Toyota Motor Regulatory News (TYT)

7 Nov 2007 10:50

Toyota Motor Corporation07 November 2007 For immediate release November 7, 2007 Toyota Announces Semi-Annual Results Net Revenues, Operating Income and Net Income Mark New Record for the First Half (All consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) Tokyo-TOYOTA MOTOR CORPORATION (TMC) today announced operating results for thesix months ended September 30, 2007. On a consolidated basis, net revenues for the first half of the fiscal yeartotaled 13.01 trillion yen, an increase of 13.4 percent compared to the sameperiod last fiscal year. Operating income increased 16.3 percent to 1.27trillion yen, while income before income taxes, minority interest and equity inearnings of affiliated companies was 1.36 trillion yen. Net income increased21.3 percent to 942.4 billion yen. Positive contributions to operating income totaled 330.0 billion yen, consistingof 150.0 billion yen from changes in foreign exchange rates, 130.0 billion yenfrom marketing efforts and 50.0 billion yen from cost reduction efforts.Negative factors totaled 151.3 billion yen. TMC also announced an interim cash dividend of 65 yen per share for the firsthalf of the fiscal year, an increase of 15 yen per share compared with the sameperiod last fiscal year. Commenting on the results, TMC Executive Vice President Mitsuo Kinoshita said, "For this period, we posted record results in both revenues and profits. Webelieve our efforts to build a globally balanced operational foundationcontributed to these results. Net income has increased by nearly 70 percent overthe last two years, due to a substantial increase in earnings by companiesaccounted for under the equity method, as well as increase in operating income." Consolidated vehicle sales for this period reached a record high of 4.301million units, an increase of 156 thousand units over the same period lastfiscal year. In Japan, vehicle sales decreased by 67 thousand units, to 1.006 million units.Operating income increased by 88.9 billion yen, to 773.3 billion yen, mainly dueto improvements in the model mix of domestic and export sales, including strongsales of the Lexus LS models. Vehicle sales in North America totaled 1.497 million units, an increase of 33thousand units, due to steady sales including the redesigned Tundra and thePrius. Operating income increased by 3.6 billion yen, to 254.1 billion yen. In Europe, vehicle sales increased by 46 thousand units, to 635 thousand units,due to strong sales of the redesigned Corolla and the Auris which has beenmanufactured locally since early 2007. Operating income increased by 2.3billion yen, to 68.3 billion yen. Strong Russian sales of Lexus models, theCamry and the Corolla contributed to this result. Sales in Asia increased by 70 thousand units, to 452 thousand units. Operatingincome increased by 55.4 billion yen, to 116.7 billion yen, mainly due to brisksales recovery in the Asian markets including Indonesia. Our consolidatedsubsidiaries in China also made a substantial contribution to the results, dueto strong sales of Lexus models. In other regions, including Central and South America, Oceania and Africa,vehicle sales increased to 711 thousand units, an increase of 74 thousand units,due to steady sales of the IMV series and the redesigned Camry. Operatingincome increased by 35.6 billion yen, to 71.7 billion yen. TMC estimates that consolidated vehicle sales for the fiscal year ending March31, 2008 will be 8.93 million units, which is an upward revision from TMC'sinitial forecast of 8.89 million units announced in May 2007. Additionally,consolidated net revenues were revised to 25.5 trillion yen (from 25.0 trillionyen), operating income to 2.30 trillion yen (from 2.25 trillion yen) and netincome to 1.70 trillion yen (from 1.65 trillion yen). Commenting on the outlook for consolidated profit for the fiscal year endingMarch 31, 2008, Kinoshita said, "We aim to achieve higher levels of revenues andprofits through further increase of vehicle sales and cost reductions." (Please see attached information for details on financial results. Furtherinformation is also available on the Internet at www.toyota.co.jp) Paste the following link into your web browser to download the PDF document related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/1726h_-2007-11-7.pdf Cautionary Statement with Respect to Forward-Looking Statements This release contains forward-looking statements that reflect Toyota's plans andexpectations. These forward-looking statements are not guarantees of futureperformance and involve known and unknown risks, uncertainties and other factorsthat may cause Toyota's actual results, performance, achievements or financialposition to be materially different from any future results, performance,achievements or financial position expressed or implied by these forward-lookingstatements. These factors include: (i) changes in economic conditions andmarket demand affecting, and the competitive environment in, the automotivemarkets in Japan, North America, Europe and other markets in which Toyotaoperates; (ii) fluctuations in currency exchange rates, particularly withrespect to the value of the Japanese yen, the U.S. dollar, the Euro, theAustralian dollar and the British pound; (iii) Toyota's ability to realizeproduction efficiencies and to implement capital expenditures at the levels andtimes planned by management; (iv) changes in the laws, regulations andgovernment policies in the markets in which Toyota operates that affect Toyota'sautomotive operations, particularly laws, regulations and government policiesrelating to trade, environmental protection, vehicle emissions, vehicle fueleconomy and vehicle safety, as well as changes in laws, regulations andgovernment policies that affect Toyota's other operations, including the outcomeof future litigation and other legal proceedings; (v) political instability inthe markets in which Toyota operates; (vi) Toyota's ability to timely developand achieve market acceptance of new products; and (vii) fuel shortages orinterruptions in transportation systems, labor strikes, work stoppages or otherinterruptions to, or difficulties in, the employment of labor in the majormarkets where Toyota purchases materials, components and supplies for theproduction of its products or where its products are produced, distributed orsold. A discussion of these and other factors which may affect Toyota's actualresults, performance, achievements or financial position is contained inToyota's annual report on Form 20-F, which is on file with the United StatesSecurities and Exchange Commission. This information is provided by RNS The company news service from the London Stock Exchange