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FY2006 1H Financial Results

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FY2006 1H Financial Results FY2006FY2006 1H1H FinancialFinancial ResultsResults Six months ended September 30, 2005 - prepared in accordance with U.S. GAAP - ToyotaToyota MotorMotor CorporationCorporation NovemberNovember 4,4, 20052005 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 and market demand 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, the Australian dollar 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 in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and policies relating to trade, environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies that affect 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 Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission. 2 Caution concerning Insider Trading Under Japanese securities laws and regulations (the "Regulations"), subject to certain exceptions, any person who receives certain material information relating to the business, etc., of Toyota which may be contained in this document is prohibited from trading in Toyota's shares or certain other transactions related to such shares (as set forth in the Regulations) until such material information is deemed to be made public. Under the Regulations, material information is deemed to be made public when (i) such material information is disclosed by ways of electromagnetic means as prescribed by the ordinance of the Cabinet Office (posting on the TDnet (Timely Disclosure Network) information service and ED-NET (Electronic Disclosure Network) information service ) or (ii) twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources as prescribed by the Regulations. 3 TakeshiTakeshi SuzukiSuzuki SeniorSenior ManagingManaging DirectorDirector 4 ConsolidatedConsolidated FinancialFinancial SummarySummary FY2006 1H FY2005 1H Changes (’05/4-9) (’04/4-9) (billions of yen) (billions of yen) (billions of yen) % (*) Net revenues 9,953.1 9,025.6 927.5 10.3 Operating income 809.4 866.2 -56.8 -6.6 Income before income taxes, minority interest and equity in earnings 855.9 913.2 -57.3 -6.3 of affiliated companies Net income 570.5 584.0 -13.5 -2.3 Forex rate 110 yen/1$ 110 yen/1$ - 136 yen/1Euro 133 yen/1Euro +3 yen/1Euro (*): percentage changes year-on-year 5 ConsolidatedConsolidated VehicleVehicle SalesSales (thousands of units) [ 4,094 ] [ 3,730 ] 4,000 3,833 (+266) 3,567 556 (+83) 473 448 (+62) 3,000 386 (+22) 476 498 2,000 1,126 1,245 (+119) 1,000 1,106 1,086 (-20) 0 '04/4-9 '05/4-9 Japan N. America Europe Asia Other Figures in brackets show total retail unit sales of Toyota/Lexus, Daihatsu, and Hino vehicles. Figures in parentheses show year-on-year changes 6 ContributingContributing FactorsFactors toto ConsolidatedConsolidated OperatingOperating IncomeIncome Favorable (billions of yen) ForEx Rate +20.0 866.2 Marketing Efforts 850 (volume, mix, etc.) 809.4 +70.0 (-56.8) 800 Cost Reduction Efforts 750 +60.0 700 650 Decrease in 600 DAIKO HENJO -9.1 550 Increases in Expenses -197.7 500 - R&D expenses, Depreciation and CAPEX '04/4-9related costs, Labor costs and Other Expenses '05/4-9 7 GeographicGeographic OperatingOperating Income:Income: JapanJapan *Product Mix: Recovery from Q2 towards the 2nd half (billions of yen) 702 573 568 550 300 538 536 259.3 253.0 237.6 237.3 197.5 200 188.4 '04/4-9 '05/4-9 Operating Operating Income Income 100 490.6 billion yen 385.9 billion yen 0 '04/4-6 '04/7-9 '04/10-12 '05/1-3 '05/4-6 '05/7-9 Operating Income (billions of yen) Consolidated vehicle sales (thousands of units) 8 GeographicGeographic OperatingOperating Income:Income: NorthNorth AmericaAmerica *120,000 units increase in vehicle sales *Shifting to compact and fuel-efficient vehicles (billions of yen) 200 641 604 572 554 576 569 150 137.8 129.8 127.8 130.7 114.9 100 04/4-9 '05/4-9 75.0 Operating Operating Income Income 50 244.7 billion yen 268.5 billion yen 0 '04/4-6 '04/7-9 '04/10-12 '05/1-3 '05/4-6 '05/7-9 Operating Income (billions of yen) Consolidated vehicle sales (thousands of units) 9 Geographic Operating Income: EuropeEurope *Tough market condition *Expansion of Lexus sales and marketing network (billions of yen)*Launch of Aygo 50 254 256 247 249 242 229 40 35.4 30.9 30 26.5 23.4 20 15.7 16.7 '04/4-9 '05/4-9 10 Operating Operating Income Income 66.3 billion yen 40.1 billion yen 0 '04/4-6 '04/7-9 '04/10-12 '05/1-3 '05/4-6 '05/7-9 Operating Income (billions of yen) Consolidated vehicle sales (thousands of units) 10 GeographicGeographic OperatingOperating Income:Income: AsiaAsia *Vehicle sales increased in all major countries *IMV Project: Start full-scale exports to Europe and M.East (billions of yen) 100 448 386 80 75.4 60 43.5 40 20 0 '04/4-9 '05/4-9 Operating Income (billions of yen) Consolidated vehicle sales (thousand of units) 11 GeographicGeographic OperatingOperating Income:Income: OtherOther (Africa,(Africa, SouthSouth andand CentralCentral America,America, etc.)etc.) *Profit increased due to the IMV project (billions of yen) 556 473 40 36.2 27.4 20 0 '04/4-9 '05/4-9 Operating Income (billions of yen) Consolidated vehicle sales (thousand of units) 12 BusinessBusiness Segments:Segments: FinancialFinancial ServicesServices *Decrease in valuation gains from interest rate swaps of a U.S. sales financial subsidiary: -5.2 billion yen *Gain in FY2005 semi-annual to record prior-year adjustment by a U.S sales financial subsidiary: -9.5 billion yen (billions of yen) 58.7 60 56.5 50 46.2 43.8 39.4 39.7 40 30 '04/4-9 '05/4-9 20 Operating Operating Income Income 10 102.7 billion yen 83.5 billion yen 0 '04/4-6 '04/7-9 '04/10-12 '05/1-3 '05/4-6 '05/7-9 13 EquityEquity inin EarningsEarnings ofof AffiliatedAffiliated CompaniesCompanies *Favorable performance mainly by domestic group affiliates (billions of yen) 50 41.3 39.3 40 34.7 35.6 35.1 30 24.1 20 '04/4-9 '05/4-9 10 58.8 billion yen 70.7 billion yen 0 '04/4-6 '04/7-9 '04/10-12 '05/1-3 '05/4-6 '05/7-9 Equity in Earnings of Affiliated Companies 14 UnconsolidatedUnconsolidated FinancialFinancial SummarySummary (JAPAN(JAPAN GAAP)GAAP) FY2006 1H FY2005 1H Changes (’05/4-9) (’04/4-9) (billions of yen) (billions of yen) (billions of yen) % (*) Net sales 4,664.0 4,459.7 204.3 4.6 Operating income 297.6 392.3 -94.7 -24.1 Ordinary income 416.6 442.3 -25.7 -5.8 Net income 283.6 263.7 19.9 7.6 Non-operating income: 119.0 billion yen (+69.0 billion yen from FY2005 1H) *+41.3 billion yen was due to the increase in dividends from subsidiaries, etc. (*): percentage changes year-on-year 15 ContributingContributing FactorsFactors toto UnconsolidatedUnconsolidated OperatingOperating IncomeIncome (billions of yen) Favorable 400 392.3 ForEx Rate Cost +10.0 Reduction 350 Efforts +30.0 297.6 Marketing (-94.7) 300 Activities -20.0 250 200 Increases in R&D expenses, etc -114.7 - R&D expenses, 150 Depreciation and CAPEX related costs, Labor costs and Other Expenses 100 '04/4-9 '05/4-9 16 InterimInterim DividendDividend 3535 YenYen PerPer ShareShare +10+10 yenyen increaseincrease perper shareshare 113.8113.8 billionbillion yenyen inin totaltotal DividendDividend PayoutPayout RatioRatio Consolidated:Consolidated: 20.0%20.0% Unconsolidated:Unconsolidated: 40.2%40.2% 17 ActivitiesActivities plannedplanned forfor thethe 22nd half:half: BoostBoost thethe numbernumber ofof vehiclevehicle salessales globallyglobally withwith introductionintroduction ofof newnew vehiclesvehicles (thousands of units) 4,197 (+356) 4,000 3,841 554 (+83) 471 452 (+ 5) 447 3,000 542 503 (+39) 2,000 1,305 1,145 (+160) 1,000 1,275 1,344 (+ 69) 0 04/10-05/3 Actual 05/10-06/3 Forecast Japan N.America Europe Asia Other Figures in parentheses show year-on-year changes 18 ActivitiesActivities plannedplanned forfor thethe 22nd half:half: DomesticDomestic MarketMarket ImprovementsImprovements ofof productproduct mix,mix, IncreasesIncreases inin vehiclevehicle salessales andand marketmarket shareshare 04/4 - 05/3 05/4 - 06/3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Premium Lexus Further Majesta GS, SC, IS new Harrier/ Kluger HV Mark X model Isis RAV4 launches Porte Vitz Ractis Passo expected Compact Harrier = RX, Kluger = Highlander, Vitz = Yaris, 19 ActivitiesActivities plannedplanned forfor thethe 22nd half:half: LaunchLaunch newnew domesticdomestic productionproduction sitessites Toyota Motor Hokkaido, Inc.
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