Outline of Consolidated Results for the Fiscal Year Ended March May 6, 2016

Transcription

1 Outline of Consolidated for the Fiscal Year Ended May 6,

2 Contents 1. Outline of Consolidated for the Fiscal Year Ended P.2 2. Progress of Investment Plan P Consolidated Earnings Forecast for the Fiscal Year Ending Supplementary Materials P.12 P.18 1

3 1. Outline of Consolidated for the Fiscal Year Ended

4 Outline of Consolidated for FY2015 (Net Sales) [YoY Change] -6% Reasons for YoY Changes in Net Sales Division Change Primary Reason Metals Lower sales due to lower market value Global Parts & Logistics Higher sales due to the effect of newly consolidated subsidiaries 8, , , , , , , ,600.3 Automotive Machinery, Energy & Project Chemicals & Electronics Food & Agribusiness Consumer Products & Services Lower sales due to the effect of fiscal period alignment in the previous fiscal year Lower sales due to lower market value Lower sales due to lower market value and the effect of fiscal period alignment in the previous fiscal year Higher sales due to forex effect despite lower sales due to reduced grain import trading volume Lower sales due to reduced textile-related product trading volume 1, ,

5 Outline of Consolidated for FY2015 (Operating Income) [YoY Change] -17% Reasons for YoY Changes in Operating Income Division Change Primary Reason Metals Global Parts & Logistics Automotive Machinery, Energy & Project Chemicals & Electronics Food & Agribusiness Consumer Products & Services Effect of lower market value and forex losses that offset forex gains in other income Effect of forex losses that offset forex gains in other income Increased due to decrease in provision for doubtful receivables at subsidiaries Lower operating income due to lower market value Lower operating income due to loss on valuation of inventories Effect of forex losses that offset forex gains in other income Lower operating income due to sale of real estate held for sale in previous fiscal year 4

6 Reasons for Changes in FY2015 Operating Income Toyota Motor s Automobile Production YoY Reaction Non-recurring Factors Forex Effect (Thousand units) FY2014 FY2015 Change Japan 3,185 3, Overseas 5,763 5,759-4 Total 8,948 8, Demand/ Trading Volume, -6.9 YoY Reaction Fiscal period alignment -2.5 Non-recurring Factors Loss on valuation of inventories -6.2 Aluminum premium -2.0 Increase in allowance for doubtful receivables in Venezuela -1.5 Forex Effect Forex translation effect +3.4 Offsetting forex losses Demand/Trading Volume, Lower resource prices -3.1 Automobile production -2.1 Automobile sales

7 Outline of Consolidated for FY2015 (Ordinary Income and Net Income Attributable to Owners of the Parent ) Ordinary income: Ordinary income decreased due largely to lower operating income and a decrease in share of profit of entities accounted for using the equity method due to losses from write-downs at affiliates Net income (attributable to owners of the parent): Net income decreased due to non-recurring impairment of property and intangible assets and the reversal of deferred tax assets [YoY Change] -18% [YoY Change] - % Ordinary income Net income (Attributable to owners of the parent) 6

8 Extraordinary Items Included in Net Income (Attributable to Owners of the Parent) Category Project First Half Second Half Full Year Canada gas Resource projects Australia gas India rare earths Subtotal Europe scrap Nonresource projects Valuation losses on overseas listed equities Write-downs at affiliates, etc Subtotal Tax effect Subtotal Total

9 Balance Sheets 31, , Current assets 2,769.2 Fixed assets 1,764.4 Current liabilities 2,061.7 Long-term liabilities 1,167.4 Net assets 1,304.4 Current assets 2,425.8 Fixed assets 1,526.2 Current liabilities 1,737.1 Long-term liabilities 1,159.1 Net assets 1, , , Change Total assets 4, , Net worth 1, Net worth ratio (%) Net interest-bearing debt 1, , Net DER (times) Current ratio (%)

10 Cash Flows FY2014 FY Net cash provided by operating activities IBIT+DA Working capital Income taxes paid Net cash provided by operating activities IBIT+DA Working capital Income taxes paid Net cash provided by operating activities Net cash used in investing activities Free cash flow Net cash used in investing Net cash used in investing activities activities Automotive-related Automotive-related Electric power business Electric power business Grain business Resource business Africa business Tomen Electronics

11 2. Progress of Investment Plan

12 Progress of Investment Plan Investment through FY2015 (Cumulative Total) Main Projects Amount Automotive Develop dealer network (CFAO, etc.) Production-related facilities in North America 1Q-3Q Q 15.7 Total 61.5 Nonautomotive Solar and wind power business (Eurus) Acquisition of NovaAgri Pharmaceutical retail business (CFAO) 1Q-3Q Q 23.7 Total Total Cash generated by asset sales Cash used for investment

13 3. Consolidated Earnings Forecast for the Fiscal Year Ending 2017

14 Assumptions of Forecast for FY Benchmark FY2015 Actual FY Forecast Exchange rate USD 1 = JPY 120 EUR 1 = JPY 133 USD 1 = JPY 105 EUR 1 = JPY 120 Toyota Motor s automobile production 8.93 million units 9.00 million units 13

15 Forecast for the Fiscal Year Ending 2017 (Net Sales) 8, , [YoY Change] -11% , ,800.0 Reason for YoY Changes in Net Sales Division Change Primary Reason Metals Global Parts & Logistics Automotive Machinery, Energy & Project Decrease in sales due to forex effect, despite projected increase in automobile production overseas Projected increase in automobile production overseas Lower automobile trading volume, mainly in resource-producing countries Lower petrochemical product trading volume 1, , , , ,050.0 Chemicals & Electronics Food & Consumer Services* Lower electronics-related trading volume Lower sales due to forex effect *Effective April 1,, the Food & Agribusiness and Consumer Products & Services Divisions were combined to form the Food & Consumer Services Division. for the year ended 31, have been restated to conform to the new segment presentation. 1, , , Forecast 14

16 Forecast for the Fiscal Year Ending 2017 (Operating Income) [YoY Change] +3% +3.8 Reason for YoY Changes in Operating Income Division Change Primary Reason Metals +2.6 Projected increase in automobile production overseas Global Parts & Logistics -1.6 Decrease in sales due to forex effect, despite projected increase in automobile production overseas Automotive Lower sales and changes in the model mix including models handled Machinery, Energy & Project Chemicals & Electronics Food & Consumer Services Completion of joint venture goodwill amortization and increased earnings from electric power Increase in operating income despite projected decrease in electronics trading volume due to completion of joint venture amortization and absence of non-recurring factors in previous fiscal year +1.4 Completion of joint venture amortization Forecast 15

17 Forecast for the Fiscal Year Ending 2017 (Reasons for Changes in Operating Income) Non-recurring Factors Completion of Join Venture Amortization Forex Effect -9.4 Demand/ Trading Volume, Non-recurring Factors Loss on valuation of inventories +6.2 Increase in allowance for doubtful receivables in Venezuela +2.4 Forex Effect Forex translation effect -9.4 Demand/Trading Volume, Automobile sales -7.6 Electronics-related Forecast 16

18 Forecast for the Fiscal Year Ending 2017 (Ordinary Income and Net Income Attributable to Owners of the Parent) Ordinary income: Increase due to higher operating income and recovery in share of profit of entities accounted for using the equity method following write-downs at affiliates in the previous fiscal year Net income (attributable to owners of the parent): Increase due to higher ordinary income and the absence of non-recurring losses in the previous fiscal year [YoY Change] % [YoY Change] -% Forecast 2017 Forecast 213 Ordinary income Net income (Attributable to owners of the parent)

19 4. Supplementary Materials

20 Supplementary Materials (Contents) 1. Supplementary Materials 1: Net Sales and Operating Income by Division (YoY Comparison) P Supplementary Materials 2: Net Sales and Operating Income by Geographical Area (YoY Comparison) P Supplementary Materials 3: Basic Risk Management Policy P Supplementary Materials 4: List of Resource Projects P

21 Supplementary Materials 1: and Reasons for Changes in Operating Income Metals Division Forex Effect Forex translation effect +2.1 Offsetting forex losses Forex Effect -8.4 Demand/ Trading Volume -3.7 Fiscal Period Alignment Aluminum premium -2.0 Newly consolidated Subsidiaries -0.3 Demand/Trading Volume Automobile production -1.9 Lower demand -1.8 Fiscal Period Alignment Effect of fiscal period alignment in previous fiscal year

22 Supplementary Materials 1: and Reasons for Changes in Operating Income Global Parts & Logistics Division Forex Effect Forex translation effect +1.1 Offsetting forex losses -2.5 Demand/Trading Volume North America +0.7 Southeast Asia Forex Effect -1.4 Demand/ Trading Volume +1.9 Fiscal Period Alignment -0.3 Allowance for Doubtful Receivables Newly consolidated subsidiaries -0.8 Fiscal Period alignment Effect of fiscal period alignment in previous fiscal year -0.3 Allowance for Doubtful Receivables Increase in allowance for doubtful receivables in Venezuela

23 Supplementary Materials 1: and Reasons for Changes in Operating Income Automotive Division Forex Effect Forex translation effect -0.1 Demand/Trading Volume Retail -1.1 Exports -0.8 Allowance for Doubtful Receivables Decrease in allowance for doubtful receivables +1.6 Increase in allowance for doubtful receivables in Venezuela -0.9 Forex Effect Demand/ Trading Volume Fiscal Period Alignment Effect of fiscal period alignment in previous fiscal year -0.6 Fiscal Period Alignment -0.6 Allowance for Doubtful Receivables Newly consolidated subsidiaries, etc

24 Supplementary Materials 1: and Reasons for Changes in Operating Income Machinery, Energy & Project Division Forex Effect Forex translation effect +0.3 Offsetting forex losses +1.0 Forex Effect Demand/ Trading Volume +1.1 Fiscal Period Alignment -0.1 Lower resource prices, etc Demand/Trading Volume Automotive machinery +1.1 Fiscal Period Alignment Effect of fiscal period alignment in previous fiscal year

25 Supplementary Materials 1: and Reasons for Changes in Operating Income Chemicals & Electronics Division Forex Effect Forex translation effect +0.4 Offsetting forex losses Forex Effect -0.6 Demand/ Trading Volume -0.5 Fiscal Period Alignment -0.5 Loss on valuation of inventories -6.2 Demand/Trading Volume Electronics related Fiscal Period Alignment Effect of fiscal period alignment in previous fiscal year -0.8 Alignment of Elematec s fiscal period

26 Supplementary Materials 1: and Reasons for Changes in Operating Income Food & Agribusiness Division Forex Effect Forex translation effect -0.4 Offsetting forex losses -1.5 Forex Effect Demand/ Trading Volume +0.6 Markets/Prices M&A-related expenses

27 Supplementary Materials 1: and Reasons for Changes in Operating Income Consumer Products & Services Division 6.4 Markets +0.4 Demand/Trading Volume Sale of real estate in previous fiscal year

28 1,817.4 Supplementary Materials 1: Consolidated by Division Net Sales Operating Income -20% - 3% % % % , , , % % % % % Forex effect*1-6% % % % Metals Global Parts & Logistics Automotive Machinery, Energy & Project Chemicals & Electronics Food & Agribusiness Consumer Products & Services Metals *2 Global Parts & Logistics Automotive Machinery, Energy & Project Chemicals & Electronics Food & Consumer Agribusiness Products & Services *1 Percentage change calculations above do not include the effect of foreign currency translation. 27

29 Supplementary Materials 2: Net Sales and Operating Income by Geographical Area (Year-on-Year Comparison) Net Sales Operating Income -6% , , % , , % % , % % % % % % Japan Asia & Oceania North America Europe areas Japan Asia & Oceania North America Europe areas 28

30 Supplementary Materials 3: Basic Risk Management Policy Basic Risk Asset Management Policy 1) Keep total risk within a sustainable range RA RB 2) Secure earnings to justify risk taken RVA* 0 (Ordinary income after tax RA 10%) Data for the year ended *RVA (Risk Adjusted Value Added) RA (Risk Assets) Approx. JPY 850 billion RB (Risk buffer; mainly net worth) Approx. JPY 790 billion RA:RB ratio 1.08:1 (Reference) 0.99:1 as of 31, 2015 RVA (after adjustment for non-recurring items)> 0 We target increased risk profitability and sound, stable finances by reviewing existing assets, improving capital efficiency, and rigorously selecting new investments. 29

31 Supplementary Materials 4: List of Resource Projects Type Project Name Location Our Share Status Operator Wheatland CBM Canada 32.5% Production (from 2012) Encana (67.5%) ATP651P CBM Australia 15% Production (from 2015) Shell (62.6%) Gas Bass Gas Australia 11.25% Production (from 2006) Origin (42.5%) Otway Gas Australia 5% Production (from 2007) Origin (67.2%) Coal Oakbridge Australia 5% Iodine Chile 25.5% Lithium Argentina 25% Production (from 1994) Production (from 2012) Production (from 2014) Glencore (78%) ACF Minera S.A. (74.5%) Orocobre (66.5%) Rare earths India 100% Production initiated Toyotsu Rare Earths India Private Limited 30

32 Inquiries: Investor Relations Group Tokyo TEL FAX This presentation contains forward-looking statements about the strategies and plans of Toyota Tsusho Corporation and its Group companies that are not historical facts. These forward-looking statements are subject to a number of risks and uncertainties that could cause the Group s actual or implied operating environment, performance, results, financial position, etc. to differ materially from the information presented here, which is based on assumptions and beliefs in light of information currently available to the management at the time of publication. The Group assumes no obligation to update or correct these forward-looking statements. This presentation is not intended to solicit, offer, sell or market securities, and should not be the sole basis for making investment and other decisions. 31