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FY2018 Annual Report: Toyota Motor Net Profit up 36.2%
Toyota Motor (TO:7203) reported net profit for the year-ended 31 March 2018 of JPY2,494b ($US23.5b), up 36.2% from JPY1,831b ($US16.4b) in the previous year.

Major changes compared with previous year:

Favourable Changes:
Net profit up 36.2% from JPY1,831.1b ($US16.4b) to JPY2,494.0b ($US23.5b)
Total revenue up 6.4% from JPY27,667.0b ($US248.5b) to JPY29,448.1b ($US277.2b)
EPS up 39.1% from JPY605.47 ($US5.44) to JPY842.0 ($US7.93)
EBIT Margin up from 8.1% to 9.0%
Interest cover up 26.7% from 75.7 to 96.0
EBIT to total assets up from 4.6% to 5.3%
Profit before tax to Sales up from 7.9% to 8.9%
Debt to Equity down 4.8% from 1.1 to 1.0
Retained earnings to total assets up from 36.1% to 38.7%
Unfavourable Changes:
Working capital to total assets down from 1.1% to 0.7%
Fixed Assets to Total Assets down from 20.9% to 20.4%
Total Liabilities to EBITDA of 11.5 compares unfavourably with the Joseph Piotroski benchmark of <5. However, it has improved by 15.2% from the previous year's ratio of 13.5.
Total Liabilities to Operating Cash Flow of 7.2 compares unfavourably with the Joseph Piotroski benchmark of <4. However, it has improved by 18% from the previous year's ratio of 8.8.
Note:
Total revenue to total assets steady at 0.6
Cost of Goods Sold to Sales down from 82.4% to 81.3%
Sales and marketing expenses to Sales up from 10.4% to 10.5%
Tax expenses to Sales down from 1% to 0.1%
Total liabilities to Total assets steady at 0.6
Current ratio steady at 1.0
Total non-current assets to Total Assets up from 63.4% to 63.9%
Total current assets to Total Assets down from 36.6% to 36.1%
Non-current debtors to Total Assets up from 18.5% to 18.8%
Current Debtors to Total Assets up from 17.9% to 18%
Annual Report [Year-on-year comparison: 2018 vs 2017]
Company Name : Toyota Motor Corporation (7203)
March 312018201720182017Change
DescriptionJPY mJPY m$US m$US m(%)
Sales Revenue29,379,51027,597,193276,578.7247,890.9Up 6.5
Total Revenue29,448,12227,667,016277,224.6248,518Up 6.4
EBITDA2,648,0152,223,17824,928.419,969.6Up 19.1
EBIT2,648,0152,223,17824,928.419,969.6Up 19.1
Interest27,58629,353259.7263.7Down 6
Pre-Tax Profit/(Loss)2,620,4292,193,82524,668.719,706Up 19.4
Profit/(Loss) after Tax2,493,9831,831,10923,478.416,447.9Up 36.2
Working Capital355,765514,7303,349.24,623.5Down 30.9
Current Assets18,152,65617,833,695170,889.1160,190.6Up 1.8
Current Liabilities17,796,89117,318,965167,539.9155,567Up 2.8
Shareholders' Funds19,430,10218,183,076182,915163,328.9Up 6.9
Total Liabilities30,386,17330,081,233286,055.4270,203.7Up 1
Total Assets50,308,24948,750,186473,601.9437,896.9Up 3.2
Current Debt5,154,9134,953,68248,528.444,496.3Up 4.1
Non-Current Debt10,006,3749,911,59694,20089,030.6Up 1
Total Debt19,347,56419,155,727182,138172,065.7Up 1
Operating Cash Flow4,210,0093,414,23739,63330,668.3Up 23.3
Net Assets19,430,10218,183,076182,915163,328.9Up 6.9
Net Tangible Assets19,430,10218,183,076182,915163,328.9Up 6.9

Year-on-year comparison of Per Share figures
March 312018201720182017Change (%)
DescriptionJPY JPY $US $US
EPS Final842605.57.95.4Up 39.1
   EPS Growth Factor*1.08    
* EPS Growth Factor = EPS growth / Net Profit growth
Year-on-year comparison of Performance Ratios
March 3120182017Change (%)
Return on Equity (%)12.810.1Up 26.7
Return on Assets (%)5.14Up 27.5
Total debt to net tangible assets (%)99.6105.3Down 5.4
Total Liabilities to EBITDA11.513.5Down 15.2
Total Liabilities to Operating Cash Flow7.28.8Down 18
Total Liabilities/Total Assets (Down 3.2% from 0.62 to 0.6)0.60.6Down 3.2
Interest Cover9675.7Up 26.7
Common Size Ratios by Assets %
Total non-current assets to Total Assets 63.9 63.4 Up 0.8
Total current assets to Total Assets 36.1 36.6 Down 1.3
Fixed Assets to Total Assets 20.4 20.9 Down 2.5
Non-current debtors to Total Assets 18.8 18.5 Up 1.7
Current Debtors to Total Assets 18.0 17.9 Up 0.3
Common Size Ratios by Sales %
Cost of Goods Sold to Sales 81.3 82.4 Down 1.3
Sales and marketing expenses to Sales 10.5 10.4 Up 1.0
Profit before tax to Sales 8.9 7.9 Up 12.0
Interest revenue to Sales 0.6 0.6 Up 4.2
Tax expenses to Sales 0.1 1.0 Down 89.7

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

Currency Conversion (March 31, 2017): $US1 = JPY111.33


5-year record of growth and performance:

In the last 5 years Total Revenue averaged JPY27,732.6B ($US261.1B), EBITDA averaged JPY3,179.3B ($US29.9B) and Net Profit averaged JPY2,124B ($US20B). Compound Annual Growth Rate (CAGR) averaged 5.8% for Total Revenue, 21.0% for Net Profit and 0.9% for EBITDA.
DescriptionAnnual (JPY B)Annual ($US B)5-year Avg (JPY B)5-year Avg ($US B)5-year CAGR %
Total Revenue29,448.1277.227,732.6261.15.8
EBITDA2,64824.93,179.329.90.9
Operating Profit2,64824.92,647.324.913.2
Net Profit2,49423.52,1242021

5-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE In 2018 Net Profit Margin of 8.8% was above its 5-year Avg of 7.6%
Description20185-year Avg
EBITDA Margin911.6
Operating Profit Margin99.6
Net Profit Margin8.87.6
Return on Equity12.811.8
Return on Assets5.14.5
Return on Capital Employed8.18.7
All Figures in %