"For this fiscal year, we posted our highest ever results in both revenue and profits. There are two key points for these results. First, our profit structure has become more geographically balanced, with growing contribution from resource-rich countries and emerging countries. We believe our growth strategy of utilizing every opportunity across the full product line-up and in all regions have shown strong results. Second, net income has steadily increased due to the growth of operating profit from global operations and equity in earnings of affiliated companies. Growth of equity in earnings has been particularly strong and has more than doubled over the last four years, mainly due to the rapid growth of Chinese operations," says TMC President Katsuaki Watanabe.
Here are the full results provided by the Auto Spectator:
Operating income increased 1.4 percent to 2.27 trillion yen, and income before income tax, minority interest and equity in earnings of affiliated companies was 2.44 trillion yen. Net income increased 4.5 percent to 1.72 trillion yen. All of these figures marked record results.
Operating income increased by 31.7 billion yen to 2.27 trillion yen, due to positive contributions of 290.0 billion yen from marketing efforts and 120.0 billion yen from cost reduction efforts, and negative factors including 48.1 billion yen of valuation losses on interest rate swaps.
Excluding this 48.1 billion yen, operating income on a non-USGAAP basis increased substantially by 79.8 billion yen to 2.34 trillion yen. Equity in earnings of affiliated companies increased by 60.6 billion yen to 270.1 billion yen, due to strong results of joint venture companies in China.