Interim Results - Part 3
Toyota Motor Corporation
18 November 1999
PART 3
CONSOLIDATED FINANCIAL SUMMARY
FY2000 Interim
(Six Months Ended September 30, 1999)
CONSOLIDATED FINANCIAL HIGHLIGHTS
(All financial information has been prepared in accordance with generally
accepted accounting principles in Japan)
Fy2000 interim FY1999 interim
(April 1999 through (April 1998 through Increase
September 1999) September 1998) (Decrease)
Vehicle sales (Units) 2,509,456 2,135,342 374,114
Net sales (Million yen) 6,225,323 6,189,562 35,761
Interim net income
(Million yen) 201,657 192,645 9,012
Scope of consolidation and equity method
1. Consolidated subsidiaries (416 companies)
Domestic (269 companies):
Tokyo Toyota Motor Co., Ltd. Tokyo Toyo-Pet Motor Sales Co., Ltd.
0saka Toyopet Co., Ltd. Toyota Tokyo Corolla Co., Ltd.
Toyota Motor Kyushu, Inc. Daihatsu Motor Co., Ltd.
Toyota Motor Hokkaido, Inc. Toyota Auto Body Co., Ltd.
Kanto Auto Works, Ltd. Araco Corporation
Toyota Finance Corporation IDO Corporation, etc.
Overseas (147 companies):
Toyota Motor Sales, U.S.A. Inc.
N.V. Toyota Motor Europe Marketing & Engineering S.A.
Toyota Deutschland GmbH
Toyota (GB) Ltd.
Toyota Motor Sales Australia Ltd.
Toyota Motor Manufacturing, North America, Inc.
Toyota Motor Manufacturing, Kentucky, Inc.
Toyota Motor Manufacturing, Indiana, Inc.
Toyota Motor Manufacturing Canada Inc.
Toyota Motor Manufacturing (UK) Ltd.
Toyota Motor Thailand Co., Limited
Toyota Motor Corporation Australia Ltd.
Toyota Motor Credit Corporation
Toyota Credit Canada Inc.
Toyota Kreditbank GmbH
Toyota Motor Finance (Netherlands) B.V.
Toyota Financial Services (UK) PLC
Toyota Finance Australia Ltd., etc.
2. Affiliates accounted for under the equity method (50 companies)
Domestic affiliates (35 companies)
Toyoda Automatic Loom Works, Ltd. Aichi Steel Works, Limited
Toyoda Machine Works, Ltd. Toyota Tsusho Corporation
Aisin Seiki Co., Ltd. Denso Corporation
Toyoda Gosei Co., Ltd. Hino Motors, Ltd.
Aisin AW Co., Ltd. Chiyoda Fire and Marine Insurance Co.,
Ltd., etc.
Overseas affiliates (15 companies)
New United Motor Manufacturing, Inc., etc.
Note: Starting from the current interim term, standards concerning the ability
to dominate or influence are applied to determine the scope of consolidation and
equity method in accordance with the November 24, 1998 revision of
'Regulations Concerning the Terminology, Forms and Preparation Methods of
Consolidated Financial Statements' (the Finance Ministry's Ordinance No. 28 of
1976).
CONSOLIDATED PRODUCTION AND SALES
(All financial information has been prepared in accordance with generally
accepted accounting principles in Japan)
Production
(Units)
FY2000 interim FY1999 interim Increase
(April 1999 through (April 1998 through (Decrease)
September 1999) September 1998)
Japan 1,804,140 1,504,397 299,743
North America 376,395 318,426 57,969
Vehicles Europe 81,547 81,872 (325)
Others 87,647 78,994 8,653
Overseas total 545,589 479,292 66,297
Total 2,349,729 1,983,689 366,040
Houses(Japan) 1,622 1,351 271
Note: Production of vehicles for FY2000 interim also includes 312,868 units of
the Daihatsu brand (including those produced under OEM agreements).
Sales (by Destination)
(Units)
FY2000 interim FY1999 interim Increase
(April 1999 through (April 1998 through (Decrease)
September 1999) September 1998)
Japan 1,013,101 794,164 218,937
North America 806,106 727,879 78,227
Vehicles Europe 332,905 270,390 62,515
Others 357,344 342,909 14,435
Overseas total 1,496,355 1,341,178 155,177
Total 2,509,456 2,135,342 374,114
Japan 12,091 13,614 (1,523)
Industrial North America 11,831 11,621 210
vehicles Europe 5,972 5,454 518
Others 4,553 4,457 96
Overseas total 22,356 21,532 824
Total 34,447 35,146 (699)
Houses(Japan) 1,612 1,328 284
Note: Sales of vehicles for FY2000 interim includes 281,109 units of the
Daihatsu brand.
CONSOLIDATED STATEMENTS OF INCOME
(All financial information has been prepared in accordance with generally
accepted accounting principles in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2000 interim FY1999 interim Increase
(April 1999 through (April 1998 through (Decrease)
September 1999) September 1998)
Net Sales 6,225,323 6,189,562 35,761
Cost of sales 4,780,626 4,717,992 62,634
Selling, general and
administrative expenses 1,082,140 1,068,389 13,751
Operating income 362,555 403,180 (40,625)
Non-operating income 132,999 117,980 15,019
Interest income 31,242 38,307 (7,065)
Dividend income 11,228 6,234 4,994
Equity in earnings of
affiliates 15,150 - 15,150
Other non-operating income 75,377 73,437 1,940
Non-operating expenses 91,015 112,729 (21,714)
Interest expenses 21,906 20,280 1,626
Equity in losses of affiliates - 2,695 (2,695)
Other non-operating expenses 69,109 89,753 (20,644)
Ordinary income 404,539 408,431 (3,892)
Extraordinary loss 46,556 - 46,556
Provision for retirement and 46,556 - 46,556
severance
benefit allowances
Income before income taxes and 357,982 408,431 (50,449)
minority interests in income of
consolidated subsidiaries
Income taxes - current 186,283 212,821 (26,538)
Income taxes - tax effect of
temporary differences (44,055) - (44,055)
Minority interests in income
of consolidated subsidiaries 14,097 2,964 11,133
Interim net income 201,657 192,645 9,012
Note 1: Starting from the current interim term, the accounting policy has been
changed to unify the accounting policies of the parent and its
subsidiaries in accordance with the June 6, 1997 revision of
'Principle of Consolidated Financial Statements'. For the detail of
the changes, see below.
Note 2: Starting from the current interim term, the method of tax
effect accounting is applied in accordance with the December 21,
1998 revision of 'Regulations Concerning the Terminology, Forms and
Preparation Methods of Consolidated Financial Statements' (the
Finance Ministry's Ordinance No. 28 of 1976). For increases and
decreases in figures resulting from the application of the revised
regulations, see below.
CONSOLIDATED BALANCE SHEETS
(All financial information has been prepared in accordance with generally
accepted accounting principles in Japan)
Assets
(Million yen; amounts less than one million yen are omitted.)
FY2000 interim FY 1999 Increase
(As of September (As of March (Decrease)
30, 1999) 31, 1999)
Assets
Current assets 7,309,023 6,739,386 569,637
Cash and deposits 941,069 1,165,383 (224,314)
Trade notes and accounts
receivable 1,036,402 1,216,268 (179,866)
Marketable securities 1,320,185 762,510 557,675
Inventories 813,636 773,438 40,198
Installment credit from
dealers 1,792,908 1,741,245 51,663
Deferred income taxes 291,809 - 291,809
Other current assets 1,188,415 1,153,573 34,842
Less: allowance for doubtful
accounts (75,403) (73,034) (2,369)
Fixed assets 8,619,820 7,957,059 662,761
Property, Plant and Equipment 4,892,719 4,793,121 99,598
Buildings and structures 1,140,733 992,998 147,735
Machinery and equipment 1,268,869 1,075,631 193,238
Vehicles and delivery
equipment 1,074,869 1,271,829 (196,960)
Land 865,822 776,995 88,827
Construction in progress 198,652 328,774 (130,122)
Other property, plant and
equipment 343,770 346.891 (3,121)
Intangible fixed assets 31,663 - 31,663
Investments and other assets 3,695,438 3,163,937 531,501
Investments in securities 2,382,003 2,508,789 (126,786)
Long-term loans 653,170 515,590 137,580
Deferred income taxes 498,503 - 498,503
Other investments and other
assets 180,227 156,590 23,637
Less: allowance for doubtful
accounts (18,467) (17,033) (1,434)
Translation adjustments 149,270 56,866 92,404
Total assets 16,078,115 14,753,311 1,324,804
Liabilities and Shareholders' Equity
(All financial information has been prepared in accordance with generally
accepted accounting principles in Japan)
(Million yen; amounts less than one million yen are omitted.)
FY2000 interim FY1999 Increase
(As of September (As of March (Decrease)
30, 1999) 31, 1999)
Liabilities
Current liabilities 5,213,036 5,069,668 153,368
Trade notes and accounts
payable 1,153,538 1,237,613 (84,075)
Bonds to be redeemed
within one year 626,541 519,699 106,842
Short-term borrowings 1,079,281 880,194 199,087
Accrued expenses and
other accounts 1,102,504 1,235,602 (133,098)
payable
Income taxes payable 187,635 188,310 (675)
Deferred income taxes 6,372 - 6,372
Deposits received 158,115 114,667 43,448
Other current liabilities 899,046 883,581 15,465
Long-term liabilities 3,853,942 3,373,044 480,898
Bonds 2,294,413 2,284,551 9,862
Convertible debentures 13,314 13,314 -
Long-term borrowings 583,192 640,854 (57,662)
Deferred income taxes 381,596 - 381,596
Retirement and severance
benefits 579,294 431,988 147,306
Other long-term liabilities 2,132 2,336 (204)
Total liabilities 9,066,978 8,432,712 634,266
Minority interests in
consolidated 326,594 144,661 181,933
subsidiaries
Shareholders' equity
Common stock 397,020 397,020 -
Capital surplus 414,025 414,025 -
Consolidated retained
earnings 5,904,117 5,367,879 536,238
Less: treasury common stock (2,714) (2,788) 74
Less: common stock of the
Parent held by consolidated (27,906) (199) (27,707)
subsidiaries
Total shareholders'
equity 6,684,542 6,175,937 508,605
Total liabilities and
shareholders' equity 16,078,115 14,753,311 1,324,804
Note: Starting from the current interim term, software is reported as
part of the intangible fixed assets in accordance with the November
24, 1998 revision of 'Regulations Concerning the Terminology, Forms
and Preparation Methods of Consolidated Financial Statements' (the
Finance Ministry's Ordinance No. 28 of 1976).
SEGMENT INFORMATION
(All financial information has been prepared in accordance with generally
accepted accounting principles in Japan)
1. Business Segment information
(1) FY2000 interim (April 1999 through September 1999)
(Million yen : amounts less than one million, yen are omitted.)
Automotive Financial All other Total Eliminations Consolidated
services and / or
corporate
assets
Sales
(1) Sales to 5,434,106 259,845 531,370 6,225,323 - 6,225,323
external
customers
(2) Inter- 1,488 10,851 85,513 97,853 (97,853) -
segment
sales and
transfers
Total 5,435,595 270,697 616,884 6,323,177 (97,853) 6,225,323
Operating 5,127,181 247,758 590,229 5,965,169 (102,402) 5,862,767
expenses
Operating 308,414 22,939 26,654 358,007 4,548 362,555
income
Assets 7,719,616 4,593,500 968,977 13,282,094 2,796,020 16,078,115
Depreciation 314,967 30,747 31,576 377,291 - 377,291
Expenses
Capital 338,457 194,768 62,050 595,275 - 595,275
Expenditure
(2) FY1999 interim (April 1998 through September 1998)
(Million yen : amounts less than one million, yen are omitted.)
Automotive Financial All other Total Eliminations Consolidated
services and / or
corporate
assets
Sales
(1) Sales to 5,396,889 296,524 496,148 6,189,562 - 6,189,562
external
customers
(2) Inter-
segment 3,084 5,521 85,672 94,278 (94,278) -
sales and
transfers
Total 5,399,974 302,045 581,820 6,283,840 (94,278) 6,189,562
Operating
expenses 5,023,843 276.338 561,617 5,861,799 (75,417) 5,786,382
0perating
income 376,130 25,707 20,203 422,041 (18,861) 403,180
Assets 7,094,263 4,333,631 866,686 12,294,580 2,458,731 14,753,311
Depreciation 272,312 76,198 27,987 376,498 - 376,498
Expenses
Capital
Expenditure 447,055 308,561 62,744 818,360 - 818,360
Note 1: The assets figure for FY1999 interim is replaced with the figure
available at the end of FY1999 (March 31, 1999).
Note 2: Unallocated corporate assets included under 'Elimination and /or
corporate assets' of the assets information are Y3,010,552 million
for the current interim term -- the previous term was Y2,857,064
million -- which consist primarily of funds such as cash and
deposits, marketable securities, and investments in securities of
the parent maintained for general operating needs.
Note 3. Starting from the current interim term, the accounting policy
has been changed, For details of such change, see below.
2. Geographic Segment Information
(1) FY2000 interim (April 1999 through September 1999)
(Million yen; amounts less than one million yen are omitted)
Japan North Europe Other Total Eliminations Consoli-
America and / or dated
corporate
assets
Sales
(1) Sales 3,004,353 2,262,338 587,600 371,031 6,225,323 - 6,225,323
external
customers
(2) Inter-1,628,039 67,975 12,175 29,435 1,737,626 (1,737,626) -
segment
sales and
transfers
Total 4,632,392 2,330,314 599,775 400,467 7,962,949 (1,737,626) 6,225,323
Operating 4,341,731 2,271,794 598,900 397,097 7,609,524 (1,746,756) 5,862,767
expenses
Operating 290,661 58,519 875 3,369 353,425 9,130 362,555
income
Assets 7,904,788 4,227,349 991,910 735,292 13,859,341 2,218,774 16,078,115
(2) FY1999 interim (April 1998 through September 1998)
Japan North Europe Other Total Eliminations Consoli-
America and / or dated
corporate
assets
Sales
(1) Sales 2,754,584 2,420,473 582,683 431,820 6,189,562 - 6,189,562
external
customers
(2) Inter-1,653,758 89,175 4,874 22,312 1,770,121 (1,770,121) -
segment
sales and
transfers
Total 4,408,343 2,509,649 587,557 454,133 7,959,683 (1,770,121) 6,189,562
Operating 4,063,180 2,434,432 580,833 451,688 7,530,134 (1,743,752) 5,786,382
expenses
Operating 345,162 75,217 6,724 2,444 429,549 (26,368) 403,180
income
Assets 6,852,818 3,984,687 853,325 578,085 12,268,915 2,484,396 14,753,311
Note 1: The assets figure for FY1999 interim is replaced with the figure
available at the end of FY1999 (March 31, 1999).
Note 2: Unallocated corporate assets included under 'Elimination and /
or corporate assets' of the assets information are Y3,010,562 million
for the current interim term - the previous term was Y2,857,064
million - which consist primarily of funds such as cash and deposit
marketable securities, and investments in securities of the parent
maintained for general operating needs.
Note 3: Starting from the current interim term, the accounting policy has
been changed. For details of such change see below.
3. Overseas Sales
(1) FY2000 interim (April 1999 through September 1999)
(Million yen, amounts less than one million yen are omitted.)
North America Europe Other Total
Overseas sales 2,335,597 621,371 706,730 3,663,699
Consolidated sales - - - 6,225,323
Ratio of overseas sales % % % %
to consolidated sales 37.5 10.0 11.4 58.9
(2) FY1999 interim (April 1998 through September 1998)
(Million yen, amounts less than one million yen are omitted.)
North America Europe Other Total
Overseas sales 2,535,617 601,310 800,199 3,937,127
Consolidated sales - - - 6,189,562
Ratio of overseas sales % % % %
to consolidated sales 41.0 9.7 12.9 63.6
(Changes in accounting procedures)
Starting from the current interim term, in order to unify the accounting
policies of the parent and its subsidiaries in accordance with the June 6, 1997
revision of 'Principle of Consolidated Financial Statements', the amount that
would be required to pay if all the employees were to terminate their employment
involuntarily at the end of this interim term is used as a standard for
retirement and severance benefit allowances for the consolidated domestic
subsidiaries, and the difference between the balance at the end of interim term
and that of the previous fiscal term is accrued as retirement and severance
benefit costs.
Because of this change, provision for retirement and severance benefit
allowances increased by 51,852 million yen (5,295 million yen in 'costs of
sales' and 'selling, general and administrative expenses', and 46,556 million
yen in 'extraordinary loss') and 'income before income taxes and minority
interests in income of consolidated subsidiaries' decreased by almost the same
amount. Furthermore, because of this change, 'income taxes-tax effect of
temporary differences' decreased by 21,399 million yen and 'interim net income'
decreased by 30,452 million yen.
Moreover, because of this change, in 'Automotive' in the table for Business
Segment Information, operating expenses increased by 4,591 million yen and
operating income decreased by almost the same amount, and in 'All other',
operating expenses increased by 704 million yen and operating income decreased
by almost the same amount. 'Japan' in the table for Geographic Segment
Information, operating expenses increased by 5,295 million yen and operating
income decreased by almost the same amount.
(Effects of the revised Principle of Consolidated Financial Statements)
Starting from the current interim term, the method of tax effect accounting is
applied in accordance with the December 21, 1998 revision of 'Regulations
Concerning the Terminology, Forms and Preparation Methods of Consolidated
Financial Statements' (the Finance Ministry's Ordinance No.28 of 1976). As a
result, 'income taxes-tax effect of temporary differences' is -44,055 million
yen.
For your reference, if tax effect accounting were applied to the previous
interim term (from April 1, 1998 through September 30, 1998), the result would
look like as follows:
Consolidated Statements of Income (Figures for the current interim term indicate
the ones obtained after the accounting policies of the parent and its
subsidiaries were unified)
(Billion yen)
FY2000 interim FY1999 interim Increase
(April 1999 through (April 1998 through (Decrease)
September 1999) September 1998)
Net sales 6,225.3 6,189.5 35.8
Operating income 362.5 403.1 (40.6)
Ordinary income 404.5 413.4 (8.9)
Extraordinary loss 46.6 - 46.6
Income before income taxes and 357.9 413.4 (55.5)
minority interests in income of
consolidated subsidiaries
Income taxes - current 186.2 212.9 (26.7)
Income taxes - tax effect of (44.0) (43.4) (0.6)
temporary differences
Minority interests in income of 14.1 3.0 11.1
consolidated subsidiaries
Interim net income 201.6 240.9 (39.3)
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