1st Quarter Results
Toyota Motor Corporation
07 August 2002
For immediate release
August 7, 2002
Toyota Announces First Quarter Operating Results
Strong Overseas Sales and Successful Cost Reduction Efforts Play Key Role
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
Tokyo - TOYOTA MOTOR CORPORATION (TMC) today announced operating results
for the first quarter ended June 30, 2002.
On a consolidated basis, net sales for the quarter totaled 4.0 trillion yen, an
increase of 20.1 percent compared to the same period last year. Operating
income increased 35.4 percent to 394.5 billion yen, while net income was 352.3
billion yen compared to 162.3 billion yen in the first quarter of last year.
During the quarter Toyota recorded a one-time gain of 187.7 billion yen
resulting from the transfer of a portion of the company's pension obligations to
the Japanese government.*
Commenting on the results, TMC Executive Vice President Ryuji Araki said, 'In an
effort to make more timely disclosures of operating performance, we are pleased
to deliver our first-ever quarterly results announcement. Despite an
increasingly competitive global market, Toyota achieved significant growth in
both sales and income, due largely to successful product introductions, cost
reduction efforts and the effect of favorable exchange rates. In addition, we
continued to make great strides in our efforts to achieve profitability in each
of our operating regions around the world.'
In Japan, TMC's first quarter market share (excluding minivehicles) was 42.8
percent on sales of 494 thousand vehicles, a decrease of 44 thousand vehicles
compared to the same period last year. Well-received product launches,
including the ist compact and Alphard minivan, helped offset the effects of a
sluggish economy.
Overseas sales increased 27.6 percent in the first quarter, to 1.0 million
vehicles. Much of the increase was due to growth in the North American market,
fueled by the popularity of the all-new Matrix and the redesigned Camry and
Corolla, as well as a strong lineup of light trucks and SUVs, including the
Tundra.
In Europe, sales increased by 27 thousand vehicles year-over-year, helped by
sales of the RAV4 and the new Corolla, to reach 210 thousand vehicles.
Total sales, including Japan and overseas, reached 1.5 million vehicles in the
first quarter, an increase of 174 thousand vehicles, or 13.1 percent, compared
to the same period last year.
Araki added, 'By staying focused on the needs of our customers around the world,
we hope to surpass last year's operating results while achieving our
consolidated sales target of six million vehicles. At the same time, we will
continue to invest in our future by increasing local production and research and
development in the areas of fuel cells, hybrids and environmental technology.'
* In conjunction with enforcement of the Defined Benefit Enterprise Pension Plan
Law, TMC and some of its domestic consolidated subsidiaries and domestic
affiliates accounted for under the equity method received approval from the
Minister of Health, Labor and Welfare, exempting them from future benefit
payment obligation regarding the substituted portion of the employee pension
fund. For more information, please see note 1 of the accompanying FY 2003 First
Quarter Financial Summary.
(Please see attached information for details on consolidated and unconsolidated
results.
Further information is also available on the Internet at www.toyota.co.jp)
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
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
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 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 affecting Toyota's automotive
operations, particularly laws, regulations and policies relating to
environmental protection, vehicle emissions, vehicle fuel economy and vehicle
safety, as well as changes in laws, regulations and government policies
affecting 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 the 'Operating and Financial
Review and Prospects' and 'Information on the Company' sections and elsewhere in
Toyota's annual report on Form 20-F, which is on file with the United States
Securities and Exchange Commission.
August 7, 2002
Highlights of Consolidated Financial
Results for FY2003 First Quarter
(Three months ended June 30, 2002)
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Billions of yen unless otherwise specified)
FY2002 First Quarter FY2003 First Quarter % of change FY2003 Forecast
(Apr. 2001 through (Apr. 2002 through from FY2002 (Apr. 2002 through
Jun. 2001) Jun. 2002) First Mar. 2003)
Quarter
Vehicle sales 133 150 13.1% 611
(ten thousand units)
Net sales 3,347.7 4,021.1 20.1%
Operating income 291.3 394.5 35.4%
<8.7%> <9.8%>
Ordinary income 297.5 449.9 51.2%
<8.9%> <11.2%>
Income before income taxes and 297.5 613.6 106.2%
minority interest in
consolidated subsidiaries <8.9%> <15.3%>
Net income 162.3 352.3 117.1%
<4.8%> <8.8%>
Factors contributing to Operating income increased by
increases and decreases in 103.2 billion yen
operating income
(Increase)
Cost reduction efforts 70.0
Effects of changes in 70.0
exchange rates
Marketing activities 20.0
(Decrease)
Increases in R&D and
depreciation expenses, etc. - 56.8
Exchange rates JPY 123/US$ JPY 127/US$
JPY 107/Euro JPY 117/Euro
Capital investment 152.6 203.7 980.0
(excluding leased vehicles)
Depreciation expenses 159.1 176.2 710.0
Performance evaluation Increases in sales and
ordinary income
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
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
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 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 affecting Toyota's automotive
operations, particularly laws, regulations and policies relating to
environmental protection, vehicle emissions, vehicle fuel economy and vehicle
safety, as well as changes in laws, regulations and government policies
affecting 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 the 'Operating and Financial
Review and Prospects' and 'Information on the Company' sections and elsewhere in
Toyota's annual report on Form 20-F, which is on file with the United States
Securities and Exchange Commission.
FY2003 First Quarter Consolidated Financial Results
(April 1, 2002 through June 30, 2002)
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
English translation from the original Japanese-language document
August 7, 2002
Company name : Toyota Motor Corporation
Stock exchanges on which the shares are listed : Tokyo, Nagoya, Osaka, Fukuoka and Sapporo
Stock Exchanges in Japan
Code number : 7203
Location of the head office : Aichi Prefecture
URL : http://www.toyota.co.jp
Contact person : Takanori Matsuo, General Manager, Accounting Division
Tel. (0565) 28-2121
Whether or not to be prepared in accordance with : No
accounting principles generally accepted in the
United States
Results of FY2003 first quarter (April 1, 2002 through June 30, 2002)
(1) Consolidated financial results
(Amounts less than one million yen are omitted.)
Net sales Operating income Ordinary income
Million yen % Million yen % Million yen %
FY2003 first quarter 4,021,134 (20.1) 394,518 (35.4) 449,936 (51.2)
FY2002 first quarter 3,347,740 291,357 297,588
FY2002 15,106,297 1,123,470 1,113,524
Net income Net income per Net income per
share share
- basic - diluted
Million yen % Yen Yen
FY2003 first quarter 352,372 (117.1) 100.80 -
FY2002 first quarter 162,333 44.64 -
FY2002 615,824 170.69 170.69
Note : Regarding net sales, operating income, ordinary income and net income,
the figures in parentheses show percentage of changes from the corresponding
period of the preceding year.
(2) Consolidated financial position
Total assets Shareholders' Ratio of Shareholders'
equity shareholders' equity per share
equity
Million yen Million yen % Yen
FY2003 first quarter 19,413,846 7,399,015 38.1 2,116.65
FY2002 19,888,937 7,325,072 36.8 2,059.94
FY2003 First Quarter Consolidated Financial Results
(April 1, 2002 through June 30, 2002)
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
English translation from the original Japanese-language document
August 7, 2002
Company name : Toyota Motor Corporation
Stock exchanges on which the shares are listed : Tokyo, Nagoya, Osaka, Fukuoka and Sapporo
Stock Exchanges in Japan
Code number : 7203
Location of the head office : Aichi Prefecture
URL : http://www.toyota.co.jp
Contact person : Takanori Matsuo, General Manager, Accounting Division
Tel. (0565) 28-2121
Whether or not to be prepared in accordance with : No
accounting principles generally accepted in the
United States
Results of FY2003 first quarter (April 1, 2002 through June 30, 2002)
(1) Consolidated financial results
(Amounts less than one million yen are omitted.)
Net sales Operating income Ordinary income
Million yen % Million yen % Million yen %
FY2003 first quarter 4,021,134 (20.1) 394,518 (35.4) 449,936 (51.2)
FY2002 first quarter 3,347,740 291,357 297,588
FY2002 15,106,297 1,123,470 1,113,524
Net income Net income per Net income per
share share
- basic - diluted
Million yen % Yen Yen
FY2003 first quarter 352,372 (117.1) 100.80 -
FY2002 first quarter 162,333 44.64 -
FY2002 615,824 170.69 170.69
Note : Regarding net sales, operating income, ordinary income and net income,
the figures in parentheses show percentage of changes from the corresponding
period of the preceding year.
(2) Consolidated financial position
Total assets Shareholders' Ratio of Shareholders'
equity shareholders' equity per
equity share
Million yen Million yen % Yen
FY2003 first quarter 19,413,846 7,399,015 38.1 2,116.65
FY2002 19,888,937 7,325,072 36.8 2,059.94
FY2003 First Quarter Consolidated Financial Results
(April 1, 2002 through June 30, 2002)
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
English translation from the original Japanese-language document
August 7, 2002
Company name : Toyota Motor Corporation
Stock exchanges on which the shares are listed : Tokyo, Nagoya, Osaka, Fukuoka and Sapporo
Stock Exchanges in Japan
Code number : 7203
Location of the head office : Aichi Prefecture
URL : http://www.toyota.co.jp
Contact person : Takanori Matsuo, General Manager, Accounting Division
Tel. (0565) 28-2121
Whether or not to be prepared in accordance with : No
accounting principles generally accepted in the
United States
Results of FY2003 first quarter (April 1, 2002 through June 30, 2002)
(1) Consolidated financial results
(Amounts less than one million yen are omitted.)
Net sales Operating income Ordinary income
Million yen % Million yen % Million yen %
FY2003 first quarter 4,021,134 (20.1) 394,518 (35.4) 449,936 (51.2)
FY2002 first quarter 3,347,740 291,357 297,588
FY2002 15,106,297 1,123,470 1,113,524
Net income Net income Net income per
per share share
- basic - diluted
Million yen % Yen Yen
FY2003 first quarter 352,372 (117.1) 100.80 -
FY2002 first quarter 162,333 44.64 -
FY2002 615,824 170.69 170.69
Note : Regarding net sales, operating income, ordinary income and net income,
the figures in parentheses show percentage of changes from the corresponding
period of the preceding year.
(2) Consolidated financial position
Total assets Shareholders' Ratio of Shareholders'
equity shareholders' equity per
equity share
Million yen Million yen % Yen
FY2003 first quarter 19,413,846 7,399,015 38.1 2,116.65
FY2002 19,888,937 7,325,072 36.8 2,059.94
FINANCIAL SUMMARY
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
FY2003 First Quarter
(April 1, 2002 through June 30, 2002)
English translation from the original Japanese-language document
TOYOTA MOTOR CORPORATION
BUSINESS RESULTS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Summary of Consolidated Financial Results of FY2003 First Quarter
Financial Results
Domestic vehicle sales decreased by 44 thousand units, or 8.2%, to 494 thousand
units in FY2003 first quarter (the three-month period from April 1, 2002 to
June 30, 2002) compared with FY2002 first quarter due to the stagnant market.
However, as a result of the active introduction of new products that met
customer needs and the strong sales efforts of domestic dealers, Toyota's market
share (excluding minivehicles) achieved 42.8% in FY2003 first quarter,
continuing to exceed 40.0% as in the previous year. Including minivehicles, the
market share was 37.7% in FY2003 first quarter. Meanwhile, overseas vehicle
sales increased by 218 thousand units, or 27.6%, to 1,010 thousand units in
FY2003 first quarter compared with FY2002 first quarter, mainly due to the
introduction of new products that met local customer needs worldwide. As a
result, total vehicle sales in Japan and overseas increased by 174 thousand
units, or 13.1%, to 1,504 thousand units in FY2003 first quarter compared with
FY2002 first quarter.
Net sales increased by 673.4 billion yen, or 20.1%, to 4,021.1 billion yen in
FY2003 first quarter compared with FY2002 first quarter, and operating income
increased by 103.2 billion yen, or 35.4%, to 394.5 billion yen in FY2003 first
quarter compared with FY2002 first quarter. Among the factors contributing to
the increase in operating income, cost reduction efforts accounted for 70.0
billion yen, the effect of changes in exchange rates accounted for 70.0 billion
yen and the marketing activities accounted for 20.0 billion yen, for a total of
160.0 billion yen. The factors contributing to the decrease in operating income
of 56.8 billion yen included increases in R&D expenses and depreciation
expenses. Ordinary income increased by 152.4 billion yen, or 51.2%, to 449.9
billion yen in FY2003 first quarter compared with FY2002 first quarter. Net
income increased by 190.0 billion yen, or 117.1%, to 352.3 billion yen in FY2003
first quarter compared with FY2002 first quarter.
In conjunction with enforcement of the Defined Benefit Enterprise Pension Plan
Law, Toyota Motor Corporation ('TMC') and some of its domestic consolidated
subsidiaries and domestic affiliates accounted for under the equity method
received approval from the Minister of Health, Labor and Welfare, exempting them
from future benefit payment obligation regarding the substituted portion of the
employee pension fund.
TMC and these subsidiaries and affiliates applied the transitional treatment
specified in paragraph 47-2 of the 'Practical Guidelines of Accounting for
Retirement Benefits (Interim Report)', and recognized an extinguishment of
retirement benefit obligation with respect to such substituted portion as of the
date of the approval.
As a result, TMC has recorded 187.7 billion yen impact on profit and loss during
FY2003 first quarter. TMC has accounted for 24.0 billion yen (the amount
corresponding to TMC's portion of the impact due to the extinguishment of
retirement benefit obligation of these affiliates ) as 'equity in earnings of
affiliates' in non-operating income and 163.7 billion yen (the impact of TMC and
these subsidiaries ) as 'gains on return of substituted portion of employee
pension fund' in extraordinary gain in its consolidated statements of income for
FY2003 first quarter.
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
2. Consolidated Financial Results of FY2003 First Quarter by Segment
(1) Business Segment
Automotive:
Net sales for the automotive segment increased by 645.9 billion yen, or 21.0%,
to 3,727.4 billion yen in FY2003 first quarter compared with FY2002 first
quarter, and operating income increased by 119.6 billion yen, or 43.5%, to 394.6
billion yen in FY2003 first quarter compared with FY2002 first quarter. The
increase in operating income was due to increases in vehicle units sold in North
America and Asia as well as cost reduction efforts made by TMC and its
subsidiaries, partially offset by increases in R&D expenses and depreciation
expenses.
Financial services:
Net sales for the financial services segment increased by 20.8 billion yen, or
13.0%, to 180.2 billion yen in FY2003 first quarter compared with FY2002 first
quarter, and operating income decreased by 13.9 billion yen, or 79.6%, to 3.5
billion yen in FY2003 first quarter compared with FY2002 first quarter. The
decrease in operating income was mainly due to a 27.3 billion yen decrease in
fair value of interest rate swaps as a result of a decline in interest rates in
the United States, recorded as valuation losses by sales financing subsidiaries
in the U.S. in accordance with the Statement of Financial Accounting Standards
No.133 and No.138, despite solid performance in North America including an
increase in profit from higher financing spreads.
All other:
Net sales for all other operations decreased by 17.0 billion yen, or 8.9%, to
173.9 billion yen in FY2003 first quarter compared with FY2002 first quarter,
and operating income decreased by 2.4 billion yen, or 91.1%, to 0.2 billion yen
in FY2003 first quarter compared with FY2002 first quarter.
(2) Geographical Segment
Japan:
Net sales in Japan increased by 242.3 billion yen, or 10.0%, to 2,668.9 billion
yen in FY2003 first quarter compared with FY2002 first quarter, and operating
income increased by 48.0 billion yen, or 21.0%, to 276.2 billion yen in FY2003
first quarter compared with FY2002 first quarter. The increase in operating
income was due to the cost reduction efforts made by TMC and its subsidiaries
partially offset by increases in R&D expenses and depreciation expenses as well
as the depreciation of the yen against the U.S. dollar and other currencies.
North America:
Net sales in North America increased by 314.0 billion yen, or 22.7%, to 1,697.4
billion yen in FY2003 first quarter compared with FY2002 first quarter, and
operating income increased by 43.1 billion yen, or 67.5%, to 107.0 billion yen
in FY2003 first quarter compared with FY2002 first quarter. The increase in
operating income was due to local cost reduction efforts in addition to
increases in both local production volume and vehicle units sold.
Europe:
Net sales in Europe increased by 124.4 billion yen, or 43.9%, to 407.5 billion
yen in FY2003 first quarter compared with FY2002 first quarter, and operating
income increased by 2.9 billion yen, or 1,030.0%, to 3.2 billion yen in FY2003
first quarter compared with FY2002 first quarter. The increase in operating
income was mainly due to increases in local production volume in France and the
U.K. as well as increases in vehicle units sold.
Other:
Net sales in other regions increased by 188.0 billion yen, or 81.0%, to 419.9
billion yen in FY2003 first quarter compared with FY2002 first quarter, and
operating income increased by 7.3 billion yen, or 240.5%, to 10.4 billion yen in
FY2003 first quarter compared with FY2002 first quarter. The increase in
operating income was primarily due to increases in vehicle units sold mainly in
Asia.
CONSOLIDATED SALES
( All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
Sales (by destination)
(Units)
FY2003 first quarter FY2002 first quarter Increase
(April 2002 through (April 2001 through (Decrease)
June 2002) June 2001)
Vehicles Japan 494,343 538,499 (44,156)
(new) North America 511,353 422,271 89,082
Europe 209,787 182,372 27,415
Others 289,315 187,238 102,077
Overseas total 1,010,455 791,881 218,574
Total 1,504,798 1,330,380 174,418
Houses(Japan) 601 669 (68)
Note: The total sales of vehicles (new) includes Daihatsu brand vehicles of
158,106 units in FY2003 first quarter, and 140,053 units in FY2002 first
quarter, and Hino brand vehicles of 12,347 units in FY2003 first quarter.
CONSOLIDATED STATEMENTS OF INCOME
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2003 first quarter FY2002 first quarter Increase
(April 2002 through (April 2001 through (Decrease)
June 2002) June 2001)
Net sales 4,021,134 3,347,740 673,394
Cost of sales 3,040,673 2,534,758 505,915
Selling, general and administrative 585,942 521,623 64,319
expenses
Operating income 394,518 291,357 103,161
Non-operating income 80,126 68,501 11,625
Interest income 10,848 15,451 (4,603)
Dividend income 6,532 7,814 (1,282)
Equity in earnings of affiliates 33,662 12,794 20,868
Other non-operating income 29,082 32,441 (3,359)
Non-operating expenses 24,709 62,271 (37,562)
Interest expenses 6,333 12,217 (5,884)
Other non-operating expenses 18,376 50,053 (31,677)
Ordinary income 449,936 297,588 152,348
Extraordinary gains 163,702 - 163,702
Gains on return of substituted 163,702 - 163,702
portion of employee pension fund
Income before income taxes and 613,638 297,588 316,050
minority interest in consolidated
subsidiaries
Income taxes 251,851 130,819 121,032
Minority interest in consolidated 9,414 4,435 4,979
subsidiaries
Net income 352,372 162,333 190,039
CONSOLIDATED BALANCE SHEETS
( All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2003 first quarter FY2002 Increase
(As of June 30, 2002) (As of March 31, 2002) (Decrease)
Assets
Current assets 10,129,362 10,410,966 (281,604)
Cash and deposits 959,407 707,233 252,174
Trade notes and accounts receivable 1,292,182 1,561,623 (269,441)
Marketable securities 1,534,357 1,605,460 (71,103)
Inventories 960,431 1,022,718 (62,287)
Installment credit from dealers 3,067,414 3,334,357 (266,943)
Short-term loans 1,270,502 1,192,054 78,448
Deferred income taxes 357,414 379,668 (22,254)
Other current assets 797,640 718,693 78,947
Less: allowance for doubtful (109,988) (110,843) 855
accounts
Fixed assets 9,284,484 9,477,970 (193,486)
Property, plant and equipment 5,251,765 5,437,777 (186,012)
Buildings and structures 1,202,323 1,230,871 (28,548)
Machinery and equipment 1,104,401 1,179,305 (74,904)
Vehicles and delivery equipment 1,180,138 1,269,275 (89,137)
Land 1,064,502 1,070,869 (6,367)
Construction in progress 271,309 270,497 812
Other property, plant and equipment 429,088 416,958 12,130
Intangible fixed assets 4,285 4,328 (43)
Investments and other assets 4,028,433 4,035,865 (7,432)
Investments in securities 2,617,734 2,642,122 (24,388)
Long-term loans 740,085 796,349 (56,264)
Deferred income taxes 410,363 465,193 (54,830)
Other investments and other assets 277,487 159,450 118,037
Less: allowance for doubtful (17,236) (27,251) 10,015
accounts
Total assets 19,413,846 19,888,937 (475,091)
( All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2003 First Quarter FY2002 Increase
(As of June 30, 2002) (As of March 31, 2002) (Decrease)
Liabilities
Current liabilities 6,995,770 7,183,071 (187,301)
Trade notes and accounts payable 1,378,803 1,483,170 (104,367)
Current portion of bonds 1,067,596 1,020,930 46,666
Short-term borrowings 1,132,115 1,104,365 27,750
Accrued expenses and other accounts 1,525,251 1,433,216 92,035
payable
Income taxes payable 195,388 339,304 (143,916)
Deferred income taxes 1,842 1,769 73
Other current liabilities 1,694,772 1,800,314 (105,542)
Long-term liabilities 4,570,869 4,916,572 (345,703)
Bonds 2,909,706 3,132,372 (222,666)
Convertible debentures 13,308 13,308 -
Long-term borrowings 471,262 481,007 (9,745)
Deferred income taxes 400,266 398,273 1,993
Allowance for retirement benefits 715,825 769,714 (53,889)
Other long-term liabilities 60,499 121,897 (61,398)
Total liabilities 11,566,639 12,099,644 (533,005)
Minority interest in 448,190 464,220 (16,030)
consolidated subsidiaries
Shareholders' equity
Common stock 397,049 397,049 -
Capital reserve - 415,150 (415,150)
Capital surplus 415,150 - 415,150
Consolidated earned surplus - 6,527,956 (6,527,956)
Retained earnings 6,681,516 - 6,681,516
Net unrealized gains on other 148,517 152,809 (4,292)
securities
Translation adjustments (144,233) 22,855 (167,088)
Less: treasury stock (98,984) (157,766) 58,782
Less: common stock of the Parent held - (32,983) 32,983
by consolidated subsidiaries
Total shareholders' equity 7,399,015 7,325,072 73,943
Total liabilities and shareholders' 19,413,846 19,888,937 (475,091)
equity
Note: The 'Accounting Standard for Treasury Stock and Reversal of Legal
Reserves' has been applied commencing with FY2003 first quarter.
SEGMENT INFORMATION
( All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Business Segment Information
(1) FY2003 first quarter (April 2002 through June 2002)
(Million yen; amounts less than one million yen are omitted.)
Automotive Financial All other Total Elimination and Consolidated
services /or unallocated
assets
Net sales
(1) Sales to external 3,724,263 179,852 117,018 4,021,134 - 4,021,134
customers
(2) Inter-segment 3,147 344 56,905 60,397 (60,397) -
sales and transfers
Total 3,727,410 180,196 173,924 4,081,532 (60,397) 4,021,134
Operating expenses 3,332,803 176,658 173,696 3,683,157 (56,542) 3,626,615
Operating income 394,607 3,538 228 398,374 (3,855) 394,518
(2) FY2002 first quarter (April 2001 through June 2001)
(Million yen; amounts less than one million yen are omitted.)
Automotive Financial All other Total Elimination Consolidated
services and/or
unallocated
assets
Net sales
(1) Sales to external 3,059,935 159,403 128,401 3,347,740 - 3,347,740
customers
(2) Inter-segment 21,584 19 62,502 84,106 (84,106) -
sales and transfers
Total 3,081,520 159,422 190,903 3,431,846 (84,106) 3,347,740
Operating expenses 2,806,568 142,058 188,332 3,136,959 (80,577) 3,056,382
Operating income 274,951 17,364 2,570 294,886 (3,529) 291,357
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
2. Geographical Segment Information
(1) FY2003 first quarter (April 2002 through June 2002)
(Million yen; amounts less than one million yen are omitted.)
Japan North America Europe Other Total Elimination Consolidated
and/or
unallocated
assets
Net sales
(1) Sales to 1,589,923 1,638,049 389,389 403,772 4,021,134 - 4,021,134
external
customers
(2) Inter-segment 1,078,994 59,394 18,134 16,091 1,172,615 (1,172,615) -
sales and
transfers
Total 2,668,917 1,697,444 407,524 419,863 5,193,749 (1,172,615) 4,021,134
Operating 2,392,732 1,590,482 404,280 409,491 4,796,986 (1,170,370) 3,626,615
expenses
Operating income 276,184 106,962 3,243 10,372 396,763 (2,244) 394,518
(2) FY2002 first quarter (April 2001 through June 2001)
(Million yen; amounts less than one million yen are omitted.)
Japan North America Europe Other Total Elimination Consolidated
and/or
unallocated
assets
Net sales
(1) Sales to 1,532,186 1,338,615 269,238 207,699 3,347,740 - 3,347,740
external
customers
(2) Inter-segment 894,460 44,836 13,886 24,216 977,399 (977,399) -
sales and
transfers
Total 2,426,647 1,383,451 283,125 231,915 4,325,139 (977,399) 3,347,740
Operating 2,198,449 1,319,588 282,838 228,868 4,029,745 (973,362) 3,056,382
expenses
Operating income 228,198 63,862 287 3,046 295,394 (4,037) 291,357
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
UNCONSOLIDATED STATEMENTS OF INCOME
(Million yen; amounts less than one million yen are omitted.)
FY2003 first quarter FY2002 first quarter Increase
(April 2002 through (April 2001 through (Decrease)
June 2002) June 2001)
Net sales 2,081,548 1,982,795 98,753
Operating income 244,288 196,507 47,781
Ordinary income 285,536 243,738 41,798
Extraordinary gains 162,457 - 162,457
Income before income taxes 447,994 243,738 204,256
Income taxes - current 126,100 110,100 16,000
Income taxes - deferred 58,800 (9,500) 68,300
Net income 263,094 143,138 119,956
UNCONSOLIDATED BALANCE SHEETS
(Million yen; amounts less than one million yen are omitted.)
FY2003 first quarter FY2002 Increase
(As of June 30,2002) (As of March 31,2002) (Decrease)
Assets
Current assets 3,482,855 3,431,039 51,816
Cash, deposits and trade accounts 1,378,506 1,260,192 118,314
receivable
Marketable securities 1,087,888 1,190,085 (102,197)
Others 1,016,459 980,761 35,698
Fixed assets 5,091,514 5,036,891 54,623
Property, plant and equipment 1,258,820 1,275,101 (16,281)
Buildings, machinery and equipment 690,470 691,649 (1,179)
Others 568,350 583,452 (15,102)
Investments and other assets 3,832,693 3,761,789 70,904
Investments in securities 1,840,672 1,832,686 7,986
Others 1,992,021 1,929,103 62,918
Total assets 8,574,369 8,467,930 106,439
FY2003 first quarter FY2002 Increase
(As of June 30,2002) (As of March 31,2002) (Decrease)
Liabilities
Current liabilities 1,907,835 1,961,602 (53,767)
Long-term liabilities 788,965 844,169 (55,204)
Total liabilities 2,696,800 2,805,772 (108,972)
Shareholders' equity
Common stock 397,049 397,049 -
Capital surplus 415,150 415,150 -
Retained earnings 4,973,436 4,908,068 65,368
< 263,094 > < 470,239 > < (207,145) >
Net unrealized gains on other 106,762 99,656 7,106
securities
Less: treasury stock (14,831) (157,766) 142,935
Total shareholders' equity 5,877,568 5,662,158 215,410
Total liabilities and shareholders' 8,574,369 8,467,930 106,439
equity
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