Annual Financial Report 2019 - Toyota Industries
2019 Annual Financial Report
For the Year Ended March 31, 2019
Financial Summary
P1
Management's Discussion and Analysis of Financial Condition and Results of Operations
P3
Consolidated Statement of Financial Position
P11
Consolidated Statement of Profit or Loss
P13
Consolidated Statement of Comprehensive Income P14
Consolidated Statement of Changes in Equity
P15
Consolidated Statement of Cash Flows
P17
Notes to Consolidated Financial Statements
P19
Report of Independent Auditors
P90
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
FY2018 2,003,973
FY2019 2,214,946
Operating profit (Millions of yen)
137,026
127,345
147,445
134,684
Profit (Millions of yen)
Profit: attributable to owners of the parent (Millions of yen)
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 sharebasic (Yen)
2,391,330 4,749,415 7,611.92
199,956 194,270 (253,021) 2,098,658 4,317,282 6,678.80
618.34
137,565 131,398 202,743 2,240,293 4,558,212 7,215.37
420.78
173,816 168,180 361,599 2,553,391 5,258,500 8,223.82
541.67
159,778 152,748 (16,789) 2,479,718 5,261,174 7,986.59
491.97
Earnings per sharediluted (Yen)
618.33
Ratio of equity attributable to owners of the parent to total assets (%)
Return on equity attributable to owners of the parent (%)
50.35
48.61 8.65
49.15 6.06
48.56 7.02
47.13 6.07
Price-to-earnings ratio (Times)
8.18
13.14
11.89
11.28
Net cash provided by operating activities (Millions of yen)
248,049
239,094
268,567
270,306
Net cash used in investing activities (Millions of yen)
(532,238)
(86,925) (340,324) (395,000)
Net cash provided by financing activities (Millions of yen)
124,495
789
153,303
40,467
Cash and cash equivalents at end of period (Millions of yen)
Number of employees [Average number of part-time employees, not included in number of employees above]
248,706
52,523 [12,095]
92,399
51,458 [9,871]
243,685
52,623 [10,995]
323,830
61,152 [11,705]
239,140
64,641 [12,625]
(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 ended March 31, 2017. The date of transition to IFRS is April 1, 2015.
(Notes) 2. Net sales do not include consumption taxes.
(Notes) 3. Amounts for diluted earnings per share are not presented for FY2017, FY2018 and FY2019 because there are no shares with a potentially dilutive effect.
(Notes) 4. Number of employees is the number of workers (excluding people dispatched from the Group to outside the Group, but including people dispatched from outside the Group to the Group).
1
< Japanese GAAP >
FY2015
FY2016
FY2017
Net sales (Millions of yen)
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)
170,827 115,263 629,626
185,398 183,036 (277,053)
177,121 125,534 198,548
Total equity (Millions of yen)
2,425,929
2,113,948
2,256,271
Total assets (Millions of yen)
4,650,896
4,199,196
4,428,644
Equity per share (Yen) Earnings per sharebasic (Yen) Earnings per sharediluted (Yen)
7,500.16 367.06 366.99
6,481.97 582.58 582.57
6,995.47 402.00
Equity-to-total assets ratio (%)
50.66
48.50
49.04
Return on equity (%)
5.59
8.33
5.97
Price-to-earnings ratio (Times)
18.74
8.69
13.76
Net cash provided by operating activities (Millions of yen)
182,191
240,169
245,602
Net cash used in investing activities (Millions of yen)
Net cash provided by (used in) by financing activities (Millions of yen)
(160,769) (8,918)
(531,561) 130,923
(82,509) (6,615)
Cash and cash equivalents at end of period (Millions of yen)
Number of employees [Average number of part-time employees, not included in number of employees above]
248,706
52,523 [12,095]
92,399
51,458 [9,871]
243,685
52,623 [10,995]
(Notes) 1. Amounts for FY2017 are unaudited financial information pursuant to the first paragraph of Article 193-2 of the Financial Instruments and Exchange Act.
(Notes) 2. Net sales do not include consumption taxes.
(Notes) 3. Certain FY2016 amounts have been reclassified to conform to the changes in presentation in FY2017.
(Notes) 4. Amounts for diluted earnings per share are not presented for FY2017 because there are no shares with a potentially dilutive effect.
(Notes) 5. Number of employees is the number of workers (excluding people dispatched from the Group to outside the Group, but including people dispatched from outside the Group to the Group).
2
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 is based on information known to management as of June 2019.
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, 2019 is referred to as FY2019 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 254 consolidated subsidiaries.
1. Result of Operations
(1) Operating Performance In FY2019, the global economy grew moderately due mainly to strong consumer spending in the United States despite such uncertainties as U.S.-China trade frictions and Brexit concerns. Meanwhile, the Japanese economy remained strong in domestic demand in capital investment and consumer spending; however, a sense of stagnation was prevalent due primarily to anemic exports. 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 2,214.9 billion yen, an increase of 211.0 billion yen, or 11%, from the previous fiscal year.
(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 remained on par with the previous fiscal year despite a slight contraction in the European market. Amid such operating conditions, net sales of the Automobile Segment totaled 610.7 billion yen, an increase of 15.7 billion yen, or 3%. Operating profit amounted to 6.8 billion yen, a decrease of 22.8 billion yen, or 77%, from the previous fiscal year.
Within this segment, net sales of the Vehicle Business amounted to 82.4 billion yen, an increase of 10.3 billion yen, or 14%, due mainly to the start of production of the new RAV4 in November 2018.
Net sales of the Engine Business totaled 108.4 billion yen, an increase of 9.7 billion yen, or 10%. The increase in net sales was due to the launch of production of new A25A and M20A gasoline engines and increases in sales of GD diesel engines although production of AR gasoline engines finished in June 2018.
Net sales of the Car Air-Conditioning Compressor Business totaled 346.2 billion yen, a decrease of 5.2 billion yen, or 1%. Sales in China and emerging countries increased while those in Europe and Japan decreased.
Net sales of Electronics Parts, Foundry and Others Business totaled 73.6 billion yen, an increase of 0.9 billion, or 1%. This was due mainly to increases in sales of electronics parts, partially offset by decreases in sales of foundry products.
3
(Materials Handling Equipment) The materials handling equipment market as a whole expanded globally driven by Europe and China. Amid this operating climate, Toyota Industries strengthened production and sales structures and rolled out new products matched to respective markets. These initiatives led to an increase in sales of mainstay lift trucks in respective regions. In addition, net sales of logistics solutions business increased, resulting in net sales of 1,466.6 billion yen, an increase of 183.6 billion yen, or 14%. Operating profit amounted to 114.6 billion yen, an increase of 9.7 billion yen, or 9%, from the previous fiscal year.
(Textile Machinery) The textile machinery market in China was strong while it stagnated in certain countries in Asia. Net sales of the Textile Machinery Segment totaled 76.3 billion yen, an increase of 10.8 billion yen, or 17%, due mainly to an increase in sales of weaving machinery in China.
(3) Operating profit Operating profit for FY2019 was 134.6 billion yen, a decrease of 12.8 billion yen, or 9%, from the previous fiscal year. This was due mainly to increases in raw material costs and a non recurring gain from an employee benefit plan amendment that was recognized during the previous fiscal year, partially offset by sales efforts and increases in promoting cost reduction efforts throughout Toyota Industries Group.
(4) Profit before income taxes Profit before income taxes amounted to 202.2 billion yen, a decrease of 7.6 billion yen, or 4%, from the previous fiscal year. This was due mainly to a decrease in operating profit of 12.8 billion yen, or 9%, from the previous fiscal year to 134.6 billion yen, offsetting an increase in dividends income of 4.7 billion yen, or 7%, to 70.0 billion yen.
(5) Profit attributable to owners of the parent Profit attributable to owners of the parent totaled 152.7 billion yen, an increase of 15.4 billion yen, or 9%, from the previous fiscal year. Earnings per sharebasic was 491.97 yen compared with 541.67 yen in the previous fiscal year.
2. Consolidated Financial Condition Total assets amounted to 5,261.1 billion yen, on par with the end of the previous fiscal year. This was because a decrease in fair value of investment securities was offset mainly by an increase in trade receivables and other receivables. Liabilities amounted to 2,699.2 billion yen, an increase of 74.6 billion yen from the end of the previous fiscal year, due mainly to an increase in corporate bonds and loans. Equity amounted to 2,561.9 billion yen, a decrease of 71.9 billion yen from the end of the previous fiscal year.
4
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