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May 11, 2005
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Toyota Reports Record Year-End Results

Achieves Record High Net Revenues, Operating income and Net income

Tokyo - Toyota Motor Corporation (TMC) announced consolidated and unconsolidated operating results for the fiscal year ended March 31, 2005.

On a consolidated basis, net revenues for the twelve months ended March 31, 2005, increased 7.3 percent year-over-year to 18.55 trillion yen. Operating income reached 1.67 trillion yen, an increase of 5.3 billion yen, or 0.3 percent, over the previous fiscal year. Net income increased 0.8 percent to 1.17 trillion yen, representing the second consecutive year in which net income exceeded one trillion yen. All of these figures marked record highs.

Positive contributions to operating income included 230 billion yen in improved marketing efforts and 160 billion yen in cost reduction efforts. These gains offset the negative effects of changes in exchange rates (140 billion yen), a decrease in the gains recognized on the transfer of the substitutional portion of the employee pension fund to the government of 59.8 billion yen, and a 184.9 billion yen increase in research and development and other expenses.

Commenting on the results, TMC President Fujio Cho said, "We are very proud that the company achieved increases both in revenue and income while continuing to make major investments in our long-term growth."


On an unconsolidated basis, net revenues reached 9.2 trillion yen, and operating income totaled 701.3 billion yen. Net income for the twelve months ended March 31, 2005 was 529.3 billion yen.

TMC also announced a second-half cash dividend for the six months ended March 31, 2005 of 40 yen, an increase of 15 yen per share compared with the corresponding period of the previous fiscal year. Total dividend payout for the full year was 65 yen per share, an increase of 20 yen year-over-year. TMC has increased its dividend for six consecutive terms.

In fiscal year 2005, Toyota's consolidated vehicle sales increased in all major regions to 7.4 million units.

In Japan, consolidated vehicle sales increased by 78 thousand vehicles to 2.38 million vehicles. In addition to strong sales of compact cars such as the Porte and Vitz, sedans including Crown and Mark X were well-received by customers. Toyota's market share excluding mini-vehicles for the twelve months ended March 31, 2005, was 44.5 percent, exceeding 40 percent for the seventh consecutive year.

Sales in North America reached 2.27 million vehicles, an increase of 168 thousand vehicles, mainly due to the strong popularity of models including the Scion series and the Prius.

In Europe, local production models such as the Avensis, Corolla and Yaris continued to sell well despite the adverse market environment. Sales reached 979 thousand vehicles, an increase of 81 thousand vehicles over the previous fiscal year.

Sales in other regions including Asia, the Middle East and Oceania improved to reach 1.77 million vehicles, an increase of 362 thousand units. Sales in Asia increased mainly due to strong sales of the IMV (Innovative International Multi-purpose Vehicle).

TMC also announced its forecast for the fiscal year ending March 31, 2006. Based on an exchange rate of 105 yen to the U.S. dollar and 135 yen to the euro, TMC forecasts unconsolidated net sales of 9.4 trillion yen, ordinary income of 770 billion yen and net income of 500 billion yen.

TMC estimates that consolidated vehicle sales for the fiscal year ending March 31, 2006 will be 7.85 million vehicles.

(May 10, 2005)

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