Nov. 08, 2001

Toyota Reports Increases for First Half

Net Sales, Operating Income, Ordinary Income and Net Income Up
(All financial information has been prepared in accordance with Generally Accepted
Accounting Principles in Japan)

 

Tokyo―TOYOTA MOTOR CORPORATION (TMC) today announced financial results for the six months ended September 30, 2001.

On a consolidated basis, net sales for the six-month period ended September 30, 2001, totaled 6.83 trillion yen, up 6.4 percent compared to the same period last year. Operating income increased 34.7 percent to 506.5 billion yen, while ordinary income increased 33.7 percent to 526.6 billion yen. Net income for the period increased 82.4 percent to 291.1 billion yen, and net income per share was 80.27 yen, an increase of 37.07 yen compared to the six-month period ended September 30, 2000.

The 130.4 billion yen increase in consolidated operating income was due largely to a foreign currency exchange gain of 170 billion yen, 110 billion yen in cost reduction and a 20 billion yen increase in sales, minus 169.6 billion yen in labor, research and development, IT-realization and other costs.

Unconsolidated Figures Also See Rises
On an unconsolidated basis, net sales for the six-month period ended September 30, 2001, totaled 4.01 trillion yen, a year-over-year increase of 8.2 percent. Operating income increased 85.1 percent to 354.2 billion yen, while ordinary income increased 53 percent to 347.1 billion yen. Net income increased 95 percent compared with the same period last year, to 203.5 billion yen.
During the period, TMC also announced an interim cash dividend for the fiscal year's first six months of 13 yen per share, two yen higher than the amount declared for the six months ended September 30, 2000.
Commenting on these results, TMC President Fujio Cho said, "Our long-implemented efforts to increase our cost competitiveness―through investing in research and development, strengthening our product offerings and, among other measures, undertaking a group-wide drive to improve costs―are now showing their merits. These, in addition to the effect of a weaker yen, are what made these highest-ever first-half results possible."
On TMC's Japanese first-half market share of 42% (excluding minivehicles), Cho said, "Our ability to maintain such a high portion of the market is credited to our all-out efforts to offer products that reflect the needs of our customers." He went on to mention the all-new Camry and Verossa passenger sedans, the redesigned Ipsum and Corolla Spacio minivans and the environmentally minded Estima Hybrid and Crown mild hybrid, as examples.
Cho also said that increased production and other activities in North America and Europe will continue to play a key part in TMC's future growth.

He added that, as competition becomes ever more severe on a global scale, the Toyota Group will commit its resources to the fullest "to keep on introducing attractive products and enhancing cost competitiveness with an aim to further improve our business performance."
Forecast for Unconsolidated Full-year Results
TMC also announced its forecast for the fiscal year ending March 31, 2002. Based on an exchange rate of 121 yen to the dollar and 106 yen to the euro, TMC forecasts unconsolidated sales of 8.2 trillion yen, ordinary income of 660 billion yen and net income of 380 billion yen.
(Please see attached information for details on consolidated and unconsolidated results.)

  Highlights of Financial Results for FY 2002 Interim
  -Consolidated Financial Results (PDF: 36KB / 2pages)
  -Unconsolidated Financial Results (PDF: 48KB / 2 pages)
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 affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe 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 and the British pound; (iii) Toyota's ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (iv) changes in the laws, regulations and government policies affecting Toyota's automotive operations, particularly laws, regulations and policies relating to environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies affecting Toyota's other operations, including the outcome of future litigation and other legal proceedings; (v) political instability in the markets in which Toyota operates; (vi) Toyota's ability to timely develop and achieve market acceptance of new products; and (vii) 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 the "Operating and Financial Review and Prospects" and "Information on the Company" sections and elsewhere in Toyota's annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.