Automotive Intelligence - the web for automotive professionals and car enthusiasts
May 13, 2009
In Central and South America, Oceania, Africa and the Middle East etc., vehicle sales were 1.44 million units, a decrease of 84 thousand units. Operating income for Central and South America, Oceania and Africa decreased by 56.3 billion yen to 87.6 billion yen.
In the financial services segment, operating income decreased by 158.5 billion yen, to a loss of 72 billion yen compared to the last fiscal year, including 80.2 billion yen of valuation losses from interest rate swaps. Excluding the valuation losses, operating income decreased by 146.3 billion yen to 8.2 billion yen. Higher outstanding loan balances and improved lending margins were offset by an increase in allowance for credit and residual value losses mainly in the U.S.
TMC estimates that consolidated vehicle sales for the fiscal year ending March 31, 2010 will be 6.5 million units, which is a decrease of 1.06 million units from the fiscal year 2009, due to continuance of the current severe conditions of each market.
Based on this assumption, TMC announced its consolidated financial forecast for the fiscal year ending March 31, 2010.Based on an exchange rate of 95 yen to the U.S. dollar and 125 yen to the euro, TMC forecasts a consolidated net revenues of 16.5 trillion yen, operating loss of 850 billion yen and net loss attributable to Toyota Motor Corporation* of 550 billion yen. * "Net loss attributable to Toyota Motor Corporation" is equivalent to "net loss" up to FY2009
TMC President Watanabe commented on the outlook: "It appears to take some more time before the financial markets in the U.S. and Europe normalize and the global economy recovers. However, in the 2010 fiscal year, we plan to accelerate our profit improvement activities including the expansion of our hybrid vehicle line-up such as the next generation Prius in May and the Lexus' HS250h in July. All totaled, we plan to launch four hybrid models in Japan and three models overseas within this fiscal year. Through the reduction of variable and fixed costs, we estimate our total profit improvement in fiscal year 2010 will be around 800 billion yen.
For the mid-term, we plan to thoroughly analyze our customers' needs in each region and develop product line-ups which will focus on hybrid and compact vehicles with more cost reduction efforts. We will also concentrate on resource-rich and developing countries with the aim of providing high-quality, affordable and attractive models from the customers' viewpoint. In addition, we will continue to accelerate commercialization of next-generation technologies in the areas of environment, energy and safety including hybrids, plug-in hybrids, next-generation batteries, bio fuels and fuel cell vehicles. We also aim to establish flexible and effective systems in the areas of development, production and sales to respond to changes in business environment."
TMC also announced a cash dividend for the full fiscal year of 100 yen per share, a decrease of 40 yen over the last fiscal year to be proposed at the general shareholders' meeting in June.
(May 8, 2009)