Toyota Australia 2008-09 Financial Results
Toyota Australia President and CEO Max Yasuda
22nd June, 2009
Toyota Australia has reported a net profit after tax of
$123.4 million for the period 1st April 2008, to 31st March 2009. Sales revenue for the period was
The result compares to a net profit after tax of $242.2 million and sales revenue of $9.4 billion
Domestic retail sales volume during the financial period was 229,189 vehicles (including Lexus
models). During the calendar year of 2008, domestic sales in Australia reached 245,656 (including Lexus),
representing a market share of 24.3%.
Export sales increased to $1.7 billion with a financial year volume of 94,955 units.
During the financial year, manufacturing operations at Altona produced 130,228 Camry and Aurion
vehicles for domestic and export markets, compared with 148,810 vehicles the previous year.
Toyota Australia President and CEO Max Yasuda says the second half of the year saw the global
financial crisis severely impact all aspects of the company's business.
"The headline number is misleading. The emergence of the global financial crisis in the second half
of the year led to a severe and unprecedented deterioration in our vehicle sales, resulting in lower
"I expect local conditions will continue to be difficult for car makers and suppliers for the
remainder of 2009. Australia's manufacturing competitiveness is being impacted by the global economic
crisis, fluctuations in currency, price increases in raw materials and decline in vehicle and parts
Toyota Australia is already taking measures to support its operations during this period to ensure it
is in a stronger position when the market recovers.
"We have intensified our supplier and dealer development programmes to ensure we have a healthy and
sustainable local car industry. Also, we have undertaken cost efficiency programmes, implemented an
executive pay freeze and are using non-production time to develop our employees. We are doing everything
possible to support our people, our suppliers and dealers so we can weather the storm."
Toyota Australia estimates that industry domestic vehicle retail sales for the calendar year to be
The continuance of the current severe global conditions will result in exports being significantly
lower. Toyota will continue to adjust production in line with market demand. Toyota Australia is
applying all its efforts to ensure results are above breakeven for the fiscal year ending 31st March
"There is no doubt that the outlook for 2009 financial period remains challenging. But there will
be opportunities for companies that can rapidly adjust. Fortunately, Toyota, its suppliers and dealers
have acted quickly, adjusting plans in line with the new economic environment."
Mr Yasuda also noted the industry policy settings introduced by the Victorian and Federal
Governments aimed at building the long term sustainability of the local car industry.
Mr Yasuda acknowledged that in spite of current difficult conditions Australian car buyers were
being offered best-value deals that will help stimulate the market, in addition to incentives such as
the Federal Government investment allowance.
"In celebrating our 50 years in Australia we have released Special Edition Camry and Aurion models.
We have also commenced production of the Camry facelift this month and this will soon be followed by
the Aurion facelift."
"In line with Toyota's strategy to accelerate the rollout of eco-friendly vehicles, the hybrid
Camry is on schedule to be in the market from the beginning of 2010. We know consumers want high
quality, affordable and attractive products."