Annual Report 2009 Toyota Tsusho Corporation
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Toyota Tsusho Corporation Annual Report 2009 Report Annual Corporation Tsusho Toyota Annual Report 2009 Toyota Tsusho Corporation es nging Tim Seeking New Value in Challe The Toyota Tsusho Group’s long-term vision is to generate balanced earnings from automotive and non-automotive fields by 2015. Guided by this vision, we are working Toyota Tsusho to reinforce and organically fuse four unique business platforms—Resources and the Environment, Processing and Manufacturing Businesses, Logistics, and Product and at a Glance Market Development—to provide value-added functions and services that are matched to customer needs, offer support solutions addressing issues faced by customers and to generate new value. Machinery & Electronics Division Automotive Division Consumer Products, Services & Materials Division Business Strategies for the Automotive Field 2015 50 01 Annual Report 2009 One of our key competitive advantages lies in our global processing and logistics functions in the automotive field, which are grounded on the keywords of “real places, real things, reality,” along with our overseas automobile sales network. In the fields of produce & foodstuffs, energy & chemicals and electronics, other major business assets of ours include the extensive networks we have cultivated and developed worldwide, and our expertise in conducting large-scale business projects that span many years. Metals Division Energy & Chemicals Division Produce & Foodstuffs Division ld otive Fie Non-Autom Business Strategies for the Automotive Field 50 02 Toyota Tsusho Corporation Toyota Tsusho at a Glance (Business Fields) Resources and Processing and Logistics Product and Market the Environment Manufacturing Development Businesses End-of-life vehicle recycling Metals Recovery and processing of Metal processing (sheet scrap metal inside plant steel, steel bars, wire, steel JIT logistics at processing Division Development of rare earth pipe, aluminum, etc.) centers mines Development of recycling Molten aluminum technologies production Environmental equipment Machinery & (cogeneration equipment, Equipment design and etc.) manufacture Electronics Wind power generators Delivery, assembly and Division EMS (Electronics maintenance of machinery Market identification of Manufacturing Service) and equipment, provision of machinery, forklifts and Development of automotive consumables, etc. trucks embedded software Parts logistics for overseas IT and network solutions automobile production 3-D printers, etc. Quality control support for semiconductors, etc. Used vehicles Automotive Division JIT logistics of genuine fac- tory and general-purpose Market research, marketing parts, and accessory parts proposals, development of sales markets State-of-the-art chemical Energy & raw materials for electronic components and batteries Manufacturing of resin Chemicals compounds, processing of Operation of chemical tanks Treatment and recycling of semi-finished products Division industrial wastes Supply tankers for bunker Identification of plant Manufacturing of petro- fuel projects Energy procurement chemical products Renewable energy Drilling marine gas fields Manufacturing of inorganic under contract chemicals Development of clean Electric power wholesaling (IPP) development mechanism (CDM) projects Advanced composting process Produce & Agricultural production Foodstuffs and cultivation manage- Grain terminals ment Division Quality and safety control Development of sales Processing and manufac- markets ture of foods Product development Rice milling Consumer Collection and recycling of Products, used paper Garment processing Services & Dyeing processing Materials Materials development Product planning and Division development Development of sales markets Collection and recycling of used paper Annual Report 2009 03 Profile Toyota Tsusho is a general trading company that develops business together with its consolidated group companies—89 in Japan and 320 overseas—and with customers around the world, via a global network covering Japan and approximately 60 other countries worldwide. Toyota Tsusho has a divisional system made up of seven divisions, namely the Metals; Machinery & Electronics; Automotive; Energy & Chemicals; Produce & Foodstuffs; Consumer Products, Services & Materials; and Administration divisions. With this system, the Company provides products and services in a broad range of business domains that are essential to realizing the creation of a prosperous and fulfilling society. Looking ahead, we remain committed to harnessing teamwork as we strive to achieve our ambitions and share the rewards with all our stakeholders, while making every effort to become a company that is invaluable to society. “G’VALUE with you” is the Toyota Tsusho Group’s slogan for realizing its Corporate Philosophy. As our “flagship message,” this slogan is the embodiment of both our guiding principles and commitment to stakeholders. The letter “G” stands for three keywords that are important to the Toyota Tsusho Group: Global Development of our activities on the global stage Glowing Sustaining a healthy yet glowing morale and passion Generating Constant generation of new businesses Corporate Philosophy Living and prospering together with people, society, and the earth, we aim to be a value-generating corporation that contributes to the creation of a prosperous society. Behavioral Guidelines As a good corporate citizen, we will: Implement open and fair corporate activities Fulfill our social responsibilities, and conserve the global environment Offer creativity, and provide added value Respect people, and create an active workplace worth working in 04 Toyota Tsusho Corporation Eight-year Financial Summary TOYOTA TSUSHO CORPORATION and its consolidated subsidiaries Years Ended March 31, 2009, 2008, 2007, 2006, 2005, 2004, 2003 and 2002 (¥ billion) 8,000 400 6,000 300 4,000 200 Net Sales (left scale) 2,000 100 Gross Trading Profit (right scale) 0 0 Former New TOYOTA TSUSHO CORPORATION TOYOTA TSUSHO CORPORATION (Note 1) Thousands of U.S. Millions of Yen Dollars (Note 2) 2002 2003 2004 2005 2006 2007 2008 2009 2009 Results of Operations: Net Sales (Note 3) ¥2,255,698 ¥2,576,453 ¥2,787,794 ¥3,315,831 ¥3,945,319 ¥6,212,726 ¥7,000,353 ¥6,286,996 $64,002,809 Cost of Sales 2,153,454 2,462,173 2,658,589 3,161,069 3,751,042 5,884,267 6,630,829 5,960,317 60,677,155 Commission Income (Note 3) 15,048 17,039 17,223 20,921 27,316 – – – – Gross Trading Profit 117,292 131,319 146,428 175,683 221,593 328,459 369,524 326,679 3,325,654 SG&A Expenses 91,040 100,252 109,407 119,368 141,536 218,456 237,853 235,661 2,399,073 Operating Income 26,252 31,067 37,021 56,315 80,057 110,003 131,671 91,017 926,570 Net Income 8,781 18,829 20,663 37,522 45,733 77,212 67,506 40,224 409,487 Financial Position at Year-End: Current Assets ¥ 670,309 ¥ 706,440 ¥ 742,328 ¥ 862,477 ¥1,106,984 ¥1,659,437 ¥1,885,496 ¥1,460,128 $14,864,379 Total Assets 922,054 960,399 1,032,602 1,198,394 1,602,702 2,462,229 2,603,207 2,130,089 21,684,709 Current Liabilities 620,171 640,222 671,155 749,252 1,019,217 1,298,916 1,479,494 1,045,088 10,639,193 Total Net Assets (Note 4) 150,680 159,492 188,785 237,132 314,319 626,539 639,731 586,996 5,975,730 Cash Flows: Net Cash Provided by Operating Activities ¥ 47,461 ¥ 19,092 ¥ 62,660 ¥ 17,836 ¥ 33,089 ¥ 44,599 ¥ 104,728 ¥ 123,760 $ 1,259,900 Net Cash Used in Investing Activities (11,745) (20,095) (38,220) (29,410) (119,379) (31,159) (36,717) (54,827) (558,149) Net Cash Provided by (Used in) Financing Activities (21,615) 5,874 (18,111) 12,027 90,453 (46,555) (23,058) 4,614 46,971 Cash and Cash Equivalents at End of Year 56,674 61,666 67,704 69,548 75,032 125,603 174,197 242,530 2,469,001 Yen U.S. Dollars (Note 2) Per Share: Net Income: Basic ¥31.31 ¥66.06 ¥72.75 ¥132.98 ¥161.88 ¥231.47 ¥192.44 ¥114.73 $1.17 Diluted – 66.01 72.35 132.11 160.75 230.30 192.08 114.72 1.17 Cash Dividends for the Year 7.50 7.75 8.00 12.00 18.00 26.00 30.00 26.00 0.26 Thousands of shares Common Stock: Number of Shares Outstanding at Year-End 282,867 282,867 282,867 282,867 282,867 354,057 354,057 354,056 Notes: 1. TOYOTA TSUSHO CORPORATION merged with TOMEN CORPORATION on April 1, 2006. The figures for fiscal 2006 and before were based on the former TOYOTA TSUSHO CORPORATION. 2. The U.S. dollar amounts have been translated from the amounts stated in yen, solely for the convenience of the readers, at the rate of ¥98.23=U.S.$1, the approximate exchange rate on March 31, 2009, which was the final business day of financial institutions in fiscal 2009. 3. Commission Income was included in Net Sales from fiscal 2007, as a result of the reconsideration of the presentation of consolidated financial statements. 4. Effective from the fiscal year ended March 31, 2007, the Company and its consolidated subsidiaries adopted the “Accounting Standard for Presentation of Net Assets in the Balance Sheet.” Annual Report 2009 05 (¥ billion) 8,000 400 6,000 300 4,000 200 2,000 100 0 0 Former New TOYOTA TSUSHO CORPORATION TOYOTA TSUSHO CORPORATION (Note 1) Thousands of U.S. Millions of Yen Dollars (Note 2) 2002 2003 2004 2005 2006 2007 2008 2009 2009 Results of Operations: Net Sales (Note 3) ¥2,255,698 ¥2,576,453 ¥2,787,794 ¥3,315,831 ¥3,945,319 ¥6,212,726 ¥7,000,353 ¥6,286,996 $64,002,809 Cost of Sales 2,153,454 2,462,173 2,658,589 3,161,069 3,751,042 5,884,267 6,630,829 5,960,317 60,677,155 Commission Income (Note 3) 15,048 17,039 17,223 20,921 27,316 – – – – Gross Trading Profit 117,292 131,319 146,428 175,683 221,593 328,459 369,524 326,679