豐田汽車 (TM) 2021 Q3 法說會逐字稿

Thank you for taking time out of your busy schedule to attend today's press briefing. We will now like to begin the FY 2021 Third Quarter Financial Results Press Briefing. I'd like to introduce our participants today: Operating Officer -- Jun Nagata, Operating Officer; and CFO, Kenta Kon. Now Mr. Kon will provide the explanation for the financial results of Q3.

感謝您在百忙之中抽出時間出席今天的新聞發布會。我們現在想開始 2021 財年第三季度財務業績新聞發布會。我想介紹一下我們今天的參與者：運營官——Jun Nagata，運營官；和首席財務官 Kenta Kon。現在Kon先生將對Q3的財務結果進行解釋。

Hello, everyone. Thank you for joining us today. I'm Kenta Kon. First and foremost, the battle against COVID-19 is still continuing, and I would like to extend my sincere gratitude to the medical workers and all of you who support our daily lives. We also would like to express our heartfelt appreciation to our customers around the world who choose us as well as our shareholders, dealers and suppliers who support us.

大家好。感謝您今天加入我們。我是康健太。首先，與 COVID-19 的戰鬥仍在繼續，我要向醫務工作者和支持我們日常生活的所有人表示誠摯的感謝。我們還要向選擇我們的全球客戶以及支持我們的股東、經銷商和供應商表示衷心的感謝。

Let me discuss our financial results for the first 9 months from April to December 2020. Consolidated vehicle sales for the first 9 months ended December 2020 was at 5,438,000 units, which was 79.3% of consolidated vehicle sales for the same period of the previous fiscal year and mainly a result of the continued spread of COVID-19 in all regions. Toyota and Lexus brand vehicle sales was at 6,627,000 units, which was 89.5% of such sales for the first 9 months of the previous fiscal years.

讓我談談我們從 2020 年 4 月到 2020 年 12 月的前 9 個月的財務業績。截至 2020 年 12 月的前 9 個月的綜合汽車銷量為 5,438,000 輛，佔上一財年同期綜合汽車銷量的 79.3%主要是由於 COVID-19 在所有地區的持續傳播。豐田和雷克薩斯品牌汽車銷量為 6,627,000 輛，佔上一財年前 9 個月銷量的 89.5%。

As for the trend in Toyota and Lexus brand vehicle sales, with April being the floor, global Toyota and Lexus brand sales have been solidly recovering. Since September 2020, it recovered to above the previous year's levels, namely over 100% year-on-year, and the trend in each region is as stated in the presentation. Once again, we would like to express our sincere gratitude to our customers around the world who chose us and all of our stakeholders, including our sales outlets and suppliers, who have made efforts to deliver as many vehicles that our customers want as possible.

從豐田和雷克薩斯品牌汽車銷量走勢來看，以4月份為底，全球豐田和雷克薩斯品牌銷量穩步回升。 2020年9月以來，恢復至上年水平以上，同比增長100%以上，各地區趨勢如報告所述。再次，我們衷心感謝選擇我們的全球客戶以及我們所有的利益相關者，包括我們的銷售網點和供應商，他們努力提供盡可能多的客戶想要的車輛。

Consolidated financial results for the first 9 months of this fiscal year were sales revenue of JPY 19,525.2 billion, operating income of JPY 1,507.9 billion, pretax income of JPY 1,869.9 billion and net income of JPY 1,468 billion.

本財年前9個月的合併財務業績為銷售收入195,252億日元，營業收入15,079億日元，稅前收入18,699億日元，淨利潤14,680億日元。

I would like to explain the factors which impacted operating income year-on-year. First, the effects of foreign exchange rates decreased the operating income by JPY 175 billion; second, cost reduction efforts increased operating income by JPY 100 billion; third, the effects of marketing activities decreased operating income by JPY 615 billion, largely due to the decrease in sales volume caused by the continued spread of COVID-19. Finally, a reduction in expenses increased operating income by JPY 85 billion. As a result, excluding the overall impact of foreign exchange rates, swap valuation gains and losses and other factors, operating income decreased by JPY 430 billion year-on-year.

我想解釋一下影響營業收入同比的因素。一是受匯率影響，營業收入減少1750億日元；二是通過削減成本努力增加營業收入1000億日元；第三，營銷活動的影響使營業收入減少了 6150 億日元，這主要是由於 COVID-19 的持續傳播導致銷量下降。最後，費用的減少使營業收入增加了 850 億日元。因此，剔除匯率、掉期估值損益等因素的整體影響，營業收入同比減少4300億日元。

Regarding the changes on a quarterly basis also, operating income decreased year-on-year between April and June and between July and September; operating income increased year-on-year between October and December 2020, thanks to marketing efforts and other factors.

從季度變化來看，4-6月和7-9月營業收入同比下降；由於營銷努力和其他因素，營業收入在 2020 年 10 月至 2020 年 12 月期間同比增長。

As for operating income for each region. Although operating income decreased year-on-year in all regions, largely due to the decrease in sales volume caused by the continued spread of COVID-19, we succeeded in increasing operating income year-on-year in all regions between October and December 2020.

至於各地區的營業收入。儘管所有地區的營業收入同比下降，主要是由於 COVID-19 的持續蔓延導致銷量下降，但在 2020 年 10 月至 12 月期間，我們成功地在所有地區實現了營業收入的同比增長.

Next, let me explain our consolidated subsidiaries and equity method affiliates in China as well as our financial services business. As for our China business, operating income of consolidated subsidiaries increased by JPY 75.8 billion year-on-year to JPY 178 billion, thanks largely to marketing efforts. Our share of profit of investments accounted for using the equity method was up JPY 25 billion year-on-year to JPY 113.9 billion, thanks largely to marketing efforts.

接下來，讓我解釋一下我們在中國的合併子公司和權益法關聯公司以及我們的金融服務業務。在中國業務方面，合併子公司的營業收入同比增長 758 億日元至 1,780 億日元，這主要歸功於營銷工作。我們使用權益法計算的投資利潤份額同比增長 250 億日元至 1139 億日元，這主要歸功於營銷工作。

Regarding financial services, operating income, excluding swap valuation gains and losses for the fiscal year increased by JPY 50.6 billion year-on-year to JPY 355.3 billion, thanks to the decrease in costs related to residual value loss and increase in lending margins.

在金融服務方面，由於殘值損失相關成本的降低和貸款利潤率的提高，本財年不包括掉期估值損益的營業收入同比增加 506 億日元至 3553 億日元。

Now let us move on to discuss the outlook for the full fiscal year ending March 2021. With regards to our consolidated vehicle sales, we have increased our forecast that was announced in November 2020 by 100,000 units to 7.6 million units. The regional sales breakdown is as stated in the presentation.

現在讓我們繼續討論截至 2021 年 3 月的整個財年的前景。關於我們的綜合汽車銷量，我們將 2020 年 11 月宣布的預測提高了 10 萬輛，達到 760 萬輛。區域銷售明細如演示文稿中所述。

As for Toyota and Lexus brand vehicle sales, we anticipate that vehicle sales will be at 8.9 million units, a 300,000 unit increase from our forecast that was announced in November 2020. With respect to Toyota and Lexus brand vehicle sales in the fourth quarter, we anticipate that sales will be approximately 110% of the same period in the previous year.

對於豐田和雷克薩斯品牌汽車銷量，我們預計汽車銷量將達到 890 萬輛，比我們在 2020 年 11 月公佈的預測增加 30 萬輛。對於第四季度豐田和雷克薩斯品牌汽車銷量，我們預計銷售額將約為去年同期的 110%。

Next, let me explain the forecast for our full year consolidated financial performance. We have adopted ForEx rate assumptions from January onwards of JPY 100 per dollar and JPY 125 per euro, which makes the full year assumptions JPY 105 per dollar and JPY 123 per euro. Based on this, our forecast for our full year consolidated financial performance, our sales revenue of JPY 26,500 billion, operating income of JPY 2 trillion, pretax income of JPY 2,550 billion and net income of JPY 1,900 billion.

接下來，讓我解釋一下我們對全年合併財務業績的預測。我們從 1 月起採用 1 美元兌 100 日元和 125 日元兌歐元的外匯匯率假設，這使得全年假設為 1 美元兌 105 日元和 123 日元兌歐元。基於此，我們對全年合併財務業績的預測，我們的銷售收入為 265,000 億日元，營業收入為 2 萬億日元，稅前收入為 25,500 億日元，淨利潤為 19,000 億日元。

Now I would like to explain the factors that contributed to the change in the operating income forecast. Operating income is now expected to be JPY 2 trillion, up JPY 700 billion from the forecast that was announced in November 2020. Detailed analysis is as stated in the presentation.

現在我想解釋一下導致營業收入預測變化的因素。營業收入現在預計為 2 萬億日元，比 2020 年 11 月公佈的預測增加 7,000 億日元。詳細分析如演示文稿所述。

Please see Slide 14, which compares the latest operating income forecast for this fiscal year versus the result of the previous fiscal year. The environment surrounding us remains highly uncertain considering the ongoing spread of COVID-19. While carefully monitoring the risks, we will continue to make efforts together with all our stakeholders, including cost reduction efforts at all levels and efforts at manufacturing sites and sales outlets. We also remain committed to continuing to steadily sow seeds for the future and accelerate our transformation.

請參閱幻燈片 14，它將本財年的最新營業收入預測與上一財年的結果進行了比較。考慮到 COVID-19 的持續傳播，我們周圍的環境仍然高度不確定。在仔細監控風險的同時，我們將繼續與所有利益相關者一起努力，包括各級降低成本的努力，以及生產基地和銷售網點的努力。我們也將繼續致力於繼續穩步播下未來的種子並加速我們的轉型。

This concludes my presentation. Thank you for your attention.

我的演講到此結束。感謝您的關注。

We would now like to receive questions and provide responses. (Operator Instructions) Mr. Chiba from Asahi Newspapers. (Operator Instructions)

我們現在希望收到問題並提供答复。 （操作員說明）Asahi Newspapers 的千葉先生。 （操作員說明）

This is Chiba speaking from Asahi Newspapers. Regarding about the change or revision in the information, the reasons why your revenue has increased and why you have strengthened your company structure, I would like to hear further detailed explanation. Those will be my 2 questions.

這是朝日新聞的千葉。關於信息的變更或修改，您的收入增加的原因，以及您加強公司結構的原因，我想听聽更詳細的解釋。這將是我的兩個問題。

And starting with the 3 months in the quarter, the per region income, North America and Japan and Asia, the operating income margin has improved. So what will be the factors of why you have made improvements in the operating income margin? Per market, would you be able to explain to me in more detail? This will be my first question.

並且從本季度的 3 個月開始，每個地區的收入，北美和日本以及亞洲，營業收入利潤率都有所提高。那麼，您為什麼會提高營業利潤率呢？每個市場，你能更詳細地向我解釋嗎？這將是我的第一個問題。

Going on to my second question. For your operating income, the revision that you have made, for year-on-year comparison, you have to -- made an improvement in the -- with the cost reduction JPY 185 billion. So how to understand this number? I think variable cost is included here, too. On a year-on-year comparison, probably it will be on the same level. And cost reduction efforts, what kind of improvements have you made this quarter and how was that reflected in this number? And based on that, for the third quarter financial results, can you provide your assessment and appraisals?

繼續我的第二個問題。對於您的營業收入，您所做的修改，與去年同期相比，您必須 - 改善 - 成本降低 1850 億日元。那麼如何理解這個數字呢？我認為可變成本也包括在這裡。與去年同期相比，可能會處於同一水平。以及降低成本的努力，你在本季度做了哪些改進，這個數字是如何反映的？在此基礎上，對於第三季度的財務業績，您能否提供您的評估和評價？

Thank you for your question. So myself, Kon, would like to explain regarding the financial results. For the revisions, the factors why the revenues has been -- income has been increasing. So per 3 months, Japan, Asia and North America, the operating income margin has improved. So you asked about the factors behind this. For the 3-month, geographic operating income slide is being shown now. And as Chiba-san has mentioned, each of these regions in the past 3 months we have been able to increase the income. Operating income margin, also, you can see in parenthesis: in Japan, 12.3%; North America, 6.8%. So an improvement from the previous year.

謝謝你的問題。所以我本人，Kon，想解釋一下財務結果。對於修訂，收入的因素 - 收入一直在增加。所以每3個月，日本、亞洲和北美的營業收入利潤率都有所提高。所以你問了這背後的因素。現在正在顯示 3 個月的地理營業收入下滑。正如千葉先生所說，在過去的 3 個月中，這些地區中的每一個都能夠增加收入。營業收入利潤率也可以在括號中看到：日本為 12.3%；北美，6.8%。所以比上一年有進步。

And regarding Japan, for the factors, the largest factor behind this is the impact from sales. About JPY 150 billion positive impact has been seen. And for North America, the situation is relatively similar. Sales side positive impacts, including volume, model mix effects are seen here. Each region, including Asia, will have a similar story. For Asia, inside this region, China and also Southeast Asia -- South Asia is included.

而對於日本來說，這背後最大的因素是銷量的影響。已經看到了大約 1500 億日元的積極影響。而對於北美來說，情況也比較相似。在這裡可以看到銷售方面的積極影響，包括數量、模型組合效應。每個地區，包括亞洲，都會有類似的故事。對於亞洲來說，在這個區域內，包括中國以及東南亞——南亞。

And for the increase of JPY 70 billion in income, mainly China and ASEAN countries will account for half, respectively. And for China, especially, the sales impact with the increase in sales volume with the price revision, also improvement in the product mix has been performing well. Looking at each of the markets, those would be the main factors.

而對於增加的700億日元的收入，主要是中國和東盟國家將分別占到一半。而對於中國來說，尤其是價格調整帶來的銷量增加帶來的銷售影響，產品結構的改善也表現良好。縱觀每個市場，這些將是主要因素。

For your question about cost reduction. For the full year forecast, if we can look at the slide where we show the full year forecast analysis. Not this chart, but there is a chart that compares with the previous year. Yes, this one. Cost reduction efforts, JPY 185 billion is what we have posted here.

關於降低成本的問題。對於全年預測，如果我們可以查看顯示全年預測分析的幻燈片。不是這張圖，但是有一張和往年對比的圖。是的，這個。降低成本的努力，1850 億日元是我們在這裡發布的。

This item, for cost reduction annual basis, the gross impact will be around JPY 300 billion. That is the target that we have as an annual target. And compared with that target, JPY 185 billion on a gross basis, receiving the increase of the market fluctuation, it is about JPY 200 billion. So more than usual. Actually, compared to the usual terms, the number is smaller. And the reason is mainly because of the volume.

該項目每年削減成本，總影響約為 3000 億日元。這是我們作為年度目標的目標。與該目標相比，總額為1850億日元，受到市場波動的影響，約為2000億日元。所以比平時多。實際上，與通常的條款相比，數量要小一些。而原因主要是因為體積。

Full-term basis, a little more than 1 million units, we see a drop year-on-year. So cost reduction efforts, of course, efforts are being made at our suppliers and also at the genba of the operations. But even though with these efforts, because the volume had dropped year-on-year, it's difficult to see the positive effects largely. With the lower operation rate, probably it is difficult to see strong positive efforts from cost reduction efforts.

長期來看，略高於100萬台，我們看到同比下降。因此，當然，我們的供應商和運營的genba都在努力降低成本。但即使有了這些努力，由於銷量同比下降，很難在很大程度上看到積極的影響。在開工率較低的情況下，可能很難看到降低成本的積極努力。

But for the explanation -- based on the explanation that has been provided, as Chiba-san has rightly pointed out, for the fourth quarter, operating profit, JPY 13.9 billion for operating income and JPY 506 billion for fourth quarter and JPY 980 billion for full.

但是對於解釋——根據已經提供的解釋，正如千葉先生正確指出的那樣，第四季度的營業利潤，營業收入為 139 億日元，第四季度為 5,060 億日元，第四季度為 9,800 億日元滿的。

And when we look at the each 3 months in short periods, of course, each has their own significance, but we do see a recovering trend, looking at these numbers. And this is because from the beginning of the term, 8 million volume and the JPY 500 billion for operating income was the target that was stated from President Toyoda. And with all of our stakeholders, we worked very hard, worked on what we view as what we should do as basic and made our full efforts. And I think this is the fruit of all of those efforts made.

當我們在短期內觀察每 3 個月時，當然，每一個都有其自身的意義，但從這些數字來看，我們確實看到了復甦的趨勢。這是因為，從本年開始，800 萬的銷量和 5000 億日元的營業收入就是豐田社長提出的目標。與我們所有的利益相關者一起，我們非常努力地工作，致力於我們認為應該做的基本工作，並全力以赴。我認為這是所有這些努力的成果。

And we -- when I had a discussion with President Toyoda about the financial results, he has also said that to the 5.5 million stakeholders for the automobile industry, he especially wanted me to convey our gratitude and appreciation for all of the efforts made. So I do understand that there is the strong efforts behind these numbers. And those efforts have continued after the global financial crisis. And in the past year, once again, we reviewed the basics, with the guidance that we should be doing. And we sincerely worked on those, and we believe the results came out because of their diligent work. So sorry for the long response, that will be all for myself.

我們——當我與豐田總裁討論財務結果時，他還說，對汽車行業的 550 萬利益相關者，他特別希望我對所做的所有努力表示感謝和讚賞。所以我明白這些數字背後有強大的努力。在全球金融危機之後，這些努力仍在繼續。在過去的一年裡，我們再次回顧了基礎知識，並提供了我們應該做的指導。我們真誠地致力於這些，我們相信結果是因為他們的辛勤工作。很抱歉這麼長的回复，這將是我自己的全部。

Just one point. North America, when you talked about midterm financial results, you said that incentives are starting to decrease. Is that situation continuing? If incentive is going down, what is the reason for that? Sorry, a follow-up question.

就一點。北美，當你談到中期財務業績時，你說激勵措施開始減少。這種情況還在繼續嗎？如果激勵下降，原因是什麼？對不起，一個後續問題。

Incentives, the first quarter and second quarter, because the volume went down, the total amount went down. But per unit, the decrease level was very low, basically because the total number of units went down. The whole amount did decrease. However, in the third quarter regarding North America, we see the volume going up. So as total, there is not much of a decrease. Rather, per unit, we continue at low level. That is the current situation.

激勵方面，一季度和二季度，因為成交量下降，總量下降。但從單位來看，下降幅度很小，主要是因為單位總數下降了。總量確實減少了。然而，在第三季度關於北美，我們看到銷量在上升。因此，總體而言，下降幅度不大。相反，每單位，我們繼續保持在低水平。這就是目前的情況。

North America, the reason -- the main reason are the number of units and the model mix, which I mean SUV ratio, compared to the past, we have a high ratio. That is the impact. Also, the financial services, TMCC financial company in North America, currently, North America used car values, the price is high. So the financial business in North America a few years ago, Plano, in our headquarter in North America, automotive and financial business was integrated. So we've been working on collaboration with the automotive business. We have enhanced the communication and ties. I think that is another reason.

北美，原因——主要原因是單位數量和車型組合，我的意思是SUV比例，與過去相比，我們的比例很高。這就是影響。另外，金融服務，北美的TMCC金融公司，目前，北美二手車價值高，價格高。所以幾年前在北美的金融業務，普萊諾，在我們北美的總部，汽車和金融業務進行了整合。所以我們一直致力於與汽車行業的合作。我們加強了溝通和聯繫。我認為這是另一個原因。

Also, the lease residual value, we have been reviewing it in a conservative way in order to keep our sound asset valuation. And also regarding the credits, after the financial crisis, we have been having a clear view. So the asset has become much healthier, and we have continued our efforts. And with that used car price at a good situation now, the residual value and also bad debt situation is becoming better. With that, I think we are able to increase our profit. That is all.

此外，對於租賃殘值，我們一直在以保守的方式對其進行審查，以保持我們穩健的資產估值。而對於學分，金融危機之後，我們一直有一個清晰的認識。因此，資產變得更加健康，我們繼續努力。並且隨著二手車價格現在處於良好狀態，殘值和壞賬情況正在變得更好。有了這個，我認為我們能夠增加我們的利潤。就這些。

Going on to the next question, from Yomiuri Newspapers, Katori-san. Mr. Katori, please. (Operator Instructions)

繼續下一個問題，來自讀賣新聞，香取先生。香取先生，請。 （操作員說明）

This is Katori speaking from Yomiuri Newspaper. My first question. So again, on the per region results for China. Looking at the January figure, there's about an improvement of 30%, but why is this so strong? I'd like to know further in detail about the improvement in China.

我是讀賣新聞的香取。我的第一個問題。同樣，關於中國的每個地區的結果。從 1 月份的數據來看，大約提高了 30%，但為什麼會如此強勁？我想進一步詳細了解中國的改進情況。

And another question is, you have made a second revision on the numbers this time. And in spring, you started with a reduction in production volume, and up to the second revision of the forecast, you have done various restructurings on the structure and also the way of work. I think various initiatives have been taken by the company. So for the areas other than sales volume, do you have any positive factors to make this revision?

還有一個問題是，你這次對數字進行了第二次修改。而在春季，你們從減產開始，到第二次修正預測，你們對結構和工作方式進行了各種調整。我認為公司已經採取了各種舉措。那麼對於銷量以外的領域，你有什麼積極的因素來做這個調整嗎？

Thank you. So I'll start with your question regarding China. The reason why it is in an increase. So like Katori-san has mentioned, we can see an increase of 30% in the sales, and you could have seen the operating income situation for the FY '21 third quarter. And looking at each model, the new model effects are being seen. The new model launches like Camry, Corolla and Levin; also RAV4 and Wildlander, which is a sister model, those new models that have been released is received positively from the customers, and we have been able to improve the sales there.

謝謝你。所以我將從你關於中國的問題開始。之所以在增加。所以就像香取先生提到的那樣，我們可以看到銷售額增長了 30%，你可以看到 21 財年第三季度的營業收入情況。並且查看每個模型，都可以看到新的模型效果。凱美瑞、卡羅拉、萊文等新車型上市；還有RAV4和姊妹車型Wildlander，已經發布的新車型得到了客戶的好評，我們已經能夠提高那裡的銷量。

Also for Lexus ES, RX, NX, the globally mass-producing Lexus models have been accepted very positively from the customers as well. Of course, this is because of the lean inventory and lean incentives that have been achieved by strong efforts. So we can't say that it's a simple result of new model launches. But looking at the used car market also, the residual value of Toyota vehicles or the assessment has become very high. That is now becoming more a general trend in the Chinese market. And so when the customers repurchase a new car, their burden and the payment, there will be advantages on selecting our cars.

同樣對於雷克薩斯 ES、RX、NX，全球量產的雷克薩斯車型也得到了客戶的非常積極的認可。當然，這是因為通過大力的努力實現了精益庫存和精益激勵。所以我們不能說這是新車型推出的簡單結果。但是從二手車市場來看，豐田汽車的殘值還是評估的非常高。現在，這已成為中國市場的普遍趨勢。所以當客戶回購新車時，他們的負擔和付款，選擇我們的汽車會有優勢。

And also on the quality side, the strength of the used cars of Toyota is seen in the quality aspects and also the easy-to-repair repairability and also the parts availability. Also, originally, we had strong durability as a feature of Toyota cars. This is once again reevaluated, and probably this is one reason why it has seen a positive response. And there will be a further additional comment from Mr. Nagata about the domestic sales.

在質量方面，豐田二手車的實力體現在質量方面，易於維修的維修性和零部件的可用性。此外，作為豐田汽車的特徵，我們最初具有強大的耐用性。這再次被重新評估，這可能是它得到積極響應的原因之一。關於國內銷售，永田先生將進一步發表評論。

And about the forecast revision, there was a drop in production volume in spring. And I think until the revision, there had been many initiatives taken. And to respond to that question, yes, it's difficult to explain briefly, and this was not something we have achieved just by ourselves, with our dealers and also our suppliers, also people in the transportation and people working at the gasoline stations. I really think that there are people who have made strong efforts in recovering the economy. There are many people who believe that, that is our mission related to the automobile industry. And I could feel those strong efforts made with strong feelings.

而關於預測修正，春季產量有所下降。我認為在修訂之前，已經採取了許多舉措。要回答這個問題，是的，很難簡單地解釋一下，這不是我們靠自己、我們的經銷商和供應商、運輸人員和加油站工作人員取得的成就。我真的認為有些人為恢復經濟做出了巨大的努力。有很多人認為，這是我們與汽車行業相關的使命。我能感受到那些帶著強烈感情的強烈努力。

So if I say it in simple words, I think I can say that we did things that we thought are the basics things that we need to do. But -- and we had been introducing new models, 9 -- and around to 10 new model launches. That's very simple to say but difficult to do. But with strong efforts, we were able to make that reality. And in Japan, in springtime, there were no plant production operation, but people made efforts to try to work. So VA activities were done to promote the cost reduction efforts. And also, there were people who visited the suppliers to find areas that we can make improvements in costs. There were people who worked on making the masks, protective gears and then facials as well. So when the fixed cost became very lean and when the recovery time period, we were able to make a rapid improvement.

所以如果我用簡單的話來說，我想我可以說我們做了我們認為是我們需要做的基本事情的事情。但是——我們一直在推出新車型，9 款——以及大約 10 款新車型發布。這說起來很簡單，但做起來很困難。但是通過大力的努力，我們能夠實現這一目標。而在日本，在春天，沒有工廠生產作業，但人們努力嘗試工作。因此，開展了 VA 活動以促進降低成本的努力。此外，有些人拜訪了供應商，以尋找我們可以改進成本的領域。有些人致力於製作口罩、防護裝備，然後是面部護理。因此，當固定成本變得非常精益時，當恢復時間段時，我們能夠做出快速的改進。

And in the meantime, everyone was focused on not to stop the economy, the improvement of productivity for protective gears, that was another activity that people engaged in. Also for the vaccine refrigerator manufacturing, there was a manufacturer, who had a bottleneck process, and therefore, there were members who visited these manufacturers. And also in order to make efficient the vaccination process because we see in U.S., U.K. long lines to receive vaccine shots, and there were members who thought that we will be able to apply our TPS concept, so that we can streamline and make efficient this process. And these were some examples of the efforts that was made up to today.

而與此同時，大家都在關注不停止經濟，提高防護裝備的生產力，這是人們從事的另一項活動。還有疫苗冰箱製造，有一個製造商，有一個瓶頸過程，因此，有成員參觀了這些製造商。並且為了提高疫苗接種過程的效率，因為我們在美國、英國看到接受疫苗注射的隊伍很長，有些成員認為我們將能夠應用我們的 TPS 概念，這樣我們就可以簡化並提高效率過程。這些是迄今為止所做努力的一些例子。

And from the sales side, maybe Mr. Nagata would like to add some explanation.

而在銷售方面，也許永田先生想補充一些解釋。

This is Nagata speaking. Regarding the sales side status, I'd like to make some additional explanation. Now on the springtime, under COVID, we did have no idea how much sales we could achieve under COVID. But President Mr. Toyoda has made a statement of the criteria to work for JPY 500 billion in operating income and 8 million for the production -- for the sales volume. And Japan, which I am in charge of overseeing, we did not just think about Japan, but thinking about the individual dealer levels, we created a standard or a target. And every week, we rolled out our activities and did a follow-up to see the situation against our plan and also to follow up on the stock level. Of course, this is something that is very basic that we would usually do, but we really focused on these basics areas.

這是永田說的。關於銷售方的狀態，我想再做一些解釋。現在在春天，在 COVID 下，我們確實不知道在 COVID 下我們可以實現多少銷售額。但是，豐田社長先生已經聲明了以營業收入為5000億日元、生產為800萬日元——銷售額為標準的工作標準。而我負責監督的日本，我們不僅考慮日本，還考慮個別經銷商水平，我們制定了標准或目標。每週，我們都會展開我們的活動並進行跟進，以查看與我們的計劃不符的情況，並跟進庫存水平。當然，這是我們通常會做的非常基礎的事情，但我們真正專注於這些基礎領域。

And another thing is that for each model, there are different profitabilities, and for certain plants, there are models that is difficult to sell according to season as well. So we try to lose the differences of the operation along the plants and the models and we try to expand our sales. On the meantime, in parallel, reducing the operation gaps between the plants and models. And this globally, we could see the promotion of our online sales. Regardless of region, in a noncontact form, how much we can reach out to our customers was key and how to receive the orders from our customers in a noncontact way.

還有一點就是，每一個型號，都有不同的盈利能力，而對於某些工廠來說，也有一些型號很難按季節銷售。所以我們試圖失去沿工廠和模型的操作差異，我們試圖擴大我們的銷售。同時，減少工廠和模型之間的操作差距。在全球範圍內，我們可以看到我們在線銷售的提升。無論在哪個地區，以非接觸形式，我們可以與客戶接觸多少以及如何以非接觸方式接收客戶的訂單都是關鍵。

Payment was also difficult. So utilizing online transaction and also the financial products that we have, a combination of this was considered to provide an easier-to-buy environment for our customers. And also when our customers come to the dealers to receive maintenance or inspections, there were the disinfectants that were utilized and preventive measures taken, so that customers will have a peace of mind visiting the outlets. This is not Japan, but globally, all the dealers had made efforts to provide this kind of peace of mind environment. So we are focused on thinking about what will the customers be worried about, how can we make them feel safe. And with those thoughts, we tried to build up the efforts of that and take that into action. So I think this was the kind of activities we've done.

付款也很困難。因此，利用在線交易以及我們擁有的金融產品，將其結合起來被認為可以為我們的客戶提供更容易購買的環境。並且當我們的客戶到經銷商處接受維修或檢查時，有使用的消毒劑和採取的預防措施，讓客戶可以安心光顧網點。這不是日本，而是全球，所有經銷商都在努力提供這種安心的環境。所以我們專注於思考客戶會擔心什麼，我們如何讓他們感到安全。帶著這些想法，我們試圖加強這方面的努力並將其付諸行動。所以我認為這就是我們所做的那種活動。

And for the employees as well, for the stakeholders' activities, to add a little further, the large factor was how to communicate among each other. This communication style changed largely in this period. And specifically speaking, our top management, President Mr. Toyoda in an online environment to the employees and also to stakeholders, he had changed the style or he has strengthened his communication to be specific to employees and to the employee side, between the employees every week with the senior members, we had a weekly meeting with President Toyoda.

而對於員工，對於利益相關者的活動，再進一步補充一點，重要的因素是彼此之間如何溝通。這種溝通方式在這一時期發生了很大變化。具體來說，我們的最高管理層，總裁豐田章男先生在在線環境中對員工和利益相關者，他改變了風格，或者他加強了溝通，具體到員工和員工方面，員工之間的每一個與高級成員一周，我們與豐田總裁每週舉行一次會議。

And before COVID, members were limited to people who could physically come to the headquarters and IT prefecture in Toyota city. But with online environment, there were more people who could participate more easily. So the global senior executives and each CEO of region also participate in addition to the past participants, and we could utilize this meeting to make quick decisions and also share information. So that was a positive effect on our communication.

在 COVID 之前，成員僅限於可以親自來到豐田市總部和 IT 縣的人。但有了線上的環境，參與的人也多了起來。所以除了過去的參會者之外，全球的高管和各地區的CEO也都參加了，我們可以利用這次會議快速做出決策，也可以共享信息。所以這對我們的溝通產生了積極的影響。

And every 4 years, in Toyota we make a midterm announcement for our product lineups in the next 4 years. We call that the Toyota World Convention. Last year was the timing to hold this world convention. But unfortunately, under COVID, it was difficult to have the usual physical Toyota World Convention. And this time, Mr. Toyoda gave an idea that we should take a message, his message by video and create a package and to deliver that online to our global stakeholders.

每隔 4 年，我們會在豐田公司發布未來 4 年產品陣容的中期公告。我們稱之為豐田世界大會。去年是舉辦這個世界大會的時機。但不幸的是，在新冠疫情下，很難舉行通常的實體豐田世界大會。而這一次，豐田章男提出了一個想法，即我們應該通過視頻接收信息，他的信息並創建一個包裹，並將其在線交付給我們的全球利益相關者。

So conventionally, for the world convention, it would be a face-to-face meeting. And usually, those people will be limited to the global distributor companies and also the top management of dealers to about 1,000 -- between 1,000, 2,000 members. But because of the online, employees could also be included in watching this distribution, so -- the video, and about 50,000 members were able to view this. And I could see the effect from all of this communication change.

因此，按照慣例，對於世界大會來說，這將是一次面對面的會議。通常，這些人將僅限於全球經銷商公司以及經銷商的高層管理人員，大約有 1,000 人——在 1,000 到 2,000 名成員之間。但是由於在線，員工也可以參與觀看此分發，因此 - 視頻和大約 50,000 名成員能夠觀看此視頻。我可以看到所有這些溝通變化的影響。

The employees and the stakeholders, who are engaged in various activities, could see the direction where Toyota is heading to, and they were able to keep calm and focus on the work that they were engaged in now. That was what I felt as a positive effect of making this change in communication. Also Toyota Times, from April, we started the English language posting as well. So including that, the page view has increased significantly, about 2x more than last year's page view. So 2019 versus 2020, we had increased our page view to double level. And as an internal communication tool, it was very effective.

從事各種活動的員工和利益相關者看到了豐田前進的方向，能夠保持冷靜，專注於他們現在從事的工作。這就是我覺得在交流中做出這種改變的積極影響。還有豐田時報，從 4 月開始，我們也開始了英文發布。因此，包括這一點，頁面瀏覽量顯著增加，大約是去年頁面瀏覽量的 2 倍。因此，2019 年與 2020 年相比，我們將頁面瀏覽量提高到了兩倍。作為一種內部溝通工具，它非常有效。

And changing the subject a little, for JAMA, beginning of this year, we sent a message of our appreciation to the 5.5 million people who've engaged in the automobile industry business. So to extend our gratitude, we had a TV commercial. And after a week, Mr. Toyoda, as the President of JAMA, has extended his message to all of the 5.5 million stakeholders and the 5 auto associations of the industry, OEMs and part association. There's 5 associations, and there is about 2 million members from -- who belong to the 5 associations. But other than that, there's people in the transportation industry, people working in the gasoline stations, everyone had made strong efforts to continue to work even under COVID.

稍微改變一下話題，對於 JAMA，今年年初，我們向從事汽車行業業務的 550 萬人發送了我們的感謝信。所以為了表達我們的感激之情，我們做了一個電視廣告。一周後，作為 JAMA 的總裁，豐田章男先生向所有 550 萬利益相關者和行業的 5 個汽車協會、原始設備製造商和零部件協會傳達了他的信息。有 5 個協會，大約有 200 萬會員來自這 5 個協會。但除此之外，還有交通行業的人，加油站的人，每個人都為繼續工作做出了巨大的努力，即使是在新冠病毒的情況下。

And that has made our results that we have announced possible. So that is why we wanted to extend our appreciation in this opportunity. As a result, the 5.5 million people, including the people who work in the gasoline stations and transportation, we have received voices from them that they were thankful of the message. And going forward, for the automobile industry, we have various challenges like carbon-neutral initiatives and so forth. We hope that it can become a trigger to join the forces to achieve this target. So in that sense as well, changing the style of communication probably may be effective in creating a force to achieve the future targets. That's how I felt.

這使我們宣布的結果成為可能。這就是為什麼我們想藉此機會表達我們的感激之情。結果，550萬人，包括在加油站和交通部門工作的人，我們收到了他們對這條信息表示感謝的聲音。展望未來，對於汽車行業，我們將面臨各種挑戰，例如碳中和倡議等。我們希望它能成為合力實現這一目標的觸發器。因此，同樣從這個意義上說，改變溝通方式可能會有效地創造一種力量來實現未來的目標。這就是我的感受。

The next question from NHK, Noguchi-san, please. (Operator Instructions)

NHK的下一個問題，野口先生，請。 （操作員說明）

Noguchi from NHK. I have 2 points, a little bit aside from the financial results. But first of all, regarding the semiconductors. Automotive semiconductors are at a shortage globally. Regarding the impact, what are your thoughts? Do you have impact for the near term and also for the mid to long term?

NHK的野口。除了財務結果之外，我有 2 分。但首先，關於半導體。汽車半導體在全球範圍內處於短缺狀態。關於影響，你怎麼看？你對近期和中長期有影響嗎？

And the second question is a completely separate topic from the financial results, but the Tokyo Olympic-Paralympic Committee, the President Mori, there was a comment of discrimination against women. You are a sponsor of the Olympic-Paralympic games. What -- how do you view this?

而第二個問題是與財務結果完全不同的話題，但東京奧殘奧委會主席森裡卻發表了對女性歧視的評論。您是奧運會-殘奧會的讚助商。什麼——你怎麼看這個？

First of all, regarding semiconductors, I will explain about our situation. Semiconductors, there is globally tight demand-supply situation. We are at a similar situation. But for the near term, we do not see any decrease in our production volume. Then are we secured for the mid to long term? No. We do see the risks. That is why every day, every week, every month, not just Tier 1 suppliers, but the conductors manufacturers, semiconductor makers included, we are communicating to understand the situation on a daily, weekly basis.

首先，關於半導體，我將解釋一下我們的情況。半導體方面，全球存在供不應求的局面。我們處於類似的情況。但就近期而言，我們沒有看到我們的產量有任何下降。那麼我們是否有中長期的保障？不，我們確實看到了風險。這就是為什麼每天、每週、每月，不僅僅是一級供應商，還有導體製造商、半導體製造商，我們每天、每週都在溝通以了解情況。

Regarding the forecast, we think -- we do hear voices that it might continue until the summer. But talking with our suppliers and our purchasing division, maybe it will not continue to the summer, it might be resolved at an earlier stage. That is one view.

關於預測，我們認為——我們確實聽到了可能會持續到夏天的聲音。但是和我們的供應商和我們的採購部門談，可能不會持續到夏天，可能會在更早的階段解決。那是一種觀點。

And the second question by Mr. Nagata.

還有永田先生的第二個問題。

Yes, towards the comment of President Mori, I would like to introduce the comment from our President Akio Toyoda on this matter. Toyota was born in Japan, and we have grown into a global company, thanks to the support of people from all over the world. Our goal is to be a company that is the best in town and to create happiness everywhere that we do business. In the same way that we respect our hometown and our home country, we also care deeply for our home planet Earth, the home to all human beings, which is why we are working to help realize the United Nations Sustainable Development Goals. This is also the spirit of the Olympic and Paralympic games, which through sports aim to create a peaceful and an inclusive society without discrimination in which anyone can participate.

是的，對於森社長的評論，我想介紹一下我們社長豐田章男對此事的評論。豐田誕生於日本，在全世界人民的支持下，我們已經成長為一家全球性公司。我們的目標是成為城裡最好的公司，並在我們開展業務的任何地方創造幸福。在尊重家鄉和祖國的同時，我們也深切關心我們的家園地球，全人類的家園，這也是我們努力幫助實現聯合國可持續發展目標的原因。這也是奧運會和殘奧會的精神，旨在通過體育創造一個和平、包容、沒有歧視、任何人都可以參與的社會。

We became a top partner of Olympics and Paralympics because we share these values. We are disappointed by the recent comments from the President of TOCOG, which are contrary to the values that Toyota respects and supports. That is the comment from President Toyoda.

我們之所以成為奧運會和殘奧會的頂級合作夥伴，是因為我們共享這些價值觀。我們對 TOCOG 總裁最近發表的言論感到失望，這些言論與豐田尊重和支持的價值觀背道而馳。這是豐田總裁的評論。

We have discussed this matter in depth within our company. And to convey Toyota's values and perspective towards the world correctly, we have concluded that we should not keep silent. Therefore, we decided to issue President Akio Toyoda's message today. That is all.

我們在公司內部已經深入討論過這個問題。為了正確傳達丰田的價值觀和對世界的看法，我們得出的結論是，我們不應該保持沉默。因此，我們決定今天發布丰田章男社長的致辭。就這些。

Going on to the next question, from Toyokeizai, Kigawa-san, please. (Operator Instructions)

請繼續下一個問題，來自木川先生的豐慶齋。 （操作員說明）

This is Kigawa speaking from Toyokeizai. Can you hear me?

這是木川從豐慶齋說的。你能聽到我嗎？

Yes.

是的。

I have 2 questions. My first question has been raised a little earlier. This is related to the tight supply of semiconductors in the automobile business. Currently, it is in quite a tight supply, but you are making efforts to continue your daily operation. But compared with other OEMs, it seems that Toyota's impact will be limited. So do you think that the reason why the impact is limited it was to a certain background at the East Japan earthquake, Renesas has received damages at its plant. And I was assuming that with the BCPs that you've created after the damages, it had a lesson learned and was able to utilize that lesson for this time with the semiconductor crunch.

我有 2 個問題。我的第一個問題已經提早了一點。這與汽車行業的半導體供應緊張有關。目前，它的供應非常緊張，但您正在努力繼續您的日常運營。但與其他主機廠相比，豐田的影響似乎有限。所以你認為影響有限的原因是在東日本地震的某個背景下，瑞薩的工廠受到了損害。而且我假設您在損壞後創建的 BCP，它已經吸取了教訓，並且能夠在半導體緊縮的這一次利用該教訓。

Another was about electrification and Japanese government said that 2030, all the new car sales should be limited to electrified vehicles. So that was a policy announced. And you have Daihatsu Motors under your Toyota Group, and you will probably have -- cannot avoid electrifying the Kei vehicles as well. How are you going to work on that, on those mini vehicles? So probably hybrids will be the most realistic solution, but can we ask -- can I ask about your thoughts about that point?

另一個是關於電氣化，日本政府表示，到 2030 年，所有新車銷售都應僅限於電動汽車。所以這是宣布的一項政策。你的豐田集團旗下有大發汽車，你可能會有 - 不可避免地也會使 Kei 車輛電氣化。你將如何在那些微型車輛上工作？所以可能混合動力車將是最現實的解決方案，但我們可以問 - 我可以問一下你對這一點的看法嗎？

Thank you. Regarding first about the semiconductor question, I'm sorry, I think I didn't provide a full response in the earlier question. So as Mr. Kigawa mentioned, after the global financial crisis, we had a reflection on seeing a stop in our supply chain. So we have looked into the multiple tiers of our suppliers and tried to create a system that we call RESCUE, to find out where we need to rescue after seeing challenges. So that system, we have worked on creating since the global financial crisis.

謝謝你。關於半導體問題，對不起，我想我沒有在前面的問題中提供完整的答复。因此，正如木川先生所說，在全球金融危機之後，我們對看到我們的供應鏈停止進行了反思。所以我們調查了我們的供應商的多個層次，並試圖創建一個我們稱之為 RESCUE 的系統，在看到挑戰後找出我們需要救援的地方。因此，自全球金融危機以來，我們一直致力於創建該系統。

And to the suppliers this time with the semiconductors, we've made confirmation about the current situation why it occurred. And then what we hear is that to suppliers, to a certain extent, I think, we can say we are providing a rather sure production plan -- production volume plan on a monthly basis or a several month basis. And for a long-term plan, it is about 3 years' forecast. And we have been repeatedly communicating with our suppliers with these plans, and that has supported this -- us this time.

對於這次與半導體有關的供應商，我們已經確認了當前情況為什麼會發生。然後我們聽到的是，對於供應商，在某種程度上，我認為，我們可以說我們提供了一個相當確定的生產計劃——每月或幾個月的生產量計劃。而對於長期計劃來說，大約是3年的預測。我們一直在與我們的供應商就這些計劃進行多次溝通，這支持了這一點——這次是我們。

And for BCP, with our business continuity plan, of course, each part has different plans. But for each of the parts, we had secured 4 to 6 months of stocks as necessary.

對於 BCP，當然，我們的業務連續性計劃每個部分都有不同的計劃。但是對於每個零件，我們都確保了 4 到 6 個月的必要庫存。

And the third part is about in this tight supply, of course, we cannot cover all of the challenges with our RESCUE system. So it is key to have the communication with our suppliers, including not just the Tier 1 suppliers, but Tier 2 and so forth. So that we can have -- be aligned in working together. So when we hear from the purchasing division about -- there were some about 10 or more telephone conferences held with the suppliers. So when we had supply problems, communication was enhanced with the suppliers. And when we listened to various voices, it seems that the style that we make our orders to our suppliers, it is regarded as a sure order based on a sure production plan. And continuing this practice probably has helped us in this difficult situation that we are facing. That was at the base that we have built with our relationship with our suppliers.

第三部分是關於供應緊張的，當然，我們的 RESCUE 系統無法涵蓋所有挑戰。因此，與我們的供應商進行溝通至關重要，不僅包括一級供應商，還包括二級供應商等等。這樣我們就可以-- 齊心協力。因此，當我們從採購部門獲悉 - 與供應商舉行了大約 10 次或更多的電話會議。因此，當我們遇到供應問題時，加強了與供應商的溝通。而當我們聽到各種聲音時，似乎我們向供應商下訂單的方式，被認為是基於確定生產計劃的確定訂單。繼續這種做法可能已經幫助我們解決了我們面臨的這種困難情況。這是我們與供應商建立關係的基礎。

And Mr. Kon, regarding semiconductors, the electric industry with the work from home, I think you have to take away, you're trying to secure the -- and having a competition of the semiconductors with the home appliances and also the games. Do you have a concern that the price will be increasing with this tight competition?

Kon 先生，關於半導體和在家工作的電子行業，我認為你必須放棄，你正試圖確保半導體與家用電器和遊戲之間的競爭。您是否擔心價格會隨著激烈的競爭而上漲？

Well, we do assume that there may be a certain amount of price increase for semiconductors. And of course, there's a competition with the gaming industry for the semiconductors. But when we think of -- look into what kind of semiconductors are being produced, like consumer products, smartphones, games, consoles, and those -- the semiconductors, there is not exactly the same type of semiconductors that we use for the automobiles. Of course, how the semiconductor manufacturers at foundries will allocate the semiconductors that they manufacture will be based on the communication that we have with them. So we need to thoroughly communicate how much demand we will have in the next 2, 3 years for semiconductors, not just with the Tier 1 suppliers but Tier 2, Tier 3 and so forth. Communication will be key.

好吧，我們確實假設半導體的價格可能會有一定程度的上漲。當然，還有與遊戲行業爭奪半導體的競爭。但是當我們想到——看看正在生產什麼樣的半導體，比如消費產品、智能手機、遊戲、遊戲機等等——半導體，我們用於汽車的半導體類型並不完全相同。當然，代工廠的半導體製造商將如何分配他們製造的半導體將基於我們與他們的溝通。因此，我們需要徹底溝通未來 2、3 年對半導體的需求量，不僅與一級供應商，而且與二級、三級等供應商溝通。溝通將是關鍵。

And my question about electrification.

還有我關於電氣化的問題。

So for your electrification question, I think Mr. Nagata will make some additional comments. But for the electrification of the Kei vehicles, the mini vehicles, is also something we have to work on. For electrification, inside of Toyota Group, our understanding is that we have a strength in the electrification technologies. And some people think that if we use Toyota technology, it might be expensive for a Kei car. But for the element technologies, of course, they will be shared with the Kei vehicles. And even with the Kei vehicles, for what it can be used, we would like to proactively use it, so that we can utilize the synergy as a group.

因此，對於您的電氣化問題，我認為永田先生會提出一些補充意見。但是對於 Kei 車輛、微型車輛的電氣化，也是我們必須努力的事情。對於電氣化，在豐田集團內部，我們的理解是我們在電氣化技術方面具有優勢。有些人認為，如果我們使用豐田的技術，一輛 Kei 車可能會很貴。但是對於元素技術，當然會與 Kei 車輛共享。而且，即使是Kei車輛，對於可以使用的東西，我們也想主動使用它，以便我們可以作為一個整體發揮協同作用。

So probably, we will start with the hybrids, our strength area. But from the past, when we look at a long-term perspective, it's important to provide the electrified vehicles that our customers want. That way of thinking has not changed, and that way of thinking will also be applied to the Kei vehicles as well.

所以很可能，我們將從混合動力車開始，我們的優勢領域。但從過去來看，從長遠的角度來看，提供客戶想要的電動汽車很重要。這種思維方式沒有改變，這種思維方式也將適用於Kei車輛。

I believe there are more questions, but unfortunately, due to the time constraint, we would like to receive 1 final question from Chunichi Newspaper, Ms. Osada, please. (Operator Instructions)

我相信還有更多問題，但很遺憾，由於時間限制，我們希望收到來自中日報社的最後一個問題，Osada女士，請。 （操作員說明）

Osada from Chunichi Newspaper. Very different from the figures of the financial results, but I would like to ask your views. You clearly showed a recovery trend this quarter. Under COVID-19, I think the financial results how it is delivered is quite different as usual times. So maybe I should be asking in the final closure, but with COVID, you have changed your work style drastically and also the response to semiconductor shortage, there are new concerns. But you are accelerating your cooperation with your partners.

中日報的長田。與財務結果的數字有很大不同，但我想請教您的意見。您清楚地顯示了本季度的複蘇趨勢。在 COVID-19 下，我認為交付的財務結果與往常完全不同。所以也許我應該在最後關閉時問一下，但是在 COVID 的情況下，你已經徹底改變了你的工作方式，而且對半導體短缺的反應也有新的擔憂。但是您正在加快與合作夥伴的合作。

A year with COVID-19, experiencing that, I believe your work style has changed drastically internally and externally. Your company is very famous for genchi genbutsu going to the actual site and seeing the actual product. I believe that has changed and you transformed some of it online. So what I want to ask is your relationship with your suppliers, how it has been transforming? And also how you calculate your cost reduction activity and your relationship with purchasing, I believe that might have changed, what kind of transformations have you experienced, please?

經歷了 COVID-19 的一年，我相信您的工作方式在內部和外部都發生了巨大變化。貴公司以 genchi genbutsu 前往實際站點並查看實際產品而聞名。我相信這已經改變了，你在網上改變了一些。所以我想問的是您與供應商的關係，它是如何轉變的？還有你如何計算你的成本降低活動和你與採購的關係，我相信這可能已經改變了，請問你經歷了什麼樣的轉變？

Thank you. First, I would like to comment. As Osada-san, you said, yes, how we work has changed. It's difficult to explain with just 1 example. But today, I am in Toyota city, the headquarter. 60% of the people are coming to the office in Toyota city; Nagoya, 30%; and Tokyo, 15% are coming to the actual office. Of course, there are many challenges, but we believe that remote type of work style has penetrated.

謝謝你。首先，我想發表評論。作為長田先生，您說過，是的，我們的工作方式已經改變。僅用 1 個示例很難解釋。但是今天，我在豐田市，總部。 60%的人來到豐田市的辦公室；名古屋，30%；和東京，15% 的人來到實際辦公室。當然，挑戰也很多，但我們認為遠程工作方式已經滲透。

Also, you mentioned about genchi genbutsu, going to the actual site and seeing the actual product. For example, the business trip costs that we have had last year, it was several billion yen. It is because we were saying we have to go to the actual site. We did actual visits. However, this year, there is a decrease of 99% in TMC. So basically no business trips.

另外，您提到了genchi genbutsu，去實際站點並查看實際產品。比如我們去年的出差費用，是幾十億日元。這是因為我們說我們必須去實際的站點。我們進行了實際訪問。然而，今年，TMC 下降了 99%。所以基本上沒有出差。

Why we visited the actual site? I believe in retrospect, there has been a wasteful business trips maybe. But the final part, for example, installing the equipment, our skilled workers, our craftsmen visit from Japan and confirm at the final stage. I think that still remains our best option. However, now we see it through the camera and provide instructions remotely. The most important part, we decided to focus. I think we have been changing our work style in that way.

為什麼我們訪問了實際站點？我相信回想起來，也許有一次浪費的商務旅行。但最後一部分，例如安裝設備，我們的技術工人，我們的工匠從日本訪問並在最後階段確認。我認為這仍然是我們最好的選擇。但是，現在我們通過攝像頭看到它並遠程提供指令。最重要的部分，我們決定集中精力。我認為我們一直在以這種方式改變我們的工作方式。

Our relationship with our suppliers, I'm not sure if I should say this, but conventionally, relationship with our suppliers were basically mainly the relationship with our Tier 1 suppliers. So beyond that, we were asking Tier 1 suppliers to basically take responsibility. However, regarding this year, of course, suppliers were struggling when our operation rate went down, sometimes there was a huge burden fluctuation. So Tier 2 suppliers 10,000 suppliers, we actually communicated with them.

我們與供應商的關係，我不確定是否應該這樣說，但通常，與我們的供應商的關係基本上主要是與我們的一級供應商的關係。因此，除此之外，我們要求一級供應商基本上承擔責任。但是，對於今年，當然，當我們的開工率下降時，供應商正在苦苦掙扎，有時會出現巨大的負擔波動。所以二級供應商10,000個供應商，我們實際上與他們進行了溝通。

This is a totally new kind of relationship we were able to build this year and last year. So the relationship with our suppliers changed and also SSA, we call, which is parts where we set a very high level of quality standard. Maybe we did not request it directly, but the suppliers because it's -- they are going to deliver to Toyota. If it's just a very tiny scratch, they did not deliver to us. But for these things, we can visit the actual site, and we can let them know. If it's just a small scratch, then we can accept it at Toyota.

這是我們今年和去年能夠建立的一種全新的關係。因此，我們與供應商的關係發生了變化，我們稱之為 SSA，這是我們設定了非常高水平的質量標準的部分。也許我們沒有直接要求，但供應商因為它 - 他們將交付給豐田。如果只是一個非常小的划痕，他們沒有交付給我們。但是對於這些東西，我們可以去實際的站點，我們可以讓他們知道。如果只是一個小划痕，那麼我們在豐田可以接受。

Our skilled workers actually visit the site and hold discussions to align the level of quality. Previously, Toyota members, the suppliers didn't know us at all, and maybe they felt, well, TMC were scared to meet them. But by seeing them directly, I think they felt a sense of security that we can work together. And I think that also accelerated our cost reduction activities. I don't think I am able to cover everything today. But if I may, I did share a few examples with you.

我們的技術工人實際訪問現場並進行討論以調整質量水平。以前，豐田成員，供應商根本不認識我們，也許他們覺得，嗯，TMC害怕見到他們。但是通過直接看到他們，我認為他們感到一種我們可以一起工作的安全感。我認為這也加速了我們的成本削減活動。我認為我今天無法涵蓋所有內容。但是，如果可以的話，我確實與您分享了一些示例。

With this, we would like to end our brief briefing for the financial results. Thank you very much for your participation today.

至此，我們想結束我們對財務結果的簡要介紹。非常感謝您今天的參與。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[本成績單上的英文陳述由現場通話中的一名口譯員說出。]