Toyota Motor Corp. · TSE:7203
Toyota Motor — FY2004 Earnings Presentation
34 slides from Toyota Motor's earnings presentation, May 11, 2004
Slide 1: FY2004 Financial Results
Toyota Motor Corporation FY2004 Financial Results April 1, 2003 to March 31, 2004 - prepared in accordance with US GAAP - May 11, 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: I. Consolidated Financial Summary
I. Consolidated Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2005 4
Slide 5: Notes to Financial Summary
Notes to Financial Summary - Consolidated 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. - Unconsolidated financial statements are prepared in accordance with Japan GAAP
Slide 6: Difference between US GAAP & Japan GAAP on FY2003
Difference between US GAAP & Japan GAAP on FY2003 (billions of yen) Income before Taxes & Minority Interest and Equity in Earnings of FY2003 (’02/04-’03/03) Net Sales Affiliated Companies US GAAP 15,501.5 1,226.6 Japan GAAP 16,054.2 1,649.3 Difference btwn US and Japan GAAP -552.7 -422.7 Scope of Co
Slide 7: Consolidated Financial Summary: Record Profit Levels
Consolidated Financial Summary: Record Profit Levels FY2004 FY2003 ('03/4-'04/3) ('02/4-'03/3) Changes (billions of yen) (billions of yen) (billions of yen) % (*) Net Sales * 17,294.7 15,501.5 1,793.2 11.6% Operating Income * 1,666.8 1,271.6 395.2 31.1% Income before Taxes, Minority Interest and Equ
Slide 8: Consolidated Vehicle Production: Increase in All Regions
Consolidated Vehicle Production: Increase in All Regions (thousands of units) 7,000 7,050 6,513 (+663) 6,405 5,850 680 (+262) 6,000 5,275 5,306 418 515 (+128) 5,002 387 5,000 1,034(+151) 883 4,000 4,162 4,284 (+122) 3,000 FY2000 FY2001 FY2002 FY2003 FY2004 Japan N. America Europe Other Figures in br
Slide 9: Consolidated Vehicle Sales: Increase in All Regions
Consolidated Vehicle Sales: Increase in All Regions 7,016 (thousands of units) 6,360 6,719 (+606) 6,500 6,113 5,526 5,543 1,415 (+277) 5,182 5,500 1,138 (+122) 898 4,500 776 3,500 1,982 2,103 (+121) 2,500 2,217 2,303 (+86) 1,500 FY2000 FY2001 FY2002 FY2003 FY2004 Japan N. America Europe Other Figure
Slide 10: Contributing Factors to Operating Income
Contributing Factors to Operating Income:<+395.2 billion yen> Strong Global Sales and a High Level of Cost Reductions (billions of yen) Cost Reduction Increased Labor 1,666.8 Efforts +230.0 Costs and Other (+395.2) 1,700 Expenses, etc. 1,600 -121.8 Operational 1,500 Unfavorable Efforts Forex Rate +3
Slide 11: Operating Income and Operating Income Ratio
Operating Income and Operating Income Ratio: Significant Improvement in Efficiency with Growth *15.2 (billions of yen) 1,666.8 10.4 1,600.0 9.6 7.1 7.8 9.6% 1,400.0 1,271.6 1,200.0 1,093.6 8.2% 1,000.0 7.7% 790.7 800.0 698.5 600.0 6.1% 5.6% 400.0 200.0 0.0 FY2000 FY2001 FY2002 FY2003 FY2004 Operatin
Slide 12: Geographic Operating Income: Japan
Geographic Operating Income: Japan Strong Production and Sales Mitigated Forex Impact (billions of yen) +163.8 (17.4%) 1,108.1 1,200 1,000 944.3 800 CROWN 600 400 200 0 '02/4-03/3 '03/4-04/3 PRIUS 12
Slide 13: Mid-term Changes: Japan
Mid-term Changes: Japan Group-wide Efforts Overcome Forex Impact and Realize Growth (billions of yen) 125 1,200 122 1,108.1 1,000 944.3 9.6% 110 111 844.0 8.7% 800 8.3% 113 623.2 600 539.7 6.5% 400 5.9% 200 0 FY2000 FY2001 FY2002 FY2003 FY2004 Operating Income Operating Income Ratio Forex Rate(yen/1
Slide 14: Geographic Operating Income: North America
Geographic Operating Income: North America Strong Sales of SIENNA, RX330, etc. Result in Profits (billions of yen) +111 (39.6 ) 391.0 400 350 300 280.0 250 SIENNA 200 Production shift from 150 TMMC to TMMK (July) 100 50 0 RX330 '02/4-03/3 '03/4-04/3 14
Slide 15: Mid-term Changes: North America
Mid-term Changes: North America Exceeded 2M Units, Increased Profit Level (billions of yen) (thousands of units) 500 2,500 2,103 1,982 400 2,000 1,689 1,734 1,780 391.0 300 264.8 280.0 1,500 6.4% 194.5 4.6% 4.5% 200 159.5 1,000 4.0% 3.5% 100 500 0 0 FY2000 FY2001 FY2002 FY2003 FY2004 Operating Incom
Slide 16: Geographic Operating Income: Europe
Geographic Operating Income: Europe Locally-produced Models Contributed to a Significant Profit Growth (billions of yen) 80 72.5 +64.2 60 Avensis 40 20 8.3 0 Yaris '02/4-03/3 '03/4-04/3 16
Slide 17: Mid-term Changes: Europe
Mid-term Changes: Europe Profit’s Climbing Up to a Higher Level (billions of yen) (thousands of units) 80 72.5 1,000 60 800 40 3.3% 600 20 -0.9% 8.3 0.5% 400 0 FY2000 -2.4% FY2001 FY2002 FY2003 FY2004 -9.9 -1.8% 200 -20 -24.9 -24.1 -40 0 17
Slide 18: Geographic Operating Income: Other
Geographic Operating Income: Other Doubled Profit by Sales Growth, Particularly in Asia (billions of yen) 100 96.9 80 60 Vios 45.6 40 20 0 '02/4-03/3 '03/4-04/3 Hilux 18
Slide 19: Mid-term Changes: Other
Mid-term Changes: Other Asia Leads Rapid Growth in Profit (billions of yen) (thousands of units) 19
Slide 20: Business Segments: Financial Services
Business Segments:Financial Services Achieved 100 billion yen profit target ahead of schedule (billions of yen) 146.0 Operating Income : 140 +115.7 billion yen 120 • Increase in balance of captive finance, etc. 100 +56.2 billion yen 80 • Evaluation gain from 60 interest swap 40 30.3 agreements of US
Slide 21: Equity in Earnings of Affiliated Companies
Equity in Earnings of Affiliated Companies: Strong Results, both in Japan and Overseas (billions of yen) +67.4 (2.3 times) +67.4 billion yen • Profit from DAIKO- HENJO +20.6 billion yen 21
Slide 22: CapEx, Depreciation, R&D FY2004
CapEx, Depreciation, R&D FY2004 Capital Depreciation R&D Expenditures Expenses Expenses (billions of yen) (billions of yen) (billions of yen) Consolidated Total 957.7 788.1 682.2 Japan 564.9 486.8 North America 209.9 176.5 Europe 87.7 66.4 Other 95.2 58.4 22
Slide 23: II. Unconsolidated Financial Summary
I. Consolidated Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2005 23
Slide 24: Unconsolidated Results Summary (Japan GAAP)
Unconsolidated Results Summary (Japan GAAP) FY2004 FY2003 ('03/4-04/3) ('02/4-03/3) Changes (billions of yen) (billions of yen) (billions of yen) % (*) Net Sales 8,963.7 8,739.3 224.4 2.6% Operating Income 833.7 861.3 -27.6 -3.2% Ordinary Income 915.7 892.6 23.1 2.6% Net Income 581.4 634.0 -52.6 -8.
Slide 25: Dividends: 45 yen per share
Dividends : 45 yen per share <+9 yen per share> Dividends ? 45 yen per share < +9 yen per share > (Interim : 20 yen Year-end : 25 yen) ? Dividend Payout Ratio 26.0% (Unconsolidated basis) <FY2003 : 19.8%> 25
Slide 26: Dividends: Remarkable Increase
Dividends : Remarkable Increase (yen per share) +9 45 45 40 +8 36 35 30 28 24 25 25 22 23 23 * 20 19 19 15 10 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 Recalculated on a 12 months basis (FY1995 was a 9 months period. Actual figure was 14.5 yen) 26
Slide 27: Share Repurchase <Actual>: 80% of Annual Program Exercised
Share Repurchase < Actual > : 80% 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: 311.4 billion yen, 93 million shares 27
Slide 28: Share Repurchase <Plan>: 250 Billion yen to be Proposed
Share Repurchase < Plan > : 250 Billion yen to be Proposed Amount to be Authorized for Repurchase Amount: Up to 250 billion yen or 65 million shares (for repurchases to be made between June ’04-June ’05) 28
Slide 29: III. Prospects for FY2005
I. Consolidated Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2005 29
Slide 30: FY2005 Consolidated Prospects: Vehicle Unit Sales
FY2005 Consolidated Prospects: Vehicle Unit Sales 6,719 7,020 (+301) (thousands of units) 1,540 (+125) 6,000 1,415 970 (+72) 898 4,000 (+77) 2,103 2,180 2,000 2,303 2,330 (+ 27) 0 FY2004 FY2005 Prospects Japan N. America Europe Other Figures in parentheses show year-on-year changes 30
Slide 31: 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) (+32.3) (+11.9) (-2.2) Consolidated 990.0 800.0 680.0 (+25.1) (-6.8) (Japan) 590.0 480.0 (-69.9) (-16.5) (North America) 140.0 160.0 (
Slide 32: 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 3,610 3,558 Production Overseas 3,050 2,739 Sales (Japan) 1,790 1,765 Exports 1,880 1,860 Sales (Overseas) 4,800 4,541 units units Hous
Slide 33: FY2005 Unconsolidated Prospects (Japan GAAP)
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 9,000.0 8,963.7 36.3 Operating Income 700.0 833.7 -133.7 Ordinary Income 830.0 915.7 -85.7 Net Income 520.0 581.4 -61.4 Exchange Rat
Slide 34: Toyota Motor Corporation FY2004 Financial Results
Toyota Motor Corporation FY2004 Financial Results April 1, 2003 to March 31, 2004 - prepared in accordance with US GAAP - May 11, 2004