Toyota Announces Year-End Financial Results

May 11, 2010
(All consolidated financial information has been prepared in accordance with
accounting principles generally accepted in the United States of America)
 
May 11, 2010
 
 
Toyota Motor Corporation (TMC) today announced financial results for the fiscal year ended March 31, 2010.
 
On a consolidated basis, net revenues for the fiscal year ended March 31, 2010 totaled
18.95 trillion yen, a decrease of 7.7 percent compared to the last fiscal year. Operating income increased from a loss of 461 billion yen to 147.5 billion yen, and income before income taxes, minority interest and equity in earnings of affiliated companies was 291.4 billion yen. Net income* increased from a loss of 437 billion yen to 209.4 billion yen.
 
Operating income increased by 608.5 billion yen. Positive factors contributing to the increase include 520 billion yen due to the cost reduction efforts and 470 billion yen due to the reduction in the fixed costs.
 
Consolidated vehicle sales for the fiscal year totaled 7.24 million units, a decrease of 330 thousand units from the last fiscal year.
 
Commenting on the financial results, TMC President Akio Toyoda said, “I am sincerely grateful to our dealers and suppliers who remained fully committed to providing as many cars as possible to customers, and to our employees as well as our overseas business operations for their efforts in working together so that the company will return to its normal state as soon as possible. And finally, above all, I am sincerely grateful to our customers of more than 7 million people around the world who newly purchased Toyota vehicles.”
 
With regard to our operating income by region, we achieved year-on-year improvement in all regions for the fiscal year.
 
In Japan, vehicle sales were 2.16 million units, an increase of 218 thousand units compared to the last fiscal year. Operating income from Japanese operations increased by 12.3 billion yen to a loss of 225.2 billion yen.
 
In North America, vehicle sales totaled 2.1 million units, a decrease of 114 thousand units. Operating income increased by 475.6 billion yen to 85.4 billion yen including 31.3 billion yen of valuation profits from interest rate swaps. Operating income excluding the impact of valuation profit on interest rate swaps increased by 417.1 billion yen, to 54.1 billion yen, mainly due to improved market conditions and financial services.
 
In Europe, vehicle sales were 858 thousand units, a decrease of 204 thousand units, while operating income increased by 110.3 billion yen to a loss of 33 billion yen.
 
In Asia, vehicle sales were 979 thousand units, an increase of 74 thousand units. Operating income increased by 27.5 billion yen, to 203.6 billion yen.
 
Sales in other regions including Central and South America, Oceania, Africa and the Middle East etc., were 1.14 million units, a decrease of 304 thousand units. Operating income for Central and South America, Oceania and Africa increased by 27.9 billion yen to 115.5 billion yen.
 
In the financial services segment, operating income increased by 318.9 billion yen, to 246.9 billion yen compared to the last fiscal year, including 31 billion yen of valuation profits from interest rate swaps. Excluding the valuation profits, operating income increased by 254.4 billion yen to 215.9 billion yen. This was due to decreased expenses related to loan losses and residual losses and improved lending margins as a result of a declining funding cost mainly in North America.
 
TMC estimates that consolidated vehicle sales for the fiscal year ending March 31, 2011 will be 7.29 million units, an increase of 53 thousand units from fiscal year 2010, due to increased sales volume in regions outside of Japan.
 
Based on this assumption, TMC announced its consolidated financial forecast for the fiscal year ending March 31, 2011. Based on an exchange rate of 90 yen to the U.S. dollar and 125 yen to the euro, TMC forecasts consolidated net revenue of 19.2 trillion yen, operating income of 280 billion yen and net income of 310 billion yen.
 
TMC also announced a cash dividend for the full fiscal year of 45 yen per share, to be proposed at the general shareholders’ meeting in June.
 
*Net income attributable to Toyota Motor Corporation
 
(Further information is also available at http://www.toyota.co.jp/en/ir/financial_results/2010/index.html)
 
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. These factors include: (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 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 Canadian dollar and the British pound;(iii) changes in funding environment in financial markets; (iv) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (v) 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; (vi) political instability in the markets in which Toyota operates; (vii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (viii) any damage to Toyota’s brand image; and (ix) 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 Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

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