TOYOTA ANNOUNCES FISCAL 1982 PERFORMANCE

Production and Sales

Total passenger car, truck and bus production for fiscal 1982 was 3,159,000 units, down 93,000 units (2.9 percent) compared to fiscal 1981.

Total domestic sales were 1,501,000 units, up 43,000 units (2.9 percent), largely due to a bolstered Toyota product lineup that introduced three new FF-configuration passenger cars―the luxury small-size Vista and Camry, and the popular-size Corolla II―and to strong sales efforts by domestic Toyota dealers.

Exports, negatively affected by stagnant global economic conditions, totaled 1,655,000 units, down 142,000 units (7.9 percent) from fiscal 1981.

Overall domestic sales and exports thus totaled 3,156,000 units, down 99,000 units (3.0 percent) from the previous fiscal year.

Exports of knockdown sets totaled 133,000 sets, an increase of 36,000 sets (36.8 percent) compared to fiscal 1981.

Financial Review

Net sales for fiscal 1982 were ¥3,849,500 million, up ¥343,100 million (9.8 percent). Operating income was ¥230,500 million, up ¥90,300 million (64.4 percent) from the previous year.

The following factors provide a better comparative understanding of the operating income increase.

Positive factors

• Exchange rate fluctuations

  ¥120,000 million

• Price decreases in parts and materials

  ¥20,000 million

• In-company efforts to reduce costs

  ¥19,000 million

• Improved model lineup, other

  ¥38,000 million

• Total

  ¥197,000 million

Negative factors

• Increase in depreciation costs

  ¥35,800 million

• Increase in wages and other personnel costs

  ¥24,000 million

• Decrease in number of units sold

  ¥18,000 million

• Increase in research and other costs

  ¥28,900 million

• Total

  ¥106,700 million

Subtracting total negative factors from positive factors gives an increase in operating income of ¥90,300 million.

Income before special items, comprised of operating income plus or minus other income and expenses, was ¥306,100 million, up ¥78,600 million (34.6 percent) compared to fiscal 1981.

Net income was ¥141,500 million, up ¥8,800 million (6.7 percent) compared to fiscal1981.

Income Distribution

Toyota paid a ¥7 per share dividend to shareholders of record in February 1982, including an interim dividend of ¥6 and special dividend of ¥1, and will pay an additional yearend dividend of ¥7 per share, comprised of a regular dividend of ¥6 and special dividend of ¥1.

Assets and Liabilities

Total assets at the end of fiscal 1982 were ¥2,138,100 million, up ¥320,400 million (17.6 percent) compared to the previous year. Current assets accounted for ¥1,093,800 million, up ¥281,800 million, and fixed assets for ¥1,044,300 million, up ¥38,700 million.

Total liabilities were ¥824,500 million, up ¥105,200 million compared to fiscal 1981, due to an increase in current liabilities and other factors.

Total shareholders' equity at the end of fiscal 1982 was ¥1,313,500 million, an increase of ¥215,200 million.

Toyota also made a gratis offering of 0.1:1 to shareholders of record as of June 30, 1982.That offering plus the equity increase related to the merger with Toyota Motor Sales Co., effective July 1, 1982, raised the shareholders' equity of Toyota Motor Corporation to ¥120,904,911,000.

Toyota added one subsidiary and one subsidiary of a subsidiary to its group of subsidiaries, which raised total fiscal 1982 subsidiaries plus subsidiaries of subsidiaries to nine and three companies, respectively.

However, the financial impact on Toyota of the total business performances of all the subsidiaries and their subsidiaries is not large enough even to meet the Ministry of Finance standards for consolidated reporting, and Toyota has thus elected, again this year, not to announce a consolidated business report.