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Toyota Australia 2008-09 Financial Results
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 $8.8 billion. The result compares to a net profit after tax of $242.2 million and sales revenue of $9.4 billion during 2007-08. 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 profitability." "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 demand."
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 850,000 units. 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 2010. "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." | ||||||||||||
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