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TOYOTA ANNOUNCES FINANCIAL RESULTS FOR FISCAL 1993

/NOTE TO EDITORS: Repeating due to garble in the note following the production and sales chart, titled "Consolidated subsidiaries of overseas consolidated subsidiaries."/
 TOKYO, Aug. 25 /PRNewswire/ -- Toyota Motor Corporation (NASDAQ Small Cap: TOYOY) today announced its financial results for fiscal 1993, ended June 30, 1993. Consolidated net sales for the period were up 0.5 percent to 10.21 trillion yen, while net income fell 25.8 percent to 176 billion yen. Net income per share equaled 47.41 yen, down from 63.91 yen in the previous fiscal year.
 TOYOTA MOTOR CORPORATION
 Consolidated Results
 (Millions of yen, thousands of dollars,
 except for net income per share amount)
 FY 1993 FY 1992 FY 1993 Pct.
 Change
 Net sales Y10,210,749 Y10,163,376 $95,427,561 + 0.5
 Operating income 181,897 218,511 1,699,974 -16.8
 Net income 176,464 237,840 1,649,204 -25.8
 Total assets 9,414,417 9,582,707 87,985,206 - 1.8
 Shareholders' equity 4,762,546 4,718,885 44,509,778 + 0.9
 Net income per share Y47.41 Y63.91 $0.443 -25.8
 Currency exchange losses, sluggish sales at home and rising personnel costs contributed to the drop in the parent company's operating income. These factors also affected the consolidated operating income, which fell 16.8 percent to 181 billion yen.
 Worldwide, Toyota sales were down 1.0 percent to 4,466,216 units in fiscal 1993. In Japan, the company's largest market, sales fell 7.4 percent to 2,159,474 units; this was despite full model changes for the Mark II series, Supra and Carina, and the introduction of the new Caldina wagon and the U.S.-built Scepter wagon.
 Overseas, strong demand in Southeast Asia and Latin America helped boost total overseas sales 5.8 percent to 2,306,742 units.
 In other sectors, industrial vehicle sales stood at 51,769 units, while sales of Toyota prefabricated houses amounted to 2,875 units.
 In the coming year, the domestic economy is expected to recover slowly, thanks to the Japanese government's comprehensive policy to stimulate the economy. Worldwide, however, a number of factors continue to make the outlook less promising, including the trend of the U.S. and European economies and the rapid fluctuation of exchange rates. Though global demand for vehicles is projected to recover gradually, competition is expected to intensify even more as other automakers continue to develop new products and aggressive strategies.
 NOTES:
 1) Amounts less than 1 million yen are omitted.
 2) U.S. dollar amounts have been converted from yen, solely for the convenience of the reader, at the rate of 107 yen equal US$1, the approximate rate on the Tokyo Foreign Exchange Market on June 30, 1993.
 3) The computation of net income and shareholders' equity per share it based on the number of shares outstanding at the end of each period.
 4) The number of consolidated subsidiaries was 45 in total, including two consolidated subsidiaries of consolidated subsidiaries that first appeared on the list in fiscal 1993. As in fiscal 1992, there were nine affiliates accounted for under the equity method in fiscal 1993.
 TOYOTA MOTOR CORPORATION
 Production and Sales (Units)
 Production
 FY 1993 FY 1992 Pct. Change
 Passenger cars 3,455,000 3,446,015 +8,985
 Trucks and buses 793,633 895,010 -101,377
 Total 4,248,633 4,341,025 -92,392
 Houses 2,869 3,581 -712
 Sales
 Domestic
 Passenger cars 1,852,345 1,959,307 -106,962
 Trucks and buses 307,129 371,784 -64,655
 Total 2,159,474 2,331,091 -171,617
 Overseas
 Passenger cars 1,728,777 1,654,921 +73,856
 Trucks and buses 577,965 525,821 +52,144
 Total 2,306,742 2,180,742 +126,000
 Total
 Passenger cars 3,581,122 3,614,228 -33,106
 Trucks and buses 885,094 897,605 -12,511
 Total 4,466,216 4,511,833 -45,617
 Industrial vehicles
 Domestic 29,003 39,143 -10,140
 Overseas 22,766 22,841 -75
 Total 51,769 61,984 -10,215
 Houses 2,875 3,585 -710
 Segment Information
 1. Business Segment Information
 Because of the minor nature of non-automobile-related business, information on these segments has not been included separately.
 2. Geographical Segment information
 (Millions of Yen)
 FY 1993 FY 1992 Increase
 (Decrease)
 Japan Y9,020,825 Y9,054,612 Y(33,787)
 Outside Japan 2,745,492 2,778,133 (32,641)
 Total 11,766,317 11,832,746 (66,429)
 Adjustment and eliminations (1,555,568) (1,669,369) 113,801
 Consolidated 10,210,749 10,163,376 47,373
 3. Overseas Sales
 Overseas sales consist of export sales of Toyota Motor Corporation
 and its domestic consolidated subsidiaries together with net sales
 of its overseas consolidated subsidiaries.
 FY 1993 FY 1992 Increase
 (Decrease)
 Overseas sales (million yen) 4,557,470 4,283,282 274.188
 Overseas sales ratio to
 consolidated sales (percent) 44.6 42.1 2.5
 Note:
 1) Segment information is provided in accordance with an amendment to the Japanese Securities Exchange Law effective April 1, 1991.
 2) Amounts less than 1 million yen are omitted.
 Reference
 1. Forty-five consolidated subsidiaries are listed below:
 Eight domestic subsidiaries:
 -- Tokyo Toyota Motor Co., Ltd.
 -- Tokyo Toyo-Pet Motor Sales Co., Ltd.
 -- Osaka Toyopet Co., Ltd.
 -- Toyota Tokyo Corolla Co., Ltd.
 -- Toyota Motor Kyushu, Inc.
 -- Toyota Motor Hokkaido, Inc.
 -- Araco Corporation
 -- Toyota Finance Corporation
 Nine overseas subsidiaries:
 -- Toyota Motor Sales, U.S.A., Inc.
 -- Toyota Deutschland GmbII
 -- Toyota Motor Sales Australia Ltd.
 -- Toyota Motor Manufacturing Canada Inc.
 -- Toyota Motor Manufacturing (UK) Limited
 -- Toyota Motor Thailand Company Limited
 -- Toyota Credit Canada Inc.
 -- Toyota Motor Finance (Netherlands) D.V.
 -- Toyota Finance Australia Ltd.
 Consolidated subsidiaries of overseas consolidated subsidiaries:
 -- 20 consolidated subsidiaries of Toyota Motor Sales, U.S.A., Inc., including Toyota Motor Manufacturing, U.S.A., Inc. and Toyota Motor Credit Corporation.
 -- Two consolidated subsidiaries of Toyota Deutschland GmbH
 -- Two consolidated subsidiaries of Toyota Motor Sales Australia
 Ltd.
 -- One consolidated subsidiary of Toyota Motor Finance (Netherlands)
 B.V.
 -- Three consolidated subsidiaries of Toyota Finance Australia Ltd.
 2. Nine affiliates accounted for under the equity method in fiscal 1993 are listed below:
 -- Toyoda Automatic Loom Works, Ltd.
 -- Aichi Steel Works, Limited
 -- Toyoda Machine Works, Ltd.
 -- Toyota Auto Body Co., Ltd.
 -- Toyota Tsusho Corporation
 -- Aisin Seiki Co., Ltd.
 -- Nippondenso Co., Ltd.
 -- Kanto Auto Works, Ltd.
 -- Toyoda Cosei Co., Ltd.
 TOYOTA MOTOR CORPORATION
 Consolidated Statements of Income
 (Millions of yen)
 FY 1993 FY 1992
 Net sales Y10,210,749 Y10,163,376
 Cost of sales 8,946,262 8,771,519
 Selling, general and
 administrative expenses 1,082,589 1,173,344
 Operating income 181,897 218,511
 Other income (expenses):
 Interest and dividend income 154,371 217,465
 Interest expenses (53,389) (49,349)
 Other, net 39,329 41,226
 Income before income taxes 322,208 427,855
 Income taxes:
 Current 168,761 199,036
 Tax effect of timing differences (7,323) 13,505
 Minority interests in income
 of consolidated subsidiaries 2,737 1,640
 Amortization of consolidation
 difference 89 (145)
 Equity in earnings of affiliates 18,341 24,314
 Net income 176,464 237,840
 TOYOTA MOTOR CORPORATION
 Consolidated Balance Sheets
 (Millions of yen)
 FY1993 FY1992
 Assets
 Current assets:
 Cash and cash
 equivalents Y1,054,251 Y1,492,650
 Short-term
 investments 384,257 451,514
 Trade notes and accounts
 receivable 1,092,039 1,140,862
 Inventories 391,185 421,867
 Other 1,649,883 1,716,865
 Less: allowance for
 doubtful receivables (41,863) (43,370)
 Total current assets 4,529,754 5,180,390
 Investments and other assets:
 Investments in securities 876,445 593,860
 Investments in unconsolidated
 subsidiaries and affiliates 843,827 792,544
 Long term loans 444,538 446,967
 Other 90,262 71,735
 Less: allowance for
 doubtful receivables (10,198) (5,843)
 Total investments
 and other assets 2,244,874 1,899,264
 Property, plant and equipment:
 Land 513,183 497,553
 Buildings and structures 1,216,451 1,157,316
 Machinery and equipment 3,900,106 3,475,545
 Construction in progress 115,353 220,815
 Less: accumulate
 depreciation (3,181,346) (2,875,127)
 Net property, plant and
 equipment 2,563,747 2,476,104
 Translation adjustments 76,039 26,948
 Total assets 9,414,417 9,582,707
 Liabilities and shareholders' equity
 Current liabilities:
 Short-term debt 830,518 1,036,275
 Trade notes and accounts
 payable 748,671 817,685
 Accrued expenses 555,927 577,432
 Accrued income taxes 80,445 111,669
 Deposits received 69,270 68,556
 Other 307,762 369,244
 Total current liabilities 2,592,596 2,980,864
 Long-term liabilities:
 Long-term debt 1,738,514 1,575,360
 Retirement and severance
 benefits 291,006 277,970
 Other 3,256 5,864
 Total long-term liabilities 2,032,778 1,859,195
 Minority interests in
 consolidated subsidiaries 26,496 23,762
 Shareholders' equity:
 Common stock, par
 value 50 yen 260,512 260,161
 Capital surplus 276,894 276,542
 Legal reserve 65,126 65,035
 Retained earnings 4,160,013 4,117,147
 Less: treasury
 common stock (0) (1)
 Total shareholders' equity 4,762,546 4,718,885
 Total liabilities and
 shareholders' equity 9,414,417 9,582,707
 TOYOTA MOTOR CORPORATION
 Unconsolidated Results
 (Million of yen except for per share figures)
 Percent
 FY1993 FY1992 Change
 Net sales Y9,030,857 Y8,940,898 + 1.0
 Operating income 103,629 124,864 -17.0
 Income before
 income taxes 286,448 375,862 -23.8
 Net income 155,548 200,862 -22.6
 Net income per share 41.79 53.97 --
 Assets and Liabilities
 FY1993 FY1992
 Total assets Y6,107,222 Y6,264,041
 Shareholders' equity 4,091,899 4,006,800
 Shareholders' equity
 to assets ratio (in percent) 67.0 64.0
 Shareholders' equity
 per share 1,099.49 1,076.75
 Income Distribution
 FY1993 FY1992
 Year-end dividend Regular 6.0 Regular 6.0
 per share Special 3.0 Y10.0 Special 3.0 Y10.0
 Commemorative 1.0 Commemorative 1.0
 Interim dividend Regular 6.0 Regular 6.0
 per share Special 3.0 Y 9.0 Special 3.0 Y 9.0
 Total annual
 dividend 70,710 (million yen) 70,710 (million yen)
 Payout ratio (in pcts.) 45.5 35.2
 Dividend to shareholders'
 equity ratio (in pcts.) 1.7 1.8
 -0- 8/25/93 R
 /CONTACT: Timothy Andree of Toyota Motor Corporate Services of North America, Inc., 212-644-4872/
 (TOYOY)


CO: Toyota Motor Corporation ST: IN: AUT SU: ERN

WB-OM -- NY018R -- 0402 08/25/93 14:03 EDT
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