FINANCIAL SUMMARY
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
FY2016 First Quarter
(April 1, 2015 through June 30, 2015)
English translation from the original Japanese-language document
TOYOTA MOTOR CORPORATION
| | |
| FY2016 First Quarter Consolidated Financial Results | | |
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
English translation from the original Japanese-language document
August 4, 2015
| | | | |
Company name | | : | | Toyota Motor Corporation |
Stock exchanges on which the shares are listed | | : | | Tokyo, Nagoya, Sapporo and Fukuoka Stock Exchanges in Japan |
Code number | | : | | 7203 |
URL Representative | | : : | | http://www.toyota.co.jp Akio Toyoda, President |
Contact person | | : | | Yasushi Kyoda, General Manager, Accounting Division Tel. (0565)28-2121 |
Filing date of quarterly securities report | | : | | August 7, 2015 |
Payment date of cash dividends | | : | | — |
Supplemental materials prepared for quarterly financial results | | : | | yes |
Earnings announcement for quarterly financial results | | : | | yes |
(Amounts are rounded to the nearest million yen)
| 1. | Consolidated Results for FY2016 First Quarter (April 1, 2015 through June 30, 2015) |
| (1) | Consolidated financial results (For the three months ended June 30) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (% of change from previous first quarter) | |
| | | Net revenues | | | Operating income | | | Income before income taxes
and equity in earnings of
affiliated companies | | | Net income attributable to
Toyota Motor Corporation | |
| | | Million yen | | | % | | | Million yen | | | % | | | Million yen | | | % | | | Million yen | | | % | |
FY2016 first quarter | | | 6,987,648 | | | | 9.3 | | | | 756,001 | | | | 9.1 | | | | 845,259 | | | | 9.5 | | | | 646,394 | | | | 10.0 | |
FY2015 first quarter | | | 6,390,688 | | | | 2.2 | | | | 692,728 | | | | 4.4 | | | | 771,826 | | | | 6.6 | | | | 587,774 | | | | 4.6 | |
(Note) Comprehensive income: FY2016 first quarter 842,972 million yen (44.2 %), FY2015 first quarter 584,618 million yen(-40.7 %)
| | | | | | | | |
| | | Net income attributable to
Toyota Motor Corporation per
share – Basic | | | Net income attributable to
Toyota Motor Corporation per
share – Diluted | |
| | | Yen | | | Yen | |
FY2016 first quarter | | | 205.41 | | | | 205.30 | |
FY2015 first quarter | | | 185.43 | | | | 185.34 | |
| (2) | Consolidated financial position |
| | | | | | | | | | | | | | | | |
| | | Total assets | | | Shareholders’ equity | | | Toyota Motor Corporation
shareholders’ equity | | | Ratio of
Toyota Motor Corporation
shareholders’ equity | |
| | | Million yen | | | Million yen | | | Million yen | | | % | |
FY2016 first quarter | | | 48,821,479 | | | | 18,069,967 | | | | 17,205,009 | | | | 35.2 | |
FY2015 | | | 47,729,830 | | | | 17,647,329 | | | | 16,788,131 | | | | 35.2 | |
| | | | | | | | | | | | | | | | | | | | |
| | | Annual cash dividends per share | |
| | | End of first
quarter | | | End of second
quarter | | | End of third
quarter | | | Year-end | | | Total | |
| | | Yen | | | Yen | | | Yen | | | Yen | | | Yen | |
FY2015 | | | — | | | | 75.00 | | | | — | | | | 125.00 | | | | 200.00 | |
FY2016 | | | — | | | | | | | | | | | | | | | | | |
FY2016 (forecast) | | | | | | | — | | | | — | | | | — | | | | — | |
(Note) Revisions to the forecast of cash dividends since the latest announcement: none
| 3. | Forecast of Consolidated Results for FY2016 (April 1, 2015 through March 31, 2016) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (% of change from FY2015) | |
| | | Net revenues | | | Operating income | | | Income before income taxes
and equity in earnings of
affiliated companies | | | Net income attributable to
Toyota Motor Corporation | | | Net income attributable to
Toyota Motor Corporation
per share – Basic | |
| | | Million yen | | | % | | | Million yen | | | % | | | Million yen | | | % | | | Million yen | | | % | | | Yen | |
Full-year | | | 27,800,000 | | | | 2.1 | | | | 2,800,000 | | | | 1.8 | | | | 2,980,000 | | | | 3.0 | | | | 2,250,000 | | | | 3.5 | | | | 714.93 | |
(Note) Revisions to the forecast of consolidated results since the latest announcement: yes
Notes
| (1) | Changes in significant subsidiaries during the current quarter |
| | (Changes in specified subsidiaries that caused a change in the scope of consolidation): none |
| (2) | Simplified accounting procedures and specific accounting procedures: yes |
| | Note: For more details, please see page 5 “Other Information”. |
| (3) | Changes in accounting policies |
| | (i) | Changes by a newly issued accounting pronouncement: none |
| | (ii) | Changes other than (3)-(i) above: none |
| (4) | Number of shares issued and outstanding (common stock) |
| | (i) | Number of shares issued and outstanding at the end of each period (including treasury stock): FY2016 first quarter 3,417,997,492 shares, FY2015 3,417,997,492 shares |
| | (ii) | Number of treasury stock at the end of each period: FY2016 first quarter 270,827,535 shares, |
| | | FY2015 271,183,861 shares |
| | (iii) | Average number of shares issued and outstanding in each period: FY2016 first quarter 3,146,893,809 shares, |
| | | FY2015 first quarter 3,169,812,004 shares |
Information Regarding the Quarterly Review Procedures
At the time of disclosure of this report, the procedures for review of quarterly consolidated financial statements, pursuant to the “Financial Instruments and Exchange Act” of Japan, have not been completed.
Cautionary Statement with Respect to Forward-Looking Statements, and Other Information
This report contains forward-looking statements that reflect Toyota’s 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) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia 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, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) 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; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies; (xiii) 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; and (xiv) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales.
A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
This report contains summarized and condensed financial information prepared in accordance with U.S. generally accepted accounting principles.
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
TABLE OF CONTENTS
1
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
| 1. | Information Concerning Consolidated Financial Results for FY2016 First Quarter |
(1) Financial Results
Consolidated vehicle unit sales in Japan and overseas decreased by 127 thousand units, or 5.7%, to 2,114 thousand units in FY2016 first quarter (the three months ended June 30, 2015) compared with FY2015 first quarter (the three months ended June 30, 2014). Vehicle unit sales in Japan decreased by 36 thousand units, or 7.1%, to 470 thousand units in FY2016 first quarter compared with FY2015 first quarter. Overseas vehicle unit sales decreased by 91 thousand units, or 5.3%, to 1,644 thousand units in FY2016 first quarter compared with FY2015 first quarter.
As for the results of operations, net revenues increased by 596.9 billion yen, or 9.3%, to 6,987.6 billion yen in FY2016 first quarter compared with FY2015 first quarter, and operating income increased by 63.2 billion yen, or 9.1%, to 756.0 billion yen in FY2016 first quarter compared with FY2015 first quarter. The factors contributing to an increase in operating income were the effects of changes in exchange rates of 145.0 billion yen and cost reduction efforts of 60.0 billion yen. On the other hand, the factors contributing to a decrease in operating income were the increase in expenses and others of 95.0 billion yen, the effects of marketing activities of 30.0 billion yen, and other factors of 16.8 billion yen. Income before income taxes and equity in earnings of affiliated companies increased by 73.4 billion yen, or 9.5%, to 845.2 billion yen in FY2016 first quarter compared with FY2015 first quarter. Net income attributable to Toyota Motor Corporation increased by 58.6 billion yen, or 10.0%, to 646.3 billion yen in FY2016 first quarter compared with FY2015 first quarter.
(2) Segment Operating Results
(i) Automotive:
Net revenues for the automotive operations increased by 496.7 billion yen, or 8.4%, to 6,411.3 billion yen in FY2016 first quarter compared with FY2015 first quarter, and operating income increased by 90.8 billion yen, or 15.5%, to 677.5 billion yen in FY2016 first quarter compared with FY2015 first quarter. The increase in operating income was mainly due to the effects of changes in exchange rates and cost reduction efforts.
(ii) Financial services:
Net revenues for the financial services operations increased by 92.8 billion yen, or 24.6%, to 470.3 billion yen in FY2016 first quarter compared with FY2015 first quarter. However, operating income decreased by 28.0 billion yen, or 28.6%, to 70.1 billion yen in FY2016 first quarter compared with FY2015 first quarter. The decrease in operating income was mainly due to the recording of valuation losses on interest rate swaps stated at fair value in sales finance subsidiaries.
(iii) All other:
Net revenues for all other businesses decreased by 1.3 billion yen, or 0.5%, to 256.9 billion yen in FY2016 first quarter compared with FY2015 first quarter. However, operating income increased by 1.4 billion yen, or 13.7%, to 12.2 billion yen in FY2016 first quarter compared with FY2015 first quarter.
2
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
(3) Geographic Information
(i) Japan:
Net revenues in Japan increased by 205.4 billion yen, or 6.2%, to 3,501.9 billion yen in FY2016 first quarter compared with FY2015 first quarter, and operating income increased by 109.8 billion yen, or 30.0%, to 475.8 billion yen in FY2016 first quarter compared with FY2015 first quarter. The increase in operating income was mainly due to the effects of changes in exchange rates and cost reduction efforts.
(ii) North America:
Net revenues in North America increased by 581.3 billion yen, or 25.7%, to 2,840.4 billion yen in FY2016 first quarter compared with FY2015 first quarter. However, operating income decreased by 38.6 billion yen, or 23.4%, to 126.8 billion yen in FY2016 first quarter compared with FY2015 first quarter. The decrease in operating income was mainly due to the increase in expenses and others, and the recording of valuation losses on interest rate swaps stated at fair value in sales finance subsidiaries.
(iii) Europe:
Net revenues in Europe decreased by 6.6 billion yen, or 1.0%, to 644.0 billion yen in FY2016 first quarter compared with FY2015 first quarter, and operating income decreased by 3.0 billion yen, or 27.7%, to 7.8 billion yen in FY2016 first quarter compared with FY2015 first quarter.
(iv) Asia:
Net revenues in Asia decreased by 54.4 billion yen, or 4.5%, to 1,142.9 billion yen in FY2016 first quarter compared with FY2015 first quarter, and operating income decreased by 10.2 billion yen, or 9.3%, to 100.0 billion yen in FY2016 first quarter compared with FY2015 first quarter. The decrease in operating income was mainly due to decreases in both production volume and vehicle unit sales.
(v) Other (Central and South America, Oceania, Africa and the Middle East):
Net revenues in other regions increased by 4.3 billion yen, or 0.7%, to 596.2 billion yen in FY2016 first quarter compared with FY2015 first quarter, and operating income increased by 3.9 billion yen, or 11.7%, to 38.0 billion yen in FY2016 first quarter compared with FY2015 first quarter.
3
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
| 2. | Information Concerning Forecast of Consolidated Financial Results for FY2016 |
Reflecting the current trend of financial results, the current forecast of consolidated financial results for FY2016 (April 1, 2015 through March 31,2016) is set forth below. This forecast assumes average exchange rates through the fiscal year of 117 yen per US$1 and 127 yen per 1 euro.
Forecast of consolidated results for FY2016
| | | | | | |
Net revenues | | 27,800.0 billion yen | | | | (an increase of 2.1% compared with FY2015) |
Operating income | | 2,800.0 billion yen | | | | (an increase of 1.8% compared with FY2015) |
Income before income taxes and equity in earnings of affiliated companies | | 2,980.0 billion yen | | | | (an increase of 3.0% compared with FY2015) |
Net income attributable to Toyota Motor Corporation | | 2,250.0 billion yen | | | | (an increase of 3.5% compared with FY2015) |
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) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia 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, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) 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; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies; (xiii) 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; and (xiv) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales.
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.
4
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
(1) Changes in significant subsidiaries during the current period
(Changes in specified subsidiaries that caused a change in the scope of consolidation)
None
(2) Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements
Provision for income taxes
The provision for income taxes is computed by multiplying income before income taxes and equity in earnings of affiliated companies for the first quarter by estimated annual effective tax rates. These estimated annual effective tax rates reflect anticipated investment tax credits, foreign tax credits and other items, including changes in valuation allowances, that are expected to affect estimated annual effective tax rates.
(3) Changes in accounting principles, procedures, and disclosures for consolidated financial statements
None
5
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
| 4. | Consolidated Production and Sales |
(1) Production
| | | | | | | | | | | | | | |
| | | | | (Units) | |
Business segment | | FY2015 first quarter
(Three months ended
June 30, 2014) | | | FY2016 first quarter
(Three months ended
June 30, 2015) | | | Increase
(Decrease) | |
Automotive | | Japan | | | 1,015,997 | | | | 941,462 | | | | (74,535 | ) |
| | North America | | | 503,517 | | | | 527,430 | | | | 23,913 | |
| | Europe | | | 127,087 | | | | 134,901 | | | | 7,814 | |
| | Asia | | | 473,866 | | | | 371,749 | | | | (102,117 | ) |
| | Other | | | 118,269 | | | | 117,572 | | | | (697 | ) |
| | | | | | | | | | | | | | |
| | Total | | | 2,238,736 | | | | 2,093,114 | | | | (145,622 | ) |
| | | | | | | | | | | | | | |
Other | | Housing | | | 1,040 | | | | 1,008 | | | | (32 | ) |
| Note: | 1 Production in “Automotive” indicates production units of new vehicles. |
| | 2 “Other” in “Automotive” consists of Central and South America, Oceania and Africa. |
(2) Sales (by destination)
| | | | | | | | | | | | | | |
| | | | | (Units) | |
Business segment | | FY2015 first quarter
(Three months ended
June 30, 2014) | | | FY2016 first quarter
(Three months ended
June 30, 2015) | | | Increase
(Decrease) | |
Automotive | | Japan | | | 505,827 | | | | 469,971 | | | | (35,856 | ) |
| | North America | | | 710,409 | | | | 728,813 | | | | 18,404 | |
| | Europe | | | 207,481 | | | | 206,374 | | | | (1,107 | ) |
| | Asia | | | 385,376 | | | | 328,602 | | | | (56,774 | ) |
| | Other | | | 432,192 | | | | 380,240 | | | | (51,952 | ) |
| | | | | | | | | | | | | | |
| | Total | | | 2,241,285 | | | | 2,114,000 | | | | (127,285 | ) |
| | | | | | | | | | | | | | |
Other | | Housing | | | 898 | | | | 891 | | | | (7 | ) |
| Note: | 1 Sales in “Automotive” indicates sales units of new vehicles. |
| | 2 “Other” in “Automotive” consists of Central and South America, Oceania, Africa and the Middle East, etc. |
6
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
| 5. | Consolidated Financial Statements |
(1) Consolidated Balance Sheets
| | | | | | | | | | | | |
| | | (Yen in millions) | |
| | | FY2015
(March 31, 2015) | | | FY2016 first quarter
(June 30, 2015) | | | Increase
(Decrease) | |
Assets | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | |
Cash and cash equivalents | | | 2,284,557 | | | | 2,287,654 | | | | 3,097 | |
Time deposits | | | 149,321 | | | | 282,812 | | | | 133,491 | |
Marketable securities | | | 2,782,099 | | | | 2,331,180 | | | | (450,919 | ) |
Trade accounts and notes receivable, less allowance for doubtful accounts | | | 2,108,660 | | | | 1,922,211 | | | | (186,449 | ) |
Finance receivables, net | | | 6,269,862 | | | | 6,481,603 | | | | 211,741 | |
Other receivables | | | 420,708 | | | | 393,989 | | | | (26,719 | ) |
Inventories | | | 2,137,618 | | | | 2,201,802 | | | | 64,184 | |
Deferred income taxes | | | 978,179 | | | | 963,299 | | | | (14,880 | ) |
Prepaid expenses and other current assets | | | 805,393 | | | | 1,307,807 | | | | 502,414 | |
| | | | | | | | | | | | |
Total current assets | | | 17,936,397 | | | | 18,172,357 | | | | 235,960 | |
| | | | | | | | | | | | |
Noncurrent finance receivables, net | | | 9,202,531 | | | | 9,441,390 | | | | 238,859 | |
Investments and other assets: | | | | | | | | | | | | |
Marketable securities and other securities investments | | | 7,632,126 | | | | 7,921,152 | | | | 289,026 | |
Affiliated companies | | | 2,691,460 | | | | 2,572,780 | | | | (118,680 | ) |
Employees receivables | | | 45,206 | | | | 44,825 | | | | (381 | ) |
Other | | | 926,391 | | | | 969,318 | | | | 42,927 | |
| | | | | | | | | | | | |
Total investments and other assets | | | 11,295,183 | | | | 11,508,075 | | | | 212,892 | |
| | | | | | | | | | | | |
Property, plant and equipment: | | | | | | | | | | | | |
Land | | | 1,354,815 | | | | 1,362,492 | | | | 7,677 | |
Buildings | | | 4,282,839 | | | | 4,342,585 | | | | 59,746 | |
Machinery and equipment | | | 10,945,377 | | | | 11,230,672 | | | | 285,295 | |
Vehicles and equipment on operating leases | | | 5,199,986 | | | | 5,554,286 | | | | 354,300 | |
Construction in progress | | | 581,412 | | | | 494,718 | | | | (86,694 | ) |
| | | | | | | | | | | | |
Total property, plant and equipment, at cost | | | 22,364,429 | | | | 22,984,753 | | | | 620,324 | |
| | | | | | | | | | | | |
Less – Accumulated depreciation | | | (13,068,710 | ) | | | (13,285,096 | ) | | | (216,386 | ) |
| | | | | | | | | | | | |
Total property, plant and equipment, net | | | 9,295,719 | | | | 9,699,657 | | | | 403,938 | |
| | | | | | | | | | | | |
Total assets | | | 47,729,830 | | | | 48,821,479 | | | | 1,091,649 | |
| | | | | | | | | | | | |
7
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
| | | | | | | | | | | | |
| | | (Yen in millions) | |
| | | FY2015
(March 31, 2015) | | | FY2016 first quarter
(June 30, 2015) | | | Increase
(Decrease) | |
Liabilities | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | |
Short-term borrowings | | | 5,048,188 | | | | 5,141,082 | | | | 92,894 | |
Current portion of long-term debt | | | 3,915,304 | | | | 4,270,812 | | | | 355,508 | |
Accounts payable | | | 2,410,588 | | | | 2,260,518 | | | | (150,070 | ) |
Other payables | | | 913,013 | | | | 819,118 | | | | (93,895 | ) |
Accrued expenses | | | 2,668,666 | | | | 2,792,255 | | | | 123,589 | |
Income taxes payable | | | 348,786 | | | | 248,094 | | | | (100,692 | ) |
Other current liabilities | | | 1,126,951 | | | | 1,214,585 | | | | 87,634 | |
| | | | | | | | | | | | |
Total current liabilities | | | 16,431,496 | | | | 16,746,464 | | | | 314,968 | |
| | | | | | | | | | | | |
Long-term liabilities: | | | | | | | | | | | | |
Long-term debt | | | 10,014,395 | | | | 10,255,231 | | | | 240,836 | |
Accrued pension and severance costs | | | 880,293 | | | | 880,081 | | | | (212 | ) |
Deferred income taxes | | | 2,298,469 | | | | 2,387,066 | | | | 88,597 | |
Other long-term liabilities | | | 457,848 | | | | 482,670 | | | | 24,822 | |
| | | | | | | | | | | | |
Total long-term liabilities | | | 13,651,005 | | | | 14,005,048 | | | | 354,043 | |
| | | | | | | | | | | | |
Total liabilities | | | 30,082,501 | | | | 30,751,512 | | | | 669,011 | |
| | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | |
Toyota Motor Corporation shareholders’ equity: | | | | | | | | | | | | |
Common stock, no par value,
authorized: 10,000,000,000 shares
at March 31, 2015 and June 30, 2015
issued: 3,417,997,492 shares at March 31, 2015
and June 30, 2015 | | | 397,050 | | | | 397,050 | | | | — | |
Additional paid-in capital | | | 547,054 | | | | 547,356 | | | | 302 | |
Retained earnings | | | 15,591,947 | | | | 15,844,989 | | | | 253,042 | |
Accumulated other comprehensive income (loss) | | | 1,477,545 | | | | 1,639,482 | | | | 161,937 | |
Treasury stock, at cost,
271,183,861 shares at March 31, 2015 and
270,827,535 shares at June 30, 2015 | | | (1,225,465 | ) | | | (1,223,868 | ) | | | 1,597 | |
| | | | | | | | | | | | |
Total Toyota Motor Corporation shareholders’ equity | | | 16,788,131 | | | | 17,205,009 | | | | 416,878 | |
| | | | | | | | | | | | |
Noncontrolling interests | | | 859,198 | | | | 864,958 | | | | 5,760 | |
| | | | | | | | | | | | |
Total shareholders’ equity | | | 17,647,329 | | | | 18,069,967 | | | | 422,638 | |
| | | | | | | | | | | | |
Commitments and contingencies | | | | | | | | | | | | |
| | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | | 47,729,830 | | | | 48,821,479 | | | | 1,091,649 | |
| | | | | | | | | | | | |
8
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
First quarter for the three months ended June 30
Consolidated Statements of Income
| | | | | | | | | | | | |
| | | (Yen in millions) | |
| | | FY2015 first quarter
(Three months ended
June 30, 2014) | | | FY2016 first quarter
(Three months ended
June 30, 2015) | | | Increase
(Decrease) | |
Net revenues: | | | | | | | | | | | | |
Sales of products | | | 6,023,590 | | | | 6,527,733 | | | | 504,143 | |
Financing operations | | | 367,098 | | | | 459,915 | | | | 92,817 | |
| | | | | | | | | | | | |
Total net revenues | | | 6,390,688 | | | | 6,987,648 | | | | 596,960 | |
| | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | |
Cost of products sold | | | 4,896,086 | | | | 5,248,790 | | | | 352,704 | |
Cost of financing operations | | | 199,089 | | | | 308,375 | | | | 109,286 | |
Selling, general and administrative | | | 602,785 | | | | 674,482 | | | | 71,697 | |
| | | | | | | | | | | | |
Total costs and expenses | | | 5,697,960 | | | | 6,231,647 | | | | 533,687 | |
| | | | | | | | | | | | |
Operating income | | | 692,728 | | | | 756,001 | | | | 63,273 | |
| | | | | | | | | | | | |
Other income (expense): | | | | | | | | | | | | |
Interest and dividend income | | | 46,483 | | | | 53,326 | | | | 6,843 | |
Interest expense | | | (3,914 | ) | | | (4,396 | ) | | | (482 | ) |
Foreign exchange gain, net | | | 12,985 | | | | 34,188 | | | | 21,203 | |
Other income, net | | | 23,544 | | | | 6,140 | | | | (17,404 | ) |
| | | | | | | | | | | | |
Total other income (expense) | | | 79,098 | | | | 89,258 | | | | 10,160 | |
| | | | | | | | | | | | |
Income before income taxes and equity in earnings of affiliated companies | | | 771,826 | | | | 845,259 | | | | 73,433 | |
| | | | | | | | | | | | |
Provision for income taxes | | | 259,973 | | | | 267,957 | | | | 7,984 | |
Equity in earnings of affiliated companies | | | 105,329 | | | | 100,902 | | | | (4,427 | ) |
| | | | | | | | | | | | |
Net income | | | 617,182 | | | | 678,204 | | | | 61,022 | |
| | | | | | | | | | | | |
Less – Net income attributable to noncontrolling interests | | | (29,408 | ) | | | (31,810 | ) | | | (2,402 | ) |
| | | | | | | | | | | | |
Net income attributable to Toyota Motor Corporation | | | 587,774 | | | | 646,394 | | | | 58,620 | |
| | | | | | | | | | | | |
| |
| | | (Yen) | |
Net income attributable to Toyota Motor Corporation per share | | | | | | | | | | | | |
Basic | | | 185.43 | | | | 205.41 | | | | 19.98 | |
Diluted | | | 185.34 | | | | 205.30 | | | | 19.96 | |
9
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
Consolidated Statements of Comprehensive Income
| | | | | | | | | | | | |
| | | (Yen in millions) | |
| | | FY2015 first quarter
(Three months ended
June 30, 2014) | | | FY2016 first quarter
(Three months ended
June 30, 2015) | | | Increase
(Decrease) | |
Net income | | | 617,182 | | | | 678,204 | | | | 61,022 | |
Other comprehensive income (loss), net of tax | | | | | | | | | | | | |
Foreign currency translation adjustments | | | (85,510 | ) | | | 85,267 | | | | 170,777 | |
Unrealized gains (losses) on securities | | | 52,495 | | | | 77,660 | | | | 25,165 | |
Pension liability adjustments | | | 451 | | | | 1,841 | | | | 1,390 | |
| | | | | | | | | | | | |
Total other comprehensive income (loss) | | | (32,564 | ) | | | 164,768 | | | | 197,332 | |
| | | | | | | | | | | | |
Comprehensive income | | | 584,618 | | | | 842,972 | | | | 258,354 | |
| | | | | | | | | | | | |
Less – Comprehensive income attributable to noncontrolling interests | | | (23,235 | ) | | | (34,641 | ) | | | (11,406 | ) |
| | | | | | | | | | | | |
Comprehensive income attributable to Toyota Motor Corporation | | | 561,383 | | | | 808,331 | | | | 246,948 | |
| | | | | | | | | | | | |
10
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
(3) Consolidated Statements of Cash Flows
| | | | | | | | |
| | | (Yen in millions) | |
| | | FY2015 first quarter
(Three months ended
June 30, 2014) | | | FY2016 first quarter
(Three months ended
June 30, 2015) | |
Cash flows from operating activities: | | | | | | | | |
Net income | | | 617,182 | | | | 678,204 | |
Adjustments to reconcile net income to net cash provided by operating activities | | | | | | | | |
Depreciation | | | 316,004 | | | | 381,526 | |
Provision for doubtful accounts and credit losses | | | 11,321 | | | | 19,677 | |
Pension and severance costs, less payments | | | 5,718 | | | | (1,608 | ) |
Losses on disposal of fixed assets | | | 5,027 | | | | 4,559 | |
Unrealized losses on available-for-sale securities, net | | | 15 | | | | 162 | |
Deferred income taxes | | | 26,828 | | | | 40,352 | |
Equity in earnings of affiliated companies | | | (105,329 | ) | | | (100,902 | ) |
Changes in operating assets and liabilities, and other | | | (1,170 | ) | | | 101,405 | |
| | | | | | | | |
Net cash provided by operating activities | | | 875,596 | | | | 1,123,375 | |
| | | | | | | | |
Cash flows from investing activities: | | | | | | | | |
Additions to finance receivables | | | (3,190,505 | ) | | | (3,562,601 | ) |
Collection of and proceeds from sales of finance receivables | | | 2,982,259 | | | | 3,372,442 | |
Additions to fixed assets excluding equipment leased to others | | | (264,417 | ) | | | (378,281 | ) |
Additions to equipment leased to others | | | (531,883 | ) | | | (679,392 | ) |
Proceeds from sales of fixed assets excluding equipment leased to others | | | 13,743 | | | | 7,300 | |
Proceeds from sales of equipment leased to others | | | 181,521 | | | | 263,658 | |
Purchases of marketable securities and security investments | | | (753,193 | ) | | | (375,659 | ) |
Proceeds from sales of and maturity of marketable securities and security investments | | | 790,883 | | | | 835,643 | |
Changes in investments and other assets, and other | | | 73,664 | | | | (537,048 | ) |
| | | | | | | | |
Net cash used in investing activities | | | (697,928 | ) | | | (1,053,938 | ) |
| | | | | | | | |
Cash flows from financing activities: | | | | | | | | |
Proceeds from issuance of long-term debt | | | 1,050,791 | | | | 1,320,667 | |
Payments of long-term debt | | | (541,420 | ) | | | (990,609 | ) |
Decrease in short-term borrowings | | | (186,965 | ) | | | (770 | ) |
Dividends paid to Toyota Motor Corporation shareholders | | | (316,977 | ) | | | (393,352 | ) |
Dividends paid to noncontrolling interests | | | (29,499 | ) | | | (28,381 | ) |
Reissuance (repurchase) of treasury stock | | | 330 | | | | 1,998 | |
| | | | | | | | |
Net cash used in financing activities | | | (23,740 | ) | | | (90,447 | ) |
| | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | (20,046 | ) | | | 24,107 | |
| | | | | | | | |
Net increase in cash and cash equivalents | | | 133,882 | | | | 3,097 | |
| | | | | | | | |
Cash and cash equivalents at beginning of period | | | 2,041,170 | | | | 2,284,557 | |
| | | | | | | | |
Cash and cash equivalents at end of period | | | 2,175,052 | | | | 2,287,654 | |
| | | | | | | | |
| | |
Note: | | In the Consolidated Statements of Cash Flows, cash and cash equivalents include cash on hand, bank deposits that can be withdrawn at any time and short-term investments that can be converted into cash at any time and carry minimal risk of change in value. |
(4) Going Concern Assumption
None
11
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
(5) Segment Information
(i) Segment Operating Results
FY2015 first quarter (Three months ended June 30, 2014)
| | | | | | | | | | | | | | | | | | | | |
| | | (Yen in millions) | |
| | | Automotive | | | Financial Services | | | All Other | | | Inter-segment
Elimination | | | Consolidated | |
Net revenues: | | | | | | | | | | | | | | | | | | | | |
Sales to external customers | | | 5,900,070 | | | | 367,098 | | | | 123,520 | | | | — | | | | 6,390,688 | |
Inter-segment sales and transfers | | | 14,597 | | | | 10,330 | | | | 134,796 | | | | (159,723 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 5,914,667 | | | | 377,428 | | | | 258,316 | | | | (159,723 | ) | | | 6,390,688 | |
Operating expenses | | | 5,327,915 | | | | 279,215 | | | | 247,517 | | | | (156,687 | ) | | | 5,697,960 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income | | | 586,752 | | | | 98,213 | | | | 10,799 | | | | (3,036 | ) | | | 692,728 | |
| | | | | | | | | | | | | | | | | | | | |
FY2016 first quarter (Three months ended June 30, 2015)
| | | | | | | | | | | | | | | | | | | | |
| | | (Yen in millions) | |
| | | Automotive | | | Financial Services | | | All Other | | | Inter-segment
Elimination | | | Consolidated | |
Net revenues: | | | | | | | | | | | | | | | | | | | | |
Sales to external customers | | | 6,398,388 | | | | 459,915 | | | | 129,345 | | | | — | | | | 6,987,648 | |
Inter-segment sales and transfers | | | 13,002 | | | | 10,387 | | | | 127,604 | | | | (150,993 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 6,411,390 | | | | 470,302 | | | | 256,949 | | | | (150,993 | ) | | | 6,987,648 | |
Operating expenses | | | 5,733,827 | | | | 400,129 | | | | 244,666 | | | | (146,975 | ) | | | 6,231,647 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income | | | 677,563 | | | | 70,173 | | | | 12,283 | | | | (4,018 | ) | | | 756,001 | |
| | | | | | | | | | | | | | | | | | | | |
12
TOYOTA MOTOR CORPORATION FY2016 First Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
(ii) Geographic Information
FY2015 first quarter (Three months ended June 30, 2014)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (Yen in millions) | |
| | | Japan | | | North America | | | Europe | | | Asia | | | Other | | | Inter-segment
Elimination | | | Consolidated | |
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales to external customers | | | 1,908,471 | | | | 2,196,326 | | | | 621,370 | | | | 1,114,044 | | | | 550,477 | | | | — | | | | 6,390,688 | |
Inter-segment sales and transfers | | | 1,388,060 | | | | 62,797 | | | | 29,288 | | | | 83,384 | | | | 41,481 | | | | (1,605,010 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 3,296,531 | | | | 2,259,123 | | | | 650,658 | | | | 1,197,428 | | | | 591,958 | | | | (1,605,010 | ) | | | 6,390,688 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses | | | 2,930,568 | | | | 2,093,587 | | | | 639,790 | | | | 1,087,042 | | | | 557,907 | | | | (1,610,934 | ) | | | 5,697,960 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 365,963 | | | | 165,536 | | | | 10,868 | | | | 110,386 | | | | 34,051 | | | | 5,924 | | | | 692,728 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
FY2016 first quarter (Three months ended June 30, 2015) | |
| |
| | | (Yen in millions) | |
| | | Japan | | | North America | | | Europe | | | Asia | | | Other | | | Inter-segment
Elimination | | | Consolidated | |
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales to external customers | | | 2,007,160 | | | | 2,781,292 | | | | 607,563 | | | | 1,043,791 | | | | 547,842 | | | | — | | | | 6,987,648 | |
Inter-segment sales and transfers | | | 1,494,802 | | | | 59,153 | | | | 36,461 | | | | 99,186 | | | | 48,433 | | | | (1,738,035 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 3,501,962 | | | | 2,840,445 | | | | 644,024 | | | | 1,142,977 | | | | 596,275 | | | | (1,738,035 | ) | | | 6,987,648 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses | | | 3,026,108 | | | | 2,713,585 | | | | 636,165 | | | | 1,042,880 | | | | 558,247 | | | | (1,745,338 | ) | | | 6,231,647 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 475,854 | | | | 126,860 | | | | 7,859 | | | | 100,097 | | | | 38,028 | | | | 7,303 | | | | 756,001 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Note: “Other” consists of Central and South America, Oceania, Africa and the Middle East.
(6) Significant Changes in Shareholders’ Equity
None
13
