7th Nov 2006 17:40
Toyota Motor Corporation07 November 2006 For immediate release November 7, 2006 Toyota Announces Semi-Annual Results Net Revenues, Operating Income and Net Income Mark New Record for First Half (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 results for thesix months ended September 30, 2006. On a consolidated basis, net revenues for the period totaled 11.47 trillion yen,an increase of 15.3 percent compared to the same period last fiscal year.Operating income increased 35.1 percent to 1.09 trillion yen, while incomebefore income taxes, minority interest and equity in earnings of affiliatedcompanies was 1.17 trillion yen. Net income increased 36.2 percent to 777.2billion yen. Positive contributions to operating income totaled 380.0 billion yen, consistingof 190.0 billion yen from the effects of changes in foreign exchange rates,150.0 billion yen from marketing efforts and 40.0 billion yen from costreduction efforts. Negative factors totaled 96.0 billion yen, including anincrease in R&D expenses of 20.1 billion yen. TMC also announced an interim cash dividend of 50 yen per share for the firsthalf ended September 30, an increase of 15 yen per share compared with the sameperiod last year. Commenting on the results, TMC Executive Vice President Mitsuo Kinoshita said,"For the first half, Toyota posted record consolidated results across the board.Our first half revenues exceeded ten trillion yen and operating incomeexceeded one trillion yen for the first time. We believe our efforts to build asolid operational foundation contributed to these results." Consolidated vehicle sales for the first half reached a record high of 4.145million, an increase of 312 thousand units over the same period last year. In Japan, vehicle sales decreased by 13 thousand over the same period last year,to 1.073 million units. Despite positive sales of new models such as theRactis, Belta and Rush, sales of certain existing models declined. Toyota'smarket share excluding mini-vehicles grew by 1.9 percent compared with the firsthalf of last fiscal year, to 44.7 percent. Operating income from Japaneseoperations increased by 298.5 billion yen from the same period last year, to684.4 billion yen, mainly due high domestic production volume in response tostrong demand outside of Japan. In North America, sales reached 1.464 million, an increase of 219 thousandunits, due to the strong sales of redesigned models such as the RAV4 and Yarisand the new model FJ Cruiser. Operating income decreased by 18.0 billion yen,to 250.5 billion yen. This is mainly due to the valuation losses on interestrate swaps. In Europe, led by sales of compact models such as Aygo and Yaris, vehicle salesincreased by 91 thousand, to 589 thousand units. Operating income from Europeanoperations increased by 25.9 billion yen, to 66.0 billion yen. In Asia, sales decreased by 66 thousand units, to 382 thousand, mainly due tosales decreases in Indonesia and Taiwan. Operating income from Asian operationsdecreased by 14.1 billion yen, to 61.3 billion yen, as a result of decreases inboth production and sales volume. In other regions, including Central and South America, Oceania and Africa, salesincreased to 637 thousand units, an increase of 81 thousand, due to strong salesof the IMV series. Operating income in these regions decreased by 0.1 billionyen, to 36.1 billion yen. TMC estimates that the projected consolidated vehicle sales for the fiscal yearending March 31, 2007 will be 8.470 million units, which is an upward revisionfrom TMC's initial forecast announced in May 2006. Consolidated revenues andearnings forecast for the fiscal year were also revised, projecting consolidatednet revenues of 23.2 trillion yen, operating income of 2.20 trillion yen and netincome of 1.55 trillion yen. Commenting on the outlook for consolidated profit for the fiscal year endingMarch 31, 2007, Kinoshita said, "Despite increased raw material costs andbusiness expansion expenses, we aim to achieve higher levels of revenues andprofits through further increase of vehicle sales and cost reductions." (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/6967l_-2006-11-7.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 policies relating totrade, environmental protection, vehicle emissions, vehicle fuel economy andvehicle safety, as well as changes in laws, regulations and government policiesthat affect Toyota's other operations, including the outcome of futurelitigation and other legal proceedings; (v) political instability in the marketsin which Toyota operates; (vi) Toyota's ability to timely develop and achievemarket acceptance 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 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. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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