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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
fiscal year. This decrease reflects the ¥115.5
billion favorable impact of fluctuations in foreign
currency translation rates and the ¥83.9 billion
decrease for the financial services operations.
This decrease for the financial services
operations includes the ¥100.0 billion decrease
in the provision for credit losses and net charge-
offs, which is attributable to the prices of used
vehicles remaining at an unprecedented high
level mainly in the United States and the prices
of used Toyota and Lexus brands
ʼ
vehicles also
remaining at a high level, partially offset by
the ¥15.0 billion increase in provision for credit
losses and charge-offs in relation to the Great
East Japan Earthquake.
Toyota
ʼ
s operating income increased by ¥320.7
billion, or 217.4%, to ¥468.2 billion during fiscal
Yen in millions
2011 vs. 2010
Change
Changes in operating income and loss:
Effect of increase in vehicle unit sales
and changes in sales mix and other
operational factors ¥300,000
Effect of increase in parts sales 54,400
Effect of fluctuation in foreign currency
translation rates
(
36,200
)
Effect of increase in miscellaneous
costs and others
(
30,000
)
Effect of cost reduction efforts,
financial services operations, and
others 32,563
Total ¥320,763
■
Operating Income
2011 compared with the prior fiscal year. This
increase was favorably impacted by the ¥300.0
billion increase in vehicle unit sales and changes
in sales mix and other operational factors, the
¥54.4 billion increase in parts sales, the ¥32.6
billion impact of cost reduction efforts, financial
services operations, and others, partially offset by
the ¥36.2 billion unfavorable impact of fluctuations
in foreign currency translation rates, and the
¥30.0 billion increase in miscellaneous costs and
others including ¥20.0 billion impact of increase
in expenses related to the Great East Japan
Earthquake. The ¥32.6 billion increase of cost
reduction efforts, financial services operations,
and others were due to the ¥180.0 billion impact
of cost reduction efforts and the ¥130.0 billion
impact of financial services operations, partially
offset by the ¥290.0 billion unfavorable impact of
fluctuations in foreign currency translation rates.
During fiscal 2011, operating income
(
before
elimination of intersegment profits
)
, increased
by ¥254.1 billion, or 297.1%, in North America,
increased by ¥46.1 billion in Europe, increased by
¥109.4 billion, or 53.8%, in Asia, and increased by
¥44.6 billion, or 38.6%, in Other compared with
the prior fiscal year, whereas it decreased by
¥137.2 billion in Japan.
The following is a description of operating
income and loss in each geographic market.
The increase in operating losses in Japan was
due to the ¥252.2 billion increase in cost reduction
efforts, increase in miscellaneous costs and
others, partially offset by the ¥115.0 billion impact
of increase in the number of exported vehicles
for the overseas market. The cost reduction
efforts, increase in miscellaneous costs and
others were mainly due to the ¥330.0 billion
unfavorable impact of fluctuations in foreign
currency translation rates and the ¥50.0 billion
increase in miscellaneous costs and others,
partially offset by the ¥140.0 billion impact of cost
reduction efforts in automotive operations. The
¥50.0 billion increase in miscellaneous costs and
others includes the ¥20.0 billion increase in costs
related to the Great East Japan Earthquake.
The increase in operating income in North
America was due to the ¥130.0 billion increase
in operating income in the financial services
operations including impacts of the ¥100.0 billion
decrease in the provision for credit losses and
net charge-offs and the ¥30.0 billion decrease in
the provision for residual value losses primarily
for sales finance subsidiaries in the United
States, the ¥105.0 billion impact of increase in
production volume, the ¥30.0 billion impact of
cost reduction efforts, and the ¥15.0 decrease in
miscellaneous costs and others, partially offset
by the ¥23.8 billion unfavorable impact of the
fluctuations in foreign currency translation rates.
The increase in production volume in North
America is attributable to the increase in local
vehicle production by 296 thousands of RAV4,
Highlander and other models.
Japan
Yen in millions
2011 vs. 2010
Change
Changes in operating income and loss:
Effect of increase in the number of
exported vehicles for the overseas
market and other operational factors
¥ 115,000
Effect of cost reduction efforts, increase
in miscellaneous costs and others
(
252,154
)
Total
¥
(
137,154
)
Yen in millions
2011 vs. 2010
Change
Changes in operating income and loss:
Effect of increase in production volume
and other operational factors
¥105,000
Effect of fluctuation in foreign currency
translation rates
(
23,800
)
Effect of financial services operations,
cost reduction efforts, decrease in
miscellaneous costs and others 172,813
Total ¥254,013
North America
0820
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