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Masayoshi Hachisuka - Former Director
Masayoshi Hachisuka - Former Director
Hello, everyone.
大家好。
Welcome to the Financial Results Conference Call for the Fiscal Year 2018 First Quarter.
歡迎參加 2018 財年第一季財務業績電話會議。
I'm Masayoshi Hachisuka from Accounting Division of Toyota Motor Corporation.
我是豐田汽車公司會計部門的蜂須賀正芳。
Today, we have Mr. Tetsuya Otake, Senior Managing of -- in charge of the Accounting Group of Toyota Motor Corporation; and Ms. Oda, our interpreter with us.
今天，我們有Tetsuya Otake 先生，高階管理人員－負責豐田汽車公司會計部門；還有和我們一起的翻譯小田小姐。
The agenda with today's conference call the following: First, Mr. Otake will briefly discuss Toyota's earning results.
今天電話會議的議程如下：首先，大竹先生將簡要討論豐田的獲利結果。
This will take about 10 minutes.
這大約需要 10 分鐘。
After the presentation, you are welcome to ask questions.
演講結束後，歡迎您提問。
Please note that the presentation contains forward-looking statement that reflects our plans and expectations and our actual results may be materially different from these statements.
請注意，該簡報包含反映我們的計劃和期望的前瞻性陳述，我們的實際結果可能與這些陳述有重大差異。
A complete cautionary statement concerning forward-looking statements is included on Page 2 of today's presentation material and complete cautionary statement concerning insider trading is included on Page 3. Both of the statements can be downloaded from our Internet home pages.
今天簡報資料的第二頁包含前瞻性陳述的完整警示聲明，第三頁包含有關內線交易的完整警示聲明。這兩個聲明都可以從我們的網路主頁下載。
Now I'd like to turn the call over to Mr. Otake.
現在我想把電話轉給大竹先生。
Tetsuya Otake - Senior Managing Officer & Chief Officer of Accounting Group
Tetsuya Otake - Senior Managing Officer & Chief Officer of Accounting Group
Hello, everyone.
大家好。
Thank you for joining us today.
感謝您今天加入我們。
I am Tetsuya Otake.
我是大竹哲也。
It's my pleasure to discuss Toyota's financial results for the first quarter for the fiscal year ending March 2018.
我很高興討論豐田截至 2018 年 3 月的財年第一季的財務表現。
Let me start with Slide 5. Compared to the first quarter of the previous fiscal year, consolidated vehicle sales increased by 43,000 units to 2,215,000 units.
讓我從幻燈片5開始。與上一財年第一季相比，綜合汽車銷量增加了43,000輛，達到2,215,000輛。
This was a result of strong sales in Japan, North America and New York, driven by new models.
這是新車型推動下日本、北美和紐約銷售強勁的結果。
Please look at Slide 6. Consolidated financial results for the first quarter were: net revenues of JPY 7,047,600,000,000; operating income of JPY 574.2 billion; pretax income of JPY 679.3 billion; and a net income of JPY 613.5 billion.
請看投影片 6. 第一季的合併財務表現為： 淨收入 7,047,600,000,000 日圓；營業收入5742億日圓；稅前收入6793億日圓；淨利為6135億日圓。
Using Slide 7, I'd like to explain the factors which impacted operating income year-on-year.
我想用幻燈片7解釋一下影響營業收入年比的因素。
Despite the positive effects of cost-reduction efforts, operating income was down JPY 67.9 billion, mainly due to the effects of marketing activities and an increase in expenses.
儘管降低成本的努力產生了積極效果，但營業收入仍下降了 679 億日元，主要是由於行銷活動和費用增加的影響。
Excluding the overall impact of foreign exchange rates and swap valuation gains and losses, operating income fell by JPY 25 billion.
剔除匯率和掉期估值損益的整體影響，營業收入下降了250億日圓。
Next, I'd like to break down operating income by region.
接下來，我想按地區細分營業收入。
Please see Slide 8. In Japan, vehicle sales increased by 33,000 units year-on-year to 544 units, driven by new models such as the Roomy, Tank and the C-HR.
請參閱投影片8。在日本，在Roomy、Tank和C-HR等新車型的推動下，汽車銷量年增33,000輛至544輛。
Operating income increased by JPY 29.7 billion to JPY 319.9 billion, mainly due to the vehicle sales growth and the cost reduction efforts.
營業收入增加297億日圓至3,199億日元，主要得益於汽車銷售的成長和成本削減的努力。
Please look at Slide 9. In North America, vehicle sales 8,000 unit to 723,000 year-on-year.
請看幻燈片9。在北美，汽車銷量年減8,000輛至723,000輛。
Operating income was JPY 88.8 billion, down JPY 76.5 billion compared to the first quarter of the previous fiscal year.
營業收入為888億日圓，較上一財年第一季減少765億日圓。
This was largely a result of marketing expenses.
這主要是行銷費用的結果。
Also, we have increased marketing expenses in response to the current market and sales environment.
此外，我們還根據當前的市場和銷售環境增加了行銷費用。
We intend to control them adequately, following the launch of the new Camry.
在新凱美瑞推出後，我們打算充分控制它們。
The new Camry, which is being rolled out in the States this summer, in the first model with all-new TNVA platform and powertrains.
新款凱美瑞將於今年夏天在美國上市，這是首款採用全新 TNVA 平台和動力總成的車款。
It delivered significantly improved driving, safety and a fuel efficiency performance in addition to an attractive decline.
除了引人注目的下降之外，它還顯著改善了駕駛、安全性和燃油效率表現。
We hope many more customers will enjoy the new Camry.
我們希望更多的客戶會喜歡新凱美瑞。
In Europe, on Slide 10.
在歐洲，投影片 10。
Vehicle sales grew by 18,000 units year-on-year to 240,000 units on the back of solid sales of the brand-new C-HR.
得益於全新C-HR的強勁銷量，銷量較去年同期成長1.8萬輛至24萬輛。
Operating income was up JPY 11.9 billion to JPY 20.5 billion.
營業收入增加 119 億日元，達到 205 億日圓。
This was mainly a result of increased vehicle sales and cost-reduction efforts.
這主要是由於汽車銷售的增加和成本削減的努力。
Please look at Slide 11.
請看投影片 11。
In Asia, vehicle sales were down 21,000 units year-on-year to 363,000 units.
在亞洲，汽車銷量較去年同期下降21,000輛至363,000輛。
Operating income decreased by JPY 21.7 billion to JPY 102.8 billion, largely due to the effect of ForEx rates and the decreased vehicle sales.
營業收入減少 217 億日元，至 1,028 億日元，主要是由於外匯匯率和汽車銷量下降的影響。
Please move on to Slide 12.
請轉到投影片 12。
In other regions, overall vehicle sales for the first quarter were 345,000 units, up 5,000 units year-on-year, driven by Central and South America and Oceania.
其他地區，在中南美洲和大洋洲的帶動下，第一季汽車整體銷量為34.5萬輛，較去年同期成長5,000輛。
Operating income increased by JPY 11.3 billion to JPY 39.5 billion, mainly due to the impact of ForEx rates and vehicle sales growth.
營業收入增加 113 億日元，達到 395 億日元，主要是由於外匯匯率和汽車銷售成長的影響。
Next, please look at Slide 13 on financial services.
接下來請看投影片13，關於金融服務。
Operating income, excluding swap valuation gains and losses for the first quarter declined JPY 6.4 billion year-on-year to JPY 75.1 billion.
第一季營業收入（不含掉期估值損益）年減 64 億日圓，至 751 億日圓。
Also, the lending balance grew.
此外，貸款餘額有所增加。
There was an increase in costs related to loan losses and remarketing of returned leased vehicles.
與貸款損失和返還租賃車輛再行銷相關的成本增加。
On Slide 14, equity in earnings of affiliated companies for the first quarter increased by JPY 47.8 billion year-on-year to JPY 137.8 billion.
在投影片 14 中，第一季關聯公司收益權益年增 478 億日圓，達到 1,378 億日圓。
This was primarily a result of solid performance of our affiliated companies in Japan.
這主要歸功於我們在日本的附屬公司穩健的表現。
Now please look at Slide 15 on liquid assets.
現在請看關於流動資產的幻燈片 15。
At the end of June, net liquid assets reached JPY 7,872,800,000,000.
6月末，淨流動資產達7,872,800,000,000日圓。
We remain committed to investment in R&D and CapEx and shareholders return.
我們仍致力於研發投資、資本支出和股東回報。
In addition, we have the necessity to consider all options, including M&A, as a means to carve out our future.
此外，我們有必要考慮包括併購在內的所有選擇，作為開拓未來的手段。
Now I'd like to move on to discuss the outlook for the full fiscal year ending March 2018.
現在我想繼續討論截至 2018 年 3 月的整個財年的前景。
Please look at Slide 17.
請看投影片 17。
We maintain our initial forecast for the consolidated vehicle sales at 8.9 billion units.
我們維持汽車綜合銷售 89 億輛的初步預測。
By region, vehicle sales are revised up in Japan and Europe and down in North America and Asia.
按地區劃分，日本和歐洲的汽車銷量上調，北美和亞洲的汽車銷量下調。
Please look at Slide 18.
請看投影片 18。
From July, we adapt ForEx rate assumptions of JPY 110 per dollar and JPY 125 per euro, making the full year assumption JPY 110 per dollar and JPY 124 per euro.
從 7 月開始，我們調整外匯匯率假設為每美元 110 日元和每歐元 125 日元，使全年假設為每美元 110 日元和每歐元 124 日元。
Based on this, our forecast for consolidated financial performance are: net of revenues of JPY 28,500,000,000,000; operating income of JPY 1,850,000,000,000; pretax income of JPY 2,050,000,000,000; and net income of JPY 1,750,000,000,000.
據此，我們對合併財務表現的預測為： 扣除收入 28,500,000,000,000 日圓；營業收入1,850,000,000,000日圓；稅前收入2,050,000,000,000日元；淨利潤為 1,750,000,000,000 日元。
Please look at Slide 19.
請看投影片 19。
Our latest forecast for operating income is now JPY 1,850,000,000,000, up JPY 250 billion from our initial forecast.
我們對營業收入的最新預測為 1,850,0 億日元，比最初的預測增加了 2,500 億日元。
This is due to the weaker yen assumption and additional effects of marketing activities and cost-reduction efforts that we have identified and factored in.
這是由於日圓走弱的假設以及我們已確定並考慮的營銷活動和成本削減努力的額外影響。
Next, please see Slide 20 for the year-on-year comparison of operating income.
接下來，營業收入年比比較請參考投影片20。
Excluding the impact of the foreign exchange rates and swap valuation gains and losses, our operating income is still expected to decrease by JPY 270 billion.
剔除匯率和掉期估值損益的影響，我們的營業收入預計仍將減少2,700億日圓。
However, we will strive to minimize this by all possible means.
但是，我們將努力透過一切可能的方式盡量減少這種情況。
Please look at Slide 21, which summarized our discussion.
請看投影片 21，它總結了我們的討論。
To avoid 2 consecutive years on earnings decline, we remain determined to implement further profit improvement measures.
為避免獲利連續兩年下滑，我們仍決心實施進一步的獲利改善措施。
Please turn to Slide 22.
請翻到投影片 22。
At the same time, as communicated by Akio Toyoda, our President, at the year-end financial announcement in May and at the AGM in June, we are committed to enhancing our competitiveness this fiscal year.
同時，正如我們社長豐田章男在 5 月的年終財務公告和 6 月的年度股東大會上所傳達的那樣，我們致力於增強本財年的競爭力。
Our plan is to actively engage, in offense, to read the competition in the future; defense, that the forecast is on the immediate business change and the work innovation that is not constrained by the way of the past.
我們的計劃是積極參與進攻，閱讀未來的比賽；辯護稱，預測是針對當前的業務變化和不受過去方式限制的工作創新。
In this way, we will continue to strengthen our mid- to long-term competitiveness while accelerating earnings improvement for this fiscal year.
這樣，我們將在加快本財年獲利改善的同時，繼續增強中長期競爭力。
This concludes my presentation.
我的演講到此結束。
Thank you very much for your attention.
非常感謝您的關注。