7th Feb 2006 12:31
Toyota Motor Corporation07 February 2006 For immediate release February 7, 2006 Toyota Announces Third Quarter Financial Results Net revenues and income significantly increase (All consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) Tokyo - TOYOTA MOTOR CORPORATION (TMC) today announced operating resultsfor the three months ended December 31, 2005. On a consolidated basis, net revenues for the period totaled 5.33 trillion yen,an increase of 14.8 percent compared to the same period last fiscal year.Operating income increased 14.0 percent to 482.2 billion yen, while incomebefore income taxes, minority interest and equity in earnings of affiliatedcompanies rose to 639.9 billion yen. Net income was 397.5 billion yen. Positive contributions to operating income totaled 220.0 billion yen andincluded effects of changes in exchange rates of 130.0 billion yen, marketingefforts of 60.0 billion yen and cost reduction efforts of 30.0 billion yen.Negative factors totaled 160.7 billion yen, including an increase in expenses of132.2 billion yen and a decrease in the gains recognized on the transfer of thesubstitutional portion of the employee pension fund to the government of 28.5billion yen. As a result of the merger between Mitsubishi Tokyo Financial Group, Inc. and UFJHoldings, Inc. on October 1, 2005, TMC recorded a gain of 143.3 billion yen inincome before income taxes, minority interest and equity earnings of affiliatedcompanies in this quarter. Commenting on the results, TMC Senior Managing Director Takeshi Suzuki said,"Compared with the first and second quarters, operating income strongly improvedin the third quarter, exceeding the results of the same period last year. Salesgrowth, particularly in Asia and North America, along with cost reductionefforts and currency fluctuations contributed to the increase." Consolidated vehicle sales for the three months reached 1.98 million vehicles,an increase of 141 thousand vehicles compared with the same period of the lastfiscal year. In Japan, with the exception of the mini-vehicle segment, overall market demandwas weak. Yet Toyota's consolidated vehicle sales remained at approximately thesame level as the third quarter of the last fiscal year, totaling 571 thousandvehicles. Toyota's market share levels (excluding mini-vehicles) remained highat more than 46 percent. Sales in North America reached 643 thousand vehicles, an increase of 67 thousandvehicles compared with the same period of the last fiscal year due to the strongpopularity of the Avalon, Tacoma pick-up trucks, Prius and the Scion lineup. In Europe, sales totaled 246 thousand vehicles, approximately the same level asthe third quarter of the last fiscal year, despite a difficult marketenvironment. Sales in Asia, which have been reported as an independent geographical segmentsince the first quarter, rose to 217 thousand vehicles, an increase of 22thousand vehicles. This increase was mainly due to the successful expansion ofthe IMV (Innovative International Multi-purpose Vehicle) project. Sales in other regions including Africa and Central and South America reached303 thousand vehicles, an increase of 57 thousand vehicles. TMC estimates that consolidated vehicle sales for the fiscal year ending March31, 2006 will be 7.95 million vehicles, a decrease of 80 thousand vehicles fromthe forecast announced in November 2005. Suzuki concluded by commenting on the profit outlook for the fiscal year endingMarch 31, 2006. "Prospects for our unconsolidated financial results have notchanged since our interim report," he said. "We aim to exceed last year'stotals for consolidated revenue and earnings." (Please visit the "For Investors" section of Toyota's website for financialresults at http://www.toyota.co/.jp/en/ir/) Cautionary Statement with Respect to Forward-Looking Statements This release contains forward-looking statements that reflect Toyota's plans andexpectations. These forward-looking statements are not guarantees of futureperformance and involve known and unknown risks, uncertainties and other factorsthat may cause Toyota's actual results, performance, achievements or financialposition to be materially different from any future results, performance,achievements or financial position expressed or implied by these forward-lookingstatements. These factors include: (i) changes in economic conditionsaffecting, 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 valueof the Japanese yen, the U.S. dollar, the euro, the Australian dollar and theBritish pound; (iii) Toyota's ability to realize production efficiencies and toimplement capital expenditures at the levels and times planned by management;(iv) changes in the laws, regulations and government policies affecting Toyota'sautomotive operations, particularly laws, regulations and policies relating toenvironmental protection, vehicle emissions, vehicle fuel economy and vehiclesafety, as well as changes in laws, regulations and government policiesaffecting Toyota's other operations, including the outcome of future litigationand other legal proceedings; (v) political instability in the markets in whichToyota operates; (vi) Toyota's ability to timely develop and achieve marketacceptance of new products; and (vii) fuel shortages or interruptions intransportation systems, labor strikes, work stoppages or other interruptions to,or difficulties in, the employment of labor in the major markets where Toyotapurchases materials, components and supplies for the production of its productsor where its products are produced, distributed or sold. A discussion of theseand other factors which may affect Toyota's actual results, performance,achievements or financial position is contained in Toyota's annual report onForm 20-F, which is on file with the United States Securities and ExchangeCommission. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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