For Comprehensive FY2012 Third Quarter Financial Materials:
Toyota City, Japan, February 7, 2012- Toyota Motor Corporation (TMC) today announced financial results for the nine months ended December 31, 2011.
On a consolidated basis, net revenues for the nine months totaled 12,881.1 billion yen, a decrease of 10.2 percent compared to the same period last fiscal year. Operating income decreased from 422.1 billion yen to 117.1 billion yen, while income before income taxes* was 197.2 billion yen. Net income** decreased from 382.7 billion yen to 162.5 billion yen.
Operating income decreased by 305.0 billion yen. Major factors contributing to the decrease include the negative effects of marketing activities of 120.0 billion yen and currency fluctuations of 200.0 billion yen.
Consolidated vehicle sales for the nine months totaled 4,995 thousand units, a decrease of 522 thousand units compared to the same period last fiscal year.
Commenting on the results, TMC Senior Managing Officer Takahiko Ijichi said: "Despite cost reduction from company-wide Value Analysis activities and a decrease in fixed cost and expenses, net income decreased, compared to the same period last fiscal year due to the impact of reduced sales by the effects of Great East Japan Earthquake, floods in Thailand and the continued Yen appreciation."
In Japan, vehicle sales totaled 1,357 thousand units, a decrease of 131 thousand units compared to the same period last fiscal year. The operating loss from Japanese operations increased by 132.0 billion yen, to a loss of 306.4 billion yen.
In North America, vehicle sales totaled 1,268 thousand units, a decrease of 280 thousand units compared to the same period last fiscal year. Operating income decreased by 99.3 billion yen to 151.8 billion yen, including 37.5 billion yen of valuation gains/losses on interest rate swaps. Operating income, excluding the impact of valuation gains/losses on interest rate swaps, decreased by 122.5 billion yen to 114.3 billion yen.
In Europe, vehicle sales totaled 580 thousand units, an increase of 4 thousand units, while operating income improved by 15.2 billion yen, to 8.5 billion yen.
In Asia, vehicle sales totaled 894 thousand units, a decrease of 16 thousand units, while operating income decreased by 61.8 billion yen, to 171.0 billion yen.
In Central and South America, Oceania and Africa, vehicle sales totaled 896 thousand units, a decrease of 99 thousand units, while operating income decreased by 21.2 billion yen to 96.0 billion yen.
In the financial services segment, operating income decreased by 45.6 billion yen, to 254.5 billion yen compared to the same period last fiscal year, including 28.1 billion yen of valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income decreased by 49.6 billion yen to 226.4 billion yen.
Reflecting the above results, TMC has revised its consolidated vehicles sales for the full fiscal year ending March 31, 2012 from 7.38 million to 7.41 million units, an increase of 30 thousand units from TMC's forecasts announced in December 2011.
Consolidated net revenues and earnings forecasts for the fiscal year have also been increased to consolidated net revenues of 18,300.0 billion yen, operating income of 270.0 billion yen, income before income taxes of 270.0 billion yen and net income of 200.0 billion yen.
Commenting on the forecasts for FY2012, Ijichi said: "Even though the Yen has been further appreciating against major currencies lately, Toyota remains committed to pursuing an improvement of its earnings structure through various cost reduction activities as well as continuing the production recovery from the Japan Earthquake and floods in Thailand. Also, Toyota will continue to make its utmost effort to achieve re-investment into making even better cars by strengthening its base of business and expanding vehicles sales and earnings as a target under its Global Vision."
*Income before income taxes and equity in earnings of affiliated companies
**Net income attributable to Toyota Motor Corporation