From the Wires
Toyota Announces Financial Results for Nine-month Period Ended December 31, 2012
Feb. 5, 2013 02:24 AM
Tokyo, Feb 5, 2013 - (JCN Newswire) - Toyota Motor Corporation (TMC) today announces its financial results for the nine-month period ended December 31, 2012.
On a consolidated basis, net revenues for the period totaled 16.2 trillion yen, an increase of 26.0 percent compared to the same period last fiscal year. Operating income increased from 117.1 billion yen to 818.5 billion yen, an increase of 701.3 billion yen, while income before income taxes(1) was 925.7 billion yen. Net income(2) increased from 162.5 billion yen to 648.1 billion yen.
Major factors contributing to the increase in operating income include the positive effects from marketing activities generating 660.0 billion yen and cost reduction efforts saving 320.0 billion yen.
Consolidated vehicle sales for the nine months totaled 6.629 million units, an increase of 1.634 million units compared to the same period last year.
Commenting on the results, TMC Senior Managing Officer Takahiko Ijichi said: "Our consolidated operating income for the period April through December 2012, 818.5 billion yen, reflects our increased vehicle sales and the progress we are making with our profit improvement activities - in spite of a currency exchange rate around the same level as last year. We also managed to secure an unconsolidated operating income of 21.5 billion yen for the same period."
In Japan, vehicle sales totaled 1.668 million units, an increase of 310,564 units compared to the same period last fiscal year. Operating income from Japanese operations increased by 572.9 billion yen to 266.4 billion yen.
In North America, vehicle sales totaled 1.865 million units, an increase of 596,587 units compared to the same period last fiscal year. Operating income increased by 13.6 billion yen to 165.4 billion yen, including 31.3 billion yen of valuation gains/losses on interest rate swaps. Operating income, excluding the impact of valuation gains/losses on interest rate swaps, increased by 19.7 billion yen to 134.1 billion yen.
In Europe, vehicle sales totaled 603 thousand units, an increase of 23,365 units compared to the same period last fiscal year, while operating income increased by 12.7 billion yen to 21.3 billion yen.
In Asia, vehicle sales totaled 1.267 million units, an increase of 373,635 units compared to the same period last fiscal year, while operating income increased by 115.2 billion yen to 286.3 billion yen.
In Central and South America, Oceania and Africa, vehicle sales totaled 1.226 million units, an increase of 329,698 units compared to the same period last fiscal year, while operating income decreased by 4.9 billion yen to 91.0 billion yen.
In the financial services segment, operating income decreased by 10.9 billion yen to 243.5 billion yen compared to the same period last year, including 27.7 billion yen of valuation gains/losses on interest rate swaps. Excluding valuation gains/losses, operating income decreased by 10.5 billion yen to 215.8 billion yen. This was mainly due to a lower reversal of provisions for loan and residual losses in comparison to the same period last year.
TMC also today revises its consolidated vehicles sales forecast for fiscal year 2013 from 8.750 million units to 8.850 million units, an increase of 100,000 units from the previous forecast announced in November 2012, due to the increased overseas vehicle sales, mostly in North America.
TMC also upwardly revises its consolidated financial forecasts for fiscal year 2013 to consolidated net revenue of 21.8 trillion yen, operating income of 1.15 trillion yen, income before income taxes of 1.29 trillion yen and net income of 860.0 billion yen, with the revision of an exchange rate of 81 yen to the U.S. dollar and 104 yen to the euro.
Commenting on the forecasts for fiscal year 2013, Ijichi said: "Given increased overseas vehicle sales mostly in North America, progress in our companywide profit improvement activities and the slight weakening of the yen, we have revised upwardly our consolidated forecast for the current fiscal year to 1.15 trillion yen and also forecast a full-year profit on an unconsolidated basis, our first in five years. We believe that our efforts have been bearing fruit and that we are finally on the road to sustainable growth. We will continue our efforts to build ever-better cars and to move forward in a steadfast manner."
(1) Income before income taxes and equity in earnings of affiliated companies
(2) Net income attributable to Toyota Motor Corporation
All consolidated financial information has been prepared in accordance with
accounting principles generally accepted in the United States of America.
Please see attached information for details on financial results. Further information is also available at www.toyota-global.com.
Cautionary Statement with Respect to Forward-Looking Statements:
This release 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.
Supported by people around the world, Toyota Motor Corporation (TSE: 7203; NYSE: TM), has endeavored since its establishment in 1937 to serve society by creating better products. As of the end of March 2012, Toyota conducts its business worldwide with 50 overseas manufacturing companies in 27 countries and regions. Toyota's vehicles are sold in more than 160 countries and regions. For more information, please visit www.toyota-global.com.
Toyota Motor Corporation
Corporate Communications Department
Public Affairs Division
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