TOYOTA MOTOR SALES COMPANY ANNOUNCES FINANCIAL SETTLEMENT
FOR FISCAL 1982

Vehicle Unit Sales

TMS sold 3.2 million motor vehicles during fiscal 1982 (April 1981 through March 1982), down 1.7 percent from fiscal 1981. The breakdown was 1.53 million domestic unit sales (up 5.2 percent), as the new Soarer and fully remodeled Celica, Carina and Corona helped support positive growth despite an overall sluggish market (excluding minivehicles). Exports, meanwhile, totaled 1.67 million units (down 7.3 percent), suffering- from the effects of the worldwide business recession and trade friction. Shipments to Europe were especially hard hit.

Net Sales

TMS net sales during fiscal 1982 were ¥3,938,831 million, up 9.7 percent (or ¥348,669 million) from the level recorded in fiscal 1981. This increase was accomplished in spite of the fact that net units sales were down, and can be attributed to price revisions through the rise in the commodity tax and model changes, adjustments in model selections, and so forth. In other words, the per-unit sticker price of Toyota vehicles rose during the fiscal year.

Income

Although net sales rose 9.7 percent, income from operations was only up 0.7 percent, at ¥60,538 million. This was due to increases in advertising and publicity spending, personnel costs, business taxes, and other rises in operating expenses.

Income before special items, on the other hand, was up 10.4 percent at ¥63,838 million, assisted by lowered interest rates and other decreases in non-business-related expenses.

In preparation for the July 1 merger with Toyota Motor Co., Ltd., TMS disposed of all its shareholdings in TMC, boosting income before income taxes to ¥89,282 million, up 53.9 percent from fiscal 1981. Increases in corporate taxation and other financial burdens, however, rose during the year, holding net income to ¥38,082 million, a gain of 23.3 percent.

TMS Business Results (Fiscal 1982)