豐田汽車 (TM) 2016 Q4 法說會逐字稿

Hello everyone. Welcome to the financial results conference call for the fiscal year ended March 2016. I am Masayoshi Hachisuka from the accounting division of Toyota Motor Corporation. Today we have Mr. Tetsuya Otake, Managing Officer in charge of the Accounting Group of Toyoda Motor Corporation, and [Ms. Morita], an interpreter, with us.

大家好。歡迎參加截至 2016 年 3 月的財年財務業績電話會議。我是豐田汽車公司會計部門的 Masayoshi Hachisuka。今天我們有豐田汽車公司負責會計集團的常務董事Tetsuya Otake先生和[Ms. Morita]，一位翻譯，和我們一起。

The agenda for this conference call is the following. First Mr. Otake will briefly discuss the highlights of Toyota's earnings results, and then Ms. Morita will take over the rest of the presentation. This will take about 10 minutes. After the presentation you are welcome to ask questions.

本次電話會議的議程如下。首先，大竹先生將簡要討論豐田盈利結果的亮點，然後森田女士將接任剩餘的演講。這大約需要 10 分鐘。演講結束後歡迎大家提問。

Please note that the presentation contains forward-looking statements that reflect our plans and expectations and our actual results may be materially different from these statements.

請注意，該演示文稿包含反映我們的計劃和預期的前瞻性陳述，我們的實際結果可能與這些陳述存在重大差異。

A complete cautionary statement concerning forward-looking statements is included on page 2 of today's presentation material and the complete cautionary statement concerning insider-trading is included on page 3. Both of the statements can be downloaded from our Internet homepages.

關於前瞻性陳述的完整警告聲明包含在今天的演示材料的第 2 頁，關於內幕交易的完整警告聲明包含在第 3 頁。這兩個聲明都可以從我們的互聯網主頁下載。

Now I would like to turn the call over to Mr. Otake.

現在我想把電話轉給大竹先生。

Hello everyone, thank you for joining us today. I am Tetsuya Otake. It is my pleasure to discuss Toyota's financial results for the fiscal year which ended in March 2016.

大家好，感謝您今天加入我們。我是大竹哲也。我很高興討論豐田在 2016 年 3 月結束的財政年度的財務業績。

Let me start with slide 5. Compared to the previous fiscal year, consolidated vehicle sales decreased by 291,000 units to 8,681,000 units. Sales increased in North America against a backdrop of a solid market. However, sales decreased in Japan where the mini vehicle markets contracted, in Asia where competition intensified on the back of sluggish markets, and in the Middle East, Africa and Central and South America where weak oil prices and local currencies affected the demand.

讓我從幻燈片 5 開始。與上一財年相比，綜合汽車銷量減少了 291,000 輛，至 8,681,000 輛。在市場穩健的背景下，北美的銷售額有所增長。然而，在微型車市場萎縮的日本、因市場低迷導致競爭加劇的亞洲以及油價和當地貨幣疲軟影響需求的中東、非洲和中南美洲，銷量下降。

Please look at slide 6; our consolidated financial results for the fiscal year were net revenues of JPY28.4031 trillion; operating income of JPY2.8539 trillion; pretax income of JPY2.9833 trillion; and net income of JPY2.3126 trillion. Now I would like to hand the rest of this presentation to Ms. Morita, our interpreter.

請看幻燈片6；我們本財年的合併財務業績為淨收入 28.4031 萬億日元；營業收入28539億日元；稅前收入2.9833萬億日元；淨收入2.3126萬億日元。現在我想把本報告的其餘部分交給我們的口譯員森田女士。

(interpreted) Next, using slide 7 I would like to explain the factors which impacted operating income in year on year. The positive factors such as cost reduction efforts and favorable foreign exchange rates more than offset the negative factors such as decreased vehicle sales and increased expenses, particularly labor costs and R&D expenses. As a result, operating income increased by JPY103.4 billion compared to the previous fiscal year.

（解釋） 接下來，我想用幻燈片 7 來解釋影響營業收入同比的因素。降低成本和有利的匯率等積極因素抵消了汽車銷量下降和費用增加等負面因素，特別是勞動力成本和研發費用。因此，營業收入與上一財年相比增加了 1,034 億日元。

Next I would like to elaborate on operating income for each region by referring to slide 8. Please note that in the presentation slides each region's operating income excludes valuation gains and losses from interest-rate swaps attributed to financial services.

接下來，我想通過幻燈片 8 詳細說明每個地區的營業收入。請注意，在演示幻燈片中，每個地區的營業收入不包括歸因於金融服務的利率掉期的估值收益和損失。

In Japan, although new models such as the Sienta and the Prius drove sales, overall vehicle sales decreased by 95,000 units year on year to 2,059,000 units as the mini vehicle market was sluggish. Operating income increased by JPY102.6 billion to JPY1.6767 trillion mainly as a result of cost reduction efforts and favorable foreign exchange rates in spite of decreased vehicle sales and increased R&D and depreciation expenses.

在日本，雖然 Sienta 和 Prius 等新車型帶動銷量，但由於微型車市場低迷，整體汽車銷量同比減少 95,000 輛至 2,059,000 輛。營業收入增加 1,026 億日元至 1.6767 億日元，主要是由於儘管汽車銷量下降以及研發和折舊費用增加，但成本降低和有利的外匯匯率。

Please look at slide 9. In North America vehicle sales grew by 124,000 units to 2,839,000 units year on year, driven primarily by SUVs such as the RAV4 and Lexus NX on the back of a solid market environment. Operating income was JPY505.6 billion, down JPY32.2 billion compared to the previous fiscal year. This was mainly due to increased costs for the relocation of our North American headquarters and declining profitability of exports to Canada and Mexico caused by the stronger US dollar which more than offset the increased vehicle sales and cost reduction efforts.

請看幻燈片 9。北美汽車銷量同比增長 124,000 輛至 2,839,000 輛，主要受 SUV （如 RAV4 和雷克薩斯 NX）的推動，在穩健的市場環境下。營業收入為 5,056 億日元，比上一財年減少 322 億日元。這主要是由於我們北美總部的搬遷成本增加，以及美元走強導致對加拿大和墨西哥的出口盈利能力下降，這足以抵消汽車銷量的增加和降低成本的努力。

In Europe, as shown on slide 10, vehicle sales decreased by 15,000 units year on year to 844,000 units. This was mainly due to decreased sales in Russia where the market was affected by weak oil prices and ruble depreciation despite solid sales in Western Europe. Even with a negative foreign-exchange impact and fewer vehicle sales, however, operating income rose year on year to JPY75.7 billion primarily due to the effects of marketing activities such as pricing improvement and cost reduction efforts.

在歐洲，如幻燈片 10 所示，汽車銷量同比下降 15,000 輛至 844,000 輛。這主要是由於俄羅斯的銷售下降，儘管西歐的銷售穩健，但市場受到油價疲軟和盧布貶值的影響。然而，即使在外匯影響和汽車銷量減少的情況下，營業收入仍同比增長至 757 億日元，這主要是由於定價改進和降低成本等營銷活動的影響。

Please look at slide 11. In Asia overall vehicle sales were down 144,000 units year on year to 1,345,000 units, particularly due to decreased sales in Thailand and Indonesia where competition intensified on the back of sluggish demand.

請看幻燈片 11。亞洲整體汽車銷量同比下降 144,000 輛至 1,345,000 輛，這主要是由於泰國和印度尼西亞的銷量下降，需求低迷導致競爭加劇。

Nevertheless, operating income reached JPY455 billion, up JPY21.4 billion year on year. This is because the negative impact of decreased vehicle sales was more than offset by marketing efforts such as pricing improvement, improved profitability of exports due to depreciation of the local currencies and cost reduction efforts.

儘管如此，營業收入達到4550億日元，同比增長214億日元。這是因為汽車銷量下降的負面影響被營銷努力所抵消，例如定價改善、由於當地貨幣貶值而提高的出口盈利能力和降低成本的努力。

Please move on to slide 12. In other regions overall vehicle sales were 1,594,000 units, down 161,000 units year on year as a result of decreased sales in the Middle East, Central and South America and Africa where weak oil prices and local currencies affected the markets.

請移至幻燈片 12. 其他地區整體汽車銷量為 1,594,000 輛，同比下降 161,000 輛，原因是中東、中南美洲和非洲的銷量下降，油價疲軟和當地貨幣影響市場.

Operating income decreased by JPY6 billion year on year to JPY103.4 billion despite the positive impact of pricing improvement and the full model change of the IMV series, mainly as a result of deteriorated import profitability due to weaker local currencies and rising labor costs with inflation in Central and South America.

儘管定價改善和 IMV 系列車型全面更換帶來了積極影響，但營業收入同比下降 60 億日元至 1034 億日元，主要是由於當地貨幣疲軟導致進口盈利能力下降以及通貨膨脹導致勞動力成本上升在中美洲和南美洲。

Next please take a look at slide 13 for financial services. Operating income excluding swap valuation gains and losses for the fiscal year maintained the level of the previous fiscal year at JPY319.0 billion. This was a result of growth in both lending balance and margins, which offset an increase in costs related to loan losses and residual value losses.

接下來請看一下關於金融服務的幻燈片 13。本財年扣除掉期估值損益的營業收入維持上一財年的水平，為 3,190 億日元。這是由於貸款餘額和利潤率的增長，抵消了與貸款損失和殘值損失相關的成本增加。

Please refer to slide number 14. Equity in earnings of affiliated companies for the fiscal year was JPY329.0 billion, up JPY20.5 billion year on year. This was a result of strong performance of our affiliated companies in China.

請參閱幻燈片第 14 號。本財年關聯公司收益中的權益為 3,290 億日元，同比增長 205 億日元。這是我們在中國的關聯公司表現強勁的結果。

Next please look at slide 15 on shareholder return. Earlier today our Board of Directors resolved to pay JPY110 per share as the year-end dividend on common shares. The full-year dividend on common shares for the fiscal year will be JPY210 per share, including the interim dividend of JPY100 per share. This represents an increase by JPY10 per share compared to the previous fiscal year. This is based on our policy of paying stable and sustainable dividends targeting at a consolidated payout ratio of 30%.

接下來請看關於股東回報的幻燈片 15。今天早些時候，我們的董事會決定支付每股 110 日元作為普通股的年終股息。本財年普通股全年股息為每股 210 日元，包括每股 100 日元的中期股息。與上一財年相比，每股增加了 10 日元。這是基於我們以 30% 的綜合派息率為目標支付穩定和可持續股息的政策。

Next please look at slide 16. Also today our Board of Directors resolved a plan to buy back up to JPY500 billion or 100 million shares of our common stock. Adding this to the already repurchased common stock in the amount of JPY139.3 billion following the resolution at the second quarter financial reporting, our total share repurchase for the fiscal year to March 2016 will be up to JPY639.3 billion or 123 million shares.

接下來請看幻燈片 16。今天，我們的董事會還通過了一項回購高達 5000 億日元或 1 億股普通股的計劃。加上第二季度財務報告決議後已回購的普通股 1,393 億日元，截至 2016 年 3 月的財政年度，我們的股份回購總額將達到 6,393 億日元或 1.23 億股。

This based on both our intention to improve capital efficiency, and our capital policy which is responsive to ongoing financial conditions and changes in the business environment, marks a higher level of shareholder return than before.

這是基於我們提高資本效率的意圖，以及我們對持續財務狀況和商業環境變化做出反應的資本政策，這標誌著股東回報比以前更高。

Please note that when discussing share repurchase for a fiscal year, we refer to the total amount of shares actually repurchased or authorized to be repurchased by our Board as a means of shareholder return during and at the end of that particular fiscal year.

請注意，在討論一個財政年度的股票回購時，我們指的是董事會實際回購或授權回購的股份總額，作為該特定財政年度期間和結束時股東回報的一種方式。

Please look at the chart on slide 17, which indicates the total shareholder return over the recent years consisting of both dividends on common shares and Model AA class shares and share repurchase. The total shareholder return for the fiscal year through March 2016 will be up to JPY1.2872 trillion, representing a payout ratio of up to 55.6%. In appreciation of a long-term relationship of trust with our shareholders, we will continue to ensure stable, sustainable and flexible shareholder return.

請看幻燈片 17 上的圖表，該圖表顯示了近年來股東的總回報，包括普通股和 AA 型股票的股息以及股票回購。截至 2016 年 3 月的財年股東總回報將高達 1.2872 億日元，派息率高達 55.6%。鑑於與股東的長期信任關係，我們將繼續確保穩定、可持續和靈活的股東回報。

Now I would like to move on to discuss the outlook for the current fiscal year which will end in March 2017 by referring to slide 18 and beyond. Following the Kumamoto Earthquake we suspended all vehicle assembly lines in Japan in stages. We regret that this may have caused inconvenience and concern to our customers and all other stakeholders.

現在，我想通過參考幻燈片 18 及以後討論將於 2017 年 3 月結束的當前財政年度的前景。熊本地震後，我們分階段暫停了日本的所有汽車裝配線。我們很遺憾這可能給我們的客戶和所有其他利益相關者帶來不便和擔憂。

Since April 25 we have restarted these lines in stages and are back to normal operations. We are now making maximum efforts to deliver vehicles to our customers as soon as possible. However, please note that the impact of the suspended operations is not factored in our forecast due to difficulties in estimation at this point in time. We appreciate your understanding.

自 4 月 25 日起，我們已分階段重啟這些生產線並恢復正常運營。我們現在正在盡最大努力盡快將車輛交付給我們的客戶。但是，請注意，由於目前難以估計，暫停運營的影響並未計入我們的預測中。感謝您的理解。

So at this juncture please refer to slide 19. Our consolidated vehicle sales are expected to increase by 219,000 units year on year to 8.9 million units. We anticipate sales growth in Japan driven by CHR and other new models on top of the recently launched Prius and Passo in Asia, due to a full-scale marketing of the IMV series, and in Western Europe, due to continued strength of the markets.

因此，此時請參閱幻燈片 19。我們的綜合汽車銷量預計將同比增長 219,000 輛，達到 890 萬輛。我們預計，由於 IMV 系列的全面營銷，CHR 和其他新車型將推動日本的銷售增長，而在亞洲，由於 IMV 系列的全面營銷，以及在西歐，由於市場的持續強勁。

Please move on to the next slide -- slide 20 that is. Based on the foreign exchange rate assumption of JPY105 per US dollar and JPY120 per euro, our forecasts of consolidated financial performance for the fiscal year [through] March 2017 are: net revenues of JPY26.500 trillion; operating income of JPY1.700 trillion; pretax income of JPY1.900 trillion; and net income of JPY1.500 trillion.

請轉到下一張幻燈片——即第 20 張幻燈片。基於 105 日元兌美元和 120 日元兌歐元的匯率假設，我們對截至 2017 年 3 月的財年綜合財務業績的預測為：淨收入 2650 萬億日元；營業收入1.700萬億日元；稅前收入1.900萬億日元；淨收入1.500萬億日元。

Now please look at slide 21 for the analysis of our operating income forecast for the current fiscal year in comparison to the previous year. The negative impact of foreign exchange rates is the most significant cause for the expected decrease in operating income year on year while continuing cost reduction and other profit improvement activities, as well as benefiting from increased vehicle sales; we also assume an increase in expenses. As a result we expect a decline in operating income by about JPY1.1 trillion.

現在請看幻燈片 21，以分析我們對當前財年的營業收入預測與上一年相比的分析。匯率的負面影響是預計營業收入同比下降的最重要原因，同時繼續降低成本和其他利潤改善活動，以及受益於汽車銷量的增加；我們還假設費用增加。因此，我們預計營業收入將下降約 1.1 萬億日元。

Finally, please look at slide 22 for the outlook for R&D expenses, capital expenditures and depreciation expenses. CapEx is expected to increase by JPY57.5 billion compared to the previous fiscal year due to investments for production facilities for new TNGA models as well as the full impact of building new North American headquarters.

最後，請看幻燈片 22，了解研發費用、資本支出和折舊費用的前景。由於對新 TNGA 車型生產設施的投資以及建立新北美總部的全面影響，預計資本支出將比上一財年增加 575 億日元。

R&D expenses are also expected to increase year on year as development of advanced and cutting edge technologies accelerates. We are determined to continue our investment for the future regardless of external factors such as foreign-exchange rates. At the same time we aim to enhance efficiency and effectiveness of our investments and further improve our prospective earnings going forward.

隨著先進和尖端技術的發展加速，研發費用預計也將逐年增加。無論匯率等外部因素如何，我們都決心為未來繼續投資。同時，我們的目標是提高我們投資的效率和有效性，並進一步提高我們未來的預期收益。

This concludes my presentation on the financial results for the fiscal year through March 2016. Thank you for your attention.

我對截至 2016 年 3 月的財政年度財務業績的介紹到此結束。感謝您的關注。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the Company sponsoring this event.

此成績單中標記（翻譯）的部分由現場通話中的口譯員朗讀。翻譯由贊助本次活動的公司提供。