Toyota Announces Semi-Annual Results - Achieves record high vehicle sales / revenue

Toyota Announces Semi-Annual Results - Achieves record high vehicle sales / revenue

November 4, 2005 - Tokyo - TOYOTA MOTOR CORPORATION (TMC) today announced operating results for the six months ended September 30, 2005.

On a consolidated basis, net revenues for the period totaled 9.95 trillion yen, an increase of 10.3 percent compared to the same period last fiscal year. Operating income decreased 6.6 percent to 809.4 billion yen, while income before income taxes, minority interest and equity earnings of affiliated companies was 855.9 billion yen. Net income was 570.5 billion yen.

Positive contributions to operating income totaled 150.0 billion yen and included marketing efforts of 70.0 billion yen, cost reduction efforts of 60.0 billion yen and the effects of exchange rate changes of 20.0 billion yen. Negative factors totaled 206.8 billion yen, including an increase in expenses due to business expansion of 197.7 billion yen, and a decrease in the gains recognized from the transfer of the substitutional portion of the employee pension fund to the government of 9.1 billion yen.

TMC also announced a first-half cash dividend of 35 yen per share for the six months ended September 30, an increase by 10 yen per share compared with the same period last year.

Commenting on the results, TMC Executive Vice President Mitsuo Kinoshita said, “We attained a high level of profit while expanding production capacity and developing advanced technology and future products in response to strong demand worldwide.”

Consolidated vehicle sales for the six months reached a record high of 3.833 million vehicles, an increase of 266 thousand vehicles compared with the same period of the last fiscal year.

In Japan, Lexus was launched in August as a new global premium brand. Because of the lack of new mass market vehicle introductions, however, sales decreased by 20 thousand vehicles to 1.086 million vehicles compared with the same period of the last fiscal year.

In North America, the strong popularity of the new Avalon, Prius, new Tacoma pick-up trucks and the Scion lineup helped sales increase by 119 thousand vehicles to 1.245 million vehicles.

In Europe, the newly introduced Aygo, produced in a joint-venture with PSA Peugeot Citroën and the Corolla contributed to a sales increase of 22 thousand vehicles to 498 thousand vehicles.

Sales in Asia, which have been reported as an independent geographical segment since the first quarter, rose to 448 thousand vehicles, an increase of 62 thousand vehicles. This increase was mainly due to the successful launch of the IMV (Innovative International Multi-purpose Vehicle) project.

Sales in other regions including Africa and Central and South America reached 556 thousand vehicles, an increase of 83 thousand vehicles.

TMC estimates that consolidated vehicle sales for the fiscal year ending March 31, 2006 will be 8.03 million vehicles, an increase of 60 thousand vehicles from the forecast announced in August 2005.

TMC also announced amendments to its annual prospects for unconsolidated financial results. The company's exchange rate assumption was revised from 105 yen to the dollar to 110 yen. TMC's net income projection was increased by 170 billion yen to 670 billion yen compared with the previous projection announced in May 2005.

Kinoshita concluded by commenting on the consolidated profit outlook for the fiscal year ending March 31, 2006. “Assuming that the U.S. dollar is at 110 yen per dollar, we aim to exceed last year's revenues and profits. We will also strive to offset the increase in business expansion costs through marketing and cost reduction efforts.”

ORIGINAL STORY: http://www.toyota.com/about/news/corporate/2005/11/04-1-2Qfinresults.html

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