Toyota quarterly profit falls 28% on pandemic impact
Toyota expects that its annual operating profit will drop 80 percent as the coronavirus pandemic hitsToyota Announces Financial Results for Fiscal Year Ended March 31, 2020
(Consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)
Toyota City, Japan, May 12, 2020 - Toyota Motor Corporation (TMC) today announced its financial results for the fiscal year ended March 31, 2020.
Consolidated vehicle sales totaled 8,958,423 units, a decrease of 18,372 units compared to the previous fiscal year. On a consolidated basis, net revenues for the period totaled 29.9299 trillion yen, a decrease of 1.0 percent. Operating income decreased from 2.4675 trillion yen to 2.4428 trillion yen, while income before income taxes(1) was 2.5546 trillion yen. Net income(2) increased from 1.8828 trillion yen to 2.0761 trillion yen.
Operating income decreased by 24.6 billion yen. Major factors affecting to the decrease included currency fluctuations of 305.0 billion yen.
Commenting on the result, TMC Operating Officer Kenta Kon said : "Due to the spread of COVID-19, net revenues were decreased by 380 billion yen and operating income were decreased by 160 billion yen."
In Japan, vehicle sales totaled 2,239,549 units, an increase of 13,372 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 121.8 billion yen to 1.5685 trillion yen.
In North America, vehicle sales totaled 2,713,165 units, a decrease of 31,882 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 145.4 billion yen to 289.5 billion yen.
In Europe, vehicle sales totaled 1,028,537 units, an increase of 34,477 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 19.6 billion yen to 140.7 billion yen.
In Asia, vehicle sales totaled 1,604,870 units, a decrease of 79,624 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 66.9 billion yen to 386.8 billion yen.
In other regions (including Central and South America, Oceania, Africa, and the Middle East), vehicle sales totaled 1,372,302 units, an increase of 45,285 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 6.9 billion yen to 82.6 billion yen.
Financial services operating income decreased by 30.6 billion yen to 292.1 billion yen, including a loss of 17.5 billion yen in valuation gains/losses from interest rate swaps.
Excluding valuation gains/losses, operating income decreased by 32.6 billion yen to 309.7 billion yen.
Consolidated vehicle sales for the fiscal year ending March 31, 2021 are expected to be 7.0 million units.
Based on this assumption, TMC forecasts consolidated sales revenues of 24 trillion yen, operating income of 0.5 trillion yen for the fiscal year ending March 31, 2021, based on an exchange rate of 105 yen to the U.S. dollar and 115 yen to the euro.
Today, TMC's board of directors resolved to pay 120 yen per share as the year-end dividend on common shares. The annual dividend on common shares for the fiscal year will be 220 yen per share including the interim dividend of 100 yen per share
(1) Income before income taxes and equity in earnings of affiliated companies
(2) Net income attributable to Toyota Motor Corporation
Further information is also available at global.toyota/en/
About Toyota Motor Corporation
Toyota Motor Corporation (TMC) is the global mobility company that introduced the Prius hybrid-electric car in 1997 and the first mass-produced fuel cell sedan, Mirai, in 2014. Headquartered in Toyota City, Japan, Toyota has been making cars since 1937. Today, Toyota proudly employs 370,000 employees in communities around the world. Together, they build around 10 million vehicles per year in 29 countries, from mainstream cars and premium vehicles to mini-vehicles and commercial trucks, and sell them in more than 170 countries under the brands Toyota, Lexus, Daihatsu and Hino. For more information, please visit www.toyota-global.com.