Final Results - Part 3
Toyota Motor Corporation
16 May 2001
PART 3
CONSOLIDATED PRODUCTION AND SALES
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Production
(Units)
FY2001 FY2000 Increase
(April 2000 through (April 1999 through (Decrease)
March 2001) March 2000)
Japan 4,097,704 3,863,760 233,944
North America 807,253 781,304 25,949
Vehicles Europe 176,320 172,427 3,893
(new) Others 193,936 185,240 8,696
Overseas total 1,177,509 1,138,971 38,538
Total 5,275,213 5,002,731 272,482
Houses (Japan) 3,600 3,290 310
Note: The total production of vehicles (new) includes Daihatsu brand vehicles
(including OEM production) of 675,390 units in FY2001 and 651,130 units in
FY2000.
2. Sales (by destination)
(Units)
FY2001 FY2000 Increase
(April 2000 through (April 1999 through (Decrease)
March 2001) March 2000)
Japan 2,322,838 2,177,524 145,314
North America 1,733,569 1,689,483 44,086
Vehicles Europe 691,135 633,879 57,256
(new) Others 779,321 681,888 97,433
Overseas total 3,204,025 3,005,250 198,775
Total 5,526,863 5,182,774 344,089
Japan 27,808 25,621 2,187
North America 26,880 23,267 3,613
Industrial Europe 15,174 14,292 882
vehicles Others 8,888 8,356 532
Overseas total 50,942 45,915 5,027
Total 78,750 71,536 7,214
Houses (Japan) 3,666 3,297 369
Note: The total sale of vehicles (new) includes Daihatsu brand vehicles of
605,444 units in FY2001 and 583,677 units in FY2000.
BREAKDOWN OF CONSOLIDATED NET SALES
(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.)
FY2001 FY2000 Increase
(April 2000 through (April 1999 through (Decrease)
March 2001) March 2000)
Vehicles 10,210,930 9,637,576 573,354
Parts & components 215,275 198,728 16,547
for overseas
production
Parts 796,092 805,893 (9,801)
Others 707,854 629,074 78,780
Total Automotive 11,930,152 11,271,273 658,879
Financial services 549,137 522,879 26,258
Industrial equipment and 208,971 189,147 19,824
logistics system
Housing 85,417 75,975 9,442
Telecommunications 296,445 508,327 (211,882)
Others 354,299 311,957 42,342
Total 13,424,423 12,879,561 544,862
Note: The amounts above are net sales to external customers.
CONSOLIDATED STATEMENTS OF INCOME
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(Million yen, amounts less then one million yen are omitted.)
FY2001 FY2000 Increase
(April 2000 through (April 1999 through (Decrease)
March 2001) March 2000)
Net Sales 13,424,423 12,879,561 544,862
Cost of sales 10,407,419 9,912,417 495,002
Selling, general and 2,146,872 2,191,161 (44,289)
administrative expenses
Operating Income 870,131 775,982 94,149
Non-operating income 305,333 233,480 71,853
Interest income 59,168 58,340 828
Dividend income 11,109 14,902 (3,793)
Equity in earnings of affiliates 36,553 28,076 8,477
Other non-operating income 198,501 132,161 66,340
Non-operating expenses 203,191 212,404 (9,213)
Interest expenses 40,357 46,948 (6,591)
Other non-operating expenses 162,833 165,455 (2,622)
Ordinary Income 972,273 797,058 175,215
Extraordinary gains 265,023 - 265,023
Gains on disposal of securities 265,023 - 265,023
to establish retirement benefit
trust
Extraordinary losses 373,167 46,556 326,611
Provision for allowance for - 46,556 (46,556)
retirement and severance
benefits
Retirement benefit expenses 373,167 - 373,167
resulting from the adoption of
the accounting standards for
retirement benefits
Income before income taxes 864,129 750,501 113,628
and minority interest in
consolidated subsidiaries
Income taxes - current 493,483 349,146 144,337
Income taxes - deferred (115,445) (22,255) (93,190)
Minority interest in 14,795 16,812 (2,017)
consolidated subsidiaries
Net Income 471,295 406,798 64,497
Note1: Effective for FY2001, the 'Accounting Standards for Financial
Instruments' has been applied and the 'Other securities' is stated at
fair value. As a result, 'Ordinary income' and 'Income before income
taxes and minority interest in consolidated subsidiaries' increased by
1,396 million yen.
Note2: Effective for FY2001, the revised 'Accounting Standards for Foreign
Currency Transactions, etc.' has been applied. As a result, 'Ordinary
income' and 'Income before income taxes and minority interest in
consolidated subsidiaries' decreased by 263 million yen.
Note3: Effective for FY2001, the 'Accounting Standards for Retirement Benefits'
has been applied. As a result, 'Ordinary income' and 'Income before
income taxes and minority interest in consolidated subsidiaries'
decreased by 19,638 million yen and 127,783 million yen, respectively.
Out of the transition obligation which was resulted from the adoption of
new standards, 319,290 million yen which is the amount of holding stocks
that TMC and certain subsidiaries contributed to retirement benefit trust
is reported as 'Extraordinary losses'. 53,876 million yen was amortized
as 'Extraordinary losses' in FY2001. Gains on disposal of securities to
establish retirement benefit trust in the amount of 265,023 million yen
are reported as 'Extraordinary gains'.
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.)
FY2001 FY2000 Increase
(As of March 31, (As of March 31, (Decrease)
2001) 2000)
Assets
Current assets 8,679,097 7,801,037 878,060
Cash and deposits 1,019,217 1,016,260 2,957
Trade notes and accounts 1,363,370 1,310,958 52,412
receivable
Marketable securities 1,033,782 1,136,052 (102,270)
Inventories 918,806 823,756 95,050
Installment credit from dealers 2,498,748 2,052,035 446,713
Short-term loans 1,100,560 789,343 311,217
Deferred income taxes 317,145 309,753 7,392
Other current assets 494,402 436,458 57,944
Less: allowance for doubtful (66,936) (73,582) 6,646
accounts
Fixed assets 8,840,329 8,440,637 399,692
Property, Plant and Equipment 4,745,558 4,867,824 (122,266)
Buildings and structures 1,092,742 1,128,614 (35,872)
Machinery and equipment 1,037,785 1,250,887 (213,102)
Vehicles and delivery equipment 1,173,595 1,078,068 95,527
Land 884,570 875,178 9,392
Construction in progress 176,651 212,511 (35,860)
Other property, plant and equipment 380,212 322,564 57,648
Intangible fixed assets 9,705 42,657 (32,952)
Investments and other assets 4,085,066 3,530,155 554,911
Investments in securities 3,089,614 2,420,229 669,385
Long-term loans 669,018 567,003 102,015
Deferred income taxes 257,788 437,295 (179,507)
Other investments and other assets 81,439 123,754 (42,315)
Less: allowance for doubtful (12,794) (18,127) 5,333
accounts
Translation adjustments - 227,379 (227,379)
Total assets 17,519,427 16,469,054 1,050,373
(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)
FY2001 FY2000 Increase
(As of (As of (Decrease)
March 31, 2001) March 31, 2000)
Liabilities
Current liabilities 5,968,677 5,498,762 469,915
Trade notes and accounts payable 1,315,967 1,307,094 8,873
Current portion of bonds 613,514 577,872 35,642
Short-term borrowings 800,651 933,488 (132,837)
Accrued expenses and other
payable 1,367,116 1,253,309 113,807
Income taxes payable 264,247 117,115 147,132
Deferred income taxes 4,458 2,095 2,363
Other current liabilities 1,602,721 1,307,786 294,935
Long-term liabilities 4,093,042 3,841,634 251,408
Bonds 2,582,837 2,254,664 328,173
Convertible debentures 13,308 13,314 (6)
Long-term borrowings 450,787 588,395 (137,608)
Deferred income taxes 274,542 394,132 (119,590)
Allowance for retirement and
and severance benefits - 589,196 (589,196)
Allowance for retirement benefits 687,438 - 687,438
Other long-term liabilities 84,128 1,931 82,197
Total liabilities 10,061,719 9,340,397 721,322
Minority interest in consolidated
subsidiaries 343,140 331,991 11,149
Shareholders' equity
Common stock 397,049 397,020 29
Capital surplus 415,150 414,025 1,125
Retained earnings 6,162,656 6,014,125 148,531
Net unrealized gains on other
securities 286,540 - 286,540
Translation adjustments (115,196) - (115,196)
Less: treasury common stock (4,875) (3,460) (1,415)
Less: common stock of the Parent
held by consolidated
subsidiaries (26,757) (25,044) (1,713)
Total shareholders' equity 7,114,567 6,796,666 317,901
Total liabilities and shareholders'
equity 17,519,427 16,469,054 1,050,373
Note 1: Effective for FY2001, the 'Accounting Standards for Financial
Instruments' has been applied and other 'Other securities' is stated at fair
value. As a result, 'Total assets' and 'Total shareholders' equity' increased
by 533,395 million yen and 286,846 million yen, respectively.
Note 2: Effective for FY2001, the 'Accounting Standards for Retirement Benefits'
has been applied. As a result, both the amount reported as 'Allowance for
retirement and severence benefits' and the amount relating to the corporate
pension plan reported as a part of 'Accrued expenses and other accounts payable'
in FY2000 are reported as 'Allowance for retirement benefits' in FY2001.
Note 3: Effective for FY2001, the revised 'Accounting Standards for Foreign
Currency Transactions, etc.' has been applied: As a result, 'Translation
adjustments' reported as a part of assets in FY2000 is reported as a part of
both 'Shareholders' equity' and 'Minority interest in consolidated subsidiaries'
in FY2001.
CONSOLIDATED STATEMENTS OF
RETAINED EARNINGS
(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)
FY2001 FY2000 Increase
(April 2000 through (April 1999 through (Decrease)
March 2001) March 2000)
Retained earnings at
beginning of year 6,014,125 5,753,360 260,765
Retained earnings at
beginning of year as
reported in previous year 6,014,125 5,367,879 646,246
Cumulative effect of an
adoption of tax effect
accounting - 385,481 (385,481)
Increases in retained earnings 31,423 8,815 22,608
Increase resulting from
increase in consolidated
subsidiaries 1,507 - 1,507
Increase resulting from
decrease in consolidated
subsidiaries 28,359 - 28,359
Increase resulting from increase
in affiliates accounted for under
the equity method 317 5,288 (4,971)
Increase resulting from the
re-evaluation of fixed assets of
consolidated subsidiaries - 3,526 (3,526)
Increase resulting from state
government subsidies to
consolidated subsidiaries 1,239 - 1,239
Decreases in retained
earnings 354,187 154,848 199,339
Dividends 88,625 87,958 667
Bonuses to directors and
corporate auditors 1,966 1,791 175
Decrease resulting from
increase in consolidated
subsidiaries - 19,642 (19,642)
Decrease resulting from
share repurchase and
retirement by the parent
company 263,595 45,456 218,139
Net income 471,295 406,798 64,497
Retained earnings at end of
year 6,162,656 6,014,125 148,531
CONSOLIDATED STATEMENTS OF CASH FLOWS
(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)
FY2001 FY2000
(April 2000 through (April 1999 through
March 2001) March 2000)
Cash flows from operating activities
Income before income taxes and
minority interest in consolidated 864,129 750,501
subsidiaries
Depreciation expenses 749,752 754,934
Losses on disposal of fixed assets 30,015 49,723
Increase in allowance for retirement
and severance benefits - 92,432
Increase in allowance for retirement
benefits 195,679 -
Interest and dividend income (70,278) (73,243)
Interest expenses 40,357 46,948
Equity in earnings of affiliates (36,553) (28,076)
Increase in trade notes and accounts
receivable (243,129) (572,383)
Increase in loans receivable of
consolidated financial subsidiaries (245,068) (139,138)
Increase in Inventories (58,894) (70,111)
Increase in trade notes and
accounts payable 7,020 111,771
Others 180,045 (32,375)
Subtotal 1,413,074 890,983
Interest and dividends received 83,105 84,473
Interest paid (41,021) (46,455)
Income taxes paid (346,326) (381,469)
Cash flows from operating activities 1,108,831 547,533
Cash flows from Investing activities
Net decrease in time deposits 47,990 319,420
Payments for purchase of marketable
securities and investments in (1,019,352) (1,199,525)
securities
Proceeds from sales of marketable
securities and investments in 248,052 448,756
securities
Proceeds from redemption of
marketable securities and investments 597,725 527,870
in securities
Payments for acquisition of property,
plant and equipment (excluding (818,795) (865,865)
vehicles for lease)
Payments for acquisition of vehicles
for lease (398,486) (434,416)
Proceeds from sales of property,
plant and equipment (excluding 64,338 79,444
vehicles for lease)
Proceeds from sales of vehicles for
lease 338,069 382,983
Others (106,616) (73,546)
Cash flows from investing activities (1,047,074) (814,877)
Cash flown from financing activities
Net decrease in short-term borrowings (14,137) (95,146)
Net increase in commercial papers 38,707 379,986
Proceeds from origination of
long-term borrowings 393,135 236,428
Payments for repayment of
long-term borrowings (296,452) (224,927)
Proceeds from issuance of bonds 676,959 851,764
Payments for redemption of bonds (628,416) (516,655)
Payments for repurchase of treasury
stocks (263,595) (45,456)
Dividends paid (88,625) (87,958)
Others 33,495 27,405
Cash flows from financing activities (148,930) 525,441
Effect of exchange rate changes on
cash and cash equivalents 38,963 (65,373)
Net increase (decrease) in cash and
cash equivalents (48,209) 192,724
Cash and cash equivalents at beginning
of year 1,559,732 1,334,073
Increase (decrease) in cash and cash
equivalents due to change in (4,242) 32,934
scope of consolidated subsidiaries
Cash and cash equivalents at end
of year 1,507,280 1,559,732
Note: In the Consolidated Statements of Cash Flows, cash and cash equivalents
include cash on hand, bank deposits that can be withdrawn at any time and
short-term investments that can be converted into cash at any time, carry
minimal risk of change in value and have a redemption period of three
months or less.
SIGNIFICANT ACCOUNTING POLICIES
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Valuation of securities:
Securities are principally evaluated on the following basis
Other securities with fair value:
Stated at fair value based on market prices, etc. at end of year.
(Both unrealized gains and losses are included in 'Net unrealized
gains on other securities', a component of shareholders' equity;
cost of sales is determined using the moving average method.)
Other securities not practicable to fair value:
Stated at cost determined using the moving average method
2. Valuation of derivatives:
Principally stated at fair value
3. Valuation of money trusts for trading purposes:
Stated at fair value
4. Valuation of inventories:
TMC and domestic consolidated subsidiaries:
Inventories are principally stated at cost, as determined using the
periodic average method or the specific identification method.
Overseas consolidated subsidiaries:
Principally stated at the lower of cost or market value based on the
following: the specific identification method, first-in-first-out
method or last-in-first-out method
5. Depreciation of property, plant and equipment:
TMC and domestic consolidated subsidiaries:
Principally computed using the declining balance method
Overseas consolidated subsidiaries:
Principally computed using the straight-line method
6. Amortization of intangible fixed assets:
Computed using the straight-line method
7. Significant reserves:
Allowance for doubtful accounts:
TMC: To prepare for losses from bad debt, allowance for doubtful
accounts is provided in an amount equivalent to the maximum
limit deductible for tax purposes which is determined by the
Corporation Tax Laws or an amount determined by considering
the collectibility of receivable.
Consolidated subsidiaries:
Principally computed based on the maximum limit deductible for
tax purposes which is determined by the Corporation Tax Laws
or the historical loss experience
Allowance for employee bonus:
To provide for employee bonuses, some of the consolidated
subsidiaries accrue part of the estimated bonus payments for the
next year which are attributed to the current year.
Allowance for retirement benefits:
Principally to provide for the retirement benefits for employees,
including those already retired, allowance for retirement benefits
is stated based on estimated retirement benefit obligations and
estimated pension assets at the end of year.
8. Consumption taxes:
Computed based on the net-of-tax method
NOTES TO CONSOLIDATED BALANCE SHEETS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Accumulated depreciation of property, plant
and equipment 6,798,692 million yen
2. Leased assets (as a lessor) of 1,085,548 million yen are included in
'Vehicles and delivery equipment'
3. Assets related to affiliated companies
Investments in securities (stocks) 1,153,377 million yen
(bonds and convertible
debentures) 79,752 million yen
4. Assets pledged as collateral and secured liability
Assets pledged as collateral Notes receivable 1,559 million yen
Buildings and
structures 40,522 million yen
Machinery and
equipment 15,505 million yen
Land 39,714 million yen
Others 10,359 million yen
Secured liability Short-term
borrowings 40,757 million yen
Long-term
borrowings 27,799 million yen
5. Liabilities for guarantees 721,388 million yen
6. Trade notes receivable discounted 3,841 million yen
Trade notes receivable endorsed 10 million yen
NOTES TO CONSOLIDATED STATEMENTS OF INCOME
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
R&D expenses included in general and administrative expenses
and manufacturing costs 479,953 million yen
NOTES TO CONSOLIDATED STATEMENTS OF CASH FLOWS
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
Reconciliation of cash and cash equivalents and accounts on the consolidated
balance sheet at end of FY2001.
Cash and deposits 1,019,217 million yen
Marketable securities 1,033,782 million yen
Total 2,052,999 million yen
Time deposits, bonds and others with (545,719) million yen
original maturity exceeding a three-month period
Cash and cash equivalents 1,507,280 million yen
SEGMENT INFORMATION
All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
1. Business Segment information
(1)FY2001 (April 2000 through March 2001)
(Million yen: amounts less than one million yen are omitted.)
Elimination
Automotive Financial All other Total and/or Consolidated
services unal-
located
assets
Net sales
(1) Sales to 11,930,152 549,137 945,133 13,424,423 - 13,424,423
external
customers
(2) Inter-
segment 9,851 15,386 220,375 245,613 (245,613) -
sales and
transfers
Total 11,940,004 564,524 1,165,509 13,670,037 (245,613) 13,424,423
Operating
expenses 11,127,394 533,426 1,167,475 12,828,296 (274,004) 12,554,292
Operating
Income 812,609 31,098 (1,966) 841,741 28,390 870,131
Assets 8,305,599 5,666,584 836,573 14,808,757 2,710,670 17,519,427
Depreciation 630,986 74,334 44,431 749,752 - 749,752
expenses
Capital
expenditure 842,138 305,170 115,172 1,262,481 - 1,262,481
(2)FY2000 (April 1999 through March 2000)
(Million Yen: amounts less than one million yen are omitted.)
Elimination
Automotive Financial All other Total and/or Consolidated
services unal-
located
assets
Net sales
(1) Sales to 11,271,273 522,879 1,085,407 12,879,561 - 12,879,561
external
customers
(2) Inter-
segment 8,399 5,834 204,770 219,003 (219,003) -
sales and
transfers
Total 11,279,672 528,713 1,290,178 13,098,564 (219,003) 12,879,561
Operating
expenses 10,598,188 492,517 1,258,192 12,348,898 (245,319) 12,103,578
0perating
income 681,484 36,196 31,985 749,666 26,316 775,982
Assets 7,812,480 4,736,866 1,068,910 13,618,257 2,850,797 16,469,054
Depreciation 630,405 57,820 66,709 754,934 - 754,934
expenses
Capital
expenditure 785,681 362,442 157,621 1,305,745 - 1,305,745
Note 1: Unallocated corporate assets included under 'Elimination and/or
unallocated assets' for FY2001 and FY2000 are 3,063,498 million yen and
2,810,525 million yen, respectively, and consist primarily of funds such
as cash and deposits, marketable securities and portion of investments in
securities of TMC.
Note 2: Effective for FY2001, the 'Accounting Standards for Retirement
Benefits' has been applied. As a result, operating expenses in
'Automotive', 'Financial services' and 'All other' increased by 19,603
million yen, 11 million yen and 24 million yen, respectively, and
operating income decreased by the same amount in each segment.
Note 3: Effective for FY2001, the 'Accounting Standards for Financial
Instruments' has been applied and the 'Other securities is stated at fair
value. As a result, assets in 'Automotive', 'Financial services', 'All
other' and 'Elimination and/or unallocated assets' increased by 203,269
million yen, 64,738 million yen, 19,726 million yen and 245,660 million
yen, respectively.
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
From FY2001, in relation to Business Segment Information, we prepared the
consolidated financial statements as classified into 'Non-financial services
business', in which 'Automotive' and 'All other' are regarded as one
business, and 'Financial services business'.
2. Consolidated Financial Statements as Classified into Non-Financial Services
Business and Financial Services Business
(1) Consolidated Statements of Income as Classified into Non-Financial Services
Business and Financial Services Business
(Million yen: amounts less than one million yen are omitted.)
FY2001 FY2000 Increase
(April 2000 (April 1999 (Decrease)
through through
March 2001) March 2000)
(Non-financial services)
Net sales 12,876,371 12,358,127 518,244
Cost of sales 10,022,605 9,546,397 476,208
Selling, general
and administrative expenses 2,032,764 2,092,930 (60,166)
Operating Income 821,000 718,798 102,202
Non-operating income 305,387 233,059 72,328
Non-operating expenses 212,390 216,032 (3,642)
Ordinary Income 913,997 735,825 178,172
Extraordinary gains 265,023 - 265,023
Gains on disposal of
securities to establish
retirement benefit trust 265,023 - 265,023
Extraordinary losses 373,135 46,556 326,579
Provision for allowance
for retirement and
severance benefits - 46,556 (46,556)
Retirement benefit expenses
resulting from the 373,135 - 373,131
adoption of the accounting
standards for
retirement benefits
Income before Income
taxes and minority 805,884 689,269 116,615
Interest in consolidated
subsidiaries
Income taxes 352,772 300,379 52,393
Minority interest in
consolidated subsidiaries 14,539 16,537 (1,998)
Net income 438,573 372,351 66,222
(Financial services)
Net sales 564,524 528,713 35,811
Cost of sales 414,672 392,809 21,863
Selling, general and
administrative expenses 118,753 99,708 19,045
Operating Income 31,098 36,196 (5,098)
Non-operating income 5,203 8,313 (3,110)
Non-operating expenses 7,669 4,005 3,664
Ordinary Income 28,631 40,504 (11,873)
Extraordinary gains - - -
Gains on disposal of
securities to establish
retirement benefit trust - - -
Extraordinary losses 31 - 31
Provision for allowance for
retirement and severance benefits - - -
Retirement benefit expenses
resulting from the adoption
of the accounting standards for
retirement benefits 31 - 31
Income before Income taxes and
minority interest in consolidated
subsidiaries 28,599 40,504 (11,905)
Income taxes 13,284 17,753 (4,469)
Minority interest in consolidated
subsidiaries 347 173 174
Net Income 14,967 22,577 (7,610)
(Elimination)
Elimination of net Income 17,754 11,868 5,886
(Consolidated)
Net Income 471,295 406,798 64,497
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(2) Consolidated Balance Sheets as Classified into Non-Financial Services
Business and Financial Services Business
(Million yen; amounts less than one million yen are omitted)
FY2001 FY2000 Increase
(As of March 31,2001) (As of March 31,2000) (Decrease)
Assets
(Non-financial services)
Current assets 5,210,086 4,843,340 366,746
Cash and deposits 969,063 887,448 81,615
Trade notes and accounts
receivable 1,346,126 1,291,228 54,898
Marketable securities 1,017,143 1,118,332 (101,189)
Inventories 916,009 820,500 95,509
Other current assets,
etc. 961,743 725,830 235,913
Fixed assets 7,174,213 7,035,550 138,663
Property, plant and
equipment 3,767,998 3,954,111 (186,113)
Intangible fixed assets 5,437 39,581 (34,144)
Investments and other
assets 3,400,777 3,041,856 358,921
Investments in
securities 2,801,715 2,299,543 502,172
Long-term loans 278,022 290,866 (12,844)
Other investments and
other assets, etc. 321,039 451,445 (130,406)
Translation adjustments - 227,379 (227,379)
Total 12,384,300 12,106,269 278,031
(Financial services)
Current assets 3,849,899 3,194,145 655,754
Cash and deposits 50,154 128,812 (78,658)
Trade notes and accounts
receivable 26,657 25,922 735
Marketable securities 16,638 17,720 (1,082)
Inventories 2,796 3,255 (459)
Installment credit from
dealers 2,405,090 1,958,869 446,221
Other current assets,
etc. 1,348,561 1,059,566 288,995
Fixed assets 1,816,684 1,542,720 273,964
Property, plant and
equipment 977,562 913,712 63,850
Intangible fixed assets 4,267 3,075 1,192
investments and other
assets 834,854 625,932 208,922
Investments in
securities 287,899 158,068 129,831
Long-term loans 541,257 463,142 78,115
Other Investments and
other assets, etc. 5,697 4,721 976
Total 5,666,584 4,736,866 929,718
(Elimination)
Elimination of assets (531,456) (374,081) (157,375)
(Consolidated)
Total assets 17,519,427 16,469,054 1,050,373
Note: Assets in the non-financial services include unallocated corporate assets.
(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)
FY2001 FY2000 Increase
(As of March 31, 2001) (As of March 31,2000) (Decrease)
Liabilities
(Non-financial services)
Current liabilities 3,904,656 3,675,694 228,962
Trade notes and
accounts payable 1,274,619 1,271,550 3,069
Short-term borrowings 676,180 842,270 (166,090)
Accrued expenses and
other accounts payable 1,252,411 1,069,437 182,974
Income taxes payable 259,625 106,059 153,566
Other current
liabilities, etc. 441,819 386,377 55,442
Long-term liabilities 1,507,659 1,530,980 (23,321)
Bonds and convertible
debentures 527,858 527,964 (106)
Long-term borrowings 216,689 426,658 (209,969)
Other long-term
liabilities, etc. 763,111 576,358 186,753
Total 5,412,316 5,206,674 205,642
(Financial services)
Current liabilities 2,442,022 2,080,864 361,158
Trade notes and accounts
payable 43,294 37,740 5,554
Current portion of bonds 613,514 577,868 35,646
Short-term borrowings 481,361 339,205 142,156
Accrued expenses and
other accounts payable 122,554 196,738 (74,184)
Income taxes payable 4,622 11,056 (6,434)
Other current liabilities,
etc. 1,176,676 918,254 258,422
Long-term liabilities 2,740,013 2,436,622 303,391
Bonds 2,068,287 1,740,014 328,273
Long-term borrowings 388,728 359,001 29,727
Other long-term
liabilities. etc. 282,997 337,606 (54,609)
Total 5,182,036 4,517,487 684,549
(Elimination)
Elimination of liabilities (532,632) (383,765) (148,867)
(Consolidated)
Total liabilities 10,061,719 9,340,397 721,322
(Consolidated)
Minority Interest in
consolidated 343,140 331,991 11,149
subsidiaries
Shareholders' equity
(Consolidated)
Common stock 397,049 397,020 29
Capital surplus 415,150 414,025 1,125
Retained earnings 6,162,656 6,014,125 148,531
Net unrealized gains on
other securities 286,540 - 286,540
Translation adjustments (115,196) - (115,196)
Less: treasury common stock (4,875) (3,460) (1,415)
Less: common stock of
the Parent held by (26,757) (25,044) (1,713)
consolidated subsidiaries
Total shareholders' equity 7,114,567 6,796,666 317,901
(Consolidated)
Total liabilities and
shareholders' equity 17,519,427 16,469,054 1,150,373
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
(3) Consolidated Statement of Cash Flows as Classified into Non-Financial
Services Business and Financial Services Business
(Million yen; amounts less than one million yen are omitted.)
FY2001
(April 2000
through
March 2001)
(Non-financial services)
Cash flows from operating activities
Income before income taxes and minority interest in consolidated
subsidiaries 805,884
Depreciation expenses 675,417
Losses on disposal of fixed assets 29,147
Increase in allowance for retirement benefits 195,207
Interest and dividend income (74,694)
Interest expenses 53,260
Equity in earnings of affiliates (34,762)
Increase in trade notes and accounts receivable (108,006)
Increase in inventories (59,186)
Increase in trade notes and accounts payable 5,472
Others 47,523
Subtotal 1,535,264
Interest and dividends received 86,297
Interest paid (53,923)
Income tax paid (331,160)
Cash flows from operating activities 1,236,477
Cash flows from Investing activities
Net decrease in time deposits 44,772
Payments for purchase of marketable securities and investments in
securities (681,978)
Proceeds from sales of marketable securities and investments in
securities 104,625
Proceeds from redemption of marketable securities and investments in
securities 532,398
Payments for acquisition of property, plant and equipment (excluding
vehicles for lease) (769,313)
Payments for acquisition of vehicles for lease (145,115)
Proceeds from sales of property, plant and equipment
(excluding vehicles for lease) 55,312
Proceeds from sales of vehicles for lease 68,274
Others (115,700)
Cash flows from investing activities (906,724)
Cash flows from financing activities
Net decrease in short-term borrowings (47,456)
Net decrease in commercial papers (4,370)
Proceeds from origination of long-term borrowings 229,774
Payments for repayment of long-term borrowings (196,169)
Payments for repurchase of treasury stocks (263,595)
Dividends paid (88,625)
Others 33,495
Cash flows from financing activities (336,947)
Effect of exchange rate changes on cash and cash equivalents 35,573
Net increase in cash and cash equivalents 28,378
Cash and cash equivalents at beginning of year 1,429,012
Decrease in cash and cash equivalents due to change in scope of
consolidated subsidiaries (4,242)
Cash and cash equivalents at end of year 1,453,148
(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.)
FY2001
(April 2000
through
March 2001)
(Financial services)
Cash flows from operating activities
Income before income taxes and minority interest in consolidated
subsidiaries 28,599
Depreciation expenses 74,334
Equity in earnings of affiliates (1,791)
Increase in trade notes and accounts receivable (138,313)
Increase in loans receivable of consolidated
financial subsidiaries (245,068)
Others 165,653
Subtotal (116,585)
Interest and dividends received 1,267
Income taxes paid (15,166)
Cash flows from operating activities (130,484)
Cash flows from investing activities
Net decrease in time deposits 3,218
Payments for purchase of marketable securities and investments in
securities (337,374)
Proceeds from sales of marketable securities and investments in
securities 143,426
Proceeds from redemption of marketable securities and investments in
securities 65,326
Payments for acquisition of property, plant and equipment (excluding
vehicles for lease) (49,481)
Payments for acquisition of vehicles for lease (253,371)
Proceeds from sales of property. plant and equipment (excluding
vehicles for lease) 9,025
Proceeds from sales of vehicles for lease 269,794
Others (52,602)
Cash flows from investing activities (202,036)
Cash flows from financing activities
Net increase in short-term borrowings 94,763
Net increase in commercial papers 43,078
Proceeds from origination of long-term borrowings 220,371
Payments for repayment of long-term borrowings (156,776)
Proceeds from issuance of bonds 676,959
Payments for redemption of bonds (628,416)
Others 2,564
Cash flows from financing activities 252,543
Effect of exchange rate changes on cash and cash equivalents 3,390
Net decrease in cash and cash equivalents (76,587)
Cash and cash equivalents at beginning of year 130,720
Cash and cash equivalents at end of year 54,132
(Consolidated)
Effect of exchange rate changes on cash and cash equivalents 38,963
Net decrease in cash and cash equivalents (48,209)
Cash and cash equivalents at beginning of year 1,559,732
Decrease in cash and cash equivalents due to change in scope of
consolidated subsidiaries (4,242)
Cash and cash equivalents at end of year 1,507,280
Note: In the Consolidated Statement of Cash Flows, cash and cash equivalents
Include cash on hand, bank deposits that can be withdrawn at any time and
short-term investments that can be converted into cash at any time, carry
minimal risk of change in value and have a redemption period of three months or
less.
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
3. Geographical Segment Information
(1) FY2001 (April 2000 through March 2001)
(Million Yen; amounts less than one million yen are omitted)
Elimi-
nation Consoli-
Japan North Europe Other Total and/or dated
America unalloc-
ated
assets
Net sales
(1) Sales
to 6,747,016 4,800,592 1,015,766 861,047 13,424,423 - 13,424,423
external
customers
(2)
inter- 3,308,987 164,279 31,294 81,728 3,586,291 (3,586,291) -
segment
sales and
transfers
Total 10,056,003 4,964,872 1,047,061 942,776 17,010,714 (3,586,291) 13,424,423
Oper-
ating 9,385,712 4,759,075 1,070,079 932,960 16,147,829 (3,593,536) 12,554,292
expenses
Operating670,290 205,797 (23,018) 9,815 862,885 7,245 870,131
income
Assets 8,418,688 5,344,414 890,483 666,923 15,320,510 2,198,917 17,519,427
(2) FY2000 (April 1999 through March 2000)
(Million Yen; amounts less than one million yen are omitted)
Elimi-
nation Consoli-
Japan North Europe Other Total and/or dated
America unalloc-
ated
assets
Net
sales
(1)
Sales
to 6,495,414 4,526,653 1,090,312 767,181 12,879,561 - 12,879,561
external
customers
(2)
Inter- 3,113,031 141,168 14,564 63,254 3,332,018 (3,332,018) -
segment
sales and
transfers
Total 9,608,445 4,667,821 1,104,877 830,435 16,211,579 (3,332,018) 12,879,561
Oper-
ating 9,020,094 4,503,777 1,113,657 825,397 15,462,926 (3,359,347) 12,103,578
expenses
Oper-
ating 588,350 164,043 (8,779) 5,037 748,652 27,329 775,982
income
Assets 8,329,144 4,272,890 849,366 618,700 14,070,101 2,398,953 16,469,054
Note 1: Unallocated corporate assets included under 'Elimination and/or
unallocated assets' for FY2001 and FY2000 are 3,063,498 million yen and
2,810,525 million yen, respectively, and consist primarily of funds
such as cash and deposits, marketable securities and portion of
investments in securities of TMC.
Note 2: Effective for FY2001, the 'Accounting Standards for Retirement Benefits'
has been applied. As a result, operating expenses of 'Japan' increased
by 19,638 million yen and operating income decreased by the same amount.
Note 3: Effective for FY2001, the 'Accounting Standards for Financial
Instruments' has been applied and the 'Other securities' is stated at
fair value. As a result, assets of 'Japan' and *Elimination and/ or
unallocated assets' increased by 287,734 million yen and 245,660
million yen, respectively.
(All financial Information has been prepared in accordance with accounting
principles generally accepted in Japan)
4. Overseas Sales
(1) FY2001 (April 2000 through March 2001)
(Million yen; amounts less than one million yen are omitted)
North America Europe Other Total
Overseas sales 4,975,221 1,064,408 1,629,601 7,669,231
Consolidated sales - - - 13,424,423
Ratio of overseas
sales to % % % %
consolidated sales 37.1 7.9 12.1 57.1
(2) FY2000 (April 1999 through March 2000)
(Million yen; amounts less than one million yen are omitted)
North America Europe Other Total
Overseas sales 4,776,868 1,166,638 1,432,006 7,375,512
Consolidated sales - - - 12,879,561
Ratio of overseas
sales to % % % %
consolidated sales 37.1 9.1 11.1 57.3
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