Apr. 25, 2001

Subscription of New Shares of Hino Motors, Ltd. for Capital Increase

 

Toyota Motor Corporation ("TMC") decided to subscribe for new shares of Hino Motors, Ltd. ("Hino"), a business partner of TMC, to be issued for capital increase by allocation of new shares to a third party, subject to the completion of the administrative procedures in and outside of Japan, such as filing with and approval by the antitrust authorities.

In order to enhance the truck business of the Toyota group, TMC has considered that it is necessary for TMC and Hino to establish an even closer relationship and in the case of Hino, whose strengthening of its corporate structure is almost achieved after promoting structural reform, to strengthen and expand its business aggressively. Therefore, TMC decided to accept Hino¡s request for capital increase and to acquire its new shares.

As a result of this acquisition of new shares, TMC's stake in Hino will increase from 36.6% (number of shares held: 165,597,000) to 50.1% (number of shares held: 287,897,000) and in connection therewith, Hino will become a subsidiary of TMC.

Summary of subscription of new shares
  • Number of shares to be subscribed for:
 122,300,000 shares
  • Allocation price:
 JPY 542 per share
(par value JPY 50 per share)
  • Aggregate subscription price:
 JPY 66,286,600,000
  • Subscription date:
 August 29, 2001
  • Payment date:
 August 30, 2001
  • Each of the above items shall be subject to the completion of the administration procedures in and outside Japan, such as filing with and approval by the antitrust authorities.
Change in number of shares
  Before subscription of new shares After subscription of new shares
Number of outstanding shares of Hino 452,280,000 574,580,000
Number of shares held by TMC 165,597,000 287,897,000
Shareholding ratio 36.6% 50.1%

Contact: TMC, Public Affairs at
(03) 3817-9111~6 (Tokyo Head Office)
(0565)-23-1520~4 (Head Office)
(052)952-3416~3 (Nagoya)

Company Profile of Hino Motors, Ltd.
1. Corporate name: Hino Motors, Ltd.
2. Location of head office: 1-1 Hinodai 3-chome, Hino-shi, Tokyo
3. Representative: President, Hiroshi Yuasa
4. Date of establishment: May 1, 1942
5. Number of employees: 8,694 (as of March 31, 2001)
6. Description of major business: (1) Manufacturer and sale of trucks and buses
(2) Manufacturer of small vehicles
(3) Manufacturer and sale of parts and accessories of the above products
7. Closing date: March 31 of each year
8. Capital: JPY 39,573,000,000
9. Aggregate number of outstanding shares: 452,280,000 shares
10. Major shareholders and shareholding ratio: Toyota Motor Corporation 36.6%
Asahi Mutual Life Insurance Company 4.4%
Nippon Life Insurance Company 3.9%
The Sakura Bank, Ltd 2.2%
The Chuo Mitsui Trust and Banking, Co., Ltd.
(as of March 31, 2001)		 2.2%
11. Business performance in recent fiscal years (consolidated):
(millions of yen)
  Fiscal year ended March 31, 1999 Fiscal year ended March 31, 2000
Net sales 432,284 653,287
Gross profit 4,786 77,267
Operating loss (37,592) (27,458)
Ordinary loss (42,654) (25,685)
Net loss (36,659) (21,837)
Total assets 392,600 832,554
Shareholders' equity 104,055 107,657