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News of May 16, 2002


TOYOTA MOTOR CORPORATION (TMC) announced record results

Consolidated and unconsolidated operating results for the fiscal year ended March 31, 2002.

Tokyo, Japan - On a consolidated basis, net sales for the 12 months ended March 31, 2002, increased 12.5 percent year-over-year to 15.1 trillion yen, an all-time high. Operating income hit a new peak at 1.12 trillion yen, an increase of 29.1 percent over the previous year, while ordinary income rose by 14.5 percent to a highest-ever 1.11 trillion yen. Net income climbed 30.7 percent, to 615.8 billion yen, also a record. Earnings per share for the year was 170.69 yen, an increase of 42.81 yen over the fiscal year ended March 31, 2001.

Unconsolidated financial results demonstrated an increase in both sales and ordinary income, with unconsolidated net sales for the fiscal year reaching 8.28 trillion yen, an increase of 4.8 percent versus last year. Operating income increased 47.8 percent to 748.9 billion yen, while ordinary income was 768.9 billion yen, up 23.7 percent. Net income totaled 470.2 billion yen, up 41.0 percent.

TMC also announced a second-half cash dividend for the six months ended March 31, 2002, up 1 yen to 15 yen per share. Total dividend payout for the full year was 28 yen per share, 3 yen higher than year before.

Commenting on the results, TMC President Fujio Cho said, "Our efforts to establish the production and sales system from a global perspective since the 1980s are now achieving greater results, as we approach our worldwide total production and sales goal of 6 million units. In addition to this, an unprecedented profit of 1 trillion yen for Toyota, also reflects a collective effort by the Toyota Group toward cost-reduction activities and the effect of a weaker yen. "

TMC's Japanese market share (excluding minivehicles) marked 42.2% in the 12 months ended March 31, 2002, exceeding 40.0% for the fourth consecutive year. The ability to maintain such a large market share can be credited to offering a broad range of products that meet customers needs, in particular sedans like the new Camry, Premio and Allion, along with minivans such as the Ipsum, Noah and Voxy. Toyota also increased sales of hybrid vehicles by expanding its hybrid lineup.

An increase in sales has enabled Toyota to gain more than 10% of the market share in the United States for the first time. Sales in Europe showed an increase against the previous year, as we steadily achieve our objective of selling 800,000 units in 2005.

TMC also announced its forecast for the fiscal year ending March 31, 2003. Based on an exchange rate of 125 yen to the dollar and 110 yen to the euro, TMC forecasts unconsolidated sales of 8.3 trillion yen, ordinary income of 770 billion yen and net income of 550 billion yen.

(May 13, 2002)

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