Toyota Motor Corporation (TMC) on Thursday announced record consolidated and unconsolidated operating results for the fiscal year ended March 31, 2003 including net profit up 53.4%.
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Net profit climbed to 944.6 billion yen while earnings per share for the year was 272.75 yen, an increase of 102.06 yen over the fiscal year ended March 31, 2002.
On a consolidated basis, net sales for the 12 months ended March 31, 2003, increased 6.3% year-over-year to 16.05 trillion yen. Operating income reached a new high at 1.36 trillion yen, an increase of 21.4% over the previous year, while ordinary income rose by 27.0% to 1.41 trillion yen. All of these figures marked record highs for the third consecutive term.
Unconsolidated net sales and income for the fiscal year also increased, with net sales reaching 8.73 trillion yen, an increase of 5.5% versus last year. Operating income increased fifteen% to 861.3 billion yen, while ordinary income was 892.6 billion yen, up 16.1%. Net income totaled 634.0 billion yen, up 34.8%.
TMC also announced a second-half cash dividend for the six months ended March 31, 2003, up five yen to 20 yen per share. Total dividend payout for the full year was 36 yen per share.
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By GlobalDataCommenting on the results, TMC president Fujio Cho said, “We achieved our best-ever results by creating products that respond to the needs of our customers around the world and strengthening our global sales organisation. Our substantial increase in sales volume during the 2003 fiscal year, in which we surpassed six million units for the first time, was a major contributor to our record performance. Cost reductions, achieved together with our affiliates, also contributed, along with stable currency exchange rates and relatively strong overseas markets.”
TMC’s Japanese market share (excluding minivehicles) for the 12 months ended March 31, 2003 was 42.3%. Despite the sluggish domestic market, Toyota achieved higher sales than last year due to new vehicle introductions including the ist, Alphard and WISH. The effects of sales promotion measures in the second half of the year also contributed to the strong performance.
Sales in North America reached 1.98 million vehicles, an increase of 202,000, due to the strong popularity of models including the Corolla, Highlander and ES300.
In Europe, the Corolla and RAV4 continue to sell well, resulting in a year-over-year increase of 49,000 vehicles.
TMC also announced its forecast for the fiscal year ending March 31, 2004. Based on an exchange rate of 115 yen to the US dollar and 125 yen to the euro, TMC forecasts unconsolidated net sales of 8.3 trillion yen, ordinary income of 670 billion yen and net income assumption of 440 billion yen due to the Japanese yen appreciation and other factors. However, if foreign exchange rates remain at the same level as the 2003 fiscal year, TMC hopes to approach last year’s income level.
TMC estimates that consolidated sales for the fiscal year ending March 31, 2004 will be 6.26 million vehicles under US accounting principles and 6.40 million under Japanese rules.
