Toyota 2007 Annual Report Download - page 21
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ANNUAL REPORT 2007 19
Toyota has mostly completed the acquisition of its shares pursuant
to authorization that it received to acquire up to 30 million shares, for a
maximum aggregate purchase price of ¥200 billion, from the 102nd
Ordinary General Shareholders’ Meeting in 2006. Also, in fiscal 2007
Toyota acquired a total of ¥299.5 billion, or 44.95 million of its own
shares. Between fiscal 1997, when Toyota began acquiring its shares,
and June 30, 2007, Toyota acquired a total of ¥2.54 trillion, or 681.29
million of its shares. Further, Toyota received authorization to acquire
up to 30 million of its own shares, for a maximum aggregate purchase
price of ¥250 billion, from the 103rd Ordinary General Shareholders’
Meeting in 2007. In addition, the offer for the sale of shares made in
November 2006 largely eliminated the risk of destabilizing the supply
and demand balance resulting from the release of Toyota’s shares by
public institutions. However, Toyota intends to continue acquiring its
own shares in order to respond to changes in business conditions and
improve capital efficiency.
■ Consolidated Results Outlook for Fiscal 2008
In the fiscal year ending March 31, 2008, we project sales of 8.89 million
vehicles, net revenues of ¥25.00 trillion, operating income of ¥2.25
trillion, and net income of ¥1.65 trillion on a consolidated basis. These
projections assume currency exchange rates of ¥115=US$1 and ¥150=1
Euro. Further, we anticipate capital expenditure* of ¥1.50 trillion and
depreciation* of ¥1.20 trillion. Remaining mindful of efficient utilization
and with a view to heightening its capabilities in technology to develop
future growth areas, Toyota plans to increase research and development
expenditures by approximately ¥50 billion compared with fiscal 2007, to
¥940 billion. In fiscal 2008, we will continue to invest for growth while
targeting higher earnings with efforts to increase vehicle sales and
reduce costs.
July 2007
Mitsuo Kinoshita, Executive Vice President
* Excluding leased assets