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TOYOTA ANNUAL REPORT 2012
Toyota Global Vision Changes for Making
Ever-Better Cars President
ʼ
s Message Medium- to Long-Term
Growth Initiatives Special Feature Management and
Corporate Information Investor Information
Business and
Performance Review Financial Section
Management's Discussion and Analysis of Financial Condition and Results of Operations
Asia
Thousands of units
Year ended March 31, 2011 vs. 2010 Change
2010 2011 Amount Percentage
Toyota
ʼ
s consolidated vehicle unit sales 979 1,255 276 +28.1%
Yen in millions
Year ended March 31, 2011 vs. 2010 Change
2010 2011 Amount Percentage
Net revenues:
Sales of products ¥2,612,595 ¥ 3,325,466 ¥712,871 +27.3%
Financial services 42,732 49,068 6,336 +14.8%
Total ¥2,655,327 ¥ 3,374,534 ¥719,207 +27.1%
Other
Thousands of units
Year ended March 31, 2011 vs. 2010 Change
2010 2011 Amount Percentage
Toyota
ʼ
s consolidated vehicle unit sales 1,139 1,313 174 +15.3%
Yen in millions
Year ended March 31, 2011 vs. 2010 Change
2010 2011 Amount Percentage
Net revenues:
Sales of products ¥1,571,846 ¥ 1,694,680 ¥122,834 +7.8%
Financial services 102,015 114,436 12,421 +12.2%
Total ¥1,673,861 ¥ 1,809,116 ¥135,255 +8.1%
Toyota
ʼ
s vehicle unit sales in Asia increased by 276
thousand vehicles compared with the prior fiscal
year and represented a record high unit sales. This
increase in net revenues was due to the overall
recovery of Asian automotive markets which
was supported by the recovery trend of the Asian
economy, particularly in Thailand and Indonesia.
Excluding the difference of ¥70.7 billion in the
Japanese yen value used for translation purposes,
net revenues would have increased by ¥789.9 billion.
Net revenues in Other increased due to increases
in Toyota
ʼ
s vehicle unit sales as a result of economic
recovery in certain of these markets. Toyota
ʼ
s
vehicle unit sales increased by 103 thousand
Operating costs and expenses decreased by
¥278.0 billion, or 1.5%, to ¥18,525.4 billion during
fiscal 2011 compared with the prior fiscal year.
This decrease resulted from the ¥765.1 billion
favorable impact of fluctuations in foreign
currency translation rates, and the ¥180.0 billion
impact of cost reduction efforts, partially offset
by the ¥580.0 billion impact of increase in vehicle
unit sales and change in sales mix and the ¥71.7
billion increase in the miscellaneous costs and
others including ¥20.0 billion increase in costs
related to the Great East Japan Earthquake, and
the ¥15.4 billion impact of increase in parts sales.
The ¥71.7 billion increase in miscellaneous
costs and others includes ¥30.0 billion increase
in product quality related expenses. This cost
vehicles in the Middle East, by 50 thousand vehicles
in Central and South America, and by 25 thousand
vehicles in Africa, respectively, compared with the
prior fiscal year.
increased compared with the prior fiscal year
due to the approximately ¥100.0 billion increase
in costs related to recalls and other safety
measures conducted to heighten the level of
reassurance for customers, partially offset
by the approximately ¥70.0 billion decrease in
product warranty costs due to the decrease in
payments to repair or replace defects of vehicles
based on warranty contracts. See note 14 to the
consolidated financial statements for further
information.
In fiscal 2011, Toyota announced recalls and
other safety measures including the following:
In July 2010, Toyota announced in Japan
and other regions the voluntary safety recall
of certain models of Toyota and Lexus brands
ʼ
■
Operating Costs and Expenses
Yen in millions
Year ended March 31, 2011 vs. 2010 Change
2010 2011 Amount Percentage
Operating costs and expenses
Cost of products sold ¥ 15,971,496 ¥ 15,985,783 ¥ 14,287 +0.1%
Cost of financing operations 712,301 629,543
(
82,758
)
-
11.6%
Selling, general and administrative 2,119,660 1,910,083
(
209,577
)
-
9.9%
Total ¥ 18,803,457 ¥ 18,525,409 ¥
(
278,048
)
-
1.5%
Yen in millions
2011 vs. 2010 Change
Changes in operating costs and expenses:
Effect of increase in vehicle unit sales and changes in sales mix ¥ 580,000
Effect of fluctuation in foreign currency translation rates
(
765,100
)
Effect of increase in parts sales 15,400
Effect of cost reduction efforts
(
180,000
)
Effect of increase in miscellaneous costs and others 71,652
Total ¥
(
278,048
)
0820
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