12 09-12 toyota results-q2-3
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FY2013 Second Quarter Financial Results
November 5, 2012 Toyota Motor Corporation
SPADE
2 Cautionary Statement with Respect to Forward-Looking Statements
This presentation 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 provisions 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.
3 Caution concerning Insider Trading
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.
Under Japanese securities laws and regulations (the "Regulations"), subject to certain exceptions, any person who
receives certain material information relating to the business, etc. of Toyota which may be contained in this
document is prohibited from trading in Toyota's shares or certain other transactions related to such shares (as set
forth in the Regulations) until such material information is deemed to be made public. Under the Regulations,
material information is deemed to be made public when (i) such material information is notified to a stock
exchange and is disclosed by ways of electromagnetic means as prescribed by the ordinance of the Cabinet
Office (posting on the TDnet (Timely Disclosure Network) information service ) or (ii) twelve (12) hours have
elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media
sources as prescribed by the Regulations.
FY2013 First Half
Financial Results
For the six months to September 30, 2012
5
598
345 410
355421
187203
413
505
615
0
1,000
2,000
3,000
'11/7-9 '12/7-9
1,805
(+442)
(+110)
(+16)
(+66)
(+65)
(+185)
2,247
〔2,058〕 〔2,431〕 〔+373〕
1,261
811564
840
615
412
361
689
1,192
797
0
1,000
2,000
3,000
4,000
5,000
'11/4-9 '12/4-9
3,026
(+395)
(+572)
(+225)
(+247)
(+51)
4,516
〔3,674〕 〔4,917〕 〔+1,243〕
Japan
Central and South America, Oceania, Africa, The Middle East etc.
Asia
Europe
N. America
Other
Consolidated Vehicle Sales
FY2013
1H
FY2013
2Q
(+1,490)
Change
(thousands of vehicles)
Figures in “〔 〕“ show total retail vehicle sales in thousands
(thousands of vehicles)
Change
6
10,908.3 8,015.9 2,892.4 36.1%
693.7 -32.6 726.3 -
794.5 -1.4 795.9 -
548.2 81.5 466.6 572.1%
$ 79 yen 80 yen
€ 101 yen 114 yen
* Net Income attributable to Toyota Motor Corporation
Operating Income
FOREX Rates-1 yen
-13 yen
Income before income taxes
and equity in earnings of
affiliated companies
Net Income*
Net Revenues
Change
(billions of yen)
FY2013
1H
('12/4-9)
FY2012
1H
('11/4-9)
Consolidated Financial Summary (FY2013 First Half)
7
81.5
548.2
’11/4-9 ’12/4-9
Marketing
Efforts
+580.0
Cost
Reduction
Efforts
+230.0
Increase in
Expenses,
etc.
-20.0
Net Income* (+466.6)
Depreciation and CAPEX-related Costs ……0
Details of Other
Excluding Valuation Gains/Losses from Interest Rate Swaps (+707.3)
Labor Costs …………….
R&D Expenses ………….
Non-
Operating
Income
+69.6
Equity in
Earnings of
Affiliated
Companies
+44.3
Income
Tax, etc.
-373.5
Valuation Gains/Losses from Interest Rate Swaps …
Operating Income (+726.3)
Other
-3.7
Details of Increase in Expenses, etc.
Other …….………….
Translational FOREX Impact concerning
overseas subsidiaries etc. ...……………………….-22.7 -15.0
-30.0
+25.0
+19.0
Effects of
FOREX
Rates
-60.0
Analysis of Consolidated Net Income* (FY2013 First Half)
* Net Income attributable to Toyota Motor Corporation (billions of yen)
8
5,406.7 4,574.9 831.9 18.2%
340.6 75.4 265.2 351.8%
379.3 79.1 300.2 379.4%
257.9 80.4 177.5 220.7%
$ 79 yen 78 yen
€ 98 yen 110 yen
* Net Income attributable to Toyota Motor Corporation
(billions of yen)
FY2013
2Q
('12/7-9)
FY2012
2Q
('11/7-9)
Net Income*
Operating Income
Net Revenues
Change
FOREX Rates+1 yen
-12 yen
Income before income taxes
and equity in earnings of
affiliated companies
Consolidated Financial Summary (FY2013 Second Quarter)
9
80.4
257.9
’12/7-9
Marketing
Efforts
+140.0
Effects of
FOREX
Rates
-20.0
Increase in
Expenses,
etc.
-10.0
Cost
Reduction
Efforts
+160.0
Net Income* (+177.5)
Excluding Valuation Gains/Losses from Interest Rate Swaps (+265.1)
Non-
Operating
Income
+34.9
Equity in
Earnings of
Affiliated
Companies
+13.1
Income
Tax, etc.
-135.8
Operating Income (+265.2)
Other
-4.8
’11/7-9
Depreciation and CAPEX-related Costs ……… +5.0
Details of Other
Labor Costs……….……-20.0
R&D Expenses…….……-20.0
Valuation Gains/Losses from Interest Rate Swaps…+0.1
Details of Increase in Expenses, etc.
Other………………………+25.0 Translational FOREX Impact concerning overseas subsidiaries etc. ..………………….……..-4.9
Analysis of Consolidated Net Income* (FY2013 Second Quarter)
* Net Income attributable to Toyota Motor Corporation (billions of yen)
10
130.5
250.8
154.6194.5
58.7
-275.9
45.9 58.1
Japan N. America Europe Asia
+526.7 +108.7 +13.9 +63.9 +0.6
FY12
FY13
FY12
FY13 FY12
FY13 FY12
FY13 FY12
FY13
(billions of yen)
North America '11/4-9 '12/4-9 Change
Operating Income Excluding Valuation
Gains/Losses from Interest Rate Swaps45.9 154.6 108.7
Valuation Gains/Losses from Interest
Rate Swaps15.6 28.0 12.4
Operating Income 61.5 182.6 121.0
12.0
-1.9
Geographic Operating Income (FY2013 First Half)
* N.America excludes Valuation Gains/Losses from Interest Rate Swaps
(billions of yen)
1H 1H 1H 1H 1H 1H 1H 1H 1H 1H
*
*
Central and South America,
Oceania and Africa
11
37.1
70.4
143.7
58.9 8.6
92.9
31.5
-69.3
13.05.6
Japan N. America Europe Asia
+213.0 +45.9 +3.0 +22.5 -5.5
FY12 FY13 FY12 FY13 FY12 FY13 FY12 FY13
(billions of yen)
North America '11/7-9 '12/7-9 Change
Operating Income Excluding Valuation
Gains/Losses from Interest Rate Swaps13.0 58.9 45.9
Valuation Gains/Losses from Interest
Rate Swaps19.5 6.0 -13.4
Operating Income 32.5 64.9 32.4
Geographic Operating Income (FY2013 Second Quarter)
* N.America excludes Valuation Gains/Losses from Interest Rate Swaps
(billions of yen)
FY12
FY13
2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q
*
*
Central and South America,
Oceania and Africa
12
Decreased earnings for the first half as a result of reduced reversal of provisions, etc.
Increased earnings for the second quarter due to increased lending balance, etc.
77.766.5
0
50
100
150
'11/7-9 '12/7-9
+11.2
163.4147.8
0
50
100
150
200
'11/4-9 '12/4-9
-15.5
(billions of yen)
'11/4-9 '12/4-9 Change
Operating Income Excluding
Valuation Gains/Losses from
Interest Rate Swaps
163.4 147.8 -15.5
Valuation Gains/Losses from
Interest Rate Swaps7.6 26.6 19.0
Operating Income 171.0 174.5 3.4
Financial Services Operating Income Excluding Valuation Gains/Losses
from Interest Rate Swaps
FY2013
1H
FY2013
2Q (billions of yen) (billions of yen)
(billions of yen)
'11/7-9 '12/7-9 Change
Operating Income Excluding
Valuation Gains/Losses from
Interest Rate Swaps
66.5 77.7 11.2
Valuation Gains/Losses from
Interest Rate Swaps9.9 10.0 0.1
Operating Income 76.4 87.7 11.3
13
123.8
79.5
0
50
100
150
'11/4-9 '12/4-9
Earnings increased, due to improved earnings of affiliated companies in Japan.
52.5
39.3
0
50
100
'11/7-9 '12/7-9
+13.1 +44.3
Equity in Earnings of Affiliated Companies
FY2013
1H
FY2013
2Q
(billions of yen) (billions of yen)
14
(billions of yen)
Net Revenues 4,879.2 3,346.6 1,532.5 45.8%
Operating Income 67.7 -322.3 390.1 -
Ordinary Income 405.5 -75.6 481.2 -
Net Income 316.8 49.7 267.1 537.2%
FY2013
1H
('12/4-9)
FY2012
1H
('11/4-9)
Change
Unconsolidated Financial Summary
(Japan GAAP, FY2013 First Half)
15
Dividend per Share and Net Income
90
120
140
50 50
100
4545
65
-50
0
50
100
150
200
'04/3 '05/3 '06/3 '07/3 '08/3 '09/3 '10/3 '11/3 '12/3 '13/3
-5,000
5,000
10,000
15,000
20,000
Shareholder Return
Interim Dividend: 30 yen per Share
(Total Amount of Payout: 95.0 billion yen)
20
65 50 35
25
35
75
70
55
40 25
Net Income(Right axis)
20
65 25
Interim Dividend Year-End Dividend
20
30
20
30
Dividend per Share Net Income
(yen) (billions of yen)
2,000
1,500
1,000
500
-500
0
30
FY2013
Financial Forecasts
17
2,400
1,5801,560
1,7301,780
790830
2,380
2,2502,250
0
2,000
4,000
6,000
8,000
10,000
'12/4-'13/3 '12/4-'13/3
8,750 (-50)
(-50)
(-40)
(+20)
8,800
1,284
1,327
798
1,872
2,071
'11/4-'12/3
7,352
Japan
Central and South America, Oceania, Africa, The Middle East, etc.
Asia
Europe
N. America
Other
(+20)
(±0)
FY2013 Forecasts: Consolidated Vehicle Sales
Change
Previous Forecasts New Forecasts FY2012 Results
(thousands of vehicles)
18
(billions of yen)
New Forecasts('12/4-'13/3)
Previous Forecasts
('12/4-'13/3)Change
FY2012 Results
('11/4-'12/3)
21,300.0 22,000.0 -700.0 18,583.6
1,050.0 1,000.0 50.0 355.6
1,180.0 1,160.0 20.0 432.8
780.0 760.0 20.0 283.5
$ 79 yen*2 80 yen -1 yen 79 yen
€ 100 yen*2 101 yen -1 yen 109 yen
Net Revenues
Operating Income
Income before income taxes
and equity in earnings of
affiliated companies
Net Income *1
FOREX Rates
FY2013 Forecasts: Consolidated Financial Summary
*1 Net Income attributable to Toyota Motor Corporation
*2 FOREX Rate assumptions: 78 yen against the U.S. dollar and 100 yen against the Euro from October 2012 to March 2013
19 (billions of yen)
1,000.0
Cost Reduction Efforts +100.0
Decrease in Expenses, etc. +40.0
Total +140.0
Effects of Marketing Activities -50.0
Financial Services +5.0
Effects of FOREX Rates -40.0
Total -90.0
+50.0
1,050.0
Operating Income
FY2013 New Forecasts('12/4-'13/3)
FY2013 Previous Forecasts('12/4-'13/3)
Negative Factors
Grand Total
Positive Factors
Analysis of FY2013 Forecasts: Consolidated Operating Income
(vs. Previous Forecasts)
Forecast for Capital Expenditures : 820.0 billion yen (No change from previous forecast)
Forecast for Depreciation Expenses : 730.0 billion yen (No change from previous forecast)
Forecast for R&D Expenses : 810.0 billion yen (No change from previous forecast)
FY2013 Second Quarter Financial Results
Toyota Motor Corporation
November 5, 2012
AURIS
21
(billions of yen)
New Forecasts('12/4-'13/3)
Previous Forecasts
('12/4-'13/3)Change
FY2012 Results
('11/4-'12/3)
Net Revenues 9,200.0 9,500.0 -300.0 8,241.1
Operating Income -20.0 -70.0 50.0 -439.8
Ordinary Income 570.0 500.0 70.0 23.0
Net Income 470.0 420.0 50.0 35.8
(Reference)
Unconsolidated Financial Summary (Japan GAAP, FY2013 Forecasts)
22
(Reference)
FY2013 Forecasts: Vehicle Production and Sales (Toyota and Lexus)
(thousands of vehicles)
Japan 3,300 3,119
Overseas 5,150 4,410
Total 8,450 7,529
Japan* 1,600 * 1,413 *
Overseas 7,000 5,999
Total 8,600 7,412
1,850 1,670Exports
FY2013 Forecasts
('12/4-'13/3)
FY2012 Results
('11/4-'12/3)
Vehicle
Production
Vehicle
Sales
*Shows retail vehicle sales