All consolidated financial information has been prepared in accordance with
U.S. generally accepted accounting principles
Tokyo, Nov 5, 2014 - (JCN Newswire) - Toyota Motor Corporation (TMC) today announced its financial results for the six-month period ended September 30, 2014.
Consolidated vehicle sales totaled 4,476,522 units, an increase of 8,761 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totaled 12.94 trillion yen, an increase of 3.3 percent. Operating income increased from 1.2554 trillion yen to 1.3519 trillion yen, while income before income taxes(1) was 1.5091 trillion yen. Net income(2) increased from 1.0006 trillion yen to 1.1268 trillion yen.
Operating income increased by 96.4 billion yen. Major factors contributing to the increase included cost reduction efforts of 120.0 billion yen and currency fluctuations of 70.0 billion yen.
Commenting on the results, TMC Executive Vice President Nobuyori Kodaira said: "In addition to cost reduction efforts and favourable foreign exchange rates, valuation gains and losses mainly from interest-rate swaps were positive factors. However, changes in model mix and increases in expenses had a negative impact."
In Japan, vehicle sales totaled 1,030,229 units, a decrease of 70,977 units. Operating income decreased by 111.2 billion yen to 718.7 billion yen.
In North America, vehicle sales totaled 1,395,105 units, an increase of 97,061 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 103.5 billion yen to 289.1 billion yen.
In Europe, vehicle sales totaled 414,217 units, an increase of 7,283 units, while operating income increased by 7.7 billion yen to 33.2 billion yen.
In Asia, vehicle sales totaled 754,818 units, a decrease of 24,768 units, while operating income increased by 17.2 billion yen to 212.9 billion yen.
In other regions (including Central and South America, Oceania, Africa and the Middle East), vehicle sales totaled 882,153 units, an increase of 162 units, while operating income increased by 1.8 billion yen to 77.9 billion yen.
Financial services operating income increased by 51.2 billion yen to 184.5 billion yen, including a gain of 21.2 billion yen in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income increased by 0.6 billion yen to 163.2 billion yen.
For the fiscal year ending March 31, 2015, TMC revised its consolidated vehicles sales forecast from 9.1 million units to 9.05 million units, in consideration of the latest sales trends in each region.
TMC also revised its consolidated financial forecasts to consolidated net revenue of 26.5 trillion yen, operating income of 2.5 trillion yen, income before income taxes of 2.7 trillion yen and net income of 2.0 trillion yen, based on an exchange rate assumption of 104 yen to the U.S. dollar and 137 yen to the euro.
Commenting on the forecasts for the fiscal year ending March 31, 2015, Kodaira said: "We are revising our operating income forecast upwards by 200 billion yen to 2.5 trillion yen. This reflects the progress in our profit improvement activities through marketing and cost reduction efforts, the change in our foreign exchange rates assumption, along with a decrease in vehicle sales and an increase in fixed costs, particularly R&D expenses."
Notes:
(1) Income before income taxes and equity in earnings of affiliated companies
(2) Net income attributable to Toyota Motor Corporation
Further information is also available at www.toyota-global.com)
About Toyota
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 December 2012, Toyota conducts its business worldwide with 52 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.
Source: Toyota
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