1st Quarter Results
Toyota Motor Corporation
05 August 2003
FY2004 First Quarter Consolidated Financial Results
(April 1, 2003 through June 30, 2003)
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
English translation from the original Japanese-language document
August 5, 2003
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
Representative : Fujio Cho, President
Contact person : Takahiko Ijichi, General Manager, Accounting Division
Tel. (0565) 28-2121
Whether or not to be prepared in accordance : Yes
with accounting principles generally accepted
in the United States
Results of FY2004 first quarter (April 1, 2003 through June 30, 2003)
(1) Consolidated financial results (Amounts are rounded to the nearest million yen.)
Net revenues Operating income Income before income taxes,
minority interest and equity in
earnings of affiliated companies
Million yen % Million yen % Million yen %
FY2004 first quarter 4,092,939 <5.6> 340,772 <-13.2> 371,279 <-12.1>
FY2003 first quarter 3,877,673 392,573 422,281
FY2003 15,501,553 1,271,646 1,226,652
Net income Net income per share Net income per share
- basic - diluted
Million yen % Yen Yen
FY2004 first quarter 222,585 <-9.7> 64.83 -
FY2003 first quarter 246,365 68.38 -
FY2003 750,942 211.32 211.32
Note : Regarding net revenues, operating income, income before income taxes,
minority interest and equity in earnings of affiliated companies 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' equity Ratio of Shareholders' equity
shareholders' equity per share
Million yen Million yen % Yen
FY2004 first quarter 20,901,504 7,363,029 35.2 2,151.05
FY2003 20,152,974 7,121,000 35.3 2,063.43
Note 1: Effective from FY2004 first quarter, Toyota prepares its consolidated
financial statements in accordance with accounting principles generally accepted
in the United States of America. The consolidated financial statements for
FY2003 first quarter and FY2003 are also prepared in accordance with accounting
principles generally accepted in the United States of America.
2: No diluted net income per share is reported because no potential
shares with dilutive effects existed in FY2004 first quarter and
FY2003 first quarter.
August 5, 2003
Highlights of Consolidated Financial Results
for FY2004 First Quarter
(Three months ended June 30, 2003)
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Billions of yen unless otherwise specified)
FY2003 First Quarter FY2004 First Quarter FY2004 Forecast
(Apr. 2002 through (Apr. 2003 through (Apr. 2003 through Mar.
Jun. 2002) Jun. 2003) 2004)
% of change
from FY2003
First
Quarter
Vehicle sales 1,473 1,594 8.2% 6,410
(Thousand units)
Net revenues 3,877.6 4,092.9 5.6%
Operating income 392.5 340.7 - 13.2%
<10.1%> <8.3%>
Income before income taxes, 422.2 371.2 - 12.1%
minority interest and equity in
earnings of affiliated <10.9%> <9.1%>
companies
Net income 246.3 222.5 - 9.7%
<6.4%> <5.4%>
Factors contributing to Operating income decreased by
increases and decreases in 51.8 billion yen
operating income
(Decrease)
Marketing activities - 40.0
Effects of changes in - 30.0
exchange rates
Increases in other - 41.8
expenses, etc.
(Increase)
Cost reduction efforts 60.0
Exchange rates JPY127/US$ JPY119/US$
JPY117/Euro JPY135/Euro
Capital investment 188.6 180.9 920.0
(excluding leased vehicles)
Depreciation expenses 165.3 180.1 770.0
Performance evaluation Increase in revenues and decrease in
income before income taxes, minority
interest and equity in earnings of
affiliated companies
Note: Effective from FY2004 first quarter, Toyota prepares its consolidated
financial statements in accordance with accounting principles generally accepted
in the United States of America. The consolidated financial statements for
FY2003 first quarter and FY2003 are also prepared in accordance with accounting
principles generally accepted in the United States of America.
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.
Supplement
August 5, 2003
Toyota Motor Corporation
Comparison of Consolidated Financial Results for FY2003 First Quarter
under Japanese and U.S. Accounting Standards
FY2003 first quarter (April 1, 2002 - June 30, 2002) (Billions of yen)
Differences
(1) (2) (3) (4) (5)
Scope of Reporting Foreign Gains on Impairment
Category Japanese consolidation category currency transfer of the of U.S.
standards of equity translation substitutional marketable Other standards
in and portion of the securities
earnings derivatives employee
of pension fund
affiliated
companies
Net 4,021.1 (114.2) - - - - (29.3) 3,877.6
revenues
Income before 613.6 (13.6) (33.7) 33.0 (162.5) (23.9) 9.3 422.2
income taxes,
minority interest
and equity in
earnings of
affiliated
companies
(1) Scope of Consolidation
Under the U.S. standards, the determination of which subsidiaries are included
in the scope of consolidation is made on the basis of ownership (more than 50%),
and consequently, those subsidiaries that are consolidated according to the
control basis under the Japanese standards are excluded from the scope of
consolidation.
(2) Reporting Category of Equity in Earnings of Affiliated Companies
'Equity in earnings of affiliated companies' reported under the Japanese
standards as non-operating income is not included in 'income before income
taxes, minority interest and equity in earnings of affiliated companies' under
the U.S. standards, therefore the figure for this item has been reclassified.
(3) Foreign Currency Translation and Derivatives
The difference mainly relates to the valuation profits or losses on foreign
exchange forward contracts outstanding at the end of the period which are
recognized as 'foreign exchange gain or lose' in the statements of income under
the U.S. standards while deferred as assets or liabilities under the Japanese
standards.
(4) Gains on Transfer of the Substitutional Portion of the Employee Pension
Fund
Under the U.S. standards, gains or losses on transfer of the substitutional
portion of the employee pension fund are recognized at the time of the actual
transfer, therefore 'gains on transfer of the substitutional portion of the
employee pension fund,' recognized under the Japanese standards, is not
included.
(5) Impairment of Marketable Securities
Impairment losses of certain marketable securities whose acquisition costs under
the U.S. standards exceed those under the Japanese standards are recognized.
English translation from the original Japanese-language document
August 5, 2003
To Whom It May Concern:
Company Name : Toyota Motor Corporation
Representative : Fujio Cho, President
Code Number : 7203
Contact Person : Takahiko Ijichi
General Manager
Accounting Division
Tel. (0565) 28-2121
Revisions to the FY2004 Semi-Annual Unconsolidated Business Forecast
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
Based on the recent trends in business performance and other factors, Toyota
Motor Corporation hereby makes the following revisions to the FY2004 semi-annual
(April 1, 2003 to September 30, 2003) unconsolidated business forecast disclosed
upon the announcement of the financial statements of FY2003 on May 8, 2003:
1. Revisions to the FY2004 semi-annual (April 1, 2003 to September 30, 2003)
unconsolidated business forecast
Net sales Ordinary income Net income
Previous forecast (A) JPY4,100.0 billion JPY330.0 billion JPY210.0 billion
Revised forecast (B) JPY4,200.0 billion JPY430.0 billion JPY280.0 billion
Amount changed (B) -(A) JPY100.0 billion JPY100.0 billion JPY70.0 billion
% of change 2.4% 30.3% 33.3%
(Reference) JPY4,204.7 billion JPY481.7 billion JPY382.2 billion
FY2003 semi-annual results
(April 1, 2002 to September 30,
2002)
2. Reasons for the Revisions
The FY2004 semi-annual (April 1, 2003 to September 30, 2003) unconsolidated
business performance is expected to exceed the previously announced business
forecast due to the yen remaining weaker than expected on the exchange market,
the steady increase in the number of units sold in the overseas markets, and
other factors.
Cautionary Statement with Respect to Forward-Looking Statements
This statement on business performance forecast 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.
FINANCIAL SUMMARY
FY2004 First Quarter
(April 1, 2003 through June 30, 2003)
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 the United States of America)
1. Summary of Consolidated Financial Results of FY2004 First Quarter
Financial Results
Domestic vehicle sales increased by 49 thousand units, or 9.9%, to 543 thousand
units in FY2004 first quarter (the three-month period from April 1, 2003 to June
30, 2003) compared with FY2003 first quarter, 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 and
including minivehicles reached 44.9% and 41.1% respectively in FY2004 first
quarter, both exceeding 40.0%. Meanwhile, overseas vehicle sales increased by
72 thousand units, or 7.3%, to 1,051 thousand units in FY2004 first quarter
compared with FY2003 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 121 thousand units, or 8.2%, to 1,594
thousand units in FY2004 first quarter compared with FY2003 first quarter.
Net revenues increased by 215.3 billion yen, or 5.6%, to 4,092.9 billion yen in
FY2004 first quarter compared with FY2003 first quarter, while operating income
decreased by 51.8 billion yen, or 13.2%, to 340.7 billion yen in FY2004 first
quarter compared with FY2003 first quarter. Among the factors contributing to
the increase in operating income, cost reduction efforts accounted for 60.0
billion yen. The factors contributing to the decrease in operating income of
111.8 billion yen included the effect of marketing activities of 40.0 billion
yen, the effect of changes in exchange rates of 30.0 billion yen and increases
in other expenses of 41.8 billion yen. Income before income taxes, minority
interest and equity in earnings of affiliated companies decreased by 51.0
billion yen, or 12.1%, to 371.2 billion yen in FY2004 first quarter compared
with FY2003 first quarter. Net income decreased by 23.8 billion yen, or 9.7%,
to 222.5 billion yen in FY2004 first quarter compared with FY2003 first quarter.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
2. Consolidated Financial Results of FY2004 First Quarter by Segment
(1) Segment Operating Results
Automotive:
Net revenues for the automotive operations increased by 200.2 billion yen, or
5.6%, to 3,798.5 billion yen in FY2004 first quarter compared with FY2003 first
quarter, and operating income decreased by 60.1 billion yen, or 15.2%, to 333.9
billion yen in FY2004 first quarter compared with FY2003 first quarter. The
decrease in operating income was mainly due to the effects of changes in
exchange rates and the temporary effects of model shifts at the plants in North
America, partially offset by increases in vehicle units sold as well as cost
reduction efforts made by Toyota Motor Corporation ('TMC') and its subsidiaries.
Financial services:
Net revenues for the financial services operations increased by 3.2 billion yen,
or 1.8%, to 184.0 billion yen in FY2004 first quarter compared with FY2003 first
quarter, and operating income increased by 9.6 billion yen, or 945.3%, to 10.6
billion yen in FY2004 first quarter compared with FY2003 first quarter. The
increase in operating income was mainly due to an increase in financing volumes
as well as a decrease in valuation losses on interest rate swaps in accordance
with the Statement of Financial Accounting Standards No.133 and No.138, compared
with FY2003 first quarter, partially offset by decreases in the interest rates
applied to financing to customers.
All other:
Net revenues for all other businesses increased by 28.3 billion yen, or 18.2%,
to 183.7 billion yen in FY2004 first quarter compared with FY2003 first quarter,
and operating loss decreased by 0.5 billion yen to 2.8 billion yen in FY2004
first quarter compared with FY2003 first quarter.
(2) Geographic Information
Japan:
Net revenues in Japan increased by 145.8 billion yen, or 5.7%, to 2,714.2
billion yen in FY2004 first quarter compared with FY2003 first quarter, and
operating income decreased by 17.9 billion yen, or 6.6%, to 252.1 billion yen in
FY2004 first quarter compared with FY2003 first quarter. The decrease in
operating income was mainly due to the effects of changes in exchange rates and
a decrease in export units, partially offset by cost reduction efforts made by
TMC and its subsidiaries as well as an increase in vehicle units sold in Japan.
North America:
Net revenues in North America decreased by 153.9 billion yen, or 9.1%, to
1,530.8 billion yen in FY2004 first quarter compared with FY2003 first quarter,
and operating income decreased by 37.4 billion yen, or 36.6%, to 64.6 billion
yen in FY2004 first quarter compared with FY2003 first quarter. The decrease in
operating income was mainly due to an increase in selling expenses by
subsidiaries in North America and the temporary effects of model shifts at the
plants in North America.
Europe:
Net revenues in Europe increased by 122.2 billion yen, or 30.0%, to 529.9
billion yen in FY2004 first quarter compared with FY2003 first quarter, and
operating income increased by 1.1 billion yen, or 23.1%, to 6.1 billion yen in
FY2004 first quarter compared with FY2003 first quarter. The increase in
operating income was mainly due to increases in local production volumes in
France and Turkey as well as increases in vehicle units sold.
Other Foreign Countries:
Net revenues in other markets increased by 169.5 billion yen, or 44.7%, to 548.7
billion yen in FY2004 first quarter compared with FY2003 first quarter, and
operating income increased by 6.2 billion yen, or 43.4%, to 20.5 billion yen in
FY2004 first quarter compared with FY2003 first quarter. The increase in
operating income was primarily due to increases in vehicle units sold mainly in
Asia.
CONSOLIDATED PRODUCTION AND SALES
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
1. Production
(Units)
FY2004 first quarter FY2003 first quarter Increase
(April 2003 through (April 2002 through (Decrease)
June 2003) June 2002)
Vehicles Japan 1,006,434 966,133 40,301
(new) North America 249,051 242,457 6,594
Europe 125,565 97,193 28,372
Others 154,243 88,036 66,207
Overseas total 528,859 427,686 101,173
Total 1,535,293 1,393,819 141,474
Houses (Japan) 870 627 243
Note: The total production of vehicles (new) includes Daihatsu brand vehicles
(including OEM production) of 144,966 units in FY2004 first quarter, and 130,615
units in FY2003 first quarter, and Hino brand vehicles (including OEM
production) of 18,422 units in FY2004 first quarter, and 13,196 units in FY2003
first quarter.
2. Sales (by destination)
(Units)
FY2004 first quarter FY2003 first quarter Increase
(April 2003 through (April 2002 through (Decrease)
June 2003) June 2002)
Vehicles Japan 543,357 494,335 49,022
(new) North America 508,679 511,323 (2,644)
Europe 234,326 209,787 24,539
Others 307,821 257,942 49,879
Overseas total 1,050,826 979,052 71,774
Total 1,594,183 1,473,387 120,796
Houses (Japan) 761 600 161
Note: The total sales of vehicles (new) includes Daihatsu brand vehicles of
142,282 units in FY2004 first quarter, and 126,631 units in FY2003 first
quarter, and Hino brand vehicles of 16,861 units in FY2004 first quarter, and
12,411 units in FY2003 first quarter.
CONSOLIDATED STATEMENTS OF INCOME
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Million yen)
FY2004 first quarter FY2003 first quarter Increase
(April 2003 through (April 2002 through (Decrease)
June 2003) June 2002)
Net revenues : 4,092,939 3,877,673 215,266
Sales of products 3,913,746 3,697,090 216,656
Financing operations 179,193 180,583 (1,390)
Costs and expenses : 3,752,167 3,485,100 267,067
Cost of products sold 3,139,303 2,926,131 213,172
Cost of financing operations 109,669 117,767 (8,098)
Selling, general and 503,195 441,202 61,993
administrative
Operating income 340,772 392,573 (51,801)
Other income (expense) : 30,507 29,708 799
Interest and dividend income 13,558 14,879 (1,321)
Interest expense (5,300) (5,735) 435
Other income (loss), net 22,249 20,564 1,685
Income before income taxes, minority 371,279 422,281 (51,002)
interest and equity in earnings of
affiliated companies
Provision for income taxes 156,673 180,362 (23,689)
Income before minority interest and 214,606 241,919 (27,313)
equity in earnings of affiliated
companies
Minority interest in consolidated (13,189) (3,700) (9,489)
subsidiaries
Equity in earnings of affiliated 21,168 8,146 13,022
companies
Net income 222,585 246,365 (23,780)
(Yen)
Net income per share - basic 64.83 68.38 (3.55)
Net income per share - diluted - - -
Note: No diluted net income per share is reported because no potential shares
with dilutive effects existed in FY2004 first quarter and FY2003 first quarter.
CONSOLIDATED BALANCE SHEETS
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Million yen)
FY2004 first quarter FY2003 Increase
(As of June 30, 2003) (As of March 31, 2003) (Decrease)
Assets
Current assets : 8,322,812 8,622,233 (299,421)
Cash and cash equivalents 1,285,207 1,592,028 (306,821)
Time deposits 55,881 55,406 475
Marketable securities 766,924 605,483 161,441
Trade accounts and notes 1,335,846 1,475,797 (139,951)
receivable, less allowance
for doubtful accounts
Finance receivables, net 2,455,662 2,505,140 (49,478)
Other receivables 442,209 513,952 (71,743)
Inventories 1,054,208 1,025,838 28,370
Deferred income taxes 401,521 385,148 16,373
Prepaid expenses and other current 525,354 463,441 61,913
assets
Noncurrent finance receivables, net 3,054,185 2,569,808 484,377
Investments and other assets 4,013,501 3,757,054 256,447
Property, plant and equipment : 5,511,006 5,203,879 307,127
Land 1,125,202 1,064,125 61,077
Buildings 2,755,275 2,521,208 234,067
Machinery and equipment 7,698,652 7,089,592 609,060
Vehicles and equipment on 1,625,570 1,601,060 24,510
operating leases
Construction in progress 210,086 211,584 (1,498)
Less - Accumulated depreciation (7,903,779) (7,283,690) (620,089)
Total assets 20,901,504 20,152,974 748,530
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
(Million yen)
FY2004 first quarter FY2003 Increase
(As of June 30, 2003) (As of March 31, 2003) (Decrease)
Liabilities
Current liabilities : 7,211,712 7,053,936 157,776
Short-term debt 2,130,706 1,855,648 275,058
Current portion of long-term debt 1,214,601 1,263,017 (48,416)
Accounts payable 1,468,297 1,531,552 (63,255)
Other payables 596,984 618,748 (21,764)
Accrued expenses 1,151,910 1,063,496 88,414
Income taxes payable 175,637 300,718 (125,081)
Other current liabilities 473,577 420,757 52,820
Long-term liabilities : 5,904,700 5,662,572 242,128
Long-term debt 4,297,061 4,137,528 159,533
Accrued pension and severance 1,126,814 1,052,687 74,127
costs
Deferred income taxes 377,996 371,004 6,992
Other long-term liabilities 102,829 101,353 1,476
Total liabilities 13,116,412 12,716,508 399,904
Minority interest in consolidated 422,063 315,466 106,597
subsidiaries
Shareholders' equity :
Common stock 397,050 397,050 -
Additional paid-in capital 493,790 493,790 -
Retained earnings 7,454,598 7,301,795 152,803
Accumulated other comprehensive (458,716) (604,272) 145,556
loss
Treasury stock, at cost (523,693) (467,363) (56,330)
Total shareholders' equity 7,363,029 7,121,000 242,029
Total liabilities and shareholders' 20,901,504 20,152,974 748,530
equity
SEGMENT INFORMATION
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
1. Segment Operating Results
(1) FY2004 first quarter (April 2003 through June 2003)
(Million yen)
Automotive Financial All other Intersegment Total
services Elimination
Net revenues :
(1) Sales to external 3,795,958 179,193 117,788 - 4,092,939
customers
(2) Intersegment sales 2,638 4,876 65,963 (73,477) -
and transfers
Total 3,798,596 184,069 183,751 (73,477) 4,092,939
Operating expenses 3,464,597 173,407 186,559 (72,396) 3,752,167
Operating income 333,999 10,662 (2,808) (1,081) 340,772
(2) FY2003 first quarter (April 2002 through June 2002)
(Million yen)
Automotive Financial All other Intersegment Total
services Elimination
Net revenues :
(1) Sales to external 3,595,393 180,583 101,697 - 3,877,673
customers
(2) Intersegment sales 2,980 278 53,732 (56,990) -
and transfers
Total 3,598,373 180,861 155,429 (56,990) 3,877,673
Operating expenses 3,204,321 179,841 158,770 (57,832) 3,485,100
Operating income 394,052 1,020 (3,341) 842 392,573
Note: Operating incomes by operating segment in FY2003 first quarter under
the Japanese accounting standards are 394,607 million yen for automotive, 3,538
million yen for financial services and 228 million yen for all other.
(All financial information has been prepared in accordance with accounting
principles generally accepted in the United States of America)
2. Geographic Information
(1) FY2004 first quarter (April 2003 through June 2003)
(Million yen)
Japan North America Europe Other Foreign Intersegment Total
Countries Elimination
Net revenues :
(1) Sales to 1,611,508 1,465,356 503,885 512,190 - 4,092,939
external customers
(2) Intersegment 1,102,790 65,475 26,100 36,601 (1,230,966) -
sales and transfers
Total 2,714,298 1,530,831 529,985 548,791 (1,230,966) 4,092,939
Operating expenses 2,462,188 1,466,179 523,787 528,309 (1,228,296) 3,752,167
Operating income 252,110 64,652 6,198 20,482 (2,670) 340,772
(2) FY2003 first quarter (April 2002 through June 2002)
(Million yen)
Japan North America Europe Other Foreign Intersegment Total
Countries Elimination
Net revenues :
(1) Sales to 1,503,416 1,625,357 389,591 359,309 - 3,877,673
external customers
(2) Intersegment 1,065,074 59,347 18,135 19,958 (1,162,514) -
sales and ransfers
Total 2,568,490 1,684,704 407,726 379,267 (1,162,514) 3,877,673
Operating expenses 2,298,466 1,582,697 402,691 364,982 (1,163,736) 3,485,100
Operating income 270,024 102,007 5,035 14,285 1,222 392,573
Note: Operating incomes by geography in FY2003 first quarter under the
Japanese accounting standards are 276,184 million yen for Japan, 106,962 million
yen for North America, 3,243 million yen for Europe and 10,372 million yen for
other foreign countries.
(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.)
FY2004 first quarter FY2003 first quarter Increase
(April 2003 through (April 2002 through (Decrease)
June 2003) June 2002)
Net sales 2,151,390 2,081,548 69,842
Operating income 215,555 244,288 (28,733)
Ordinary income 264,501 285,536 (21,035)
Extraordinary gains - 162,457 (162,457)
Income before income taxes 264,501 447,994 (183,493)
Income taxes - current 95,200 126,100 (30,900)
Income taxes - deferred (1,800) 58,800 (60,600)
Net income 171,101 263,094 (91,993)
UNCONSOLIDATED BALANCE SHEETS
(Million yen; amounts less than one million yen are omitted.)
FY2004 first quarter FY2003 Increase
(As of June 30,2003) (As of March 31,2003) (Decrease)
Assets
Current assets 3,356,604 3,620,881 (264,277)
Cash, deposits and trade 1,022,857 1,033,270 (10,413)
accounts receivable
Marketable securities 1,065,893 1,373,742 (307,849)
Others 1,267,852 1,213,869 53,983
Fixed assets 5,133,200 4,971,941 161,259
Property, plant and equipment 1,253,229 1,269,042 (15,813)
Buildings, machinery and 674,692 677,800 (3,108)
equipment
Others 578,537 591,241 (12,704)
Investments and other assets 3,879,970 3,702,899 177,071
Investments in securities 1,896,264 1,720,649 175,615
Others 1,983,706 1,982,249 1,457
Total assets 8,489,804 8,592,823 (103,019)
FY2004 first quarter FY2003 Increase
(As of June 30,2003) (As of March 31,2003) (Decrease)
Liabilities
Current liabilities 1,819,538 2,040,821 (221,283)
Long-term liabilities 839,309 848,679 (9,370)
Total liabilities 2,658,848 2,889,501 (230,653)
Shareholders' equity
Common stock 397,049 397,049 -
Capital surplus 416,970 416,970 -
Retained earnings 5,388,959 5,287,601 101,358
Net unrealized gains on other securities 141,133 69,019 72,114
Less: treasury stock (513,158) (467,320) (45,838)
Total shareholders' equity 5,830,956 5,703,321 127,635
Total liabilities and shareholders' 8,489,804 8,592,823 (103,019)
equity
This information is provided by RNS
The company news service from the London Stock Exchange
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