Toyota

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TOYOTA MOTOR CORP: Company Overview

Toyota Motor Corporation is engaged in the design, manufacture, assembly and sale of passenger cars,
recreational and sport-utility vehicles (SUVs), minivans, trucks and related parts and accessories worldwide. Toyota
provides retail and wholesale financing, retail leasing and certain other financial services to its dealers and their
customers related to vehicles manufactured by the Company. The major portions of Toyota's operations on a
worldwide basis are derived from the automotive and financial services business segments. The Company also has
an all other segment, which includes its non-automotive business activities. Toyota's other operations are its
information technology (IT)-related businesses and pre-fabricated housing. The Company operates through 554
consolidated subsidiaries and 228 affiliated companies. During the fiscal year ended March 31, 2004 (fiscal 2004),
Toyota sold 6.71 million vehicles. Full Description
By the Numbers (Currency in Millions)
Employees 264,096
Market Cap $122,556.5
Total Debt $76,561.2
Cash Balance $1,483,753.0
Revenue $166,165.3
Revenue Growth (1yr) 7.3%
Revenue Growth (5yr) 8.0%
Operating Margin 9.0%
Operating Margin Growth (1yr) 9.6%
Operating Margin Growth (5yr) 8.1%
Net Margin 5.9%



Toyota Motor Corporation, incorporated in August 1937, is engaged in the design, manufacture,
assembly and sale of passenger cars, recreational and sport-utility vehicles (SUVs), minivans,
trucks and related parts and accessories worldwide. Toyota provides retail and wholesale financing,
retail leasing and certain other financial services to its dealers and their customers related to
vehicles manufactured by the Company. The major portions of Toyota's operations on a worldwide
basis are derived from the automotive and financial services business segments. The Company
also has an all other segment, which includes its non-automotive business activities. Toyota's other
operations are its information technology (IT)-related businesses and pre-fabricated housing. The
Company operates through 554 consolidated subsidiaries and 228 affiliated companies. During the
fiscal year ended March 31, 2004 (fiscal 2004), Toyota sold 6.71 million vehicles.

Toyota's business segments are automotive operations, financial services operations and all other
operations. Toyota's automotive operations include the design, manufacture, assembly and sale of
passenger cars, recreational and SUVs, minivans and trucks and related parts and accessories.
Toyota's financial services business consists of providing financing to dealers and their customers
for the purchase or lease of Toyota vehicles. Toyota's automotive operations include the
development of intelligent transport systems, which are a variety of IT-based systems
encompassing of car multimedia systems, on-board intelligent systems, advanced transportation
systems and transportation infrastructure and logistics systems. These systems combine
automotive, information and telecommunications technologies.

The Company holds an 11.7% interest in KDDI Corporation, a full-service telecommunications
provider in J apan. Toyota's other operations business segment includes its IT-related businesses,
including certain intelligent transport systems and an e-commerce marketplace called Gazoo.com,
as well as the design and manufacture of prefabricated housing. Toyota sells its vehicles in more
than 140 countries and other regions. Its primary markets for its automobiles are J apan, North
America and Europe. During fiscal 2004, approximately 34% of Toyota's automobile unit sales were
in J apan, 31% were in North America and 13% were in Europe. The remaining 22% of unit sales
were in other markets, including approximately 8% in East and Southeast Asian countries other
than J apan.

Automotive Operations

Toyota produces and markets a full line of automobiles, including passenger cars, recreational and
SUVs, minivans and trucks. Its subsidiary, Daihatsu Motor Co. Ltd. produces mini-vehicles and
compact cars. Hino Motors, Ltd., its subsidiary, produces commercial vehicles. Toyota also
manufactures automotive parts, components and accessories for its own use and for sale to others.

The Company's subcompact and compact cars include the four-door Corolla sedan. The Yarisis is a
subcompact car designed to include features that are particularly attractive to European consumers,
such as better car performance and comfort. In February 2002, Toyota introduced the Corolla
Matrix to North America. Toyota also introduced the WiLL Cypha compact car to the J apanese
market in October 2002. In fiscal 2003 (the fiscal year ended March 31, 2003), it began introducing
the VIOS to China and other Asian markets. In J une 2003, it introduced the Scion xA and Scion xB
in the United States.

Daihatsu manufactures mini-vehicles, passenger vehicles, commercial vehicles and auto parts.
Mini-vehicles are cars, vans or trucks with engine displacements of 660 cubic centimeters or less.
Toyota also sells under its name certain automobiles excluding mini-vehicles manufactured by
Daihatsu. Daihatsu sold approximately 550,000 mini-vehicles and 70,000 automobiles in fiscal
2004. Daihatsu's largest market is J apan, which accounted for approximately 82% of Daihatsu's unit
sales in fiscal 2004.

The Prius is a mass-produced hybrid car. It runs on an optimal combination of gasoline and electric
power. This system allows it to travel twice as far as conventional vehicles of comparable size and
performance on the same amount of gasoline. In addition, the hybrid design of the Prius results in
the output of 75% less pollution than the maximum amount allowed by J apanese environmental
regulations. Toyota views the Prius as the cornerstone of its emphasis on designing and producing
environmentally friendly automobiles. In 2003, Toyota introduced in J apan, the United States,
Europe and other markets, a fully remodeled Prius, which combines decreased environmental
impact by higher fuel efficiency and ultra-low emissions with increased power and performance.

The Company's mid-size models include the Camry. The Camry line includes the Camry Solara
sport coupe, which was fully remodeled in fiscal 2003. Toyota introduced a remodeled version of
the Camry to the United States in September 2001. Camry sales in the United States for 2003 were
approximately 413,300 units, including approximately 26,500 Solaras. Toyota's J apanese mid-size
cars also include the Mark II, the Opa, the Premio, the Allion and the Caldina station wagon. Toyota
introduced the Mark II Blit to the J apanese market in J anuary 2002. In September 2002, it
introduced a remodeled version of the Caldina station wagon to the J apanese market. In March
2003, the Company introduced in Europe a remodeled version of the Avensis, its flagship mid-size
car for European markets, which was also subsequently introduced in J apan in October 2003.

In North America and Europe, Toyota's luxury line consists primarily of vehicles sold under the
Lexus brand name. Lexus models include the full-size LS430 sedan; the smaller GS300 and GS430
sedans and the ES300 sedan; the IS300 and IS200 mid-size sport sedans, and luxury SUVs, such
as the GX470, the RX330, the SC430 and LX470. Toyota's full-size luxury car in J apan is the
Crown, a hybrid version that was introduced to the J apanese market in August 2001. In J apan,
Toyota also sells the Progres and the Brevis compact luxury models, as well as the Century
limousine. The Brevis was introduced to the J apanese market in J une 2001.

The Company's main sports car model is the Celica. The Celica is a two-door sports coupe with a
four-cylinder engine. In J apan and other markets, Toyota sells the Lexus SC430 two-door sports
coupe, which is marketed in J apan as the Soarer, as well as the MR2 Spyder, a mid-size sport car
model marketed in J apan as the MR-S and in Europe as the MR2. In J une 2004, Toyota introduced
in the United States the Scion tC, a sport car model targeted to the younger market.

Toyota sells a variety of SUVs and pickup trucks, including the Tacoma and Tundra pickup trucks.
Toyota SUVs available in North America include the Sequoia; the 4Runner; the RAV4; the
Highlander, and the Land Cruiser. It also offers SUVs under the Lexus brand, including the LX470,
the GX470 and the remodeled RX330. In August 2002, the Company introduced the Voltz, a
compact SUV jointly developed with General Motors, to the J apanese market. Toyota's pickup truck
is the Hilux. Toyota introduced the remodeled Harrier to the J apanese market in February 2003.

The Company offers several basic models for the global minivan market. Its largest minivan, the
Alphard, was released in May 2002. Toyota's other minivan models include Sienna, Previa, Avensis
Verso, Gaia, Noah, Voxy and Wish, which were released in J apan in J anuary 2003. Sienta was
released in J apan in September 2003. In May 2004, Toyota introduced to the European market the
Corolla Verso.

Toyota's product line-up also includes trucks, vans and micro-buses. Trucks and buses are also
manufactured and sold by Hino, a subsidiary of Toyota. Hino's product line-up includes large trucks
with a load capacity of over 10 tons, medium trucks with a load capacity between four and eight
tons, and small trucks with a load capacity of between two and four tons. Hino's bus line-up
includes large to medium buses used primarily as tour buses and public buses, small buses and
micro-buses.

Financial Services

In J uly 2000, the Company established a wholly owned subsidiary, Toyota Financial Services
Corporation, to oversee the management of its finance companies worldwide and the expansion
into new automobile related product areas. Toyota Motor Credit Corporation is the Company's
principal financial services subsidiary in the United States. Toyota Motor Credit Corporation
provides a full range of financial services, including retail leasing, retail financing, wholesale
financing and insurance. Toyota Finance Corporation also provides a range of financial services,
including retail leasing, retail financing, credit cards and mortgage loans. The Company also
provides financial services in 26 other countries through various financial services subsidiaries,
including Toyota Finance Corporation in J apan, Toyota Credit Canada Inc. in Canada, Toyota
Finance Australia Ltd. in Australia, Toyota Kreditbank GmbH in Germany and Toyota Financial
Services (UK) PLC in the United Kingdom.

Other Operations

Toyota is involved in developing IT-related products and services through joint efforts with certain
telecommunication and information services providers. Its primary partner in these development
efforts is KDDI Corporation, a domestic telecommunications service provider that offers integrated
mobile, domestic and international telecommunications services. The Company holds an 11.7%
interest in KDDI. The Company established Toyota InfoTechnology Center Co., Ltd., a joint venture
among its affiliates and KDDI, in J anuary 2001. Toyota InfoTechnology Center, USA. Ltd., a wholly
owned subsidiary of the joint venture, was established in April 2001. This joint venture focuses on
research and development of advanced information technologies that address market needs. The
Company holds a 65% interest in the joint venture.

Toyota also operates a J apanese-language Website, Gazoo.com. Gazoo was established as a
membership Internet service linking Toyota, its national dealer network and Gazoo members, and
provides information on new and used Toyota automobiles and related services. To further expand
its motor vehicle information service, Toyota launched a new information service called G-Book in
fall 2002 by integrating its MONET (Mobile Network) service with Gazoo. Toyota is also engaged in
the manufacture and sale of prefabricated housing. The Company has adapted the core production
systems and methodologies used in its automotive operations to this business. In order to enhance
its prefabricated housing operations, in April 2003, Toyota established a subsidiary, Toyota Housing
Corporation, which conducts sales of the Company's prefabricated housing units

Key Numbers (Currency in Millions)
Income Statement
Total Revenue $18,551,526.0
Gross Profit $3,681,400.0
Total Operating Expense $16,879,339.0
Operating Income $1,672,187.0
Net Income before taxes $1,754,637.0
Net Income After taxes $1,096,727.0
Net Profit Margin 5.9%
Balance Sheet
Total Assets $24,335,011.0
Current Assets $9,440,105.0
Total Liabilities $15,290,061.0
Current Liabilities $8,227,206.0
Long Term Debt $5,014,925.0
Total Debt $8,547,672.0
Total Equity $9,044,950.0
Cash Flows
Cash from Operating Activities $2,370,940.0
Cash from Investing Activities $(3,061,196.0)
Cash from Financing Activities $419,384.0
Net Change in Cash $(246,023.0)



Growth Rates 1 Year 3 Years 5 Years
Revenue 7.3% 9.3% 8.0%
COGS 7.2% 9.5% 7.7%
Total Operating Expense 8.0% 8.8% 7.1%
Operating Income 0.3% 15.2% 19.1%
Net Income 0.8% 28.1% 19.4%
Total Assets 10.4% 8.0% 8.2%
Total Liabilities 10.3% 8.3% 9.9%
Total Equity 10.6% 7.6% 5.5%
Cash Flows -278.6% N/A N/A



Revenue
(Millions) Q1 Q2 Q3 Q4 12 months
2006 N/A N/A N/A N/A $173,594.0 E
2005 N/A N/A N/A N/A $175,619.1
2004 N/A N/A N/A N/A N/A



Net Income
(Millions) Q1 Q2 Q3 Q4 12 months
2005 $286,617.0 $297,421.0 $296,533.0 $290,689.0 $1,171,260.0
2004 $222,585.0 $301,875.0 $286,470.0 $351,168.0 $1,162,098.0
2003 $246,365.0 $179,435.0 $179,364.0 $145,778.0 $750,942.0
2002 N/A $228,497.0 N/A $328,070.0 $556,567.0


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