FY2008 First Half Year Financial Results

Transcription

1 FY28 First Half Year Financial Results -prepared in accordance with U.S.GAAP- six months ended September 3, 27 Toyota Motor Corporation November 7, 27

2 Cautionary Statement with Respect to Forward-Looking Statements 2 This presentation contains forward-looking statements that reflect Toyota s plans and expectations. These forwardlooking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include: (i) changes in economic conditions and market demand affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar and the British pound; (iii) Toyota s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (iv) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota s automotive operations, particularly laws, regulations and government policies relating to trade, environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies that affect Toyota s other operations, including the outcome of future litigation and other legal proceedings; (v) political instability in the markets in which Toyota operates; (vi) Toyota s ability to timely develop and achieve market acceptance of new products; and (vii) fuel shortages or interruptions in transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold. A discussion of these and other factors which may affect Toyota s actual results, performance, achievements or financial position is contained in Toyota s annual report on Form 2-F, which is on file with the United States Securities and Exchange Commission.

3 Caution concerning Insider Trading 3 Under Japanese Financial Instruments and Exchange laws (the Exchange Law"), 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 Toyota's shares or certain other transactions related to such shares (as set forth in the Exchange Law) until such material information is deemed to be made public. Under the Exchange Law, material information is deemed to be made public when (i) such material information is disclosed by ways of electromagnetic means as prescribed by the ordinance of the Cabinet Office (posting on the TDnet (Timely Disclosure Network) information service and ED-NET (Electronic Disclosure Network) information service ) or (ii) twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources as prescribed by the Exchange Law.

4 Takeshi Suzuki Senior Managing Director

5 Consolidated Vehicle Sales 5 4, 3, 4,145 4,31 (thousands of vehicles) (+ 156) (+ 74) (+ 7) (+ 46) 2, 1, 1,464 1,73 1,497 1,6 (+ 33) (- 67) Other Asia Europe N. America Japan '6/4-9 '7/4-9 [4,46] [4,71] change [+241] -Figures in square brackets show total retail vehicle sales in thousands

6 Consolidated Financial Summary 6 FY28 1H ( 7/4-9) FY27 1H ( 6/4-9) Change Net Revenues 13, , , % Operating Income 1, , % Income before income taxes, minority interest and equity earnings of affiliated companies Equity Earnings of Affiliated Companies Net Income 1, , % % 21.3% FOREX Rates $ 119 yen 162 yen 115 yen 146 yen + 4 yen + 16 yen

7 Rapid Growth of Net Income 7 1,644. 1,5 1,372.1 [Annual] 1,162. 1, , 5 [1H] '3/4-'4/3 '4/4-'5/3 '5/4-'6/3 '6/4-'7/3 '7/4-'8/3

8 Shareholder Return 8 Interim Dividend: 65 yen per share (change: +15 yen) Total Amount of Payout : Consolidated Payout Ratio: 27. billion yen 22.% (change: +1.3%) '/4-'1/3 '1/4-'2/3 '2/4-'3/3 '3/4-'4/3 '4/4-'5/3 '5/4-'6/3 '6/4-'7/3 '7/4-'8/3 Interim Dividend Annual Dividend

9 Shareholder Return 9 Share Buyback Authorized Amount ( 7/6 8/6) 25. billion yen / 3 million shares Amount Exercised: 36.4 billion yen / Amount Announced Today 11. billion yen / (up to) : 5 million shares 15 million shares - Share buyback results '/4-'1/3 '1/4-'2/3 '2/4-'3/3 '3/4-'4/3 '4/4-'5/3 '5/4-'6/3 '6/4-'7/3 '7/4-'8/3

10 Consolidated Financial Summary 1 FY28 1H ( 7/4-9) FY27 1H ( 6/4-9) Change Net Revenues 13, , , % Operating Income 1, , % Income before income taxes, minority interest and equity earnings of affiliated companies Equity Earnings of Affiliated Companies Net Income 1, , % % % FOREX Rates $ 119 yen 162 yen 115 yen 146 yen + 4 yen + 16 yen

11 Consistent Growth of Operating Income 11 2, , 1,5 [4Q] 1, , , , , 5 [3Q] [2Q] [1Q] '3/4-'4/3 '4/4-'5/3 '5/4-'6/3 '6/4-'7/3 '7/4-'8/3

12 Contributing Factors to Consolidated Operating Income 12 1,3 1,2 Increases in Expenses Marketing Efforts +13. Cost Reduction Efforts ,272.1 ( ) 1,1 1,93.4 1, 9 Effects of favorable FOREX rates '6/4-9 '7/4-9 < Details of Increases in Expenses > R&D expenses... Depreciation and CAPEX related costs... Labor costs Impact from the valuation on interest rates swaps Others

13 Geographic Operating Income: Japan 13 Consolidated Vehicle 23 Production Consolidated Vehicle Sales 9 8 2,45 2,429 1,73 1, thousands of vehicles thousands of vehicles billion yen LS6hL Premio 2 '6/4-9 '7/4-9 Mark X Zio Vanguard - Improved product mix driven by Lexus LS in Japan and overseas - Sales in Japan turned upward since Aug. supported by new model launches

14 Geographic Operating Income: North America 14 Consolidated Vehicle Sales 1,464 1,497 thousands of vehicles billion yen Prius Tundra 1 '6/4-9 '7/4-9 Scion xd Highlander - Vehicle sales growth driven by the new Tundra and Prius - A high level of Operating Income achieved as in previous financial year

15 Geographic Operating Income: Europe Consolidated Vehicle Sales thousands of vehicles billion yen Aygo Yaris 2 '6/4-9 '7/4-9 RAV4 Auris - Favorable sales of new models such as Auris and Corolla - Strong sales in Russia of highly profitable models contributed to the increase of Operating Income

16 Geographic Operating Income: Asia thousands of vehicles Consolidated Vehicle Sales Ban Pho plant, Thailand billion yen Innova Fortuner 4 2 '6/4-9 '7/4-9 Lexus ES - Vehicle sales grew strongly the reflecting overall recovery of the market - Large increase in Chinese subsidiaries earnings, driven by strong Lexus sales in China

17 Geographic Operating Income: Other thousands of vehicles Consolidated Vehicle Sales billion yen Hilux VIGO 2 '6/4-9 '7/4-9 Corolla Flex Camry - Vehicle sales expanding thanks to the continuing popularity of IMV and the re-modeled Camry in Central and South America and South Africa

18 Business Segment: Financial Services billion yen 2 '6/4-9 '7/4-9 TS CUBIC Card QUIC Pay - Outstanding loan balance steadily grew as vehicle sales increasing - Operating income increased by 1.6 billion yen excluding 3.7 billion yen valuation loss on interest rate swaps

19 Equity Earnings of Affiliated Companies billion yen Camry Guangzhou Toyota Motor China (included above) '6/ billion yen +27. billion yen '7/ billion yen New Corolla Line-off Ceremony Tianjin FAW Toyota Motor s third plant - Strong earning contribution maintained by joint venture companies in China and Toyota Group companies in Japan

20 Unconsolidated Financial Summary (Japan GAAP) 2 FY28 1H ( 7/4-9) FY27 1H ( 6/4-9) Change Net Revenues 5, , % Operating Income % Ordinary Income % Net Income %

21 Contributing Factors to Unconsolidated Operating Income Increases in Expenses Marketing Efforts + 3. Cost Reduction Efforts (+ 38.7) 5 4 Effect of favorable FOREX Rates '6/4-9 '7/4-9 <Details of Increases in Expenses> R&D expenses... Depreciation and CAPEX related costs... Labor costs Others

22 Major Activities in Growing Markets (Resource-rich / Emerging countries, etc.) - Operating Income in Asia and Other regions - Equity Earnings of Affiliated Companies in China 2 2,127 2, , H '3/4-'4/3 '4/4-'5/3 '5/4-'6/3 6/4-'7/3 '7/4-'8/ H '3/4-'4/3 '4/4-'5/3 '5/4-'6/3 6/4-'7/3 '7/4-'8/3

23 South East Asia 23 Building a solid profit structure through the optimal supply system Europe Middle East Latin America -Vehicle production (Thailand, Indonesia) (thousands of vehicles) 4 For outside region For inside region Thailand 2 CY Total operating income of major subsidiaries South Africa CBU Components Indonesia Oceania Vehicle manufacturing companies Unit components manufacturing companies *Thailand / Indonesia / Singapore '3/3 '4/3 '5/3 '6/3 '7/3 '8/3 estimated

24 Latin America 24 Achieving high profitability with integrated regional operations -Vehicle sales and production Venezuela (thousands of vehicles) 2 Sales Production Brazil 1 Corolla Flex Argentina CY estimated -Total operating income of major subsidiaries 1 CKD* production sites * before 9 s Complete Knock-Down Hilux Supplying throughout the Central and South America from 3 centralized production sites *Brazil / Argentina / Venezuela '3/3 '4/3 '5/3 '6/3 '7/3 '8/3 estimated

25 China 25 Foundation has been steadily reinforced to enable rapid growth in vehicle sales and earnings FAW alliance Lexus ES Lexus ES Beijing Tianjin Distribution of imported vehicles Changchun -Vehicle sales and production (thousands of vehicles) 4 2 Sales Production Sichuan Corolla CY estimated -Operating income in China *Subsidiaries + Affiliated companies X Equity (%) Camry Guangzhou Guangzhou Motors alliance Vehicle manufacturing companies Unit components manufacturing companies '3/3 '4/3 '5/3 '6/3 '7/3 '8/3 estimated

26 Consolidated Prospects: Vehicle Sales 26 (thousands of vehicles) 9, 8, 7, 6, 5, 8,524 1, ,224 8,93 (+ 46) 1, ,27 (+ 224) (+ 121) (+ 46) 4, 3, 2, 1, 2,942 2,273 2,99 2,24 (+ 48) (- 33) Other Asia Europe N.America Japan '6/4-'7/3 '7/4-'8/3 (revised) -Figures in parenthesis represent year-on-year changes

27 FY28 Consolidated Prospects 27 FY28 ( 7/4-8/3) FY27 ( 6/4-7/3) Change Net Revenues 25,5. 23,948. 1, % Operating Income 2,3. 2, % Income before income taxes, minority interest and equity earnings of affiliated companies 2,45. 2, % Net Income 1,7. 1, % FOREX Rates $ 115 yen * 159 yen * 117 yen 15 yen - 2 yen + 9 yen *FOREX rates assumption for 2H: /$=11 / =155

28 FY28 Consolidated Prospects: CAPEX, Depreciation, R&D 28 Capital Expenditure Depreciation Expenses R&D Expenses Consolidated 1,5. (+ 17.4) 1,2. (+ 73.) 94. (+ 49.3) Japan 8. (- 15.3) 63. (+ 37.5) N. America 4. (+ 8.7) 19. (+ 24.7) Europe 11. (- 9.7) 9. (+.5) Asia 11. (- 31.6) 65. (+ 3.1) Others 8. (- 6.7) 45. (+ 7.2) Figures in parenthesis represent year-on-year changes

29 FY28 Unconsolidated Prospects (Japan GAAP) 29 FY28 ( 7/4-8/3) FY27 ( 6/4-7/3) Change Net Revenues 12,. 11, % Operating Income 1,1. 1, % Ordinary Income 1,59. 1, % Net Income 1,13. 1, %

30 FY28 Operations Prospects (Toyota & Lexus) 3 Vehicle Production Sales (Overseas) FY28 ( 7/4-8/3) (thousands of vehicles) FY27 ( 6/4-7/3) Japan 4,29 4,185 Overseas 4,45 3,939 Total 8,74 8,124 Sales (Japan) 1,66 1,659 Exports 2,66 2,597 6,96 (thousands of vehicles) 6,443 Housing Sales 5, Units 5,1 Units

31 FY28 First Half Year Financial Results -prepared in accordance with U.S.GAAP- six months ended September 3, 27 Toyota Motor Corporation November 7, 27