
FY2007Camry
FY2008RussiaTaiwan, Australia, Thailand, China
CorollaAuris
China, South Africa, Taiwan, Thailand, Brazil, etc.
Japan, UK, Turkey
Japan Overseas plant
Common production facilities
Mass trial production
Overseas plant
Common design planStandardized operation
Regional requirements
Dealer
Dealer
Common marketing tools
Worldwide Launch
- Standardized quality- Shorter period- Higher efficiency
Technical training
GPC*
*GPC = Global Production Center
13VI Activities – Implementation
Focus on activities for vehicles produced overseas and compact vehicles and implement cost reductions as planned
- Identification through 2010 Models- Inclusion of Material-focused Activities
- Start of Implementation- Emphasis on vehicles produced overseas
and compact vehicles
FY2007 FY2008
Body SystemECU
Chassis System ECU
Power-train System ECU
Higher Function + Fewer ECUs + Smaller ECUs
Starting with a model to be launched in FY2008
BodySystemChassisSystem
Power-train System
-New Function
-Respond to Tougher Regulations
【Integration within systems
】
【Integration among system
s
】
*ECU = Electronic Control Unit
【Example: ECU*】-Improve Attractiveness
-New Function
-Respond to Tougher Regulations
-Improve Attractiveness
Quality ImprovementQuality Improvement
14Technology – Development of Future Growth Areas
- Environmental Technology(fuel efficiency, CO2 , emissions)
- Next Generation HV- Alternative Fuel Vehicles(bio fuels, electricity, hydrogen)
- Safety Technology(advanced technology application to products)
- Low Cost Technology
Quality ImprovementQuality Improvement
R&D and resources investment for attractive product and future technology
New Product Development
Development of Future Growth
Areas
HR Development
Human Resources
R&D Investment
Attractive Products Meeting Market
Demands
Advanced Technology
High Design Quality Efficiency (IT Utilization)
Enhancement
15Consolidated Financial Summary
FY2007(’06/4-’07/3)
FY2007(’06/4-’07/3) ChangeChange
(trillions of yen)
23.948023.9480
2.23862.2386
2.38252.3825
1.64401.6440
117 yen117 yen
150 yen150 yen
21.036921.0369
1.87831.8783
**2.08732.0873
1.37211.3721
113 yen113 yen
138 yen138 yen
2.91112.9111
0.36030.3603
0.29520.2952
0.27190.2719
+ 4 yen+ 4 yen
+ 12 yen+ 12 yen
13.8%13.8%
19.2%19.2%
14.1%14.1%
19.8%19.8%
Other income included a 143.3 billion yen evaluation gain resulting fromthe merger of the Mitsubishi-Tokyo Financial Group and the UFJ Holdings
FY2006(’05/4-’06/3)
FY2006(’05/4-’06/3)
**
Net RevenuesNet Revenues
FOREX RatesFOREX Rates
Net IncomeNet Income
Income before income taxes, Income before income taxes, minority interest and equity minority interest and equity
earnings of affiliated companiesearnings of affiliated companies
Operating IncomeOperating Income
$$€€
16Contributing Factors to Consolidated Operating Income
1,250.0
1,500.0
1,750.0
2,000.0
2,250.0
'05/4-'06/3 '06/4-'07/3
2,238.6(+ 360.3)
1,878.3
(billions of yen)
Increase in Expenses- 359.7
Cost Reduction Efforts+ 100.0Marketing Efforts
+ 330.0
Effects of favorableFOREX rates
+ 290.0
- 95.7
- 70.6- 99.7
R&D Expenses .............Depreciation and CAPEX related costs.....Labor costs....................
Expenses related to business expansion ....Changes in the accounting
of depreciation ...........Valuation loss of interest rate swaps ............
- 128.4
+ 46.3- 11.6
<Details of Increases in Expenses>
17Geographic Operating Income: Japan
- Increased exports contributed to earnings growth- Product mix improved thanks to Lexus LS, etc.
389.3383.5391.4
293.0197.5
408.9
281.1188.4
659541530536550 543571
707
1,3311,2191,231
1,3161,177
1,0681,123
1,319
0
200
400
'05/4-6 '05/7-9 '05/10-12 '06/1-3 '06/4-6 '06/7-9 '06/10-12 '07/1-3Operating Income (billions of yen)Consolidated Vehicle Sales (thousands of vehicles)Consolidated Vehicle Production (thousands of vehicles)
’05/4-’06/31,075.9
’06/4-’07/31,457.2
(billions of yen)
18Geographic Operating Income: North America
- Strong sales driven by new models- Temporary costs increased due to start up of Texas plant and model change
100.099.1110.4140.1130.7
99.3127.8137.8
714764
717
604641
747
643 668
0
100
200
'05/4-6 '05/7-9 '05/10-12 '06/1-3 '06/4-6 '06/7-9 '06/10-12 '07/1-3
Operating Income (billions of yen) Consolidated Vehicle Sales (thousands of vehicles)
(billions of yen)
’05/4-’06/3495.6
’06/4-’07/3449.6
19Geographic Operating Income: Europe
- Higher level of earnings due to popular core models(Yaris, Aygo & RAV4)
36.534.829.5
36.5
23.427.226.6
16.7
329306
281
242256
308
246
279
0
25
50
'05/4-6 '05/7-9 '05/10-12 '06/1-3 '06/4-6 '06/7-9 '06/10-12 '07/1-3
Operating Incom e (billions of yen) Consolidated Vehicle Sales (thousands of vehicles)
(billions of yen)
’05/4-’06/393.9
’06/4-’07/3137.3
20Geographic Operating Income: Asia
- Vehicle sales declined due to weak demand in Indonesia and Taiwan
28.228.131.330.035.6
31.538.639.8
203204189219
229 193217 215
0
25
50
'05/4-6 '05/7-9 '05/10-12 '06/1-3 '06/4-6 '06/7-9 '06/10-12 '07/1-3
Operating Income (billions of yen) Consolidated Vehicle Sales (thousands of vehicles)
’05/4-’06/3145.5
’06/4-’07/3117.6
(billions of yen)
21Geographic Operating Income: Other
- IMV and Camry supported substantial earnings growth
16.4
31.0
20.215.9
19.216.314.7
17.0
319340337
284272300303 292
0
20
40
'05/4-6 '05/7-9 '05/10-12 '06/1-3 '06/4-6 '06/7-9 '06/10-12 '07/1-3
Operating Income (billions of yen) Consolidated Vehicle Sales (thousands of vehicles)
(billions of yen)
’05/4-’06/367.2
’06/4-’07/383.5
22Business Segment: Financial Services
- Profit increased as balance of finance steadily grew- Valuation loss on interest rate swaps = 11.6 billion yen
37.341.3
32.2
47.743.8
25.5
46.839.7
0
20
40
'05/4-6 '05/7-9 '05/10-12 '06/1-3 '06/4-6 '06/7-9 '06/10-12 '07/1-3
Operating Incom e (billions of yen)
(billions of yen)
’05/4-’06/3155.8
’06/4-’07/3158.5
23Equity Earnings of Affiliated Companies
- Strong performance led by Toyota Group companies in Japan andChinese joint venture companies
54.0
66.1
33.2
56.2
35.1
47.845.835.6
0
50
'05/4-6 '05/7-9 '05/10-12 '06/1-3 '06/4-6 '06/7-9 '06/10-12 '07/1-3
Equity Earnings of Affiliated Com panies (billions of yen)
(billions of yen)
’05/4-’06/3164.3
China 11.1 (included)
’06/4-’07/3209.5
China 24.1 (included)
24FY2007 Consolidated CAPEX, Depreciation, R&D
CapitalExpenditure
CapitalExpenditure
ConsolidatedConsolidated
N. AmericaN. America
JapanJapan
R&D ExpensesR&D ExpensesDepreciationExpenses
DepreciationExpenses
EuropeEurope
AsiaAsia
OthersOthers
1,482.61,482.6
815.3815.3
319.3319.3
119.7119.7
141.6141.6
86.786.7
(- 46.2)
(- 10.8)
(+ 9.7)
(- 94.0)
(+ 49.0)
(- 0.1)
947.0947.0
592.5592.5
165.3165.3
89.589.5
61.961.9
37.837.8
(+ 55.6)
(+ 13.6)
(+ 13.9)
(+ 23.6)
(+ 0.2)
(+ 4.3)
890.7890.7 (+ 78.1)
(billions of yen)
Figures in parenthesis represent year-on-year change
25Unconsolidated Financial Summary (Japan GAAP)
11.571811.5718
1.15091.1509
1.55511.5551
1.06011.0601
10.191810.1918
0.84790.8479
1.10471.1047
0.76590.7659
1.38001.3800
0.30300.3030
0.45040.4504
0.29420.2942
13.5%13.5%
35.7%35.7%
40.8%40.8%
38.4%38.4%
FY2007(’06/4-’07/3)
FY2007(’06/4-’07/3) ChangeChangeFY2006
(’05/4-’06/3)FY2006
(’05/4-’06/3)
(trillions of yen)
Net RevenuesNet Revenues
Net IncomeNet Income
Ordinary IncomeOrdinary Income
Operating IncomeOperating Income
26Contributing Factors to Unconsolidated Operating Income
600.0
800.0
1,000.0
1,200.0
'05/4-'06/3 '06/4-'07/3
1,150.9 (+ 303.0)
847.9
Increase in Expenses- 187.0
Cost Reduction+ 70.0Marketing Efforts
+ 160.0
Effects of favorableFOREX rates
+ 260.0
- 73.8
- 21.1- 34.8
R&D Expenses ............Depreciation and CAPEX related costs....Labor costs...................
Expenses related to business expansion ....Changes in the accounting
of depreciation ...........
- 103.6
+ 46.3
<Details of Increases in Expenses>
(billions of yen)
27Consolidated Prospects: Vehicle Sales
890
2,3202,273
2,9902,942
1,2701,224789
1,4201,296
0
2,000
4,000
6,000
8,000
'06/4-'07/3 '07/4-'08/3
OtherAsiaEuropeN. AmericaJapan
8,890 (+ 366)
(+ 124)
(+ 46)
(+ 48)
(+ 47)
(+ 101)
8,524(thousands of vehicles)
Figures in parenthesis represent year-on-year change
28FY2008 Consolidated Prospects
25.000025.0000
2.25002.2500
2.40002.4000
1.65001.6500
115 yen115 yen
150 yen150 yen
23.948023.9480
2.23862.2386
2.38252.3825
1.64401.6440
117 yen117 yen
150 yen150 yen
1.05201.0520
0.01140.0114
0.01750.0175
0.00600.0060
-- 2 yen2 yen
--
4.4%4.4%
0.5%0.5%
0.7%0.7%
0.4%0.4%
FY2008(’07/4-’08/3)
FY2008(’07/4-’08/3) ChangeChangeFY2007
(’06/4-’07/3)FY2007
(’06/4-’07/3)
Net RevenuesNet Revenues
FOREX RatesFOREX Rates
Net IncomeNet Income
Income before income taxes, Income before income taxes, minority interest and equity minority interest and equity
earnings of affiliated companiesearnings of affiliated companies
Operating IncomeOperating Income
$$€€
(trillions of yen)
29FY2008 Consolidated CAPEX, Depreciation, R&D
1,500.01,500.0
800.0800.0
400.0400.0
110.0110.0
110.0110.0
80.080.0
(+ 17.4)
(- 9.7)
(- 31.6)
(- 15.3)
(+ 80.7)
(- 6.7)
1,020.01,020.0
630.0630.0
190.0190.0
90.090.0
65.065.0
45.045.0
(+ 73.0)
(+ 0.5)
(+ 3.1)
(+ 37.5)
(+ 24.7)
(+ 7.2)
940.0940.0 (+ 49.3)
(billions of yen)
CapitalExpenditure
CapitalExpenditure R&D ExpensesR&D ExpensesDepreciation
ExpensesDepreciation
Expenses
ConsolidatedConsolidated
N. AmericaN. America
JapanJapan
EuropeEurope
AsiaAsia
OthersOthersFigures in parenthesis represent year-on-year change
30FY2008 Unconsolidated Prospects
11.700011.7000
1.10001.1000
1.59001.5900
1.13001.1300
11.571811.5718
1.15091.1509
1.55511.5551
1.06011.0601
0.12820.1282
-- 0.0500.05099
0.03490.0349
0.06990.0699
1.1%1.1%
-- 4.4%4.4%
2.2%2.2%
6.6%6.6%
Net RevenuesNet Revenues
Net IncomeNet Income
Ordinary IncomeOrdinary Income
Operating IncomeOperating Income
FY2008(’07/4-’08/3)
FY2008(’07/4-’08/3) ChangeChangeFY2007
(’06/4-’07/3)FY2007
(’06/4-’07/3)
(trillions of yen)
31Shareholder Return
13 14 14 2025
40
55
70
16141111 20 25 3550
99/4-00/3 00/4-01/3 01/4-02/3 02/4-03/3 03/4-04/3 04/4-05/3 05/4-06/3 06/4-07/3
Interim Year-end
Dividend : 120 yen per shareTotal Amount of Payout : 384.6 billion yenConsolidated Payout Ratio : 23.4%
(year-on-year change +2.1%)
(year-on-year change 30 yen up)
120
24
90
6545
362825
32Shareholder Return
Enabling Amount(maximum limitation)
250 billion yen30 million shares
ShareShareBuybackBuyback
106.4134.3
45.4
263.6 277.5
453.4398.8
266.2
133.6
299.5
0
100
200
300
400
97/4-98/3 98/4-99/3 99/4-00/3 00/4-01/3 01/4-02/3 02/4-03/3 03/4-04/3 04/4-05/3 05/4-06/3 06/4-07/3
Share buyback over the last 10 years (billions of yen)
33FY2008 Toyota’s Operations Prospects
FY2008(’07/4-’08/3)
FY2008(’07/4-’08/3)
Sales (Overseas)Sales (Overseas)ExportsExports
Sales Sales (Japan)(Japan)
FY2007(’06/4-’07/3)
FY2007(’06/4-’07/3)
1,7201,7202,5902,5906,9006,900
1,6591,6592,5972,5976,4436,443
AutomotiveAutomotiveProductionProduction
JapanJapan
OverseasOverseas
Housing SalesHousing Sales 5,2005,200 5,0015,001
4,2804,280 4,1854,1854,3804,380 3,9393,939
Units Units
8,6608,660 8,1248,124
(thousands of vehicles)(thousands of vehicles)
TotalTotal
FY2007 Financial ResultsFY2007 Financial Results- prepared in accordance with U.S. GAAP -
Toyota Motor CorporationToyota Motor CorporationMay 9, 2007May 9, 2007
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