FINANCIAL SUMMARY
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
FY2017 Second Quarter
(April 1, 2016 through September 30, 2016)
English translation from the original Japanese-language document
TOYOTA MOTOR CORPORATION
FY2017 Second 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
November 8, 2016
| | |
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 | | :http://www.toyota.co.jp |
Representative | | : Akio Toyoda, President |
Contact person | | : Yasushi Kyoda, General Manager, Accounting Division Tel. (0565)28-2121 |
Filing date of quarterly securities report | | : November 11, 2016 |
Payment date of cash dividends | | : November 29, 2016 |
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 FY2017 First Half (April 1, 2016 through September 30, 2016) |
| (1) | Consolidated financial results (For the six months ended September 30) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (% of change from previous first half) | |
| | | 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 | | | % | |
FY2017 first half | | | 13,070,533 | | | | -7.2 | | | | 1,116,865 | | | | -29.5 | | | | 1,176,534 | | | | -29.8 | | | | 946,173 | | | | -24.8 | |
FY2016 first half | | | 14,091,488 | | | | 8.9 | | | | 1,583,405 | | | | 17.1 | | | | 1,675,151 | | | | 11.0 | | | | 1,258,112 | | | | 11.6 | |
(Note) Comprehensive income: FY2017 first half 242,981 million yen (-73.7 %), FY2016 first half 925,033 million yen (-40.3 %)
| | | | | | | | |
| | | Net income attributable to
Toyota Motor Corporation
per common share – Basic | | | Net income attributable to
Toyota Motor Corporation
per common share – Diluted | |
| | | Yen | | | Yen | |
FY2017 first half | | | 311.08 | | | | 307.84 | |
FY2016 first half | | | 399.39 | | | | 397.75 | |
| (2) | Consolidated financial position |
| | | | | | | | | | | | | | | | |
| | | Total assets | | | Mezzanine equity and
Shareholders’ equity | | | Toyota Motor Corporation
shareholders’ equity | | | Ratio of
Toyota Motor Corporation
shareholders’ equity | |
| | | Million yen | | | Million yen | | | Million yen | | | % | |
FY2017 second quarter | | | 43,776,105 | | | | 17,442,264 | | | | 16,391,908 | | | | 37.4 | |
FY2016 | | | 47,427,597 | | | | 18,088,186 | | | | 16,746,935 | | | | 35.3 | |
| | | | | | | | | | | | | | | | | | | | |
| | | Annual cash dividends per common share | |
| | | End of first
quarter | | | End of second
quarter | | | End of third
quarter | | | Year-end | | | Total | |
| | | Yen | | | Yen | | | Yen | | | Yen | | | Yen | |
FY2016 | | | — | | | | 100.00 | | | | — | | | | 110.00 | | | | 210.00 | |
FY2017 | | | — | | | | 100.00 | | | | | | | | | | | | | |
FY2017 (forecast) | | | | | | | | | | | — | | | | — | | | | — | |
| | |
| (Note) | | Revisions to the forecast of cash dividends since the latest announcement: none |
| | Please refer to “(Reference) Cash Dividends on Class Shares” for information regarding cash dividends on class shares, which are unlisted and have different rights from common stock. |
| 3. | Forecast of Consolidated Results for FY2017 (April 1, 2016 through March 31, 2017) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (% of change from FY2016) | |
| | | 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 common share – Basic | |
| | | Million yen | | | % | | | Million yen | | | % | | | Million yen | | | % | | | Million yen | | | % | | | Yen | |
Full-year | | | 26,000,000 | | | | -8.5 | | | | 1,700,000 | | | | -40.4 | | | | 1,900,000 | | | | -36.3 | | | | 1,550,000 | | | | -33.0 | | | | 512.77 | |
(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: yes |
| | (ii) | Changes other than (3)-(i) above: yes |
Note: For more details, please see page 5 “Other Information”.
| (4) | Number of shares issued and outstanding (common stock) |
| | (i) | Number of shares issued and outstanding at the end of each period (including treasury stock): |
| | | FY2017 second quarter 3,337,997,492 shares, FY2016 3,337,997,492 shares |
| | (ii) | Number of treasury stock at the end of each period: FY2017 second quarter 334,684,022 shares, |
| | | FY2016 300,321,622 shares |
| | (iii) | Average number of shares issued and outstanding in each period: FY2017 first half 3,025,875,694 shares, |
| | | FY2016 first half 3,143,911,710 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.
(Reference) Cash Dividends on Class Shares
Cash dividends on class shares, which have different rights from common stock, are as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Annual cash dividends per First Series Model AA Class Share | |
| | | End of first
quarter | | | End of second
quarter | | | End of third
quarter | | | Year-end | | | Total | |
| | | Yen | | | Yen | | | Yen | | | Yen | | | Yen | |
FY2016 | | | — | | | | 26.00 | | | | — | | | | 26.00 | | | | 52.00 | |
FY2017 | | | — | | | | 52.50 | | | | | | | | | | | | | |
FY2017 (forecast) | | | | | | | | | | | — | | | | — | | | | — | |
(Note) The First Series Model AA Class Shares were issued in July 2015.
TOYOTA MOTOR CORPORATION FY2017 Second 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 FY2017 Second 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 FY2017 First Half |
Consolidated vehicle unit sales in Japan and overseas increased by 85 thousand units, or 2.0%, to 4,363 thousand units in FY2017 first half (the six months ended September 30, 2016) compared with FY2016 first half (the six months ended September 30, 2015). Vehicle unit sales in Japan increased by 94 thousand units, or 9.6%, to 1,078 thousand units in FY2017 first half compared with FY2016 first half. Meanwhile, overseas vehicle unit sales decreased by 9 thousand units, or 0.3%, to 3,285 thousand units in FY2017 first half compared with FY2016 first half.
As for the results of operations, net revenues decreased by 1,020.9 billion yen, or 7.2%, to 13,070.5 billion yen in FY2017 first half compared with FY2016 first half, and operating income decreased by 466.5 billion yen, or 29.5%, to 1,116.8 billion yen in FY2017 first half compared with FY2016 first half. The factors contributing to an increase in operating income were cost reduction efforts of 220.0 billion yen and marketing efforts of 205.0 billion yen. On the other hand, the factors contributing to a decrease in operating income were the effects of changes in exchange rates of 565.0 billion yen, the increase in expenses and others of 225.0 billion yen, and other factors of 101.5 billion yen. Income before income taxes and equity in earnings of affiliated companies decreased by 498.6 billion yen, or 29.8%, to 1,176.5 billion yen in FY2017 first half compared with FY2016 first half. Net income attributable to Toyota Motor Corporation decreased by 311.9 billion yen, or 24.8%, to 946.1 billion yen in FY2017 first half compared with FY2016 first half.
(2) Segment Operating Results
(i) Automotive:
Net revenues for the automotive operations decreased by 944.9 billion yen, or 7.3%, to 11,938.0 billion yen in FY2017 first half compared with FY2016 first half, and operating income decreased by 453.9 billion yen, or 32.6%, to 937.3 billion yen in FY2017 first half compared with FY2016 first half. The decrease in operating income was mainly due to the effects of changes in exchange rates and the increase in expenses and others.
(ii) Financial services:
Net revenues for the financial services operations decreased by 79.0 billion yen, or 8.3%, to 870.9 billion yen in FY2017 first half compared with FY2016 first half, and operating income decreased by 13.6 billion yen, or 8.2%, to 152.1 billion yen in FY2017 first half compared with FY2016 first half. The decrease in operating income was mainly due to the increase in expenses related to credit losses and residual value losses in sales finance subsidiaries.
(iii) All other:
Net revenues for all other businesses decreased by 18.6 billion yen, or 3.4%, to 532.8 billion yen in FY2017 first half compared with FY2016 first half, and operating income was 27.2 billion yen in FY2017 first half.
2
TOYOTA MOTOR CORPORATION FY2017 Second 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 decreased by 241.7 billion yen, or 3.3%, to 6,980.4 billion yen in FY2017 first half compared with FY2016 first half, and operating income decreased by 473.5 billion yen, or 49.4%, to 484.7 billion yen in FY2017 first half compared with FY2016 first half. The decrease in operating income was mainly due to the effects of changes in exchange rates and the increase in expenses and others.
(ii) North America:
Net revenues in North America decreased by 654.3 billion yen, or 11.8%, to 4,876.3 billion yen in FY2017 first half compared with FY2016 first half. However, operating income increased by 35.8 billion yen, or 13.0%, to 311.2 billion yen in FY2017 first half compared with FY2016 first half. The increase in operating income was mainly due to the decrease in expenses and others, and cost reduction efforts.
(iii) Europe:
Net revenues in Europe decreased by 83.3 billion yen, or 6.4%, to 1,225.9 billion yen in FY2017 first half compared with FY2016 first half. However, operating income increased by 4.2 billion yen, or 14.1%, to 34.5 billion yen in FY2017 first half compared with FY2016 first half.
(iv) Asia:
Net revenues in Asia decreased by 139.5 billion yen, or 5.7%, to 2,301.5 billion yen in FY2017 first half compared with FY2016 first half, and operating income decreased by 21.3 billion yen, or 8.7%, to 222.7 billion yen in FY2017 first half compared with FY2016 first half. The decrease in operating income was mainly due to the increase in expenses and others, and the effects of changes in exchange rates.
(v) Other (Central and South America, Oceania, Africa and the Middle East):
Net revenues in other regions decreased by 138.2 billion yen, or 11.7%, to 1,046.6 billion yen in FY2017 first half compared with FY2016 first half, and operating income decreased by 14.0 billion yen, or 21.0%, to 52.8 billion yen in FY2017 first half compared with FY2016 first half. The decrease in operating income was mainly due to the effects of changes in exchange rates and the increase in expenses and others.
3
TOYOTA MOTOR CORPORATION FY2017 Second 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 FY2017 |
Based on the current trend of financial results, due to changes in foreign currency exchange rates and favorable results of a variety of measures for profit improvement, the current forecast of consolidated financial results for FY2017 (April 1, 2016 through March 31, 2017) is set forth below. This forecast assumes average exchange rates through the fiscal year of 103 yen per US$1 and 114 yen per 1 euro.
Forecast of consolidated results for FY2017
| | | | |
Net revenues | | 26,000.0 billion yen | | (a decrease of 8.5% compared with FY2016) |
Operating income | | 1,700.0 billion yen | | (a decrease of 40.4% compared with FY2016) |
Income before income taxes and equity in earnings of affiliated companies | | 1,900.0 billion yen | | (a decrease of 36.3% compared with FY2016) |
Net income attributable to Toyota Motor Corporation | | 1,550.0 billion yen | | (a decrease of 33.0% compared with FY2016) |
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 FY2017 Second 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 half 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
In February 2015, the Financial Accounting Standards Board (“FASB”) issued updated guidance that amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. The parent company and its consolidated subsidiaries (“Toyota”) adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.
In April 2015, the FASB issued updated guidance that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. In August 2015, the FASB issued an additional update which clarifies that debt issuance costs for line of credit agreements may continue to be deferred and amortized. Toyota adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.
In April 2015, the FASB issued updated guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. Toyota adopted this guidance on April 1, 2016. The adoption of this guidance did not have a material impact on Toyota’s consolidated financial statements.
In November 2015, the FASB issued updated guidance to simplify the balance sheet classification of deferred taxes. This guidance will require that deferred tax assets and liabilities be classified as noncurrent on the balance sheet. Toyota early adopted this guidance on April 1, 2016. Toyota adopted this guidance on a prospective basis from April 1, 2016 and prior periods were not retrospectively adjusted.
5
TOYOTA MOTOR CORPORATION FY2017 Second 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 | | FY2016 first half
(Six months ended
September 30, 2015) | | | FY2017 first half
(Six months ended
September 30, 2016) | | | Increase
(Decrease) | |
Automotive | | Japan | | | 1,940,800 | | | | 1,992,732 | | | | 51,932 | |
| | North America | | | 989,386 | | | | 1,035,402 | | | | 46,016 | |
| | Europe | | | 267,303 | | | | 278,719 | | | | 11,416 | |
| | Asia | | | 810,050 | | | | 829,243 | | | | 19,193 | |
| | Other | | | 251,704 | | | | 253,102 | | | | 1,398 | |
| | | | | | | | | | | | | | |
| | Total | | | 4,259,243 | | | | 4,389,198 | | | | 129,955 | |
| | | | | | | | | | | | | | |
Other | | Housing | | | 2,484 | | | | 2,817 | | | | 333 | |
| | |
| | | | | | |
Business segment | | FY2016 second quarter
(Three months ended
September 30, 2015) | | | FY2017 second quarter
(Three months ended
September 30, 2016) | | | Increase
(Decrease) | |
Automotive | | Japan | | | 999,338 | | | | 1,058,744 | | | | 59,406 | |
| | North America | | | 461,956 | | | | 508,005 | | | | 46,049 | |
| | Europe | | | 132,402 | | | | 134,849 | | | | 2,447 | |
| | Asia | | | 438,301 | | | | 409,108 | | | | (29,193 | ) |
| | Other | | | 134,132 | | | | 129,040 | | | | (5,092 | ) |
| | | | | | | | | | | | | | |
| | Total | | | 2,166,129 | | | | 2,239,746 | | | | 73,617 | |
| | | | | | | | | | | | | | |
Other | | Housing | | | 1,476 | | | | 1,658 | | | | 182 | |
| 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 | | FY2016 first half
(Six months ended
September 30, 2015) | | | FY2017 first half
(Six months ended
September 30, 2016) | | | Increase
(Decrease) | |
Automotive | | Japan | | | 984,397 | | | | 1,078,810 | | | | 94,413 | |
| | North America | | | 1,413,064 | | | | 1,400,369 | | | | (12,695 | ) |
| | Europe | | | 407,352 | | | | 434,381 | | | | 27,029 | |
| | Asia | | | 653,566 | | | | 764,750 | | | | 111,184 | |
| | Other | | | 819,628 | | | | 685,227 | | | | (134,401 | ) |
| | | | | | | | | | | | | | |
| | Total | | | 4,278,007 | | | | 4,363,537 | | | | 85,530 | |
| | | | | | | | | | | | | | |
Other | | Housing | | | 2,424 | | | | 2,796 | | | | 372 | |
| | |
| | | | | | |
Business segment | | FY2016 second quarter
(Three months ended
September 30, 2015) | | | FY2017 second quarter
(Three months ended
September 30, 2016) | | | Increase
(Decrease) | |
Automotive | | Japan | | | 514,426 | | | | 567,640 | | | | 53,214 | |
| | North America | | | 684,251 | | | | 684,985 | | | | 734 | |
| | Europe | | | 200,978 | | | | 211,673 | | | | 10,695 | |
| | Asia | | | 324,964 | | | | 380,579 | | | | 55,615 | |
| | Other | | | 439,388 | | | | 346,001 | | | | (93,387 | ) |
| | | | | | | | | | | | | | |
| | Total | | | 2,164,007 | | | | 2,190,878 | | | | 26,871 | |
| | | | | | | | | | | | | | |
Other | | Housing | | | 1,533 | | | | 1,611 | | | | 78 | |
| 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 FY2017 Second 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) | |
| | | FY2016
(March 31, 2016) | | | FY2017 second quarter
(September 30, 2016) | | | Increase
(Decrease) | |
Assets | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | |
Cash and cash equivalents | | | 2,939,428 | | | | 2,767,004 | | | | (172,424 | ) |
Time deposits | | | 1,032,034 | | | | 987,985 | | | | (44,049 | ) |
Marketable securities | | | 1,511,389 | | | | 1,503,005 | | | | (8,384 | ) |
Trade accounts and notes receivable, less allowance for doubtful accounts | | | 2,000,149 | | | | 1,805,932 | | | | (194,217 | ) |
Finance receivables, net | | | 5,912,684 | | | | 5,349,933 | | | | (562,751 | ) |
Other receivables | | | 451,406 | | | | 425,195 | | | | (26,211 | ) |
Inventories | | | 2,061,511 | | | | 2,058,076 | | | | (3,435 | ) |
Deferred income taxes | | | 967,607 | | | | — | | | | (967,607 | ) |
Prepaid expenses and other current assets | | | 1,333,345 | | | | 756,009 | | | | (577,336 | ) |
| | | | | | | | | | | | |
Total current assets | | | 18,209,553 | | | | 15,653,139 | | | | (2,556,414 | ) |
| | | | | | | | | | | | |
Noncurrent finance receivables, net | | | 8,642,947 | | | | 7,944,409 | | | | (698,538 | ) |
Investments and other assets: | | | | | | | | | | | | |
Marketable securities and other securities investments | | | 7,439,799 | | | | 7,355,033 | | | | (84,766 | ) |
Affiliated companies | | | 2,631,612 | | | | 2,587,773 | | | | (43,839 | ) |
Employees receivables | | | 32,998 | | | | 29,075 | | | | (3,923 | ) |
Other | | | 730,271 | | | | 917,845 | | | | 187,574 | |
| | | | | | | | | | | | |
Total investments and other assets | | | 10,834,680 | | | | 10,889,726 | | | | 55,046 | |
| | | | | | | | | | | | |
Property, plant and equipment: | | | | | | | | | | | | |
Land | | | 1,352,904 | | | | 1,347,459 | | | | (5,445 | ) |
Buildings | | | 4,311,895 | | | | 4,253,545 | | | | (58,350 | ) |
Machinery and equipment | | | 10,945,267 | | | | 10,524,881 | | | | (420,386 | ) |
Vehicles and equipment on operating leases | | | 5,652,622 | | | | 5,282,596 | | | | (370,026 | ) |
Construction in progress | | | 513,953 | | | | 502,263 | | | | (11,690 | ) |
| | | | | | | | | | | | |
Total property, plant and equipment, at cost | | | 22,776,641 | | | | 21,910,744 | | | | (865,897 | ) |
| | | | | | | | | | | | |
Less – Accumulated depreciation | | | (13,036,224 | ) | | | (12,621,913 | ) | | | 414,311 | |
| | | | | | | | | | | | |
Total property, plant and equipment, net | | | 9,740,417 | | | | 9,288,831 | | | | (451,586 | ) |
| | | | | | | | | | | | |
Total assets | | | 47,427,597 | | | | 43,776,105 | | | | (3,651,492 | ) |
| | | | | | | | | | | | |
7
TOYOTA MOTOR CORPORATION FY2017 Second Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
| | | | | | | | | | | | |
| | | (Yen in millions) | |
| | | FY2016
(March 31, 2016) | | | FY2017 second quarter
(September 30, 2016) | | | Increase
(Decrease) | |
Liabilities | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | |
Short-term borrowings | | | 4,698,134 | | | | 4,600,148 | | | | (97,986 | ) |
Current portion of long-term debt | | | 3,822,954 | | | | 3,554,849 | | | | (268,105 | ) |
Accounts payable | | | 2,389,515 | | | | 2,225,891 | | | | (163,624 | ) |
Other payables | | | 1,040,277 | | | | 824,848 | | | | (215,429 | ) |
Accrued expenses | | | 2,726,120 | | | | 2,556,974 | | | | (169,146 | ) |
Income taxes payable | | | 343,325 | | | | 226,339 | | | | (116,986 | ) |
Other current liabilities | | | 1,104,131 | | | | 1,029,213 | | | | (74,918 | ) |
| | | | | | | | | | | | |
Total current liabilities | | | 16,124,456 | | | | 15,018,262 | | | | (1,106,194 | ) |
| | | | | | | | | | | | |
Long-term liabilities: | | | | | | | | | | | | |
Long-term debt | | | 9,772,065 | | | | 8,706,063 | | | | (1,066,002 | ) |
Accrued pension and severance costs | | | 904,911 | | | | 917,057 | | | | 12,146 | |
Deferred income taxes | | | 2,046,089 | | | | 1,230,450 | | | | (815,639 | ) |
Other long-term liabilities | | | 491,890 | | | | 462,009 | | | | (29,881 | ) |
| | | | | | | | | | | | |
Total long-term liabilities | | | 13,214,955 | | | | 11,315,579 | | | | (1,899,376 | ) |
| | | | | | | | | | | | |
Total liabilities | | | 29,339,411 | | | | 26,333,841 | | | | (3,005,570 | ) |
| | | | | | | | | | | | |
Mezzanine equity | | | | | | | | | | | | |
Model AA Class Shares, no par value,
authorized: 150,000,000 shares at March 31, 2016
and September 30, 2016
issued: 47,100,000 shares at March 31, 2016
and September 30, 2016 | | | 479,779 | | | | 483,452 | | | | 3,673 | |
| | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | |
Toyota Motor Corporation shareholders’ equity: | | | | | | | | | | | | |
Common stock, no par value,
authorized: 10,000,000,000 shares
at March 31, 2016 and September 30, 2016
issued: 3,337,997,492 shares
at March 31, 2016 and September 30, 2016 | | | 397,050 | | | | 397,050 | | | | — | |
Additional paid-in capital | | | 548,161 | | | | 514,587 | | | | (33,574 | ) |
Retained earnings | | | 16,794,240 | | | | 17,401,371 | | | | 607,131 | |
Accumulated other comprehensive income (loss) | | | 610,768 | | | | (103,018 | ) | | | (713,786 | ) |
Treasury stock, at cost,
300,321,622 shares at March 31, 2016 and
334,684,022 shares at September 30, 2016 | | | (1,603,284 | ) | | | (1,818,082 | ) | | | (214,798 | ) |
| | | | | | | | | | | | |
Total Toyota Motor Corporation shareholders’ equity | | | 16,746,935 | | | | 16,391,908 | | | | (355,027 | ) |
| | | | | | | | | | | | |
Noncontrolling interests | | | 861,472 | | | | 566,904 | | | | (294,568 | ) |
| | | | | | | | | | | | |
Total shareholders’ equity | | | 17,608,407 | | | | 16,958,812 | | | | (649,595 | ) |
| | | | | | | | | | | | |
Commitments and contingencies | | | | | | | | | | | | |
| | | | | | | | | | | | |
Total liabilities, mezzanine equity and shareholders’ equity | | | 47,427,597 | | | | 43,776,105 | | | | (3,651,492 | ) |
| | | | | | | | | | | | |
Note: The total number of authorized shares for common stock and Model AA Class Shares is 10,000,000,000 shares.
8
TOYOTA MOTOR CORPORATION FY2017 Second 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 half for the six months ended September 30 | | | | | | | | | | | | |
| | | |
Consolidated Statements of Income | | | | | | | | | | | | |
| |
| | | (Yen in millions) | |
| | | FY2016 first half
(Six months ended
September 30, 2015) | | | FY2017 first half
(Six months ended
September 30, 2016) | | | Increase
(Decrease) | |
Net revenues: | | | | | | | | | | | | |
Sales of products | | | 13,162,616 | | | | 12,216,706 | | | | (945,910 | ) |
Financing operations | | | 928,872 | | | | 853,827 | | | | (75,045 | ) |
| | | | | | | | | | | | |
Total net revenues | | | 14,091,488 | | | | 13,070,533 | | | | (1,020,955 | ) |
| | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | |
Cost of products sold | | | 10,518,787 | | | | 10,056,838 | | | | (461,949 | ) |
Cost of financing operations | | | 588,751 | | | | 533,813 | | | | (54,938 | ) |
Selling, general and administrative | | | 1,400,545 | | | | 1,363,017 | | | | (37,528 | ) |
| | | | | | | | | | | | |
Total costs and expenses | | | 12,508,083 | | | | 11,953,668 | | | | (554,415 | ) |
| | | | | | | | | | | | |
Operating income | | | 1,583,405 | | | | 1,116,865 | | | | (466,540 | ) |
| | | | | | | | | | | | |
Other income (expense): | | | | | | | | | | | | |
Interest and dividend income | | | 83,036 | | | | 79,754 | | | | (3,282 | ) |
Interest expense | | | (19,658 | ) | | | (11,113 | ) | | | 8,545 | |
Foreign exchange gain (loss), net | | | 36,590 | | | | (27,907 | ) | | | (64,497 | ) |
Other income (loss), net | | | (8,222 | ) | | | 18,935 | | | | 27,157 | |
| | | | | | | | | | | | |
Total other income (expense) | | | 91,746 | | | | 59,669 | | | | (32,077 | ) |
| | | | | | | | | | | | |
Income before income taxes and equity in earnings of affiliated companies | | | 1,675,151 | | | | 1,176,534 | | | | (498,617 | ) |
| | | | | | | | | | | | |
Provision for income taxes | | | 516,368 | | | | 354,924 | | | | (161,444 | ) |
Equity in earnings of affiliated companies | | | 161,662 | | | | 168,395 | | | | 6,733 | |
| | | | | | | | | | | | |
Net income | | | 1,320,445 | | | | 990,005 | | | | (330,440 | ) |
| | | | | | | | | | | | |
Less – Net income attributable to noncontrolling interests | | | (62,333 | ) | | | (43,832 | ) | | | 18,501 | |
| | | | | | | | | | | | |
Net income attributable to Toyota Motor Corporation | | | 1,258,112 | | | | 946,173 | | | | (311,939 | ) |
| | | | | | | | | | | | |
| | | | | | |
Note: Net income attributable to common shareholders for the first half ended September 30, 2016 and 2015 is 941,275 million yen and 1,255,652 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 4,898 million yen and 2,460 million yen, respectively, from Net income attributable to Toyota Motor Corporation. |
| | | | | | | | | | | | |
| |
| | | (Yen) | |
Net income attributable to Toyota Motor Corporation per common share | | | | | | | | | | | | |
Basic | | | 399.39 | | | | 311.08 | | | | (88.31 | ) |
Diluted | | | 397.75 | | | | 307.84 | | | | (89.91 | ) |
9
TOYOTA MOTOR CORPORATION FY2017 Second 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) | |
| | | FY2016 first half
(Six months ended
September 30, 2015) | | | FY2017 first half
(Six months ended
September 30, 2016) | | | Increase
(Decrease) | |
Net income | | | 1,320,445 | | | | 990,005 | | | | (330,440 | ) |
Other comprehensive income (loss), net of tax | | | | | | | | | | | | |
Foreign currency translation adjustments | | | (142,295 | ) | | | (554,883 | ) | | | (412,588 | ) |
Unrealized gains (losses) on securities | | | (252,582 | ) | | | (191,427 | ) | | | 61,155 | |
Pension liability adjustments | | | (535 | ) | | | (714 | ) | | | (179 | ) |
| | | | | | | | | | | | |
Total other comprehensive income (loss) | | | (395,412 | ) | | | (747,024 | ) | | | (351,612 | ) |
| | | | | | | | | | | | |
Comprehensive income | | | 925,033 | | | | 242,981 | | | | (682,052 | ) |
| | | | | | | | | | | | |
Less – Comprehensive income attributable to noncontrolling interests | | | (31,596 | ) | | | (8,368 | ) | | | 23,228 | |
| | | | | | | | | | | | |
Comprehensive income attributable to Toyota Motor Corporation | | | 893,437 | | | | 234,613 | | | | (658,824 | ) |
| | | | | | | | | | | | |
10
TOYOTA MOTOR CORPORATION FY2017 Second Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
| | | | | | | | | | |
Second quarter for the three months ended September 30 | | | | | | | | |
| | | | |
Consolidated Statements of Income | | | | | | | | | | |
| | | (Yen in millions) |
| | | FY2016 second quarter
(Three months ended
September 30, 2015) | | FY2017 second quarter
(Three months ended
September 30, 2016) | | | | | Increase
(Decrease) |
Net revenues: | | | | | | | | | | |
Sales of products | | 6,634,883 | | 6,057,702 | | | | | | (577,181) |
Financing operations | | 468,957 | | 423,718 | | | | | | (45,239) |
| | | | | | | | | | |
Total net revenues | | 7,103,840 | | 6,481,420 | | | | | | (622,420) |
| | | | | | | | | | |
Costs and expenses: | | | | | | | | | | |
Cost of products sold | | 5,269,997 | | 5,043,030 | | | | | | (226,967) |
Cost of financing operations | | 280,376 | | 268,395 | | | | | | (11,981) |
Selling, general and administrative | | 726,063 | | 695,360 | | | | | | (30,703) |
| | | | | | | | | | |
Total costs and expenses | | 6,276,436 | | 6,006,785 | | | | | | (269,651) |
| | | | | | | | | | |
Operating income | | 827,404 | | 474,635 | | | | | | (352,769) |
| | | | | | | | | | |
Other income (expense): | | | | | | | | | | |
Interest and dividend income | | 29,710 | | 22,993 | | | | | | (6,717) |
Interest expense | | (15,262) | | (6,190) | | | | | | 9,072 |
Foreign exchange gain, net | | 2,402 | | 1,398 | | | | | | (1,004) |
Other income (loss), net | | (14,362) | | 6,642 | | | | | | 21,004 |
| | | | | | | | | | |
Total other income (expense) | | 2,488 | | 24,843 | | | | | | 22,355 |
| | | | | | | | | | |
Income before income taxes and equity in earnings of affiliated companies | | 829,892 | | 499,478 | | | | | | (330,414) |
| | | | | | | | | | |
Provision for income taxes | | 248,411 | | 167,099 | | | | | | (81,312) |
Equity in earnings of affiliated companies | | 60,760 | | 78,395 | | | | | | 17,635 |
| | | | | | | | | | |
Net income | | 642,241 | | 410,774 | | | | | | (231,467) |
| | | | | | | | | | |
Less – Net income attributable to noncontrolling interests | | (30,523) | | (17,066) | | | | | | 13,457 |
| | | | | | | | | | |
Net income attributable to Toyota Motor Corporation | | 611,718 | | 393,708 | | | | | | (218,010) |
| | | | | | | | | | |
Note: Net income attributable to common shareholders for the second quarter ended September 30, 2016 and 2015 is 391,259 million yen and 609,258 million yen, respectively, which is derived by deducting dividend and accretion to Model AA Class Shares of 2,449 million yen and 2,460 million yen, respectively, from Net income attributable to Toyota Motor Corporation. |
| |
| | | (Yen) |
Net income attributable to Toyota Motor Corporation per common share | | | | | | | | | | |
Basic | | 193.97 | | 129.77 | | | | | | (64.20) |
Diluted | | 192.51 | | 128.54 | | | | | | (63.97) |
11
TOYOTA MOTOR CORPORATION FY2017 Second 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) |
| | | FY2016 second quarter
(Three months ended
September 30, 2015) | | FY2017 second quarter
(Three months ended
September 30, 2016) | | | | | Increase
(Decrease) |
Net income | | 642,241 | | 410,774 | | | | | | (231,467) |
Other comprehensive income (loss), net of tax | | | | | | | | | | |
Foreign currency translation adjustments | | (227,562) | | (104,983) | | | | | | 122,579 |
Unrealized gains (losses) on securities | | (330,242) | | 73,775 | | | | | | 404,017 |
Pension liability adjustments | | (2,376) | | 2,894 | | | | | | 5,270 |
| | | | | | | | | | |
Total other comprehensive income (loss) | | (560,180) | | (28,314) | | | | | | 531,866 |
| | | | | | | | | | |
Comprehensive income | | 82,061 | | 382,460 | | | | | | 300,399 |
| | | | | | | | | | |
Less – Comprehensive income attributable to noncontrolling interests | | 3,045 | | (12,635) | | | | | | (15,680) |
| | | | | | | | | | |
Comprehensive income attributable to Toyota Motor Corporation | | 85,106 | | 369,825 | | | | | | 284,719 |
| | | | | | | | | | |
12
TOYOTA MOTOR CORPORATION FY2017 Second 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) | |
| | | FY2016 first half
(Six months ended
September 30, 2015) | | | FY2017 first half
(Six months ended
September 30, 2016) | |
Cash flows from operating activities: | | | | | | | | |
Net income | | | 1,320,445 | | | | 990,005 | |
Adjustments to reconcile net income to net cash provided by operating activities | | | | | | | | |
Depreciation | | | 784,705 | | | | 767,044 | |
Provision for doubtful accounts and credit losses | | | 43,737 | | | | 37,763 | |
Pension and severance costs, less payments | | | 7,293 | | | | 21,956 | |
Losses on disposal of fixed assets | | | 18,077 | | | | 12,202 | |
Unrealized losses on available-for-sale securities, net | | | 6,197 | | | | 5,990 | |
Deferred income taxes | | | 53,219 | | | | 18,740 | |
Equity in earnings of affiliated companies | | | (161,662 | ) | | | (168,395 | ) |
Changes in operating assets and liabilities, and other | | | (114,488 | ) | | | (110,929 | ) |
| | | | | | | | |
Net cash provided by operating activities | | | 1,957,523 | | | | 1,574,376 | |
| | | | | | | | |
Cash flows from investing activities: | | | | | | | | |
Additions to finance receivables | | | (7,018,921 | ) | | | (6,471,350 | ) |
Collection of and proceeds from sales of finance receivables | | | 6,725,564 | | | | 6,248,137 | |
Additions to fixed assets excluding equipment leased to others | | | (631,430 | ) | | | (592,974 | ) |
Additions to equipment leased to others | | | (1,422,814 | ) | | | (1,198,120 | ) |
Proceeds from sales of fixed assets excluding equipment leased to others | | | 14,846 | | | | 15,866 | |
Proceeds from sales of equipment leased to others | | | 537,111 | | | | 620,871 | |
Purchases of marketable securities and security investments | | | (915,383 | ) | | | (1,220,327 | ) |
Proceeds from sales of and maturity of marketable securities and security investments | | | 1,580,087 | | | | 864,289 | |
Changes in investments and other assets, and other | | | (1,025,228 | ) | | | 698,684 | |
| | | | | | | | |
Net cash used in investing activities | | | (2,156,168 | ) | | | (1,034,924 | ) |
| | | | | | | | |
Cash flows from financing activities: | | | | | | | | |
Proceeds from issuance of long-term debt | | | 2,806,288 | | | | 2,080,740 | |
Payments of long-term debt | | | (2,150,070 | ) | | | (2,112,216 | ) |
Increase in short-term borrowings | | | 230,267 | | | | 353,872 | |
Proceeds from issuance of class shares | | | 474,917 | | | | — | |
Dividends paid to Toyota Motor Corporation class shareholders | | | — | | | | (1,224 | ) |
Dividends paid to Toyota Motor Corporation common shareholders | | | (393,352 | ) | | | (334,144 | ) |
Dividends paid to noncontrolling interests | | | (59,027 | ) | | | (47,934 | ) |
Reissuance (repurchase) of treasury stock, and other | | | (245,819 | ) | | | (505,603 | ) |
| | | | | | | | |
Net cash provided by (used in) financing activities | | | 663,204 | | | | (566,509 | ) |
| | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | (58,265 | ) | | | (145,367 | ) |
| | | | | | | | |
Net increase (decrease) in cash and cash equivalents | | | 406,294 | | | | (172,424 | ) |
| | | | | | | | |
Cash and cash equivalents at beginning of period | | | 2,284,557 | | | | 2,939,428 | |
| | | | | | | | |
Cash and cash equivalents at end of period | | | 2,690,851 | | | | 2,767,004 | |
| | | | | | | | |
| | |
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. |
13
TOYOTA MOTOR CORPORATION FY2017 Second Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
(4) Going Concern Assumption
None
(5) Segment Information
(i) Segment Operating Results
FY2016 first half (Six months ended September 30, 2015)
| | | | | | | | | | | | | | | | | | | | |
| | | (Yen in millions) | |
| | | Automotive | | | Financial Services | | | All Other | | | Inter-segment
Elimination | | | Consolidated | |
Net revenues: | | | | | | | | | | | | | | | | | | | | |
Sales to external customers | | | 12,856,840 | | | | 928,872 | | | | 305,776 | | | | — | | | | 14,091,488 | |
Inter-segment sales and transfers | | | 26,091 | | | | 21,109 | | | | 245,772 | | | | (292,972 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 12,882,931 | | | | 949,981 | | | | 551,548 | | | | (292,972 | ) | | | 14,091,488 | |
| | | | | | | | | | | | | | | | | | | | |
Operating expenses | | | 11,491,577 | | | | 784,138 | | | | 524,313 | | | | (291,945 | ) | | | 12,508,083 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income | | | 1,391,354 | | | | 165,843 | | | | 27,235 | | | | (1,027 | ) | | | 1,583,405 | |
| | | | | | | | | | | | | | | | | | | | |
| |
FY2017 first half (Six months ended September 30, 2016) | | | | | |
| |
| | | (Yen in millions) | |
| | | Automotive | | | Financial Services | | | All Other | | | Inter-segment
Elimination | | | Consolidated | |
Net revenues: | | | | | | | | | | | | | | | | | | | | |
Sales to external customers | | | 11,915,160 | | | | 853,827 | | | | 301,546 | | | | — | | | | 13,070,533 | |
Inter-segment sales and transfers | | | 22,849 | | | | 17,137 | | | | 231,306 | | | | (271,292 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 11,938,009 | | | | 870,964 | | | | 532,852 | | | | (271,292 | ) | | | 13,070,533 | |
| | | | | | | | | | | | | | | | | | | | |
Operating expenses | | | 11,000,649 | | | | 718,768 | | | | 505,623 | | | | (271,372 | ) | | | 11,953,668 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income | | | 937,360 | | | | 152,196 | | | | 27,229 | | | | 80 | | | | 1,116,865 | |
| | | | | | | | | | | | | | | | | | | | |
| |
FY2016 second quarter (Three months ended September 30, 2015) | | | | | |
| |
| | | (Yen in millions) | |
| | | Automotive | | | Financial Services | | | All Other | | | Inter-segment
Elimination | | | Consolidated | |
Net revenues: | | | | | | | | | | | | | | | | | | | | |
Sales to external customers | | | 6,458,452 | | | | 468,957 | | | | 176,431 | | | | — | | | | 7,103,840 | |
Inter-segment sales and transfers | | | 13,089 | | | | 10,722 | | | | 118,168 | | | | (141,979 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 6,471,541 | | | | 479,679 | | | | 294,599 | | | | (141,979 | ) | | | 7,103,840 | |
| | | | | | | | | | | | | | | | | | | | |
Operating expenses | | | 5,757,750 | | | | 384,009 | | | | 279,647 | | | | (144,970 | ) | | | 6,276,436 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income | | | 713,791 | | | | 95,670 | | | | 14,952 | | | | 2,991 | | | | 827,404 | |
| | | | | | | | | | | | | | | | | | | | |
| |
FY2017 second quarter (Three months ended September 30, 2016) | | | | | |
| |
| | | (Yen in millions) | |
| | | Automotive | | | Financial Services | | | All Other | | | Inter-segment
Elimination | | | Consolidated | |
Net revenues: | | | | | | | | | | | | | | | | | | | | |
Sales to external customers | | | 5,897,299 | | | | 423,718 | | | | 160,403 | | | | — | | | | 6,481,420 | |
Inter-segment sales and transfers | | | 11,673 | | | | 8,335 | | | | 123,406 | | | | (143,414 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | 5,908,972 | | | | 432,053 | | | | 283,809 | | | | (143,414 | ) | | | 6,481,420 | |
| | | | | | | | | | | | | | | | | | | | |
Operating expenses | | | 5,515,053 | | | | 370,098 | | | | 266,908 | | | | (145,274 | ) | | | 6,006,785 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income | | | 393,919 | | | | 61,955 | | | | 16,901 | | | | 1,860 | | | | 474,635 | |
| | | | | | | | | | | | | | | | | | | | |
14
TOYOTA MOTOR CORPORATION FY2017 Second Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
(ii) Geographic Information
FY2016 first half (Six months ended September 30, 2015)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | (Yen in millions) | |
| | | Japan | | | North America | | | Europe | | | Asia | | | Other | | | Inter-segment
Elimination | | | Consolidated | |
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales to external customers | | | 4,149,579 | | | | 5,416,766 | | | | 1,244,296 | | | | 2,204,258 | | | | 1,076,589 | | | | — | | | | 14,091,488 | |
Inter-segment sales and transfers | | | 3,072,596 | | | | 114,026 | | | | 65,017 | | | | 236,834 | | | | 108,233 | | | | (3,596,706 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 7,222,175 | | | | 5,530,792 | | | | 1,309,313 | | | | 2,441,092 | | | | 1,184,822 | | | | (3,596,706 | ) | | | 14,091,488 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses | | | 6,263,942 | | | | 5,255,398 | | | | 1,279,062 | | | | 2,196,962 | | | | 1,117,928 | | | | (3,605,209 | ) | | | 12,508,083 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 958,233 | | | | 275,394 | | | | 30,251 | | | | 244,130 | | | | 66,894 | | | | 8,503 | | | | 1,583,405 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
FY2017 first half (Six months ended September 30, 2016) | |
| | | (Yen in millions) | |
| | | Japan | | | North America | | | Europe | | | Asia | | | Other | | | Inter-segment
Elimination | | | Consolidated | |
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales to external customers | | | 4,119,205 | | | | 4,785,406 | | | | 1,166,278 | | | | 2,057,926 | | | | 941,718 | | | | — | | | | 13,070,533 | |
Inter-segment sales and transfers | | | 2,861,212 | | | | 90,989 | | | | 59,639 | | | | 243,644 | | | | 104,894 | | | | (3,360,378 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 6,980,417 | | | | 4,876,395 | | | | 1,225,917 | | | | 2,301,570 | | | | 1,046,612 | | | | (3,360,378 | ) | | | 13,070,533 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses | | | 6,495,708 | | | | 4,565,136 | | | | 1,191,392 | | | | 2,078,779 | | | | 993,761 | | | | (3,371,108 | ) | | | 11,953,668 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 484,709 | | | | 311,259 | | | | 34,525 | | | | 222,791 | | | | 52,851 | | | | 10,730 | | | | 1,116,865 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Note: “Other” consists of Central and South America, Oceania, Africa and the Middle East. | |
FY2016 second quarter (Three months ended September 30, 2015) | |
| | | (Yen in millions) | |
| | | Japan | | | North America | | | Europe | | | Asia | | | Other | | | Inter-segment
Elimination | | | Consolidated | |
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales to external customers | | | 2,142,419 | | | | 2,635,474 | | | | 636,733 | | | | 1,160,467 | | | | 528,747 | | | | — | | | | 7,103,840 | |
Inter-segment sales and transfers | | | 1,577,794 | | | | 54,873 | | | | 28,556 | | | | 137,648 | | | | 59,800 | | | | (1,858,671 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 3,720,213 | | | | 2,690,347 | | | | 665,289 | | | | 1,298,115 | | | | 588,547 | | | | (1,858,671 | ) | | | 7,103,840 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses | | | 3,237,834 | | | | 2,541,813 | | | | 642,897 | | | | 1,154,082 | | | | 559,681 | | | | (1,859,871 | ) | | | 6,276,436 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 482,379 | | | | 148,534 | | | | 22,392 | | | | 144,033 | | | | 28,866 | | | | 1,200 | | | | 827,404 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
FY2017 second quarter (Three months ended September 30, 2016) | | | | | | | | | |
| | | (Yen in millions) | |
| | | Japan | | | North America | | | Europe | | | Asia | | | Other | | | Inter-segment
Elimination | | | Consolidated | |
Net revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales to external customers | | | 2,139,769 | | | | 2,300,602 | | | | 576,245 | | | | 994,421 | | | | 470,383 | | | | — | | | | 6,481,420 | |
Inter-segment sales and transfers | | | 1,479,238 | | | | 41,234 | | | | 27,842 | | | | 124,492 | | | | 54,696 | | | | (1,727,502 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | 3,619,007 | | | | 2,341,836 | | | | 604,087 | | | | 1,118,913 | | | | 525,079 | | | | (1,727,502 | ) | | | 6,481,420 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses | | | 3,424,665 | | | | 2,202,017 | | | | 578,572 | | | | 1,023,570 | | | | 499,528 | | | | (1,721,567 | ) | | | 6,006,785 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income | | | 194,342 | | | | 139,819 | | | | 25,515 | | | | 95,343 | | | | 25,551 | | | | (5,935 | ) | | | 474,635 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Note: “Other” consists of Central and South America, Oceania, Africa and the Middle East. | |
15
TOYOTA MOTOR CORPORATION FY2017 Second Quarter Financial Summary
(All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
(6) Significant Changes in Shareholders’ Equity
None
16
