FY2012 Second Quarter FY2012 Second Quarter FY2012 Second Quarter - - PowerPoint PPT Presentation
FY2012 Second Quarter FY2012 Second Quarter FY2012 Second Quarter - - PowerPoint PPT Presentation
FY2012 Second Quarter FY2012 Second Quarter FY2012 Second Quarter Financial Results Financial Results Financial Results Toyota Motor Corporation Toyota Motor Corporation Toyota Motor Corporation November 8, 2011 November 8, 2011 November
2
Cautionary Statement with Respect to Forward-Looking Statements
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) the impact of the March 11, 2011 Great East Japan Earthquake and ensuing events, and 2011 floods in Thailand, including the negative effect on Toyota’s vehicle production and sales; (ii) changes in economic conditions and market demand affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (iii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the Euro, the Australian dollar, the Canadian dollar and the British pound; (iv) changes in funding environment in financial markets; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) 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 vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings government proceedings and investigations; (vii) political instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) fuel shortages or interruptions in transportation systems, labor strikes, work stoppages
- r 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; (xi) Toyota’s reliance on various suppliers for the provisions of supplies.
3
Caution concerning Insider Trading
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. 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 ) 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.
FY2012 First Half Financial Results
For the six months to September 30, 2011
5
Consolidated Vehicle Sales
413 324 345 289 355 181 187 515 586 505
1,000 2,000 3,000
'10/7-9 '11/7-9
1,895
(thousands of vehicles)
(-90)
(-81) (+6) (+66) (+21) (-102) 1,805
〔2,166〕 〔2,058〕 〔-108〕
689 564 646 615 575 361 368 1,041 797 1,085
1,000 2,000 3,000 4,000 '10/4-9 '11/4-9
3,715
(-689)
(-288) (-7) (+40) (-82) (-352) 3,026
〔4,238〕 〔3,674〕 〔-564〕 Japan Asia Europe
- N. America
Other Change Change (thousands of vehicles) FY2012 1H FY2012 1H FY2012 2Q FY2012 2Q
Central and South America, Oceania, Africa, The Middle East etc.
Figures in “〔 〕“ show total retail vehicle sales in thousands
6
8,015.9 9,678.4
- 1,662.5
- 17.2%
- 32.6
323.1
- 355.7
- 1.4
392.0
- 393.4
- 81.5
289.1
- 207.6
- 71.8%
$
80 yen 89 yen
€
114 yen 114 yen
* Net Income attributable to Toyota Motor Corporation
FOREX Rates
- 9 yen
- Income before income taxes
and equity in earnings of affiliated companies
(billions of yen)
Net Income*
Operating Income
Net Revenues
FY2012 1H ('11/4-9) FY2011 1H ('10/4-9)
Change
Consolidated Financial Summary (FY2012 First Half)
7
(billions of yen)
289.1
81.5 ’10/4-9 ’11/4-9
Effects of Marketing Activities
- 220.0
Effects of FOREX Rates
- 130.0
Increase in Expenses, etc.
- 40.0
Cost Reduction Efforts +50.0
Net Income*(-207.6)
Depreciation and CAPEX-related Costs………+30.0 Details of Other Labor Costs…………… R&D Expenses………..
Non- Operating Income
- 37.7
Income Tax, etc. +240.1 Excluding Valuation Gains/Losses from Interest Rate Swaps (-363.7)
Valuation Gains/Losses from Interest Rate Swaps … Operating Income (-355.7)
Other
- 15.7
Details of Increase in Expenses, etc. Other …..…………….……..+5.0
- 70.0
- 5.0
+8.0
Analysis of Consolidated Net Income* (FY2012 First Half)
* Net Income attributable to Toyota Motor Corporation
Translational FOREX Impact concerning
- verseas subsidiaries etc. ..………………….....-23.7
Equity in Earnings of Affiliated Companies
- 54.3
8
Consolidated Financial Summary (FY2012 Second Quarter)
4,574.9 4,806.7
- 231.8
- 4.8%
75.4 111.5
- 36.1 -32.4%
79.1 129.1
- 50.0 -38.7%
80.4 98.7
- 18.3 -18.5%
$
78 yen 86 yen
€
110 yen 111 yen
* Net Income attributable to Toyota Motor Corporation
FOREX Rates
- 8 yen
- 1 yen
Income before income taxes and equity in earnings of affiliated companies
(billions of yen)
Net Income*
Operating Income
Net Revenues
FY2012 2Q ('11/7-9) FY2011 2Q ('10/7-9)
Change
9
Analysis of Consolidated Net Income* (FY2012 Second Quarter)
(billions of yen)
98.7
80.4 ’11/7-9
Marketing Efforts +60.0 Effects of FOREX Rates
- 80.0
Increase in Expenses, etc.
- 50.0
Cost Reduction Efforts +30.0
Net Income*(-18.3)
Non- Operating Income
- 13.9
Equity in Earnings of Affiliated Companies
- 24.5
Income Tax, etc. +56.2 Excluding Valuation Gains/Losses from Interest Rate Swaps (-52.0)
*Net Income attributable to Toyota Motor Corporation
Other +3.9
’10/7-9
Details of Other R&D expenses……….………..0 Valuation Gains/Losses from Interest Rate Swaps …+15.9 Details of Increase in Expenses, etc. Operating Income (-36.1) Labor costs…………..……-20.0 Other…………………………..-40.0 Translational FOREX Impact concerning
- verseas subsidiaries etc. ..…………………......-12.0
Depreciation and CAPEX-related Costs………+10.0
10
72.9
- 8.9
155.7
- 52.0
58.1 130.5 45.9
- 275.9
164.2
- 1.9
Japan N.America Europe Asia
Central and South America, Oceania and Africa
1,929*1 689 1,041 361 368 615 575 564 646
Geographic Operating Income (FY2012 First Half)
- 223.9
- 109.8
+7.0
- 33.7
- 14.8
(billions of yen) *2 1H *2
1,462*1 Consolidated Vehicle Sales (thousands of vehicles)
(billions of yen)
North America '10/4-9 '11/4-9 Change
Operating Income Excluding Valuation Gains/Losses from Interest Rate Swaps
155.7 45.9
- 109.8
Valuation Gains/Losses from Interest Rate Swaps
- 9.8
15.6 25.4
Operating Income
145.9 61.5
- 84.4
*2 N.America excludes Valuation Gains/Losses from Interest Rate Swaps *1 Japan includes Exported Vehicles.
FY11 1H FY12 1H FY11 1H FY12 1H FY11 1H FY12 1H FY11 1H FY12 1H FY11 1H FY12
11
31.9
- 2.1
46.6
- 24.5
37.1 70.4 5.6 13.0
- 69.3
74.0
Europe Asia
1,006 *1 413 515 187 181 355 289 345 324
Geographic Operating Income (FY2012 Second Quarter)
- 44.8
- 33.6
+7.7
- 3.6
+5.2
(billions of yen)
*2 *2 971 *1
(billions of yen)
North America '10/7-9 '11/7-9 Change
Operating Income Excluding Valuation Gains/Losses from Interest Rate Swaps
46.6 13.0
- 33.6
Valuation Gains/Losses from Interest Rate Swaps
- 10.5
19.5 30.0
Operating Income
36.1 32.5
- 3.6
*1 Japan includes Exported Vehicles. Consolidated Vehicle Sales (thousands of vehicles)
Japan N.America
*2 N.America excludes Valuation Gains/Losses from Interest Rate Swaps
Central and South America, Oceania and Africa
2Q FY11 2Q FY12 2Q FY11 2Q FY12 2Q FY11 2Q FY12 2Q FY11 2Q FY12 2Q FY11 2Q FY12
12
Financial Services Operating Income
Excluding Valuation Gains/Losses from Interest Rate Swaps FY2012 2Q FY2012 2Q FY2012 1H FY2012 1H
66.5 74.6 50 100 150 '10/7-9 '11/7-9
(billions of yen)
- 8.1
184.1 163.4 50 100 150 200 '10/4-9 '11/4-9
(billions of yen)
- 20.7
(billions of yen)
'10/4-9 '11/4-9 Change
Operating Income Excluding Valuation Gains/Losses from Interest Rate Swaps 184.1 163.4
- 20.7
Valuation Gains/Losses from Interest Rate Swaps
- 0.4
7.6 8.0 Operating Income 183.7 171.0
- 12.7
Decreased earnings as a result of particularly high profit level in FY2011 1H primarily as a result of a reversal of provisions.
(billions of yen)
'10/7-9 '11/7-9 Change
Operating Income Excluding Valuation Gains/Losses from Interest Rate Swaps 74.6 66.5
- 8.1
Valuation Gains/Losses from Interest Rate Swaps
- 6.0
9.9 15.9 Operating Income 68.6 76.4 7.8
13
79.5 133.8 50 100 150 '10/4-9 '11/4-9
Equity in Earnings of Affiliated Companies
Earnings decreased, particularly due to decreased earnings of affiliated companies in Japan.
39.3 63.8 50 100 '10/7-9 '11/7-9
(billions of yen)
- 24.5
(billions of yen)
- 54.3
FY2012 2Q FY2012 2Q FY2012 1H FY2012 1H
14
Unconsolidated Financial Summary
(Japan GAAP , FY2012 First Half)
(billions of yen)
FY2012 1H ('11/4-9) FY2011 1H ('10/4-9)
Net Revenues 3,346.6 4,356.4
- 1,009.8
- 23.2%
Operating Income
- 322.3
- 149.4
- 172.9
- Ordinary Income
- 75.6
190.8
- 266.4
- Net Income
49.7 201.0
- 151.3
- 75.3%
Change
15
Dividend per Share and Net Income
65 90 120 45 45 36 100 140 50
- 50
50 100 150 200
'03/3 '04/3 '05/3 '06/3 '07/3 '08/3 '09/3 '10/3 '11/3 '12/3
- 5,000
5,000 10,000 15,000 20,000
Shareholder Return
Interim Dividend: 20 yen per Share (Total Amount of Payout: 62.7 billion yen) Interim Dividend: 20 yen per Share (Total Amount of Payout: 62.7 billion yen)
(billions of yen) (yen) 16 20 65 50 35 25 35 75 70 55 40 25 20
Net Income(Right axis)
20 65 25
Interim Dividend Year-End Dividend
20 30 20
2,000 1,500 1,000 500
- 500
Dividend per Share Net Income