..:: AUTO REPORT AFRICA ::..
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Toyota Motor Corporation (TMC) – the parent company of Toyota South Africa Motors (TSAM) – Tuesday, reports an increase in its net income for the first quarter of 2020 even as it claimed 24.2 per cent of the local market share in South Africa with 130, 072 vehicles sold in the first three months of the year.
The report came as the automaker declared its financial results for the fiscal year ended March 31, 2020, putting global consolidated vehicle sales at 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%. Operating income decreased from 2.4675 trillion yen to 2.4428 trillion yen, while income before income taxes was 2.5546 trillion yen. Net income increased from 1.8828 trillion yen to 2.0761 trillion yen. Operating income decreased by 24.6 billion yen. Major factors affecting 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 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. Toyota sales in South Africa accounted for 130, 072 of the total, with the brand claiming 24.2 per cent of the local market share.
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
Japanese Yen (JPY) = 0,17 South African Rand (ZAR)
