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1
Outline of Consolidated Results for the Fiscal Year Ended March 2012
May 11, 2012
Investor Relation GroupE-mail: [email protected]: +81-3-4306-8201 Fax: +81-3-4306-8818
Inquiries to:
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1. Outline of Consolidated Resultsfor the Fiscal Year Ended March 2012
1. Outline of Consolidated Resultsfor the Fiscal Year Ended March 2012
2. Progress of Investment Plan
3. Consolidated Earnings Forecastfor the Fiscal Year Ending March 2013
4. Supplementary Materials
3
Highlights
◆ Consolidated ROE improved 2.7 percentage points from March 31, 2011
◆ Increases in total assets and net assets (net worth)
◆ Results: Increases in sales and income
・ Net sales: Increases in sales volume, mainly in Metals Division and Machinery, Energy & Project Division
・ Ordinary income: Increase in operating income
◆ Dividend increaseFrom ¥28 per share annually (incl. ¥12 interim dividend) for fiscal year ended March 2011 to ¥42 per share annually (planned; incl. ¥16 interim dividend) for fiscal year ended March 2012
・ Net interest-bearing debt: Up ¥90.7 billion from ¥581.4 billion as of March 31, 2011 to ¥672.1 billion as of March 31, 2012
・Net DER: 1.0 times as of March 31, 2012, unchanged from March 31, 2011
・ From 8.0% for fiscal year ended March 2011 to 10.7% for fiscal year ended March 2012
(2 consecutive years of increases in net sales and ordinary income)
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Consolidated Results for the Fiscal Year Ended March 2012
Net sales Operating income
Ordinary income
Net income
+3%
5,916.75,743.6
115.1
92.485.266.2
(Billion yen)
March 2011
Results
March 2012
Results
104.2
47.1+8%
+10%
+40%
(% denotes year-on-year change)
5
Increase in Total Assets and Net Assets (Net Worth)
1,976.9
465.6
394.8
1,672.9
March 31, 2011 March 31, 2012
Assets
Net A
ssets
(Billion yen)Increase in total assets: +¥401.2 billion
Increase in net assets: +¥84.4billion
2,837.4 2,436.2
367.9
395.3
667.3 751.7 (Net worth: 595.5)
(Net worth: 640.3)
Net assets Net assets
Cash & cash equivalents: +¥102.1 billionTrade notes & accounts receivable: +¥156.4 billionInventories: +¥27.4 billionProperty and equipment: +¥80.5 billion
[Increase in Net Worth: +¥44.8 billion]Retained earnings: +¥52.1 billionForeign currency translation adjustments: -¥ 8.3 billion
[Other increases: +¥ 39.5 billion]Minority interests: +¥ 39.5 billion
Investments & Other Investments &
Other
PPE & Intangible PPE & Intangible
Current assetsCurrent assets
Total assets Total assets
6
(Billion yen)
Net cash provided by operating
activities
+63.7
-58.7
+5.0
・ Proactive investment for business enhancements: ca. ¥105.0 billion
Capital investments: ca. ¥40.0 billionInvestment in companies: ca. ¥65.0 billion
・Automotive : Non-automotive ratio: ca. 2:8
Cash Flows
Borrowing increased in consideration of emergency crisis response
+97.3
Increase due tonet income
Net cash used in investing activities
Free cash flow Net cash provided by financing activities
7
Net Sales and Operating Income by Division (Year-on-Year Comparison)
1,655.3
620.8 668.8
1,224.5 1,137.2
311.1
32.3
25.413.3
9.9
0.5
11.5-11%
-0%+4%
+2% +2%+21%
+10%
+3%+15%
-82%
-1%
295.1
2.5
+249%
+1%
Net sales
(Billion yen)
March 2011 results
March 2011 results
Metals Global Production Parts & Logistics
Automotive Machinery, Energy & Project
Chemicals & Electronics
Produce & Foodstuffs
Consumer Products, Services & Materials
Operating incom
e
*The above percentages include the impact of foreign exchange.
8
620.8642.1
Global Production Parts & Logistics Division
10.3 9.9
[Net sales]・
Higher market prices (ca. +¥40.0 billion)
・ Increase due to car production (ca. +¥34.0 billion)
・ Decrease in demand (ca. -¥14.0 billion)
[Operating income]・
Decline due mainly to lower car production in North America and Thailand
1,630.81,655.3
37.9
Metals Division
Net sales Operating income
32.3
-11%
Net Sales and Operating Income by Division – Metals, Global Production Parts & Logistics –
-4.1
+4%
+60.1
+2%
+12.5
+3%
+0.3
[Net sales]・
Increase in automotive parts sales volume (ca. +¥12.0 billion)
・ Increase in sales volume of logistics, etc.(ca. +¥0.6 billion)
[Operating income]・
Essentially unchanged
1,595.235.6
1.536.4 608.3
9.60.7
33.8
(Billion yen)
Net sales Operating income
9
[Net sales]・
Increase in machinery-related (ca. +¥31.0 billion)
Of which automobile-related (ca. +¥32.0 billion)・
Increase in energy- and plant-related (ca. +¥183.0 billion)
Of which crude oil-related (ca. +¥175.0 billion)
[Operating income]・
Decreased profitability of Australian coal project
1,029.01,224.5
Machinery, Energy & Project Division
0.5
[Net sales]・
Decrease in export volume of automobiles at parent company (ca. -¥42.0 billion)・
Increase in sales at automobile distributors (ca. +¥57.0 billion → Russia +¥24.0 billion; Africa +¥13.0 billion; Australia & Asia +¥12.0 billion; Europe -¥2.5 billion; other +¥10.0
billion)
[Operating income]・
Increase due to higher sales at automobile distributors
682.5 668.8
25.4
Automotive Division
23.4
Net Sales and Operating Income by Division – Automotive, Machinery, Energy & Project –
3.2+14.3
+2%
+15%
+3.3
+21%
+214.6
-82%-2.6654.5
28.0
22.11.3
1,009.919.1
3.10.1
Net sales Operating income Net sales Operating income
(Billion yen)
10
[Net sales]・
Decrease in electronic parts sales volume (ca. -¥22.0 billion)
(Automotive +¥18.0 billion; Non-automotive -¥40.0 billion) ・
Increases in sales volume of chemical products and synthetic resins (ca. +¥16.0 billion)( Automotive +¥9.0 billion; Non-automotive +¥7.0 billion )
[Operating income]・Essentially unchanged
1,166.51,137.2
Chemicals & Electronics Division
Net Sales and Operating Income by Division – Chemicals & Electronics,Produce & Foodstuffs –
[Net sales]・
Increase in sales of wheat, etc., and higher market prices
[Operating income]・
Increase due to higher net sales
Produce & Foodstuffs Division
291.0 311.1
2.512.0 11.5-5.5
-0.1
-0%
-1%
0.7
+10%
+27.8+1.8
+249%1,142.723.8
0.4 11.6
283.37.7
0.80.1
(Billion yen)
Net sales Operating income Net sales Operating income
11
[Net sales]・
Essentially unchanged
[Operating income]・
Increase due to sales of real estate held for sale, impact of application of lower-of-cost-or-market method in previous year, etc.
297.6 295.1
Net Sales and Operating Income by Division – Consumer Products, Services & Materials –
13.3
0.8+1.5+12.6
+1%
293.64.0
0.70.1
(Billion yen)
Consumer Products, Services & Materials Division
Net sales Operating income
12
Result
FY ended Mar.2011
85.2
92.4
Fiscal Year Ended March 2012
Negative factorsPositive factors
Overview of Positive/Negative Factors Affecting Operating Income for the Fiscal Year Ended March 2012
Result
・Car Production Volume (Toyota Motor)
Billion yen
Increase in car sales
Higher market prices
+2.4+0.6
+11.6 -3.8
-3.9
-1.7-1.1Production-
related
+5.0
Decline in car exports
-1.9Impact of
strong yen on currency exchange
Mainly impact of lower production in North America and
Thailand
Metals, food market prices improved. Semiconductor
market prices worse
Decline in demand for metals and
electronics, covered by production
machinery
Number of units
FY ended Mar.2011
Japan 3.01 million
Overseas 4.34 million
Total:7.34 million units
Total:7.53 million units
Number of units
FY ended Mar.2011
Change
Japan 3.12 million + 0.11 million
Overseas 4.41 million + 0.07 million
Lower-of-cost- or- market
method, allowance for
doubtful receivables, temporary factors, etc.
Australian coal
business
Increasein demand
Mark-to- market
accounting for non-ferrous
metals
13
1. Outline of Consolidated Resultsfor the Fiscal Year Ended March 2012
1. Outline of Consolidated Resultsfor the Fiscal Year Ended March 2012
2. Progress of Investment Plan
3. Consolidated Earnings Forecastfor the Fiscal Year Ending March 2013
4. Supplementary Materials
14
Progress of Investment Plan (Fiscal Years Ended March 2012/Ending March 2013)
Total ¥59.8 billion
Total ¥24.0 billion
Non-autom
otive
Total ¥190 billion
Autom
otive
Total ¥60 billion
Major investments in the fourth quarter・Acquired additional shares in Eurus Energy Holdings Corporation・Bass Gas Project in Australia (acquisition of interest)・Elematec Corporation tender offer (capital and business alliance)
・Coalbed methane (CBM) development and production in Alberta, Canada・Australia CBM Gas Project (development fee)・Overseas power generation business・Others
Major investments in the fourth quarter・Overseas used car business・Established joint venture with parts manufacturer(overseas)・Established overseas dealership
・Expansion of overseas tire assembly business・Establishment of new dealerships in emerging countries・Others
Investment Plan (two years) Investment as of 4Q of fiscal year ended March 2012
FundedFunded
Approved
but not yet funded
Approved
but not yet funded
Total ¥250 billion
Non-automotive investment
1Q – 3Q ¥58.9 billion
4Q ¥29.5 billion
合計 884億円Total ¥88.4 billion
Automotive investment
1Q – 3Q ¥15.8 billion
4Q ¥11.0 billion
Funded ¥115.2 billion
Unfunded ¥83.8 billion
Total ¥199.0 billion
Total ¥26.8 billion
15
1. Outline of Consolidated Resultsfor the Fiscal Year Ended March 2012
1. Outline of Consolidated Resultsfor the Fiscal Year Ended March 2012
2. Progress of Investment Plan
3. Consolidated Earnings Forecastfor the Fiscal Year Ending March 2013
4. Supplementary Materials
16
Assumptions of Forecast for the Fiscal Year Ending March 2013
Indicators for Fiscal Year Indicators for Fiscal Year Ending March 2013Ending March 2013 Forecast for Full Fiscal YearForecast for Full Fiscal Year
Exchange RateExchange Rate((11US$/1EURUS$/1EUR))
JPJP¥¥80/JP80/JP¥¥105
Interest rates (p.a.)Interest rates (p.a.)JPJP¥¥ (Short(Short--term)term)JPJP¥¥ (Long(Long--term)term)US$US$EUREUR
0.4%0.4%1.1%1.1%0.4%0.4%0.8%0.8%
Toyota MotorToyota Motor’’s automobiles automobileproductionproduction 8.55 million units8.55 million units
17
Forecast for the Fiscal Year Ending March 2013
6,700.0
Results Forecast
5,916.7
92.4
115.0 115.1127.0
70.066.2
+13%
+24%
+10%
+6%
Net sales Operating income
Ordinary income
Net income
March 2012
Results
March 2013
Forecast
(Billion yen)
18
Forecast by Product (Net sales)
1,900.01,655.3
730.0800.0
1,224.5
1,390.0
1,137.2
+15%
1,270.0
290.0
668.8
295.1
+22%+4%
+20%+18%
-2%620.8
311.1 315.0
+1%
(Billion yen)(% denotes year-on-year change)
Results Forecast
March 2012
Results
March 2013
Forecast
Metals Global Production Parts & Logistics
Automotive Machinery, Energy & Project
Chemicals & Electronics
Produce & Foodstuffs
Consumer Products, Services & Materials
19
Forecast by Product (Operating income)
44.0
32.3
+61%
+6%
9.9
27.0
0.5 1.0
17.0
11.0
25.4
13.311.5
+36%
+80%
+47%
16.0
2.02.5
-22%
-18%
(Billion yen)(% denotes year-on-year change)
Results Forecast
March 2012
Results
March 2013
Forecast
Metals Global Production Parts & Logistics
Automotive Machinery, Energy & Project
Chemicals & Electronics
Produce & Foodstuffs
Consumer Products, Services & Materials
20
Supplementary Materials
21
Supplementary Materials (Contents)
Pages
22・・・
<Supplementary Materials 1> Selling, General and Administrative Expenses23・・・
<Supplementary Materials 2> Non-operating Income and Expenses
24・・・
<Supplementary Materials 3> Number of Consolidated Subsidiaries25・・・
<Supplementary Materials 4> Situations of Companies with Losses and with Negative Net
Worth26・・・
<Supplementary Materials 5> Net Sales and Operating Income by Geographical Area
22
<Supplementary Materials 1> Selling, General & Administrative Expenses
(Billion yen)
Breakdown Mar. 2012results
Mar. 2011results
Year-on-year changes (%) Major factors for increases/decreases
Personnel expenses 132.9 127.9 5.0(3.9%)
+¥1.5 billion from new company
Depreciation expenses (incl. amortizaion of goodwill) 30.6 30.0 0.6
(1.9%)
Provision for doubtful receivables 0.1 4.7 -4.6
(-96.9%)
Other expenses 87.8 82.5 5.3(6.4%)
Due to a +¥1.6 bil. increase in charges and fees, a +¥1.1 bil. increase in traffic and traveling expenses, and an increase in miscellaneous expenses
Subtotal 251.5 245.4 6.1(2.5%)
Selling, General & Administrative Expenses
23
<Supplementary Materials 2> Non-operating Income and Expenses
(Billion yen)
Mar. 2012results
Mar. 2011results
Year-on-year changes Major factors for increases/decreases
Interest income 3.0 2.8 0.2
Interest expenses/ interest on CP -13.6 -13.8 0.2
Dividend income 11.3 9.9 1.4 Increase at parent company and overseas subsidiaries
Equity in the earnings of unconsolidated subsidiaries
and affiliates15.3 13.6 1.7
Mainly an increase in earnings at equity method affiliates of the Machinery, Energy & Project Division and the Chemicals & Electronics Division
Other income 6.6 6.3 0.3
Subtotal 22.7 18.9 3.8
Non-operating Income and Expenses
24
<Supplementary Materials 3> Number of Consolidated Subsidiaries: 579 (up by 141 from March 2011)
* An increase of 136 due to new consolidation, and a decrease of 19 due to merger, sale, liquidation, etc. ** An increase of 44 due to new application of the equity method, and a decrease of 20 due to change to consolidated subsidiary, sale, etc.
March 2012
No. of consolidated subsidiariesChanges from March 2011
Total no. of affiliated companies under Financial Instruments and Exchange
LawThose with losses
Subsidiaries 404 44 117* 485 Domestic 95 12 20 113 Overseas 309 32 97 372
Equity method affiliates 175 27 24** 238
Domestic 17 3 -2 32 Overseas 158 24 26 206
Total 579 71 141 723
◆ Subsidiaries and affiliates are determined based on effective-control and influence approaches.◆ Non-consolidated subsidiaries are mostly those within three years of foundation having little materiality.
25
<Supplementary Materials 4> Situations of Companies with Losses and with Negative Net Worth
With losses With profits
Mar. 2011
Mar. 2012
Mar. 2011
Mar. 2012
No. of companies 43 44 244 360
Equity in earnings/
losses (billion
yen)
-3.8 -4.0 59.2 65.5
With negative net worth
Mar. 2011
Mar. 2012
8 8
-4.0 -4.7
No. of companies
Net Assets(billion
yen)
26
<Supplementary Materials 5> Net Sales and Operating Income by Geographical Area (Year-on-Year Comparison)
(Billion yen)3,789.7
392.4
157.2
31.031.7
10.56.7
+7%
283.4
1,293.9
12.4
March 2011results
March 2012results
-22%
+4% +1%-8%
+9%
+51%-7%
-8% +28%
3,629.41,281.0
425.0
264.4143.6
20.4
34.3
13.4
7.3 9.7
Net sales
Operating incom
e
Japan Asia & Oceania North America Europe Other areas
27
<Supplementary Materials 5-1> Net Sales and Operating Income by Geographical Area - Japan, Asia & Oceania -
[Net sales]・
Increase in sales volume of parent-company Machinery, Energy & Project Division and MetalsDivision
[Operating income]・
Increase due to sales of real estate held for sale by parent-company Consumer Products, Services & Materials Division, impact of the application of lower-of-cost-or-market method in the previous year, etc.
[Net sales]・
Increase in sales volume at bunker oil sales company in Singapore and automobile distributors in Oceania
[Operating income]・
Decrease due to lower profitability of Australian coalproject
3,629.43,789.7
31.0 1,281.01,293.9
20.434.3 31.7
+4%
+160.3
+51%
+10.6
+1%
+12.9
-7%
-2.6
(Billion yen)
Japan Asia & Oceania
Net sales Operating income Net sales Operating income
28
<Supplementary Materials 5-2> Net Sales and Operating Income by Geographical Area - North America, Europe -
[Net sales]・Decrease in sales volume at U.S. subsidiaries in Global Production Parts & Logistics Division and Produce & Foodstuffs Division
[Operating income]・Decrease due to lower profitability of U.S. subsidiaries in
Metals Division, Global Production Parts & Logistics Division and Produce & Foodstuffs Division
[Net sales]・Increase in sales volume at automobile distributors in Russia
[Operating income]・Decrease due to decrease in sales volume at automobile distributors in Europe other than Russia and European subsidiaries
425.0392.4 264.4
283.413.4
10.5
-2.96.77.3
-22%-8%
-32.6
-8%
-0.6
-7%
+19.0
(Billion yen)
North America Europe
Net sales Operating income Net sales Operating income
29
<Supplementary Materials 5-3> Net Sales and Operating Income by Geographical Area - Other Areas -
[Net sales]・Increase in sales at African subsidiaries in the Global Production Parts & Logistics Division, automobile distributors in Africa and a cottonseed oil refining company in Brazil
[Operating income]・Increase due to higher sales at automobile distributors in
Africa and a cottonseed oil refining company in Brazil
143.6157.2
9.712.4
+9%
+13.6+2.7
+28%
(Billion yen)Other areas
Net sales Operating income