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FY2019 Annual Report: Toyota Motor Net Profit down 24.5%
Toyota Motor (TO:7203) reported net profit for the year-ended 31 March 2019 of JPY1,883b ($US17.0b), down 24.5% from JPY2,494b ($US23.5b) in the previous year.

Major changes compared with previous year:

Favourable Changes:
Total revenue up 2.9% from JPY29,379.5b ($US276.6b) to JPY30,225.7b ($US272.6b)
Sales and marketing expenses to Sales down from 11.3% to 10.6%
Working capital to total assets up from 0.7% to 1.3%
Retained earnings to total assets up from 39.6% to 40.6%
Other non-current assets to Total Assets up from 27.6% to 28.7%
Current Debtors to Total Assets up from 18% to 18.5%
Unfavourable Changes:
Net profit slumps 24.5% from JPY2,494.0b ($US23.5b) to JPY1,882.9b ($US17.0b)
EPS slumps 22.7% from JPY842.0 ($US7.93) to JPY650.55 ($US5.87)
EBIT Margin down from 9.6% to 8.1%
EBIT to total assets down from 5.2% to 4.4%
Profit before tax to Sales down from 9.6% to 8.1%
Long-term investments to Total Assets down from 15.9% to 14.4%
Total Liabilities to EBITDA of 13.7 compares unfavourably with the Joseph Piotroski benchmark of <5. This ratio has deteriorated by 18.4% from the previous year's ratio of 11.6.
Total Liabilities to Operating Cash Flow of 8.3 compares unfavourably with the Joseph Piotroski benchmark of <4. This ratio has deteriorated by 15.7% from the previous year's ratio of 7.2.
Note:
Total revenue to total assets steady at 0.6
Cost of Goods Sold to Sales up from 87.1% to 88.2%
Tax expenses to Sales up from 1.8% to 2.3%
Debt to Equity steady at 1.0
Current ratio steady at 1.0
Total non-current assets to Total Assets down from 63.9% to 63.6%
Total current assets to Total Assets up from 36.1% to 36.4%
Annual Report [Year-on-year comparison: 2019 vs 2018]
Company Name : Toyota Motor Corporation (7203)
March 312019201820192018Change
DescriptionJPY mJPY m$US m$US m(%)
Sales Revenue28,105,33827,420,276253,517.7258,134.5Up 2.5
Total Revenue30,225,68129,379,510272,643.8276,578.7Up 2.9
EBITDA2,285,4652,620,42920,615.524,668.7Down 12.8
EBIT2,285,4652,620,42920,615.524,668.7Down 12.8
Pre-Tax Profit/(Loss)2,285,4652,620,42920,615.524,668.7Down 12.8
Profit/(Loss) after Tax1,882,8732,493,98316,98423,478.4Slumps 24.5
Working Capital652,299355,7655,883.93,349.2Up 83.4
Current Assets18,879,23718,152,656170,295.8170,889.1Up 4
Current Liabilities18,226,93817,796,891164,411.9167,539.9Up 2.4
Shareholders' Funds20,565,21019,922,076185,503.7187,546.4Up 3.2
Total Liabilities31,371,73930,386,173282,981.5286,055.4Up 3.2
Total Assets51,936,94950,308,249468,485.2473,601.9Up 3.2
Current Debt9,599,2339,341,19086,587.787,938Up 2.8
Non-Current Debt10,550,94510,006,37495,172.494,200Up 5.4
Total Debt20,150,17819,347,564181,760182,138Up 4.1
Operating Cash Flow3,766,5974,223,12833,975.739,756.5Down 10.8
Net Assets20,565,21019,922,076185,503.7187,546.4Up 3.2
Net Tangible Assets20,565,21019,922,076185,503.7187,546.4Up 3.2

Year-on-year comparison of Per Share figures
March 312019201820192018Change (%)
DescriptionJPY JPY $US $US
EPS Final650.58425.97.9Slumps 22.7
   EPS Growth Factor*1.08    
* EPS Growth Factor = Net Profit growth / EPS growth
Year-on-year comparison of Performance Ratios
March 3120192018Change (%)
Return on Equity (%)9.713Down 25.4
Return on Assets (%)3.85.1Down 25.5
Total debt to net tangible assets (%)9897.1Up 0.9
Total Liabilities to EBITDA13.711.6Up 18.4
Total Liabilities to Operating Cash Flow8.37.2Up 15.7
Total Liabilities/Total Assets (Steady % from 0.6 to 0.6)0.60.6Steady
Common Size Ratios by Assets %
Total non-current assets to Total Assets 63.6 63.9 Down 0.5
Total current assets to Total Assets 36.4 36.1 Up 0.9
Other non-current assets to Total Assets 28.7 27.6 Up 4.0
Current Debtors to Total Assets 18.5 18.0 Up 2.8
Long-term investments to Total Assets 14.4 15.9 Down 9.4
Common Size Ratios by Sales %
Cost of Goods Sold to Sales 88.2 87.1 Up 1.2
Sales and marketing expenses to Sales 10.6 11.3 Down 6.0
Profit before tax to Sales 8.1 9.6 Down 15.2
Tax expenses to Sales 2.3 1.8 Up 25.0

Currency Conversion (March 31, 2019): $US1 = JPY110.86

Currency Conversion (March 31, 2018): $US1 = JPY106.22


Five-year record of growth and performance: In the last 5 years Total Revenue averaged JPY28,615B ($US258.1B), EBITDA averaged JPY2,888.6B ($US26.1B) and Net Profit averaged JPY2,186.4B ($US19.7B). Compound Annual Growth Rate (CAGR) averaged 1.8% for Total Revenue, 0.6% for Net Profit and -9.2% for EBITDA.
DescriptionAnnual (JPY B)Annual ($US B)5-year Avg (JPY B)5-year Avg ($US B)5-year CAGR %
Total Revenue30,225.7272.628,615258.11.8
EBITDA2,285.520.62,888.626.1(9.2)
Operating Profit2,285.520.62,606.723.5(1.5)
Net Profit1,882.9172,186.419.70.6

Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE In 2019 Net Profit Margin of 7.1% was below its 5-year Avg of 7.9% (All Figures in %)
Description20195-year Avg
EBITDA Margin8.110.4
Operating Profit Margin8.19.4
Net Profit Margin7.17.9
Return on Equity9.711.7
Return on Assets3.84.4
Return on Capital Employed6.88.2