Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

1st Quarter Results 4/6

4th Aug 2006 13:02

Toyota Motor Corporation04 August 2006 FINANCIAL SUMMARY (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) FY2007 First Quarter (April 1, 2006 through June 30, 2006) English translation from the original Japanese-language document TOYOTA MOTOR CORPORATION Note: This report contains summarized and condensed financial statementsprepared in accordance with accounting principles generally accepted in theUnited States of America. BUSINESS RESULTS (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 1. Summary of Consolidated Financial Results for FY2007 First Quarter Financial Results Consolidated vehicle sales in Japan and overseas increased by 143 thousandunits, or 7.3%, to 2,091 thousand units in FY2007 first quarter (the three-monthperiod from April 1, 2006 to June 30, 2006) compared with FY2006 first quarter(the three-month period from April 1, 2005 to June 30, 2005). While vehiclesales in Japan decreased by 7 thousand units, or 1.3% in FY2007 first quartercompared with FY2006 first quarter, it continues to maintain a high level of 543thousand units, as a result of the sales efforts of dealers in Japan.Meanwhile, overseas vehicle sales increased by 150 thousand units, or 10.7%, to1,548 thousand units in FY2007 first quarter compared with FY2006 first quarter,attributable to sales increased in North America, Europe, and other regions. As for the results of operations, net revenues increased by 656.4 billionyen, or 13.2%, to 5,638.1 billion yen in FY2007 first quarter compared withFY2006 first quarter, and operating income increased by 107.3 billion yen, or26.5%, to 512.4 billion yen in FY2007 first quarter compared with FY2006 firstquarter. Among the factors contributing to the increase in operating incometotaling 180.0 billion yen, were the effects of changes in exchange rates of100.0 billion yen, marketing efforts of 60.0 billion yen and cost reductionefforts of 20.0 billion yen. On the other hand, factors resulting in thedecrease in operating income totaling 72.7 billion yen included an increase inexpenses. Income before income taxes, minority interest and equity in earningsof affiliated companies increased by 132.8 billion yen, or 31.5%, to 554.6billion yen in FY2007 first quarter compared with FY2006 first quarter. Netincome increased by 104.7 billion yen, or 39.2 %, to 371.5 billion yen in FY2007first quarter compared with FY2006 first quarter. (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 2. Consolidated Financial Results for FY2007 First Quarter by Segment (1) Segment Operating Results Automotive: Net revenues for the automotive operations increased by 567.0 billion yen, or12.3%, to 5,187.6 billion yen in FY2007 first quarter compared with FY2006 firstquarter, and operating income increased by 92.6 billion yen, or 25.2%, to 459.4billion yen in FY2007 first quarter compared with FY2006 first quarter. Theincrease in operating income was mainly due to the effects of changes inexchange rates, increases in both production volume and vehicle units sold, andcost reduction efforts, partially offset by an increase in expenses. Financial services: Net revenues for the financial services operations increased by 67.2 billionyen, or 30.9%, to 284.6 billion yen in FY2007 first quarter compared with FY2006first quarter, and operating income increased by 8.0 billion yen, or 19.9%, to47.7 billion yen in FY2007 first quarter compared with FY2006 first quarter.The increase in operating income was mainly due to the valuation gains oninterest rate swaps stated at fair value by a sales finance subsidiary in theUnited States of America in accordance with the Statement of FinancialAccounting Standards (FAS) No.133 (as amended by several guidance including FASNo.138). All other: Net revenues for all other businesses increased by 60.6 billion yen, or 25.8%,to 295.0 billion yen in FY2007 first quarter compared with FY2006 first quarter,and operating income increased by 3.7 billion yen, or 257.8%, to 5.2 billion yenin FY2007 first quarter compared with FY2006 first quarter. (2) Geographic Information Japan: Net revenues in Japan increased by 430.3 billion yen, or 14.4%, to 3,422.3billion yen in FY2007 first quarter compared with FY2006 first quarter, andoperating income increased by 104.6 billion yen, or 55.5%, to 293.0 billion yenin FY2007 first quarter compared with FY2006 first quarter. The increase inoperating income was mainly due to the effects of changes in exchange rates, anincrease in production volume, and cost reduction efforts, partially offset byan increase in expenses. North America: Net revenues in North America increased by 345.9 billion yen, or 18.8%, to2,181.6 billion yen in FY2007 first quarter compared with FY2006 first quarter,and operating income increased by 2.3 billion yen, or 1.7%, to 140.1 billion yenin FY2007 first quarter compared with FY2006 first quarter. The increase inoperating income was mainly due to an increase in vehicle units sold and thevaluation gains on interest rate swaps stated at fair value by a sales financesubsidiary in the United States of America in accordance with the Statement ofFinancial Accounting Standards (FAS) No.133 (as amended by several guidanceincluding FAS No.138). Europe: Net revenues in Europe increased by 159.2 billion yen, or 23.6%, to 832.3billion yen in FY2007 first quarter compared with FY2006 first quarter, andoperating income increased by 19.8 billion yen, or 118.0%, to 36.5 billion yenin FY2007 first quarter compared with FY2006 first quarter. The increase inoperating income was mainly due to increases in both production volume andvehicle units sold. Asia: Net revenues in Asia decreased by 22.5 billion yen, or 4.4%, to 484.6 billionyen in FY2007 first quarter compared with FY2006 first quarter, and operatingincome decreased by 9.8 billion yen, or 24.6%, to 30.0 billion yen in FY2007first quarter compared with FY2006 first quarter. The decrease in operatingincome was mainly due to decreases in both production volume and vehicle unitssold. Other: Net revenues in other regions increased by 89.7 billion yen, or 24.7%, to 453.1billion yen in FY2007 first quarter compared with FY2006 first quarter, whileoperating income decreased by 1.1 billion yen, or 6.3%, to 15.9 billion yen inFY2007 first quarter compared with FY2006 first quarter. The decrease inoperating income was mainly due to an increase in expenses, partially offset byan increase in vehicle units sold. CONSOLIDATED PRODUCTION AND SALES (All financial information has been prepared in accordance with accountingprinciples generally accepted in the United States of America) 1. Production (Units) FY2007 first quarter FY2006 first quarter Increase (April 2006 through (April 2005 through (Decrease) June 2006) June 2005)Vehicles Japan 1,231,097 1,123,328 107,769(new) North America 313,451 319,691 (6,240) Europe 186,998 157,372 29,626 Asia 184,284 204,766 (20,482) Other 84,659 86,938 (2,279) Overseas total 769,392 768,767 625 Total 2,000,489 1,892,095 108,394Houses (Japan) 1,125 1,036 89 Note: The total production of vehicles (new) includes 201,943 units ofDaihatsu brand vehicles (including OEM production) in FY2007 first quarter and189,286 units in FY2006 first quarter, and 25,333 units of Hino brand vehiclesin FY2007 first quarter and 23,322 units in FY2006 first quarter. 2. Sales (by destination) (Units) FY2007 first quarter FY2006 first quarter Increase (April 2006 through (April 2005 through (Decrease) June 2006) June 2005)Vehicles Japan 543,228 550,347 (7,119)(new) North America 747,330 641,248 106,082 Europe 307,382 256,143 51,239 Asia 192,632 228,513 (35,881) Other 300,485 272,605 27,880 Overseas total 1,547,829 1,398,509 149,320 Total 2,091,057 1,948,856 142,201Houses (Japan) 1,001 919 82 Note: The total sales of vehicles (new) include 177,873 units of Daihatsubrand vehicles in FY2007 first quarter and 174,116 units in FY2006 first quarterand 23,585 units of Hino brand vehicles in FY2007 first quarter and 22,304 unitsin FY2006 first quarter. CONSOLIDATED STATEMENTS OF INCOME (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) (Amounts are rounded to the nearest million yen) FY2007 first quarter FY2006 first quarter Increase (April 2006 through (April 2005 through (Decrease) June 2006) June 2005) Net revenues : 5,638,112 4,981,785 656,327Sales of products 5,358,698 4,768,971 589,727Financing operations 279,414 212,814 66,600Costs and expenses : 5,125,693 4,576,657 549,036Cost of products sold 4,356,552 3,878,087 478,465Cost of financing operations 181,255 127,985 53,270Selling, general and administrative 587,886 570,585 17,301Operating income 512,419 405,128 107,291Other income (expense) : 42,229 16,732 25,497Interest and dividend income 31,714 24,355 7,359Interest expense (9,435) (4,129) (5,306)Other, net 19,950 (3,494) 23,444Income before income taxes, minority 554,648 421,860 132,788interest and equity in earnings ofaffiliated companiesProvision for income taxes 230,395 174,968 55,427Income before minority interest and 324,253 246,892 77,361equity in earnings of affiliatedcompaniesMinority interest in consolidated (8,988) (15,617) 6,629subsidiariesEquity in earnings of affiliated 56,239 35,624 20,615companiesNet income 371,504 266,899 104,605 (Yen)Net income per share - Basic 115.21 81.80 33.41Net income per share - Diluted 115.16 81.79 33.37 CONSOLIDATED BALANCE SHEETS (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) (Amounts are rounded to the nearest million yen) FY2007 first quarter FY2006 Increase (As of June 30, 2006) (As of March 31, 2006) (Decrease) AssetsCurrent assets : 10,539,098 10,735,222 (196,124)Cash and cash equivalents 1,400,074 1,569,387 (169,313)Time deposits 46,682 50,349 (3,667)Marketable securities 614,985 634,879 (19,894)Trade accounts and notes receivable, 1,699,145 1,980,680 (281,535)less allowance for doubtful accountsFinance receivables, net 3,594,910 3,497,319 97,591Other receivables 457,894 416,336 41,558Inventories 1,642,730 1,620,975 21,755Deferred income taxes 520,658 520,494 164Prepaid expenses and other current 562,020 444,803 117,217assetsNoncurrent finance receivables, net 4,903,260 4,830,216 73,044Investments and other assets 6,034,971 6,099,529 (64,558)Property, plant and equipment : 7,266,019 7,066,628 199,391Land 1,216,002 1,215,897 105Buildings 3,191,888 3,156,613 35,275Machinery and equipment 8,486,782 8,482,832 3,950Vehicles and equipment on operating 2,773,733 2,605,426 168,307leasesConstruction in progress 472,110 397,076 75,034Less - Accumulated depreciation (8,874,496) (8,791,216) (83,280) Total assets 28,743,348 28,731,595 11,753 (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) (Amounts are rounded to the nearest million yen) FY2007 first quarter FY2006 Increase (As of June 30, 2006) (As of March 31, 2006) (Decrease) LiabilitiesCurrent liabilities : 9,959,301 10,028,735 (69,434)Short-term borrowings 3,017,617 3,033,019 (15,402)Current portion of long-term debt 1,848,698 1,723,888 124,810Accounts payable 1,923,886 2,086,587 (162,701)Other payables 672,166 730,184 (58,018)Accrued expenses 1,525,532 1,464,263 61,269Income taxes payable 242,842 347,488 (104,646)Other current liabilities 728,560 643,306 85,254Long-term liabilities : 7,749,545 7,552,831 196,714Long-term debt 5,859,442 5,640,490 218,952Accrued pension and severance costs 682,893 679,918 2,975Deferred income taxes 1,068,772 1,092,995 (24,223)Other long-term liabilities 138,438 139,428 (990) Total liabilities 17,708,846 17,581,566 127,280 Minority interest in consolidated 581,610 589,580 (7,970) subsidiaries Shareholders' equityCommon stock 397,050 397,050 -Additional paid-in capital 495,226 495,250 (24)Retained earnings 10,652,996 10,459,788 193,208Accumulated other comprehensive 298,949 437,316 (138,367)lncomeTreasury stock, at cost (1,391,329) (1,228,955) (162,374) Total shareholders' equity 10,452,892 10,560,449 (107,557)Total liabilities and shareholders' 28,743,348 28,731,595 11,753equity SEGMENT INFORMATION (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 1. Segment Operating Results (1) FY2007 first quarter (April 2006 through June 2006) (Amounts are rounded to the nearest million yen) Automotive Financial All Other Intersegment Consolidated Services EliminationNet revenues :(1) Sales to external 5,184,673 279,414 174,025 - 5,638,112customers(2) Intersegment 3,002 5,235 120,954 (129,191) -sales and transfers Total 5,187,675 284,649 294,979 (129,191) 5,638,112Operating expenses 4,728,203 236,969 289,759 (129,238) 5,125,693Operating income 459,472 47,680 5,220 47 512,419 (2) FY2006 first quarter (April 2005 through June 2005) (Amounts are rounded to the nearest million yen) Automotive Financial All Other Intersegment Consolidated Services EliminationNet revenues :(1) Sales to external 4,616,974 212,814 151,997 - 4,981,785customers(2) Intersegment 3,667 4,650 82,415 (90,732) -sales and transfers Total 4,620,641 217,464 234,412 (90,732) 4,981,785Operating expenses 4,253,750 177,705 232,953 (87,751) 4,576,657Operating income 366,891 39,759 1,459 (2,981) 405,128 (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 2. Geographic Information (1) FY2007 first quarter (April 2006 through June 2006) (Amounts are rounded to the nearest million yen) Japan North Europe Asia Other Intersegment Consolidated America EliminationNet revenues :(1) Sales to external 1,869,462 2,131,391 793,196 431,819 412,244 - 5,638,112customers(2) Intersegment 1,552,825 50,209 39,103 52,807 40,861 (1,735,805) -sales and transfers Total 3,422,287 2,181,600 832,299 484,626 453,105 (1,735,805) 5,638,112Operating expenses 3,129,316 2,041,471 795,785 454,601 437,180 (1,732,660) 5,125,693Operating income 292,971 140,129 36,514 30,025 15,925 (3,145) 512,419 (2) FY2006 first quarter (April 2005 through June 2005) (Amounts are rounded to the nearest million yen) Japan North Europe Asia Other Intersegment Consolidated America EliminationNet revenues :(1) Sales to external 1,747,969 1,791,770 641,724 464,659 335,663 - 4,981,785customers(2) Intersegment 1,244,006 43,945 31,428 42,484 27,763 (1,389,626) -sales and transfers Total 2,991,975 1,835,715 673,152 507,143 363,426 (1,389,626) 4,981,785Operating expenses 2,803,622 1,697,893 656,406 467,335 346,437 (1,395,036) 4,576,657Operating income 188,353 137,822 16,746 39,808 16,989 5,410 405,128 (All financial information has been prepared in accordance with accounting principles generally accepted in Japan) UNCONSOLIDATED STATEMENTS OF INCOME (Million yen; amounts less than one million yen are omitted) FY2007 first quarter FY2006 first quarter Increase (April 2006 through (April 2005 through (Decrease) June 2006) June 2005)Net sales 2,698,591 2,345,756 352,835Gross profit 526,183 421,035 105,148Operating income 246,594 143,326 103,268Ordinary income 399,983 217,903 182,080Income before income taxes 399,983 217,903 182,080Income taxes - current 134,100 79,800 54,300Income taxes - deferred (11,785) (14,647) 2,862Net income 277,668 152,750 124,918 UNCONSOLIDATED BALANCE SHEETS (Million yen; amounts less than one million yen are omitted) FY2007 first quarter FY2006 Increase (As of June 30,2006) (As of March 31,2006) (Decrease) AssetsCurrent assets 3,421,474 3,795,723 (374,249) Cash, deposits and trade 1,191,869 1,314,316 (122,447)accounts receivable Marketable securities 611,665 922,033 (310,368) Others 1,617,938 1,559,373 58,565Fixed assets 6,104,004 6,113,286 (9,282) Property, plant and equipment 1,276,392 1,279,608 (3,216) Buildings, machinery and 688,176 668,205 19,971equipment Others 588,216 611,403 (23,187) Investments and other assets 4,827,611 4,833,678 (6,067) Investments in securities 2,241,077 2,314,903 (73,826) Others 2,586,533 2,518,775 67,758 Total 9,525,478 9,909,010 (383,532) FY2007 first quarter FY2006 Increase (As of June 30,2006) (As of March (Decrease) 31,2006) LiabilitiesCurrent liabilities 2,139,296 2,379,900 (240,604)Long-term liabilities 813,180 842,213 (29,033)Total liabilities 2,952,477 3,222,114 (269,637) Net assetsShareholders' equity 6,104,987 - 6,104,987Valuation and translation adjustments 468,014 - 468,014Total net assets 6,573,001 - 6,573,001 Shareholders' equityCommon stock - 397,049 (397,049)Capital surplus - 416,970 (416,970)Retained earnings - 6,614,868 (6,614,868)Net unrealized gains on other securities - 518,155 (518,155)Less: treasury stock - (1,260,148) 1,260,148Total shareholders' equity - 6,686,895 (6,686,895) Total 9,525,478 9,909,010 (383,532) This information is provided by RNS The company news service from the London Stock Exchange

Related Shares:

Toyota Motor
FTSE 100 Latest
Value8,275.66
Change0.00