Toyota Motor Corporation Earnings Release April 2002 - September - - PowerPoint PPT Presentation

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Toyota Motor Corporation Earnings Release April 2002 - September - - PowerPoint PPT Presentation

Toyota Motor Corporation Earnings Release April 2002 - September 2002 Figures prepared in accordance with Japan GAAP Cautionary Statement with Respect to Forward-Looking Statements This presentation contains forward-looking statements that


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SLIDE 1

Toyota Motor Corporation

Earnings Release

April 2002 - September 2002

Figures prepared in accordance with Japan GAAP

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SLIDE 2

Cautionary 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 affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro and the British pound; (iii) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (iv) changes in the laws, regulations and government policies affecting Toyota’s automotive operations, particularly laws, regulations and policies relating to environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies affecting Toyota’s other operations, including the outcome of future litigation and other legal proceedings; (v) political instability in the markets in which Toyota

  • perates; (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

  • ther interruptions to, or difficulties in, the employment of labor in the major markets where Toyota

purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold. A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in the “Operating and Financial Review and Prospects” and “Information on the Company” sections and elsewhere in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

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SLIDE 3

Caution concerning insider trading:

Under Japanese securities laws and regulations (the "Regulations"), although there are 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, if twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources prescribed by the Regulations, such as certain newspaper companies and broadcasting companies, it is deemed that such material information was made public. Thus, investors aware of any material information contained in this document, if any, are recommended not to trade in Toyota's shares until the opening of Japanese stock markets on October 31 2002

  • r to seek its own legal and other advice from its own professional advisers separately.
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SLIDE 4
  • I. Consolidated

Financial Summary

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SLIDE 5

5

Note: Accounting Procedures

  • 1. Japan GAAP

! US GAAP figures will be released in late December

  • 2. Scope of Consolidation and

Application of Equity Method

01/9 02/3 02/9

changes changes

Consolidated Subsidiaries 551

+13 564 +15 579

Equity Method

49

+1

50

  • 50
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SLIDE 6

6

FY 2003 Interim FY 2002 Interim Changes

(02/4-9) (01/4-9)

Net

billions of yen billions of yen billions of yen

Sales

7,886.6 6,833.5 1,053.1

Operating

billions of yen billions of yen billions of yen

Income

730.8 506.5 224.3

Ordinary

billions of yen billions of yen billions of yen

Income

794.0 526.6 267.4

Net Income

billions of yen billions of yen billions of yen

before Tax

980.0 526.6 453.4

Net

billions of yen billions of yen billions of yen

Income

553.7 291.1 262.6

Consolidated Results Summary

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SLIDE 7

7

Worldwide Production

1,804 376 81 88 1,962 399 82 98 1,949 381 108 113 1,973 458 187 249 500 1,000 1,500 2,000 2,500 3,000 '99/4-9 '00/4-9 '01/4-9 '02/4-9

Other Europe North America Japan

(thousands of units)

2,349 2,541 2,551 2,867

602

Overseas Total

894 (+292) 579

Figures in brackets include total number of Toyota-, Daihatsu-, and Hino-brand vehicles produced

[2,852] [3,140]

(+24) (+316)

545

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SLIDE 8

8

1,013 806 333 357 1,067 851 369 367 1,077 860 363 392 1,024 1,004 392 598 500 1,000 1,500 2,000 2,500 3,000 3,500 '99/4-9 '00/4-9 '01/4-9 '02/4-9

Other Europe North America Japan

2,509 2,654 2,692 3,018 (+326)

Vehicle Sales

Overseas Total

1,994 (+379) 1,615 1,587

Figures in brackets include total unit sales of Toyota-, Daihatsu-, and Hino-brand vehicles

[2,933] [3,119]

1,496

(thousands of units)

(-53)

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SLIDE 9

9

6.1% 6.0% 6.5% 7.4% 9.3%

500 1,000

99/3 00/3 01/3 02/3 03/3 Interim

5% 10%

Operating Income (Oct-Mar) Operating Income (Apr-Sep) Net Sales / Operating Income Ratio

Changes in Operating Income

Billions of yen

774.9 775.9 870.1 1,123.4 730.8 (+224.3)

506.5

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SLIDE 10

10

'01/4-9 '02/4-9

Favorable Forex Rate +90 Increase in sales

+80

Cost Reduction Efforts +150 Increase in R&D and Labor Costs

  • 95.7

Contributions to Operating Income

506.5 730.8 (+224.3)

(Billions of Yen)

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SLIDE 11

11

Geographical Segment: : : : Japan

%

29.9

billions of yen

+123.4

billions of yen

412.4

billions of yen

535.8

Operating Income

Changes FY 2002 Interim (01/4-9) FY 2003 Interim (02/4-9)

Increased Production Increased Production

Alphard ist Probox & Succeed Caldina

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SLIDE 12

Growing N. American Production Capacity: Growing N. American Production Capacity: Current 1.25 Current 1.25 → → → → → → → → 1.50 million units in 2005 1.50 million units in 2005

Fall ’03 Capacity Increase at TMMC ’05 Vehicle Production Starts at the New Mexican Plant 10 millionth TOYOTA car produced in N.A. (July 2002)

Corolla Matrix

Geographical Segment: North America

%

70.7

billions of yen

+74.2

billions of yen

104.9

billions of yen

179.1

Operating Income

Changes FY 2002 Interim (01/4-9) FY 2003 Interim (02/4-9)

12

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SLIDE 13

D-CAT

Corolla

Geographical Segment: : : : Europe

%

  • billions of yen

+10.6

billions of yen

  • 5.2

billions of yen

5.4

Operating Income

Changes FY 2002 Interim (01/4-9) FY 2003 Interim (02/4-9)

Early Early ’ ’03 03 France: France:

Capacity Increase (150 to 180 thousand units) Start Assembling Diesel Engines

’ ’03 03 UK: UK:

Start Assembling Diesel Engines

Late Late ’ ’04 04 Poland: Poland:

Increase Capacity of M/T production Start Producing Gasoline Engines

’ ’05 05 Czech: Czech:

Production Commencement <100,000 units> (Joint Operation with Peugeot Citroen)

Early Early ’ ’05 05 Poland: Poland:

Start Producing Diesel Engines

Growing European Production Capacity

13

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SLIDE 14

Corolla Altis Production Commenced at our Tianjin Plant in October, 2002 Vios Vios Vios Vios

Alliance with FAW

Geographical Segment: Other

7-fold

billions of yen

+21.0

billions of yen

3.5

billions of yen

24.5

Operating Income

Changes FY 2002 Interim (01/4-9) FY 2003 Interim (02/4-9)

14

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SLIDE 15

◆ Expanding Financial Business Operation:

+17.9 billion yen

◆ Valuation loss from interest rate swap

agreements by US finance subsidiary:

  • 35.1 billion yen

Business Segment: Financial Services

Operating income : Operating income : -

  • 17.2 billion yen

17.2 billion yen

%

  • 86.8

billions of yen

  • 17.2

billions of yen

19.8

billions of yen

2.6

Operating Income

Changes FY2002 Interim (01/4-9) FY2003 Interim (02/4-9)

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SLIDE 16

Capital Expenditure, Depreciation, R&D

Capital Expenditure

(billion yen)

Depreciation Expenses

(billion yen)

R&D Expenses

(billion yen)

Consolidated

Total

479.8 360.9 294.0

Japan

259.7 232.7

North America

139.4 83.0

Europe

45.4 24.7

Other

35.3 20.5

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SLIDE 17

◆ Non-operating income on equity in earnings of affiliates: 30.3 billion yen due to return of substituted portions of employee pension fund

Non-operating Income: +43.1 billion yen (20.1 -> 63.2 billion yen)

Non Non-

  • operating Income, etc.
  • perating Income, etc.

◆ ◆ ◆ ◆ 186.0 billion yen gains on return of substituted portions of employee pension fund

Extraordinary Gains: +186.0 billion yen (0 -> 186.0 billion yen)

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SLIDE 18
  • II. Unconsolidated

Financial Summary

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SLIDE 19

Unconsolidated Results Summary

FY 2003 Interim FY 2002 Interim Changes

(02/4-9) (01/4-9)

billions of yen billions of yen billions of yen

Net Sales

4,204.7 4,011.9 192.8

billions of yen billions of yen billions of yen

Operating Income

471.3 354.2 117.1

billions of yen billions of yen billions of yen

Ordinary Income

481.7 347.1 134.6

billions of yen billions of yen billions of yen

Net Income

382.2 203.5 178.7

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SLIDE 20

Shareholders’ Return

Interim Dividend Payout

  • 16 yen per share

16 yen per share <+3 yen>

<+3 yen>

Total Dividend Payout = 56.8 billion yen

  • Interim Payout Ratio

Interim Payout Ratio = 14.9% = 14.9%

  • Excl. extraordinary gain

= 19.8%

Aggregate Value of Shares Canceled

  • 143.0 billion yen

143.0 billion yen

(= 40 million shares)

Total: 199.8 billion yen Shareholders’ Return Ratio = 52.3%

  • Excl. extra-ordinary gain = 69.7%

Shareholders’ Return Ratio = Parent’s Net Income Dividend Payout + Aggregate Value of Shares Canceled 20

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SLIDE 21

Amount: 163.3 billion yen, 55 million shares

Repurchase of Shares

Amount Authorized for the Repurchase Amount Authorized for the Repurchase Repurchased Amount of Toyota Shares Repurchased Amount of Toyota Shares

Amount: up to 600 billion yen or 170 million shares (for repurchases to be made between Jun ’02-Jun ’03)

21

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SLIDE 22

'99/9 '02/9

Trust Accounts, etc.

Banks

Insurance Businesses Foreign Individual Treasury Stock

Changes in Shareholdings

  • f the Parent Company

34% 34% 11% 11% 17% 17% 18% 18% 23% 23% 14% 14%

22

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  • III. Prospects for FY 2003
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SLIDE 24

2,217 1,780 866 921 2,240 1,970 810 1,180

1,000 2,000 3,000 4,000 5,000 6,000 7,000

'01/4 -'02/3 '02/4 -'03/3

Other Europe North America Japan

(+259) (-56) (+190) (+23) 5,784 6,200 (+416)

< >: figures for ’01/4-’02/3 result were adjusted to reflect 12 months.

FY 2003 Consolidated Prospects : Vehicle Sales

(thousands of units)

<818> <727> <5,542>

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FY 2003 Consolidated Prospects

Capital Depreciation R&D Expenditures Expenses Expenses

(billions of yen) (billions of yen) (billions of yen)

(+39.7) (+10.8) (+87.5)

Consolidated

980.0 710.0 680.0

(+18.7) (-0.7)

(Japan)

550.0 450.0

(+38.7) (+3.8)

(North America)

290.0 160.0

(+1.6) (+2.8)

(Europe)

90.0 60.0

(-19.3) (+4.9)

(Other)

50.0 40.0

Note: Amounts in parentheses represent changes from the previous fiscal year

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FY 2003 Consolidated Prospects

Capital Depreciation R&D Expenditures Expenses Expenses

(billions of yen) (billions of yen) (billions of yen)

(+39.7) (+10.8) (+87.5)

Consolidated

980.0 710.0 680.0

(+18.7) (-0.7)

(Japan)

550.0 450.0

(+38.7) (+3.8)

(North America)

290.0 160.0

(+1.6) (+2.8)

(Europe)

90.0 60.0

(-19.3) (+4.9)

(Other)

50.0 40.0

Note: Amounts in parentheses represent changes from the previous fiscal year

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Unconsolidated Automotive Operation Targets

FY 2003 FY 2002

(02/4-03/3) (01/4-02/3) thousands of units thousands of units

Automotive Japan 3,480 3,364 Production Overseas 2,200 1,833 Sales (Japan) 1,750 1,720 Exports 1,800 1,708 Sales (Overseas) 3,900 3,609

units units

Housing Sales 3,400 3,095

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FY 2003 Prospects (Unconsolidated)

FY 2003 FY 2002 Changes

(02/4-03/3) (01/4-02/3) billions of yen billions of yen billions of yen

Net Sales 8,600.0 8,284.9 315.1

billions of yen billions of yen billions of yen

Operating Income 820.0 748.9 71.1

billions of yen billions of yen billions of yen

Ordinary Income 820.0 768.9 51.1

billions of yen billions of yen billions of yen

Net Income 590.0 470.2 119.8

assuming: Exchange Rate 122 yen/ 1$ 125 yen/ 1$ 3 yen appreciation 116 yen/ 1Euro 110 yen/ 1Euro 6 yen depreciation ’02/10-’03/3: 120 yen/ 1$ 115 yen/ 1Euro

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Toyota Motor Corporation

Earnings Release

April 2002 - September 2002

Figures prepared in accordance with Japan GAAP