FY2008 First Half Year Financial Results FY2008 First Half Year Financial Results six months ended September 30, 2007 six months ended September 30, 2007 -prepared in accordance with U.S.GAAP- -prepared in accordance with U.S.GAAP- Toyota Motor Corporation Toyota Motor Corporation November 7, 2007 November 7, 2007
Cautionary Statement with Respect to Forward-Looking Statements 2 This presentation 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 government 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.
Caution concerning Insider Trading 3 Under Japanese Financial Instruments and Exchange laws (the “Exchange Law"), 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 Exchange Law) until such material information is deemed to be made public. Under the Exchange Law, 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 Exchange Law.
Takeshi Suzuki Takeshi Suzuki Senior Managing Director Senior Managing Director
Consolidated Vehicle Sales 5 4,301 (+ 156) (thousands of vehicles) 4,145 4,000 (+ 74) 711 637 (+ 70) 452 382 3,000 (+ 46) 589 635 2,000 1,464 Other (+ 33) 1,497 Asia Europe 1,000 N. America Japan 1,073 (- 67) 1,006 0 change '06/4-9 '07/4-9 [4,460] [4,701] [+241] -Figures in square brackets show total retail vehicle sales in thousands
Consolidated Financial Summary 6 (billions of yen) FY2007 1H FY2008 1H FY2007 1H FY2008 1H Change Change (’07/4-9) (’06/4-9) (’07/4-9) (’06/4-9) Net Revenues 13,012.2 11,471.8 1,540.4 13.4% Net Revenues 13,012.2 11,471.8 1,540.4 13.4% Operating Income Operating Income 1,272.1 1,093.4 178.7 16.3% 1,272.1 1,093.4 178.7 16.3% Income before income taxes, Income before income taxes, 1,362.2 1,166.1 196.1 16.8% 1,362.2 1,166.1 196.1 16.8% minority interest and equity minority interest and equity earnings of affiliated companies earnings of affiliated companies Equity Earnings of Equity Earnings of 145.1 89.4 55.7 62.1% 145.1 89.4 55.7 62.1% Affiliated Companies Affiliated Companies Net Income 942.4 777.2 165.2 21.3% Net Income 942.4 777.2 165.2 21.3% $ $ 119 yen 115 yen + 4 yen FOREX 119 yen 115 yen + 4 yen FOREX Rates Rates € € 162 yen 162 yen 146 yen 146 yen + 16 yen + 16 yen
Rapid Growth of Net Income 7 1,644.0 (billions of yen) 1,500 1,372.1 1,171.2 1,162.0 [Annual] 1,000 500 942.4 777.2 584.0 570.5 524.4 [1H] 0 '03/4-'04/3 '04/4-'05/3 '05/4-'06/3 '06/4-'07/3 '07/4-'08/3
Shareholder Return 8 Interim Dividend: 65 yen per share (change: +15 yen) 207.0 billion yen Total Amount of Payout : Consolidated Payout Ratio: 22.0% (change: +1.3%) 120 90 70 65 65 65 55 45 36 40 28 25 25 65 20 50 15 14 35 25 20 16 13 11 '00/4-'01/3 '01/4-'02/3 '02/4-'03/3 '03/4-'04/3 '04/4-'05/3 '05/4-'06/3 '06/4-'07/3 '07/4-'08/3 Interim Dividend Annual Dividend
Shareholder Return 9 Share Buyback Authorized Amount (’07/6 – ’08/6) 250.0 billion yen / 30 million shares Amount Exercised: 36.4 billion yen / 5 million shares Amount Announced Today 15 million shares 110.0 billion yen / (up to) : - Share buyback results (billions of yen) 400 300 453.4 398.8 200 110.0 299.5 277.5 266.2 263.5 100 133.6 99.4 0 '00/4-'01/3 '01/4-'02/3 '02/4-'03/3 '03/4-'04/3 '04/4-'05/3 '05/4-'06/3 '06/4-'07/3 '07/4-'08/3
Consolidated Financial Summary 10 (billions of yen) FY2008 1H FY2007 1H FY2008 1H FY2007 1H Change Change (’07/4-9 ) (’07/4-9 ) (’06/4-9 ) (’06/4-9 ) Net Revenues 13,012.2 11,471.8 1,540.4 13.4% Operating Income Operating Income 1,272.1 1,093.4 178.7 16.3% 1,272.1 1,093.4 178.7 16.3% Income before income taxes, 1,362.2 1,166.1 196.1 16.8% minority interest and equity earnings of affiliated companies Equity Earnings of 145.1 89.4 55.7 62.1% Affiliated Companies Net Income 942.4 777.2 165.2 21.3% $ 119 yen 115 yen + 4 yen FOREX Rates € 162 yen 146 yen + 16 yen
Consistent Growth of Operating Income 11 2,238.6 (billions of yen) 2,000 1,878.3 570.5 1,672.1 1,666.8 586.7 1,500 383.0 497.5 [ 4Q ] 574.7 1,272.1 422.9 482.2 1,000 401.6 596.7 [ 3Q ] 581.0 417.6 404.3 427.0 [ 2Q ] 500 675.4 512.4 448.6 405.1 340.7 [ 1Q ] 0 '03/4-'04/3 '04/4-'05/3 '05/4-'06/3 '06/4-'07/3 '07/4-'08/3
Contributing Factors to Consolidated Operating Income 12 Cost Reduction Efforts (billions of yen) Marketing Efforts 1,272.1 + 50.0 +130.0 (+ 178.7) 1,300 Increases in Expenses -151.3 1,200 1,093.4 1,100 1,000 Effects of favorable FOREX rates 900 + 150.0 800 '06/4-9 '07/4-9 < Details of Increases in Expenses > R&D expenses..................... -53.1 Impact from the valuation on Depreciation and -3.7 interest rates swaps................ CAPEX related costs......... -43.0 -22.2 Others .................................... Labor costs .......................... -29.3
Geographic Operating Income: Japan 13 2,450 2900 2,429 thousands of vehicles Consolidated 2700 2500 Vehicle Production 2300 2100 1900 1700 1,073 1,006 Consolidated thousands of vehicles 1500 1300 Vehicle Sales 1100 900 (billions of yen) 773.3 800 684.4 600 +88.9 billion yen LS600hL Premio 400 200 Mark X Zio Vanguard 0 '06/4-9 '07/4-9 - Improved product mix driven by Lexus LS in Japan and overseas - Sales in Japan turned upward since Aug. supported by new model launches
Geographic Operating Income: North America 14 1,497 thousands of vehicles 1,464 Consolidated Vehicle Sales (billions of yen) 1400 254.1 250.5 200 +3.6 billion yen Prius Tundra 100 Highlander Scion xD 0 '06/4-9 '07/4-9 - Vehicle sales growth driven by the new Tundra and Prius - A high level of Operating Income achieved as in previous financial year
Geographic Operating Income: Europe 15 750 635 thousands of vehicles 589 Consolidated Vehicle Sales (billions of yen) 550 80 68.3 66.0 60 +2.3 Aygo Yaris 40 billion yen 20 RAV4 Auris 0 '06/4-9 '07/4-9 - Favorable sales of new models such as Auris and Corolla - Strong sales in Russia of highly profitable models contributed to the increase of Operating Income
Geographic Operating Income: Asia 16 452 thousands of vehicles 382 Consolidated Vehicle Sales (billions of yen) 350 116.7 Ban Pho plant, Thailand 120 +55.4 100 billion yen 80 61.3 Innova Fortuner 60 40 20 0 Lexus ES '06/4-9 '07/4-9 - Vehicle sales grew strongly the reflecting overall recovery of the market - Large increase in Chinese subsidiaries’ earnings, driven by strong Lexus sales in China
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