English translation from the original Japanese-language document
February 5, 2004
To Whom It May Concern:
Company Name : Toyota Motor Corporation
Representative : Fujio Cho, President
Code Number : 7203
Contact Person : Takahiko Ijichi
General Manager
Accounting Division
Tel. (0565) 28-2121
Revisions to the FY2004 Unconsolidated Business Forecast
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(All financial information has been prepared in accordance with accounting
principles generally accepted in Japan)
Based on the recent trends in business performance and other factors, Toyota
Motor Corporation hereby makes the following revisions to the FY2004 (April 1,
2003 to March 31, 2004) unconsolidated business forecast disclosed upon the
announcement of the financial statements FY2004 semi-annual on November 5, 2003:
1. Revisions to the FY2004 (April 1, 2003 to March 31, 2004) unconsolidated
business forecast
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Net sales Ordinary income Net income
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Previous forecast (A) (Y)8,700.0 billion (Y)800.0 billion (Y)510.0 billion
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Revised forecast (B) (Y)8,800.0 billion (Y)880.0 billion (Y)560.0 billion
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Amount changed (B) - (A) (Y)100.0 billion (Y)80.0 billion (Y)50.0 billion
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% of change 1.1% 10.0% 9.8%
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(Reference)
FY2003 results (Y)8,739.3 billion (Y)892.6 billion (Y)634.0 billion
(April 1, 2002 to March 31,
2003)
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2. Reasons for the Revisions
The FY2004 (April 1, 2003 to March 31, 2004) unconsolidated business
performance is expected to exceed the previously announced business
forecast due to the yen remaining weaker than expected on the exchange
market, the steady increase in the number of units sold in the overseas
markets, and other factors.
Cautionary Statement with Respect to Forward-Looking Statements
This statement on business forecast contains forward-looking statements
that reflect Toyota's plans and expectations. These forward-looking statements
are not guarantees of future performance and involve known and unknown risks,
uncertainties and other factors that may cause Toyota's actual results,
performance, achievements or financial position to be materially different from
any future results, performance, achievements or financial position expressed or
implied by these forward-looking statements. These factors include: (i) changes
in economic conditions affecting, and the competitive environment in, the
automotive markets in Japan, North America, Europe and other markets in which
Toyota operates; (ii) fluctuations in currency exchange rates, particularly with
respect to the value of the Japanese yen, the U.S. dollar, the euro and the
British pound; (iii) Toyota's ability to realize production efficiencies and to
implement capital expenditures at the levels and times planned by management;
(iv) changes in the laws, regulations and government policies affecting Toyota's
automotive operations, particularly laws, regulations and policies relating to
environmental protection, vehicle emissions, vehicle fuel economy and vehicle
safety, as well as changes in laws, regulations and government policies
affecting Toyota's other operations, including the outcome of future litigation
and other legal proceedings; (v) political instability in the markets in which
Toyota operates; (vi) Toyota's ability to timely develop and achieve market
acceptance of new products; and (vii) fuel shortages or interruptions in
transportation systems, labor strikes, work stoppages or other interruptions to,
or difficulties in, the employment of labor in the major markets where Toyota
purchases materials, components and supplies for the production of its products
or where its products are produced, distributed or sold. A discussion of these
and other factors which may affect Toyota's actual results, performance,
achievements or financial position is contained in the "Operating and Financial
Review and Prospects" and "Information on the Company" sections and elsewhere in
Toyota's annual report on Form 20-F, which is on file with the United States
Securities and Exchange Commission.