Aug. 04, 2015

TMC Announces First Quarter Financial Results


(All consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)

Toyota City, Japan, August 4, 2015—Toyota Motor Corporation (TMC) today announces its financial results for the first quarter ended June 30, 2015.

Consolidated vehicle sales for the first quarter totaled 2,114,000 units, a decrease of 127,285 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totaled 6.98 trillion yen, an increase of 9.3 percent. Operating income increased from 692.7 billion yen to 756.0 billion yen, while income before income taxes1was 845.2 billion yen. Net income2increased from 587.7 billion yen to 646.3 billion yen.

Operating income increased by 63.2 billion yen. Major factors contributing to the increase included currency fluctuations of 145.0 billion yen and cost reduction efforts of 60.0 billion yen.

Commenting on the results, TMC Managing Officer Tetsuya Otake said: “Operating income increased by 63.2 billion yen compared to the same period of the last fiscal year. Favorable foreign exchange rates and cost reduction efforts were main positive factors, while decreased vehicle sales and increased expenses to support initiatives for enhancing competitiveness were negative factors.”

In Japan, vehicle sales totaled 469,971 units, a decrease of 35,856 units. Operating income increased by 109.8 billion yen to 475.8 billion yen.

In North America, vehicle sales totaled 728,813 units, an increase of 18,404 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 1.4 billion yen to 151.1 billion yen.

In Europe, vehicle sales totaled 206,374 units, a decrease of 1,107 units, while operating income decreased by 3.0 billion yen to 7.8 billion yen.

In Asia, vehicle sales totaled 328,602 units, a decrease of 56,774 units, while operating income decreased by 10.2 billion yen to 100.0 billion yen.

In other regions (including Central and South America, Oceania, Africa and the Middle East), vehicle sales totaled 380,240 units, a decrease of 51,952 units, while operating income increased by 3.9 billion yen to 38.0 billion yen.

Financial services operating income decreased by 28.0 billion yen to 70.1 billion yen, including a loss of 26.6 billion yen in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income increased by 14.7 billion yen to 96.8 billion yen.

For the fiscal year ending March 31, 2016, TMC revised its consolidated vehicle sales forecast from 8.9 million units to 8.95 million units, in consideration of the latest sales trends worldwide.

TMC also revised its consolidated financial forecasts for the fiscal year. Based on an exchange rate assumption of 117 yen to the U.S. dollar and 127 yen to the euro, TMC now forecasts consolidated net revenue of 27.8 trillion yen, operating income of 2.8 trillion yen, income before income taxes of 2.98 trillion yen and net income of 2.25 trillion yen.



1Income before income taxes and equity in earnings of affiliated companies
2Net income attributable to Toyota Motor Corporation


(Please see attached information for details on financial results. Further information is also available at


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, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting, the automotive markets in Japan, North America, Europe, Asia 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, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies; (xiii) fuel shortages or interruptions in electricity, 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; and (xiv) the impact of natural calamities including the negative effect on Toyota’s vehicle production and sales.

A discussion of these and other factors which may affect Toyota's actual results, performance, achievements or financial position is contained in Toyota's annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.