EX-99.1 2 d471417dex991.htm FY2013 THIRD QUARTER FINANCIAL SUMMARY FY2013 THIRD QUARTER FINANCIAL SUMMARY
Table of Contents

FINANCIAL SUMMARY

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

FY2013 Third Quarter

(April 1, 2012 through December 31, 2012)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION


Table of Contents
            FY2013 Third 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

February 5, 2013

 

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

Representative

 

:

:

 

http://www.toyota.co.jp

Akio Toyoda, President

Contact person

  :   Tetsuya Otake, General Manager, Accounting Division
Tel. (0565)28-2121

Filing date of quarterly securities report

  :   February 14, 2013

Payment date of cash dividends

  :  

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 Nine Months (April 1, 2012 through December 31, 2012)

 

(1) Consolidated financial results (For the nine months ended December 31)

 

     (% of change from previous first nine months)  
     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 nine months

     16,227,106         26.0         818,507         598.9         925,786         369.5         648,183         298.8   

FY2012 first nine months

     12,881,127         -10.2         117,111         -72.3         197,199         -62.2         162,525         -57.5   

 

(Note)  Quarterly comprehensive income: FY2013 first nine months 986,472 million yen (— %), FY2012 first nine months -126,072 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 nine months

     204.68         204.67   

FY2012 first nine months

     51.83         51.83   

 

(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 third quarter

     32,157,040         11,815,953         11,261,783         35.0   

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

 

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

    21,800,000        17.3        1,150,000        223.4        1,290,000        198.0        860,000        203.3        271.56   

 

(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 third quarter 3,447,997,492 shares, FY2012 3,447,997,492 shares

 

  (ii) Number of treasury stock at the end of each period: FY2013 third quarter 281,134,297 shares,
     FY2012 281,187,739 shares

 

  (iii) Average number of shares issued and outstanding in each period: FY2013 first nine months 3,166,813,036 shares,
     FY2012 first nine months 3,135,688,230 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.


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Third 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 Nine Months

     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   

 

1


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Third 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 Nine Months

(1) Financial Results

Consolidated vehicle unit sales in Japan and overseas increased by 1,634 thousand units, or 32.7%, to 6,629 thousand units in FY2013 first nine months (the nine months ended December 31, 2012) compared with FY2012 first nine months (the nine months ended December 31, 2011). Vehicle unit sales in Japan increased by 311 thousand units, or 22.9%, to 1,668 thousand units in FY2013 first nine months compared with FY2012 first nine months. Meanwhile, overseas vehicle unit sales also increased by 1,323 thousand units, or 36.4%, to 4,961 thousand units in FY2013 first nine months compared with FY2012 first nine months.

As for the results of operations, net revenues increased by 3,345.9 billion yen, or 26.0%, to 16,227.1 billion yen in FY2013 first nine months compared with FY2012 first nine months, and operating income increased by 701.3 billion yen, or 598.9%, to 818.5 billion yen in FY2013 first nine months compared with FY2012 first nine months. Among the factors contributing to an increase in operating income were the effects of marketing efforts of 660.0 billion yen and cost reduction efforts of 320.0 billion yen. On the other hand, factors contributing to a decrease in operating income primarily included an increase in expense and others of 240.0 billion yen, the effects of changes in exchange rates of 10.0 billion yen and other factors of 28.7 billion yen. Income before income taxes and equity in earnings of affiliated companies increased by 728.5 billion yen, or 369.5%, to 925.7 billion yen in FY2013 first nine months compared with FY2012 first nine months. Net income attributable to Toyota Motor Corporation increased by 485.6 billion yen, or 298.8%, to 648.1 billion yen in FY2013 first nine months compared with FY2012 first nine months.

(2) Segment Operating Results

(i) Automotive:

Net revenues for the automotive operations increased by 3,302.6 billion yen, or 28.2%, to 15,018.0 billion yen in FY2013 first nine months compared with FY2012 first nine months, and operating income increased by 694.6 billion yen to 541.7 billion yen in FY2013 first nine months compared with FY2012 first nine months. 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 increased by 19.4 billion yen, or 2.4%, to 847.7 billion yen in FY2013 first nine months compared with FY2012 first nine months. However, operating income decreased by 10.9 billion yen, or 4.3%, to 243.5 billion yen in FY2013 first nine months compared with FY2012 first nine months. The decrease in operating income was mainly due to effects related to credit losses including provision and reversal in sales finance subsidiaries.

(iii) All other:

Net revenues for all other businesses increased by 40.1 billion yen, or 5.6%, to 758.0 billion yen in FY2013 first nine months compared with FY2012 first nine months, and operating income increased by 14.6 billion yen, or 62.9%, to 37.8 billion yen in FY2013 first nine months compared with FY2012 first nine months.

 

2


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TOYOTA MOTOR CORPORATION    FY2013 Third 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 1,704.8 billion yen, or 22.2%, to 9,382.5 billion yen in FY2013 first nine months compared with FY2012 first nine months, and operating income increased by 572.9 billion yen to 266.4 billion yen in FY2013 first nine months compared with FY2012 first nine months. 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 1,249.8 billion yen, or 37.7%, to 4,568.7 billion yen in FY2013 first nine months compared with FY2012 first nine months, and operating income increased by 13.6 billion yen, or 9.0%, to 165.4 billion yen in FY2013 first nine months compared with FY2012 first nine months. 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 31.9 billion yen, or 2.1%, to 1,517.9 billion yen in FY2013 first nine months compared with FY2012 first nine months, and operating income increased by 12.7 billion yen, or 149.3%, to 21.3 billion yen in FY2013 first nine months compared with FY2012 first nine months. 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 1,043.1 billion yen, or 46.7%, to 3,274.4 billion yen in FY2013 first nine months compared with FY2012 first nine months, and operating income increased by 115.2 billion yen, or 67.4%, to 286.3 billion yen in FY2013 first nine months compared with FY2012 first nine months. 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 230.4 billion yen, or 17.9%, to 1,514.6 billion yen in FY2013 first nine months compared with FY2012 first nine months. However, operating income decreased by 4.9 billion yen, or 5.1%, to 91.0 billion yen in FY2013 first nine months compared with FY2012 first nine months.

 

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TOYOTA MOTOR CORPORATION    FY2013 Third 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 and the upward revision of our sales plans based on our recent business performance, 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 81 yen per US$1 and 104 yen per 1 euro.

Forecast of consolidated results for FY2013

 

Net revenues

   21,800.0 billion yen       (an increase of 17.3% compared with FY2012)

Operating income

   1,150.0 billion yen       (an increase of 223.4% compared with FY2012)

Income before income taxes and equity in earnings of affiliated companies

   1,290.0 billion yen       (an increase of 198.0% compared with FY2012)

Net income attributable to Toyota Motor Corporation

   860.0 billion yen       (an increase of 203.3% 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 Third 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 Third 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 nine months
(April 1, 2011 through

December 31, 2011)
     FY2013 first nine months
(April 1, 2012 through

December 31, 2012)
     Increase
(Decrease)
 

Automotive

   Japan      2,675,230         3,151,099         475,869   
   North America      831,423         1,240,039         408,616   
   Europe      262,816         266,756         3,940   
   Asia      964,540         1,435,555         471,015   
   Other      291,740         334,512         42,772   
     

 

 

    

 

 

    

 

 

 
   Total      5,025,749         6,427,961         1,402,212   
     

 

 

    

 

 

    

 

 

 

Other

   Housing      4,024         4,016         (8
         

 

 

Business segment

   FY2012 third quarter
(October 1, 2011 through

December 31, 2011)
     FY2013 third quarter
(October 1, 2012 through

December 31, 2012)
     Increase
(Decrease)
 

Automotive

   Japan      1,104,352         945,417         (158,935
   North America      366,814         398,431         31,617   
   Europe      108,614         86,861         (21,753
   Asia      274,006         487,321         213,315   
   Other      98,278         109,264         10,986   
     

 

 

    

 

 

    

 

 

 
   Total      1,952,064         2,027,294         75,230   
     

 

 

    

 

 

    

 

 

 

Other

   Housing      1,489         1,579         90   

 

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 nine months
(April 1, 2011 through

December 31, 2011)
     FY2013 first nine months
(April 1, 2012 through

December 31, 2012)
     Increase
(Decrease)
 

Automotive

   Japan      1,357,413         1,667,977         310,564   
   North America      1,268,863         1,865,450         596,587   
   Europe      579,226         602,591         23,365   
   Asia      894,298         1,267,933         373,635   
   Other      895,833         1,225,531         329,698   
     

 

 

    

 

 

    

 

 

 
   Total      4,995,633         6,629,482         1,633,849   
     

 

 

    

 

 

    

 

 

 

Other

   Housing      3,877         3,909         32   
         

 

 

Business segment

   FY2012 third quarter
(October 1, 2011 through

December 31, 2011)
     FY2013 third quarter
(October 1, 2012 through

December 31, 2012)
     Increase
(Decrease)
 

Automotive

   Japan      560,350         476,047         (84,303
   North America      579,559         604,722         25,163   
   Europe      218,104         190,425         (27,679
   Asia      279,110         428,068         148,958   
   Other      331,604         414,034         82,430   
     

 

 

    

 

 

    

 

 

 
   Total      1,968,727         2,113,296         144,569   
     

 

 

    

 

 

    

 

 

 

Other

   Housing      1,436         1,485         49   

 

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 Third 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 third quarter
(December 31, 2012)
    Increase
(Decrease)
 

Assets

      

Current assets:

      

Cash and cash equivalents

     1,679,200        1,241,499        (437,701

Time deposits

     80,301        124,090        43,789   

Marketable securities

     1,181,070        1,404,085        223,015   

Trade accounts and notes receivable, less allowance for doubtful accounts

     1,999,827        1,568,066        (431,761

Finance receivables, net

     4,114,897        4,725,232        610,335   

Other receivables

     408,547        338,587        (69,960

Inventories

     1,622,282        1,623,827        1,545   

Deferred income taxes

     718,687        681,810        (36,877

Prepaid expenses and other current assets

     516,378        546,363        29,985   
  

 

 

   

 

 

   

 

 

 

Total current assets

     12,321,189        12,253,559        (67,630
  

 

 

   

 

 

   

 

 

 

Noncurrent finance receivables, net

     5,602,462        6,315,750        713,288   

Investments and other assets:

      

Marketable securities and other securities investments

     4,053,572        4,673,940        620,368   

Affiliated companies

     1,920,987        1,995,755        74,768   

Employees receivables

     56,524        57,305        781   

Other

     460,851        459,515        (1,336
  

 

 

   

 

 

   

 

 

 

Total investments and other assets

     6,491,934        7,186,515        694,581   
  

 

 

   

 

 

   

 

 

 

Property, plant and equipment:

      

Land

     1,243,261        1,274,156        30,895   

Buildings

     3,660,912        3,750,410        89,498   

Machinery and equipment

     9,094,399        9,340,083        245,684   

Vehicles and equipment on operating leases

     2,575,353        2,786,756        211,403   

Construction in progress

     275,357        274,785        (572
  

 

 

   

 

 

   

 

 

 

Total property, plant and equipment, at cost

     16,849,282        17,426,190        576,908   
  

 

 

   

 

 

   

 

 

 

Less – Accumulated depreciation

     (10,613,902     (11,024,974     (411,072
  

 

 

   

 

 

   

 

 

 

Total property, plant and equipment, net

     6,235,380        6,401,216        165,836   
  

 

 

   

 

 

   

 

 

 

Total assets

     30,650,965        32,157,040        1,506,075   
  

 

 

   

 

 

   

 

 

 

 

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Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Third 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 third quarter
(December 31, 2012)
    Increase
(Decrease)
 

Liabilities

      

Current liabilities:

      

Short-term borrowings

     3,450,649        4,043,692        593,043   

Current portion of long-term debt

     2,512,620        2,429,631        (82,989

Accounts payable

     2,242,583        1,711,542        (531,041

Other payables

     629,093        590,429        (38,664

Accrued expenses

     1,828,523        1,843,301        14,778   

Income taxes payable

     133,778        184,206        50,428   

Other current liabilities

     984,328        1,078,748        94,420   
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     11,781,574        11,881,549        99,975   
  

 

 

   

 

 

   

 

 

 

Long-term liabilities:

      

Long-term debt

     6,042,277        6,423,604        381,327   

Accrued pension and severance costs

     708,402        729,405        21,003   

Deferred income taxes

     908,883        1,030,194        121,311   

Other long-term liabilities

     143,351        276,335        132,984   
  

 

 

   

 

 

   

 

 

 

Total long-term liabilities

     7,802,913        8,459,538        656,625   
  

 

 

   

 

 

   

 

 

 

Total liabilities

     19,584,487        20,341,087        756,600   
  

 

 

   

 

 

   

 

 

 

Shareholders’ equity

      

Toyota Motor Corporation shareholders’ equity:

      

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

     397,050        397,050        —     

Additional paid-in capital

     550,650        551,471        821   

Retained earnings

     11,917,074        12,375,236        458,162   

Accumulated other comprehensive income (loss)

     (1,178,833     (926,525     252,308   

Treasury stock, at cost,
281,187,739 shares at March 31, 2012 and
281,134,297 shares at December 31, 2012

     (1,135,680     (1,135,449     231   
  

 

 

   

 

 

   

 

 

 

Total Toyota Motor Corporation shareholders’ equity

     10,550,261        11,261,783        711,522   
  

 

 

   

 

 

   

 

 

 

Noncontrolling interests

     516,217        554,170        37,953   
  

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     11,066,478        11,815,953        749,475   
  

 

 

   

 

 

   

 

 

 

Commitments and contingencies

      
  

 

 

   

 

 

   

 

 

 

Total liabilities and shareholders’ equity

     30,650,965        32,157,040        1,506,075   
  

 

 

   

 

 

   

 

 

 

 

8


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Third 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 nine months ended December 31

Quarterly Consolidated Statements of Income

 

     (Amount: million yen)  
     FY2012 first nine months
(Nine months ended
December 31, 2011)
    FY2013 first nine months
(Nine months ended
December 31, 2012)
    Increase
(Decrease)
 

Net revenues:

      

Sales of products

     12,074,816        15,400,712        3,325,896   

Financing operations

     806,311        826,394        20,083   
  

 

 

   

 

 

   

 

 

 

Total net revenues

     12,881,127        16,227,106        3,345,979   
  

 

 

   

 

 

   

 

 

 

Costs and expenses:

      

Cost of products sold

     11,009,935        13,420,793        2,410,858   

Cost of financing operations

     433,742        427,598        (6,144

Selling, general and administrative

     1,320,339        1,560,208        239,869   
  

 

 

   

 

 

   

 

 

 

Total costs and expenses

     12,764,016        15,408,599        2,644,583   
  

 

 

   

 

 

   

 

 

 

Operating income

     117,111        818,507        701,396   
  

 

 

   

 

 

   

 

 

 

Other income (expense):

      

Interest and dividend income

     79,719        84,426        4,707   

Interest expense

     (14,830     (18,985     (4,155

Foreign exchange gain, net

     1,074        13,366        12,292   

Other income, net

     14,125        28,472        14,347   
  

 

 

   

 

 

   

 

 

 

Total other income (expense)

     80,088        107,279        27,191   
  

 

 

   

 

 

   

 

 

 

Income before income taxes and equity in earnings of affiliated companies

     197,199        925,786        728,587   
  

 

 

   

 

 

   

 

 

 

Provision for income taxes

     124,325        378,199        253,874   

Equity in earnings of affiliated companies

     135,182        182,044        46,862   
  

 

 

   

 

 

   

 

 

 

Net income

     208,056        729,631        521,575   
  

 

 

   

 

 

   

 

 

 

Less: Net income attributable to noncontrolling interests

     (45,531     (81,448     (35,917
  

 

 

   

 

 

   

 

 

 

Net income attributable to Toyota Motor Corporation

     162,525        648,183        485,658   
  

 

 

   

 

 

   

 

 

 
     (Amount: yen)  

Net income attributable to Toyota Motor Corporation per share

      

Basic

     51.83        204.68        152.85   

Diluted

     51.83        204.67        152.84   

 

9


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Third 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 nine months
(Nine months ended

December 31, 2011)
    FY2013 first nine months
(Nine months ended

December 31, 2012)
    Increase
(Decrease)
 

Net income

     208,056        729,631        521,575   

Other comprehensive income (loss), net of tax

      

Foreign currency translation adjustments

     (307,308     121,442        428,750   

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

     (30,088     127,053        157,141   

Pension liability adjustments

     3,268        8,346        5,078   
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (334,128     256,841        590,969   
  

 

 

   

 

 

   

 

 

 

Comprehensive income (loss)

     (126,072     986,472        1,112,544   
  

 

 

   

 

 

   

 

 

 

Less: Comprehensive income attributable to noncontrolling interests

     (24,824     (85,981     (61,157
  

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to Toyota Motor Corporation

     (150,896     900,491        1,051,387   
  

 

 

   

 

 

   

 

 

 

 

10


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Third Quarter Financial Summary

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

 

Third quarter for the three months ended December 31

Quarterly Consolidated Statements of Income

 

     (Amount: million yen)  
     FY2012 third quarter
(Three months ended
December 31, 2011)
    FY2013 third quarter
(Three months ended
December 31, 2012)
    Increase
(Decrease)
 

Net revenues:

      

Sales of products

     4,601,657        5,024,823        423,166   

Financing operations

     263,548        293,929        30,381   
  

 

 

   

 

 

   

 

 

 

Total net revenues

     4,865,205        5,318,752        453,547   
  

 

 

   

 

 

   

 

 

 

Costs and expenses:

      

Cost of products sold

     4,126,047        4,435,517        309,470   

Cost of financing operations

     128,588        162,539        33,951   

Selling, general and administrative

     460,886        595,939        135,053   
  

 

 

   

 

 

   

 

 

 

Total costs and expenses

     4,715,521        5,193,995        478,474   
  

 

 

   

 

 

   

 

 

 

Operating income

     149,684        124,757        (24,927
  

 

 

   

 

 

   

 

 

 

Other income (expense):

      

Interest and dividend income

     29,111        29,937        826   

Interest expense

     (3,047     (6,190     (3,143

Foreign exchange gain (loss), net

     14,948        (13,662     (28,610

Other income, net

     7,906        (3,593     (11,499
  

 

 

   

 

 

   

 

 

 

Total other income (expense)

     48,918        6,492        (42,426
  

 

 

   

 

 

   

 

 

 

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

     198,602        131,249        (67,353
  

 

 

   

 

 

   

 

 

 

Provision for income taxes

     152,535        67,353        (85,182

Equity in earnings of affiliated companies

     55,656        58,187        2,531   
  

 

 

   

 

 

   

 

 

 

Quarterly net income

     101,723        122,083        20,360   
  

 

 

   

 

 

   

 

 

 

Less: Quarterly net income attributable to noncontrolling interests

     (20,779     (22,169     (1,390
  

 

 

   

 

 

   

 

 

 

Quarterly net income attributable to Toyota Motor Corporation

     80,944        99,914        18,970   
  

 

 

   

 

 

   

 

 

 
      (Amount: yen)  

Quarterly net income attributable to Toyota Motor Corporation per share

      

Basic

     25.81        31.55        5.74   

Diluted

     25.81        31.55        5.74   

 

11


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Third 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 third quarter
(Three months ended

December 31, 2011)
    FY2013 third quarter
(Three months ended

December 31, 2012)
    Increase
(Decrease)
 

Quarterly net income

     101,723        122,083        20,360   

Other comprehensive income (loss), net of tax

      

Foreign currency translation adjustments

     (4,471     337,702        342,173   

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

     (9,836     195,795        205,631   

Pension liability adjustments

     709        5,652        4,943   
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (13,598     539,149        552,747   
  

 

 

   

 

 

   

 

 

 

Quarterly comprehensive income

     88,125        661,232        573,107   
  

 

 

   

 

 

   

 

 

 

Less: Quarterly comprehensive income attributable to noncontrolling interests

     (18,140     (44,708     (26,568
  

 

 

   

 

 

   

 

 

 

Quarterly comprehensive income attributable to Toyota Motor Corporation

     69,985        616,524        546,539   
  

 

 

   

 

 

   

 

 

 

 

12


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Third 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 nine months
(Nine months ended

December 31, 2011)
    FY2013 first nine months
(Nine months ended
December 31, 2012)
 

Cash flows from operating activities:

    

Net income

     208,056        729,631   

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

    

Depreciation

     791,835        798,913   

Provision for doubtful accounts and credit losses

     (1,313     15,786   

Pension and severance costs, less payments

     4,655        11,349   

Losses on disposal of fixed assets

     20,698        26,079   

Unrealized losses on available-for-sale securities, net

     3,706        2,074   

Deferred income taxes

     29,468        46,108   

Equity in earnings of affiliated companies

     (135,182     (182,044

Changes in operating assets and liabilities, and other

     (151,230     298,328   
  

 

 

   

 

 

 

Net cash provided by operating activities

     770,693        1,746,224   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Additions to finance receivables

     (6,177,455     (7,345,914

Collection of and proceeds from sales of finance receivables

     5,970,145        6,564,843   

Additions to fixed assets excluding equipment leased to others

     (463,187     (568,534

Additions to equipment leased to others

     (555,203     (774,067

Proceeds from sales of fixed assets excluding equipment leased to others

     21,341        23,795   

Proceeds from sales of equipment leased to others

     334,115        364,631   

Purchases of marketable securities and security investments

     (2,424,890     (2,588,128

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

     2,195,803        1,989,494   

Changes in investments and other assets, and other

     15,403        (19,090
  

 

 

   

 

 

 

Net cash used in investing activities

     (1,083,928     (2,352,970
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from issuance of long-term debt

     1,422,742        2,033,503   

Payments of long-term debt

     (1,891,213     (2,064,900

Increase in short-term borrowings

     548,278        411,335   

Dividends paid

     (156,785     (190,008

Purchase of common stock, and other

     (32,361     (44,229
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     (109,339     145,701   
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (124,557     23,344   
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (547,131     (437,701
  

 

 

   

 

 

 

Cash and cash equivalents at beginning of period

     2,080,709        1,679,200   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

     1,533,578        1,241,499   
  

 

 

   

 

 

 

 

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 Third 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 nine months (Nine months ended December 31, 2011)

 

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

Net revenues:

            

Sales to external customers

     11,696,038        806,311         378,778                12,881,127   

Inter-segment sales and transfers

     19,425        21,986         339,069         (380,480       
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total

     11,715,463        828,297         717,847         (380,480     12,881,127   

Operating expenses

     11,868,302        573,788         694,592         (372,666     12,764,016   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating income (loss)

     (152,839     254,509         23,255         (7,814     117,111   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

 

FY2013 first nine months (Nine months ended December 31, 2012)

 

  

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

Net revenues:

            

Sales to external customers

     14,988,873        826,394         411,839                16,227,106   

Inter-segment sales and transfers

     29,215        21,385         346,200         (396,800       
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total

     15,018,088        847,779         758,039         (396,800     16,227,106   

Operating expenses

     14,476,303        604,225         720,159         (392,088     15,408,599   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     541,785        243,554         37,880         (4,712     818,507   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

 

FY2012 third quarter (Three months ended December 31, 2011)

 

  

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

Net revenues:

            

Sales to external customers

     4,464,150        263,548         137,507                4,865,205   

Inter-segment sales and transfers

     7,311        7,930         134,657         (149,898       
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total

     4,471,461        271,478         272,164         (149,898     4,865,205   

Operating expenses

     4,414,290        187,974         256,896         (143,639     4,715,521   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     57,171        83,504         15,268         (6,259     149,684   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

 

FY2013 third quarter (Three months ended December 31, 2012)

 

  

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

Net revenues:

            

Sales to external customers

     4,879,235        293,929         145,588                5,318,752   

Inter-segment sales and transfers

     9,999        7,382         116,506         (133,887       
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total

     4,889,234        301,311         262,094         (133,887     5,318,752   

Operating expenses

     4,845,510        232,263         246,673         (130,451     5,193,995   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     43,724        69,048         15,421         (3,436     124,757   
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

 

14


Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Third 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 nine months (Nine months ended December 31, 2011)

 

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

Net revenues:

             

Sales to external customers

    4,929,968        3,251,192        1,431,512        2,086,012        1,182,443               12,881,127   

Inter-segment sales and transfers

    2,747,728        67,711        54,576        145,360        101,775        (3,117,150       
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    7,677,696        3,318,903        1,486,088        2,231,372        1,284,218        (3,117,150     12,881,127   

Operating expenses

    7,984,156        3,167,026        1,477,540        2,060,350        1,188,254        (3,113,310     12,764,016   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

    (306,460     151,877        8,548        171,022        95,964        (3,840     117,111   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FY2013 first nine months (Nine months ended December 31, 2012)

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

Net revenues:

             

Sales to external customers

    5,813,559        4,492,921        1,462,412        3,061,504        1,396,710               16,227,106   

Inter-segment sales and transfers

    3,568,958        75,831        55,584        212,985        117,980        (4,031,338       
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    9,382,517        4,568,752        1,517,996        3,274,489        1,514,690        (4,031,338     16,227,106   

Operating expenses

    9,116,022        4,403,261        1,496,688        2,988,181        1,423,645        (4,019,198     15,408,599   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

    266,495        165,491        21,308        286,308        91,045        (12,140     818,507   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

  

FY2012 third quarter (Three months ended December 31, 2011)

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

Net revenues:

             

Sales to external customers

    1,925,799        1,353,327        500,044        658,321        427,714               4,865,205   

Inter-segment sales and transfers

    1,098,364        26,203        26,956        45,863        32,459        (1,229,845       
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    3,024,163        1,379,530        527,000        704,184        460,173        (1,229,845     4,865,205   

Operating expenses

    3,054,710        1,289,196        516,525        663,701        422,278        (1,230,889     4,715,521   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

    (30,547     90,334        10,475        40,483        37,895        1,044        149,684   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FY2013 third quarter (Three months ended December 31, 2012)

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

Net revenues:

             

Sales to external customers

    1,765,672        1,510,486        494,529        1,047,203        500,862               5,318,752   

Inter-segment sales and transfers

    1,210,589        14,530        13,860        65,378        29,473        (1,333,830       
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    2,976,261        1,525,016        508,389        1,112,581        530,335        (1,333,830     5,318,752   

Operating expenses

    2,960,596        1,542,136        499,136        1,020,798        497,998        (1,326,669     5,193,995   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

    15,665        (17,120     9,253        91,783        32,337        (7,161     124,757   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

 

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Table of Contents

TOYOTA MOTOR CORPORATION    FY2013 Third 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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