Toyota Motor Corporation (TMC) today announces its financial results for the nine-month period ended December 31, 2014.
Consolidated vehicle sales totaled 6,739,158 units, a decrease of 45,365 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totaled 20.11 trillion yen, an increase of 5.2 percent. Operating income increased from 1.8559 trillion yen to 2.1148 trillion yen, while income before income taxes1 was 2.3556 trillion yen. Net income2 increased from 1.5260 trillion yen to 1.7268 trillion yen.
Operating income increased by 258.8 billion yen. Major factors contributing to the increase included currency fluctuations of 215.0 billion yen and cost reduction efforts of 200.0 billion yen.
Commenting on the results, TMC Managing Officer Takuo Sasaki said: “Operating income improved by 258.8 billion yen to 2.1148 trillion yen due to positive factors such as favorable foreign exchange rates and cost reduction efforts that more than offset negative factors such as increased expenses.”
In Japan, vehicle sales totaled 1,528,162 units, a decrease of 113,258 units. Operating income decreased by 17.8 billion yen to 1,143.5 billion yen.
In North America, vehicle sales totaled 2,107,623 units, an increase of 145,411 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 148.6 billion yen to 457.0 billion yen.
In Europe, vehicle sales totaled 633,578 units, an increase of 3,865 units, while operating income increased by 23.3 billion yen to 66.4 billion yen.
In Asia, vehicle sales totaled 1,128,713 units, a decrease of 72,577 units, while operating income increased by 14.8 billion yen to 320.6 billion yen.
In other regions (including Central and South America, Oceania, Africa and the Middle East), vehicle sales totaled 1,341,082 units, a decrease of 8,806 units, while operating income decreased by 1.0 billion yen to 107.2 billion yen.
Financial services operating income increased by 84.4 billion yen to 285.0 billion yen, including a gain of 35.6 billion yen in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income increased by 6.5 billion yen to 249.3 billion yen.
For the fiscal year ending March 31, 2015, TMC revises its consolidated vehicles sales forecast from 9.05 million units to 9.0 million units, in consideration of the latest sales trends in each region.
TMC also revises its consolidated financial forecasts to consolidated net revenue of 27.0 trillion yen, operating income of 2.7 trillion yen, income before income taxes of 2.92 trillion yen and net income of 2.13 trillion yen, based on an exchange rate assumption of 109 yen to the U.S. dollar and 139 yen to the euro.
Commenting on the forecasts for the fiscal year ending March 31, 2015, Sasaki said: “While we expect a reduction in vehicle sales, we are raising our operating income forecast by 200 billion yen to 2.7 trillion yen, factoring in the change in our foreign exchange rate assumption and the progress in our profit improvement activities, such as cost reduction efforts.”
1 Income before income taxes and equity in earnings of affiliated companies
2 Net income attributable to Toyota Motor Corporation
