Toyota Motor Corp. · TSE:7203
Toyota Motor — H1 FY2004 Earnings Presentation
31 slides from Toyota Motor's earnings presentation, Nov 5, 2003
Slide 1: FY2004 Interim Financial Results
FY2004 Interim Financial Results Six months ended September 30, 2003 - prepared in accordance with US GAAP - November 5, 2003
Slide 2: Cautionary Statement with Respect to Forward-Looking Statements
Cautionary Statement with Respect to Forward-Looking Statements This release 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 factor
Slide 3: Caution concerning insider trading
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 tra
Slide 4: I. Consolidated Financial Summary
I. Consolidated Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2004 4
Slide 5: Notes to Consolidated Financial Results
Notes to Consolidated Financial Results US GAAP ! Relevant figures from previous fiscal years are recalculated in accordance with US GAAP, for comparison. Scope of Consolidation and Affiliates Accounted for under Equity Methods FY03 1H FY03 FY04 1H changes changes Consolidated Subsidiaries 496 +4 50
Slide 6: Difference between US GAAP & Japan GAAP on FY2003 1H
Difference between US GAAP & Japan GAAP on FY2003 1H (billions of yen) Income before Taxes & Minority Interest and Equity in Earnings of FY2003 1H (’02/4-9) Net Sales Affiliated Companies US GAAP 7,613.4 714.4 Japan GAAP 7,886.6 980.0 Difference b/w US and Japan GAAP -273.2 -265.6 Scope of Consolida
Slide 7: Consolidated Financial Summary
Consolidated Financial Summary FY2004 1H FY2003 1H ('03/4-9) ('02/4-9) Changes (billions of yen) (billions of yen) (billions of yen) % (*) Net Sales * 8,224.2 7,613.4 610.8 8.0% Operating Income * 767.7 685.0 82.7 12.1% Income before Taxes, Minority Interest and Equity in Earnings of Affiliated Comp
Slide 8: Consolidated Vehicle Production
Consolidated Vehicle Production (thousands of units) [3,335] [3,076] 3,064 (+264) 3,000 2,800 323 2,541 2,551 182 230 Overseas 186 1,042 827 (+215) 459 489 2,000 2,022 1,000 1,973 (+49) 0 '00/4-9 '01/4-9 '02/4-9 '03/4-9 Japan N. America Europe Other Figures in brackets show total number of Toyota/Le
Slide 9: Consolidated Vehicle Sales
Consolidated Vehicle Sales [3,438] (thousands of units) [3,119] 3,170 (+219) 3,000 2,951 2,654 2,692 643 531 441 Overseas 392 2,089 2,000 1,927 (+162) 1,004 1,005 1,000 1,081 1,024 (+57) 0 '00/4-9 '01/4-9 '02/4-9 '03/4-9 Japan N. America Europe Other Figures in brackets show total retail unit sales
Slide 10: Changes in Operating Income
Changes in Operating Income 1,271.6 10% (billions of yen) 9.3% 1,000.0 8.2% 767.7 (+82.7) 685.0 500.0 0.0 5% '99/4-'00/3 '00/4-'01/3 '01/4-'02/3 '02/4-'03/3 '03/4-9 Operating Income Apr.-Sep. Operating Income Oct.-Mar. Operating Income Ratio 10
Slide 11: Quarterly Changes in Operating Income
Quarterly Changes (billions of yen) in Operating Income 400.0 300.0 200.0 100.0 '02/4-6 Q1 '02/7-9 Q2 '02/10-12 '03/1-3 Q4 '03/4-6 Q1 '03/7-9 Q2 Q3 11
Slide 12: Contributions to Operating Income
Contributions to Operating Income (billions of yen) 800.0 Operational Cost Reduction Efforts +10.0 767.7 Efforts +110.0 (+82.7) 750.0 Increased R&D and Labor Costs, etc. -37.3 700.0 685.0 650.0 600.0 '02/4-9 '03/4-9 12
Slide 13: Geographical Segments: Japan
Geographical Segments: Japan FY2004 1H FY2003 1H Changes (‘03/4-9) (‘02/4-9) Operating billions of yen % Income 529.7 479.8 +49.9 10.4 RAUM Universal Design Features PRIUS Gasoline-Electric Hybrid Vehicle 13
Slide 14: Geographical Segments: North America
Geographical Segments: North America FY2004 1H FY2003 1H Changes (‘03/4-9) (‘02/4-9) Operating billions of yen % Income 163.6 181.8 -18.2 -10.0 Camry Solara xB Production shift from TMMC to TMMK (July) Launch of SCION targeting youth (June) Start of first-ever Lexus manufacturing outside Japan at TM
Slide 15: Geographical Segments: Europe
Geographical Segments: Europe FY2004 1H FY2003 1H Changes (‘03/4-9) (‘02/4-9) Operating billions of yen times Income 22.5 5.1 +17.4 x 4.4 Avensis Increased Sales of Locally Produced Core Models Yaris Corolla 15
Slide 16: Geographical Segments: Other
Geographical Segments: Other FY2004 1H FY2003 1H Changes (‘03/4-9) (‘02/4-9) Operating billions of yen times Income 53.3 21.9 +31.4 x 2.4 VIOS Hilux Corolla Altis 16
Slide 17: Operating Income Ratio by Geographical Segments <1>
Operating Income Ratio by Geographical Segments <1> FY04 1H vs FY03 1H Consolidated North Japan Europe Other America FY04 1H 9.3% 9.6 5.4 2.2 4.8 FY03 1H 9.0% 9.2 5.7 0.7 3.0 Changes +0.3% +0.4 -0.3 +1.5 +1.8 17
Slide 18: Operating Income Ratio by Geographical Segments <2>
Operating Income Ratio by Geographical Segments <2> FY04 Q2 vs FY03 Q2 Consolidated North Japan Europe Other America FY04 Q2 10.3% 10.0 6.7 3.3 5.9 FY03 Q2 7.8% 8.0 5.3 0.0 2.1 Changes +2.5% +2.0 +1.4 +3.3 +3.8 18
Slide 19: Business Segments: Financial Services
Business Segments: Financial Services FY2004 1H FY2003 1H Changes (‘03/4-9) (‘02/4-9) Operating billions of yen times Income 61.7 3.8 +57.9 x 16.2 Operating Income: 57.9 billion yen • Expansion of financial business, etc. 7.9 billion yen • Evaluation gain from interest swap agreements of US finance
Slide 20: CapEx, Depreciation, R&D FY2004 1H
CapEx, Depreciation, R&D FY2004 1H Capital Depreciation R&D Expenditures Expenses Expenses (billions of yen) (billions of yen) (billions of yen) Consolidated Total 421.4 376.7 304.6 Japan 243.7 229.1 North America 92.0 92.9 Europe 42.9 28.3 Other 42.8 26.4 20
Slide 21: II. Unconsolidated Financial Summary
I. Consolidated Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2004 21
Slide 22: Unconsolidated Results Summary (Japan GAAP)
Unconsolidated Results Summary (Japan GAAP) FY2004 1H FY2003 1H ('03/4-9) ('02/4-9) Changes (billions of yen) (billions of yen) (billions of yen) % (*) Net Sales * 4,302.1 4,204.7 97.4 2.3% Operating Income 459.1 471.3 -12.2 -2.6% Ordinary Income * 510.5 481.7 28.8 6.0% Net Income 338.0 382.2 -44.2
Slide 23: Shareholder's Return <1> Interim Dividend
Shareholder’s Return <1> Interim Dividend Interim Dividend ! 20 yen per share +4 yen per share, Total Dividend Payout: 67.9 billion yen ! Dividend Payout Ratio 20.1% 23
Slide 24: Shareholder's Return <2> Share Repurchase
Shareholder’s Return <2> Share Repurchase Amount Authorized for Repurchase Amount: Up to 400 billion yen or 150 million shares (for repurchases to be made between June ’03-June ’04) Repurchased Amount of Toyota Shares Amount: 74.3 billion yen, 24.28 million shares 24
Slide 25: Changes in Share Ownership
Changes in Share Ownership Banks 34% 13% '99/9 '03/9 25
Slide 26: III. Prospects for FY2004
I. Consolidated Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2004 26
Slide 27: FY2004 Consolidated Prospects: Vehicle Unit Sales
FY2004 Consolidated Prospects: Vehicle Unit Sales (thousands of units) 6,410 6,570 (+457) 6,113 6,000 1,290 (+153) 1,137 860 (+ 84) 776 4,000 1,982 2,120 (+138) 2,000 2,218 2,300 (+ 82) 0 FY2003 FY2004 Prospects FY2004 Prospects ('03/8) ('03/11) Japan N. America Europe Other Figures in parentheses s
Slide 28: FY2004 Consolidated Prospects: CapEx, Depreciation, R&D
FY2004 Consolidated Prospects: CapEx, Depreciation, R&D Capital Depreciation R&D Expenditures Expenses Expenses (billions of yen) (billions of yen) (billions of yen) (-49.0) (+85.9) (+21.6) Consolidated 950.0 770.0 690.0 (+48.4) (+61.7) (Japan) 575.0 480.0 (-91.7) (+6.4) (North America) 210.0 180.0
Slide 29: Toyota's Operation Prospects excluding Daihatsu and Hino
Toyota’s Operation Prospects excluding Daihatsu and Hino FY2004 Prospects FY2003 ('03/4-'04/3) ('02/4-'03/3) thousands of units thousands of units Automotive Japan 3,500 3,513 Production Overseas 2,740 2,215 Sales (Japan) 1,760 1,724 Exports 1,820 1,835 Sales (Overseas) 4,380 3,927 units units Housi
Slide 30: FY2004 Unconsolidated Prospects (Japan GAAP)
FY2004 Unconsolidated Prospects (Japan GAAP) FY2004 Prospects FY2003 Changes ('03/4-'04/3) ('02/4-'03/3) (billions of yen) (billions of yen) (billions of yen) Net Sales 8,700.0 8,739.3 -39.3 Operating Income 720.0 861.3 -141.3 Ordinary Income 800.0 892.6 -92.6 Net Income 510.0 634.0 -124.0 Exchange
Slide 31: FY2004 Interim Financial Results
FY2004 Interim Financial Results Six months ended September 30, 2003 - prepared in accordance with US GAAP - November 5, 2003