EX-99.1 2 d426308dex991.htm FY2013 SECOND QUARTER FINANCIAL SUMMARY FY2013 Second Quarter Financial Summary
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FINANCIAL SUMMARY

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

FY2013 Second Quarter

(April 1, 2012 through September 30, 2012)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION


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  FY2013 Second Quarter Consolidated Financial Results   LOGO

(All financial information has been prepared in accordance with accounting principles generally accepted in

the United States of America)

English translation from the original Japanese-language document

November 5, 2012

 

Company name

   : Toyota Motor Corporation

Stock exchanges on which the shares are listed

  

: Tokyo, Osaka, Nagoya, Sapporo and Fukuoka Stock

  Exchanges in Japan

Code number

   : 7203

URL

   : http://www.toyota.co.jp

Representative

   : Akio Toyoda, President

Contact person

  

: Tetsuya Otake, General Manager, Accounting Division

  Tel. (0565)28-2121

Filing date of quarterly securities report

   : November 14, 2012

Payment date of cash dividends

   : November 27, 2012

Supplemental materials prepared for quarterly financial results

   : yes

Earnings announcement for quarterly financial results

   : yes

(Amounts are rounded to the nearest million yen)

 

1. Consolidated Results for FY2013 First Half (April 1, 2012 through September 30, 2012)

 

(1) Consolidated financial results (For the six months ended September 30)

 

     (% of change from previous first half)  
     Net revenues      Operating income      Income before income taxes
and equity in earnings of
affiliated companies
     Net income attributable  to
Toyota Motor Corporation
 
     Million yen          %      Million yen          %      Million yen          %      Million yen          %  

FY2013 first half

     10,908,354         36.1         693,750                 794,537                 548,269         572.1   

FY2012 first half

     8,015,922         -17.2         -32,573                 -1,403                 81,581         -71.8   

 

(Note) Quarterly comprehensive income: FY2013 first half 325,240 million yen (— %), FY2012 first half-214,197 million yen (— %)

 

     Net income attributable to
Toyota Motor Corporation
per share – Basic
     Net income attributable to
Toyota Motor Corporation
per share  – Diluted
 
     Yen      Yen  

FY2013 first half

     173.13         173.13   

FY2012 first half

     26.02         26.02   

 

(2) Consolidated financial position

 

     Total assets      Shareholders’ equity      Toyota Motor  Corporation
shareholders’ equity
     Ratio of
Toyota Motor Corporation
shareholders’ equity
 
     Million yen      Million yen      Million yen      %  

FY2013 second quarter

     30,100,682         11,265,274         10,738,895         35.7   

FY2012

     30,650,965         11,066,478         10,550,261         34.4   

 

2. Cash dividends

 

     Annual cash dividends per share  
     End of first
quarter
     End of second
quarter
     End of third
quarter
     Year-end      Total  
     Yen      Yen      Yen      Yen      Yen  

FY2012

             20.00                 30.00         50.00   

FY2013

             30.00            

FY2013 (forecast)

                             

 

(Note) Revisions to the forecast of cash dividends since the latest announcement: none


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3. Forecast of consolidated results for FY2013 (April 1, 2012 through March 31, 2013)

 

     (% of change from FY2012)  
     Net revenues      Operating income      Income before income  taxes
and equity in earnings of
affiliated companies
     Net income attributable  to
Toyota Motor Corporation
     Net income attributable to
Toyota Motor Corporation
per share – Basic
 
     Million yen          %      Million yen          %      Million yen          %      Million yen          %      Yen  

FY2013

     21,300,000         14.6         1,050,000         195.3         1,180,000         172.6         780,000         175.1         246.30   

 

(Note) Revisions to the forecast of consolidated results since the latest announcement: yes


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Notes

 

(1) Changes in significant subsidiaries during the current quarter (Changes in specified subsidiaries that caused a change in the scope of consolidation): none

 

(2) Simplified accounting procedures and specific accounting procedures: yes

Note: For more details, please see page 5 “Other Information”.

 

(3) Changes in accounting policies

 

  (i) Changes by a newly issued accounting pronouncement: yes

 

  (ii) Changes other than (3)-(i) above: none

Note: For more details, please see page 5 “Other Information”.

 

(4) Number of shares issued and outstanding (common stock)

 

  (i) Number of shares issued and outstanding at the end of each period (including treasury stock):
     FY2013 second quarter 3,447,997,492 shares, FY2012 3,447,997,492 shares

 

  (ii) Number of treasury stock at the end of each period: FY2013 second quarter 281,192,085 shares,
     FY2012 281,187,739 shares

 

  (iii) Average number of shares issued and outstanding in each period: FY2013 first half 3,166,806,561 shares,
     FY2012 first half 3,135,690,797 shares

Information Regarding the Quarterly Review Procedures

At the time of disclosure of this report, the procedures for review of quarterly consolidated financial statements, pursuant to the “Financial Instruments and Exchange Act” of Japan, have not been completed.

Cautionary Statement with Respect to Forward-Looking Statements, and Other Information

This report contains forward-looking statements that reflect Toyota’s forecasts for consolidated results. 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, but are not limited to: (i) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales; (ii) 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; (iii) 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, and interest rates fluctuations; (iv) changes in funding environment in financial markets and increased competition in the financial services industry; (v) Toyota’s ability to market and distribute effectively; (vi) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vii) 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; (viii) political and economic instability in the markets in which Toyota operates; (ix) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (x) any damage to Toyota’s brand image; (xi) Toyota’s reliance on various suppliers for the provision of supplies; (xii) increases in prices of raw materials; (xiii) Toyota’s reliance on various digital and information technologies; and (xiv) fuel shortages or interruptions in electricity, 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.

A 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.

This report contains summarized and condensed financial information prepared in accordance with accounting principles generally accepted in the United States of America.


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TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

TABLE OF CONTENTS

 

1.  Qualitative Information Concerning Consolidated Financial Results for FY2013 First Half

     2   

(1) Financial Results

     2   

(2) Segment Operating Results

     2   

(3) Geographic Information

     3   

2.  Qualitative Information Concerning Forecast of Consolidated Financial Results for FY2013

     4   

3.  Other Information

     5   

(1) Changes in significant subsidiaries during the current period

     5   

(2) Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements

     5   

(3) Changes in accounting principles, procedures, and disclosures for quarterly consolidated financial statements

     5   

4.  Consolidated Production and Sales

     6   

(1) Production

     6   

(2) Sales (by destination)

     6   

5.  Quarterly Consolidated Financial Statements

     7   

(1) Quarterly Consolidated Balance Sheets

     7   

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income

     9   

(3) Quarterly Consolidated Statements of Cash Flows

     13   

(4) Going Concern Assumption

     13   

(5) Segment Information

     14   

(6) Significant Changes in Shareholders’ Equity

     16   

 

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TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

 

1. Qualitative Information Concerning Consolidated Financial Results for FY2013 First Half

 

(1) Financial Results

Consolidated vehicle unit sales in Japan and overseas increased by 1,490 thousand units, or 49.2%, to 4,516 thousand units in FY2013 first half (the six months ended September 30, 2012) compared with FY2012 first half (the six months ended September 30, 2011). Vehicle unit sales in Japan increased by 395 thousand units, or 49.5%, to 1,192 thousand units in FY2013 first half compared with FY2012 first half. Meanwhile, overseas vehicle unit sales also increased by 1,095 thousand units, or 49.1%, to 3,324 thousand units in FY2013 first half compared with FY2012 first half.

As for the results of operations, net revenues increased by 2,892.4 billion yen, or 36.1%, to 10,908.3 billion yen in FY2013 first half compared with FY2012 first half, and operating income increased by 726.3 billion yen to 693.7 billion yen in FY2013 first half compared with FY2012 first half. Among the factors contributing to an increase in operating income were the effects of marketing efforts of 580.0 billion yen and cost reduction efforts of 230.0 billion yen. On the other hand, factors contributing to a decrease in operating income primarily included the effects of changes in exchange rates of 60.0 billion yen, an increase in expense and others of 20.0 billion yen and other factors of 3.7 billion yen. Income before income taxes and equity in earnings of affiliated companies increased by 795.9 billion yen to 794.5 billion yen in FY2013 first half compared with FY2012 first half. Net income attributable to Toyota Motor Corporation increased by 466.6 billion yen, or 572.1%, to 548.2 billion yen in FY2013 first half compared with FY2012 first half.

(2) Segment Operating Results

(i) Automotive:

Net revenues for the automotive operations increased by 2,884.8 billion yen, or 39.8%, to 10,128.8 billion yen in FY2013 first half compared with FY2012 first half, and operating income increased by 708.0 billion yen to 498.0 billion yen in FY2013 first half compared with FY2012 first half. The increase in operating income was mainly due to increases in both production volume and vehicle unit sales and cost reduction efforts.

(ii) Financial services:

Net revenues for the financial services operations decreased by 10.3 billion yen, or 1.9%, to 546.4 billion yen in FY2013 first half compared with FY2012 first half. However, operating income increased by 3.4 billion yen, or 2.0%, to 174.5 billion yen in FY2013 first half compared with FY2012 first half. The increase in operating income was mainly due to an increase in valuation gains from transactions such as interest rate swaps measured at fair value, despite effects related to credit losses including provision and reversal in sales finance subsidiaries.

(iii) All other:

Net revenues for all other businesses increased by 50.2 billion yen, or 11.3%, to 495.9 billion yen in FY2013 first half compared with FY2012 first half, and operating income increased by 14.4 billion yen, or 181.2%, to 22.4 billion yen in FY2013 first half compared with FY2012 first half.

 

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TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

(3) Geographic Information

(i) Japan:

Net revenues in Japan increased by 1,752.7 billion yen, or 37.7%, to 6,406.2 billion yen in FY2013 first half compared with FY2012 first half, and operating income increased by 526.7 billion yen to 250.8 billion yen in FY2013 first half compared with FY2012 first half. The increase in operating income was mainly due to increases in both production volume and vehicle unit sales and cost reduction efforts.

(ii) North America:

Net revenues in North America increased by 1,104.3 billion yen, or 56.9%, to 3,043.7 billion yen in FY2013 first half compared with FY2012 first half, and operating income increased by 121.0 billion yen, or 196.7%, to 182.6 billion yen in FY2013 first half compared with FY2012 first half. The increase in operating income was mainly due to increases in both production volume and vehicle unit sales.

(iii) Europe:

Net revenues in Europe increased by 50.5 billion yen, or 5.3%, to 1,009.6 billion yen in FY2013 first half compared with FY2012 first half, and operating income increased by 13.9 billion yen to 12.0 billion yen in FY2013 first half compared with FY2012 first half. The increase in operating income was mainly due to increases in both production volume and vehicle unit sales.

(iv) Asia:

Net revenues in Asia increased by 634.7 billion yen, or 41.6%, to 2,161.9 billion yen in FY2013 first half compared with FY2012 first half, and operating income increased by 63.9 billion yen, or 49.0%, to 194.5 billion yen in FY2013 first half compared with FY2012 first half. The increase in operating income was mainly due to increases in both production volume and vehicle unit sales.

(v) Other (Central and South America, Oceania and Africa):

Net revenues in other regions increased by 160.3 billion yen, or 19.5%, to 984.3 billion yen in FY2013 first half compared with FY2012 first half, and operating income increased by 0.6 billion yen, or 1.1%, to 58.7 billion yen in FY2013 first half compared with FY2012 first half.

 

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TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

 

2. Qualitative Information Concerning Forecast of Consolidated Financial Results for FY2013

Reflecting the current trend of foreign currency exchange rates, the revision of our sales plans based on our recent business performance and favorable results obtained from a variety of measures for profit improvement, the current forecast of consolidated financial results for FY2013 (April 1, 2012 through March 31, 2013) is set forth below. This forecast assumes average exchange rates through the fiscal year of 79 yen per US$1 and 100 yen per 1 euro.

Forecast of consolidated results for FY2013

 

Net revenues

   21,300.0 billion yen    (an increase of   14.6% compared with FY2012)

Operating income

   1,050.0 billion yen    (an increase of 195.3% compared with FY2012)

Income before income taxes and equity in earnings of affiliated companies

   1,180.0 billion yen    (an increase of 172.6% compared with FY2012)

Net income attributable to Toyota Motor Corporation

   780.0 billion yen    (an increase of 175.1% compared with FY2012)

This report 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, but are not limited to: (i) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales; (ii) 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; (iii) 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, and interest rates fluctuations; (iv) changes in funding environment in financial markets and increased competition in the financial services industry; (v) Toyota’s ability to market and distribute effectively; (vi) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vii) 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; (viii) political and economic instability in the markets in which Toyota operates; (ix) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (x) any damage to Toyota’s brand image; (xi) Toyota’s reliance on various suppliers for the provision of supplies; (xii) increases in prices of raw materials; (xiii) Toyota’s reliance on various digital and information technologies; and (xiv) fuel shortages or interruptions in electricity, 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.

A 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.

 

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TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

 

3. Other Information

(1) Changes in significant subsidiaries during the current period

(Changes in specified subsidiaries that caused a change in the scope of consolidation)

None

(2) Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements

Provision for income taxes

The provision for income taxes is computed by multiplying income before income taxes and equity in earnings of affiliated companies by estimated annual effective tax rates. These estimated effective tax rates reflect anticipated investment tax credits, foreign tax credits and other items including changes in valuation allowances, that are expected to affect estimated effective tax rates.

(3) Changes in accounting principles, procedures, and disclosures for quarterly consolidated financial statements

In June 2011, the Financial Accounting Standards Board (“FASB”) issued updated guidance on the presentation of comprehensive income. This guidance requires to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Toyota and its consolidated subsidiaries (“Toyota”) adopted this guidance from the interim period within the fiscal year, begun after December 15, 2011. The adoption of this guidance did not have a material impact on Toyota’s quarterly consolidated financial statements.

 

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TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

 

4. Consolidated Production and Sales

(1) Production

 

          (Units)  

Business segment

   FY2012 first half
(April 1, 2011 through
September 30, 2011)
     FY2013 first half
(April 1, 2012 through
September 30, 2012)
     Increase
(Decrease)
 

Automotive

   Japan      1,570,878         2,205,682         634,804   
   North America      464,609         841,608         376,999   
   Europe      154,202         179,895         25,693   
   Asia      690,534         948,234         257,700   
   Other      193,462         225,248         31,786   
     

 

 

    

 

 

    

 

 

 
   Total      3,073,685         4,400,667         1,326,982   
     

 

 

    

 

 

    

 

 

 

Other

   Housing      2,535         2,437         (98
    

 

 

Business segment

   FY2012 second quarter
(July 1, 2011 through
September 30, 2011)
     FY2013 second quarter
(July 1, 2012 through
September 30, 2012)
     Increase
(Decrease)
 

Automotive

   Japan      1,014,731         1,100,396         85,665   
   North America      276,349         390,885         114,536   
   Europe      78,450         77,865         (585
   Asia      410,710         478,164         67,454   
   Other      103,788         117,195         13,407   
     

 

 

    

 

 

    

 

 

 
   Total      1,884,028         2,164,505         280,477   
     

 

 

    

 

 

    

 

 

 

Other

   Housing      1,526         1,393         (133

 

Note: 1 Production in “Automotive” indicates production units of vehicles (new).

           2 “Other” in “Automotive” consists of Central and South America, Oceania and Africa.

 

(2) Sales (by destination)

    

               

  

          (Units)  

Business segment

   FY2012 first half
(April 1, 2011 through
September 30, 2011)
     FY2013 first half
(April 1, 2012 through
September 30, 2012)
     Increase
(Decrease)
 

Automotive

   Japan      797,063         1,191,930         394,867   
   North America      689,304         1,260,728         571,424   
   Europe      361,122         412,166         51,044   
   Asia      615,188         839,865         224,677   
   Other      564,229         811,497         247,268   
     

 

 

    

 

 

    

 

 

 
   Total      3,026,906         4,516,186         1,489,280   
     

 

 

    

 

 

    

 

 

 

Other

   Housing      2,441         2,424         (17
             
    

 

 

Business segment

   FY2012 second quarter
(July 1, 2011 through
September 30, 2011)
     FY2013 second quarter
(July 1, 2012 through
September 30, 2012)
     Increase
(Decrease)
 

Automotive

   Japan      504,780         615,260         110,480   
   North America      413,836         598,381         184,545   
   Europe      186,873         203,319         16,446   
   Asia      355,315         421,109         65,794   
   Other      344,728         409,554         64,826   
     

 

 

    

 

 

    

 

 

 
   Total      1,805,532         2,247,623         442,091   
     

 

 

    

 

 

    

 

 

 

Other

   Housing      1,562         1,494         (68

 

Note: 1 Sales in “Automotive” indicates sales units of vehicles (new).
     2 “Other” in “Automotive” consists of Central and South America, Oceania, Africa and the Middle East, etc.

 

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TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

 

5. Quarterly Consolidated Financial Statements

(1) Quarterly Consolidated Balance Sheets

 

     (Amount: million yen)  
     FY2012
(March 31, 2012)
    FY2013 second quarter
(September 30, 2012)
    Increase
(Decrease)
 

Assets

      

Current assets:

      

Cash and cash equivalents

     1,679,200        1,665,422        (13,778

Time deposits

     80,301        111,751        31,450   

Marketable securities

     1,181,070        1,287,547        106,477   

Trade accounts and notes receivable, less allowance for doubtful accounts

     1,999,827        1,697,071        (302,756

Finance receivables, net

     4,114,897        4,181,475        66,578   

Other receivables

     408,547        330,491        (78,056

Inventories

     1,622,282        1,566,995        (55,287

Deferred income taxes

     718,687        665,419        (53,268

Prepaid expenses and other current assets

     516,378        455,203        (61,175
  

 

 

   

 

 

   

 

 

 

Total current assets

     12,321,189        11,961,374        (359,815
  

 

 

   

 

 

   

 

 

 

Noncurrent finance receivables, net

     5,602,462        5,539,741        (62,721

Investments and other assets:

      

Marketable securities and other securities investments

     4,053,572        4,120,626        67,054   

Affiliated companies

     1,920,987        1,919,273        (1,714

Employees receivables

     56,524        56,441        (83

Other

     460,851        469,116        8,265   
  

 

 

   

 

 

   

 

 

 

Total investments and other assets

     6,491,934        6,565,456        73,522   
  

 

 

   

 

 

   

 

 

 

Property, plant and equipment:

      

Land

     1,243,261        1,238,046        (5,215

Buildings

     3,660,912        3,650,239        (10,673

Machinery and equipment

     9,094,399        8,918,571        (175,828

Vehicles and equipment on operating leases

     2,575,353        2,520,289        (55,064

Construction in progress

     275,357        264,161        (11,196
  

 

 

   

 

 

   

 

 

 

Total property, plant and equipment, at cost

     16,849,282        16,591,306        (257,976
  

 

 

   

 

 

   

 

 

 

Less – Accumulated depreciation

     (10,613,902     (10,557,195     56,707   
  

 

 

   

 

 

   

 

 

 

Total property, plant and equipment, net

     6,235,380        6,034,111        (201,269
  

 

 

   

 

 

   

 

 

 

Total assets

     30,650,965        30,100,682        (550,283
  

 

 

   

 

 

   

 

 

 

 

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TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

 

     (Amount: million yen)  
     FY2012
(March 31, 2012)
    FY2013 second quarter
(September 30, 2012)
    Increase
(Decrease)
 

Liabilities

      

Current liabilities:

      

Short-term borrowings

     3,450,649        3,707,934        257,285   

Current portion of long-term debt

     2,512,620        2,142,549        (370,071

Accounts payable

     2,242,583        1,889,978        (352,605

Other payables

     629,093        564,255        (64,838

Accrued expenses

     1,828,523        1,769,137        (59,386

Income taxes payable

     133,778        214,210        80,432   

Other current liabilities

     984,328        951,545        (32,783
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     11,781,574        11,239,608        (541,966
  

 

 

   

 

 

   

 

 

 

Long-term liabilities:

      

Long-term debt

     6,042,277        5,874,791        (167,486

Accrued pension and severance costs

     708,402        714,765        6,363   

Deferred income taxes

     908,883        872,047        (36,836

Other long-term liabilities

     143,351        134,197        (9,154
  

 

 

   

 

 

   

 

 

 

Total long-term liabilities

     7,802,913        7,595,800        (207,113
  

 

 

   

 

 

   

 

 

 

Total liabilities

     19,584,487        18,835,408        (749,079
  

 

 

   

 

 

   

 

 

 

Shareholders’ equity

      

Toyota Motor Corporation shareholders’ equity:

      

Common stock, no par value,
authorized: 10,000,000,000 shares
at March 31, 2012 and September 30, 2012
issued: 3,447,997,492 shares
at March 31, 2012 and September 30, 2012

     397,050        397,050        —     

Additional paid-in capital

     550,650        550,334        (316

Retained earnings

     11,917,074        12,370,337        453,263   

Accumulated other comprehensive income (loss)

     (1,178,833     (1,443,135     (264,302

Treasury stock, at cost,
281,187,739 shares at March 31, 2012 and
281,192,085 shares at September 30, 2012

     (1,135,680     (1,135,691     (11
  

 

 

   

 

 

   

 

 

 

Total Toyota Motor Corporation shareholders’ equity

     10,550,261        10,738,895        188,634   
  

 

 

   

 

 

   

 

 

 

Noncontrolling interests

     516,217        526,379        10,162   
  

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     11,066,478        11,265,274        198,796   
  

 

 

   

 

 

   

 

 

 

Commitments and contingencies

      
  

 

 

   

 

 

   

 

 

 

Total liabilities and shareholders’ equity

     30,650,965        30,100,682        (550,283
  

 

 

   

 

 

   

 

 

 

 

8


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income

 

First half for the six months ended September 30

      

Quarterly Consolidated Statements of Income

      
     (Amount: million yen)  
     FY2012 first half
(Six months ended
September 30, 2011)
    FY2013 first half
(Six months ended
September 30, 2012)
    Increase
(Decrease)
 

Net revenues:

      

Sales of products

     7,473,159        10,375,889        2,902,730   

Financing operations

     542,763        532,465        (10,298
  

 

 

   

 

 

   

 

 

 

Total net revenues

     8,015,922        10,908,354        2,892,432   
  

 

 

   

 

 

   

 

 

 

Costs and expenses:

      

Cost of products sold

     6,883,888        8,985,276        2,101,388   

Cost of financing operations

     305,154        265,059        (40,095

Selling, general and administrative

     859,453        964,269        104,816   
  

 

 

   

 

 

   

 

 

 

Total costs and expenses

     8,048,495        10,214,604        2,166,109   
  

 

 

   

 

 

   

 

 

 

Operating income (loss)

     (32,573     693,750        726,323   
  

 

 

   

 

 

   

 

 

 

Other income (expense):

      

Interest and dividend income

     50,608        54,489        3,881   

Interest expense

     (11,783     (12,795     (1,012

Foreign exchange gain (loss), net

     (13,874     27,028        40,902   

Other income, net

     6,219        32,065        25,846   
  

 

 

   

 

 

   

 

 

 

Total other income (expense)

     31,170        100,787        69,617   
  

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes and equity in earnings of affiliated companies

     (1,403     794,537        795,940   
  

 

 

   

 

 

   

 

 

 

Provision for income taxes

     (28,210     310,846        339,056   

Equity in earnings of affiliated companies

     79,526        123,857        44,331   
  

 

 

   

 

 

   

 

 

 

Net income

     106,333        607,548        501,215   
  

 

 

   

 

 

   

 

 

 

Less: Net income attributable to noncontrolling interests

     (24,752     (59,279     (34,527
  

 

 

   

 

 

   

 

 

 

Net income attributable to Toyota Motor Corporation

     81,581        548,269        466,688   
  

 

 

   

 

 

   

 

 

 
     (Amount: yen)  

Net income attributable to Toyota Motor Corporation per share

      

Basic

     26.02        173.13        147.11   

Diluted

     26.02        173.13        147.11   

 

9


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

 

Quarterly Consolidated Statements of Comprehensive Income

      
     (Amount: million yen)  
     FY2012 first half
(Six months ended

September 30, 2011)
    FY2013 first half
(Six months ended

September 30, 2012)
    Increase
(Decrease)
 

Net income

     106,333        607,548        501,215   

Other comprehensive income (loss), net of tax

      

Foreign currency translation adjustments

     (302,837     (216,260     86,577   

Unrealized gains (losses) on securities, net of reclassification adjustments

     (20,252     (68,742     (48,490

Pension liability adjustments

     2,559        2,694        135   
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (320,530     (282,308     38,222   
  

 

 

   

 

 

   

 

 

 

Comprehensive income (loss)

     (214,197     325,240        539,437   
  

 

 

   

 

 

   

 

 

 

Less: Comprehensive income attributable to noncontrolling interests

     (6,684     (41,273     (34,589
  

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to Toyota Motor Corporation

     (220,881     283,967        504,848   
  

 

 

   

 

 

   

 

 

 

 

10


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

 

Second quarter for the three months ended September 30

      

Quarterly Consolidated Statements of Income

      
     (Amount: million yen)  
     FY2012 second quarter
(Three months ended
September 30, 2011)
    FY2013 second quarter
(Three months ended
September 30, 2012)
    Increase
(Decrease)
 

Net revenues:

      

Sales of products

     4,310,812        5,142,201        831,389   

Financing operations

     264,060        264,580        520   
  

 

 

   

 

 

   

 

 

 

Total net revenues

     4,574,872        5,406,781        831,909   
  

 

 

   

 

 

   

 

 

 

Costs and expenses:

      

Cost of products sold

     3,908,557        4,444,403        535,846   

Cost of financing operations

     143,618        133,100        (10,518

Selling, general and administrative

     447,307        488,671        41,364   
  

 

 

   

 

 

   

 

 

 

Total costs and expenses

     4,499,482        5,066,174        566,692   
  

 

 

   

 

 

   

 

 

 

Operating income

     75,390        340,607        265,217   
  

 

 

   

 

 

   

 

 

 

Other income (expense):

      

Interest and dividend income

     18,130        19,853        1,723   

Interest expense

     (6,402     (6,759     (357

Foreign exchange gain (loss), net

     (10,196     16,110        26,306   

Other income, net

     2,206        9,523        7,317   
  

 

 

   

 

 

   

 

 

 

Total other income (expense)

     3,738        38,727        34,989   
  

 

 

   

 

 

   

 

 

 

Quarterly income before income taxes and equity in earnings of affiliated companies

     79,128        379,334        300,206   
  

 

 

   

 

 

   

 

 

 

Provision for income taxes

     14,978        145,932        130,954   

Equity in earnings of affiliated companies

     39,324        52,516        13,192   
  

 

 

   

 

 

   

 

 

 

Quarterly net income

     103,474        285,918        182,444   
  

 

 

   

 

 

   

 

 

 

Less: Quarterly net income attributable to noncontrolling interests

     (23,053     (27,996     (4,943
  

 

 

   

 

 

   

 

 

 

Quarterly net income attributable to Toyota Motor Corporation

     80,421        257,922        177,501   
  

 

 

   

 

 

   

 

 

 
      (Amount: yen)  

Quarterly net income attributable to Toyota Motor Corporation per share

      

Basic

     25.65        81.45        55.80   

Diluted

     25.65        81.44        55.79   

 

11


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

 

Quarterly Consolidated Statements of Comprehensive Income

  

     (Amount: million yen)  
     FY2012 second quarter
(Three months ended

September 30, 2011)
    FY2013 second quarter
(Three months ended

September 30, 2012)
    Increase
(Decrease)
 

Quarterly net income

     103,474        285,918        182,444   

Other comprehensive income (loss), net of tax

      

Foreign currency translation adjustments

     (253,183     (55,105     198,078   

Unrealized gains (losses) on securities, net of reclassification adjustments

     (72,245     22,040        94,285   

Pension liability adjustments

     5,807        1,751        (4,056
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (319,621     (31,314     288,307   
  

 

 

   

 

 

   

 

 

 

Quarterly comprehensive income (loss)

     (216,147     254,604        470,751   
  

 

 

   

 

 

   

 

 

 

Less: Quarterly comprehensive income attributable to noncontrolling interests

     (8,172     (24,021     (15,849
  

 

 

   

 

 

   

 

 

 

Quarterly comprehensive income (loss) attributable to Toyota Motor Corporation

     (224,319     230,583        454,902   
  

 

 

   

 

 

   

 

 

 

 

12


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

(3) Quarterly Consolidated Statements of Cash Flows

 

    (Amount: million yen)  
    FY2012 first half
(Six months ended
September 30, 2011)
    FY2013 first half
(Six months ended
September 30, 2012)
 

Cash flows from operating activities:

   

Net income

    106,333        607,548   

Adjustments to reconcile net income to net cash provided by operating activities

   

Depreciation

    521,560        512,984   

Provision for doubtful accounts and credit losses

    (10,067     3,799   

Pension and severance costs, less payments

    11,933        12,215   

Losses on disposal of fixed assets

    10,284        17,939   

Unrealized losses on available-for-sale securities, net

    3,677        192   

Deferred income taxes

    (16,642     42,806   

Equity in earnings of affiliated companies

    (79,526     (123,857

Changes in operating assets and liabilities, and other

    (58,194     165,921   
 

 

 

   

 

 

 

Net cash provided by operating activities

    489,358        1,239,547   
 

 

 

   

 

 

 

Cash flows from investing activities:

   

Additions to finance receivables

    (4,038,894     (4,833,154

Collection of and proceeds from sales of finance receivables

    4,090,856        4,356,353   

Additions to fixed assets excluding equipment leased to others

    (311,070     (351,486

Additions to equipment leased to others

    (380,610     (491,042

Proceeds from sales of fixed assets excluding equipment leased to others

    11,694        16,102   

Proceeds from sales of equipment leased to others

    240,254        226,140   

Purchases of marketable securities and security investments

    (1,532,107     (1,548,477

Proceeds from sales of and maturity of marketable securities and security investments

    1,573,974        1,216,861   

Changes in investments and other assets, and other

    (62,458     47,585   
 

 

 

   

 

 

 

Net cash used in investing activities

    (408,361     (1,361,118
 

 

 

   

 

 

 

Cash flows from financing activities:

   

Proceeds from issuance of long-term debt

    827,401        1,434,661   

Payments of long-term debt

    (1,255,850     (1,566,515

Increase in short-term borrowings

    279,988        422,767   

Dividends paid

    (94,071     (95,004

Purchase of common stock, and other

    (28,699     (27,538
 

 

 

   

 

 

 

Net cash provided by (used in) financing activities

    (271,231     168,371   
 

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

    (134,471     (60,578
 

 

 

   

 

 

 

Net decrease in cash and cash equivalents

    (324,705     (13,778
 

 

 

   

 

 

 

Cash and cash equivalents at beginning of period

    2,080,709        1,679,200   
 

 

 

   

 

 

 

Cash and cash equivalents at end of period

    1,756,004        1,665,422   
 

 

 

   

 

 

 

 

Note:

  In the Quarterly Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, bank deposits that can be withdrawn at any time and short-term investments that can be converted into cash at any time and carry minimal risk of change in value.

(4) Going Concern Assumption

          None

 

13


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

(5) Segment Information

(i) Segment operating results

FY2012 first half (Six months ended September 30, 2011)

 

     (Amount: million yen)  
     Automotive     Financial Services      All Other      Inter-segment
Elimination
    Consolidated  

Net revenues:

            

Sales to external customers

     7,231,889        542,763         241,270         —          8,015,922   

Inter-segment sales and transfers

     12,113        14,056         204,413         (230,582     —     
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total

     7,244,002        556,819         445,683         (230,582     8,015,922   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating expenses

     7,454,012        385,814         437,696         (229,027     8,048,495   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating income (loss)

     (210,010     171,005         7,987         (1,555     (32,573
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 
FY2013 first half (Six months ended September 30, 2012)             
     (Amount: million yen)  
     Automotive     Financial Services      All Other      Inter-segment
Elimination
    Consolidated  

Net revenues:

            

Sales to external customers

     10,109,638        532,465         266,251         —          10,908,354   

Inter-segment sales and transfers

     19,216        14,003         229,694         (262,913     —     
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total

     10,128,854        546,468         495,945         (262,913     10,908,354   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating expenses

     9,630,793        371,962         473,486         (261,637     10,214,604   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     498,061        174,506         22,459         (1,276     693,750   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 
FY2012 second quarter (Three months ended September 30, 2011)        
     (Amount: million yen)  
     Automotive     Financial Services      All Other      Inter-segment
Elimination
    Consolidated  

Net revenues:

            

Sales to external customers

     4,176,146        264,060         134,666         —          4,574,872   

Inter-segment sales and transfers

     7,026        6,987         120,478         (134,491     —     
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total

     4,183,172        271,047         255,144         (134,491     4,574,872   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating expenses

     4,190,640        194,653         245,207         (131,018     4,499,482   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating income (loss)

     (7,468     76,394         9,937         (3,473     75,390   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 
FY2013 second quarter (Three months ended September 30, 2012)        
     (Amount: million yen)  
     Automotive     Financial Services      All Other      Inter-segment
Elimination
    Consolidated  

Net revenues:

            

Sales to external customers

     4,998,955        264,580         143,246         —          5,406,781   

Inter-segment sales and transfers

     9,794        7,420         109,443         (126,657     —     
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total

     5,008,749        272,000         252,689         (126,657     5,406,781   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating expenses

     4,769,381        184,228         239,560         (126,995     5,066,174   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     239,368        87,772         13,129         338        340,607   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

 

14


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

(ii) Geographic Information

FY2012 first half (Six months ended September 30, 2011)

 

    (Amount: million yen)  
    Japan     North America     Europe     Asia     Other     Inter-segment
Elimination
    Consolidated  

Net revenues:

             

Sales to external customers

    3,004,169        1,897,865        931,468        1,427,691        754,729        —          8,015,922   

Inter-segment sales and transfers

    1,649,364        41,508        27,620        99,497        69,316        (1,887,305     —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    4,653,533        1,939,373        959,088        1,527,188        824,045        (1,887,305     8,015,922   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

    4,929,446        1,877,830        961,015        1,396,649        765,976        (1,882,421     8,048,495   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

    (275,913     61,543        (1,927     130,539        58,069        (4,884     (32,573
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FY2013 first half (Six months ended September 30, 2012)

 

  

    (Amount: million yen)  
    Japan     North America     Europe     Asia     Other     Inter-segment
Elimination
    Consolidated  

Net revenues:

             

Sales to external customers

    4,047,887        2,982,435        967,883        2,014,301        895,848        —          10,908,354   

Inter-segment sales and transfers

    2,358,369        61,301        41,724        147,607        88,507        (2,697,508     —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    6,406,256        3,043,736        1,009,607        2,161,908        984,355        (2,697,508     10,908,354   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

    6,155,426        2,861,125        997,552        1,967,383        925,647        (2,692,529     10,214,604   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

    250,830        182,611        12,055        194,525        58,708        (4,979     693,750   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Note: “Other” consists of Central and South America, Oceania and Africa.

 

  

FY2012 second quarter (Three months ended September 30, 2011)

 

  

    (Amount: million yen)  
    Japan     North America     Europe     Asia     Other     Inter-segment
Elimination
    Consolidated  

Net revenues:

             

Sales to external customers

    1,838,482        1,065,110        483,327        769,587        418,366        —          4,574,872   

Inter-segment sales and transfers

    1,030,562        20,665        15,848        57,664        36,863        (1,161,602     —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    2,869,044        1,085,775        499,175        827,251        455,229        (1,161,602     4,574,872   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

    2,938,323        1,053,223        493,551        756,824        418,188        (1,160,627     4,499,482   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

    (69,279     32,552        5,624        70,427        37,041        (975     75,390   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FY2013 second quarter (Three months ended September 30, 2012)

 

  

    (Amount: million yen)  
    Japan     North America     Europe     Asia     Other     Inter-segment
Elimination
    Consolidated  

Net revenues:

             

Sales to external customers

    2,033,402        1,422,686        478,434        1,016,604        455,655        —          5,406,781   

Inter-segment sales and transfers

    1,130,589        28,239        19,125        71,646        45,209        (1,294,808     —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    3,163,991        1,450,925        497,559        1,088,250        500,864        (1,294,808     5,406,781   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

    3,020,266        1,385,950        488,905        995,305        469,332        (1,293,584     5,066,174   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

    143,725        64,975        8,654        92,945        31,532        (1,224     340,607   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Note: “Other” consists of Central and South America, Oceania and Africa.

 

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Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Second Quarter Financial Summary

(All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)

 

(6) Significant Changes in Shareholders’ Equity

          None

 

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