5th Feb 2008 09:14
Toyota Motor Corporation05 February 2008 For immediate release February 5, 2008 Toyota Announces Record Third Quarter Operating Results -Net Revenue, Operating income and Net income Mark New Record for the Third Quarter- (All consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States) Tokyo - TOYOTA MOTOR CORPORATION (TMC) today announced operating resultsfor the third quarter ended December 31, 2007. On a consolidated basis, net revenues for the third quarter totaled 6.71trillion yen, an increase of 9.2 percent compared to the same period last fiscalyear. Operating income increased 4.7 percent to 601.5 billion yen, while incomebefore income taxes, minority interest and equity in earnings of affiliatedcompanies was 652.7 billion yen. Net income increased by 7.5 percent to 458.6billion yen. Positive contributions to operating income totaled 140.0 billion yen, consistingof 100.0 billion yen from marketing efforts and 40.0 billion yen from costreduction efforts. Negative factors totaled 113.2 billion yen. Commenting on the results, Takeshi Suzuki, TMC Senior Managing Director, said, "For this period, we posted our highest ever quarterly results for the thirdquarter in both revenues and profits, despite the severe business environment.Operating income has become more equally balanced among the regions, withsignificant higher contribution from growing markets, specifically emerging andresource-rich countries. We believe our record high financial results can beattributed to Toyota's growth strategy of utilizing every opportunity across thefull product line-up and all regions. " Consolidated vehicle sales for the third quarter amounted to 2.281 millionunits, an increase of 126 thousand units compared with the same period lastfiscal year. In Japan, vehicle sales were 541 thousand units. Operating income increased by5.9 billion yen to 389.4 billion yen, due to launches of new models as well asan increase in domestic production to meet increased overseas demand. Vehicle sales in North America totaled 756 thousand units, a decrease of 8thousand units. Operating income decreased by 35.5 billion yen, to 63.6 billionyen, due to the valuation loss on interest rate swaps from declines in interestrates. However, sales of the new Tundra and fuel-efficient models such as thePrius were strong. In Europe, vehicle sales increased by 2 thousand units, to 308 thousand units.Operating income was 34.0 billion yen, which was nearly flat over the sameperiod last fiscal year. Vehicle sales in some markets including Germanydecreased, while sales in Russia and the Eastern European countries showedsteady growth, due to strong sales of models such as the Camry and the Auris. Sales in Asia increased by 37 thousand units to 241 thousand units. Operatingincome in the region more than doubled, to 64.3 billion yen. Increase in salesvolume, especially in Indonesia and Thailand and the production capacityincrease in Thailand to meet the recovering market demand contributed to theprofit increase. In addition, our consolidated subsidiaries in China greatlycontributed to the earnings as well. In the other regions including South and Central America, Africa and Oceania,sales reached 435 thousand units, an increase of 95 thousand units, due to theincremental sales in all of these regions. As a result, operating incomeincreased by 18.9 billion yen, to 49.9 billion yen. Suzuki also commented on the shareholders' return, "Our net income has grownrapidly in recent years. We plan to actively return value from our increasedearnings to our shareholders". The Board of Directors has resolved to purchase the maximum number of sharesauthorized at the ordinary General Shareholders' Meeting held in June 2007 byfurther acquiring the remaining authorized shares, up to 10 million shares. Inaddition, it has authorized to purchase additional shares, up to 12 millionshares, by the end of this month. Altogether, the company will purchase up tothe lesser of 22 million shares or 120 billion yen. Further, the Board ofDirectors has resolved to cancel 162 million shares of treasury stock during thecurrent fiscal year to define improvement of capital efficiency. The remainingapproximately 300 million shares will be kept as treasury stock to securemanagement flexibility. TMC estimates that the projected consolidated vehicle sales for the fiscal yearending March 31, 2008 will be 8.93 million units, which is unchanged from TMC'sforecast announced in November 2007. The company's consolidated revenues andearnings forecast for the fiscal year also remains unchanged, with consolidatednet revenues of 25.5 trillion yen, operating income of 2.3 trillion yen and netincome of 1.7 trillion yen. (Please see attached information for details on financial results. Furtherinformation is also available on the Internet at www.toyota.co.jp) Paste the following link into your web browser to download the PDF document related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/2976n_-2008-2-5.pdf 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 conditions andmarket demand affecting, and the competitive environment in, the automotivemarkets in Japan, North America, Europe and other markets in which Toyotaoperates; (ii) fluctuations in currency exchange rates, particularly withrespect to the value of the Japanese yen, the U.S. dollar, the Euro, theAustralian dollar and the British pound; (iii) Toyota's ability to realizeproduction efficiencies and to implement capital expenditures at the levels andtimes planned by management; (iv) changes in the laws, regulations andgovernment policies in the markets in which Toyota operates that affect Toyota'sautomotive operations, particularly laws, regulations and government policiesrelating to trade, environmental protection, vehicle emissions, vehicle fueleconomy and vehicle safety, as well as changes in laws, regulations andgovernment policies that affect Toyota's other operations, including the outcomeof future litigation and other legal proceedings; (v) political instability inthe markets in which Toyota operates; (vi) Toyota's ability to timely developand achieve market acceptance of new products; and (vii) fuel shortages orinterruptions in transportation systems, labor strikes, work stoppages or otherinterruptions to, or difficulties in, the employment of labor in the majormarkets where Toyota purchases materials, components and supplies for theproduction of its products or where its products are produced, distributed orsold. A discussion of these and other factors which may affect Toyota's actualresults, performance, achievements or financial position is contained inToyota's annual report on Form 20-F, which is on file with the United StatesSecurities and Exchange Commission. # # # Contact: Public Affairs Division at (03) 3817-9110/9161 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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