TMC Announces First Quarter Financial Results
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By: Toyota

Toyota Motor Corporation (TMC) announced its financial results for the first quarter ended June 30, 2017.

Consolidated vehicle sales for the first quarter totaled 2,215,111 units, an increase of 42,452 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totaled 7.0476 trillion yen (*$63.491 billion), an increase of 7.0 percent. Operating income decreased from 642.2 billion yen (*$5.785 billion) to 574.2 billion yen (5.172 billion) while income before income taxes1 was 679.3 billion yen (*$6.119 billion). Net income2 increased from 552.4 billion yen (*$4.976 billion) to 613.0 billion yen (*$5.522 billion).

Operating income decreased by 67.9 billion yen (*$611.7 million). Major factors contributing to the decrease included currency fluctuations of 35 billion yen (*$315.3 million) and an increase in expenses of 45 billion yen (*$405.4 million) offset by an increase of 50 billion yen (*$450.4 million) due to cost reduction efforts.

Commenting on the results, TMC Senior Managing Officer Tetsuya Otake said: 'Despite the positive effect of cost reduction efforts, operating income was down 67.9 billion yen (*$611.7 million), mainly due to the effects of marketing activities and an increase in expenses.'

In Japan, vehicle sales totaled 544,223 units, an increase of 33,053 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 29.7 billion yen (*$267.5 million) to 319.9 billion yen (*$2.881 billion).

In North America, vehicle sales totaled 723,619 units, an increase of 8,235 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 76.5 billion yen (*$689.1 million) to 88.8 billion yen (*$800 million).

In Europe, vehicle sales totaled 240,344 units, an increase of 17,636 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 11.9 billion yen (*$107.2 million) to 20.5 billion yen (*$184.6 million).

In Asia, vehicle sales totaled 362,654 units, a decrease of 21,517 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 21.7 billion yen (*$195.4 million) to 102.8 billion yen (*$926.1 million).


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    In other regions (including Central and South America, Oceania, Africa and the Middle East), vehicle sales totaled 344,271 units, an increase of 5,045 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 11.3 billion yen (*$101.8 million) to 39.5 billion yen (*$355.8 million).

    Financial services operating income decreased by 14.9 billion yen (*$134.2 million) to 75.3 billion yen (*$678.3 million), including a gain of 0.1 billion yen (*$900 thousand) in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income decreased by 6.4 billion yen (*$57.6 million) to 75.1 billion yen (*$676.5 million).

    (*all currency translations above are approximate and based on an average 111-yen-to-dollar exchange rate)

    For the fiscal year ending March 31, 2018, TMC has not revised its consolidated vehicle sales forecast from 8.9 million units, in consideration of the latest sales trends worldwide.

    TMC revised its consolidated financial forecasts for the fiscal year. Based on an exchange rate assumption of 110 yen to the U.S. dollar and 124 yen to the euro, TMC now forecasts consolidated net revenue of 28.5 trillion yen (*$259.090 billion), operating income of 1.85 trillion yen (*$16.818 billion), income before income taxes of 2.05 trillion yen (*$18.636 billion), and net income of 1.75 trillion yen (*$15.909 billion).

    (*all currency translations above are approximate and based on an average 110-yen-to-dollar exchange rate)

    1Income before income taxes and equity in earnings of affiliated companies

    2Net income attributable to Toyota Motor Corporation

    Further information is also available at www.toyota-global.com/investors/financial_result/

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