Interim Results - Part 2
Toyota Motor Corporation
05 November 2003
FY2004 Semi-Annual Consolidated Financial Results
(April 1, 2003 through September 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
November 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
Date of the meeting of the Board of Directors : Wednesday, November 5, 2003
for FY2004 semi-annual financial results
Whether or not to be prepared in accordance : Yes
with accounting principles generally accepted
in the United States of America
Results of FY2004 Semi-Annual (April 1, 2003 through September 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 semi-annual 8,224,241 <8.0> 767,769 <12.1> 812,013 <13.7>
FY2003 semi-annual 7,613,422 <15.0> 685,023 <34.8> 714,461 <74.7>
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 semi-annual 524,460 <23.2> 153.36 153.35
FY2003 semi-annual 425,800 <86.3> 118.44 118.44
FY2003 750,942 211.32 211.32
Note 1: Equity in earnings of affiliated companies: FY2004 semi-annual 40,993
million yen, FY2003 semi-annual 17,787 million yen, FY2003 52,835 million yen.
Note 2: Average number of shares issued and outstanding in each period
(consolidated): FY2004 semi-annual 3,419,900,609 shares, FY2003 semi-annual
3,595,184,689 shares, FY2003 3,553,602,083 shares.
Note 3: 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 semi-annual 20,777,120 7,572,474 36.4 2,228.52
FY2003 semi-annual 19,524,527 7,384,492 37.8 2,080.71
FY2003 20,152,974 7,121,000 35.3 2,063.43
Note: Number of shares issued and outstanding at the end of each period
(consolidated): FY2004 semi-annual 3,397,982,312 shares, FY2003 semi-annual
3,547,982,895 shares, FY2003 3,451,056,696 shares.
(3) Consolidated cash flows
From operating From investing From financing Cash and cash
activities activities activities equivalents at the end
of the period
Million yen Million yen Million yen Million yen
FY2004 semi-annual 1,112,924 (1,472,104) 48,399 1,243,211
FY2003 semi-annual 1,110,938 (1,139,049) 281,637 1,870,153
FY2003 2,085,047 (2,146,407) 37,675 1,592,028
FY2004 Semi-Annual Consolidated Financial Results
(April 1, 2003 through September 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
(4) Scope of consolidation and equity method
Number of consolidated subsidiaries 561 companies
Number of affiliated companies 227 companies
Number of affiliated companies accounted for under the 54 companies
equity method
(5) Changes in scope of consolidation and equity method
Consolidated subsidiaries
(increase) 68 companies Toyota Auto Body Co., Ltd., Kanto Auto Works, Ltd., P.T.Toyota
Motor Manufacturing Indonesia, etc.
(decrease) 7 companies T&K Autoparts Sdn. Bhd., etc.
Affiliated companies accounted for under the equity method
(increase) 1 company P.T. Toyota-Astra Motor
(decrease) 5 companies Toyota Auto Body Co., Ltd., Kanto Auto Works, Ltd., P.T.Toyota
Motor Manufacturing Indonesia, etc.
Note: Effective from FY2004, 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
semi-annual and FY2003 have also been prepared in accordance with accounting
principles generally accepted in the United States of America.
FY2004 Semi-Annual Unconsolidated Financial Results
(April 1, 2003 through September 30, 2003)
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
English translation from the original Japanese-language document
November 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
Date of the meeting of the Board of Directors for : Wednesday, November 5, 2003
FY2004 semi-annual financial results
Provision for interim cash dividends : Provision exists.
Date of actual payment of interim cash dividends : Wednesday, November 26, 2003
Number of shares in unit share system : 100 shares
1. Results of FY2004 Semi-Annual (April 1, 2003 through September 30, 2003)
(1) Unconsolidated financial results (Amounts less than one million yen are
omitted.)
Net sales Operating income Ordinary income
Million yen % Million yen % Million yen %
FY2004 semi-annual 4,302,173 (2.3) 459,184 (-2.6) 510,589 (6.0)
FY2003 semi-annual 4,204,777 (4.8) 471,339 (33.1) 481,750 (38.8)
FY2003 8,739,310 861,323 892,676
Net income Net income per share
Million yen % Yen
FY2004 semi-annual 338,052 (-11.6) 98.52
FY2003 semi-annual 382,218 (87.7) 106.27
FY2003 634,059 178.12
Note 1: Average number of shares issued and outstanding in each period:
FY2004 semi-annual 3,431,131,843 shares
FY2003 semi-annual
3,596,551,840 shares
FY2003
3,555,613,073 shares
Note 2: Regarding net sales, operating income, ordinary income and net income,
the figures in parentheses show percentage of changes from the previous
semi-annual.
(2) Cash dividends
Interim cash dividends Annual cash dividends
per share per share
Yen
FY2004 semi-annual 20.00 -
FY2003 semi-annual 16.00
- Yen
FY2003 36.00
(3) Unconsolidated financial position
Total assets Shareholders' equity Ratio of Shareholders' equity
shareholders' equity per share
Million yen Million yen % Yen
FY2004 semi-annual 8,666,210 5,973,575 68.9 1,757.32
FY2003 semi-annual 8,484,092 5,840,208 68.8 1,645.08
FY2003 8,592,823 5,703,321 66.4 1,652.15
Note 1: Number of shares issued and outstanding at the end of each period: FY2004 semi-annual 3,399,245,211 shares
FY2003 semi-annual 3,550,090,510 shares
FY2003 3,451,617,645 shares
Note 2: Number of treasury stock at the end of each period: FY2004 semi-annual 210,752,281 shares
FY2003 semi-annual 59,906,982 shares
FY2003 158,379,847 shares
FY2004 Semi-Annual Unconsolidated Financial Results
(April 1, 2003 through September 30, 2003)
(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
English translation from the original Japanese-language document
2. Unconsolidated estimate of results of FY2004 (April 1, 2003 through March 31,
2004)
Net sales Ordinary income Net income
Million yen Million yen Million yen
FY2004 8,700,000 800,000 510,000
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
November 5, 2003
Toyota Motor Corporation
Comparison of Consolidated Financial Results for FY2003 Semi-Annual
under Japanese and U.S. Accounting Standards
FY2003 semi-annual (April 1, 2002 through September 30, 2002) (Billion yen)
Differences
(1) (2) (3) (4)
Japanese Scope of Reporting Gains on Impairment
Category standards consolidation category transfer of the on
of equity in substitutional marketable Other U.S.
earnings of portion of the securities standards
affiliated employee
companies pension fund
Net 7,886.6 (205.3) - - - (67.9) 7,613.4
revenues
Income before 980.0 (48.2) (51.6) (162.5) (23.9) 20.6 714.4
income taxes,
minority interest
(and equity in
earnings of
affiliated
companies*)
*Indicates the comparison between 'Income before income taxes and minority
interest in consolidated subsidiaries' under Japanese GAAP and 'Income before
income taxes, minority interest and equity in earnings of affiliated companies'
under U.S. GAAP.
(1) Scope of Consolidation
The consolidation scope under the U.S. standards is determined based on the
ownership of voting shares (more than 50%). Therefore, those companies 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 as non-operating income
under the Japanese standards 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) 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
recognized.
(4) Impairment on Marketable Securities
Losses from impairment on certain marketable securities whose acquisition costs
under the U.S. standards exceed those under the Japanese standards are
recognized.
This information is provided by RNS
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