FY2004 Interim Financial Results FY2004 Interim Financial Results Six months ended September 30, 2003 Six months ended September 30, 2003 - prepared in accordance with US GAAP prepared in accordance with US GAAP - - - November 5, 2003 November 5, 2003
Cautionary Statement with Respect to Forward-Looking Statements This release 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. 2
Caution concerning insider trading: Under Japanese securities laws and regulations (the "Regulations"), although there are 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, if twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources prescribed by the Regulations, such as certain newspaper companies and broadcasting companies, it is deemed that such material information was made public. Thus, investors aware of any material information contained in this document, if any, are recommended not to trade in Toyota's shares until the opening of Japanese stock markets on November 5, 2003 or to seek its own legal and other advice from its own professional advisers separately. 3
I. Consolidated I. Consolidated Financial Summary Financial Summary II. Unconsolidated Financial Summary III. Prospects for FY2004 4
Notes to Notes to Consolidated Financial Results Consolidated Financial Results US GAAP US GAAP ! Relevant figures from previous fiscal years are recalculated in accordance with US GAAP, for comparison. Scope of Consolidation and Scope of Consolidation and Affiliates Accounted for under Equity Methods Affiliates Accounted for under Equity Methods FY03 1H FY03 FY04 1H changes changes Consolidated 496 500 561 +4 +61 Subsidiaries Affiliates Accounted for 57 58 54 +1 -4 under Equity Method 5
Difference between US GAAP & Difference between US GAAP & Japan GAAP on FY2003 1H Japan GAAP on FY2003 1H (billions of yen) Income before Taxes & Income before Taxes & Minority Interest and Minority Interest and Equity in Earnings of Equity in Earnings of FY2003 1H (’ ’02/4 02/4- -9) 9) Net Sales FY2003 1H ( Net Sales Affiliated Companies Affiliated Companies US GAAP 7,613.4 714.4 US GAAP 7,613.4 714.4 Japan GAAP 7,886.6 980.0 Japan GAAP 7,886.6 980.0 -273.2 273.2 -265.6 265.6 - - Difference b/w US and Japan GAAP Difference b/w US and Japan GAAP -205.3 -48.2 Scope of Consolidation Classification of equity in earnings of n/a -51.6 affiliated companies Gains on Return of the Substituted Portion of the Employee Pension n/a -162.5 Fund to the Government -67.9 -3.3 Others 6
Consolidated Financial Summary Consolidated Financial Summary FY2004 1H FY2003 1H Changes ('03/4-9) ('02/4-9) (billions of yen) (billions of yen) (billions of yen) % (*) * 8,224.2 7,613.4 610.8 8.0% Net Sales * 767.7 685.0 82.7 12.1% Operating Income Income before Taxes, Minority Interest and Equity in Earnings of * 812.0 714.4 97.6 13.7% Affiliated Companies * 524.4 425.8 98.6 23.2% Net Income (*): percent changes year-on-year Forex Rate 118 yen/1$ 123 yen/1$ -5 yen/1$ 134 yen/1Euro 117 yen/1Euro +17 yen/1Euro * : record figures 7
Consolidated Vehicle Production Consolidated Vehicle Production [3,335] [3,335] (thousands of units) 3,064 (+264) 3,064 [3,076] [3,076] 3,000 2,800 2,800 323 182 Overseas 2,541 2,551 2,541 2,551 230 186 1,042 827 (+215) 489 459 2,000 2,022 1,000 1,973 (+49) 0 '00/4-9 '01/4-9 '02/4-9 '03/4-9 Japan N. America Europe Other Figures in brackets show total number of Toyota/Lexus-, Daihatsu-, and Hino-brand vehicles produced 8
Consolidated Vehicle Sales Consolidated Vehicle Sales [3,438] [3,438] (thousands of units) [3,119] [3,119] 3,170 (+219) 3,170 2,951 2,951 3,000 643 2,692 2,692 2,654 2,654 531 Overseas 441 392 2,089 2,000 1,927 (+162) 1,005 1,004 1,000 1,081 1,024 (+57) 0 '00/4-9 '01/4-9 '02/4-9 '03/4-9 Japan N. America Europe Other Figures in brackets show total retail unit sales of Toyota/Lexus-, Daihatsu-, and Hino-brand vehicles 9
Changes in Changes in Operating Income Operating Income 1,271.6 10% (billions of yen) 9.3% 1,000.0 8.2% 767.7 (+82.7) 685.0 500.0 0.0 5% '99/4-'00/3 '00/4-'01/3 '01/4-'02/3 '02/4-'03/3 '03/4-9 Operating Income Apr.-Sep. Operating Income Oct.-Mar. Operating Income Ratio 10
Quarterly Changes Quarterly Changes in Operating Income in Operating Income (billions of yen) 400.0 300.0 200.0 100.0 '02/4-6 Q1 '02/7-9 Q2 '02/10-12 '03/1-3 Q4 '03/4-6 Q1 '03/7-9 Q2 Q3 11
Contributions to Operating Income Contributions to Operating Income (billions of yen) Operational 800.0 Cost Reduction 767.7 Efforts +10.0 Efforts +110.0 (+82.7) 750.0 Increased R&D and Labor Costs, etc. -37.3 700.0 685.0 650.0 600.0 '02/4-9 '03/4-9 12
Geographical Segments: Japan Geographical Segments: Japan FY2004 1H FY2003 1H Changes Changes (‘03/4-9) (‘02/4-9) Operating billions of yen % % Operating 529.7 479.8 +49.9 10.4 529.7 479.8 +49.9 10.4 Income Income RAUM Universal Design Features PRIUS Gasoline-Electric Hybrid Vehicle 13
Geographical Segments: Geographical Segments: North America North America FY2004 1H FY2003 1H Changes Changes (‘03/4-9) (‘02/4-9) Operating billions of yen % % Operating 163.6 181.8 -18.2 18.2 -10.0 10.0 163.6 181.8 - - Income Income Camry Solara Camry Solara xB xB Production shift from TMMC to TMMK (July) Launch of SCION SCION targeting youth targeting youth (June) Launch of (June) Start of first-ever Lexus manufacturing outside Japan at TMMC (September) RX330 RX330 14
Geographical Segments: Europe Geographical Segments: Europe FY2004 1H FY2003 1H FY2004 1H FY2003 1H Changes Changes (‘03/4-9) (‘02/4-9) Operating billions of yen times times Operating 22.5 5.1 +17.4 x 4.4 4.4 22.5 5.1 +17.4 Income x Income Avensis Avensis Increased Sales of Locally Produced Core Models Yaris Corolla Corolla Yaris 15
Geographical Segments: Other Geographical Segments: Other FY2004 1H FY2004 1H FY2003 1H FY2003 1H Changes Changes (‘03/4-9) (‘02/4-9) billions of yen times Operating Operating times 53.3 21.9 +31.4 x 2.4 2.4 53.3 21.9 +31.4 Income x Income VIOS VIOS Hilux Hilux Corolla Altis Corolla Altis 16
Operating Income Ratio by Operating Income Ratio by Geographical Segments <1> Geographical Segments <1> FY04 1H vs FY03 1H FY04 1H vs FY03 1H North Consolidated Japan Europe Other America 9.3% 9.6 5.4 2.2 4.8 9.3% 9.6 5.4 2.2 4.8 FY04 1H FY04 1H 9.0% 9.2 5.7 0.7 3.0 FY03 1H +0.3% +0.4 -0.3 +1.5 +1.8 Changes 17
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