California
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1-9961
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95-3775816
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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19001 S. Western Avenue
Torrance, California
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90501
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(Address of principal executive offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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Investor presentation of Toyota Motor Credit Corporation (furnished pursuant to Regulation FD)
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99.2
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Toyota Business Highlights (furnished pursuant to Regulation FD)
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TOYOTA MOTOR CREDIT CORPORATION
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Date: July 1, 2014
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By:
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/s/ Michael Groff |
Michael Groff
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President and Chief Executive Officer
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99.1 Investor presentation of Toyota Motor Credit Corporation (furnished pursuant to Regulation FD)
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99.2 Toyota Business Highlights (furnished pursuant to Regulation FD)
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Presentation Materials for Investors June 2014 1 |
Disclaimer [] This presentation includes certain "forward-looking statements" within the meaning of The U.S. Private Securities Litigation Reform Act of 1995. [] These statements are based on current expectations and currently available information. [] Actual results may differ materially from these expectations due to certain risks, uncertainties and other important factors, including the risk factors set forth in the most recent annual and periodic reports of Toyota Motor Corporation and Toyota Motor Credit Corporation. [] We do not undertake to update the forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking statements. [] This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any securities. Any offer or sale of securities will be made only by means of a prospectus and related documentation. [] Investors and others should note that we announce material financial information using the investor relations section of our corporate website (http://www. toyotafinancial. com) and SEC filings. We use these channels, press releases, as well as social media to communicate with our investors, customers and the general public about our company, our services and other issues. While not all of the information that we post on social media is of a material nature, some information could be material. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the Toyota Motor Credit Corporation Twitter Feed (http://www. twitter.com/toyotafinancial) . We may update our social media channels from time to time on the investor relations section of our corporate website. 2 |
Disclaimer [] This presentation includes certain "forward-looking statements" within the meaning of The U.S. Private Securities Litigation Reform Act of 1995. [] These statements are based on current expectations and currently available information. [] Actual results may differ materially from these expectations due to certain risks, uncertainties and other important factors, including the risk factors set forth in the most recent annual and periodic reports of Toyota Motor Corporation and Toyota Motor Credit Corporation. [] We do not undertake to update the forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking statements. [] This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to purchase or subscribe for securities of TMCC in any jurisdiction or an inducement to enter into investment activity in any jurisdiction. Neither this presentation nor any part thereof, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. Any offer or sale of securities by TMCC will be made only by means of a prospectus and related documentation. [] Investors and prospective investors in securities of TMCC are required to make their own independent investigation and appraisal of the business and financial condition of TMCC and the nature of its securities. This presentation does not constitute a recommendation regarding securities of TMCC. Any prospective purchaser of securities in TMCC is recommended to seek its own independent financial advice. [] This presentation is made to and directed only at (i) persons outside the United Kingdom, or (ii) qualified investors or investment professionals falling within Article 19(5) and Article 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), or (iii) high net worth individuals, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, and (iv) persons who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) as amended (such persons collectively being referred to as "Relevant Persons"). This presentation must not be acted or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this presentation relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. [] This presentation is an advertisement and not a prospectus and investors should not subscribe for or purchase any securities of TMCC referred to in this presentation or otherwise except on the basis of information in the base prospectus of Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia Limited and Toyota Motor Credit Corporation dated 13 September 2013 as supplemented from time to time together with the applicable final terms which are or will be, as applicable, available on the website of the London Stock Exchange plc at www.londonstockexchange. com/exchange/news/market -news/market -news-home.html. [] Investors and others should note that we announce material financial information using the investor relations section of our corporate website (http://www. toyotafinancial. com) and SEC filings. We use these channels, press releases, as well as social media to communicate with our investors, customers and the general public about our company, our services and other issues. While not all of the information that we post on social media is of a material nature, some information could be material. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the Toyota Motor Credit Corporation Twitter Feed (http://www. twitter.com/toyotafinancial) . We may update our social media channels from time to time on the investor relations section of our corporate website. 3 |
Toyota's Global Businesses 4 |
TMC Consolidated Financial Results Fiscal Year Ended March 31, (JPY billions) 2012 2013 2014 ================ ======== ======================== ========= Net Revenues 18,583.7 22,064.2 25,691.9 Operating Income 355.6 1,320.9 2,292.1 Net Income 283.6 962.2 1,823.1 Source: TMC FY2012 , FY2013 & FY2014 Financial Summary 5 |
TMC Consolidated Balance Sheet FY2012 FY2013 FY2014 (JPY billions) Asof March 31, 2012 Asof March 31, 2013 Asof March 31, 2014 ======================================= =================== =================== Current assets 12,321.2 13,784.9 15,717.7 Noncurrent finance receivables, net 5,602.5 6,943.8 8,102.3 Investment & other assets 6,491.9 7,903.4 9,976.2 Property, plant & equipment, net 6,235.4 6,851.2 7,641.3 =================== =================== =================== Total Assets 30,651.0 35,483.3 41,437.5 =================== =================== =================== Liabilities 19,584.5 22,710.5 26,218.5 Shareholders' equity 11,066.5 12,772.9 15,219.0 =================== =================== =================== Total Liabilities & Shareholders' Equity 30,651.0 35,483.3 41,437.5 =================== =================== =================== Source: TMC FY2012 , FY2013 & FY2014 Financial Summary 6 |
Toyota Across the United States Operations Overview 7 |
Toyota's Next Chapter [] Recently announced consolidation of Toyota headquarters functions [] Will move to a single location in Plano, Texas during 2016 - 2018 [] Unified manufacturing and sales leadership HQ will enable us to: -- Improve collaboration and break down operational siloes -- Respond to changes in the market faster and improve our competitive advantage -- Better align manufacturing operations with sales, marketing and other functions -- Ultimately build better vehicles for our customers 8 |
Toyota Motor Sales, USA [] TMS sold 2.23 million vehicles in 2013; its highest sales volume since 2007 and up 7.4% from 2012 -- Toyota division was the #1 US retail brand in 2013 -- Camry was the best-selling passenger car in America for the 12(th) consecutive year [] Industry-leading investment in next-generation technologies in power-train, safety and production -- TMS has one of the most fuel-efficient line-ups of any full-line OEM -- Over 2.2 million hybrids sold in the US and nearly 6 million worldwide(1) -- 11 hybrid models (2), 1 plug-in model, and 1 EV model across the TMS line-up [] For 2014, TMS is launching 10 new or refreshed models. Recent and upcoming vehicle launches: - 4Runner - RAV 4 - Lexus IS - Camry -Tundra - Lexus RC / RC F - Highlander & HV - Scion tC - Lexus NX (1) As of December 2013 (2) Includes cars and light trucks Source: TMS Reports 9 |
Toyota Motor Sales, USA (2) [] Quality, dependability, safety and product appeal remain high as reflected by numerous 3(rd) party accolades 10 2014 NHSTA 5-Star Overall Safety Rating 14 Toyota, Lexus and Scion models 2014 NHTSA Top 10 Most 'American Made' Vehicles Camry, Corolla & Tundra 2013 Edmunds Best Small Pickup Truck Toyota Tacoma 2014 Consumer Reports Best New Car Value Toyota Prius Worlds Most Innovative Companies Toyota ranked 5(th) overall and the highest amongst automotive brands 2013 Initial Quality Study Camry ranked no. 1 2014 Popular Mechanics 10 Best Cars and Trucks 2014 Lexus IS Interbrand Best Brand in 2013 Toyota ranked 10(th) overall and the highest amongst automotive brands Kelley Blue Book's 10 Best Green Cars of 2013 Prius Plug-in & Avalon Hybrid 10 |
Toyota Motor Sales, USA (3) 11 |
Toyota Motor Sales, USA (4) 12 |
Toyota Motor Sales, USA (5) 13 |
Toyota Financial Services 14 |
TFS Group Global Presence 15 |
Toyota Motor Credit Corporation (TMCC) Toyota Motor Corporation (TMC) Toyota Financial Services Corporation (TFSC) Toyota Motor Credit Corporation (TMCC) (1) [] Over 4.1 million active finance contracts (2) (2) [] AA- /Aa3 rated captive finance company by S&P / Moody's (3) [] Credit support agreement structure with TFSC/TMC (1) As of March 31, 2014 (2) Outlook stable (3) The Credit Support Agreements do not apply to securitization transactions 16 |
TMCC Products and Services 17 [] Retail [] Lease [] Wholesale [] Real Estate []Working Capital [] Revolving Credit Lines []Forklift [] Hino Medium Duty []Retail []Lease [] Service Agreements [] Prepaid Maintenance [] Guaranteed Auto Protection [] Excess Wear & Use [] Tire & Wheel 17 |
Extensive Field Organization [] Decentralized dealer and field support [] Centralized servicing and collections (circled) 18 |
Recent TMCC Business Highlights [] In excess of $10.6 billion income before income taxes over the past 5 years(1) [] Continuing the trend in 2014, TFS is the top U. S. auto lender in all new vehicles(2) [] Strong market share continues to drive solid financing revenues and sales support [] Low net charge-off ratio driven by prudent underwriting standards and proactive servicing practices [] High insurance penetration and growing insurance volume (1) For the four year period from FY10 through FY14 (2) Source: AutoCount as of December 31, 2013 19 |
TMCC Earning Asset Composition 24.9 17.4 19.3 19.0 20.2 ------ ----- -------- ---------- ------ ----------------- ------ ------ Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Lease Retail Sold (ABS) Wholesale & Other Source: TMCC March 31, 2011 10-K, March 31, 2012 10-K , March 31, 2013 10-K &March 31, 2014 10-K 20 |
TMCC Financial Performance - Select Data Fiscal Year Ended March 31, Source: TMCC March 31, 2012 10-K & TMCC March 31, 2014 10-K 21 (USD millions) 2010 2011 ------------------------------------ ----- ----- Total Financing Revenues 8,163 8,064 add: Other Income 680 779 less: Interest Expense 5,587 4,967 and Depreciation Net Financing Revenues 3,256 3,876 and Other Revenues Net Income 1,063 1,853 2012 2013 2014 ----- ------ ----- 7,429 7,244 7,397 717 744 702 4,639 4,508 5,352 3,507 3,480 2,747 1,486 1,331 857 21 |
TMCC Financial Performance - Select Data (1) Percentage of gross earning assets (2) The quotient of allowance for credit losses divided by the sum of gross finance receivables (net finance receivables less allowance for credit losses) plus gross investments in operating leases (net investments in operating leases less allowance for credit losses) Note: All percentage figures calculated were based on a 120-day charge-off policy Source: TMCC March 31, 2014 10-K 22 Fiscal Year Ended March 31, (USD millions) 2010 2011 ------------------------------------ ----- ------ Over 60 Days Delinquent (1) 0.45% 0.26% Allowance for Credit Losses(1) (2) 2.31% 1.13% Net Credit Losses 1.03% 0 .52% 2012 2013 2014 ----- ----- ------ 0.18% 0.19% 0 .18% 0.80% 0.63% 0.50% . 0 .21% 0.27% 0.28% 22 |
TMCC Funding Programs 23 |
Exceptional Liquidity [] A-1+/P-1 direct commercial paper program (1) [] $18.7 billion committed credit facilities (2) [] $6.0 billion short-term investment portfolio [] Over $60 billion in readily salable retail loan & lease receivables [] Access to various domestic and international markets [] Billions of additional capacity in global benchmark markets [] Extensive inter-company lending infrastructure [] Credit support agreements: TMCC []TFSC [] TMC (1) As of March 31, 2014 (2) Average balance for fiscal year end March 31, 2014 24 Source: TMCC March 31, 2014 10-K 24 |
TMCC Funding Program Objectives [] TMCC is committed to: -- Maintaining funding diversity and exceptional liquidity -- Issuing into strong demand with attractive deals -- Identifying & developing new markets and investor relationships -- Responding quickly to opportunities with best-in-class execution 25 |
New Funding Vehicles [] Auto industry's first ever Green Bond ABS [] Diversity and Inclusion (D&I) bond syndicates led by diversity firms [] Competitive, innovative and socially responsible 26 |
TMCC FY14 Funding Overview $19.9 billion of long term debt funded in FY2014 Other 3% EMTN 13% Global MTN 21% MTN 35% Public / Private ABS 28% [] $14.3 billion in unsecured debt [] $5.6 billion in secured debt (net of amount retained) -- $2.5 billion comprised of public term secured funding (net of amount retained) As of March 31, 2014 27 Source: Company Reports 27 |
Diversification in Debt Offerings TMCC Long Term Debt Outstanding (USD millions) By Deal Type By Currency Uridashi $2,457 28 |
Funding Flexibility And Responsiveness Diversification Across USD Curve (1) (1) Unsecured U.S. MTN issuance, excluding Structured Notes and Retail Notes Percentages may not add to 100% due to rounding As of March 31, 2014 Source: Company Reports 29 |
Key Investment Highlights [] Financial strength supported by strong credit ratings [] Transparent business model with exceptional liquidity [] Rational funding programs with long term perspective -- Diversification in bond offerings -- Focus on proactively meeting needs of market -- Strong emphasis placed on flexibility and responsiveness [] Industry-leading in: -- Liquidity management framework -- Balance sheet strength -- Business model resiliency 30 |
TMCC Retail Loan Collateral & ABS Transactions 31 |
Credit Decisioning & Collections [] Recent consistent, conservative underwriting standards have produced low levels of delinquencies and credit losses -- Identification & minimization of least desirable segments -- Ongoing focus on Toyota and Lexus business [] Optimization of collections strategy and staff supports loss mitigation while enabling portfolio growth -- Emphasis on early intervention -- Reinforcement of strong compliance management system (1) Delinquency is 30+ day delinquencies as a percentage of receivables outstanding (2) Credit loss is annual net credit loss as a percentage of receivables outstanding 32 |
Credit: Results* [] Retail loan credit performance has shown significant improvement -- Portfolio-level performance trends show general improvement -- Recent vintages outperforming older cohorts 0 4 8 12 16 20 24 28 32 36 40 44 48 52 56 60 64 68 72 Month * Abbreviated for presentation purposes 33 Source: Company Reports 33 |
(1) The historical delinquency data reported in this table includes all retail vehicle installment sales contracts purchased by TMCC, excluding those purchased by a subsidiary of TMCC operating in Puerto Rico. Includes contracts that have been sold but are still being serviced by TMCC. (2) Number of contracts outstanding at end of period. (3) The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made. 34 Source: Company Reports Managed Portfolio Performance TMCC Retail Loan Delinquency Experience (1) 2014 2013 ------------- --------------- Outstanding Contracts(2) 3,220,641 3,156,247 Number of AccountsPast Due in the following categories 30 - 59 days 32,920 35,672 60 - 89 days 6,660 7,182 Over 89 days 5,799 6,362 Delinquenciesasa Percentage of ContractsOutstanding (3) 30 - 59 days 1.02% 1.13% 60 - 89 days 0 .21% 0.23% Over 89 days 0.18% 0.20% At March 31, 2012 2011 2010 ------------ ------------- ---------------- 3,119,781 3,189,591 3,093,894 35,162 43,070 55,123 6,786 8,588 11,722 5,870 9,153 10,953 1.13% 1.35% 1.78% 0.22% 0.27% 0.38% 0.19% 0.29% 0.35% 34 |
(1) The net loss and repossession data reported in this table includes all retail installment sales contracts purchased by TMCC, excluding those purchased by a subsidiary of TMCC operating in Puerto Rico. Includes contracts that have been sold but are still being serviced by TMCC. (2) Principal Balance Outstanding includes payoff amount for simple interest contracts and net principal amount for actuarial contracts. Actuarial contracts do not comprise any of the Receivables. (3) Average of the principal balance or number of contracts outstanding as of the beginning and end of the indicated periods. (4) Includes bankrupt repossessions but excludes bankruptcies. (5) Amount charged-off is the net remaining principal balance, including earned but not yet received finance charges, repossession expenses and unpaid extension fees, less any proceeds from the liquidation of the related vehicle. Also includes dealer reserve charge-offs. (6) Beginning in February 2010, Toyota Motor Credit Corporation changed its charge-off policy from 150 days past due to 120 days past due. (7) Includes all recoveries from post-disposition monies received on previously charged-off contracts including any proceeds from the liquidation of the related vehicle after the related charge-off. Also includes recoveries for dealer reserve charge-offs and chargebacks. 35 Source: Company Reports Performance -- Retail Loan TMCC Managed Portfolio Net Loss and Repossession Experience (dollars in thousands) (1) For the Fiscal Years Ended 2014 2013 ---------------- -------------- Principal Balance Outstanding(2) $48,761,164 $46,932,720 Average Principal BalanceOutstanding (3) $47,846,942 $45,790,370 Number ofContracts Outstanding 3,220,641 3,156,247 Average Number of Contracts Outstanding(3) 3,188,444 3,138,014 Number ofRepossessions(4) 34,923 34,353 Number ofRepossessions as aPercentof the Average Number of Contracts Outstanding 1.10% 1.09% Gross Charge-Offs(5)(6) $257,586 $244,432 Recoveries(7) $62,714 $69,088 Net Losses $194,872 $175,344 Net Losses as aPercentageof Average Principal Balance Outstanding 0.41% 0.38% 2012 2011 2010 ---------------- -------------- --------------- $44,648,020 $45,053,303 $43,234,740 $44,850,661 $44,144,021 $43,360,181 3,119,781 3,189,591 3,093,894 3,154,686 3,141,743 3,072,036 42,937 64,710 79,637 1.36% 2.06% 2.59% $240,736 $447,159 $724,212 $78,593 $98,105 $116,892 $162,143 $349,054 $607,320 0.36% 0.79% 1.40% 35 |
Source: Company Reports Origination Profile TMCC Retail Auto Loan Originations O riginal SummaryCharacteristics 2010 2011 by Vintage O rigination Year: ========== ====== =================== Number of Pool Assets 956,010 911,545 Original Pool Balance $21,924,552,881 $21,608,462,287 Average Initial LoanBalance $22,933 $23,705 Weighted Average Interest Rate 3.91% 3.76% Weighted Average Original Term 62 months 63 months Weighted Average FICO 738 735 Geographic Distribution of Receivablesrepresenting the 5 states withthe greatest aggregate original principal balance: State 1 CA 18.0% CA - 18.9% State 2 TX 13.1% TX 12.6% State 3 NY - 5.2% NY - 5.4% State 4 NJ - 4.7% NJ- 4.9% State 5 VA - 4.5% IL - 4.1% Distribution of Receivablesby Contract Rate:(2) Less than2.0% 35.2% 30.3% 2.0% - 3.99% 22.8% 35.9% 4.0% - 5.99% 19.3% 17.5% 6.0% - 7.99% 13.6% 8.5% 8.0% - 9.99% 4.1% 3.2% 10.0% - 11.99% 1.7% 1.6% 12.0% -13.99% 0.9% 0.7% 14.0% - 15.99% 0.7% 0.6% 16.0% andgreater 1.8% 1.7% ========== ====== =================== Total 100.00% 100.00% ================= =================== Share of Original Assets: Percentage ofNon-Toyota/Non-Lexus 4.9% 4.4% Percentage of72+ Month Term 9.8% 10.5% Percentage ofUsed Vehicles 30.6% 31.5% 2012 2013 2014 (1) ================= =================== ================= 973,979 1,008,958 221,109 $24,029,119,369 $25,332,328,542 $5,632,125,913 $24,671 $25,107 $25,472 3.15% 2.94% 3.22% 63 months 63 months 64 months 731 727 723 CA - 19.3% CA - 21.4% CA - 21.5% TX - 14.1% TX -13.3% TX - 14.3% NY - 5.1% NY - 4.6% NY - 4.5% NJ - 4.5% NJ - 4.4% NJ- 4.3% VA - 4.2% IL - 3.9% PA - 3.9% 44.1% 51.2% 49.2% 27.8% 20.2% 20.3% 15.1% 14.0% 14.1% 6.6% 6.7% 7.6% 2.7% 3.2% 3.6% 1.4% 1.5% 1.7% 0.5% 0.6% 0.7% 0.5% 0.6% 0.7% 1.4% 2.0% 2.1% ================= =================== ================= 100.00% 100.00% 100.00% ================= =================== ================= 3.3% 3.3% 3.6% 10.0% 10.6% 11.2% 24.4% 24.5% 25.1% 36 |
Origination Characteristics Weighted Average Original Term *As of March 31, 2014 Source: Company Reports Weighted Average FICO Weighted Average FICO New vs. Used 37 |
(1) Abbreviated for presentation purposes 38 Source: Company Reports ABS Deal Comparison (1) Toyota Auto Owner Trust (TAOT) O riginal Summary Characteristicsby TAO T 2012-A TAO T 2012-B Prior Securitization: ====================== =========== Number of Pool Assets 95,915 62,985 Original Pool Balance $1,558,792,743 $1,034,333,678 Average Principal Balance $16,252 $16,422 Weighted Average Interest Rate 2.89% 2.85% Weighted Average Original Term 61 61 Weighted Average FICO 754 754 GeographicDistribution of Receivables representing the 5 states with the greatest State 1 CA - 19.8% CA - 21.4% State 2 TX 12.4% TX 13.3% State 3 IL - 4.5% NJ - 4.7% State 4 VA - 4.5% IL - 4.5% State 5 MD - 4.1% NY - 4.5% Share of Original Assets: Percentage of Non-Toyota/Non- 0.0% 0.0% Percentage of 72+ Month Term 0.0% 0.0% Percentage of Used Vehicles 27.3% 26.3% TAO T 2013-A TAO T 2013-B TAO T 2014-A ====================== ===================== ====================== 84,513 66,096 115,093 $1,301,545,574 $1,054,454,801 $1,845,073,346 $15,401 $15,953 $16,031 2.56% 2.24% 2.10% 61 61 61 756 757 757 CA - 20.0% CA - 21.3% CA - 22.6% TX 13.3% TX 13.4% TX 13.4% VA - 4.3% IL - 4.2% IL - 4.6% IL - 4.3% VA - 4.1% PA - 4.3% NJ - 4.2% PA - 4.0% NJ - 4.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 22.7% 21.8% 21.4% 38 |
TAOT Deal Performance As of April 15, 2014 Payment Date Source: Company Reports 1 2 3 4 5 6 7 8 91011121314151617181920212223242526272829303132333435363738394041 TAOT 2010-A TAOT 2010-B TAOT 2010-C TAOT 2011-A TAOT 2011-B TAOT 2012-A TAOT 2012-B TAOT 2013-A TAOT 2013-B TAOT 2014-A 39 |
Sales & Trading Update 40 |
Commercial Paper Programs Highlights [] A-1+/P-1 Direct Commercial Paper Programs -- 3 distinct USD commercial paper programs (TMCC, TCPR, TCCI) -- $13.0 billion multi-party committed credit facilities -- $5.7 billion bilateral committed credit facilities -- $25.9 billion USCP combined average outstanding for TMCC and TCPR -- Over 600 diverse institutional investors [] State and local municipalities [] Large corporations [] Pension and retirement funds [] Financial institutions [] Money managers and mutual fund companies -- Rates are posted daily on Bloomberg DOCP screen Source: TMCC March 31, 2014 10-K 41 |
TOYOTA FINANCIAL SERVICES 42 |
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Toyota Business Highlights FY2014 TOYOTA MOTOR SALES (TMS), U.S.A. INC. MONTHLY RESULTS [] The U. S. automobile SAAR figure for May 2014 came in at 16.8M units, up from 15.4M units in May 2013. [] TMS May 2014 sales totaled 216,315 units, up 17.0% from May 2013 volume. [] Corolla May 2014 sales volume rose 30.8% compared to May 2013 volume. Lexus IS sales rose 132.1% in May 2014 compared to May 2013 volume. [] North American production for FY2014 totaled 1,759,439 units, a volume increase of 4.9% from FY2013. Source: Toyota, Bloomberg, Ward's Automotive Group. Toyota Division represents Toyota and Scion vehicle sales. Scion sales for May 2014 totaled 6,181 units, down by 6.1% from May 2013 Scion volume. TMS monthly results include fleet sales volume. Toyota Motor Sales, U.S.A. Inc. May 2014 unit sales Toyota Division Lexus 216,315 26,921 Toyota U.S. May 2014 unit sales -Toyota Division Top 5 makes May-14 May-13 Toyota U.S. May 2014 unit sales -Lexus Division Top 5 makes May-14 May-13 May-13 May-14 ------- ------ ------ Camry 39,216 49,584 ------- ------ ------ Corolla 27,997 36,611 ------- ------ ------ Prius 23,522 26,793 ------- ------ ------ RAV4 20,780 23,465 Tacoma 14,727 13,876 May-13 May-14 --- ------ ------ RX 8,714 9,476 --- ------ ------ ES 5,890 6,523 --- ------ ------ IS 1,897 4,403 --- ------ ------ GX 745 1,958 CT 1,623 1,762 TOYOTA MOTOR CORPORATION (TMC) FINANCIAL RESULTS Yen in millions ========================= TMC consolidated financial performance FY2013 FY2014 =================================================== ============ ============ Net Revenues []22,064,192 []25,691,911 Operating Income (Loss) 1,320,888 2,292,112 Net Income attributable to TMC (Loss) 962,163 1,823,119 =================================================== ============ ============ TMC Consolidated Balance Sheet =================================================== ============ ============ Current Assets []13,784,890 []15,717,706 Noncurrent finance receivables, net 6,943,766 8,102,294 Total Investments and other assets 7,903,422 9,976,175 Property, plant and equipment, net 6,851,239 7,641,298 =================================================== ============ ============ Total Assets []35,483,317 []41,437,473 Liabilities []22,710,461 []26,218,486 Shareholders' equity 12,772,856 15,218,987 =================================================== ============ ============ Total Liabilities and Shareholders' Equity []35,483,317 []41,437,473 =================================================== ============ ============ Operating Income (Loss) by geographic region =================================================== ============ ============ Japan []576,335 []1,510,165 North America 221,925 326,052 Europe 26,462 58,228 Asia 376,055 395,737 Other[] 133,744 42,568 Inter-segment elimination and/or unallocated amount -13,633 -40,638 =================================================== ============ ============ Production (units) FY2013 FY2014 ================== ========= ========= Japan 4,276,482 4,344,892 North America 1,676,689 1,759,439 Europe 368,930 506,556 Asia 1,923,390 1,938,155 Other[] 452,963 483,123 ================== ========= ========= Sales (units) FY2013 FY2014 ================== ========= ========= Japan 2,278,796 2,365,410 North America 2,468,804 2,529,398 Europe 799,085 844,003 Asia 1,683,578 1,608,355 Other[] 1,640,401 1,768,867 ================== ========= ========= [] "Other" consists of Central and South America, Oceania, Africa and the Middle East, etc. Source: Toyota Motor Corporation company filings. 1 |
TOYOTA MOTOR CREDIT CORPORATION (TMCC) FINANCIAL RESULTS [] Our consolidated net income was $857 million in FY2014, compared to $1,331 million in FY2013. The decrease was primarily due to an increase of $444 million in depreciation on operating leases, an increase of $400 million in our interest expense driven by valuation losses on derivatives, an increase of $49 million in our provision for credit losses and a decline of $38 million in investment and other income, partially offset by an increase in total financing revenues of $153 million and a decline of $327 million in the provision for income taxes. [] Market share in FY2014 increased to 66.2% from 63.6% in FY2013. Financing volume increased due primarily to an increased number of lease contracts and an increase in TMS subvention. [] Net charge-offs as a percentage of average gross earning assets increased by 0.01% in FY2014 compared to FY2013. [] Aggregate balances for accounts 60 or more days past due as a percentage of gross earning assets decreased by 0.01% in FY2014 compared to FY2013. (1)TFS market share represents the percentage of total domestic TMS sales of new Toyota, Lexus and Scion vehicles financed by us, excluding non-Toyota/Lexus/Scion sales, sales under dealer rental car and commercial fleet programs and sales of a private Toyota distributor. (*)TMCC consumer portfolio includes TMCC and its consolidated subsidiaries U.S. dollars in millions ====== ============ TMCC financial performance FY2013 FY2014 ========================== ====== ============ Total financing revenues $7,244 $7,397 Income before income taxes 2,155 1,354 Net Income 1,331 857 Debt-to-Equity Ratio 10.4x 11.0x ========================== ====== ============ TFS - Market Share(1) FY2013 FY2014 FY2014 66.2% FY2013 63.6% TMCC - Percentage of contracts subvened FY2013 FY2014 100% 91.8% 81.7% 80% 56.6% 59.1% 60% 40% 30.3% 27.2% 20% 0% New retail Used retail Lease contracts contracts contracts TMCC - Vehicle financing volume FY2013 FY2014 800 700 thousands 703 600 451 302 333 400 290 200 units in 0 New Used Lease retail retail contracts contracts contracts TMCC - Consumer portfolio credit performance* Net charge-offs as a percentage of average gross earning assets Aggregate balances for accounts 60 or more days past due as a percentage of gross earning assets 1.25% 1.00% 0.75% 0.50% 0.25% 0.00% FY2010 FY2011 FY2012 FY2013 FY2014 NORTH AMERICAN SHORT-TERM FUNDING PROGRAMS [] Toyota Motor Credit Corporation (TMCC), Toyota Credit de Puerto Rico Corp. (TCPR), and Toyota Credit Canada Inc. (TCCI)[] maintain direct rela[]onships with ins[]tu[]onal commercial paper investors through its Sales & Trading team, providing each access to a variety of domestic and global markets through three, distinct 3(a)(3) programs. [] For FY2014, TMCC and TCPR commercial paper programs ranged from approximately $23.4 billion to $28.3 billion with an average outstanding balance of $25.9 billion. As of March 31, 2014 the programs had a weighted average remaining maturity of 87 days. ([])TCCI and TMCC are subsidiaries of Toyota Financial Services Corporation, a wholly-owned subsidiary of Toyota Motor Corporation. ([])TMCC consolidated financial liabilities include TMCC and its consolidated subsidiaries, which includes TCPR. TMCC consolidated financial liabilities comparison $90 $80 8.2 Secured 7.0 notes & loans billions) $70 payable $60 $50 49.1 46.7 Unsecured ($ notes & loans Amount $40 payable $30 $20 Commercial 24.6 27.7 $10 Paper $0 3/31/2013 3/31/2014 (*)Figures above do not incorporate the Carrying Value Adjustments. LET'S GO PLACES [] In 2017, Toyota Financial Services plans to relocate its headquarters to Plano, Texas in order to join Toyota Motor Sales, U.S.A., Inc.; Toyota Motor Engineering & Manufacturing North America, Inc.; and Toyota Motor North America as the Toyota affiliates unify their respective headquarters there to create a single, state-of-the-art Toyota headquarters and pursue the One Toyota vision in North America. [] Continue to reference our Investor Relations site, www.toyotafinancial.com, for important information and filings. Forward looking statements are subject to risks and uncertainties that could cause actual results to fall short of current expectations. Toyota and its affiliates discuss these risks and uncertainties in filings they make with the Securities and Exchange Commission. This presentation does not constitute an offer to purchase any securities. Any offer or sale of securities will be made only by means of a prospectus and related documentation. The Toyota Financial Services Sales & Trading team engages in direct dialogue with institutional investors delivering a variety of fixed income products to meet our clients' investment objectives and risk tolerances. We focus on providing simple, personal, and proactive service in the execution of all trades. Sales and Trading Contacts Nicholas Ro Darren Marco Sales & Trading Manager Region Manager (310) 468-7758 (310) 468-5330 nicholas_ro@toyota.com darren_marco@toyota.com Aaron Wright Jason Katzen Funding & Liquidity Analyst Funding & Liquidity Analyst (310) 468-1366 (310) 468-3509 aaron_wright@toyota.com jason_katzen@toyota.com Please direct all inquiries to (800) 292-1147 or email us at tfs_trading@toyota.com 2 |
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