Toyota Reports Record Year-End Results

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Manufacturing News, Source : TheManufacturer.com
Published : 08 May 2003 9:02

Reporting from Tokyo this morning, car maker Toyota announced that its highest-ever vehicle sales and cost reduction efforts had been the key drivers of record results for the tear ended March 31, 2003.

Sales for the twelve months ended March 31, 2003, increased 6.3 percent year-over-year to 16.05 trillion yen. Operating income reached a new high at 1.36 trillion yen, an increase of 21.4 percent over the previous year, while ordinary income rose by 27.0 percent to 1.41 trillion yen. Net income climbed 53.4 percent, to 944.6 billion yen. All of these figures marked record highs for the third consecutive term, Toyota said.

reaching 8.73 trillion yen, an increase of 5.5 percent

Commenting 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 organization. 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 for the twelve months was 42.3 percent. 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 thousand vehicles, 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 forty-nine thousand vehicles*.

TMC also announced its forecast for the year ending March 31, 2004. Based on an exchange rate of 115 yen to the U.S. 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.

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