Toyota Motor Corp. · TSE:7203
Toyota Motor — FY2004 Q3 Earnings Presentation
30 slides from Toyota Motor's earnings presentation, Feb 5, 2004
Slide 1: FY2004 Q3 Financial Results
Toyota Motor Corporation FY2004 Q3 Financial Results Three months ended December 31, 2003 - prepared in accordance with US GAAP - February 5, 2004
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: Consolidated, Unconsolidated Summary, Prospects for FY2004
I. Consolidated Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2004 4
Slide 5: Notes to Financial Summary
Notes to Financial Summary uConsolidated financial statements are prepared in accordance with US GAAP. • Relevant figures from previous fiscal years are recalculated in accordance with US GAAP, for comparison purposes. uUnconsolidated financial statements are prepared in accordance with Japan GAAP.
Slide 6: Difference between US GAAP & Japan GAAP on FY2003 Q3
Difference between US GAAP & Japan GAAP on FY2003 Q3 (billions of yen) Income before Taxes & Minority Interest and Equity in Earnings of FY2003 Q3 (’02/10-12) Net Sales Affiliated Companies US GAAP 4,052.6 300.1 Japan GAAP 4,186.7 380.6 Difference b/w US and Japan GAAP -134.1 -80.5 Scope of Consolid
Slide 7: Consolidated Financial Summary: Increase in Net Sales and Profits
Consolidated Financial Summary: Increase in Net Sales and Profits FY2004 Q3 FY2003 Q3 ('03/10-12) ('02/10-12) Changes (billions of yen) (billions of yen) (billions of yen) % (*) Net Sales 4,386.0 4,052.6 333.4 8.2% Operating Income 401.6 361.2 40.4 11.2% Income before Taxes, Minority Interest and Eq
Slide 8: Consolidated Vehicle Production: Increase in All Regions
Consolidated Vehicle Production: Increase in All Regions (thousands of units) 2,000 [1,798] [1,645] 1,672 (+157) 1,515 (+57) 176 1,500 119 137 (+31) 106 215 259 (+44) 1,000 (+25) 500 1,075 1,100 0 '02/10-12 '03/10-12 Japan N. America Europe Other Figures in brackets show total number of Toyota/Lexus
Slide 9: Consolidated Vehicle Sales: Increase in All Regions
Consolidated Vehicle Sales: Increase in All Regions (thousands of units) [1,662] 2,000 [1,494] 1,700 (+156) 1,544 (+71) 1,500 367 296 218 (+48) 170 1,000 533 561 (+28) 500 545 554 (+9) 0 '02/10-12 '03/10-12 Japan N. America Europe Other Figures in brackets show total retail unit sales of Toyota/Lexu
Slide 10: Contributions to Operating Income: +40.4 billion yen
Contributions to Operating Income:<+40.4 billion yen> Global Sales Growth and a High Level of Cost Reductions (billions of yen) Operational Efforts +100.0 450.0 Unfavorable Cost Reduction 401.6 Forex Rate Efforts +60.0 (+40.4) 400.0 -80.0 Increased Labor Costs and Other 350.0 361.2 Expenses, etc. -3
Slide 11: Geographic Operating Income: Japan
Geographic Operating Income: Japan Strong Domestic Operations Mitigated Forex Impact (billions of yen) PRIUS SIENTA 11
Slide 12: Quarterly Changes: Japan
Quarterly Changes: Japan Stable Despite Forex Fluctuations (billions of yen) 12
Slide 13: Geographic Operating Income: North America
Geographic Operating Income: North America Strong Sales of SIENNA, RX330, etc. Result in Profits (billions of yen) SIENNA Production shift from TMMC to TMMK (July) RX330 13
Slide 14: Quarterly Changes: North America
Quarterly Changes: North America Growth Returns Following Bottom of FY2003 Q4 (billions of yen) (thousands of units) 14
Slide 15: Geographic Operating Income: Europe
Geographic Operating Income: Europe The New Avensis Contributed to Profit Growth (billions of yen) Avensis Yaris 15
Slide 16: Quarterly Changes: Europe
Quarterly Changes: Europe Into a New Stage of Profit Expansion (billions of yen) (thousands of units) 16
Slide 17: Geographic Operating Income: Other
Geographic Operating Income: Other Profit Growth in Asia and All Other Regions (billions of yen) 17
Slide 18: Quarterly Changes: Other
Quarterly Changes: Other Profitability Strengthened as Sales Grow in Asia and Other Regions (billions of yen) (thousands of units) 18
Slide 19: Operating Income Ratio by Geographic Segment
Operating Income Ratio by Geographic Segment Improved Both in Levels and Regional Balance North Consolidated Japan Europe Other America * * * * FY04 Q3 9.2% 7.7 8.0 4.8 4.1 FY03 Q3 8.9% 9.5 5.0 0.1 3.2 Changes +0.3% -1.8 +3.0 +4.7 +0.9 * : before intersegment elimination 19
Slide 20: Business Segments: Financial Services
Business Segments:Financial Services Captive Finance Led to Profit Expansion (billions of yen) Operating Income : +31.9 billion yen • Increase in balance of captive finance, etc. 24.9 billion yen • Evaluation gain from interest swap agreements of US finance subsidiary, etc. (’03/12 9.1 billion yen <
Slide 21: CapEx, Depreciation, R&D FY2004 Q3
CapEx, Depreciation, R&D FY2004 Q3 Capital Depreciation R&D Expenditures Expenses Expenses (billions of yen) (billions of yen) (billions of yen) Consolidated Total 196.9 180.5 172.8 Japan 123.5 114.2 North America 30.0 39.4 Europe 17.9 14.4 Other 25.5 12.5 21
Slide 22: Consolidated, Unconsolidated Summary, Prospects for FY2004
I. Consolidated Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2004 22
Slide 23: Unconsolidated Results Summary (Japan GAAP)
Unconsolidated Results Summary (Japan GAAP) FY2004 Q3 FY2003 Q3 ('03/10-12) ('02/10-12) Changes (billions of yen) (billions of yen) (billions of yen) % (*) Net Sales 2,292.0 2,302.0 -10.0 -0.4% Operating Income 176.8 236.6 -59.8 -25.3% Ordinary Income 212.5 261.8 -49.3 -18.8% Net Income 136.1 153.7
Slide 24: Share Repurchase: 50% of Annual Program Exercised
Share Repurchase: 50% of Annual Program Exercised 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: 206.5 billion yen, 64 million shares 24
Slide 25: Consolidated, Unconsolidated Summary, Prospects for FY2004
I. Consolidated Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2004 25
Slide 26: FY2004 Consolidated Prospects: Vehicle Unit Sales
FY2004 Consolidated Prospects: Vehicle Unit Sales (thousands of units) 6,570 6,650 (+537) 6,113 6,000 1,290 1,320 (+183) 1,137 860 880 (+ 104) 776 4,000 1,982 2,120 2,150 (+168) 2,000 2,218 2,300 2,300 (+ 82) 0 FY2003 FY2004 Prospects FY2004 Prospects (as released in'03/11) (as released in '04/2) Ja
Slide 27: 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 28: Toyota's Operations Prospects excluding Daihatsu and Hino
Toyota’s Operations Prospects excluding Daihatsu and Hino FY2004 Prospects FY2003 ('03/4-'04/3) ('02/4-'03/3) thousands of units thousands of units Automotive Japan 3,540 3,513 Production Overseas 2,760 2,215 Sales (Japan) 1,760 1,724 Exports 1,860 1,835 Sales (Overseas) 4,470 3,927 units units Hous
Slide 29: FY2004 Unconsolidated Prospects (Japan GAAP)
FY2004 Unconsolidated Prospects (Japan GAAP) FY2004 Prospects FY2003 Change ('03/4-'04/3) ('02/4-'03/3) (billions of yen) (billions of yen) (billions of yen) Net Sales 8,800.0 8,739.3 60.7 Operating Income 800.0 861.3 -61.3 Ordinary Income 880.0 892.6 -12.6 Net Income 560.0 634.0 -74.0 Exchange Rate
Slide 30: FY2004 Q3 Financial Results
Toyota Motor Corporation FY2004 Q3 Financial Results Three months ended December 31, 2003 - prepared in accordance with US GAAP - February 5, 2004