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Annual Report 2014

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Annual Report 2014 ACCELERATING GROWTH IN THREE CORE DOMAINS ANNUAL REPORT 2014 Fiscal year ended March 31, 2014 HISTORY Toyota Tsusho Corporation was established in 1948. As the sole general trading company in the Toyota Group, we strengthened our overseas operations in the 1980s and 1990s and expanded around our core automotive business. Thereafter, we began to expand non-automotive businesses. We merged with the trading companies Kasho Company, Ltd., in 2000 and Tomen Corporation in 2006 in order to facilitate this effort. In this manner, we have continued to expand the scope of our business. In recent years, we have been actively participating in businesses that help preserve the environment and build more plentiful societies, while continuing to leverage the foundation we have cemented in the automotive sector. Establishment–1970s 1980s–1990s Developing as the Toyota Group’s Stepping Up Overseas Forays as Trading Company Toyota Globalizes Toyoda Kinyu Kaisha, the Company’s predecessor, was a During this period, Toyota Group companies began company established in 1936 to provide sales financing for moving beyond simply exporting automobiles, and Toyota vehicles. After World War II, holdings companies actually started conducting production in various coun- became prohibited by the second zaibatsu designation, tries overseas. To respond to the globalization of the which led to the dissolution of Toyoda Kinyu Kaisha (then Toyota Group, we accelerated our own overseas expan- known as Toyoda Sangyo Kaisha, Ltd.). However, the sion, establishing a series of dealers and other bases trading division of this company was transferred to overseas and commencing production of Toyota vehicles Nisshin Tsusho Kaisha Ltd., Toyoda Sangyo’s successor in Pakistan. However, our efforts were not limited to the established in 1948. Nisshin Tsusho would later evolve to automotive sector. For example, we formed a business become today’s Toyota Tsusho Corporation. The Company alliance with Kasho Company, Ltd. in 1999. continued to grow as a general trading company and as a member of the Toyota Group, largely by exporting finished automobiles, and eventually came to be listed on both the Nagoya Stock Exchange and the Tokyo Stock Exchange. Trading division of Toyoda Sangyo Kaisha, Ltd., 1985 Tokyo branch converted to head office, complementing the 1948 established as a separate company under the name Nagoya head office in a two-head office system Nisshin Tsusho Kaisha, Ltd. 1987 Warrant bonds (US$70 million) issued on the 1956 Company name changed to Toyoda Tsusho Kaisha, Ltd. European market 1987 1961 Stock listed on the second section of the Nagoya Stock Company name changed to Toyota Tsusho Corporation Exchange 1999 Business alliance formed with Kasho Company, Ltd. 1964 Began exporting Toyota vehicles, starting with the Dominican Republic 1977 Stock listed on the first section of the Tokyo Stock Exchange 2000s 2010s Merging and Forming Tie-Ups to Aiming to Become a Value-Generating Expand Value Chains Outside of the Corporation that Addresses Social Automotive Sector and Environmental Issues Using its Automotive-Sector Foundations In 2000, we entered into a capital and operational tie-up In the 2010s, we are accelerating investment in new with Tomen Corporation and then merged with Kasho business fields. For example, in 2012 we commenced Company, Ltd. In 2006, the Company merged with Tomen, capital participation in CFAO S.A., a French trading which had a broad customer base and diverse business company that has automotive and pharmaceutical ventures, giving birth to the present Toyota Tsusho. operations centered on Africa. A particular emphasis is This move positioned us to commence our full-fledged being placed on renewable energy, businesses in Africa, advance beyond the automotive sector into fields such and other areas that have been seeing significant as infrastructure, chemicals, and foods, and our value expansion in demand from society and also represent chains were greatly expanded as a result. areas in which the Company can leverage its strengths and generate synergies. By developing businesses in these areas, Toyota Tsusho will work to achieve sustain- able growth. Capital investment and business tie-up commenced with Global 2020 Vision (targeting business portfolio with 2000 Tomen Corporation 2011 balanced 1:1:1 ratio between three domains (Tri Domains) launched 2000 Merger with Kasho Company, Ltd. 2012 Eurus Energy Holdings Corporation converted to a subsidiary 2006 Merger with Tomen Corporation Capital participation commenced in French trading VISION 2015—LEAD THE NEXT (targeting 50:50 earnings company CFAO S.A. 2006 ratio for automotive sector and non-automotive sector 2012 businesses) launched (Photograph below is of Company President Jun Karube and Richard Bielle, Chairman of the Management Board at CFAO) 1 VISION After merging with Tomen Corporation in 2006, we prepared VISION 2015—LEAD THE NEXT, which calls on us to realize a 50:50 earnings ratio for businesses in the automotive sector and sectors beyond the automotive sector by the fiscal year ending March 31, 2016. Since this time, we have worked to establish second and third core earnings drivers alongside the automotive sector. In 2011, Toyota Tsusho launched the Global 2020 Vision, which entails that we work over the coming decade to establish a business portfolio with a balanced 1:1:1 ratio between the three domains (Tri Domains) of Mobility, Life and Community, and Earth and Resources. By focusing on cross-domain cooperation that promises synergies enabled by its strengths, Toyota Tsusho will give full play to its unique capa- bilities and move toward realization of the vision. Examples of businesses that call on the unique capabilities of Toyota Tsusho can be found in the special feature beginning on page 21. VISION 2015 —LEAD THE NEXT— Fiscal Year Ended March 31, 2011 Automotive : Non-automotive = Automotive : Non-automotive = 50:50 65:35 2010 2015 2 Global 2020 Vision The Global 2020 Vision entails that we work to further expand upon existing strengths in automotive-sector businesses to grow operations in the Mobility domain while pursuing synergies with the Life and Community and Earth and Resources domains. In this manner, we aim to establish a business portfolio with a balanced 1:1:1 ratio between these three domains. Life and Community Earth and Resources In the Life and Community domain, the Toyota In the Earth and Resources domain, the Toyota Tsusho Group aims to create and expand Tsusho Group will directly face global issues related to food, resources, the natural environ- businesses that provide more useful and ment and other areas. Taking unique approaches multifaceted forms of value to people and possible only at the Toyota Tsusho Group, we aim society, as a value-generation corporation that to create new value while achieving further helps to build a prosperous society. business growth and expansion. TRY 1 Mobility In the Mobility domain, the Toyota Tsusho Group will anticipate changes in the automotive busi- ness at the interface between automobiles and people and society, and the opportunities spawned by these changes, with the view to driving business expansion and contributing to a next-generation mobility culture. 2020 3 Motion The Global 2020 Vision will be advanced by the Company’s seven product divisions. Each division leverages its special- ized strengths in their particular field while also pursuing synergies with other divisions to create new value. Business Global Parts & development progresses on a worldwide scale supported by Logistics Division Toyota Tsusho’s global network encompassing Japan and Main Products and Services approximately 90 other countries and over 950 consolidated Component parts for automotive Group companies. production Logistics business Tire and wheel assembly business Details on the businesses and strategies of the seven product divisions can Techno-park business be found in Division Strategies and Performance beginning on page 30. Automotive accessories and materials Packaging materials 2.2% Metals Division 4.1% 23.6% Main Products and Services 22.1% Steel products and specialty products, steel construction materials, wire rod, Net sales steel tubes 11.5% Nonferrous metal ingots, ¥ trillion precious metals 19.7% 7.7 16.8% Aluminum products, copper, copper alloy products Iron & steel scrap, nonferrous metals scrap Ferro-alloy products, pig iron 4.4% End-of-life vehicle (ELV) recycling, 3.3% waste catalysts 25.6% Rare earth resources, rare metals 16.0% Operating income 14.0% 13.5% ¥161.3 billion 23.2% 3.3% 5.3% 22.0% 22.3% Total assets 9.1% ¥4.0 trillion 17.5% 20.5% * Performance for the fiscal year ended March 31, 2014, or ratio as of March 31, 2014 (ratios exclude the Others segment) 4 Automotive Division Machinery, Energy & Main Products and Services Project Division Passenger cars Main Products and Services Trucks and buses Machine tools, industrial machinery, Motorcycles textile machinery Used vehicles Testing and measuring instruments, Chemicals & electronic machinery Assembly Electronics Division Environmental equipment Body mounting / conversion Main Products and Services Industrial vehicles, construction machinery Imports and exports, third-country Electronic devices trade, wholesale, retail Petroleum products, liquefied petroleum gas (LPG) Component parts for automobile Captive finance and lease Coal, crude oil, petrochemical, production Spare parts and after-sales service natural gas products Automotive embedded software development
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