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Toyota Motor Corporation financial results show sharp profitability increase in Europe

• Toyota Motor Corporation announced yesterday its financial results for Fiscal Year ended March 31, 2014. • In Europe, net revenues increased by 641.8 billion yen, or 30.8%, to 2,724.9 billion yen (20.3 billion euros at 134 yen/euro) in fiscal year ended March 31, 2014 compared with the previous fiscal year, and operating income increased … Continued

• Toyota Motor Corporation announced yesterday its financial results for Fiscal Year ended March 31, 2014.
• In Europe, net revenues increased by 641.8 billion yen, or 30.8%, to 2,724.9 billion yen (20.3 billion euros at 134 yen/euro) in fiscal year ended March 31, 2014 compared with the previous fiscal year, and operating income increased by 31.7 billion yen, or 120%, to 58.2 billion yen (434.5 million euros at 134 yen/euro). 
• The increase in operating income was mainly due to increase in both production volume and vehicle unit sales, and cost reduction efforts.

(All consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)
Toyota Motor Corporation (TMC) yesterday announced its financial results for the fiscal year ended March 31, 2014.

On a consolidated basis, net revenues for the period totaled 25.69 trillion yen, an increase of 16.4 percent compared to the previous fiscal year. Operating income increased from 1.32 trillion yen to 2.29 trillion yen, an increase of 971.2 billion yen, while income before income taxes1 was 2.44 trillion yen. Net income2 increased from 962.1 billion yen to 1.82 trillion yen.
Commenting on the results, TMC President Akio Toyoda said: “Our consolidated operating income increased due to increased vehicle sales mainly in Japan and North America and to group-wide cost reduction activities.”
Europe

In Europe, vehicle sales totaled 844,003 units for the period April 2013 to March 2014, an increase of 44,918 units, while operating income increased by 31.7 billion yen (236.5 million euros at 134 yen/euro) to 58.2 billion yen (434.5 million euros).
Commenting on the results for Europe, Didier Leroy, President and CEO of Toyota Motor Europe, said: “The strong TMC financial results for the Europe region show that our efforts to achieve sustainable and profitable growth are delivering results year after year. We achieved this through higher production and sales and significant cost reduction efforts.”
He added: “We build locally more than 65% of the cars we sell in Europe, and have experienced unfavourable exchange rates from Euro to Russian rouble or Turkish lira for example, and for Europe these two factors limit the effect of a favourable yen-to-euro exchange rate.”
 
Rest of the world

In Japan, vehicle sales totaled 2,365,410 units, an increase of 86,614 units. Operating income from Japanese operations increased by 933.8 billion yen to 1.51 trillion yen.
In North America, vehicle sales totaled 2,529,398 units, an increase of 60,594 units. Operating income increased by 104.1 billion yen to 326.0 billion yen, including a loss of 15.5 billion yen due to valuation gains/losses from interest rate swaps. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 152.7 billion yen to 341.5 billion yen.
In Asia, vehicle sales totaled 1,608,355 units, a decrease of 75,223 units, while operating income increased by 19.6 billion yen to 395.7 billion yen.
In other regions (including Central and South America, Oceania, Africa and the Middle East), vehicle sales totaled 1,768,867 units, an increase of 128,466 units, while operating income decreased by 91.1 billion yen to 42.5 billion yen.
Financial services

In the financial services segment, operating income decreased by 20.9 billion yen to 294.8 billion yen, including a loss of 22.0 billion yen of valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income increased by 30.7 billion yen to 316.9 billion yen.
Forecast for Fiscal Year ending March 31, 2015

TMC estimates that consolidated global vehicles sales for the fiscal year ending March 31, 2015 to be 9.1 million units.
In addition, TMC forecasts consolidated net revenue of 25.7 trillion yen, operating income of 2.3 trillion yen and net income of 1.78 trillion yen for the fiscal year ending March 31, 2015, based on an exchange rate of 100 yen to the U.S. dollar and 140 yen to the euro.
TMC also announces a year-end dividend of 100 yen per share, to be proposed at the general shareholders meeting in June.
1Income before income taxes and equity in earnings of affiliated companies
2Net income attributable to Toyota Motor Corporation
(Further information is available at 
http://www.toyota-global.com/investors/financial_result/
 
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