Positioned for the Future - Annual Reports

[Pages:138]Annual Report 2005

Year ended March 31, 2005

Positioned for the Future

Established in 1937, Toyota Motor Corporation is one of Japan's representative automobile manufacturers. In fiscal 2005, Toyota achieved worldwide consolidated sales of 7.4 million vehicles under the Toyota, Lexus, Daihatsu, and Hino brands on a shipment basis. At the end of fiscal 2005, Toyota had production bases in 26 overseas countries and regions, a vehicle sales network spanning approximately 170 countries and regions, and more than 260,000 employees worldwide on a consolidated basis.

Contents

2 > Consolidated Financial Highlights (U.S. GAAP) 3 > Consolidated Operating Summary 4 > Consolidated Segment Information 5 > Consolidated Vehicle Production and Sales 6 > Chairman's Message 8 > President's Message 14 > Message from the Executive Vice President

Responsible for Finance & Accounting 16 > Corporate Governance 21 > Contribution towards Sustainable Development 23 > Special Feature: Positioned for the Future 36 > Business Overview 48 > Financial Section 123 > Domestic Production Sites 124 > Overseas Manufacturing Companies 128 > Environmental Preservation Activities 129 > Social Contribution Activities 130 > EXPO 2005 131 > Motorsports 132 > Members of the Board of Directors and Auditors 134 > Investor Information

1

Positioned for the Future

WITH A FOCUS ON GROWTH AND EFFICIENCY

At Toyota, we are steadfastly focused on fortifying our position in the worldwide automobile industry and on contributing to tomorrow's car society. We have taken control of our own destiny by pursuing farsighted innovation in all operational areas--including development, purchasing, production, and sales--enabling us to lead growth in the industry. Furthermore, Toyota's advances in the face of fierce competition among automakers have underscored the Company's unique value. However, every year the bar for achieving sustainable growth gets higher. Continuing to target growth and efficiency, Toyota will move ahead by manufacturing appealing vehicles that meet the needs of the age.

2

CONSOLIDATED FINANCIAL HIGHLIGHTS (U.S. GAAP)

Toyota Motor Corporation Fiscal years ended March 31

For the Year: Net Revenues............................................ Operating Income.................................... Net Income............................................... ROE ..........................................................

Yen in millions except per share data

2003

2004

2005

?15,501,553 1,271,646 750,942 10.4%

?17,294,760 1,666,890 1,162,098 15.2%

?18,551,526 1,672,187 1,171,260 13.6%

U.S. dollars* in millions except per share data

2005

% change 2004 vs 2005

$172,749

+7.3

15,571

+0.3

10,907

+0.8

--

--

Per Share Data (yen and U.S. dollars): Net Income (Basic) .............................. Cash Dividends .................................... Shareholders' Equity............................

? 211.32 36.00

2,063.43

? 342.90 45.00

2,456.08

? 355.35 65.00

2,767.67

$ 3.31 0.61 25.77

+3.6 +44.4 +12.7

At Year-End: Total Assets .............................................. Shareholders' Equity................................

?20,152,974 7,121,000

?22,040,228 8,178,567

?24,335,011 9,044,950

$226,604 84,225

+10.4 +10.6

Share Performance (March 31):

Price per Share (yen and U.S. dollars): ...........................

?2,635

?3,880

?3,990

Market Capitalization.............................. ?9,512,343 ?14,006,790 ?14,403,890

* U.S. dollar amounts have been translated at the rate of ?107.39=US$1, the approximate current exchange rate at March 31, 2005.

$37.15 $134,127

+2.8 +2.8

Net Revenues

(? Billion) 20,000

15,000

10,000

5,000

0

FY

'01 '02 '03 '04 '05

Net Income and ROE

(? Billion)

(%)

1,200

20

900

15

600

10

300

5

0

0

FY

'01 '02 '03 '04 '05

Net income ROE (Right scale)

Net Income and Cash Dividends per Share

(?)

(?)

400

80

300

60

200

40

100

20

0

0

FY

'01 '02 '03 '04 '05

Net income per share Cash dividends per share (Right scale)

3

CONSOLIDATED OPERATING SUMMARY

10.3 7.40 up [ Vehicle Sales ] . . . . . . . . . . . . . . . . . .

%, to

million--a new record

11.0 7.23 up [ Vehicle Production ] . . . . . . . . . . . .

%, to

million--a new record

7.3 18.55 up [ Net Revenues ] . . . . . . . . . . . . . . . . . .

%, to ?

trillion--a new record

0.3 1.67 up [ Operating Income ] . . . . . . . . . . . . .

%, to ?

trillion--a new record

0.8 1.17 up [ Net Income ] . . . . . . . . . . . . . . . . . . . . .

%, to ?

trillion--a new record

13.6 [ ROE ] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . moved from 15.2% to

%

3.6 355.35 up [ Net Income per Share ] . . . . . . . . .

%, to ?

20.00 65.00 up ? [ Annual Cash Dividends per Share ]

.........

, to ?

10.4 24.33 up [ Total Assets ] . . . . . . . . . . . . . . . . . . . .

%, to ?

trillion

10.6 9.04 up [ Shareholders' Equity ] . . . . . . . . . .

%, to ?

trillion

Note: All of the above are year-on-year consolidated results.

4

CONSOLIDATED SEGMENT INFORMATION

Toyota Motor Corporation Fiscal years ended March 31

By Business Operations: Revenues: Automotive .................................................................. Financial Services......................................................... All Other ...................................................................... Intersegment Elimination ........................................... Total Company........................................................

Yen in millions

% change

2003

2004

2005

2004 vs 2005

?14,311,451 724,898 795,217 (330,013)

?15,501,553

?15,973,826 736,852 896,244 (312,162)

?17,294,760

?17,113,535 781,261

1,030,320 (373,590) ?18,551,526

+7.1 +6.0 +15.0 +19.7 +7.3

Operating Income: Automotive .................................................................. Financial Services......................................................... All Other ...................................................................... Intersegment Elimination ........................................... Total Company........................................................

?1,246,925 30,328 4,529 (10,136)

?1,271,646

?1,518,954 145,998 15,247 (13,309)

?1,666,890

?1,452,535 200,853 33,743 (14,944)

?1,672,187

?4.4 +37.6 +121.3 +12.3 +0.3

By Region: Revenues (External Customers): Japan............................................................................. North America............................................................. Europe .......................................................................... Other Regions .............................................................. Total Company........................................................

? 6,621,054 5,929,803 1,514,683 1,436,013

?15,501,553

? 7,167,704 5,910,422 2,018,969 2,197,665

?17,294,760

? 7,408,136 6,187,624 2,305,450 2,650,316

?18,551,526

+3.4 +4.7 +14.2 +20.6 +7.3

Operating Income: Japan............................................................................. North America............................................................. Europe .......................................................................... Other Regions .............................................................. Intersegment Elimination ........................................... Total Company........................................................

? 944,290 279,988 8,305 45,626 (6,563)

?1,271,646

?1,108,127 390,977 72,475 96,913 (1,602)

?1,666,890

? 987,242 447,559 108,541 141,226 (12,381)

?1,672,187

?10.9 +14.5 +49.8 +45.7 +672.8 +0.3

Japan

(? Billion) 8,000

Revenues (External Customers) and Operating Income (Loss) by Region

North America

Europe

Other Regions

(? Billion) 1,200

(? Billion) 6,400

(? Billion) 600

(? Billion) 2,400

(? Billion) 120

(? Billion) 3,200

(? Billion) 160

6,000

900

4,800

450

1,800

80

2,400

120

4,000

600

3,200

300

1,200

40

1,600

80

2,000

300

1,600

150

600

0

800

40

0

0

FY

'01 '02 '03 '04 '05

Revenues Operating income (Right scale)

0

0

FY

'01 '02 '03 '04 '05

Revenues Operating income (Right scale)

0

?40

FY

'01 '02 '03 '04 '05

Revenues Operating income (loss) (Right scale)

0

0

FY

'01 '02 '03 '04 '05

Revenues Operating income (Right scale)

5

CONSOLIDATED VEHICLE PRODUCTION AND SALES

Toyota Motor Corporation Fiscal years ended March 31

Vehicle Production by Region: Japan .................................................................................. North America .................................................................. Europe ............................................................................... Other Regions ................................................................... Overseas Total............................................................... Consolidated Total .......................................................

Thousands of units

2003

2004

4,162 883 387 418

1,688 5,850

4,284 1,034

515 680 2,229 6,513

2005

% change 2004 vs 2005

4,534 1,156

596 945 2,697 7,231

+5.9 +11.8 +15.7 +38.9 +21.0 +11.0

Vehicle Sales by Region: Japan .................................................................................. North America .................................................................. Europe ............................................................................... Other Regions ................................................................... Asia ................................................................................ Central and South America.......................................... Oceania .......................................................................... Others ............................................................................ Overseas Total........................................................... Consolidated Total ...................................................

2,217 1,982

776 1,138 [462] [161] [203] [312] 3,896 6,113

2,303 2,103

898 1,415 [557] [146] [236] [476] 4,416 6,719

2,381 2,271

979 1,777 [834] [185] [239] [519] 5,027 7,408

+3.4 +8.0 +9.0 +25.5 +49.5 +27.0 +1.5 +8.9 +13.8 +10.3

Vehicle Production by Brand: Toyota / Lexus................................................................... Daihatsu ............................................................................ Hino................................................................................... Consolidated Total ....................................................... Toyota Group Total* ....................................................

5,185 607 58

5,850 6,405

5,763 663 87

6,513 7,050

6,393 745 93

7,231 7,719

+10.9 +12.5 +7.3 +11.0 +9.5

* Includes 555 thousand units in fiscal 2003, 537 thousand units in fiscal 2004, and 488 thousand units in fiscal 2005 produced by unconsolidated companies--principally in the United States (at New United Motor Manufacturing, Inc.), China, the Philippines, and Malaysia--that do not appear in the consolidated totals.

Vehicle Production

(Thousands of units) 8,000

6,000

4,000

2,000

0

FY

'01 '02 '03 '04 '05

Japan Overseas

Vehicle Production by Region

Consolidated Total

7,231

(Thousands of units)

13.1%

8.2%

FY 2005

16.0%

62.7%

Japan North America Europe Other Regions

Vehicle Sales

(Thousands of units) 8,000

6,000

4,000

2,000

0

FY

'01 '02 '03 '04 '05

Japan Overseas

Vehicle Sales by Region

Consolidated Total

7,408

(Thousands of units)

24.0% 32.1%

FY 2005 13.2%

30.7%

Japan North America Europe Other Regions

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CHAIRMAN'S MESSAGE

Tokyo Head Office

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