Toyota Motor Corp. · TSE:7203
Toyota Motor — Q1 FY2004 Earnings Presentation
28 slides from Toyota Motor's earnings presentation, Aug 5, 2003
Slide 1: Toyota Motor Corporation FY2004 Q1 Financial Results
Toyota Motor Corporation FY2004 Q1 Financial Results three months ended June 30, 2003 - prepared in accordance with US GAAP - August 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 4
Slide 5: Notes to Consolidated Financial Results
Notes to Consolidated Financial Results <1> US GAAP ! FY2003 Q1 figures recalculated in accordance with US GAAP for comparison <2> Scope of Consolidation and Affiliates Accounted for under Equity Methods <JP GAAP> FY2004 Q1 FY2003 FY2003 Consoliodated Subsidiaries 521 500 581 Affiliates Accounted fo
Slide 6: Difference between US GAAP & Japan GAAP on FY2003 Q1
Difference between US GAAP & Japan GAAP on FY2003 Q1 (billions of Yen) Income before Taxes & Minority FY2003 Q1 Net Interest and Equity in Earnings (April ’02-June ’02) Sales of Affiliated Companies US GAAP 3,877.6 422.2 Japan GAAP 4,021.1 613.6 Difference b/w US and Japan GAAP -143.5 -191.4 Scope o
Slide 7: Consolidated Financial Summary
Consolidated Financial Summary FY2004 FY2003 (Apr-Jun '03) (Apr-Jun '02) Changes (billions of yen) (billions of yen) (billions of yen) % (*) Net Sales 4,092.9 3,877.6 215.3 5.6% Operating Income 340.7 392.5 -51.8 -13.2% Income before Taxes & Minority Interest and Equity in Earnings of Affiliated Com
Slide 8: Consolidated Vehicle Sales
Consolidated Vehicle Sales (thousands of units) 2,000 [1,702] [1,561] 1,594 (+121) 1,473 1,500 308 (+50) 258 234 (+24) 210 1,000 509 (-2) 511 Other 500 Europe N.America (+49) 494 543 Japan 0 '02/4-6 '03/4-6 Figures in brackets include number of units of Toyota, Daihatsu, and Hino vehicles sold by un
Slide 9: Consolidated Vehicle Production
Consolidated Vehicle Production (thousands of units) 2,000 [1,675] [1,540] 1,535 (+142) 1,500 1,393 (+66) 154 88 126 (+29) 97 249 (+7) 242 1,000 Other 500 966 1,006 (+40) Europe N.America Japan 0 '02/4-6 '03/4-6 Figures in brackets include number of units of Toyota, Daihatsu, and Hino vehicles manuf
Slide 10: Contributions to Operating Income
Contributions to Operating Income Negative Sales-side Cost Reduction Impacts (-40.0) 392.5 Efforts (+60.0) (billions of yen) 340.7 (-51.8) Unfavorable Forex Rate (-30.0) -8 yen / 1$ * Increase in +18 yen / 1 Euro * Expenses (-41.8) '02/4-6 *:Term median forex rates '03/4-6 127 yen / 1$ -> 119 yen /
Slide 11: Geographical Segments: Japan
Geographical Segments: Japan FY2004 1Q FY2003 1Q Changes Operating billions of yen % Income 252.1 270.0 -17.9 -6.6 RAUM WISH 11
Slide 12: Geographical Segments: North America
Geographical Segments: North America FY2004 1Q FY2003 1Q Changes Operating billions of yen % Income 64.6 102.0 -37.4 -36.6 Changeovers at North American Plants Sienna: Kentucky (TMMK) -> Indiana (TMMI) (January ’03) Corolla Solara: Canada (TMMC) -> Kentucky (TMMK) (July ’03) RX330 (Lexus): Productio
Slide 13: Geographical Segments: North America
Geographical Segments: North America Changes in Unit Sales and Incentive Unit Sales / Y-O-Y change (%) Incentive Index (CY99 as 100) (%) 30 250 Index setting CY99 figure as 100 20 200 10 150 0 100 CY99 01/1 01/3 01/5 01/7 01/9 01/11 02/1 02/3 02/5 02/7 02/9 02/11 03/1 03/3 03/5 CY00 -10 50 -20 0 US
Slide 14: Geographical Segments: Europe
Geographical Segments: Europe FY2004 1Q FY2003 1Q Changes Operating billions of yen % Income 6.1 5.0 1.1 23.1 Avensis Corolla Sedan Wagon Liftback 14
Slide 15: Geographical Segments: Other
Geographical Segments: Other FY2004 1Q FY2003 1Q Changes Operating billions of yen % Income 20.5 14.3 6.2 43.4 Hilux Vios 15
Slide 16: Business Segments: Financial Services
Business Segments: Financial Services Operating Income: 10.6 billion yen (+9.6 billion yen) • Decrease in evaluation loss from interest swap agreements entered into by US finance subsidiary 23.3 billion yen • Increase in residual loss on leased vehicles and decrease in proceeds from sale of finance
Slide 17: Capital Expenditures, Depreciation, R&D
Capital Expenditures, Depreciation, R&D Capital Depreciation R&D Expenditures Expenses Expenses (billions of yen) (billions of yen) (billions of yen) Consolidated Total 180.9 180.1 148.1 Japan 93.1 113.3 North America 50.9 38.7 Europe 18.3 14.3 Other 18.6 13.8 17
Slide 18: Other Income, etc.
Other Income, etc. Other Income: 30.5 billion yen (+0.8 billion yen) Equity in earnings of affiliated companies: 21.1 billion yen (+13.0 billion yen) 18
Slide 19: II. Unconsolidated Financial Summary
II. Unconsolidated Financial Summary 19
Slide 20: Unconsolidated Results Summary (Japan GAAP)
Unconsolidated Results Summary (Japan GAAP) FY2004 Q1 FY2003 Q1 (Apr-Jun '03) (Apr-Jun '02) Changes (billions of yen) (billions of yen) (billions of yen) % (*) Net Sales 2,151.3 2,081.5 69.8 3.4% Operating Income 215.5 244.2 -28.7 -11.8% Ordinary Income 264.5 285.5 -21.0 -7.4% Net Income 171.1 263.0
Slide 21: Share Repurchase
Share Repurchase Shares Repurchased Number of Shares: 169.97 million shares Aggregate Amount: 499.2 billion yen (Authorized amount: up to 170 million shares up to 600 billion yen ) (Annual General Shareholders’ Meeting ’02 through ’03) Authorized amount to be repurchased Number of Shares: up to 150
Slide 22: III. Prospects for FY2004
III. Prospects for FY2004 22
Slide 23: Prospects for Consolidated Unit Sales
Prospects for Consolidated Unit Sales FY2004 Prospects as of FY2003 August May Results (thousands of units) (thousands of units) (thousands of units) (+297) (+147) Consolidated Total 6,410 6,260 6,113 (+72) (+62) (Japan) 2,290 2,280 2,218 (+48) (+18) (North America) 2,030 2,000 1,982 (+54) (+24) (Eu
Slide 24: Prospects for Capital Expenditures, Depreciation, R&D
Prospects for Capital Expenditures, Depreciation, R&D FY2004 Prospects as of FY2003 August May Results (billions of yen) (billions of yen) (billions of yen) Capital Expenditures 920.0 870.0 999.0 Depreciation Expenses 770.0 730.0 684.1 R&D Expenses 690.0 690.0 668.4 24
Slide 25: Toyota's Operating Prospects excluding Daihatsu and Hino
Toyota’s Operating Prospects excluding Daihatsu and Hino FY2004 Prospects as of FY2003 August May Results (03/4-04/3) (03/4-04/3) (02/4-03/3) thousands of units thousands of units thousands of units Automotive Japan 3,410 3,330 3,513 Production Overseas 2,660 2,450 2,215 Sales (Japan) 1,760 1,750 1,
Slide 26: FY2004 Unconsolidated Prospects for the First Half
FY2004 Unconsolidated Prospects for the First Half (Apr.-Sep. ’03) (Japan GAAP) FY2004 1H Prospects as of August May (billions of yen) (billions of yen) Net Sales 4,200.0 4,100.0 Operating Income 400.0 300.0 Ordinary Income 430.0 330.0 Net Income 280.0 210.0 Exchange Rate 117 yen / 1$ 115 yen / 1$ (
Slide 27: Growth and Efficiency
Growth and Efficiency (thousands of units) (billions of yen) 1,200 Global Sales *1 Operating Income 6,000 800 5,000 400 *2 Percentage of Overseas Production *3 16% 32% 34% 38% 4,000 0 1992 2000 2001 2002 2003 plan 2005 prospects *1: Number of units of Toyota, Daihatsu, and Hino brand vehicles sold *
Slide 28: Toyota Motor Corporation FY2004 1Q Financial Results
Toyota Motor Corporation FY2004 1Q Financial Results three months ended June 30, 2003 - prepared in accordance with US GAAP - August 5, 2003