02 15-14 toyota motors-results_q3_2013-2
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Transcript of 02 15-14 toyota motors-results_q3_2013-2
1
HARRIER
FY2014FY2014 ThirdThird QuarterQuarterFinancial ResultsFinancial Results
Toyota Motor CorporationFebruary 4, 2014
2Cautionary Statement with Respect to Forward-Looking Statements
This presentation 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 and market demand affecting,and the competitive environment in, the automotive markets in Japan, North America, Europe, Asia and other markets inwhich 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 newproducts 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 orsold; and (xiv) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales.
3Caution concerning Insider TradingA 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.Under Japanese securities laws and regulations (the "Regulations"), subject to certain exceptions, any person who receives certain material information relating to the business, etc. of Toyota which may be contained in this document is prohibited from trading in Toyota's shares or certain other transactions related to such shares (as set forth in the Regulations) until such material information is deemed to be made public. Under the Regulations, material information is deemed to be made public when (i) such material information is notified to a stock exchange and is disclosed by ways of electromagnetic means as prescribed by the ordinance of the Cabinet Office (posting on the TDnet (Timely Disclosure Network) information service ) or (ii) twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources as prescribed by the Regulations.
FY2014 Third Quarter
Financial Results
5
1,962
1,226 1,350
1,267 1,201
603 630
1,865
1,668 1,642
0
2,000
4,000
6,000
8,000
'12/4-12 '13/4-12
6,629 (+156)
(-26)
(+27)
(-66)
(+124)
(+97)
6,785
〔7,262〕 〔7,550〕 〔+288〕
664
468414
422428
223191
604
540476
0
1,000
2,000
3,000
'12/10-12 '13/10-12
2,113(+64)
(+32)
(-6)
(+54)
2,317
〔2,345〕 〔2,568〕 〔+223〕
Japan
Asia
Europe
N. America
Other
Change Change
(+60)
Consolidated Vehicle SalesFY2014
3QFY2014
3QFY2014
9 monthsFY2014
9 months(thousands of vehicles) (thousands of vehicles)
Central and South America,Oceania,Africa,The Middle East, etc.
(+204)
Figures in “〔 〕“ show total retail vehicle sales in thousands
6
(billions of yen)
6,585.0 5,318.7 1,266.2 23.8%
600.5 124.7 475.7 381.3%
678.9 131.2 547.7 417.3%
525.4 99.9 425.5 425.9%
$ 100 yen 81 yen
€ 137 yen 105 yen
FY20143Q
('13/10-12)
FY20133Q
('12/10-12)
Net Income*
Operating Income
Net Revenues
Change
FOREX Rates+19 yen
+32 yen
Income before income taxesand equity in earnings of
affiliated companies
Consolidated Financial Summary (FY2014 Third Quarter)
* Net Income attributable to Toyota Motor Corporation
7
99.9
525.4
’12/10-12 ’13/10-12
Marketing Efforts+100.0
Effects of FOREX Rates+260.0
Decrease in Expenses,
etc.+10.0
Cost Reduction
Efforts+70.0
Non-operating Income+71.9
Equity in Earnings of
Affiliated Companies
+31.0
Income Tax, etc.-153.2
Other
+35.7
Analysis of Consolidated Net Income* (FY2014 Third Quarter)* Net Income attributable to Toyota Motor Corporation(billions of yen)
Net Income* (+425.5)
Operating Income (+475.7)from Interest Rate Swaps (+489.6)Excluding Valuation Gains/Losses
Details of Decrease in Expenses, etc.
R&D Expenses ………...…Labor Costs ……………….
-30.0-25.0Depreciation and
CAPEX-related Costs ……...+10.0Other ……………………….+55.0
Details of OtherValuation Gains/Losses from Interest Rate Swaps …Translational FOREX Impact concerning overseas subsidiaries etc. .….…..……………..………+49.6
-13.9
8(billions of yen)
19,122.5 16,227.1 2,895.4 17.8%
1,855.9 818.5 1,037.4 126.8%
2,022.4 925.7 1,096.6 118.5%
1,526.0 648.1 877.9 135.4%
$ 99 yen 80 yen
€ 132 yen 102 yen
ChangeFY2014
9 months('13/4-12)
FY20139 months
('12/4-12)
Net Income*
Operating Income
Net Revenues
FOREX Rates+19 yen
+30 yen
Income before income taxesand equity in earnings of
affiliated companies
Consolidated Financial Summary (FY2014 9 months)
* Net Income attributable to Toyota Motor Corporation
9
648.1
1,526.0
’13/4-12
Marketing Efforts+140.0
Cost Reduction
Efforts+210.0
Increase in Expenses,
etc.-180.0
Effects of FOREX Rates+800.0
Non-operating Income+59.2
Equity in Earnings of
Affiliated Companies
+66.0
Income Tax, etc.-284.8
Other
+67.4
’12/4-12
Analysis of Consolidated Net Income* (FY2014 9 months)(billions of yen) * Net Income attributable to Toyota Motor Corporation
Net Income* (+877.9)
Excluding Valuation Gains/LossesOperating Income (+1,037.4)from Interest Rate Swaps (+1,107.3)
Details of Increase in Expenses, etc.R&D Expenses ………........Labor Costs ………………… -65.0
-100.0 Depreciation and CAPEX-related Costs ……...+20.0Other …………………………. -35.0
Details of OtherValuation Gains/Losses from Interest Rate Swaps …Translational FOREX Impact concerning overseas subsidiaries etc. ..….…..……………..……..+137.3
-69.9
10
9.2
-20.4
15.632.2
110.0
17.7
122.8
331.3
91.7
32.3
+315.7 +143.2 +8.4 +18.2 -0.1
(billions of yen)
North America '12/10-12 '13/10-12 ChangeOperating Income Excluding ValuationGains/Losses from Interest Rate Swaps -20.4 122.8 143.2Valuation Gains/Losses from Interest
Rate Swaps 3.2 -10.3 -13.6
Operating Income -17.2 112.5 129.6
Geographic Operating Income (FY2014 Third Quarter)* N. America excludes Valuation Gains/Losses from Interest Rate Swaps
Japan N. America Europe AsiaCentral and South America, Oceania and Africa
(billions of yen)
*
*
FY13 FY13FY13FY13FY13FY14 FY14FY14FY14FY143Q 3Q3Q3Q3Q3Q3Q3Q 3Q 3Q
11
21.3134.1
266.4
108.3
305.7
43.1
308.4
1161.4
286.3
91.0
+894.9 +174.3 +21.8 +19.4 +17.3
(billions of yen)
North America '12/4-12 '13/4-12 ChangeOperating Income Excluding ValuationGains/Losses from Interest Rate Swaps 134.1 308.4 174.3Valuation Gains/Losses from Interest
Rate Swaps 31.3 -33.6 -64.9
Operating Income 165.4 274.8 109.3
Geographic Operating Income (FY2014 9 months)* N. America excludes Valuation Gains/Losses from Interest Rate Swaps
(billions of yen)
Japan N. America Europe AsiaCentral and South America, Oceania and Africa
*
*
FY13 FY13FY13FY13FY13FY14 FY14FY14FY14FY149months 9months9months9months9months9months9months9months9months9months
12
Earnings improved due to an increased lending balance and translational impact of the weaker Yenfor both the third quarter and the nine month period.
242.7
215.8
0
100
200
300
'12/4-12 '13/4-12
+26.9
67.980.2
0
100
200
'12/10-12 '13/10-12
+12.2
(billions of yen)
'12/10-12 '13/10-12 ChangeOperating Income ExcludingValuation Gains/Losses from
Interest Rate Swaps67.9 80.2 12.2
Valuation Gains/Losses fromInterest Rate Swaps 1.0 -12.8 -13.9
Operating Income 69.0 67.3 -1.7
(billions of yen)
'12/4-12 '13/4-12 ChangeOperating Income ExcludingValuation Gains/Losses from
Interest Rate Swaps215.8 242.7 26.9
Valuation Gains/Losses fromInterest Rate Swaps 27.7 -42.1 -69.9
Operating Income 243.5 200.6 -42.9
Financial Services Operating Income Excluding Valuation Gains/Losses from Interest Rate Swaps
FY20143Q
FY20143Q
FY20149 monthsFY2014
9 months(billions of yen) (billions of yen)
13
Equity in earnings increased due to improved earnings of affiliated companies in Japan and China for both the third quarter and the nine month period.
248.0
182.0
0
50
100
150
200
250
'12/4-12 '13/4-12
+66.0
58.1
89.2
0.0
50.0
100.0
'12/10-12 '13/10-12
+31.0
Equity in Earnings of Affiliated Companies
FY20143Q
FY20143Q
FY20149 monthsFY2014
9 months
(billions of yen) (billions of yen)
FY2014
Financial Forecasts
15
2,600
1,7501,760
1,6401,640
830840
2,630
2,2802,230
0
2,000
4,000
6,000
8,000
10,000
'13/4-'14/3 '13/4-'14/3
9,100
(-10)
(-10)
9,100
1,640
1,684
799
2,469
2,279
'12/4-'13/3
8,871
Japan
Asia
Europe
N. America
Other
Change
(-30)
(+50)
FY2014 Forecasts: Consolidated Vehicle Sales(thousands of vehicles)
(±0)
(±0) Central and South America,Oceania,Africa,The Middle East, etc.
Previous Forecasts New Forecasts FY2013 Results
16(billions of yen)
New Forecasts('13/4-'14/3)
Previous Forecasts('13/4-'14/3) Change FY2013 Results
('12/4-'13/3)
25,500.0 25,000.0 500.0 22,064.1
2,400.0 2,200.0 200.0 1,320.8
2,530.0 2,290.0 240.0 1,403.6
1,900.0 1,670.0 230.0 962.1
$ 100 yen*2 97 yen +3 yen 83 yen€ 134 yen*2 130 yen +4 yen 107 yen
Net Revenues
Operating Income
Income before income taxesand equity in earnings of
affiliated companies
Net Income *1
FOREX Rates
FY2014 Forecasts: Consolidated Financial Summary
*1 Net Income attributable to Toyota Motor Corporation*2 FOREX Rate assumptions: 100 yen against the U.S. dollar and 140 yen against the Euro from January 2014 to March 2014
17
(billions of yen)
2,200.0
+140.0Cost Reduction Efforts +40.0Marketing Efforts +20.0
Financial Services ±0Increase in Expenses, etc. ±0
FX Effects at OverseasSubsidiaries (translational) +30.0
+200.0
2,400.0
Operating Income
FY2014 New Forecast('13/4-'14/3)
FY2014 Previous Forecast('13/4-'14/3)
Total
Positive/NegativeFactors
Effects of FOREX Rates
Analysis of FY2014 Forecasts: Consolidated Operating Income(vs. Previous Forecasts)
18
(billions of yen)
New Forecasts('13/4-'14/3)
Previous Forecasts('13/4-'14/3) Change FY2013 Results
('12/4-'13/3)
CapitalExpenditures
950.0 940.0 10.0 852.7
DepreciationExpenses
780.0 770.0 10.0 727.3
R&DExpenses
900.0 900.0 ±0 807.4
FY2014 Consolidated Forecasts: CAPEX, Depreciation, R&D
19
VIOS (CHINA)
YARIS (CHINA)
FY2014 Third QuarterFinancial Results
Toyota Motor CorporationFebruary 4, 2014
20
(billions of yen)
Net Revenues 2,779.4 2,242.8 536.6 23.9%
Operating Income 274.4 -46.2 320.7 -
Ordinary Income 500.0 212.6 287.4 135.2%
Net Income 437.8 200.8 237.0 118.0%
FY20143Q
('13/10-12)
FY20133Q
('12/10-12)Change
(Reference)Unconsolidated Financial Summary (Japan GAAP, FY2014 Third Quarter)
21
(billions of yen)
Net Revenues 8,189.0 7,122.0 1,067.0 15.0%
Operating Income 921.3 21.5 899.8 -
Ordinary Income 1,611.3 618.2 993.0 160.6%
Net Income 1,293.4 517.6 775.7 149.9%
FY20149 months
('13/4-12)
FY20139 months
('12/4-12)Change
(Reference)Unconsolidated Financial Summary (Japan GAAP, FY2014 9 months)
22
(billions of yen)
New Forecasts('13/4-'14/3)
Previous Forecasts('13/4-'14/3) Change
Net Revenues 11,000.0 10,300.0 700.0
Operating Income 1,220.0 1,040.0 180.0
Ordinary Income 1,880.0 1,670.0 210.0
Net Income 1,500.0 1,310.0 190.0
(Reference) Unconsolidated Financial Summary (Japan GAAP, FY2014 Forecasts)
23
(thousands of vehicles)
Japan 3,400 3,350 50Overseas 5,650 5,700 -50
Total 9,050 9,050 0Japan* 1,600 * 1,550 * 50
Overseas 7,500 7,550 -50Total 9,100 9,100 0
1,850 1,850 0
10,100 10,100 0
Change
Total Retail Sales*
Exports
New Forecasts('13/4-'14/3)
Previous Forecasts('13/4-'14/3)
VehicleProduction
VehicleSales
Toyota & Lexus
1
2
1 1
(Reference) FY2014 Forecasts: Vehicle Production and Sales
*1 Shows retail vehicle sales*2 Including Daihatsu- and Hino-brand