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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
Yen in millions
2011 vs. 2010
Change
Changes in operating income and loss:
Effect of fluctuation in foreign currency
translation rates
¥ 1,400
Effect of cost reduction efforts, decrease
in miscellaneous costs and others 44,703
Total ¥46,103
Europe
The increase in operating income in Europe was
due to the ¥30.0 billion decrease in miscellaneous
costs in automotive operations, the ¥5.0 billion
effect of cost reduction efforts, the ¥5.0 billion
increase in operating income in the financial
services operations, and the ¥1.4 billion favorable
impact of fluctuations in foreign currency
translation rates.
The increase in operating income in Asia was due
to the ¥105.0 billion impact of increases in both
production volume and vehicle unit sales and
other operational factors, partially offset by the
¥5.9 billion unfavorable impact of fluctuations in
foreign currency translation rates. The increases
in both production volume and vehicle unit sales
in Asia were primarily attributable to the increase
in Toyota
ʼ
s vehicle unit sales by 276 thousand
vehicles supported by the recovery of Asian
automotive markets, particularly in Thailand and
Indonesia, as the Asian economy is generally in
the recovery trend.
Interest and dividend income increased by ¥12.6
billion, or 16.0%, to ¥90.8 billion during fiscal 2011
compared with the prior fiscal year due to the
¥10.5 billion increase of dividend income.
Interest expense decreased by ¥4.1 billion, or
12.2%, to ¥29.3 billion during fiscal 2011 compared
with the prior fiscal year.
Foreign exchange gain, net decreased by
¥53.9 billion, or 79.0%, to ¥14.3 billion during
fiscal 2011 compared with the prior fiscal year.
Foreign exchange gains and losses include the
differences between the value of foreign currency
denominated sales translated at prevailing
exchange rates and the value of the sales
amounts settled during the year, including those
settled using forward foreign currency exchange
contracts.
Other income, net decreased by ¥11.7 billion,
or 37.7%, to ¥19.2 billion during fiscal 2011
compared with the prior fiscal year.
The provision for income taxes increased by
¥220.2 billion, or 237.6%, to ¥312.8 billion during
fiscal 2011 compared with the prior fiscal year
due to the increase in income before income
taxes. The effective tax rate for fiscal 2011 was
55.5%, which was higher than the statutory tax
rate in Japan. This was due to the increase in
deferred tax liabilities relating to undistributed
earnings in affiliated companies accounted for by
the equity method.
Net income attributable to noncontrolling interests
increased by ¥22.5 billion, or 64.9%, to ¥57.3
billion during fiscal 2011 compared with the prior
fiscal year. This increase was due to an increase
during fiscal 2011 in net income attributable to the
shareholders of consolidated subsidiaries.
Equity in earnings of affiliated companies
during fiscal 2011 increased by ¥169.6 billion, or
373.5%, to ¥215.0 billion compared with the prior
fiscal year. This increase was due to an increase
during fiscal 2011 in net income attributable to the
shareholders of affiliated companies accounted
for by the equity method.
Net income attributable to the shareholders of
Toyota Motor Corporation increased by ¥198.7
billion, or 94.9%, to ¥408.1 billion during fiscal
2011 compared with the prior fiscal year.
Other comprehensive income decreased by
¥558.8 billion to a loss of ¥297.9 billion for fiscal
2011 compared with the prior fiscal year. This
decrease resulted from unfavorable foreign
currency translation adjustments losses of ¥287.6
billion in fiscal 2011 compared with gains of ¥9.8
billion in the prior fiscal year, and from unrealized
holding losses on securities in fiscal 2011 of ¥26.1
billion compared with gains of ¥176.4 billion in
the prior fiscal year. The decrease in unrealized
holding gains on securities was due to changes
in stock prices.
Yen in millions
2011 vs. 2010
Change
Changes in operating income and loss:
Effect of increase in production volume
and vehicle unit sales and other
operational factors
¥105,000
Effect of fluctuation in foreign currency
translation rates
(
5,900
)
Effect of cost reduction efforts, decrease
in miscellaneous costs and others 10,350
Total ¥109,450
Asia
■
Other Income and Expenses
■
Income Taxes
■
Other Comprehensive Income and Loss
■
Net Income and Loss attributable to
Noncontrolling Interests and Equity in
Earnings of Affiliated Companies
■
Net Income attributable to Toyota Motor
Corporation
0820
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