FY2011 Second Quarter Financial Results
FY2011 Second QuarterFY2011 Second Quarter Financial ResultsFinancial Results
Toyota Motor CorporationToyota Motor CorporationToyota Motor CorporationNovember 5, 2010November 5, 2010November 5, 2010
2Cautionary 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) 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; (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, the Canadian dollar and the British pound; (iii) changes in funding environment in financial markets; (iv) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (v) 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; (vi) political instability in the markets in which Toyota operates; (vii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (viii) any damage to Toyota’s brand image; and (ix) 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.
3Caution concerning Insider TradingA 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.
FY2011 First Half For the 6 months ended Sept. 30, 2010
Financial Results
5
Central and South America,Oceania,Africa,The Middle East, etc.
1,729（+166）
（-41）
（+62）
（+58）
（-3）
1,895
〔2,081〕
3,130
（+585）
（+182）
（-67）
（+153）
（+180）
（+137）
3,715
〔3,878〕
Consolidated Vehicle SalesFY2011
1H FY2011
1HFY2011
2QFY2011
2Q(thousands of vehicles) (thousands of vehicles)
Japan
Asia
Europe
N. America
Other
Figures in “〔 〕“ show total retail vehicle sales in thousands〔4,238〕 〔+360〕 〔2,166〕 〔+85〕
ChangeChange
（+90）1,041
466 646
422575
435368
904
903
1,085
0
1,000
2,000
3,000
4,000
'09/4-9 '10/4-9
515
266 324
227289
222181
518
496586
0
500
1,000
1,500
2,000
2,500
'09/7-9 '10/7-9
6(billions of yen)
9,678.4 8,377.6 1,300.8 15.5%
323.1 -136.9 460.0 -
392.0 -63.0 455.0 -
289.1 -56.0 345.1 -
$ 89 yen 96 yen
€ 114 yen 133 yen * Net income attributable to Toyota Motor Corporation
Net Income*
Operating Income
Net Revenues
Change
FOREX Rates-7 yen
-19 yen
Income before income taxesand equity in earnings of
affiliated companies
FY20111H
('10/4-9)
FY20101H
('09/4-9)
Consolidated Financial Summary (FY2011 First Half)
7(billions of yen)
Analysis of Consolidated Net Income* (FY2011 First Half)
289.1
’09/4-9 ’10/4-9
* Net income attributable to Toyota Motor CorporationNet income*(+345.1)
from Interest Rate Swaps (+477.3)
Operating Income (+460.0) Excluding Valuation Gains/Losses
-56.0
MarketingEfforts+570.0
Cost Reduction
Efforts+90.0
Effects of FOREX Rates-120.0
Other
-30.0
Non- operating Income
-5.0
Equity in Earnings of
Affiliated Companies
+189.3
Income Tax, etc.
-299.2
Details of Increases in Expenses, etc.
Depreciation and CAPEX-related Costs …+50.0
R&D Expenses………..+30.0
……………….-130.0Labor costs…………………0
Details of OtherValuation Gains/Losses from Interest Rate Swaps ………….………-17.3 etc.
Other
Increases inExpenses,
etc.-50.0
8(billions of yen)
4,806.7 4,541.6 265.1 5.8%
111.5 58.0 53.5 92.2%
129.1 75.5 53.6 70.9%
98.7 21.8 76.9 352.0%
$ 86 yen 94 yen
€ 111 yen 134 yen * Net income attributable to Toyota Motor Corporation
FOREX Rates-8 yen
-23 yen
Income before income taxesand equity in earnings of
affiliated companies
ChangeFY2011
2Q('10/7-9)
FY20102Q
('09/7-9)
Net Income*
Operating Income
Net Revenues
Consolidated Financial Summary (FY2011 Second Quarter)
9
R&D Expenses………..+10.0
Analysis of Consolidated Net Income* (FY2011 Second Quarter)
21.8
98.7
’10/7-9’09/7-9
(billions of yen) * Net income attributable to Toyota Motor Corporation
Net income*(+76.9)
Operating Income (+53.5) Excluding Valuation Gains/Lossesfrom Interest Rate Swaps (+61.4)Marketing
Efforts+170.0
Effects of FOREX Rates-90.0
Cost Reduction
Efforts+40.0
Increases inExpenses,
etc.-40.0
Other
-26.5
Non- operating Income
+0.1
Equity in Earnings of
Affiliated Companies
+122.9
Income Tax, etc.
-99.6
Labor costs ……………-10.0
Details of Increases in Expenses, etc.
Depreciation and CAPEX-related Costs …+30.0 ……………….-70.0
Details of OtherValuation Gains/Losses from Interest Rate Swaps ………….………-7.9 etc.
Other
10
65.4 40.6
-52.0
155.7
-8.9
164.2
72.9
-257.7
12.0
-18.6
1,041904
368435575
422
646466
(billions of yen)North America '09/4-9 '10/4-9
Operating Income ExcludingValuation Gains/Losses from Intrest
Rate Swaps12.0 155.7
Valuation Gains/Losses from IntrestRate Swaps 14.9 -9.8
Operating Income 26.9 145.9
+143.7 +9.7 +98.8 +32.3
Geographic Operating Income (FY2011 First Half)*2 N.America excludes valuation gains/losses from interest rate swaps.*1 Japan includes exported vehicles.
Consolidated Vehicle Sales (thousands of vehicles)
(billions of yen)
1,627*1
*2
1,929*1
*2
1H 1HFY10 FY11
1H 1HFY10 FY11
1H 1HFY10 FY11
1H 1HFY10 FY11
1H 1HFY10 FY11
Japan N. America Europe AsiaCentral and South America,
Oceania, Africa
+205.7
11
38.523.3
-24.5
46.6
-2.1
74.0
31.9
-45.6
28.01.7
515518
181222
289227 324266
(billions of yen)North America '09/7-9 '10/7-9
Operating Income ExcludingValuation Gains/Losses from Intrest
Rate Swaps28.0 46.6
Valuation Gains/Losses from IntrestRate Swaps 2.5 -10.5
Operating Income 30.5 36.1
+18.6 -3.8 +35.5 +8.6
Geographic Operating Income (FY2011 Second Quarter)*2 N.America excludes valuation gains/losses from interest rate swaps.*1 Japan includes exported vehicles.
Consolidated Vehicle Sales (thousands of vehicles)
(billions of yen)
*2
*2
FY10 FY112Q 2Q
FY10 FY112Q 2Q FY10 FY11
2Q 2QFY10 FY112Q 2Q
FY10 FY112Q 2Q
Japan N. America Europe AsiaCentral and South America,
Oceania, Africa
+21.1
1,006*1913*1
12
72.9 74.6
0
50
100
150
'09/7-9 '10/7-9
Financial Services Operating Income
(billions of yen)
'09/7-9 '10/7-9Operating Income ExcludingValuation Gains/Losses from
Intrest Rate Swaps72.9 74.6
Valuation Gains/Losses fromIntrest Rate Swaps 1.9 -6.0
Operating Income 74.8 68.6
(billions of yen)
'09/4-9 '10/4-9Operating Income ExcludingValuation Gains/Losses from
Intrest Rate Swaps107.5 184.1
Valuation Gains/Losses fromIntrest Rate Swaps 16.9 -0.4
Operating Income 124.4 183.7
+1.7+76.6
Excluding Valuation Gains/Lossesfrom Interest Rate Swaps
FY20112Q
FY20112Q
FY20111H
FY20111H(billions of yen) (billions of yen)
Increased earnings as a result of decreased expenses related to loan losses, residual losses and increased lending balance mainly in the U.S.
107.5
184.1
0
50
100
150
200
'09/4-9 '10/4-9
13
+122.9+189.3
-55.5
’09/4-9 ’09/7-9
-59.1
Equity in Earnings of Affiliated CompaniesFY2011
1HFY2011
1HFY2011
2QFY2011
2Q
(billions of yen) (billions of yen)
133.8
0
50
100
150
'10/4-9
63.8
0
50
100
'10/7-9
･Increased earnings of affiliated companies in Japan and China･The valuation losses on our shareholding of certain affiliated companies in FY2010 2Q
14
(billions of yen)
Net Revenues 4,356.4 3,656.6 699.8 19.1%
Operating Income -149.4 -265.7 116.3 -
Ordinary Income 190.8 -46.3 237.1 -
Net Income 201.0 -18.8 219.8 -
FY20111H
('10/4-9)
FY20101H
('09/4-9)Change
Unconsolidated Financial Summary (Japan GAAP, FY2011 First Half)
15
4565
90 100
3628
140120
45
-50
0
50
100
150
200
-500
500
1,000
1,500
2,000
16
655035
25
3575
70
55
402520
020
65 2515
Shareholder Return (Interim Dividend)
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)
Net Income (right axis)
Interim Dividend Year-end Dividend
Dividend per Share and Net Income
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11FY02
(billions of yen)(yen)
2013 20
FY2011
Financial Forecasts
17
1,139
979
858
2,098
2,163
'09/4-'10/3
Central and South America,Oceania,Africa,The Middle East, etc.
7,410 （+30）
（+20）
（-80）
（+80）
（
0）
（+10）
7,380 7,237
FY2011 Forecasts: Consolidated Vehicle Sales(thousands of vehicles)
Previous Forecasts New Forecasts FY2010 Results
Japan
Asia
Europe
N. America
Other
Change
2,090
1,3201,320
1,2301,150
780770
2,170
1,9901,970
0
2,000
4,000
6,000
8,000
'10/4-'11/3 '10/4-'11/3
-+
18(billions of yen)
New Forecasts('10/4-'11/3)
Previous Forecasts('10/4-'11/3) Change FY2010 Results
('09/4-'10/3)
19,000.0 19,500.0 -500.0 18,950.9
380.0 330.0 50.0 147.5
410.0 380.0 30.0 291.4
350.0 340.0 10.0 209.4
$ 85 yen*2 90 yen -5 yen 93 yen
€ 112 yen*2 112 yen - 131 yen *1 Net income attributable to Toyota Motor Corporation *2 FOREX Rates assumptions: 82yen against the U.S. dollar, 110 yen against the Euro, from October 2010 to March 2011
Net Income *1
FOREX Rates
Net Revenues
Operating Income
Income before income taxesand equity in earnings of
affiliated companies
FY2011 Forecasts: Consolidated Financial Summary
19
(billions of yen)
330.0
Marketing Efforts +120.0Financial Services +30.0
Cost Reduction Efforts +10.0Decreases in Expenses, etc. +40.0Total +170.0
Effects of FOREX Rates -120.0Total -120.0
+50.0
380.0
Operating Income
FY2011 New Forecasts('10/4-'11/3)
FY2011 Previous Forecasts('10/4-'11/3)
Grand Total
Positive Factors
Negative Factors
Analysis of FY2011 Consolidated Forecasts: Operating Income (vs. Previous Forecasts)
20Analysis of FY2011 Consolidated Forecasts: Operating Income
(vs. FY2010 Results)(billions of yen)
147.5
Marketing Efforts +280.0Financial Services +80.0
Cost Reduction Efforts +140.0Decreases in Expenses, etc. +160.0Total +580.0
Effects of FOREX Rates -320.0Other -27.5Total -347.5
+232.5
380.0
Operating Income
FY2011 Forecasts('10/4-'11/3)
FY2010 Results('09/4-'10/3)
Negative Factors
Grand Total
Positive Factors
21FY2011 Consolidated Forecasts: CAPEX, Depreciation, R&D
(billions of yen)
New Forecasts('10/4-'11/3)
PreviousForecasts
('10/4-'11/3)Change FY2010 Results
('09/4-'10/3)
CapitalExpenditures 670.0 740.0 -70.0 579.0
DepreciationExpenses 850.0 900.0 -50.0 1,032.0
R&D Expenses 760.0 760.0 ±0 725.3
22
(Reference) FY2011 Unconsolidated Forecasts (Japan GAAP)
(billions of yen)
New Forecasts('10/4-'11/3)
Previous Forecasts('10/4-'11/3) Change
Net Revenues 8,400.0 8,500.0 -100.0
Operating Income -490.0 -430.0 -60.0
Ordinary Income -60.0 -50.0 -10.0
Net Income 60.0 60.0 ±0
23
(thousands of vehicles)
Japan 3,200 3,206Overseas 4,250 4,072
Total 7,450 7,278Japan* 1,400 * 1,535 *
Overseas 6,050 5,755Total 7,450 7,290
1,800 1,644Exports
FY2011 Forecasts('10/4-'11/3)
FY2010 Results('09/4-'10/3)
VehicleProduction
VehicleSales
(Reference) FY2011 Toyota’s Operations Forecasts
*Shows vehicle retail sales beginning with this period (FY2011)(including results of the previous year)
24FY2011 Second Quarter Financial Results
FY2011 Second QuarterFY2011 Second Quarter Financial ResultsFinancial Results
Toyota Motor CorporationToyota Motor CorporationToyota Motor CorporationNovember 5, 2010November 5, 2010November 5, 2010
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