-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Cn2QvoPrZfy1y097xf8mxdjwL0QTxRxNRVfDPCmaciLhAH7zNpkj6+61BYLqlRLA LRX69+K8QRVxkLhd8yX+/g== 0000947871-04-000207.txt : 20040205 0000947871-04-000207.hdr.sgml : 20040205 20040205075519 ACCESSION NUMBER: 0000947871-04-000207 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20040205 FILED AS OF DATE: 20040205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOYOTA MOTOR CORP/ CENTRAL INDEX KEY: 0001094517 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14948 FILM NUMBER: 04568498 BUSINESS ADDRESS: STREET 1: 1 TOYOTA CHO TOYOTA CITY STREET 2: AICHI PREFECTURE 471-8571 CITY: JAPAN STATE: M0 ZIP: 00000 BUSINESS PHONE: 81-565-28-2121 MAIL ADDRESS: STREET 1: TOYOTA MOTOR SALES USA INC STREET 2: 19001 SOUTH WESTERN AVE PO BOX 2991 CITY: TORRANCE STATE: CA ZIP: 90509-2991 6-K 1 f6k_020404.txt REPORT OF FOREIGN PRIVATE ISSUER FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of February, 2004 Commission File Number 1-14948 Toyota Motor Corporation ------------------------ (Translation of Registrant's Name Into English) 1, Toyota-cho, Toyota City, --------------------------- Aichi Prefecture 471-8571, -------------------------- Japan ----- (Address of Principal Executive Offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F X Form 40-F --- --- Indicate by check mark whether by furnishing the information contained in this Form the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No X --- --- If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): ______ Material Contained in this Report: I. Information made public by way of press release with respect to the registrant's results of operations for the third fiscal quarter of the 2004 fiscal year ended December 31, 2003, prepared in accordance with accounting principles generally accepted in the United States: o Press release o Highlights of Consolidated Financial Results II. English translations of the original Japanese-language documents filed with the Tokyo Stock Exchange with respect to the registrant's results of operations for the third fiscal quarter of the 2004 fiscal year ended December 31, 2003, prepared in accordance with accounting principles generally accepted in the United States: o FY2004 Third Quarter Consolidated Financial Results o Financial Results for the Nine Months ended December 31, 2003 o Comparison of consolidated financial results for FY2003 third quarter under Japanese and U.S. accounting standards o Press release concerning the revisions to the registrant's FY2004 unconsolidated business forecast o Financial Summary SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Toyota Motor Corporation By: /s/ Takahiko Ijichi ------------------------------- Date: February 5, 2004 Name: Takahiko Ijichi Title: General Manager, Accounting Division EX-99.1A 3 ex99-1atof6k_020404.txt THIRD QUARTER FINANCIAL RESULTS For immediate release February 5, 2004 Toyota Announces Third Quarter Financial Results Net Revenues, Operating Income and Net Income All Increase (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) Tokyo--TOYOTA MOTOR CORPORATION (TMC) today announced consolidated financial results for the third quarter ended December 31, 2003. Toyota's consolidated financial results are reported in accordance with U.S. generally accepted accounting principles (U.S. GAAP). For the purposes of comparison, last term's figures have also been restated according to U.S. GAAP. On a consolidated basis, net revenues for the quarter totaled 4.38 trillion yen, an increase of 8.2 percent compared to the same period of last term. Operating income increased 11.2 percent to 401.6 billion yen, while net income was 286.4 billion yen, up 59.7 percent from 179.3 billion yen in the third quarter of last term. Commenting on the results, TMC Executive Vice President Ryuji Araki said, "Despite challenging foreign exchange rate conditions, Toyota achieved year-over-year increases in net revenues and income. Our continued growth is mainly due to significant cost reduction efforts as well as the active development of our overseas operations." In Japan, demand for new models like the new generation hybrid vehicle Prius and compact minivan SIENTA remained strong despite difficult market conditions. As a result, TMC's third quarter market share (excluding minivehicles) was 44.4 percent, up 0.8 point. Consolidated vehicle sales were 554 thousand vehicles, an increase of nine thousand vehicles compared to the same period of last term. Consolidated overseas vehicle sales increased 14.7 percent in the third quarter, to 1.14 million vehicles. Toyota's North American sales continued to be strong, as new models like the Sienna minivan and luxury SUV Lexus RX330 mainly contributed to a 28 thousand vehicle sales increase over the same period of last term. As a result, North American retail vehicle sales for the 2003 calendar year crossed the two million mark for the first time to *2.07 million vehicles, and continue to increase at a favorable pace. In Europe, enthusiastic response to the new Avensis and rapid sales increases in Russia and Eastern Europe resulted in consolidated sales of 218 thousand vehicles, an increase of 28.4% over the same period of last term. As a result, Toyota achieved its 2005 retail sales target of 800 thousand vehicles in the 2003 calendar year reaching 830 thousand vehicles. More... Consolidated vehicle sales in Asia and other regions also improved by 23.8% to 367 thousand vehicles, mainly due to enhanced marketing efforts and the introduction of products that met market needs. Total vehicle sales, including Japan and overseas, reached 1.70 million vehicles in the third quarter, an increase of 156 thousand vehicles, or 10.1 percent, compared to the same period of last term. TMC revised its consolidated vehicle sales forecast for the current fiscal year, which was announced last November. TMC's new sales forecast is 6.65 million vehicles, an increase of 80 thousand vehicles. The new forecast represents 540 thousand vehicle increase compared to the previous fiscal year. Araki concluded, "As worldwide sales remain favorable and production lines continue to operate at full capacity globally, we hope to set new records in consolidated income this fiscal year." TMC also raised its unconsolidated forecast in accordance with Japan GAAP for the fiscal year ending March 31, 2004 as follows: o Net sales of 8.8 trillion yen. o Ordinary income of 880 billion yen. o Net income of 560 billion yen * North American retail vehicle sales figure for the 2003 calendar year includes Puerto Rico and Mexico. (Please see attached information for details on consolidated and unconsolidated results. Further information is also available on the Internet at www.toyota.co.jp) - ---------------- Cautionary Statement with Respect to Forward-Looking Statements 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: (i) changes in economic conditions affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro and the British pound; (iii) Toyota's ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (iv) changes in the laws, regulations and government policies affecting Toyota's automotive operations, particularly laws, regulations and policies relating to environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies affecting Toyota's other operations, including the outcome of future litigation and other legal proceedings; (v) political instability in the markets in which Toyota operates; (vi) Toyota's ability to timely develop and achieve market acceptance of new products; and (vii) fuel shortages or interruptions in 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 the "Operating and Financial Review and Prospects" and "Information on the Company" sections and elsewhere in Toyota's annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission. # # # Contact: Public Affairs Division at (03) 3817-9130/9150/9161/9179/9195 EX-99.1B 4 ex99-1btof6k_020404.txt HIGHLIGHTS OF FINANCIAL RESULTS-3RD QUARTER 2004 February 5, 2004 Highlights of Consolidated Financial Results for FY2004 Third Quarter (October 1, 2003 through December 31, 2003) (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
(Billions of yen unless otherwise specified) - -------------------------------------------------------------============================================------------------------ FY2003 Third Quarter FY2004 Third Quarter FY2004 Forecast (Oct. 2002 through (Oct. 2003 through --------------- (Apr. 2003 through Mar. Dec. 2002) Dec. 2003) % of change 2004) from FY2003 Third Quarter ================================================================================================================================= Vehicle sales 1,544 1,700 10.1% 6,650 (Thousand units) - --------------------------------------------------------------------------------------------------------------------------------- Net revenues 4,052.6 4,386.0 8.2% - --------------------------------------------------------------------------------------------------------------------------------- Operating income 361.2 401.6 11.2% [Income ratio] [8.9%] [9.2%] - --------------------------------------------------------------------------------------------------------------------------------- Income before income taxes, 300.1 429.7 minority interest and equity in 43.2% earnings of affiliated companies [Income ratio] [7.4%] [9.8%] - --------------------------------------------------------------------------------------------------------------------------------- Net income 179.3 286.4 59.7% [Income ratio] [4.4%] [6.5%] - --------------------------------------------------------------------------------------------------------------------------------- Factors contributing to increases Operating income increased by and decreases in operating income 40.4 billion yen (Increase) Marketing efforts 100.0 Cost reduction efforts 60.0 (Decrease) Effects of changes in - 80.0 exchange rates Increases in labor costs - 39.6 and other expenses, etc - --------------------------------------------------------------------------------------------------------------------------------- Exchange rates (Y)123/US$ (Y)109/US$ (Y)123/Euro (Y)130/Euro - --------------------------------------------------------------------------------------------------------------------------------- Capital investment 205.5 196.9 950.0 (excluding leased vehicles) - --------------------------------------------------------------------------------------------------------------------------------- Depreciation expenses 178.0 180.5 770.0 - --------------------------------------------------------------------------------------------------------------------------------- Performance evaluation Increases in revenues, operating income, income before income taxes, minority interest and equity in earnings of affiliated companies, and net income - -------------------------------------------------------------============================================------------------------
Note:Effective from FY2004, Toyota prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements for FY2003 third quarter stated herein have also been prepared in accordance with accounting principles generally accepted in the United States of America. Cautionary Statement with Respect to Forward-Looking Statements 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: (i) changes in economic conditions affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro and the British pound; (iii) Toyota's ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (iv) changes in the laws, regulations and government policies affecting Toyota's automotive operations, particularly laws, regulations and policies relating to environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies affecting Toyota's other operations, including the outcome of future litigation and other legal proceedings; (v) political instability in the markets in which Toyota operates; (vi) Toyota's ability to timely develop and achieve market acceptance of new products; and (vii) fuel shortages or interruptions in 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 the "Operating and Financial Review and Prospects" and "Information on the Company" sections and elsewhere in Toyota's annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission. EX-99.2A 5 ex99-2atof6k_020404.txt THIRD QUARTER CONSOLIDATED FINANCIAL RESULTS FY2004 Third Quarter Consolidated Financial Results (October 1, 2003 through December 31, 2003) (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, 2004 Company name : Toyota Motor Corporation Stock exchanges on which the shares are listed : Tokyo, Nagoya, Osaka, Fukuoka and Sapporo Stock Exchanges in Japan Code number : 7203 Location of the head office : Aichi Prefecture URL : http://www.toyota.co.jp Representative : Fujio Cho, President Contact person : Takahiko Ijichi, General Manager, Accounting Division Tel. (0565) 28-2121 Whether or not to be prepared in accordance with : Yes accounting principles generally accepted in the United States of America
Results of FY2004 third quarter (October 1, 2003 through December 31, 2003)
(1) Consolidated financial results (Amounts are rounded to the nearest million yen.) - ------------------------------------------------------------------------------------------------------------------------------ Income before income taxes, minority interest and equity in Net revenues Operating income earnings of affiliated companies - ------------------------------------------------------------------------------------------------------------------------------ Million yen % Million yen % Million yen % FY2004 third quarter 4,386,059 [8.2] 401,693 [11.2] 429,705 [43.2] FY2003 third quarter 4,052,610 361,232 300,129 - ------------------------------------------------------------------------------------------------------------------------------ FY2003 15,501,553 1,271,646 1,226,652 - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ Net income Net income per share Net income per share - basic - diluted - ------------------------------------------------------------------------------------------------------------------------------ Million yen % Yen Yen FY2004 third quarter 286,470 [59.7] 84.83 84.82 FY2003 third quarter 179,364 50.74 50.74 - ------------------------------------------------------------------------------------------------------------------------------ FY2003 750,942 211.32 211.32 - ------------------------------------------------------------------------------------------------------------------------------
Note: Regarding net revenues, operating income, income before income taxes, minority interest and equity in earnings of affiliated companies and net income, the figures in parentheses show percentage of changes from the corresponding period of the preceding year. (2) Consolidated financial position
- ------------------------------------------------------------------------------------------------------------------------------ Ratio of Shareholders' equity Total assets Shareholders' equity shareholders' equity per share - ------------------------------------------------------------------------------------------------------------------------------ Million yen Million yen % Yen FY2004 third quarter 21,086,214 7,638,236 36.2 2,274.19 FY2003 20,152,974 7,121,000 35.3 2,063.43 - ------------------------------------------------------------------------------------------------------------------------------
Note: Effective from FY2004, Toyota prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements for FY2003 third quarter and FY2003 stated herein have also been prepared in accordance with accounting principles generally accepted in the United States of America. EX-99.2B 6 ex99-2btof6k_020404.txt FINANCIAL RESULTS FOR NINE MONTHS Supplement February 5, 2004 Toyota Motor Corporation Financial Results for Nine Months (April 1, 2003 through December 31, 2003) Consolidated statements of income (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
(Amounts are rounded to the nearest million yen.) - ------------------------------------------------===================------------------------------------------------------- Nine months ended Nine months ended Increase % of December 31, 2003 December 31, 2002 (Decrease) change - -------------------------------------------------------------------------------------------------------------------------- Million yen Million yen Million yen Net revenues 12,610,300 11,666,032 944,268 8.1 Operating income 1,169,462 1,046,255 123,207 11.8 Income before income taxes, minority interest and equity in earnings of affiliated companies 1,241,719 1,014,590 227,129 22.4 Net income 810,929 605,165 205,764 34.0 - ------------------------------------------------===================-------------------------------------------------------
Unconsolidated statements of income (All financial information has been prepared in accordance with accounting principles generally accepted in Japan) (Amounts less than one million yen are omitted.) - ------------------------------------------------===================------------------------------------------------------- Nine months ended Nine months ended Increase % of December 31, 2003 December 31, 2002 (Decrease) change - -------------------------------------------------------------------------------------------------------------------------- Million yen Million yen Million yen Net sales 6,594,239 6,506,820 87,419 1.3 Operating income 635,996 707,948 (71,952) (10.2) Ordinary income 723,147 743,555 (20,408) (2.7) Income before income taxes 723,147 906,013 (182,866) (20.2) Net income 474,210 535,924 (61,714) (11.5) - ------------------------------------------------===================-------------------------------------------------------
EX-99.2C 7 ex99-2ctof6k_020404.txt COMPARISON OF CONSOLIDATED FINANCIAL RESULTS 2003 Supplement February 5, 2004 Toyota Motor Corporation Comparison of Consolidated Financial Results for FY2003 Third Quarter under Japanese and U.S. Accounting Standards
FY2003 third quarter (October 1, 2002 - December 31, 2002) (Billions of yen) - ------------------------------------------------------------------------------------------------------------------------------ Differences -------------------------------------------------------------- (1) (2) (3) (4) Scope of Reporting Gains on Impairment Japanese consolidation category transfer of the on U.S. Category standards of equity in substitutional marketable Other standards earnings of portion of the securities affiliated employee companies pension fund - ------------------------------------------------------------------------------------------------------------------------------ Net revenues 4,186.7 (99.3) - - - (34.8) 4,052.6 - ------------------------------------------------------------------------------------------------------------------------------ Income before income taxes, minority interest (and equity in 380.6 (13.9) (16.6) (10.4) (32.9) (6.7) 300.1 earnings of affiliated companies*) - ------------------------------------------------------------------------------------------------------------------------------
* Indicates the comparison between "Income before income taxes and minority interest in consolidated subsidiaries" under Japanese GAAP and "Income before income taxes, minority interest and equity in earnings of affiliated companies" under U.S. GAAP. (1) Scope of Consolidation The consolidation scope under the U.S. standards is determined based on the ownership of voting shares (more than 50%). Therefore, those companies that are consolidated according to the control basis under the Japanese standards are excluded from the scope of consolidation. (2) Reporting Category of Equity in Earnings of Affiliated Companies "Equity in earnings of affiliated companies" reported as non-operating income under the Japanese standards is not included in "income before income taxes, minority interest and equity in earnings of affiliated companies" under the U.S. standards, therefore the figure for this item has been reclassified. (3) Gains on Transfer of the Substitutional Portion of the Employee Pension Fund Under the U.S. standards, gains or losses on transfer of the substitutional portion of the employee pension fund are recognized at the time of the actual transfer, therefore "gains on transfer of the substitutional portion of the employee pension fund," recognized under the Japanese standards, is not recognized. (4) Impairment on Marketable Securities Losses from impairment on certain marketable securities whose acquisition costs under the U.S. standards exceed those under the Japanese standards are recognized. EX-99.2D 8 ex99-2dtof6k_020404.txt REVISIONS-2004 UNCONSOLIDATED BUSINESS FORECAST English translation from the original Japanese-language document February 5, 2004 To Whom It May Concern: Company Name : Toyota Motor Corporation Representative : Fujio Cho, President Code Number : 7203 Contact Person : Takahiko Ijichi General Manager Accounting Division Tel. (0565) 28-2121 Revisions to the FY2004 Unconsolidated Business Forecast -------------------------------------------------------- (All financial information has been prepared in accordance with accounting principles generally accepted in Japan) Based on the recent trends in business performance and other factors, Toyota Motor Corporation hereby makes the following revisions to the FY2004 (April 1, 2003 to March 31, 2004) unconsolidated business forecast disclosed upon the announcement of the financial statements FY2004 semi-annual on November 5, 2003: 1. Revisions to the FY2004 (April 1, 2003 to March 31, 2004) unconsolidated business forecast
- ------------------------------------------------------------------------------------------------ Net sales Ordinary income Net income - ------------------------------------------------------------------------------------------------ Previous forecast (A) (Y)8,700.0 billion (Y)800.0 billion (Y)510.0 billion - ------------------------------------------------------------------------------------------------ Revised forecast (B) (Y)8,800.0 billion (Y)880.0 billion (Y)560.0 billion - ------------------------------------------------------------------------------------------------ Amount changed (B) - (A) (Y)100.0 billion (Y)80.0 billion (Y)50.0 billion - ------------------------------------------------------------------------------------------------ % of change 1.1% 10.0% 9.8% - ------------------------------------------------------------------------------------------------ (Reference) FY2003 results (Y)8,739.3 billion (Y)892.6 billion (Y)634.0 billion (April 1, 2002 to March 31, 2003) - ------------------------------------------------------------------------------------------------
2. Reasons for the Revisions The FY2004 (April 1, 2003 to March 31, 2004) unconsolidated business performance is expected to exceed the previously announced business forecast due to the yen remaining weaker than expected on the exchange market, the steady increase in the number of units sold in the overseas markets, and other factors. Cautionary Statement with Respect to Forward-Looking Statements This statement on business forecast 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: (i) changes in economic conditions affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro and the British pound; (iii) Toyota's ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (iv) changes in the laws, regulations and government policies affecting Toyota's automotive operations, particularly laws, regulations and policies relating to environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies affecting Toyota's other operations, including the outcome of future litigation and other legal proceedings; (v) political instability in the markets in which Toyota operates; (vi) Toyota's ability to timely develop and achieve market acceptance of new products; and (vii) fuel shortages or interruptions in 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 the "Operating and Financial Review and Prospects" and "Information on the Company" sections and elsewhere in Toyota's annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission. EX-99.2E 9 ex99-2etof6k_020404.txt FINANCIAL SUMMARY FY2004 THIRD QUARTER FINANCIAL SUMMARY (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) FY2004 Third Quarter (October 1, 2003 through December 31, 2003) English translation from the original Japanese-language document TOYOTA MOTOR CORPORATION This report contains summarized and condensed financial statements prepared in accordance with accounting principles generally accepted in the United States of America. Effective from FY2004, Toyota prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements for FY2003 third quarter and FY2003 stated herein have also been prepared in accordance with accounting principles generally accepted in the United States of America. BUSINESS RESULTS (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 1. Summary of Consolidated Financial Results of FY2004 Third Quarter Financial Results Domestic vehicle sales increased by 9 thousand units, or 1.7%, to 554 thousand units in FY2004 third quarter (the three-month period from October 1, 2003 to December 31, 2003) compared with FY2003 third quarter, primarily as a result of the active introduction of new products that met customer needs and the strong sales efforts of domestic dealers. Toyota's market share excluding minivehicles reached 44.4% in FY2004 third quarter, exceeding 40% as in the previous fiscal year. The market share including minivehicles was 40.0% in FY2004 third quarter. Meanwhile, overseas vehicle sales increased by 147 thousand units, or 14.7%, to 1,146 thousand units in FY2004 third quarter compared with FY2003 third quarter, mainly due to the introduction of new products that met local customer needs worldwide. As a result, total vehicle sales in Japan and overseas increased by 156 thousand units, or 10.1%, to 1,700 thousand units in FY2004 third quarter compared with FY2003 third quarter. Net revenues increased by 333.4 billion yen, or 8.2%, to 4,386.0 billion yen in FY2004 third quarter compared with FY2003 third quarter, and operating income increased by 40.4 billion yen, or 11.2%, to 401.6 billion yen in FY2004 third quarter compared with FY2003 third quarter. Among the factors contributing to the increase in operating income of 160.0 billion yen, marketing efforts accounted for 100.0 billion yen and cost reduction efforts for 60.0 billion yen. On the other hand, the factors contributing to the decrease in operating income of 119.6 billion yen mainly included the effects of changes in exchange rates of 80.0 billion yen and increases in labor costs and other expenses of 39.6 billion yen. Income before income taxes, minority interest and equity in earnings of affiliated companies increased by 129.6 billion yen, or 43.2%, to 429.7 billion yen in FY2004 third quarter compared with FY2003 third quarter. Net income increased by 107.1 billion yen, or 59.7%, to 286.4 billion yen in FY2004 third quarter compared with FY2003 third quarter. Consolidated 1 (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 2. Consolidated Financial Results of FY2004 Third Quarter by Segment (1) Segment Operating Results Automotive: Net revenues for the automotive operations increased by 304.4 billion yen, or 8.1%, to 4,055.3 billion yen in FY2004 third quarter compared with FY2003 third quarter, and operating income increased by 10.5 billion yen, or 3.1%, to 347.8 billion yen in FY2004 third quarter compared with FY2003 third quarter. The increase in operating income was mainly due to cost reduction efforts made by TMC and its subsidiaries as well as increases in vehicle units sold in regions including Europe, North America and Asia, partially offset by increases in labor costs and other expenses. Financial services: Net revenues for the financial services operations decreased by 5.4 billion yen, or 2.9%, to 180.6 billion yen in FY2004 third quarter compared with FY2003 third quarter, while operating income increased by 31.9 billion yen, or 155.9%, to 52.3 billion yen in FY2004 third quarter compared with FY2003 third quarter. The increase in operating income was mainly due to solid performance as a result of an increase in financing volumes as well as the impact of interest rate swaps stated at fair value with changes recognized in income held by sales financing subsidiaries in the United States of America in accordance with the Statement of Financial Accounting Standards (FAS) No.133 as amended by several related pronouncements including FAS No.138. The valuation gains on interest rate swaps increased by 7.0 billion yen, to 9.1 billion yen in FY2004 third quarter compared with FY2003 third quarter. All other: Net revenues for all other businesses increased by 33.6 billion yen, or 18.6%, to 214.7 billion yen in FY2004 third quarter compared with FY2003 third quarter, and operating income increased by 1.7 billion yen, or 46.5%, to 5.5 billion yen in FY2004 third quarter compared with FY2003 third quarter. (2) Geographic Information Japan: Net revenues in Japan increased by 98.4 billion yen, or 3.5%, to 2,933.6 billion yen in FY2004 third quarter compared with FY2003 third quarter, while operating income decreased by 43.8 billion yen, or 16.2%, to 226.1 billion in FY2004 third quarter compared with FY2003 third quarter. The decrease in operating income was mainly due to the effects of changes in exchange rates and increases in labor costs and other expenses, partially offset by an increase in vehicle units sold and steady achievements in cost reduction. North America: Net revenues in North America decreased by 20.7 billion yen, or 1.3%, to 1,603.7 billion yen in FY2004 third quarter compared with FY2003 third quarter, while operating income increased by 46.6 billion yen, or 57.2%, to 128.2 billion yen in FY2004 third quarter compared with FY2003 third quarter. The increase in operating income was due to solid performance primarily attributable to cost reduction efforts and increases in both local production volume and vehicle units sold, as well as an increase in valuation gains on interest rate swaps, recorded by sales financing subsidiaries in the United States of America. Europe: Net revenues in Europe increased by 109.3 billion yen, or 27.0%, to 514.3 billion yen in FY2004 third quarter compared with FY2003 third quarter, and operating income increased by 24.4 billion yen, or 8,767.5%, to 24.7 billion yen in FY2004 third quarter compared with FY2003 third quarter. The increase in operating income was mainly due to increases in local production volumes in the United Kingdom and France as well as increases in vehicle units sold. Other Foreign Countries: Net revenues in other markets increased by 147.1 billion yen, or 33.0%, to 592.5 billion yen in FY2004 third quarter compared with FY2003 third quarter, and operating income increased by 10.0 billion yen, or 69.4%, to 24.3 billion yen in FY2004 third quarter compared with FY2003 third quarter. The increase in operating income was primarily due to increases in vehicle units sold mainly in Asia. Consolidated 2 (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 3. Others Accounting Treatment regarding Transfer of the Substitutional Portion of the Employee Pension Fund to the Government TMC and some of its affiliated companies in Japan applied for exemption from the payment of benefits related to future employee services with respect to the substitutional portion of the Employee Pension Fund and obtained approval from the Minister of Health, Labour, and Welfare from FY2003 onwards. In FY2004 and thereafter, it is expected that these companies will apply for approval for the separation of the remaining benefit obligation of the substitutional portion which relates to past employee services. Once approval has been obtained, the plan assets required to be transferred to the government pursuant to the government formula will be then transferred. TMC completed the transfer of the plan assets relating to the substitutional portion in January 2004. Under the accounting principles generally accepted in the United States of America, the gains or losses on the transfer of the plan assets relating to the substitutional portion will be recognized in entirety in the consolidated results upon completion of the transfer. Consolidated 3 CONSOLIDATED Production and Sales (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 1. Production
(Units) -------------------------------------=====================----------------------------------------------------- FY2004 third quarter FY2003 third quarter (October 2003 through (October 2002 through Increase December 2003) December 2002) (Decrease) --------------------------------------------------------------------------------------------------------------- Japan 1,099,603 1,074,902 24,701 ---------------------------------------------------------------------------------------------------- North America 259,719 215,180 44,539 ------------------------------------------------------------------------------------------------- Vehicles Europe 136,960 105,974 30,986 (new) ------------------------------------------------------------------------------------------------- Others 175,856 119,077 56,779 ------------------------------------------------------------------------------------------------- Overseas total 572,535 440,231 132,304 ---------------------------------------------------------------------------------------------------- Total 1,672,138 1,515,133 157,005 --------------------------------------------------------------------------------------------------------------- Houses (Japan) 1,256 945 311 -------------------------------------=====================-----------------------------------------------------
Note: The total production of vehicles (new) includes 168,805 units of Daihatsu brand vehicles (including OEM production) in FY2004 third quarter, and 152,310 units in FY2003 third quarter, and 20,957 units of Hino brand vehicles (including OEM production) in FY2004 third quarter, and 12,349 units in FY2003 third quarter. 2. Sales (by destination)
(Units) -------------------------------------=====================------------------------------------------------------ FY2004 third quarter FY2003 third quarter Increase (October 2003 through (October 2002 through (Decrease) December 2003) December 2002) --------------------------------------------------------------------------------------------------------------- Japan 553,867 544,807 9,060 ---------------------------------------------------------------------------------------------------- North America 561,628 533,378 28,250 ------------------------------------------------------------------------------------------------- Vehicles Europe 218,029 169,799 48,230 (new) ------------------------------------------------------------------------------------------------- Others 366,846 296,312 70,534 ------------------------------------------------------------------------------------------------- Overseas total 1,146,503 999,489 147,014 ---------------------------------------------------------------------------------------------------- Total 1,700,370 1,544,296 156,074 --------------------------------------------------------------------------------------------------------------- Houses (Japan) 1,442 845 597 -------------------------------------=====================-----------------------------------------------------
Note: The total sales of vehicles (new) includes 145,181 units of Daihatsu brand vehicles in FY2004 third quarter, and 121,532 units in FY2003 third quarter, and 19,897 units of Hino brand vehicles in FY2004 third quarter, and 13,376 units in FY2003 third quarter. Consolidated 4 CONSOLIDATED STATEMENTS OF INCOME (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
(Amounts are rounded to the nearest million yen.) - -----------------------------------------=======================---------------------------------------------------- FY2004 third quarter FY2003 third quarter Increase (October 2003 through (October 2002 through (Decrease) December 2003) December 2002) - -------------------------------------------------------------------------------------------------------------------- Net revenues : 4,386,059 4,052,610 333,449 Sales of products 4,210,510 3,869,360 341,150 Financing operations 175,549 183,250 (7,701) Costs and expenses : 3,984,366 3,691,378 292,988 Cost of products sold 3,387,726 3,113,532 274,194 Cost of financing operations 74,590 99,925 (25,335) Selling, general and administrative 522,050 477,921 44,129 Operating income 401,693 361,232 40,461 Other income (expense) : 28,012 (61,103) 89,115 Interest and dividend income 13,020 10,647 2,373 Interest expense (4,209) (6,528) 2,319 Other income (loss), net 19,201 (65,222) 84,423 Income before income taxes, minority interest and equity in earnings of affiliated companies 429,705 300,129 129,576 Provision for income taxes 166,777 142,159 24,618 Income before minority interest and equity 262,928 157,970 104,958 in earnings of affiliated companies Minority interest in consolidated (14,635) 2,744 (17,379) subsidiaries Equity in earnings of affiliated companies 38,177 18,650 19,527 Net income 286,470 179,364 107,106 - -----------------------------------------=======================---------------------------------------------------- (Yen) - -----------------------------------------=======================---------------------------------------------------- Net income per share - basic 84.83 50.74 34.09 Net income per share - diluted 84.82 50.74 34.08 - -----------------------------------------=======================----------------------------------------------------
Consolidated 5 CONSOLIDATED BALANCE SHEETS (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
(Amounts are rounded to the nearest million yen.) - -----------------------------------------=========================-------------------------------------------------- FY2004 third quarter FY2003 Increase (As of December 31, 2003) (As of March 31, 2003) (Decrease) - -------------------------------------------------------------------------------------------------------------------- Assets Current assets : 8,291,815 8,622,233 (330,418) Cash and cash equivalents 1,231,869 1,592,028 (360,159) Time deposits 74,767 55,406 19,361 Marketable securities 567,007 605,483 (38,476) Trade accounts and notes receivable, less 1,313,066 1,475,797 (162,731) allowance for doubtful accounts Finance receivables, net 2,546,291 2,505,140 41,151 Other receivables 489,486 513,952 (24,466) Inventories 1,070,562 1,025,838 44,724 Deferred income taxes 411,572 385,148 26,424 Prepaid expenses and other current assets 587,195 463,441 123,754 Noncurrent finance receivables, net 3,074,883 2,569,808 505,075 Investments and other assets 4,417,277 3,757,054 660,223 Property, plant and equipment : 5,302,239 5,203,879 98,360 Land 1,131,092 1,064,125 66,967 Buildings 2,780,941 2,521,208 259,733 Machinery and equipment 7,602,630 7,089,592 513,038 Vehicles and equipment on operating leases 1,503,792 1,601,060 (97,268) Construction in progress 212,702 211,584 1,118 Less - Accumulated depreciation (7,928,918) (7,283,690) (645,228) - -------------------------------------------------------------------------------------------------------------------- Total assets 21,086,214 20,152,974 933,240 - -----------------------------------------=========================--------------------------------------------------
Consolidated 6 (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America)
(Amounts are rounded to the nearest million yen.) - -----------------------------------------=========================-------------------------------------------------- FY2004 third quarter FY2003 Increase (As of December 31, 2003) (As of March 31, 2003) (Decrease) - -------------------------------------------------------------------------------------------------------------------- Liabilities Current liabilities : 7,275,225 7,053,936 221,289 Short-term borrowings 2,267,995 1,855,648 412,347 Current portion of long-term debt 1,147,370 1,263,017 (115,647) Accounts payable 1,465,097 1,531,552 (66,455) Other payables 692,196 618,748 73,448 Accrued expenses 1,018,096 1,063,496 (45,400) Income taxes payable 202,290 300,718 (98,428) Other current liabilities 482,181 420,757 61,424 Long-term liabilities : 5,726,796 5,662,572 64,224 Long-term debt 4,148,923 4,137,528 11,395 Accrued pension and severance costs 1,074,375 1,052,687 21,688 Deferred income taxes 436,462 371,004 65,458 Other long-term liabilities 67,036 101,353 (34,317) Total liabilities 13,002,021 12,716,508 285,513 Minority interest in consolidated 445,957 315,466 130,491 subsidiaries Shareholders' equity Common stock 397,050 397,050 -- Additional paid-in capital 495,138 493,790 1,348 Retained earnings 7,975,046 7,301,795 673,251 Accumulated other comprehensive loss (498,672) (604,272) 105,600 Treasury stock, at cost (730,326) (467,363) (262,963) Total shareholders' equity 7,638,236 7,121,000 517,236 - -------------------------------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity 21,086,214 20,152,974 933,240 - -----------------------------------------=========================--------------------------------------------------
Consolidated 7 SEGMENT INFORMATION (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 1. Segment Operating Results (1) FY2004 third quarter (October 2003 through December 2003)
(Amounts are rounded to the nearest million yen.) ========================================================================================================= Automotive Financial Services All Other Intersegment Consolidated Elimination --------------------------------------------------------------------------------------------------------- Net revenues : (1) Sales to external 4,053,213 175,549 157,297 -- 4,386,059 customers (2) Intersegment sales 2,137 5,016 57,404 (64,557) -- and transfers Total 4,055,350 180,565 214,701 (64,557) 4,386,059 --------------------------------------------------------------------------------------------------------- Operating expenses 3,707,551 128,270 209,111 (60,566) 3,984,366 --------------------------------------------------------------------------------------------------------- Operating income 347,799 52,295 5,590 (3,991) 401,693 =========================================================================================================
(2) FY2003 third quarter (October 2002 through December 2002)
(Amounts are rounded to the nearest million yen.) --------------------------------------------------------------------------------------------------------- Automotive Financial Services All Other Intersegment Consolidated Elimination --------------------------------------------------------------------------------------------------------- Net revenues : (1) Sales to external 3,747,809 183,250 121,551 -- 4,052,610 customers (2) Intersegment sales 3,105 2,753 59,507 (65,365) -- and transfers Total 3,750,914 186,003 181,058 (65,365) 4,052,610 --------------------------------------------------------------------------------------------------------- Operating expenses 3,413,592 165,567 177,241 (65,022) 3,691,378 --------------------------------------------------------------------------------------------------------- Operating income 337,322 20,436 3,817 (343) 361,232 ---------------------------------------------------------------------------------------------------------
Note: Operating incomes by operating segment in FY2003 third quarter under the Japanese accounting standards are 352,022 million yen for automotive, 24,327 million yen for financial services and 4,807 million yen for all other. Consolidated 8 (All financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) 2. Geographic Information (1) FY2004 third quarter (October 2003 through December 2003)
(Amounts are rounded to the nearest million yen.) ====================================================================================================================== Japan North America Europe Other Foreign Intersegment Consolidated Countries Elimination ---------------------------------------------------------------------------------------------------------------------- Net revenues : (1) Sales to external 1,797,144 1,569,593 468,063 551,259 -- 4,386,059 customers (2) Intersegment sales and 1,136,497 34,064 46,262 41,266 (1,258,089) -- transfers Total 2,933,641 1,603,657 514,325 592,525 (1,258,089) 4,386,059 ---------------------------------------------------------------------------------------------------------------------- Operating expenses 2,707,513 1,475,445 489,673 568,153 (1,256,418) 3,984,366 ---------------------------------------------------------------------------------------------------------------------- Operating income 226,128 128,212 24,652 24,372 (1,671) 401,693 ======================================================================================================================
(2) FY2003 third quarter (October 2002 through December 2002)
(Amounts are rounded to the nearest million yen.) ---------------------------------------------------------------------------------------------------------------------- Japan North America Europe Other Foreign Intersegment Consolidated Countries Elimination ---------------------------------------------------------------------------------------------------------------------- Net revenues : (1) Sales to external 1,706,872 1,548,344 385,951 411,443 -- 4,052,610 customers (2) Intersegment sales and 1,128,350 76,073 19,054 33,993 (1,257,470) -- transfers Total 2,835,222 1,624,417 405,005 445,436 (1,257,470) 4,052,610 ---------------------------------------------------------------------------------------------------------------------- Operating expenses 2,565,340 1,542,847 404,727 431,050 (1,252,586) 3,691,378 ---------------------------------------------------------------------------------------------------------------------- Operating income 269,882 81,570 278 14,386 (4,884) 361,232 ----------------------------------------------------------------------------------------------------------------------
Note: Operating incomes by geographic region in FY2003 third quarter under the Japanese accounting standards are 277,485 million yen for Japan, 89,173 million yen for North America, 246 million yen for Europe and 16,333 million yen for other foreign countries. Consolidated 9 [REFERENCE] (All financial information has been prepared in accordance with accounting principles generally accepted in Japan) UNCONSOLIDATED STATEMENTS OF INCOME
(Million yen; amounts less than one million yen are omitted.) - -------------------------------------------==========================------------------------------------------------ FY2004 third quarter FY2003 third quarter Increase (October 2003 through (October 2002 through (Decrease) December 2003) December 2002) - --------------------------------------------------------------------------------------------------------------------- Net sales 2,292,065 2,302,043 (9,978) Operating income 176,812 236,609 (59,797) Ordinary income 212,558 261,805 (49,247) Income before income taxes 212,558 261,805 (49,247) Income taxes - current 87,600 112,500 (24,900) Income taxes - deferred (11,200) (4,400) (6,800) Net income 136,158 153,705 (17,547) - -------------------------------------------==========================------------------------------------------------
UNCONSOLIDATED BALANCE SHEETS
(Million yen; amounts less than one million yen are omitted.) - -------------------------------------------==========================------------------------------------------------ FY2004 third quarter FY2003 Increase (As of December 31,2003) (As of March 31,2003) (Decrease) - --------------------------------------------------------------------------------------------------------------------- Assets Current assets 2,892,098 3,620,881 (728,783) Cash, deposits and trade accounts 971,004 1,033,270 (62,266) receivable Marketable securities 745,993 1,373,742 (627,749) Others 1,175,099 1,213,869 (38,770) Fixed assets 5,548,090 4,971,941 576,149 Property, plant and equipment 1,248,587 1,269,042 (20,455) Buildings, machinery and equipment 680,791 677,800 2,991 Others 567,796 591,241 (23,445) Investments and other assets 4,299,503 3,702,899 596,604 Investments in securities 2,183,705 1,720,649 463,056 Others 2,115,797 1,982,249 133,548 - --------------------------------------------------------------------------------------------------------------------- Total assets 8,440,188 8,592,823 (152,635) - -------------------------------------------==========================------------------------------------------------
- -------------------------------------------==========================------------------------------------------------ FY2004 third quarter FY2003 Increase (As of December 31,2003) (As of March 31,2003) (Decrease) - --------------------------------------------------------------------------------------------------------------------- Liabilities Current liabilities 1,650,541 2,040,821 (390,280) Long-term liabilities 843,284 848,679 (5,395) Total liabilities 2,493,825 2,889,501 (395,676) Shareholders' equity Common stock 397,049 397,049 -- Capital surplus 416,970 416,970 -- Retained earnings 5,624,083 5,287,601 336,482 Net unrealized gains on other securities 269,712 69,019 200,693 Less: treasury stock (761,453) (467,320) (294,133) Total shareholders' equity 5,946,362 5,703,321 243,041 - --------------------------------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity 8,440,188 8,592,823 (152,635) - -------------------------------------------==========================------------------------------------------------
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