Toyota Motor Corp. · TSE:7203
Toyota Motor — H1 FY2005 Earnings Presentation
32 slides from Toyota Motor's earnings presentation, Nov 1, 2004
Slide 1: FY2005 1H Financial Results
FY2005 1H Financial Results Six months ended September 30, 2004 - prepared in accordance with U.S. GAAP - Toyota Motor Corporation November 1, 2004
Slide 2: Cautionary Statement with Respect to Forward-Looking Statements
Cautionary Statement with Respect to Forward-Looking Statements This report 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
Slide 3: Caution concerning insider trading
Caution 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
Slide 4: Takashi Hata, Managing Officer
Takashi Hata Managing Officer 4
Slide 5: Agenda
Agenda I. Consolidated Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2005 5
Slide 6: Consolidated Financial Summary
Consolidated Financial Summary： FY2005 1H FY2004 1H Changes （’04/4–9） （’03/4–9） (billons of yen) (billons of yen) (billons of yen) % Net Sales * 9,025.6 8,224.2 801.4 9.7 Operating income * 866.2 767.7 98.5 12.8 Income before Taxes, Minority Interest and Equity in Earnings of * 913.2 812.0 101.2 12.
Slide 7: Operating Income and Operating Income Ratio: Continuing Growth and Efficiency
Operating Income and Operating Income Ratio: Continuing Growth and Efficiency Operating Income Ope ratin g In c om e Ratio（ % ） (billions of yen) 1,559.8 *1 1,600.0 1,400.0 1,271.6 1,093.6 1,200.0 9.6% *3 9.0% *2 1,000.0 790.7 8.2% 800.0 698.5 7.7% 600.0 6.1% 86 6.2 400.0 5.6% 767.7 685.0 200.0 508
Slide 8: Consolidated Vehicle Production: Increase in All Regions
Consolidated Vehicle Production: Increase in All Regions [3,715] (thousands of units) 3,469 (+405) [3,340] 3,064 434 (+111) 3,000 323 283 (+53) 230 575 (+86) 489 2,000 1,000 2,022 2,177 (+155) 0 '03/4-9 '04/4-9 Japan N. America Europe Other Figures in brackets show the total number of Toyota/Lexus,
Slide 9: Consolidated Vehicle Sales: Increase in All Regions
Consolidated Vehicle Sales： Increase in All Regions (thousands of units) [3,732] [3,440] 3,567 (+397) 3,170 859 (+216) 3,000 643 476 (+35) 441 2,000 1,005 1,126 (+121) 1,000 1,081 1,106 (+25) 0 '03/4-9 '04/4-9 Japan N. America Europe Other Figures in brackets show total retail unit sales of Toyota/L
Slide 10: Contributing Factors to Operating Income: +98.5 billion yen
Contributing Factors to Operating Income: +98.5 billion yen Strong Sales and a High Level of Cost Reductions Cost Reduction (billions of yen) Efforts +70.0 866.2 900.0 Unfavorable Operational (+98.5) Efforts Forex Rate (volume, mix, -120.0 etc.) +260.0 800.0 767.7 Increases in R&D and other 700.0 ex
Slide 11: Geographic Operating Income: Japan
Geographic Operating Income: Japan Strong Production and Sales Mitigated Forex Impact (billions of yen) -39.1 600.0 (-7.4%) Forex Impact About –100.0 400.0 Crown 529.7 490.6 200.0 0.0 Porte '03/4-9 '04/4-9 11
Slide 12: Geographic Operating Income: Japan Maintaining Strong Profit Despite Forex Fluctuations
Geographic Operating Income: Japan Maintaining Strong Profit Despite Forex Fluctuations (billions of yen) 350.0 119 118 109 110 110 300.0 277.6 107 252 .1 * 245.3 2 53.0 250.0 237.6 226.1 200.0 150.0 100.0 50.0 0.0 '03/4-6 '03/7-9 '03/10-12 '04/1-3 '04/4-6 '04/7-9 Operating Income Forex Rate (yen/1$
Slide 13: Geographic Operating Income: North America
Geographic Operating Income: North America Strong Sales of the Sienna and Scion tC (billions of yen) +81.1 244.7 250.0 (+49.6%) 200.0 163.6 150.0 Sienna 100.0 50.0 0.0 '03/4-9 '04/4-9 Scion tC 13
Slide 14: Geographic Operating Income: North America, A Solid Profit Base
Geographic Operating Income: North America (billions of yen) A Solid Profit Base (thousands of units) 200.0 700 561 572 554 600 537 509 496 150.0 128.2 129.8 500 114.9 99.0 99.2 400 100.0 300 64.6 200 50.0 100 0.0 0 '03/4-6 '03/7-9 '03/10-12 '04/1-3 '04/4-6 '04/7-9 Operating Income Consolidated vehi
Slide 15: Geographic Operating Income: Europe
Geographic Operating Income: Europe Sales Expansion of Locally Produced Core Models (billions of yen) 70.0 66.3 60.0 +43.8 (2.9times) 50.0 40.0 Corolla Verso 30.0 22.5 20.0 10.0 0.0 '03/4-9 '04/4-9 Avensis 15
Slide 16: Geographic Operating Income: Europe, Further Growth in Profit
Geographic Operating Income: Europe Further Growth in Profit (billions of yen) (thousands of units) 50.0 300 239 247 234 229 250 40.0 218 207 35.4 30.9 200 30.0 24.7 25.3 150 20.0 16.4 100 10.0 6.1 50 0.0 0 '03/4-6 '03/7-9 '03/10-12 '04/1-3 '04/4-6 '04/7-9 Operating income Consolidated Vehicle Sales
Slide 17: Geographic Operating Income: Other
Geographic Operating Income: Other Strong Sales in Asia, Africa, Central and South America (billions of yen) +17.6 80.0 (+33.0%) 70.9 60.0 53.3 Hilux VIGO (IMV) 40.0 20.0 0.0 Vios '03/4-9 '04/4-9 17
Slide 18: Geographic Operating Income: Other, Asia Leads Significant Profit Growth
Geographic Operating Income： ： Other Asia Leads Significant Profit Growth (billions of yen) (thousands of units) 60 500 434 405 425 50 367 400 335 40 308 37.7 32.8 33.2 300 30 24.3 20.5 19.3 200 20 100 10 0 0 '03/4-6 '03/7-9 '03/10-12 '04/1-3 '04/4-6 '04/7-9 Operating income Consolidated Vehicle Sal
Slide 19: Business Segments: Financial Services
Business Segments: Financial Services Significant Profit Growth due to Increase in Balance of Captive Finance, etc. (billions of yen) +41.0 120.0 (+66.4%) 102.7 100.0 80.0 61.7 60.0 40.0 20.0 0.0 '03/4-9 '04/4-9 Evaluation gain from interest swap agreement of the U.S. finance subsidiary, etc. (04/9
Slide 20: Equity in Earnings of Affiliated Companies
Equity in Earnings of Affiliated Companies: Increase in Japan and Overseas (billions of yen) +17.8 * (+43.5%) 58.8 60.0 41.0 40.0 20.0 0.0 '03/4-9 '04/4-9 * Profit from DAIKO-HENJO: +3.8 billion yen (3.8 0) 20
Slide 21: CapEx, Depreciation, R&D
CapEx, Depreciation, R&D Capital Depreciation R&D Expenditures Expenses Expenses (billions of yen) (billions of yen) (billions of yen) Consolidated Total 500.6 392.1 351.4 Japan 281.7 241.9 North America 90.6 88.5 Europe 31.6 35.1 Other 96.7 26.6 21
Slide 22: Agenda
Agenda I. Consolidated Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2005 22
Slide 23: Unconsolidated Financial Summary
Unconsolidated Financial Summary Japan GAAP FY2005 1H FY2004 1H Changes (’04/4–9) (’03/4–9) billions of yen billions of yen billions of yen % Net Sales 4,459.7 4,302.1 157.6 3.7 Operating Income 392.3 459.1 -66.8 -14.5 Ordinary Income 442.3 510.5 -68.2 -13.4 Net Income 263.7 338.0 -74.3 -22.0 23
Slide 24: Dividends: 25 Yen per Share
Dividends: 25 Yen per Share Interim Dividends 25 yen per share (+5 yen increase per share/ 82.0 billion yen in total) Dividend Payout Ratio 31.1%(unconsolidated basis) 24
Slide 25: Dividends
Dividends: (yen per share) 55 45 50 yen 45 +9 36 40 yen 35 28 25 23 23 24 yen 30 22 yen yen +5 19 yen yen 25 yen yen 20 15 10 Interim 25 20 16 11 11 13 5 9 9 10 10 0 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 1H 25
Slide 26: Share Repurchase (Actual)
Share Repurchase (Actual): 50% of Annual Program Exercised Amount Authorized for Repurchase Amount: Up to 250 billion yen, or 65 million share (for repurchases to be made between June ’04 and June ’05 shareholders meeting ) Repurchased Amount of Toyota Shares Amount: 127 billion yen, 29 million shar
Slide 27: Agenda
Agenda I. Consolidated Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2005 27
Slide 28: FY2005 Consolidated Prospects: Vehicle Unit Sales
FY 2005 Consolidated Prospects: Vehicle Unit Sales (thousands of units) 7,220 (+501) 6,719 1,670 (+255) 6,000 1,415 898 980 (+ 82) 4,000 2,103 2,220 (+ 117) 2,000 2,303 2,350 (+ 47) 0 FY2004 FY2005 Prospects (Current) Japan N. America Europe Other Figures in brackets show year-on-year changes 28
Slide 29: FY2005 Consolidated Prospects: CapEx, Depreciation, R&D
FY2005 Consolidated Prospects： ： CapEx, Depreciation, R&D Capital Depreciation R&D Expenditures Expenses Expenses (billions of yen) (billions of yen) (billions of yen) C onsolidated 1,060.0 (+102.3) 810.0 (+21.9) 710.0 (+27.8) Japan 640.0 (+75.1) 490.0 (+3.2) North America 140.0 (-69.9) 160.0 (-16.5
Slide 30: Toyota's Operations Prospects, excluding Daihatsu and Hino
Toyota’s Operations Prospects, excluding Daihatsu and Hino FY2005 Prospects FY2004 (’04/4-’05/3) (’03/4-’04/3) thousands of units thousands of units Automotive Japan 3,690 3,558 Production Overseas 3,080 2,739 Sales (Japan) 1,790 1,765 Exports 1,950 1,860 Sales (Overseas) 5,040 4,541 Housing Sales 4
Slide 31: FY2005 Unconsolidated Prospects
FY2005 Unconsolidated Prospects Japan GAAP FY2005 Prospects FY2004 Change (’04/4-’05/3) (’03/4-’04/3) (billions of yen) (billions of yen) (billions of yen) Net Sales 9,100.0 8,963.7 136.3 Operating Income 730.0 833.7 -103.7 Ordinary Income 890.0 915.7 -25.7 Net Income 540.0 581.4 -41.4 Forex rate 10
Slide 32: FY2005 1H Financial Results
FY2005 1H Financial Results Toyota Motor Corporation November 1, 2004