FY2007 Semi- -Annual Annual FY2007 Semi Financial Results - - PowerPoint PPT Presentation
FY2007 Semi- -Annual Annual FY2007 Semi Financial Results Financial Results - prepared in accordance with U.S. GAAP prepared in accordance with U.S. GAAP - - - Toyota Motor Corporation Toyota Motor Corporation November 7, 2006 November
prepared in accordance with U.S. GAAP -
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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
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.
Cautionary Statement with Respect to Forward-Looking Statements
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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.
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Consolidated Vehicle Sales
382 1,086 1,073 1,245 1,464 498 589 448 556 637
1,000 2,000 3,000 4,000 '05/4-9 '06/4-9
Other Asia Europe
Japan
4,145
(thousands of vehicles)
( + 312) ( + 81) ( + 91) ( + 219) ( - 13) ( - 66)
3,833
Figures in parenthesis show year-on-year change
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Consolidated Financial Summary (1H)
FY2007 1H （’06/4-9） FY2007 1H （’06/4-9）
Net Revenues Net Revenues
FOREX Rates FOREX Rates
Net Income Net Income
Income before income taxes, Income before income taxes, minority interest and equity minority interest and equity earnings of affiliated companies earnings of affiliated companies
Operating Income Operating Income Change Change
FY2006 1H （’05/4-9） FY2006 1H （’05/4-9）
11,471.8 11,471.8 1,093.4 1,093.4 1,166.1 1,166.1 777.2 777.2
115 yen 115 yen 146 yen 146 yen
9,953.1 9,953.1 809.4 809.4 855.9 855.9 570.5 570.5
110 yen 110 yen 136 yen 136 yen
1,518.7 1,518.7 284.0 284.0 310.2 310.2 206.7 206.7
+5 yen +5 yen +10 yen +10 yen
15.3% 15.3% 35.1% 35.1% 36.2% 36.2% 36.2% 36.2%
(billions of yen,%)
$ $ € €
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600 700 800 900 1,000 1,100 '05/4-9 '06/4-9
Contributing Factors to Consolidated Operating Income
1,093.4 (+284.0) 809.4
(billions of yen)
Cost Reduction Efforts +40.0 Marketing Efforts +150.0 Effects of favorable FOREX rates +190.0 Increase in Expenses
R&D Expenses Depreciation and CAPEX related costs Labor Costs Expenses related to business expansion
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Geographic Operating Income: Japan
・ High level of production volume in response to strong demand ・ Market share excluding mini-vehicles increased to 44.7% ・ Product mix improvement
690.0 684.4 385.9
1,278 1,086 1,073 2,450 2,493 2,191
200 400 600 800 '05/4-9 '05/10-'06/3 '06/4-9
Operating Income (billions of yen) Consolidated Vehicle Sales (thousands of vehicles) Consolidated Vehicle Production (thousands of vehicles)
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Geographic Operating Income: North America
227.1 250.5 268.5
1,464 1,311 1,245
100 200 300 400 '05/4-9 '05/10-'06/3 '06/4-9
Operating Income (billions of yen) Consolidated Vehicle Sales (thousands of vehicles)
・ Very strong sales continue - brisk demand for new models & compact cars ・ Finance business - 18.1 billion yen non-cash valuation loss on interest rate swaps
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Geographic Operating Income: Europe
・ Increasing profit due to strong sales of RAV4 & Yaris
53.8 66.0 40.1
589 525 498
20 40 60 80 '05/4-9 '05/10-'06/3 '06/4-9
Operating Income (billions of yen) Consolidated Vehicle Sales (thousands of vehicles)
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Geographic Operating Income: Asia
・ Decreased sales due to weak market in Indonesia and Taiwan ・ Strong sales of IMV exports to regions outside of Asia
70.1 61.3 75.4
382 432 448
20 40 60 80 '05/4-9 '05/10-'06/3 '06/4-9
Operating Income (billions of yen) Consolidated Vehicle Sales (thousands of vehicles)
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Geographic Operating Income: Others
・ Continued strong sales driven by IMV
31.0 36.1 36.2
595 637 556
10 20 30 40 50 '05/4-9 '05/10-'06/3 '06/4-9
Operating Income (billions of yen) Consolidated Vehicle Sales (thousands of vehicles)
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Business Segment: Financial Services
・ Profit has improved due to growth in captive finance balance ・ 4.8 billion yen non-cash valuation loss on interest rate swaps
79.9 83.5 72.3
20 40 60 80 100 120 '05/4-9 '05/10-'06/3 '06/4-9
Operating Income (billions of yen)
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Equity Earnings of Affiliated Companies
・ Strong performance led by Toyota group companies in Japan
93.6 70.7 89.4
20 40 60 80 100 '05/4-9 '05/10-'06/3 '06/4-9
Equity earnings of affiliated companies (billions of yen)
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Unconsolidated Financial Summary (Japan GAAP)
5,470.3 5,470.3 571.0 571.0 778.2 778.2 525.8 525.8 4,664.0 4,664.0 297.6 297.6 416.6 416.6 283.6 283.6 806.3 806.3 273.4 273.4 361.6 361.6 242.2 242.2 17.3% 17.3% 91.8% 91.8% 86.8% 86.8% 85.4% 85.4%
FY2007 1H (’06/4-9) FY2007 1H (’06/4-9)
Change Change
FY2006 1H (’05/4-9) FY2006 1H (’05/4-9)
Net Revenues Net Revenues Net Income Net Income Operating Income Operating Income Ordinary Income Ordinary Income
(billions of yen,%)
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200 300 400 500 600 '05/4-9 '06/4-9
571.0 (+273.4) 297.6
(billions of yen)
Cost Reduction Efforts +30.0 Marketing Efforts +90.0 Effects of favorable FOREX Rates +160.0 Increase in Expenses
R&D Expenses Depreciation and CAPEX related costs Other Expenses
+19.6
Contributing Factors to Unconsolidated Operating Income
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Shareholder Return – Interim Dividend
24 25 28 36 45
90 65
50
35 25 20 11 11 14 16
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
Annual Interim
Interim Dividend: 50 yen per share
(change: +15 yen)
(yen)
Total Amount of Payout: 160.8 billion yen Consolidated Payout Ratio : 20.7% (change: +0.7%)
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Shareholder Return – Repurchase of Shares
106.4 134.3 45.4 263.6 277.5 453.5 398.8 266.2 133.6 162.5
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 06/4-06/9
Share buyback over the last 10 years (billions of yen)
Enabling Amount (maximum limitation) 200 billion yen/30 million shares Current Share buyback 150 billion yen/20 million shares
Global Core Model, Corolla Global Core Model, Corolla Lexus LS Global Launch Lexus LS Global Launch
FY2007 Key Activities All New Tundra All New Tundra Guangzhou plant Guangzhou plant – – 2 Shift Operation 2 Shift Operation
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Global Core Model, Corolla
Efficient roll out of Corolla worldwide starting with Japan
Corolla AXIO Corolla Fielder
Product Development Production Marketing
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Lexus LS Global Launch
Sales are off to a good start in regions where LS has launched
Oceania Latin America Asia Europe
Japan
’07/4-6 ’07/1-3 ’06/10-12 ’06/7-9
Time Period Region
LS
LS-HV
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All New Tundra
Targeted marketing strategy to penetrate full-size pickup truck segment
All New Tundra
TMMTX start-up (Texas) ’06/11 TMMI change-over (Indiana) ’07/1
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Guangzhou plant – 2 Shift Operation
Progress in operational infrastructure
Vios 2002 Corolla Land Cruiser Camry Prius Reiz Crown Prado Coaster 2006 2005 2004 2003
Manufacturing Sites
Sichuan Coaster & Prado Tianjin #1 Vios & Corolla Changchun Land Cruiser & Prius Tianjin #2 Crown & Reiz FAW alliance Guangzhou Motors alliance Guangzhou (100 – 200K) Camry
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Consolidated Prospects: Vehicle Sales
2,390 2,800 1,160 770 850 1,250 2,360 2,364 2,870 2,556 1,210 1,023 880 1,260 1,151
1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 '05/4 - '06/3 Actual '06/4 - '07/3 Prospects (revised) '06/4 - '07/3 Prospects (original)
Other Asia Europe
Japan
8,470
(thousands of units)
( + 496) ( + 109) ( + 187) ( + 314) ( - 4) ( - 110)
7,974
Figures in parentheses represent year-on-year change
8,450
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FY2007 Consolidated Prospects
(billions of yen,%)
23,200.0 23,200.0 2,200.0 2,200.0 2,300.0 2,300.0 1,550.0 1,550.0
115 yen 115 yen 145 yen 145 yen
21,036.9 21,036.9 1,878.3 1,878.3 2,087.3 2,087.3 1,372.1 1,372.1
113 yen 113 yen 138 yen 138 yen
2,163.1 2,163.1 321.7 321.7 212.7 212.7 177.9 177.9
+2 yen +2 yen +7 yen +7 yen
10.3% 10.3% 17.1% 17.1% 10.2% 10.2% 13.0% 13.0%
Net Revenues Net Revenues
FOREX Rates FOREX Rates
Net Income Net Income
Income before income taxes, Income before income taxes, minority interest and equity minority interest and equity earnings of affiliated companies earnings of affiliated companies
Operating Income Operating Income
FY2007 （’06/4-’07/3） FY2007 （’06/4-’07/3）
Change Change
FY2006 （’05/4-’06/3） FY2006 （’05/4-’06/3）
$ $ € €
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FY2007 Consolidated Prospects: CAPEX, Depreciation, R&D
Capital Expenditure Capital Expenditure
N.America N.America Japan Japan
R&D Expenses R&D Expenses Depreciation Expenses Depreciation Expenses
Europe Europe Asia Asia Others Others Consolidated Consolidated 1,550.0 1,550.0 850.0 850.0 330.0 330.0 130.0 130.0 135.0 135.0 105.0 105.0
( + 21.2) ( - 0.5) ( + 3.1) ( - 59.3) ( + 59.7) ( + 18.2)
930.0 930.0 590.0 590.0 165.0 165.0 80.0 80.0 55.0 55.0 40.0 40.0
( + 38.6) ( + 4.1) ( + 7.0) ( + 21.1) ( - 0.1) ( + 6.5)
890.0 890.0 ( + 77.4)
Figures in parentheses represent year-on-year change (billions of yen,%)
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FY2007 Unconsolidated Prospects (Japan GAAP)
11,400.0 11,400.0 1,130.0 1,130.0 1,520.0 1,520.0 1,030.0 1,030.0 10,191.8 10,191.8 847.9 847.9 1,104.7 1,104.7 765.9 765.9 1,208.2 1,208.2 282.1 282.1 415.3 415.3 264.1 264.1 11.8% 11.8% 33.3% 33.3% 37.6% 37.6% 34.5% 34.5%
FY2007 (’06/4-’07/3) FY2007 (’06/4-’07/3)
Change Change
FY2006 (’05/4-’06/3) FY2006 (’05/4-’06/3)
Net Revenues Net Revenues Net Income Net Income Operating Income Operating Income Ordinary Income Ordinary Income
(billions of yen,%)
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FY2007 Operations Prospects
Sales Sales (Overseas)
(Overseas)
Exports Exports Sales Sales (Japan)
(Japan)
1,750 1,750 2,520 2,520 6,320 6,320 1,769 1,769 2,126 2,126 5,664 5,664
Automotive Automotive Production Production
Japan Japan Overseas Overseas
Housing Sales Housing Sales
5,000 5,000 4,693 4,693 4,240 4,240 3,863 3,863 3,920 3,920 3,731 3,731
(Thousands of units)
units units
8,160 8,160 7,594 7,594
Total Total
FY2007 (’06/4-’07/3) FY2007 (’06/4-’07/3) FY2006 (’05/4-’06/3) FY2006 (’05/4-’06/3)
(Thousands of units)