Toyota Announces Interim Results for Fiscal 1998
6 November 1997
Toyota Announces Interim Results for Fiscal 1998
TOKYO, Nov. 6 -- Toyota Motor Corporation
today announced its unconsolidated interim financial results for the six-month
period which ended September 30, 1997. Please refer to the attached pages for
the details of these results.
HIGHLIGHTS OF FINANCIAL RESULTS FOR INTERIM FY 1998 UNCONSOLIDATED
(April 1997 to September 1997)
(Y = Yen)
(Billions of yen unless otherwise specified; amounts less than Y100
million are omitted)
Interim FY 1998 results Interim FY 1997 results
(Apr. 1997 to Sept. 1997) (Apr. 1996 to Sept. 1996)
Net sales 3,797.5(- 7.0%) 4,083.4(9.6%)
Domestic 1,920.8(- 24.7%) 2,549.2(1.2%)
Export 1,876.7( 22.3%) 1,534.2( 27.1%)
Operating income 285.2(38.8%) 205.4( 636.1%)
<7.5%> <5.0%>
Ordinary profit 324.5(25.6%) 258.5(279.8%)
<8.5%> <6.3%>
Net income 187.5(42.6%) 131.5(327.5%)
<4.9%> <3.2%>
Interim cash dividends per share Y10.00 Y9.00
Total assets 6,884.3 6,613.1
Shareholders' equity 4,778.9 4,479.4
Equity to assets ratio 69.4% 67.7%
Shareholders' equity per shareY1,254.81 Y1,186.17
Breakdown of (Increase) (Increase)
increases or Foreign exchange Foreign exchange
decreases in fluctuations 50.0 fluctuations 140.0
operating income Effect of cost Effect of cost
reduction 30.0 reduction 60.0
Effect of sales Effect of sales
Increase 10.0 Increase 30.0
Effect of
transferring royalty (Decrease)
income from Increase in R&D
non-operating income spending,
to net sales 40.0
Depreciation
expenses, and Labor
(Decrease) 52.5
Increase in R&D
spending, Depreciation costs
expenses, and Labor
costs 50.2
Exchange rate Y119/US$ Y108/US$
Capital investment 151.7 107.9
Depreciation expenses 142.5 136.2
R&D spending 207.8 206.2
Interest-bearing debt 328.9 463.7
Significance of Profits rose Profits rose
increases or decreasesalong with sales* along with sales*
FY 1998 forecast
(Apr. 1997 to Mar. 1998)
Net sales 7,800.0(- 14.3%)
Domestic --
Export --
Operating income 580(12.2%)
<7.4%>
Ordinary profit 650.0(4.8%)
<8.3%>
Net income 370.0(22.0%)
--
<4.7%>
Interim cash dividends per share --
Total assets --
Shareholders' equity --
Equity to assets ratio --
Shareholders' equity per share --
Breakdown of increases or
decreases in operating income --
Exchange rate Y117/US$
(\115/US$ for 2nd half)
Capital investment 320.0
Depreciation expenses 280.0
R&D spending --
Interest-bearing debt --
Significance of increases or decreases --
* Calculating net sales based on the previous accounting methods would
result in an increase in net sales from Interim FY 1997.
(Units: thousand vehicles)
Vehicle Domestic 1,682(3.7%) 1,622(6.2%) 3,520(0.5%)
Production Overseas 702(5.3%) 667(3.0%) 1,440(4.4%)
Vehicle Domestic 934(-5.1%) 985(-1.4%) 2,050(-8.2%)
Sales Exports 771(16.1%) 664(17.1%) 1,520(15.9%)
Total sales 1,705(3.4%) 1,649(5.3%) 3,570(0.8%)
Industrial Vehicle Sales 26(11.2%) 23(-4.3%) 53(5.8%)
Housing Sales 1.4(-14.6%) 1.7(14.6%) 3.5(-6.0%)
Note: Figures in parentheses ( ) show year-on-year percentage change.
Staring in FY 1998 Interim, part of the accounting policy has been changed.
For the content of the changes, please refer to Changes in Accounting Policy
Section of the Financial Summary.
Comparison between FY1998 and FY1997 Interim Results
Some accounting procedures changed for the FY1998 interim reporting
period. (For details see Changes in Accounting Policy Section of the
Financial Summary.) For reference, the figures below also show the FY1997
interim results calculated using the new accounting procedures.
Figures in ( ) show % vs. sales) Unit : 100 million yen
FY 98 Interim FY 97 Interim
(1997/4-9) (1996/4-9)
After recalculation
Net sales 37,975 35,116
Operating (7.5) (6.4)
income 2,852 2,262
Ordinary (8.5) (7.4)
profit 3,245 2,585
Net income (4.9) (3.7)
1,875 1,315
Changes FY 97 Interim
(1996/4-9)
Net sales 2,859 40,834
Operating (1.1) (5.0)
income 590 2,054
Ordinary (1.1) (6.3)
profit 660 2,585
Net income (1.2) (3.2)
560 1,315
RESULTS FOR PAST FIVE INTERIM REPORTING PERIODS
(APPLYING FY1998 ACCOUNTING PROCEDURES)
(Figures in ( ) show % vs. sales) Unit : 100 million yen
FY 94 Interim FY 95 Interim
(1993/7-12) (1994/7-12)
Net sales 32,820 34,068
Operating income (0.7) (3.0)
220 1,022
Ordinary profit (2.5) (4.4)
832 1,488
Net income (1.2) (2.0)
394 685
FY 96 Interim FY 97 Interim
(1995/4-9) (1996/4-9)
Net sales 31,356 35,116
Operating income (1.4) (6.4)
445 2,262
Ordinary profit (2.2) (7.4)
680 2,585
Net income (1.0) (3.7)
307 1,315
FY 98
Interim
(1997/4-9)
Net sales 37,975
Operating income (7.5)
2,852
Ordinary profit (8.5)
3,245
Net income (4.9)
1,875
UNCONSOLIDATED
FINANCIAL SUMMARY
FISCAL 1998 INTERIM
(April 1, 1997 to September 30, 1997)
(English translation from original Japanese)
TOYOTA MOTOR CORPORATION
FINANCIAL HIGHLIGHTS
FY 1998 Interim FY 1997 Interim Increase
(Apr.-Sept. 1997) (Apr.-Sept. 1996) (Decrease)
Vehicle sales
(Units) 1,705,910 1,649,394 56,516
Net sales
(Millions of yen) 3,797,551 4,083,499 (285,948)
Net income
(Millions of yen) 187,555 131,501 56,054
Interim cash
dividends Per share: 10 yen Per share: 9 yen Per share:1 yen
Regular: 6 yen Regular: 6 yen
Special: 4 yen Special: 3 yen
Note: Starting in FY1998 Interim, part of the accounting policy has
been changed. For the content of the changes, refer to Changes in Accounting
Policy Section of the Financial Summary. (Because of these changes, net sales
for FY1998 Interim are 659,359 million yen less than they would have been
using the previous method.)
Interim cash dividends
At the meeting of the Board of Directors held on November 6, 1997, it was
voted that interim cash dividends will be paid to shareholders included in the
final shareholders list dated September 30, 1997 (including actual
shareholders list) as follows:
1. Interim cash dividends: Per share 10 yen
Regular dividends 6 yen per share
Special dividends 4 yen per share
2. Effective date of payment: November 26, 1997 (Wednesday)
PRODUCTION AND SALES
PRODUCTION
(Units)
Domestic Production FY 1998 FY 1997 Increase
Interim Interim (Decrease)
(Apr. - Sept. (Apr. - Sept.
1997) 1996)
Vehicles
Passenger cars 1,391,876 1,316,300 75,576
Trucks & buses 290,676 306,113 (15,437)
Total 1,682,552 1,622,413 60,139
Houses 1,587 1,799 (212)
(Reference)
Overseas Production 702,781 667,328 35,453
SALES
(Units)
FY 1998 FY 1997 Increase
Interim Interim (Decrease)
(Apr. - Sept. (Apr. - Sept.
1997) 1996)
Vehicles
Domestic
Passenger cars 803,279 834,747 (31,468)
Trucks & buses 131,341 150,508 (19,167)
Total 934,620 985,255 (50,635)
Export
Passenger cars 600,761 499,542 101,219
Trucks & buses 170,529 164,597 5,932
Total 771,290 664,139 107,151
Total
Passenger cars 1,404,040 1,334,289 69,751
Trucks & buses 301,870 315,105 (13,235)
Total 1,705,910 1,649,394 56,516
Industrial vehicles
Domestic 17,982 16,871 1,111
Export 8,277 6,732 1,545
Total 26,259 23,603 2,656
Houses 1,492 1,747 (255)
NET SALES BREAKDOWN
(Millions of yen; amounts less than 1 million are omitted.)
FY 1998 FY 1997 Increase
Interim Interim (Decrease)
(Apr. - Sept. (Apr. - Sept.
1997) 1996)
Vehicles
Domestic 1,646,499 1,645,980 519
Export 1,325,670 1,029,010 296,660
Total 2,972,170 2,674,990 297,180
Parts & components
for overseas
production
Export 306,423 340,540 (34,117)
Parts
Domestic 183,293 198,378 (15,085)
Export 97,895 93,852 4,043
Total 281,189 292,230 (11,041)
Industrial vehicles
Domestic 49,309 46,383 2,926
Export 24,165 19,227 4,938
Total 73,474 65,610 7,864
Others
Domestic 41,719 658,521 (616,802)
Export 122,574 51,605 70,969
Total 164,293 710,126 (545,833)
Grand total
Domestic 1,920,821 2,549,263 (628,442)
Export 1,876,729 1,534,235 342,494
Total 3,797,551 4,083,499 (285,948)
Note: Starting in FY1998 Interim, part of the accounting policy has been
changed. For the content of the changes, refer to Changes in Accounting
Policy Section of the Financial Summary. (Because of these changes, sales
in the Others and Grand Total columns for FY1998 Interim are 659,359
million yen less than they would have been using the previous method.)
UNCONSOLIDATED STATEMENTS OF INCOME
(Millions of yen; amounts less than 1 million are omitted.)
FY 1998 Interim FY 1997 Interim
(Apr. - Sept. 1997) (Apr. - Sept. 1996)
(Ordinary profit and losses)
Operating income and expenses
Sales 3,797,551 4,083,499
Net sales 3,797,551 4,083,499
Cost & expenses 3,512,266 3,878,002
Cost of sales 3,051,318 3,494,881
Selling, general, and
administrative expenses 460,947 383,120
Operating income 285,284 205,496
Nonoperating income and expenses
Nonoperating income 83,432 93,169
Interests and discounts
earned 28,745 28,041
Dividends received 20,627 14,245
Other 34,059 50,882
Nonoperating expenses 44,161 40,164
Interest expenses 7,988 9,921
Other 36,173 30,242
Ordinary profit 324,555 258,501
Income before income taxes 324,555 258,501
Income taxes 137,000 127,000
Net income 187,555 131,501
Unappropriated retained
earnings brought forward 77,019 74,669
Reversal of reserve for
retirement of shares 25,260 29,999
Retirement of shares 25,260 29,999
Interim cash dividends -- --
Legal reserve -- --
Unappropriated retained earnings
at end of period 264,575 206,170
Increase FY 1997
(Decrease) (Apr. 1996 -
Mar. 1997)
(Ordinary profit and losses)
Operating income and expenses
Sales (285,948) 9,104,792
Net sales (285,948) 9,104,792
Cost & expenses (365,736) 8,587,734
Cost of sales (443,563) 7,697,458
Selling, general, and
administrative expenses 77,827 890,276
Operating income 79,788 517,058
Nonoperating income and expenses
Nonoperating income (9,737) 210,190
Interests and discounts
earned 704 56,451
Dividends received 6,382 28,904
Other (16,823) 124,835
Nonoperating expenses 3,997 106,836
Interest expenses (1,933) 21,270
Other 5,931 85,565
Ordinary profit 66,054 620,412
Income before income taxes 66,054 620,412
Income taxes 10,000 317,100
Net income 56,054 303,312
Unappropriated retained
earnings brought forward 2,350 74,669
Reversal of reserve for
retirement of shares (4,739) 99,999
Retirement of shares (4,739) 99,999
Interim cash dividends -- 33,987
Legal reserve -- 3,398
Unappropriated retained earnings
at end of period 58,405 340,595
Notes: 1) Sales to subsidiaries: 1,676,317 million yen
2) Purchases from subsidiaries: 215,587 million yen
3) Nonoperational turnover with subsidiaries: 39,913 million yen
4) Starting in FY1998 Interim, part of the accounting policy
has been changed. For the content of the changes, refer
to Changes in Accounting Policy Section of the Financial
Summary. (Because of these changes, Net Sales and Cost of
Sales for FY1998 Interim are 659,359 million yen and
700,693 million yen less respectively than they would have been
using the previous method. Although operating income has
increased by 41,333 million yen, these changes have not
affected ordinary profit and income before income taxes.)
UNCONSOLIDATED BALANCE SHEETS
Assets
(Millions of yen; amounts less than 1 million are omitted.)
FY 1998 Interim FY 1997
(as of September-end (as of March-end
1997) 1997)
(Assets)
Current assets: 2,611,819 2,986,715
Cash and time deposits 1,290,383 1,294,055
Trade notes receivable 2,476 2,026
Accounts receivable 708,513 1,226,946
Marketable securities 212,082 184,843
Finished goods 127,768 133,054
Raw materials 8,650 9,996
Work in process 65,038 66,274
Stored goods 5,531 4,987
Short-term loans 15,619 24,650
Other 199,655 64,618
Less: allowance for doubtful
receivables (23,899) (24,739)
Fixed assets: 4,272,518 4,137,911
Net property, plants,
and equipment 1,333,300 1,326,891
Buildings 372,545 373,886
Structures 46,484 47,188
Machinery and equipment 380,086 356,055
Vehicle and delivery equipment 8,619 7,902
Tools, furniture, and fixtures 88,061 83,853
Land 397,736 397,116
Construction in progress 39,766 60,887
Investments and other assets: 2,939,218 2,811,019
Investments in securities 1,950,463 1,945,530
Investments in subsidiaries 705,067 637,385
Long-term loans 259,358 212,213
Other 26,226 17,400
Less: allowance for doubtful
receivables (1,897) (1,510)
Total assets 6,884,338 7,124,626
Increase FY 1997 Interim
(Decrease) (as of September -
end 1996)
(Assets)
Current assets: (374,896) 2,404,374
Cash and time deposits (3,672) 1,004,057
Trade notes receivable 450 1,159
Accounts receivable (518,433) 865,905
Marketable securities 27,239 249,239
Finished goods (5,286) 117,735
Raw materials (1,346) 10,959
Work in process (1,236) 78,645
Stored goods 544 5,197
Short-term loans (9,031) 29,578
Other 135,037 62,463
Less: allowance for doubtful
receivables 840 (20,566)
Fixed assets: 134,607 4,208,768
Net property, plants,
and equipment 6,409 1,268,359
Buildings (1,341) 372,203
Structures (704) 46,226
Machinery and equipment 24,031 345,204
Vehicle and delivery equipment 717 6,589
Tools, furniture, and fixtures 4,208 77,232
Land 620 394,761
Construction in progress (21,121) 26,141
Investments and other assets: 128,199 2,940,409
Investments in securities 4,933 2,156,393
Investments in subsidiaries 67,682 581,645
Long-term loans 47,145 188,767
Other 8,826 18,820
Less: allowance for doubtful
receivables (387) (5,218)
Total assets (240,288) 6,613,142
Notes:
1) Short-term money claims to subsidiaries: 242,273 million yen
2) Long-term money claims to subsidiaries: 206,646 million yen
3) Short-term pecuniary debt from subsidiaries: 106,900 million yen
4) Marketable securities include treasury stocks of 2 million yen for
fractions less than a unit claimed to acquire.
5) 'Others' of 'investments and other assets' include treasury stocks
of 1,638 million yen for stock option.
6) Accumulated depreciation for property, plants, and equipment:
3,304,401 million yen
7) Finance leases in which ownership of leased assets are not transferred
to lessees:
-- Rental expense for the six month period ended September 30, 1997:
1,803 million yen
Had the company capitalized such lease transactions, related accounts
in the financial statements would have read:
(As of September 30, 1997):
-- Acquisition costs: 13,991 million yen
-- Accumulated depreciation: 10,481 million yen
-- Costs, less accumulated depreciation: 3,509 million yen
-- Finance lease obligation: 4,100 million yen (current portion
2,415 million yen)
For the six month period ended September 30, 1997:
-- Depreciation expense: 1,560 million yen
-- Interest expense: 140 million yen
Depreciation expense is computed based on the straight line method.
Interest expense, the difference between the sum of rental payments and
the acquisition costs, is allocated over fiscal periods based on the
interest method.
Liabilities and Shareholders' Equity
(Millions of yen; amounts less than 1 million are omitted.)
FY 1998 Interim FY 1997
(as of September-end (as of March-end
1997) 1997)
(Liabilities)
Current liabilities: 1,685,746 2,203,815
Trade notes payable 1,114 2,445
Accounts payable 649,179 773,308
Bonds with redemption within
one year 175,575 305,315
Convertible bonds with
redemption within one year 39,184 86,978
Accrued liabilities 206,930 289,804
Accrued enterprise tax 39,572 72,232
Accrued corporation tax 126,370 232,011
Accrued expenses 391,720 388,721
Deposits received 45,066 45,199
Other 11,033 7,798
Long-term liabilities: 419,624 302,103
Straight bonds 114,150 --
Convertible debentures -- --
Retirement and severance
benefits 302,730 301,368
Other 2,743 735
Total liabilities 2,105,371 2,505,919
(Shareholders' equity)
Common stock 378,572 354,657
Legal reserve 483,433 445,569
Capital reserve 394,768 370,890
Legal reserve 88,664 74,679
Retained earnings 3,916,960 3,818,480
Reserve for loss from
overseas investment 664 988
Special depreciation reserve 334 426
Reserve for write-downs of
fixed assets 8,647 8,468
Reserve for retirement of shares 74,739 0
General reserve 3,568,000 3,468,000
Unappropriated retained
earnings at year-end 264,575 340,595
Of the above, net income 187,555 303,312
Total shareholders' equity 4,778,966 4,618,707
Total liabilities and
shareholders' equity 6,884,338 7,124,626
Increase FY 1997 Interim
(Decrease) (as of September
-end 1996)
Current liabilities: (518,069) 1,509,481
Trade notes payable (1,331) 1,031
Accounts payable (124,129) 652,611
Bonds with redemption within
one year (129,740) 129,740
Convertible bonds with
redemption within one year (47,794) --
Accrued liabilities (82,874) 191,942
Accrued enterprise tax (32,660) 37,790
Accrued corporation tax (105,641) 118,021
Accrued expenses 2,999 321,277
Deposits received (133) 44,916
Other 3,235 12,149
Long-term liabilities: 117,521 624,205
Straight bonds 114,150 175,575
Convertible debentures -- 158,406
Retirement and severance
benefits 1,362 289,709
Other 2,008 514
Total liabilities (400,548) 2,133,686
Common stock 23,915 318,915
Legal reserve 37,864 406,485
Capital reserve 23,878 335,204
Legal reserve 13,985 71,280
Retained earnings 98,480 3,754,055
Reserve for loss from
overseas investment (324) 988
Special depreciation reserve (92) 426
Reserve for write-downs of
fixed assets 179 8,468
Reserve for retirement of shares 74,739 70,000
General reserve 100,000 3,468,000
Unappropriated retained
earnings at year-end (76,020) 206,170
Of the above, net income (115,757) 131,501
Total shareholders' equity 160,259 4,479,455
Total liabilities and
shareholders' equity (240,288) 6,613,142
Notes:
8) Following is a breakdown of the main investments in securities in
foreign currencies (purchase value in foreign currencies): 938.983
million U.S. dollars; 306,471.012 million Indonesian rupiahs; 110.303
million pounds sterling (GBP); 609.779 million French francs;
2,595.272 million New Taiwan dollars; 446.403 million South African
rands; 2,160,000.000 million Turkish lira; 121.428 million Norwegian
kroner; 471.999 million Thai baht; 325.500 million Philippine pesos;
1,044.742 million Portuguese escudos; 7.320 million Canadian dollars;
954.435 million Spanish pesetas (ESP); and 5,571.838 million
Colombian pesos.
9) Main subsidiaries' stocks, capital in foreign currencies (purchase
value in foreign currencies) are as follows: 1,376.053 million U.S.
dollars; 571.057 million pounds sterling (GBP); 754.000 million
Canadian dollars; 624.224 million Australian dollars; 4,130.000
million Belgian francs; 89.000 million Argentine pesos; 152.922
million German marks; 42.816 million Brazilian reales; 2,150.000
million Venezuelan bolivars; 300.000 million Finnish markkas;
1,100.417 million Thai baht; 950.000 million Philippine pesos;
291.032 million Swedish kroner; 271.020 million Chinese yuan; and
49.080 million New Zealand dollars.
10) Properties mortgaged: 26 million yen of investment in securities
11) Liabilities for guarantee: 5,007 million yen
12) Export bill discount: 6,353 million yen
13) Increase / decrease in number of shares issued: 17,241 thousand shares
(24,809 thousand shares converted from convertible bonds, 7,568
thousand shares retired.
Changes in Accounting Policy:
1. Effective April 1, 1997, the Company changed its "accounting for the
semifinished goods sold to suppliers and returned to the Company after
processing" by discontinuing its practice of recording the particular
accounting as sales and cost of sales. The change resulted in decreases
in sales and cost of sales by 700,693 million yen, respectively, but
had no effect on operation income, ordinary profit, and income before
income taxes. Due to this change and because transaction of the above
semifinished goods was disclosed as other current assets on the balance
sheet (unlike the previous category of trade accounts receivable), the
balance amounted to 124,706 million yen as of the end of the first half
of the fiscal year.
2. Effective April 1, 1997, the Company changed its accounting for revenue
from technical assistance contracts from recognizing as non-operating
income to recognizing as sales. The change resulted in increases in
sales and operating income by 41,333 million yen, and in a decrease in
non-operating income by the same amount, but had no effect on ordinary
profit and income before income taxes.
Information on Current Quotation of Securities, etc.
Securities
(Millions of yen; amounts less than 1 million are omitted.)
FY 1998 Interim
(As of September-end 1997)
Prices in Quotation Profit/loss
Unconsoli- from
dated Balance Valuation
Sheet
1) Items in current assets
Stocks (treasury stocks) 2 3 1
Bonds 27,471 28,599 1,128
Other -- -- --
Subtotal 27,473 28,602 1,129
2) Items in fixed assets
Stocks 613,764 2,178,880 1,565,116
Bonds 990,349 1,085,019 94,670
Other 6,304 6,976 672
Subtotal 1,610,419 3,270,876 1,660,457
Total 1,637,892 3,299,479 1,661,587
FY 1997
(As of March-end 1997)
Prices in Quotation Profit/loss
Unconsoli- from
dated Balance Valuation
Sheet
1) Items in current assets
Stocks (treasury stocks) 2 2 0
Bonds 44,457 48,192 3,735
Other -- -- --
Subtotal 44,459 48,195 3,736
2) Items in fixed assets
Stocks 572,476 2,088,137 1,515,661
Bonds 1,091,688 1,183,250 91,562
Other 6,320 6,727 407
Subtotal 1,670,486 3,278,115 1,607,629
Total 1,714,946 3,326,311 1,611,365
FY 1997 Interim
(As of September-end 1996)
Prices in Quotation Profit/loss
Unconsoli- from
dated Balance Valuation
Sheet
1) Items in current assets
Stocks (treasury stocks) 1 1 0
Bonds 35,800 36,487 687
Other -- -- --
Subtotal 35,802 36,489 687
2) Items in fixed assets
Stocks 541,179 2,440,712 1,899,533
Bonds 1,327,201 1,416,139 88,938
Other 5,831 7,172 1,341
Subtotal 1,874,212 3,864,025 1,989,813
Total 1,910,014 3,900,514 1,990,500
Notes:
1) The above table is based on the following prices.
(1)Listed securities: Mainly closing prices of the Tokyo Stock
Exchange.
(2)Securities traded over the counter: Final prices announced by the
Security Business Association.
(3)Securities which own quotations, etc.(Exclude those securities
included in (1) and (2) ): Standard quotations, etc. on
over-the-counter trading of bonds announced by the Japan
Securities Dealers Association.
(4)Beneficiary certificates: Standard prices.
(5)Other bonds: Prices after adjustment (interest rate or differences
in the remaining period of redemption) made on the standard
quotation price of over-the-counter trading of standard bonds
announced by the Security Business Association.
2) The amount of securities not indicated but taken into the
Unconsolidated Balance Sheet is listed below.
(Millions of yen)
FY 1998 Interim FY 1997 FY 1997 Interim
Items in current assets
Bonds 184,608 140,383 213,437
Items in fixed assets:
Unlisted stocks 868,754 808,397 761,666
Debentures 150,357 91,029 91,779
3)Marketable securities included in 'current assets' are treasury
stocks for fractions less than a unit claimed to acquire.
4) Securities included in 'others' of 'investments and other assets'
include treasury stocks for stock option.
Contract Amount, etc... Fair Value and Unrealized Gain or Loss of
Derivative Transactions
1. Currency Related (Non-Market Transactions)
(Million yen; amounts less than 1 million yen are omitted)
Nature of Transaction FY 1998 Interim (as of 9/30/1997)
Contract Amount, etc... Fair Value Unrealized
Gain or
Loss
Those Over
1 Year
Forward Exchange Contracts
Sales contracts
U.S. dollars
German marks 291,442 -- 300,809 -9,367
60,700 -- 63,648 -2,948
Other Currencies 27,407 -- 27,470 -63
Option Transactions
Put Option Held
U.S. dollars 137,887 -- -- --
(2,796)
German marks 59,510 -- -- --
(818)
Other Currencies 10,756 -- -- --
(209)
Other Option Transactions
U.S. dollars 34,513 -- -- --
(0)
German marks 6,180 -- -- --
(0)
Other Currencies 7,569 -- -- --
(0)
Swap Transactions
U.S. dollars 174,623 -- -- --
FY 1997( as of 3/31/1997)
Contract Amount, etc... Fair Value
Unrealized
Gain or
Loss
Those Over
1 Year
Forward Exchange Contracts
Sales contracts
U.S. dollars 122,181 -- 124,173 -1,992
German marks 15,170 -- 15,343 -173
Other Currencies 24,461 -- 25,768 -1,307
Option Transactions
Put Option Held
U.S. dollars 98,240 -- -- --
(1,823) -- -- --
German marks 10,711 -- -- --
(159)
Other Currencies 10,530 -- -- --
(183)
Other Option Transactions
U.S. dollars 95,557 -- -- --
(0)
German marks 14,548 -- -- --
(0)
Other Currencies 15,700 -- -- --
(0)
Swap Transactions
U.S. dollars 303,494 -- -- --
FY 1997 Interim (as of 9/30/1996)
Contract Amount, etc... Fair Value Unrealized
Gain or
Loss
Those Over
1 Year
Forward Exchange Contracts
Sales contracts
U.S. dollar 147,531 -- 151,528 -3,997
German marks 10,055 -- 10,235 -180
Other Currencies 23,356 -- 24,128 -772
Option Transactions
Put Option Held
U.S. dollars -- -- -- --
German marks -- -- -- --
Other Currencies -- -- -- --
Other Option Transactions
U.S. dollars -- -- -- --
German marks -- -- -- --
Other Currencies -- -- -- --
Swap Transactions
U.S. dollars -- -- -- --
Notes:
1. Derivative transactions assigned to foreign currency debts or credits
in accordance with "Accounting Standards for Foreign Currency
Transactions, etc..." is excluded from those to be disclosed.
2. Fair value of forward exchange contract is calculated based on the
forward exchange rate at the balance sheet date.
3. Among the option transactions, other option transactions are the range
-- forward transactions which will be exchanged at the maximum or the
minimum of the fixed exchange rate at a specified future date, and no
option fees related to those transactions are incurred.
4. Figures in parentheses are the option contract fees on the balance
sheet.
2. Interest Related (Non-Market Transactions)
(Million yen; amounts less than 1 million yen are omitted)
Nature of Transaction FY 1998 Interim FY 1997
(as of 9/30/1997) (as of 3/31/1997)
Contract Amount, Contract Amount,
etc... etc...
Those Over Those Over
1 Year 1 Year
Swap Transactions
Fixed Rate Receiver,
Fixed Rate Payer 2,500 2,500 2,500 2,500
Fixed Rate Receiver,
Floating Rate Payer 9,000 9,000 9,000 9,000
Floating Rate Receiver,
Floating Rate Payer 10,000 10,000 -- --
SOURCE Toyota Motor Corporation