Annual Financial Report 2017 - Toyota Industries
2017 Annual Financial Report
For the Year Ended March 31, 2017
Financial Summary Management's Discussion and Analysis of Financial Condition and Results of Operations Consolidated Statement of Financial Position Consolidated Statement of Profit or Loss Consolidated Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to Consolidated Financial Statements Report of Independent Auditors
P1
P3
P11 P13 P14 P15 P17 P19 P106
TOYOTA INDUSTRIES CORPORATION
Financial Summary
Toyota Industries Corporation and its consolidated subsidiaries
< IFRS >
Net sales (Millions of yen)
Date of transition to
IFRS
FY2016 1,696,856
FY2017 1,675,148
Operating profit (Millions of yen)
137,026
127,345
Profit (Millions of yen)
199,956
137,565
Profit: attributable to owners of the parent (Millions of yen)
194,270
131,398
Comprehensive income (Millions of yen)
Share of equity attributable to owners of the parent (Millions of yen)
Total assets (Millions of yen)
Equity per share: attributable to owners of the parent (Yen)
Earnings per share- basic (Yen)
2,391,330 4,749,415
7,611.92
(253,021) 2,098,658 4,317,282
6,678.80 618.34
202,743 2,240,293 4,558,212
7,215.37 420.78
Earnings per share- diluted (Yen)
618.33
Equity attributable to owners of the parent ratio (%)
50.35
48.61
49.15
Return on equity attributable to owners of the parent (%)
8.65
6.06
Price-to-earnings ratio (Times)
8.18
13.14
Net cash provided by operating activities (Millions of yen)
248,049
239,094
Net cash used in investing activities (Millions of yen)
(532,238)
(86,925)
Net cash provided by financing activities (Millions of yen)
124,495
789
Cash and cash equivalents at end of period (Millions of yen)
248,706
92,399
243,685
Number of employees
52,523
51,458
52,623
(Notes) 1. Toyota Industries Corporation and its subsidiaries have adopted International Financial Reporting Standards ("IFRS") for the consolidated financial statements of the annual report from the fiscal year ending March 31, 2017. The date of transition to IFRS is April 1, 2015.
(Notes) 2. Amounts for diluted earnings per share are not presented for FY2017 because there are no shares with a potentially dilutive effect.
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< Japanese GAAP >
FY2013 FY2014 FY2015 FY2016 FY2017
Net sales (Millions of yen)
1,615,244 2,007,856 2,166,661 2,243,220 2,250,466
Ordinary profit (Millions of yen)
Profit: attributable to owners of the parent (Millions of yen)
Comprehensive income (Millions of yen)
86,836 138,133 170,827 185,398 177,121 53,119 91,705 115,263 183,036 125,534 349,283 321,206 629,626 (277,053) 198,548
Total equity (Millions of yen)
1,524,933 1,829,326 2,425,929 2,113,948 2,256,271
Total assets (Millions of yen)
3,243,779 3,799,010 4,650,896 4,199,196 4,428,644
Equity per share (Yen)
4,719.66 5,640.08 7,500.16 6,481.97 6,995.47
Earnings per share- basic (Yen) Earnings per share- diluted (Yen)
170.36 170.35
146.27 146.22
367.06 366.99
582.58 582.57
402.00
Equity-to-total capital ratio (%)
45.43
46.58
50.66
48.50
49.04
Return on equity (%)
4.06
5.66
5.59
8.33
5.97
Price-to-earnings ratio (Times)
20.13
16.94
18.74
8.69
13.76
Net cash provided by operating activities (Millions of yen)
Net cash used in investing activities (Millions of yen)
Net cash provided by (used in) by financing activities (Millions of yen)
Cash and cash equivalents at end of period (Millions of yen)
151,299 155,059 182,191 240,169 245,602
(274,210) (118,483) (160,769) (531,561) (82,509)
7,050
6,183 (8,918) 130,923 (6,615)
179,359 226,406 248,706 92,399 243,685
Number of employees
47,412 49,333 52,523 51,458 52,623
(Notes) 1. Certain FY2016 amounts have been reclassified to conform to the presentations of FY2017. (Notes) 2. Amounts for diluted earnings per share are not presented for FY2017 because there are no shares with a
potentially dilutive effect.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
The following Management's Discussion and Analysis of Financial Condition and Results of Operations are based on information known to management as of June 2017.
This section contains projections and forward-looking statements that involve risks, uncertainties and assumptions. You should be aware that certain risks and uncertainties could cause the actual results of Toyota Industries Corporation and its consolidated subsidiaries to differ materially from any projections or forward-looking statements. These risks and uncertainties include, but are not limited to, those listed under "Risk Information" and elsewhere in this annual report.
The fiscal year ended March 31, 2017 is referred to as fiscal 2017 and other fiscal years are referred to in a corresponding manner. All references to the "Company" herein are to Toyota Industries Corporation on a stand-alone basis and references to "Toyota Industries" herein are to the Company and its 207 consolidated subsidiaries.
1. Result of Operations
(1) Operating Performance In fiscal 2017 (ended March 31, 2017), the global economy mildly expanded underpinned by monetary and financial policies in respective countries despite a deceleration of the Chinese economy and the anticipated impact of the U.K.'s decision to leave the EU. The Japanese economy continued to grow, albeit incrementally, due mainly to increases in capital investment and exports as well as a recovery in consumer spending. In this operating environment, Toyota Industries undertook efforts to ensure customer trust through a dedication to quality as well as to expand sales by responding flexibly to market trends.
As a result, total consolidated net sales amounted to 1,675.1 billion yen, a decrease of 21.7 billion yen (1%) from fiscal 2016. Despite posting robust sales, net sales was negatively affected by exchange rate fluctuations.
(2) Operating Performance Highlights by Business Segment Operating results by business segment are as follows. Net sales for each segment do not include inter-segment transactions.
Automobile The automobile market expanded on a global basis, with Europe, North America and Japan registering strong sales among developed countries and China posting an increase among emerging countries. Amid such operating conditions, net sales of the Automobile Segment totaled 562.6 billion yen, an increase of 6.1 billion yen, or 1%. Operating profit amounted to 24.9 billion yen, a decrease of 7.8 billion yen (24%) from fiscal 2016.
Within this segment, net sales of the Vehicle Business amounted to 73.1 billion yen, an increase of 3.0 billion yen, or 4%, due to increases in sales of the Vitz (Yaris overseas) and RAV4.
Net sales of the Engine Business totaled 90.0 billion yen, an increase of 11.4 billion yen, or 15%. Despite a decrease in sales of KD diesel engines, sales of GD diesel engines increased.
Net sales of the Car Air-Conditioning Compressor Business totaled 334.7 billion yen, a decrease of 8.2 billion yen, or 2%. The decrease was attributable mainly to the impact of exchange rate fluctuations despite an increase in unit sales globally in Japanese, European, Chinese, North American and other markets.
Net sales of Electronics Parts, Foundry and Others Business totaled 64.7 billion yen, on par with the previous fiscal. Despite a decrease in sales of Foundry, sales of Electronics Parts increased.
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Materials Handling Equipment The materials handling equipment market as a whole continued to expand globally due mainly to increases in unit sales in Europe and North America as well as a recovery in China, although unit sales in Japan were on par with the previous fiscal year. Amid this operating climate, Toyota Industries strengthened production and sales structures and rolled out new products matched to respective markets. In November 2016, Toyota Industries commenced sales of the new 1.0- to 3.5ton electric lift trucks, "gene B". Net sales of the materials handling equipment totaled 988.1 billion yen, a decrease of 31.3 billion yen, or 3%. The decrease was attributable mainly to the impact of exchange rate fluctuations despite an increase in unit sales in European, Japanese and other markets. Operating profit amounted to 89.4 billion yen, a decrease of 2.3 billion yen (3%) from fiscal 2016. In addition, in order to respond to structural changes in the logistics industry and strengthen its logistics solutions business on a global scale, Toyota Industries concluded an agreement to acquire Bastian Solutions LLC, a major North American materials handling systems integrator, and the Netherland-based Vanderlande Industries Holding B.V., the global market leader for value-added logistic process automation, in February 2017 and March 2017, respectively.
Textile Machinery The textile machinery market was on a recovery path mainly in the primary markets of China and other emerging countries in Asia. Net sales of the Textile Machinery Segment totaled 66.2 billion yen, an increase of 0.6 billion yen (1%). Sales of Air jet Loom increased while those of weaving machinery recorded a decrease. Operating profit amounted to 6.8 billion yen, an increase of 0.3 billion yen (5%) from fiscal 2016.
Others Net sales of the Others Segment totaled 58.0 billion yen, an increase of 2.8 billion yen (5%). Operating profit amounted to 6.0 billion yen, an increase of 0.7 billion yen (14%) from fiscal 2016.
(3) Operating profit Operating profit for fiscal 2017 was 127.3 billion yen, a decrease of 9.7 billion yen (7%) from fiscal 2016. This was due mainly to the impact of exchange rate fluctuations and an increase in labor costs despite cost reduction efforts throughout the Toyota Industries Group, sales efforts and decreases in depreciation costs.
(4) Profit before income taxes Profit before income taxes amounted to 181.9 billion yen, a decrease of 9.4 billion yen (5%) from fiscal 2016. This was due mainly to dividends income of 61.8 billion yen, a decrease of 3.2 billion yen, or 5%, from fiscal 2016.
(5) Profit attributable to owners of the parent Profit attributable to owners of the parent totaled 131.3 billion yen, a decrease of 62.9 billion yen (32%) from fiscal 2016. Earnings per share-- basic was 420.78 yen compared with 618.34 yen in fiscal 2016.
2. Consolidated Financial Condition Total assets increased 241.0 billion yen from the end of the previous fiscal year to 4,558.2 billion yen due mainly to an increase in market value of investment securities. Liabilities amounted to 2,241.7 billion yen, an increase of 93.8 billion yen from the end of the fiscal year due mainly to an increase in corporate bonds and loans. Net assets amounted to 2,316.4 billion yen, an increase of 147.1 billion yen from the end of the previous fiscal year.
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